government-owned enterprises in italy: some stylized facts bernardo bortolotti, laura pellizzola,...
TRANSCRIPT
Government-owned Enterprises in Italy: Some Stylized Facts
Bernardo Bortolotti, Laura Pellizzola, Carlo ScarpaPrague, February 15th 2007
2
The debate
Municipal capitalism
– By-pass constraints on local public finance?
– Distort competition?
No systematic study of the weight of locally owned limited companies
Our paper…
3
The database
AMADEUS :
– i) operating revenue ≥ €15 million;
– ii) total assets ≥ €30 million;
– iii) number of employees ≥ 200
No small firms
No public administration
No financial firms
4
Italian firms
22.844 Italian firms in the database, 572 with a participation by central or local governments – Government owned enterprises (GOEs)
Consolidated accounts: down to 404 GOEs– 21 listed, 383 unlisted
Public shareholders:– State– Region– Province– Municipality
5
The sample
Listed Unlisted
30 7 23 362,896 12,097 181,013 6,034 455,332 15,178
16 0 16 2,225 139 1,009 63 6,220 389
14 1 13 1,378 98 1,000 71 3,582 256
231 10 221 62,425 270 27,822 120 134,750 583
CENTRAL AND LOCAL GOVERNMENT 17 1 16 3,859 227 1,050 62 7,901 465
REGION AND PROVINCE 2 0 2 675 338 352 176 4,120 2,060
REGION AND MUNICIPALITY 9 0 9 2,136 237 1,039 115 8,071 897
REGION, PROVINCE AND MUNICIPALITY 22 2 20 5,088 231 1,683 77 12,069 549
PROVINCE AND MUNICIPALITY 63 0 63 8,920 142 3,836 61 27,167 431
404 21 383 449,603 1,113 218,805 542 659,212 1,632
LEVEL OF GOVERNMENT
TOTAL
CENTRAL GOVERNMENT
REGION
PROVINCE
MUNICIPALITY
MIXED CASES of which -
Number of Employees
of whichNumberof GOEs
Total Assets Mln €
Average Number of Employees
Operating Revenues
Mln €
Average Operating Revenues
Mln €
Average Total
Assets Mln €
6
Locally owned firms, region by region…
61 3 58 27,970 459 10,193 167 36,235 594
20 1 19 12,465 623 5,263 263 39,745 1,987
29 1 28 7,155 247 4,215 145 15,008 518
24 2 22 6,249 260 2,876 120 13,124 547
35 1 34 4,993 143 2,509 72 12,804 366
39 0 39 3,210 82 1,773 45 9,502 244
20 1 19 2,846 142 1,061 53 13,855 693
12 1 11 1,947 162 1,175 98 10,284 857
12 0 12 1,302 108 653 54 3,259 272
13 0 13 1,153 89 591 45 8,113 624
12 0 12 804 67 383 32 2,190 183
7 0 7 528 75 284 41 2,244 321
7 0 7 472 67 284 41 2,764 395
7 0 7 366 52 187 27 2,378 340
10 0 10 317 32 258 26 3,175 318
4 0 4 305 76 528 132 1,432 358
1 0 1 127 127 18 18 75 75
1 0 1 117 117 59 59 369 369
3 0 3 108 36 132 44 1,151 384
2 0 2 40 20 25 12 518 259
ITALIAN STATE 30 7 23 362,896 12,097 181,013 6,034 455,332 15,178
REGIONS 38 3 35 10,372 273 4,274 112 17,754 467
REGION AND ITALIAN STATE 17 1 16 3,859 227 1,050 62 7,901 465
404 21 383 449,603 1,113 218,805 542 659,212 1,632 TOTAL
BASILICATA
SARDEGNA
CALABRIA
