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Ownership, diversification and cost advantages: evidence from the Italian leasing industry

Degl'Innocenti, Marta and Girardone, Claudia (2012) Ownership, diversification and cost advantages: evidence from the Italian leasing industry Journal of International Financial Markets Institutions and Money, 22, (4), pp. 879-896. (doi:10.1016/j.intfin.2012.05.002).

Record type: Article

Abstract

Using Greene's (2005) random parameter cost frontier model and a unique hand-collected dataset, this paper provides novel evidence on the cost advantages of Italian leasing companies over 2002–2008, focusing on ownership structures and diversification strategies. Results suggest that cost efficiency and economies of scale have decreased significantly over the period analyzed. Bank-related, independent and domestic leasing companies are more able to control costs than their captive and foreign counterparts. Diversification strategies can be crucial in determining the cost effectiveness of leasing firms. Nonetheless, smaller, independent and less diversified leasing firms appear to benefit from higher economies of scale and greater technological advancements

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e-pub ahead of print date: May 2012
Published date: October 2012
Keywords: efficiency, leasing industry, random parameter frontier model, diversification strategies, ownership structures
Organisations: Centre for Digital, Interactive & Data Driven Marketing

Identifiers

Local EPrints ID: 343131
URI: http://eprints.soton.ac.uk/id/eprint/343131
ISSN: 1042-4431
PURE UUID: 5db5a9f3-a1ad-4245-a217-560de012449e

Catalogue record

Date deposited: 24 Sep 2012 15:50
Last modified: 18 Jul 2017 05:24

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Contributors

Author: Claudia Girardone

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