Observatory on Finance for SME Growth

The Observatory on Finance for SME Growth, promoted by Research Center of the Research Center for Monetary and Financial Studies “Mario Arcelli” (CASMEF) aims to analyze the growth dynamics of Italian small and medium-sized enterprises (SMEs), with particular focus on financial structure, access to capital, sustainability, and innovation.

The Observatory’s activities are based on the development of a proprietary and structured database designed to monitor over time the economic and financial characteristics of Italian firms and to support comparative analyses across sectors, firm size classes, and geographical areas.

The Observatory conducts its activities along three main research lines.

The first research area concerns the construction of a firm-level panel database integrating economic and financial information, sectoral variables, and corporate governance data. The objective is to develop an analytical infrastructure capable of supporting longitudinal analyses and empirical studies on the relationships among financial structure, investment capacity, and firm growth dynamics.

The second research area focuses on Environmental, Social, and Governance (ESG) dimensions. The Observatory collects and organizes publicly available information – including sustainability reports, codes of ethics, non-financial disclosures, and corporate information – in order to assess firms’ transparency and sustainability maturity.

The third research area involves mapping firms with respect to the Sustainable Development Goals (SDGs) established under the United Nations 2030 Agenda, also through content analysis and sectoral classification methodologies. This activity enables the assessment of firms’ alignment with the main pillars of economic, social, and environmental sustainability.

The collected data are organized within a structured database enabling the development of descriptive and econometric analyses aimed at identifying recurring patterns, sectoral differences, and relationships among performance, sustainability, and access to capital markets.

The Observatory also envisages the publication of an annual report on the financing of Italian SME growth, based on the proprietary database developed within the project. The report will provide a periodic overview of the evolution of Italian firms and will include thematic analyses dedicated, year by year, to issues such as credit, sustainability, innovation, investments, and corporate governance.

In the medium term, the project aims to progressively expand its scope of analysis by including non-listed SMEs with potential access to capital markets and by promoting simplified Environmental, Social, and Governance reporting tools consistent with the evolving European regulatory framework.

Within this perspective, the Observatory aims to establish itself as a permanent center for research and monitoring on financial issues related to SME growth, contributing to academic, institutional, and policy debate through empirical evidence, research activities, and periodic publications.

Activities and Publications

The “Activities and Publications” section is currently under development and will be progressively updated with the outcomes of the Observatory’s research activities.

The section will include annual reports, working papers, empirical analyses, thematic studies, datasets, outreach materials, and scientific contributions related to SME growth finance, access to capital markets, sustainability, and Environmental, Social, and Governance (ESG) dynamics. It will also provide updates on initiatives promoted by the Observatory, including seminars, workshops, institutional events, and collaborative activities involving public institutions, market operators, and stakeholders within the economic and financial system.

The Observatory benefits from the contribution of several researchers and scholars participating in its activities as Research Fellows. Among them, Dr. Mattia Calosci (mcalosci@luiss.it) serves as Secretary of the Scientific Committee, manages the Observatory’s proprietary database, and coordinates and facilitates interactions among researchers and collaborators involved in the Observatory’s research and scientific activities.