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Government-owned Enterprises in Italy: Some Stylized Facts Bernardo Bortolotti, Laura Pellizzola, Carlo Scarpa Prague, February 15 th 2007.

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Presentation on theme: "Government-owned Enterprises in Italy: Some Stylized Facts Bernardo Bortolotti, Laura Pellizzola, Carlo Scarpa Prague, February 15 th 2007."— Presentation transcript:

1 Government-owned Enterprises in Italy: Some Stylized Facts Bernardo Bortolotti, Laura Pellizzola, Carlo Scarpa Prague, February 15 th 2007

2 2 The debate  Municipal capitalism –By-pass constraints on local public finance? –Distort competition?  No systematic study of the weight of locally owned limited companies  Our paper…

3 3 The database  AMADEUS : –i) operating revenue ≥ €15 million; –ii) total assets ≥ €30 million; –iii) number of employees ≥ 200  No small firms  No public administration  No financial firms

4 4 Italian firms  22.844 Italian firms in the database, 572 with a participation by central or local governments –Government owned enterprises (GOEs)  Consolidated accounts: down to 404 GOEs –21 listed, 383 unlisted  Public shareholders: –State –Region –Province –Municipality

5 5 The sample

6 6 Locally owned firms, region by region…

7 7 …sector by sector…

8 8 Central Government by sector Central Government %SECTOR 183,850 23%83,850 74,526 71,303 11,461 0%1,461 43 45 523,312 6%4,662 12,560 2,512 7,610 1,522 1019,608 5%1,961 5,648 565 19,442 1,944 23,659 1%1,829 2,927 1,464 19,102 9,551 0- 0%- - - - - 147,886 13%47,886 9,322 148,371 7120,805 33%17,258 16,924 2,418 133,861 19,123 HIGHWAYS INDUSTRY0- 0%- - - - - RAILWAYS INDUSTRY397,934 27%32,645 10,279 3,426 102,051 34,017 LOCAL TRANSPORT INDUSTRY0- 0%- - - - - TRANSPORTATION INFRASTRUCTURE INDUSTRY317,909 5%5,970 1,849 616 13,030 4,343 TRANSPORTATION SERVICES INDUSTRY14,962 1%4,962 4,797 18,780 362,315 17%20,772 59,063 19,688 55,598 18,533 ELECTRICITY AND GAS362,315 17%20,772 59,063 - 55,598 18,533 WATER AND SEWERAGE INDUSTRY0- 0%- - - - - REFUSE SYSTEMS AND SANITARY SERVICES0- 0%- - - - - MULTIUTILITY0- 0%- - - - - 30362,896 100%12,097 181,013 6,034 455,332 15,178 TOTAL UTILITIES - of which TRANSPORTATION - of which PETROLEUM INDUSTRY CONSTRUCTION INDUSTRY SERVICES INDUSTRY TELECOMMUNICATION INDUSTRY TRADE INDUSTRY POSTAL SERVICE INDUSTRY MANUFACTURING INDUSTRY Number of Employees Average Number of Employees Operating Revenues Mln € Average Operating Revenues Mln € Average Total Assets Mln € Total Assets Mln €

9 9 Local Government by sector 0- 0%- - - - - 8740 1%93 180 22 495 62 91,358 2%151 1,095 122 2,864 318 453,484 4%77 1,780 40 17,032 378 1343 0%343 173 1,225 10586 1%59 634 63 2,094 209 0- 0%- - - - - 10125,804 30%255 9,959 99 95,142 942 HIGHWAYS INDUSTRY115,208 6%473 1,660 151 6,082 553 RAILWAYS INDUSTRY4474 1%119 137 34 1,702 426 LOCAL TRANSPORT INDUSTRY6511,897 14%183 5,597 86 69,862 1,075 TRANSPORTATION INFRASTRUCTURE INDUSTRY208,212 9%411 2,538 127 17,428 871 TRANSPORTATION SERVICES INDUSTRY112 0%12 27 68 20054,392 63%272 23,971 120 85,028 425 ELECTRICITY AND GAS4124,868 29%607 9,945 243 16,023 391 WATER AND SEWERAGE INDUSTRY579,078 10%159 3,389 59 15,300 268 REFUSE SYSTEMS AND SANITARY SERVICES514,479 5%88 2,861 56 28,931 567 MULTIUTILITY5115,967 18%313 7,777 152 24,774 486 37486,706 100%232 37,792 101 203,880 545 PETROLEUM INDUSTRY CONSTRUCTION INDUSTRY MANUFACTURING INDUSTRY SERVICES INDUSTRY TELECOMMUNICATION INDUSTRY TRADE INDUSTRY POSTAL SERVICE INDUSTRY TRANSPORTATION - of which UTILITIES - of which TOTAL Local Government %SECTOR Number of Employees Average Number of Employees Operating Revenues Mln € Average Operating Revenues Mln € Average Total Assets Mln € Total Assets Mln €

10 10 The relevance of locally controlled GOEs REGIONNumber of GOEsGOE Value AddedGOE Employment VALLE D'AOSTA36.74%2.34% LIGURIA261.93%1.95% LOMBARDIA781.51%0.91% LAZIO201.49%1.66% TRENTINO ALTO ADIGE161.30%1.00% VENETO511.15%0.77% FRIULI VENEZIA GIULIA141.15%0.86% PIEMONTE251.03%0.71% EMILIA ROMAGNA410.89%0.87% CAMPANIA220.84%0.83% TOSCANA480.75%0.57% UMBRIA90.71%0.66% SICILIA140.56%0.68% ABRUZZO60.49%0.47% PUGLIA120.48%0.39% MARCHE140.46%0.39% BASILICATA30.45%0.32% MOLISE10.17%0.07% SARDEGNA20.15% CALABRIA40.12% TOTAL3311.01%0.82%

11 11 % of of value added The map of locally controlled GOEs % of total employment 1.30% - 6.74% 0.84% - 1.15% 0.48% - 0.75% 0.12% - 0.46% 0.91% - 2.34% 0.71% - 0.87% 0.40% - 0.68% 0.07% - 0.39%

12 12 corso Magenta 63 20123 Milano - Italy tel+39 | 02 | 5203.6934 fax+39 | 02 | 5203.6946 webhttp://www.feem.it


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