Munich Personal RePEc Archive

Mid-Sized Italian manufacturing firms: a panel data analysis on profitability

Migliardo, Carlo and Schilirò, Daniele (2016): Mid-Sized Italian manufacturing firms: a panel data analysis on profitability. Published in: Journal of Advanced Studies in Finance , Vol. VII, No. 2(14) (December 2016): pp. 129-145.

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Abstract

This paper aims to provide an empirical analysis concerning the different aspects of profitability of the Italian manufacturing firms of intermediate size, namely medium and medium-large size companies, for the period 2004-2010. It analyzes various aspects of firm profitability relating corporate structures, that is, capital structure, risk component, asset composition, and growth opportunities. The study investigates firm profitability by using econometric panel-data techniques, such as the system dynamic GMM estimator that assures the robustness of our empirical analysis. One of the main results of our investigation is that we find a significant and negative impact of capital structure (i.e. leverage and tangibility) and risk component on firm profitability.

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