La gestione dell'equity quale fonte di finanziamento esterno

Rarely, the firm internal sources of financing are able to cover fully financial needs, above all today in the light of changes taking place in the markets and technologies. The new conditions lead to a reduction in endogenous cash flows and to an expansion of companies’ needs. It follows an increased dependence on the external sources of financing. On the other hand the use of debt capital should be limited to avoid the risk that the financial structure becomes so rigid as to jeopardize the development prospects of the firm. In this regard, most of the empirical works in literature has focused on the choice of capital structure, often neglecting those elements and characteristics of the equity which cannot be ignored if it want to maximize the chances of financing. On these basis, the idea of the present work arises considering that it is aimed at analyzing the various forms of external acquisition of the equity, taking into account the constraints of the shareholder remuneration that the company must anyhow respect.