Company’s indebtedness trends in small and medium-sized firms within the company systems theory

The objective of this research is to verify the impact of a series of company’s variables particularly representative in the literature review – on the debts degree in small and medium sized companies, which influence the debts degree. Our empirical survey has been contextualized to the company’s systems theory (Ferrero, 1968) and permits to identify a series of variables which affect the company’s indebtedness. We referred to Giacosa (2015) as a framework, which identified some company’s variables which impact on the company’s indebtedness. Our sample consists of small and medium sized companies, that are unlisted and that belong to the most representative sectors of Italian economy: manufacture; trade; construction; transporting and storage; professional, scientific and technical activities; ICT; administrative and support service activities; agriculture, forestry and fishing, utilities, real estate activities and accommodation, food and beverage It emerged that the impact of a series of variables on the indebtedness has to be understood not as simple cause effect relationship: these relationship unites them, and creates a circuit of concatenation between variables, which influences on the company’s indebtedness.