Cost stickiness in the Italian Mutual Banks and comparison among Less Significant Banks
Keywords:
Cost Stickiness, Credit Risk, Efficiency, Less Significant Banks, Mutual Banks
Abstract
This study investigates cost stickiness in the Italian banking system, with a specific focus on Less Significant (LS) banks, including Mutual Banks (MBs), during the period 2006-2019. The research seeks to identify whether LS banks exhibit asymmetric cost behavior, particularly in response to income and credit risk level variations. Utilizing a unique dataset of 5,446 observations and applying econometric models adapted from the seminal work of Anderson et al. (2003), this study provides a novel analysis of cost stickiness within a banking context, an area that has been underexplored in the existing literature. The results reveal significant cost stickiness across all LS banks, with MBs demonstrating more pronounced stickiness than other LS banks. Additionally, the findings show that higher levels of credit risk exacerbate cost stickiness, while greater efficiency mitigates this effect. These insights underscore the importance of tailored cost management strategies in the banking sector, particularly for MBs, and contribute to understanding the unique challenges LS banks face in Italy. The research’s originality lies in its focused examination of cost behavior within a distinct subset of the Italian banking system, providing new perspectives on how smaller, regionally-focused banks manage financial pressures.
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References
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2. Al-Abedallat, A. Z. (2016). Factors affecting credit risk: An empirical study of the Jordanian commercial banks. European Scientific Journal, 12(34), 307-321.
3. Alessandrini, P., Fratianni, M., Papi, L., Zazzaro, A. (2016). Banks, regions and development after the crisis and under the new regulatory system. Credit and Capital Markets, 4, 536-561.
4. Altunbaş, Y., Carbó Valverde, S., Molyneux, P. (2003). Ownership and performance in European and US banking – A comparison of commercial, co-operative and savings banks. Fundación de las Cajas de Ahorros, Working Paper No. 180/2003.
5. Anderson, M. C., Banker, R. D., Janakiraman, S. N. (2003). Are selling, general, and administrative costs sticky? Journal of Accounting Research, 41(1), 47-63.
6. Angelini, P., Di Salvo, R., Ferri, G. (1998). Availability and cost of credit for small businesses: Customer relationships and credit cooperatives. Journal of Banking & Finance, 22, 925-954.
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8. Balakrishnan, R., & Gruca, T. S. (2008). Cost stickiness and core competency: A note. Contemporary Accounting Research, 25(4), 993-1006.
9. Balakrishnan, R., Labro, E., Soderstrom, N. S. (2014). Cost structure and sticky costs. Journal of Management Accounting Research, 26(2), 91-116.
10. Banker, R. D., Byzalov, D. (2014). Asymmetric cost behavior. Journal of Management Accounting Research, 26, 43-79.
11. Banker, R. D., Byzalov, D., Chen, L. (2013). Employment protection legislation, adjustment costs and cross-country differences in cost behavior. Journal of Accounting & Economics, 55, 111-127.
12. Banker, R. D., Byzalov, D., Ciftci, M., Mashruwala, R. (2014). The moderating effect of prior sales changes on asymmetric cost behavior. Journal of Management Accounting Research, 26, 221-242.
13. Banker, R. D., Chen, L. T. (2006). Predictive earnings using a model based on cost variability and cost stickiness. The Accounting Review, 81, 285-307.
14. Becchetti, L., Ciciretti, R., Paolantonio, A. (2016). The cooperative bank difference before and after the global financial crisis. Journal of International Money & Finance, 69, 224-246.
15. Belina, H., Surysekar, K., Weismann, M. (2019). On the medical loss ratio (MLR) and sticky selling general and administrative costs: Evidence from health insurers. Journal of Accounting & Public Policy, 38(1), 53-61.
16. Bruggen, A., & Zehnder, J. O. (2014). SG&A cost stickiness and equity-based executive compensation: Does empire building matter? Management Control Journal, 25, 169-192.
17. Bugeja, M., Lu, M., Shan, Y. (2015). Cost stickiness in Australia: Characteristics and determinants. Australian Accounting Review, 25, 248-261.
