Title: Financial performance of Italian tanning manufacturers before, during and after the global crisis

Authors: Guido Migliaccio; Maria Fulvia Arena

Addresses: Department of Law, Economics, Management and Quantitative Methods (DEMM), University of Sannio, Via delle Puglie, 82100 Benevento (BN), Italy ' Department of Law, Economics, Management and Quantitative Methods (DEMM), University of Sannio, Via delle Puglie, 82100 Benevento (BN), Italy

Abstract: The aim of this article is to analyse the financial structure of small Italian tanning manufacturers before, during and after the global crisis (2007-2015). Starting from the secondary data on AIDA database, financial ratios (leverage) and margins (margin of treasury, net working capital and fixed asset to equity capital margin) trends have been analysed, for the whole nation and its macro-regions, obtaining summary statistics. The performance has not been affected significantly by the crisis. Nevertheless, they are considerably indebted, even if the risk capital is enough to cover all net fixed assets. There is a good management of net working capital in the face of considerable treasury losses. The tanning manufacturers are mainly localised in the northern and central areas of Italy. The tests of ANOVA and Tukey-Kramer show statistically significant differences between the three macro-areas of the country, with better performances associated with the leather manufacturers localised in central Italy.

Keywords: tanning manufacturers; crisis; financial performance; ratio.

DOI: 10.1504/IJGSB.2021.117659

International Journal of Globalisation and Small Business, 2021 Vol.12 No.3, pp.213 - 246

Received: 06 May 2020
Accepted: 04 Jan 2021

Published online: 20 Sep 2021 *

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