L'AZIENDA, IL SISTEMA DEI MERCATI FINANZIARI E LA COMPETIZIONE SUL VALORE

Globalization and markets deregulation has modified the relation between corporate and financial markets. Financial market system can be considered a new “business area” for corporates, introducing a new logic and boundaries for competition and growth. "Financial competition", that can be defined as the ability in obtaining financial resources and keeping over time, can be considered a new boosting factor in enhancing market value of listed firms. So that, more complex skills and competence are required to manage growth opportunities and potential threats linked to status of listed firm. Objective of the present work is too highlight the influence of financial markets on competition between listed firm, considering the gap between two main forces: (1i) “what investors ask to firms” to support firm strategies over time (such as high earnings to distribute); (ii) equilibrium on internal conditions - economic and financial - fo firms to mantain high market value and an adequate growth rate