18. Calleja, K., Steliaros, M., Thomas, D. C. (2006). A note on cost stickiness: Some international comparisons. Management Accounting Research, 17, 127-140.
19. Cannon, J. N. (2014). Determinants of sticky costs: An analysis of cost behavior using United States air transportation industry data. The Accounting Review, 89(5), 1645-1672.
20. Chen, C. X., Lu, H., & Sougiannis, T. (2012). The agency problem, corporate governance, and the asymmetrical behavior of selling, general, and administrative costs. Contemporary Accounting Research, 29(1), 252-282.
21. Chung, C. Y., Hur, S.-K., Liu, C. (2019). Institutional investors and cost stickiness: Theory and evidence. Journal of Economics & Finance, 47, 336-350.
22. Coccorese, P., Shaffer, S. (2020). Cooperative banks and local economic growth. Regional Studies, 55, 307-321.
23. Cohen, S., Karatzimas, S., Naoum, V. C. (2017). The sticky cost phenomenon at the local government level: Empirical evidence from Greece. Journal of Applied Accounting Research, 18, 445-463.
24. Cooper, R., Kaplan, R. S. (1999). The design of cost management systems: Text, cases, and readings. Prentice Hall.
25. Day-Yang, L., Shou-Wei, C., Tzu-Chuan, C. (2011). Resource fit in digital transformation - Lessons learned from the CBC Bank global e-banking project. Management Decision, 49, 1728-1742.
26. Del Gaudio, B. L., Previtali, D., Sampagnaro, G., Verdoliva, V., Vigne, S. (2022). Syndicated green lending and lead bank performance. Journal of International Financial Management & Accounting, 33, 412-427.
27. Di Tommaso, C., Pacelli, V. (2022). Does nonperforming loan securitization affect credit default swap spreads? Evidence from European banks. Journal of International Financial Management & Accounting, 33, 285–306.
28. Dierynck, B., Landsman, W. R., & Renders, A. (2012). Do managerial incentives drive cost behavior? Evidence about the roles of the zero earnings benchmark for labor cost behavior in Belgian private firms. The Accounting Review, 87(4), 1219-1246.
29. Drake, L., Howcroft, B. (2002). An insight into the size efficiency of a UK bank branch network. Managerial Finance, 28, 24-36.
30. Ferri, G., Minetti, R., Murro, P. (2019). Credit relationships in the great trade collapse. Micro evidence from Europe. Journal of Financial Intermediation, 40, 100809.
31. Fiordelisi, F., Marques-Ibanez, D., Molyneux, P. (2011). Efficiency and risk in European banking. Journal of Banking & Finance, 35(5), 1315-1326.
32. Ghaemi, M. H., & Nematollahi, M. (2012). Study on the behavior of materials, labor, and overhead costs in manufacturing companies listed in Tehran Stock Exchange. International Journal of Trade, Economics and Finance, 3(1), 19-24.
33. Guenther, T. W., Riehl, A., Rößler, R. (2014). Cost stickiness: State of art of research and implications. Journal Management Control, 24, 301-318.
34. Habib, A., Hasan, M. M. (2019). Corporate social responsibility and cost stickiness. Business & Society, 58, 453-492.
35. Hall, C. M. (2016). Does ownership structure affect labor decisions? The Accounting Review, 91(6), 1671-1696.
36. Han, S., Rezaee, Z., Tuo, L. (2019). Is cost stickiness associated with management earnings forecasts? Asian Review of Accounting, 28(2), 173-211.
37. He, D. S., Teruya, J., & Shimizu, T. (2010). Sticky selling, general, and administrative cost behavior and its changes in Japan. Global Journal of Business Research, 4(4), 1-10.
38. Holzhacker, M., Krishnan, R., & Mahlendorf, M. (2015). The impact of changes in regulation on cost behavior. Contemporary Accounting Research, 32(2), 534-566.
39. Hosomi, S., Nagasawa, S. (2018a). Study on downside risk of demand and cost behavior of local enterprises: Verification of local public enterprise manager’s decisions making based on a population estimate scenario in the future. Asia-Pacific Management Accounting Journal, 13, 21-44.
