Skip to main navigation menu Skip to main content Skip to site footer

Regular Articles

Vol. 25 No. 2 (2023): Selected papers SIEA 2022

Changes in SMEs financing: risks and opportunities for agro-food companies

novembre 11, 2022


The financial and real crisis started in 2007-2008 has deeply transformed the way the Italian financial and capital market act. Italian SMEs need to be aware of the transformation not to be pushed out of the market itself and to take profit of the new relevant opportunities coming out thanks to the emerging new products and new intermediaries.
The paper focuses the disappear of banks relationship lending and provides evidence about how to approach the market in the emerging “competing for capital” prevailing rule.
It also stresses the relevance of ESG topics as emerging risk factor companies must look at when asking for new finance because of the Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability related disclosures in the financial services (SFDR).


  1. Allen, F., & Gale, D. (1994). Financial Innovation and Risk Sharing. Cambridge Mass: MIT Press.
  2. Atz, U., Liu, Z., Bruno, C.C., & Holt, V.T. (2021). Does Sustainability Generate Better Financial Performance? Review, Meta-analysis, and Propositions. --
  3. Banca d’Italia (2022). Relazione annuale, anno 2021. Roma, 31 maggio.
  4. Banca IFIS Impresa (2019). Fattore I. – Marketwatch PMI, maggio.
  5. Bertinetti, G.S. (2021). Il ruolo della finanza in azienda. In: Aa.Vv., F. Beltrame, Analisi e valutazione finanziaria d’impresa. Torino: Giappichelli.
  6. Campbell, T.S., & Kracaw, W.A. (1970). Information Production, Market Signalling and the Theory of Financial Intermediation. The Journal of Finance, September.
  7. Copeland, T.E., Koller, J., & Murrin, J. (1994). Valuation: Measuring and Managing the Value of Companies. New York: John Wiley & Sons Inc.
  8. CSRI Credit Suisse Research Institute (2022). The young consumer and path to sustainability. February.
  9. De Luca, R., & Lucido, N. (2022). Finanza sostenibile e fattori “ESG”: stato dell’arte, sviluppi futuri e opportunità. Documento di ricerca CNDCEC. --
  10. de Villiers Graaff, J. (1967). Theoretical welfare economics. Cambridge University Press.
  11. EY (2022). Future Consumer Index, EY Italy (a cura di). --, 28 aprile.
  12. EY, Future Consumer Index, EY Italy (a cura di). --, 4 agosto 2021.
  13. Fama, E.F. (1970). Efficient capital markets: a review of theory and empirical work. The Journal of Finance, 25, May.
  14. Finotto, V., & Mauracher, C. (2020). Digital marketing strategies in the Italian wine sector. International Journal of Globalisation and Small Business, 11.
  15. Giakoumelou, A., Salvi, A., Bertinetti, G.S., & Micheli, A.P. (2022). 2008’s mistrust VS 2020’s panic: Can ESG hold your Institutional Investors? Management Decision, Aug.
  16. Greenwald, B.C., & Stiglitz, J.E. (1990). Asymmetric Information and the New Theory of the Firm: Financial Constraints and Risk Behaviour. American Economic Review, Papers and Proceedings, May.
  17. Jensen, M.C., & Meckling, W. (1976). Theory of the Firm: managerial behavior, agency costs and capital structure. Journal of Financial Econimics, 3.
  18. Markowitz, H.M. (1952). Portfolio Selection. The Journal of Finance, 7, March.
  19. Mauracher, C., Procidano, I., & Valentini, M. (2019). How Product Attributes and Consumer Characteristics Influence the WTP, Resulting in a Higher Price Premium for Organic Wine. Sustainability, 11.
  20. Modigliani, F., & Miller, M.H. (1958). The cost of capital, corporation finance and the theory of investment. American Economic Review, 48.
  21. Sharpe, W.F. (1964). Capital asset prices: A theory of market equilibrium under conditions of risk. The Journal of Finance, 19(3).
  22. Zingales, L. (2000). In Search of New Fundations. The Journal of Finance, 4, August.


Metrics Loading ...