LA CRISI D’IMPRESA NELLA PROSPETTIVA ECONOMICO-AZIENDALE: UN FOCUS SULLE AZIENDE IRPINE

Financial crisis has generated a particular attention on studies of financial distress and bankruptcy. We analyze the trend of bankruptcies that have place in Italy in the last years in order to picture a state of art and try to forecast possible evolution in the future. Our analysis was conducted on a sample of 1.300 Italian companies from “Irpinia”, a southern Italian region, in the period 2010-2014. Our results provide a valid support to the decreasing propensity in risk which has led the banks to drain resources from business system, channeling investments at lower risk. In addition, the recession has made credit for businesses even more risky than in the past, because it reduced the turnover and profits of enterprises. The cycle is vicious and perverse: the more the recession progresses, the more the risk and the cost of credit, the more it accentuates the credit crunch