Guido Migliaccio

L'economia delle aziende italiane partecipate dai comuni: primi esiti di una ricerca quantitativa

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In the context of the various public initiatives typical of a mixed economic system, this study highlights the main characteristics of the active Italian companies held by municipalities in 2022. The subject of the quantitative research is a sample of 1,804 companies for which certain biographical parameters such as location, legal form and economic sector were highlighted. The size was measured by quantifying the trend in employment in recent years. Profitability, on the other hand, was assessed through the evolution of the gross Roe. The information obtained is presented in tabular and graphical form and was subjected to statistical processing (Anova and Tukey-Kramer tests) to measure the actual difference between the macro geographical areas of our country. Companies operate mainly in the north of Italy, mainly in the form of joint stock companies or limited liability companies. They favour the trade sector and the provision of typical municipal services such as, for example, refuse collection, household utilities, transport, sport, recreation, and education. These are companies of significant size, considering the constantly growing number of employees, even during the pandemic year. Profitability is always positive, although declining in recent years. There is a need to develop the current study, integrating it with other financial statement ratios and above all correlating the quantitative data with qualitative surveys that can better express the public value generated.


  • local authority
  • shareholdings
  • public companies
  • municipality
  • Roe


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