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Please use this identifier to cite or link to this item: http://hdl.handle.net/10077/7408

Title: Il rating delle imprese nel settore agroalimentare
Other Titles: The rating of agri-food sector
Authors: Dilek, Pinar
Supervisor/Tutor: Pediroda, Valentino
Issue Date: 16-Apr-2012
Publisher: Università degli studi di Trieste
Abstract: The thesis represents a study of financial and economic aspects of agri-food sector together with ratings assigned to companies, in particular to understand the features of the sector in Italy, a deep comparison between Italian companies with the ones in France- Spain and eventually Friuli-Venezia Giulia. The analysis is conducted, in detail, through a study of macroeconomic overview including the sector’s general overview, structural features, and impacts on economies of countries (first at the European Union base, followed by country base). In order to highlight current situation and future development of the agri-food sector; sector’s impact on economies and rural development, structural features of the sector, mid-term perspectives, European policies for the sector are analyzed with details. Same study is realized for France, Italy and finally for Spain. A basic conceptual structure is identified for modelling credit risk in agri-food sector. Various methodologies and components of several credit risk models applied in rating evaluation are analyzed in relation to credit risk in the agri-food sector. The core and features of the models are exhibited and furthermore a comparison of the models based on daily business examples and academic studies is realized. Taking into account features of companies that comprise the sector, the difficulties faced by the academicians, analysts and business profiles who are willing to comprehend financial and economic behaviours of the sector; a model so-called “Multi Objective Rating Evaluation- MORE Model” is selected to be the most applicable for evaluating the companies within the sector and assessing a rating to each company. “MORE” is deemed the most appropriate, since the data requirements of the model can be fulfilled by the available data and features of the model are suitable for defining credit risk in agri-food sector. The model is tested on several macro geographic regions many times, especially during the global economic downturn; the results prove that model is quite accurate in distinguishing healthy companies between bankrupt companies; and deteriorating the ratings towards bankruptcy date. The model is applied to Italian agriculture companies in order to understand economic behaviour of companies by segregating the panel for size, economic scale, solvency, liquidity, profitability. This analysis is also carried out for the companies in Spain and France which is chosen on purpose since the government of the mentioned countries gave the same amount of importance to the sector in terms of economic, cultural and historical aspect, representing the “competitors” within the European Union. During the statistical studies, same data source is used for the three countries. The evaluation is followed with a local comparison of Italian companies and Friuli Venezia Giulian companies including a deep financial and economic analysis and a rating evaluation. The analysis is based on a data set which is derived from financial statements of the companies (between 2008 and 2010) in the geographical locations mentioned and thanks to this a trend analysis and a comparative analysis are easily conducted. The study shows that results of model’s application can be extremely important in comprehending the trend of the sector within three years, the impacts of global financial crisis on companies in terms of various financial and economic aspects.
Questa tesi rappresenta lo studio del settore agroalimentare, osservandolo dal punto di vista economico e finanziario. In particolare saranno studiate le aziende appartenenti, in Italia, Spagna e Francia, al settore in esame, conducendo anche un’analisi del rating delle singole aziende, studiando quindi in dettaglio i particolari punti di forza e debolezza del settore nei tre diversi Stati. L’analisi è stata condotta partendo dallo studio macroeconomico all’interno dell’Unione Europea, andando poi in dettaglio, sempre da un punto di vista macroeconomico, dei singoli Stati. Lo scopo dello studio macroeconomico era il comprendere al meglio quali siano, in Europa, le visioni sul settore agroalimentare e come queste visioni si riflettano nelle singole realtà nazionali. Il passaggio successivo è lo studio dei modelli di rating, cercando di comprendere quale fosse il più efficiente per lo studio delle singole aziende al fine di determinare, con un diverso approccio rispetto a quello macroeconomico, i punti di forza e debolezza del settore in esame rispetto i tre Stati esaminati. Il modello di rating che è stato scelto è denominato MORE (Multi Objective Rating Evaluation) e si diversifica e caratterizza per la capacità di rendere comparabili diverse realtà quali aziende che operano in diversi Stati. Il modello di rating MORE, prima di essere utilizzato nello studio del settore agroalimentare, è stato anche testato nella sua capacità di predizione del default; questo test è stato effettuato sia in ambiato extranazionale, sia studiando il comportamento del modello rispetto le aziende fallite durante l’ultima crisi economica. Si è quindi andati in dettaglio nello studio delle singole aziende apprtenenti il settore in esame (nel triennio 2008-2010), andando a deteminarne le caratteristiche di dimensione, solvibilità, liquidità, redditività e in, per concludere, rating. Lo studio è stato condotto confrontando Italia (anche con la regione Friuli Venezia Giulia), Francia e Spagna. Lo studio ha così dimostrato come sia assolutamente interessante condurre, parallelamente allo studio macroeconomico di un determinato settore, anche lo studio delle singole imprese, successivamente agglomerate come panel. In questo modo è possibile quindi arricchire le informazioni ricavate, ottenendo un quadro più chiaro ed esaustivo, del settore in esame.
PhD cycle: XXIV Ciclo
PhD programme: SCUOLA DI DOTTORATO DI RICERCA IN FINANZA
Description: 2010/2011
Keywords: credit rating
agri-food
European agriculture
Main language of document: en
Type: Tesi di dottorato
Doctoral Thesis
Scientific-educational field: SECS-P/09 FINANZA AZIENDALE
NBN: urn:nbn:it:units-9203
Appears in Collections:Scienze economiche e statistiche

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