Emanuele Padovani

Il ruolo della salute finanziaria dei governi delle città nella decisione di collocazione geografica delle imprese

Nuova pubblicazione sulla rivista americana "Business Horizons". L'articolo approfondisce un modello di analisi della salute finanziaria dei governi delle città che può essere applicato a livello internazionale da parte delle imprese in fase di decisione della collocazione geografica delle proprie sedi amministrative e produttive. Il modello è frutto dell'esperienza maturata in City Economic and Financial Governance (CEFG) Group. Segue abstract (in inglese).

When deciding where to locate a new facility, a firm needs to consider the financial health of the municipality where its activities will take place. Unless it sites its facility in a financially viable community, a firm is putting a substantial investment at risk. Despite the importance of this issue, many firms pay insufficient attention to a municipality’s financial condition. Instead, they focus on matters such as the tax rate, the quality of the school system, or the absence of regulatory constraints. All of these features are important, but unless a municipality is financially healthy, they can evaporate before a company has attained its expected return on investment. There are 5 financial statements and 10 financial ratios that can be used to create a financial health template, which can help a firm to assess a municipality’s financial strength, or its counterpart financial weakness. The template goes beyond the debt-repayment focus of credit rating agencies to matters such as financial autonomy, cash flows, and borrowing capacity. We use data from three cities—Barcelona, Dublin, and Detroit (pre- and post-bankruptcy)—to demonstrate the template’s ability to facilitate comparisons among cities that are in different countries and that use different accounting systems.

Pubblicato il: 17 giugno 2018