This paper investigates the correlates of transformation of firms into a Benefit Company (BC) which is a hybrid form of business, introduced in Italy in 2016. We exploit a firm-level analysis based on a dataset of 748 firms, of which 185 have been transformed in BC between 2009 and 2019. The empirical analysis highlights that the probability of converting an existing firm into a BC is associated with prior performance. In particular, it is: (i) positively associated with profitability; (ii) negatively associated with indebtedness. In addition, it appears to be (iii) positively associated with longevity of the firm and (iv) positively associated with the size of the firm.
Bellavite Pellegrini, C., Caruso, R., Di Domizio, M., Becoming a benefit company in Italy: a firm-level investigation, <<APPLIED ECONOMICS LETTERS>>, 2024; (N/A): 1-4. [doi:10.1080/13504851.2023.2176432] [https://hdl.handle.net/10807/274529]
Becoming a benefit company in Italy: a firm-level investigation
Bellavite Pellegrini, Carlo;Caruso, Raul
;
2023
Abstract
This paper investigates the correlates of transformation of firms into a Benefit Company (BC) which is a hybrid form of business, introduced in Italy in 2016. We exploit a firm-level analysis based on a dataset of 748 firms, of which 185 have been transformed in BC between 2009 and 2019. The empirical analysis highlights that the probability of converting an existing firm into a BC is associated with prior performance. In particular, it is: (i) positively associated with profitability; (ii) negatively associated with indebtedness. In addition, it appears to be (iii) positively associated with longevity of the firm and (iv) positively associated with the size of the firm.
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