L’evoluzione della struttura delle fonti di finanziamento nelle imprese italiane

Title: The Evolution of Financing Structures in Italian Firms Abstract: This paper investigates the evolution of the diversification of financing sources and its relationship with the growth of Italian non-financial firms. Using an unbalanced panel of 98,554 firms over the period 2014–2023 drawn from the AIDA database, we combine descriptive evidence and panel data regressions to examine changes in firms’ financial structures and the relationship between the share of bank credit, relative to alternative financing channels, and firm growth, accounting for firm size heterogeneity. Descriptive evidence shows that, despite an increase in capitalization and a shift towards medium- and long-term debt instruments, Italian firms’ financing structures remain highly concentrated, with bank credit continuing to represent the main source of external financing, especially among micro and small firms. Regression results indicate that the relationship between the composition of financing sources and firm growth varies by firm size. A greater reliance on bank debt is associated with slower growth for micro and small firms, suggesting the presence of tighter financial constraints, while it is neutral or mildly positive for large firms, consistent with more stable access to bank financing. Overall, the findings provide relevant policy implications for initiatives aimed at strengthening capital markets and expanding firms’ access to non-bank finance, particularly for SMEs, in line with the goals of the Capital Markets Union.