Financial Models of Small Innovative Firms: An Empirical Investigation

  • Giorgio Calcagnini
  • Ilario Favaretto
  • Germana Giombini
Part of the Contributions to Economics book series (CE)


This paper aims at analysing financial models of innovative firms in Italy by means of a sample of firms located in the Marche region. While it is well known that innovative firms have different financial needs and more severe problems in accessing funds than traditional firms, our analysis shows that only a small number of the interviewed firms have faced problems in raising external funds for innovation, even during the current economic and financial crisis. Policy recommendations point towards the improvement of firms’ levels of financial culture and the dilution of firms’ ownership by means of external private equity.


Private Equity Bank Loan Trade Credit Innovative Firm Informal Investor 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.



We thank the Pesaro-Urbino Chamber of Commerce for funding the survey through the Laboratory of Regional Economics at the Department of Economics and Quantitative Methods, Università di Urbino “Carlo Bo”.


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Copyright information

© Springer-Verlag Berlin Heidelberg 2011

Authors and Affiliations

  • Giorgio Calcagnini
    • 1
  • Ilario Favaretto
    • 2
  • Germana Giombini
    • 2
  1. 1.Dipartimento di Economia e Metodi QuantitativiUniversità di Urbino “Carlo Bo”UrbinoItaly
  2. 2.Dipartimento di Economia e Metodi QuantitativiUniversità di Urbino “Carlo Bo”UrbinoItaly

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