40. Hosomi, S., Nagasawa, S. (2018b). Empirical study on asymmetric cost behavior: Analysis of the sticky costs of local public enterprises. Asia-Pacific Management Accounting Journal, 13, 55-82.
41. Hsu, W.-H., Lin, C., Liu, H.-T. (2018). Customer-supplier relationship and cost structure. NTU Management Review, 28, 243-282.
42. Ibrahim, A. E. A., Ali, H., Aboelkheir, H. (2022). Cost stickiness: A systematic literature review of 27 years of research and future research agenda. Journal of International Accounting, Auditing & Taxation, 46, 100439.
43. Kama, I., Weiss, D. (2013). Do earnings targets and managerial incentives affect sticky costs? Journal of Accounting Research, 51, 201-224.
44. Lee, E., Kim, C., Leach-López, M. A. (2021). Banking competition and cost stickiness. Finance Research Letters, 41, 101859.
45. Li, W. L., Zheng, K. (2017). Product market competition and cost stickiness. Review of Quantitative Finance & Accounting, 49, 283-313.
46. Magheed, B. A. (2016). The determinants of the sticky cost behavior in the Jordanian industrial companies listed in Amman stock market. Journal of Accounting, Business & Management, 23, 64-81.
47. Meeusen, W., Van Den Broeck, J. (1977). Technical efficiency and dimension of the firm: Some results on the use of frontier production functions. Empirical Economics, 2, 109-122.
48. Minetti, R., Murro, P., Peruzzi, V. (2021). Not all banks are equal: Cooperative banking and income inequality. Economic Inquiry, 59(1), 420-440.
49. Noreen, E. (1991). Conditions under which activity-based costs provide relevant costs. Journal of Management Accounting Research, 3, 159-168.
50. Noreen, E., Soderstrom, N. (1994). Are overhead costs strictly proportional to activity?: Evidence from hospital departments. Journal of Accounting and Economics, 17(1-2), 255-278.
51. Noreen, E., Soderstrom, N. (1997). The accuracy of proportional cost models: Evidence from hospital service departments. Review of Accounting Studies, 2(1), 89-114.
52. Papi, L., Sarno, E., Zazzaro, A. (2017). The geographical network of bank organizations: Issues and evidence for Italy. In R. Martin & J. Pollard (Eds.), Handbook on the Geographies of Money and Finance (pp. 156-196). Edward Elgar Publishing.
53. Parlour, C. A., Winton, A. (2013). Laying off credit risk: Loan sales versus credit default swaps. Journal of Financial Economics, 107(1), 25-45.
54. Piatti, D. (2014). Italian mutual banks: Corporate social and financial performance. European Scientific Journal, 10(4), 1-16.
55. Piatti, D., Cincinelli, P. (2019). Does the threshold matter? The impact of the monitoring activity on non-performing loans: Evidence from the Italian banking system. Managerial Finance, 45(2), 190-221.
56. Pichetkun, N., & Panmanee, P. (2012). The determinants of sticky cost behavior: A structural equation modeling approach. International Journal of Accounting and Research, 8(23), 29-61.
57. Presti, G. (1998). Il governo delle banche popolari e di credito cooperativo. Banca Impresa Società, 1, 147-182.
58. Ratnawati, L., & Nugrahanti, Y. (2015). Sticky behavior of cost of sales, expenses administration and general and cost of sales in manufacturing company. Journal of Economics and Business, 18(2).
59. Raza, H., Saeed, A., & Hena, S. (2019). Determinants of profitability in the banking sector: Evidence from Pakistan. European Scientific Journal, 15(7), 35-48.
60. Serdaneh, J. A. (2014). The asymmetrical behavior of cost: Evidence from Jordan. Journal of International Business Research, 7(8).
61. Subramaniam, C., Watson, M. (2016). Additional evidence on the sticky behavior of costs. Advances in Management Accounting, 26, 275-305.