OTHER CASES - of which
ABRUZZO
PUGLIA
VALLE D'AOSTA
MOLISE
SICILIA
MARCHE
UMBRIA
FRIULI VENEZIA GIULIA
CAMPANIA
LIGURIA
TRENTINO ALTO ADIGE
EMILIA ROMAGNA
PIEMONTE
VENETO
TOSCANA
LOMBARDIA
LAZIO
Listed UnlistedREGION
Number of Employees
of whichNumberof GOEs
Total Assets Mln €
Average Number of Employees
Operating Revenues
Mln €
Average Operating Revenues
Mln €
Average Total
Assets Mln €
7
…sector by sector…
1 1 0 83,850 100% 83,850 74,526 74,526 71,303 71,303
9 1 8 2,201 66% 245 223 25 540 60
14 5 9 24,670 94% 1,762 13,654 975 10,474 748
55 10 45 23,092 85% 420 7,428 135 36,474 663
3 2 1 4,002 91% 1,334 3,100 1,033 20,327 6,776
10 0 10 586 0% 59 634 63 2,094 209
1 1 0 47,886 100% 47,886 9,322 9,322 148,371 148,371
108 7 101 146,609 82% 1,357 26,883 249 229,003 2,120
HIGHWAYS INDUSTRY 11 0 11 5,208 0% 473 1,660 151 6,082 553
RAILWAYS INDUSTRY 7 3 4 98,409 100% 14,058 10,415 1,488 103,753 14,822
LOCAL TRANSPORT INDUSTRY 65 0 65 11,897 0% 183 5,597 86 69,862 1,075
TRANSPORTATION INFRASTRUCTURE INDUSTRY 23 3 20 26,120 69% 1,136 4,387 191 30,458 1,324
TRANSPORTATION SERVICES INDUSTRY 2 1 1 4,975 100% 2,487 4,824 2,412 18,848 9,424
203 3 200 116,707 53% 575 83,035 409 140,626 693
ELECTRICITY AND GAS INDUSTRY 44 3 41 87,183 71% 1,981 69,008 1,568 71,621 1,628
WATER AND SEWERAGE INDUSTRY 57 0 57 9,078 0% 159 3,389 59 15,300 268
REFUSE SYSTEMS AND SANITARY SERVICES 51 0 51 4,479 0% 88 2,861 56 28,931 567
MULTIUTILITY 51 0 51 15,967 0% 313 7,777 152 24,774 486
404 30 374 449,603 73% 1,113 218,805 542 659,212 1,632
SERVICES INDUSTRY
TELECOMMUNICATION INDUSTRY
TRADE INDUSTRY
POSTAL SERVICE INDUSTRY
TOTAL
UTILITIES - of which
TRANSPORTATION - of which
PETROLEUM INDUSTRY
CONSTRUCTION INDUSTRY
MANUFACTURING INDUSTRY
Central Government
SECTORNumber of Employees
of which owned byNumberof GOEs
Average Number of Employees
Operating Revenues
Mln €
Average Operating Revenues
Mln €
Average Total
Assets Mln €Mln €
Central Government GOEs share
Total Assets
Local Government
8
Central Government by sector
Central Government
%SECTOR
1 83,850 23% 83,850 74,526 74,526 71,303 71,303
1 1,461 0% 1,461 43 43 45 45
5 23,312 6% 4,662 12,560 2,512 7,610 1,522
10 19,608 5% 1,961 5,648 565 19,442 1,944
2 3,659 1% 1,829 2,927 1,464 19,102 9,551
0 - 0% - - - - -
1 47,886 13% 47,886 9,322 9,322 148,371 148,371
7 120,805 33% 17,258 16,924 2,418 133,861 19,123
HIGHWAYS INDUSTRY 0 - 0% - - - - -
RAILWAYS INDUSTRY 3 97,934 27% 32,645 10,279 3,426 102,051 34,017
LOCAL TRANSPORT INDUSTRY 0 - 0% - - - - -
TRANSPORTATION INFRASTRUCTURE INDUSTRY 3 17,909 5% 5,970 1,849 616 13,030 4,343
TRANSPORTATION SERVICES INDUSTRY 1 4,962 1% 4,962 4,797 4,797 18,780 18,780
3 62,315 17% 20,772 59,063 19,688 55,598 18,533
