Legal environment and corporate finance: evidence from the Italian manufacturing industry

Journal of Economic Structures

The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)

Table 6 Descriptive statistics on debt ratio according to judicial districts and geographical macro-areas Italy, 2014–2016

Judicial district of second instance	Mean	Std. Dev	Frequency (i.e., number of firms)
Milan	0.747	0.288	42,709
Turin	0.730	0.290	18,791
Genoa	0.751	0.282	3980
Brescia	0.678	0.303	21,585
North West	0.727	0.291	87,065
Trento	0.693	0.294	1857
Venice	0.730	0.285	33,952
Bologna	0.697	0.296	25,921
Trieste	0.707	0.285	5776
Bolzano	0.707	0.311	1269
North East	0.707	0.294	68,775
Ancona	0.721	0.274	9127
Florence	0.714	0.291	17,972
Rome	0.819	0.256	12,536
Perugia	0.707	0.291	3353
Center	0.740	0.278	42,988
Bari	0.787	0.273	5754
Campobasso	0.783	0.265	529
Catanzaro	0.842	0.228	1868
L'Aquila	0.759	0.283	4595
Lecce	0.801	0.251	2641
Naples	0.827	0.263	12,034
Potenza	0.803	0.258	990
Reggio Calabria	0.833	0.243	489
Salerno	0.777	0.286	3690
Taranto	0.797	0.259	1078
South	0.801	0.261	33,668
Cagliari	0.814	0.251	1093
Palermo	0.817	0.248	2636
Caltanissetta	0.812	0.254	629
Catania	0.819	0.254	3079
Messina	0.827	0.243	972
Sassari	0.811	0.247	1167
Islands	0.817	0.249	9576