62. Sugiri, S., Febrianto, R., & Kresnawati, E. (2017). Sticky cost behavior of bank’s executive compensation in four South East Asian countries. Journal of Economics, Business, and Accountancy Ventura, 19(3), 363-376.
63. Venieris, G., Naoum, V. C., Vlismas, O. (2015). Organisation capital and sticky behaviour of selling, general and administrative expenses. Management Accounting Research, 26, 54-82.
64. Weiss, D. (2010). Cost behavior and analysts’ earnings forecasts. The Accounting Review, 85(4), 1441-1471.
65. Xu, J., Sim, J. W. (2017). Are costs really sticky and biased? Evidence from manufacturing listed companies in China. Applied Economics, 49, 5601-5613.
66. Yang, D. (2015). Mergers, CEO hubris, and cost stickiness. Emerging Markets Finance & Trade, 51, 46-63.
67. Zanella, F., Oyelere, P., Hossain, S. (2015). Are costs really sticky? Evidence from publicly listed companies in the UAE. Applied Economics, 47, 6519-6528.
68. Zazzaro, A. (2001). Specificità e modelli di governo delle banche: un’analisi degli assetti proprietari dei gruppi bancari italiani. Moneta e Credito, 216, 487-517.
2. Al-Abedallat, A. Z. (2016). Factors affecting credit risk: An empirical study of the Jordanian commercial banks. European Scientific Journal, 12(34), 307-321.
3. Alessandrini, P., Fratianni, M., Papi, L., Zazzaro, A. (2016). Banks, regions and development after the crisis and under the new regulatory system. Credit and Capital Markets, 4, 536-561.
4. Altunbaş, Y., Carbó Valverde, S., Molyneux, P. (2003). Ownership and performance in European and US banking – A comparison of commercial, co-operative and savings banks. Fundación de las Cajas de Ahorros, Working Paper No. 180/2003.
5. Anderson, M. C., Banker, R. D., Janakiraman, S. N. (2003). Are selling, general, and administrative costs sticky? Journal of Accounting Research, 41(1), 47-63.
6. Angelini, P., Di Salvo, R., Ferri, G. (1998). Availability and cost of credit for small businesses: Customer relationships and credit cooperatives. Journal of Banking & Finance, 22, 925-954.
7. Argilés-Bosch, J. M., García-Blandón, J., Ravenda, D. (2023). Empirical analysis of the relationship between labour cost stickiness and labour reforms in Spain. Accounting & Finance, 63(Suppl. 1), 1187-1221.
8. Balakrishnan, R., & Gruca, T. S. (2008). Cost stickiness and core competency: A note. Contemporary Accounting Research, 25(4), 993-1006.
9. Balakrishnan, R., Labro, E., Soderstrom, N. S. (2014). Cost structure and sticky costs. Journal of Management Accounting Research, 26(2), 91-116.
10. Banker, R. D., Byzalov, D. (2014). Asymmetric cost behavior. Journal of Management Accounting Research, 26, 43-79.
11. Banker, R. D., Byzalov, D., Chen, L. (2013). Employment protection legislation, adjustment costs and cross-country differences in cost behavior. Journal of Accounting & Economics, 55, 111-127.
12. Banker, R. D., Byzalov, D., Ciftci, M., Mashruwala, R. (2014). The moderating effect of prior sales changes on asymmetric cost behavior. Journal of Management Accounting Research, 26, 221-242.
13. Banker, R. D., Chen, L. T. (2006). Predictive earnings using a model based on cost variability and cost stickiness. The Accounting Review, 81, 285-307.
14. Becchetti, L., Ciciretti, R., Paolantonio, A. (2016). The cooperative bank difference before and after the global financial crisis. Journal of International Money & Finance, 69, 224-246.
15. Belina, H., Surysekar, K., Weismann, M. (2019). On the medical loss ratio (MLR) and sticky selling general and administrative costs: Evidence from health insurers. Journal of Accounting & Public Policy, 38(1), 53-61.
16. Bruggen, A., & Zehnder, J. O. (2014). SG&A cost stickiness and equity-based executive compensation: Does empire building matter? Management Control Journal, 25, 169-192.
