Company’s indebtedness trend for the growth and survival

The purpose of this paper is to verify the impact of a series of company’s variables in small and
medium-sized companies, which affect their debts degree. We referred to Giacosa (2015) and Broccardo
et al. (2016) as a framework, which identified some company’s variables which impact on its financial
structure. Our sample contains small and medium-sized enterprises, belonging to the Italian
manufacturing sector. The choice of the manufacturing context is linked to the fact that this sector is
the one with the highest population in the Italian economic context and is therefore, a representative of
the Italian economy. We identified a series of variables affecting the company’s indebtedness, working
in a systemic perspective. Indeed, the company has been considered as a system, in which different
factors have specific roles in the business (Ferrero, 1968, 1987) and are linked not through a simple
cause-effect relationship; but through a sort of concatenation, and this relationship impacts on the
debts recourse. In particular, by observing the survey of the reference sample, a relationship between
main variables identified by the literature emerged that permits illustration of the company’s debts
degree