New Growth Markets for Small and Mid Cap Companies: The Launch of AIM Italy

Riccardo Passeri, Chiara Mazzi


An essential prerequisite for the financial equilibrium of enterprises is efficiency in investment markets. The Italian economic context is
largely characterised by SMEs, which thus play a key role in national growth. At present the Italian SMEs are facing major changes, which will
probably redefine their role in the international economic scenario and in market globalisation. To address this challenge, the SMEs have to review
their financial strategy and realise that they must share risks and growth with new investors in their equity. Although the emerging alternative
investment markets, which are dedicated to small and mid cap companies, appear to address these new demands, there is a growing debate on: (a)
the regulation and admission criteria for joining new growth markets; (b) the entities permitted to trade on them; and (c) the real competitive
advantage that can be achieved through them. Using the methodological approach of descriptive statistics, this paper aims to answer the following
research questions: (1) to what extent has the MAC permeated the SME business sector in Italy and, (2) based on the success of the UK AIM
experience, what is the potential of AIM Italy. In order to answer the first research question, we analysed the principal indicators of structure and
economic-financial performance for companies listed on the MAC. As regards the second question, we collected and analysed statistical data for
the companies listed on the UK AIM. The main results that emerged are: (I) at national level there are significant differences between the principal
indicators analysed; (II) independent of quantitative results, the degree of spread of the MAC and the development of AIM Italy will be
determined by the role of the investors allowed to trade on these markets.

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