ELECTRICITY AND GAS 3 62,315 17% 20,772 59,063 - 55,598 18,533
WATER AND SEWERAGE INDUSTRY 0 - 0% - - - - -
REFUSE SYSTEMS AND SANITARY SERVICES 0 - 0% - - - - -
MULTIUTILITY 0 - 0% - - - - -
30 362,896 100% 12,097 181,013 6,034 455,332 15,178 TOTAL
UTILITIES - of which
TRANSPORTATION - of which
PETROLEUM INDUSTRY
CONSTRUCTION INDUSTRY
SERVICES INDUSTRY
TELECOMMUNICATION INDUSTRY
TRADE INDUSTRY
POSTAL SERVICE INDUSTRY
MANUFACTURING INDUSTRY
Number of Employees
Average Number of Employees
Operating Revenues
Mln €
Average Operating Revenues
Mln €
Average Total
Assets Mln €
Total Assets Mln €
9
Local Government by sector
0 - 0% - - - - -
8 740 1% 93 180 22 495 62
9 1,358 2% 151 1,095 122 2,864 318
45 3,484 4% 77 1,780 40 17,032 378
1 343 0% 343 173 173 1,225 1,225
10 586 1% 59 634 63 2,094 209
0 - 0% - - - - -
101 25,804 30% 255 9,959 99 95,142 942
HIGHWAYS INDUSTRY 11 5,208 6% 473 1,660 151 6,082 553
RAILWAYS INDUSTRY 4 474 1% 119 137 34 1,702 426
LOCAL TRANSPORT INDUSTRY 65 11,897 14% 183 5,597 86 69,862 1,075
TRANSPORTATION INFRASTRUCTURE INDUSTRY 20 8,212 9% 411 2,538 127 17,428 871
TRANSPORTATION SERVICES INDUSTRY 1 12 0% 12 27 27 68 68
200 54,392 63% 272 23,971 120 85,028 425
ELECTRICITY AND GAS 41 24,868 29% 607 9,945 243 16,023 391
WATER AND SEWERAGE INDUSTRY 57 9,078 10% 159 3,389 59 15,300 268
REFUSE SYSTEMS AND SANITARY SERVICES 51 4,479 5% 88 2,861 56 28,931 567
MULTIUTILITY 51 15,967 18% 313 7,777 152 24,774 486
374 86,706 100% 232 37,792 101 203,880 545
PETROLEUM INDUSTRY
CONSTRUCTION INDUSTRY
MANUFACTURING INDUSTRY
SERVICES INDUSTRY
TELECOMMUNICATION INDUSTRY
TRADE INDUSTRY
POSTAL SERVICE INDUSTRY
TRANSPORTATION - of which
UTILITIES - of which
TOTAL
Local Government
%SECTORNumber of Employees
Average Number of Employees
Operating Revenues
Mln €
Average Operating Revenues
Mln €
Average Total
Assets Mln €
Total Assets Mln €
10
The relevance of locally controlled GOEs
REGION Number of GOEs GOE Value Added GOE Employment
VALLE D'AOSTA 3 6.74% 2.34%
LIGURIA 26 1.93% 1.95%
LOMBARDIA 78 1.51% 0.91%
LAZIO 20 1.49% 1.66%
TRENTINO ALTO ADIGE 16 1.30% 1.00%
VENETO 51 1.15% 0.77%
FRIULI VENEZIA GIULIA 14 1.15% 0.86%
PIEMONTE 25 1.03% 0.71%
EMILIA ROMAGNA 41 0.89% 0.87%
CAMPANIA 22 0.84% 0.83%
TOSCANA 48 0.75% 0.57%
UMBRIA 9 0.71% 0.66%
SICILIA 14 0.56% 0.68%
ABRUZZO 6 0.49% 0.47%
PUGLIA 12 0.48% 0.39%
MARCHE 14 0.46% 0.39%
BASILICATA 3 0.45% 0.32%
MOLISE 1 0.17% 0.07%
SARDEGNA 2 0.15% 0.15%
CALABRIA 4 0.12% 0.12%
TOTAL 331 1.01% 0.82%
11
% of of value added
The map of locally controlled GOEs
% of total employment
1.30% - 6.74%
0.84% - 1.15%
0.48% - 0.75%
0.12% - 0.46%
0.91% - 2.34%
0.71% - 0.87%
0.40% - 0.68%
0.07% - 0.39%
12
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