Becoming a benefit company in Italy: a firm-level investigation

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 empiric...

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Bibliographic Details
Published inApplied economics letters Vol. 31; no. 12; pp. 1096 - 1099
Main Authors Bellavite Pellegrini, Carlo, Caruso, Raul, Di Domizio, Marco
Format Journal Article
LanguageEnglish
Published London Routledge 11.07.2024
Taylor & Francis LLC
Subjects
Benefit company
common good
Debt
dual purpose
Profitability
stakeholder economy
Transformation
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Summary: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.
ISSN:1350-4851
1466-4291
DOI:10.1080/13504851.2023.2176432