The Alternative Investment Market Italia listing process: A sustainable Alternative Investment Market for Small Medium Enterprises (SMEs)?

Author/s Alberto Manelli, Roberta Pace, Jacopo Montecchiani, Lorenzo Viserta
Publishing Year 2021 Issue 2020/2 Language English
Pages 19 P. 83-101 File size 160 KB
DOI 10.3280/RISS2020-002006
DOI is like a bar code for intellectual property: to have more infomation click here

Below, you can see the article first page

If you want to buy this article in PDF format, you can do it, following the instructions to buy download credits

Article preview

FrancoAngeli is member of Publishers International Linking Association, Inc (PILA), a not-for-profit association which run the CrossRef service enabling links to and from online scholarly content.

The present work aims to investigate the world of Small Medium Enterprises (SMEs), exploring in depth the implications related to the sustainability of the listing process in the Alternative Investment Market (AIM) Italia market in order to assess, adopting a critical approach, whether the path of listing could be the ideal choice to support a significant growth of these realities. An empirical survey is therefore presented in order to evaluate the sustainability of the listing process from both an economic- financial and Environmental, Social and Governance (ESG) point of view. The conclusions reached highlight how the listing process hides pitfalls in terms of economic and financial performance; while the commitment to ESG factors seems rewarding both in terms of share price trends and debt cost.

Keywords: Listing, AIM, performance, ESG, sustainability, SMEs

  1. Boot A.W.A., Thakor A.V. (1997). Financial system architecture. Review of Financial Studies, 10 Carlin W., Mayer C. (2003). Finance, investment, and growth. Journal of Financial Economics, 69.
  2. Chittenden F., Hall G., Hutchinson P. (1996). Small firm growth, access to capital markets and financial structure: review of issues and an empirical investigation. Small business economics, 8.
  3. Demirguc-Kunt A., Maksimovic V. (1998). Law, Finance, and Firm growth, Journal of Finance, 53.
  4. Eccles R.G., Ioannou I., Serafei G. (2014). The Impact of Corporate Sustainability on Organizational Processes and Performance, Management Science, 60.
  5. Ferriani F., Natoli F. (2020). ESG risk in times of Covid-19. Banca d’Italia.
  6. Givoly D., Hayn C., Kats S.P. (2010). Does public ownership of equity improve earnings quality?. The Accounting Review, 85.
  7. Gopalan R., Jayaraman S. (2011). Private control benefits and earnings management: evidence from inside controlled firms. Journal of Accounting Research, 50.
  8. Goss A., Roberts G.S. (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking & Finance, 35.
  9. Gualandri E., Schwizer P. (2008). Bridging the equity gap: il caso delle PMI innovative. Studi e Note di Economia, 1.
  10. Kempen R. (2010). Earnings management in public and private companies in The Netherlands. Mimeo. Osservatorio AIM Italia 2019.
  11. Pagano M., Panetta F., Zingales L. (1998). Why Do Companies Go Public? An Empirical Analysis. Journal of Finance, 53.
  12. Paleari S., Pellizzoni E., Vismara S. (2008). The going public decision: evidence from the IPOs in Italy and in the UK. Int J. Applied Decision Sciences, 1.
  13. Poli S. (2013). Small-sized companies’ earnings management: evidence from Italy. International Journal of Accounting and Financial Reporting, 13.
  14. Rajan R., Zingales L. (1998). Financial Dependence and Growth. American Economic Review, 88. Rapporto Cerved PMI 2019.
  15. Schivardi F., Schmitz T. (2019). The IT Revolution and Southern Europe’s Two Lost Decades. EIEF.
  16. Subrahmanyiam A., Titman S. (1999). The going-public decision and the development of financial markets. Journal of Finance, 54.
  17. Allen F., Gale D. (1995). A Welfare Comparison of Intermediaries and Financial Market in Germany and the US. European Economic Review, 39.
  18. Ayyagari M., Demirgüç-Kunt A., Maksimovic V. (2006). How Important Are Financing Constraints? The Role of Finance in the Business Environment. World Bank Policy Research Working Paper. n. 3820.
  19. Baltrunaite A., Brodi E., Mucetti S. (2019). Assetti proprietari e di governance delle imprese italiane: nuove evidenze e effetti sulle performance delle imprese. Banca d’Italia. Occasional Paper.
  20. Beck T., Demirgüç-Kunt A., Laeven L., Levine R. (2005). Finance, Firm Size, and Growth. World Bank Policy Research Working Paper. 3485.
  21. Beck T., Demirgüç-Kunt A. (2006). Small and medium-size enterprises: Access to finance as a growth constraint. Journal of Banking & Finance, 30.
  22. Berger A.N., Udell G.F. (1998). The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. Journal of Banking & Finance, 22.
  23. Bonaventura M., Giudici G., Banor SIM. (2019). La relazione fra rating ESG e performance di mercato: uno studio sui titoli dell’indice Stoxx Europe 600. Politecnico di Milano School of Management.
  24. Bonaventura M., Giudici G., Isella L., Banor SIM. (2019). La relazione fra rating ESG e lo spread di rendimento dei titoli obbligazionari sui mercati europei. Politecnico di Milano School of Management.

  • The potential of alternative investments as an asset class: a thematic and bibliometric review Hardeep Singh Mundi, Deepak Kumar, in Qualitative Research in Financial Markets /2023 pp.119
    DOI: 10.1108/QRFM-11-2021-0182

Alberto Manelli, Roberta Pace, Jacopo Montecchiani, Lorenzo Viserta, The Alternative Investment Market Italia listing process: A sustainable Alternative Investment Market for Small Medium Enterprises (SMEs)? in "RIVISTA DI STUDI SULLA SOSTENIBILITA'" 2/2020, pp 83-101, DOI: 10.3280/RISS2020-002006