Purpose

We developed a model to demonstrate how multiple interrelated aspects of a firm influence its recourse to third-party financing, which frequently depends on the characteristics of each food production chain.

Design/methodology/approach

We conducted an empirical research on a relevant sample of small- and medium-sized Italian dairy firms. Our research methodology is inspired by the grounded theory (Glaser and Strauss, 1967).

Findings

Our findings illustrated that firm indebtedness is the result of intertwined variables, linked to different firm dimensions, including growth, financial structure and economic dynamics.

Research limitations/implications

A portion of the analysed phenomenon is not explained using the sample and econometric tools.

Practical implications

There are practical implications for the decision-makers in a firm (in particular, the managers and the shareholders) as the model allows to evaluate the influence of a set of mutually interdependent firm variables for the indebtedness level.

Originality/value

First, we considered the recourse to third-party financing within the context of the systems theory (Millová and Blatný, 2015) and from the perspective of linked causes and mutually connected variables. Second, our research focussed on a well-defined food chain and on features of firms operating in this context. Last, our model considered the impact of the recent economic crisis, which motivated us to review the existing models.

中文翻译：

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推动中小型乳业公司负债的因素

目的

我们开发了一个模型来演示公司的多个相互关联的方面如何影响其求助于第三方融资的方式，这通常取决于每个食品生产链的特征。

设计/方法/方法

我们对中小型意大利乳业公司的相关样本进行了实证研究。我们的研究方法受到扎根理论的启发（Glaser和Strauss，1967）。

发现

我们的发现表明，企业债务是相互交织的变量的结果，变量与企业的不同方面相关，包括增长，财务结构和经济动态。

研究局限/意义

使用样本和计量经济学工具无法解释所分析现象的一部分。

实际影响

由于该模型允许评估一组相互依赖的公司变量对负债水平的影响，因此对公司的决策者（特别是经理和股东）有实际意义。

创意/价值

首先，我们在系统理论的背景下（Millová和Blatný，2015）并从联系的原因和相互关联的变量的角度考虑了求助于第三方融资。其次，我们的研究集中在定义明确的食物链和在这种情况下运营的公司的特征上。最后，我们的模型考虑了最近的经济危机的影响，这促使我们回顾了现有模型。