17. Bugeja, M., Lu, M., Shan, Y. (2015). Cost stickiness in Australia: Characteristics and determinants. Australian Accounting Review, 25, 248-261.
18. Calleja, K., Steliaros, M., Thomas, D. C. (2006). A note on cost stickiness: Some international comparisons. Management Accounting Research, 17, 127-140.
19. Cannon, J. N. (2014). Determinants of sticky costs: An analysis of cost behavior using United States air transportation industry data. The Accounting Review, 89(5), 1645-1672.
20. Chen, C. X., Lu, H., & Sougiannis, T. (2012). The agency problem, corporate governance, and the asymmetrical behavior of selling, general, and administrative costs. Contemporary Accounting Research, 29(1), 252-282.
21. Chung, C. Y., Hur, S.-K., Liu, C. (2019). Institutional investors and cost stickiness: Theory and evidence. Journal of Economics & Finance, 47, 336-350.
22. Coccorese, P., Shaffer, S. (2020). Cooperative banks and local economic growth. Regional Studies, 55, 307-321.
23. Cohen, S., Karatzimas, S., Naoum, V. C. (2017). The sticky cost phenomenon at the local government level: Empirical evidence from Greece. Journal of Applied Accounting Research, 18, 445-463.
24. Cooper, R., Kaplan, R. S. (1999). The design of cost management systems: Text, cases, and readings. Prentice Hall.
25. Day-Yang, L., Shou-Wei, C., Tzu-Chuan, C. (2011). Resource fit in digital transformation - Lessons learned from the CBC Bank global e-banking project. Management Decision, 49, 1728-1742.
26. Del Gaudio, B. L., Previtali, D., Sampagnaro, G., Verdoliva, V., Vigne, S. (2022). Syndicated green lending and lead bank performance. Journal of International Financial Management & Accounting, 33, 412-427.
27. Di Tommaso, C., Pacelli, V. (2022). Does nonperforming loan securitization affect credit default swap spreads? Evidence from European banks. Journal of International Financial Management & Accounting, 33, 285–306.
28. Dierynck, B., Landsman, W. R., & Renders, A. (2012). Do managerial incentives drive cost behavior? Evidence about the roles of the zero earnings benchmark for labor cost behavior in Belgian private firms. The Accounting Review, 87(4), 1219-1246.
29. Drake, L., Howcroft, B. (2002). An insight into the size efficiency of a UK bank branch network. Managerial Finance, 28, 24-36.
30. Ferri, G., Minetti, R., Murro, P. (2019). Credit relationships in the great trade collapse. Micro evidence from Europe. Journal of Financial Intermediation, 40, 100809.
31. Fiordelisi, F., Marques-Ibanez, D., Molyneux, P. (2011). Efficiency and risk in European banking. Journal of Banking & Finance, 35(5), 1315-1326.
32. Ghaemi, M. H., & Nematollahi, M. (2012). Study on the behavior of materials, labor, and overhead costs in manufacturing companies listed in Tehran Stock Exchange. International Journal of Trade, Economics and Finance, 3(1), 19-24.
33. Guenther, T. W., Riehl, A., Rößler, R. (2014). Cost stickiness: State of art of research and implications. Journal Management Control, 24, 301-318.
34. Habib, A., Hasan, M. M. (2019). Corporate social responsibility and cost stickiness. Business & Society, 58, 453-492.
35. Hall, C. M. (2016). Does ownership structure affect labor decisions? The Accounting Review, 91(6), 1671-1696.
36. Han, S., Rezaee, Z., Tuo, L. (2019). Is cost stickiness associated with management earnings forecasts? Asian Review of Accounting, 28(2), 173-211.
37. He, D. S., Teruya, J., & Shimizu, T. (2010). Sticky selling, general, and administrative cost behavior and its changes in Japan. Global Journal of Business Research, 4(4), 1-10.
38. Holzhacker, M., Krishnan, R., & Mahlendorf, M. (2015). The impact of changes in regulation on cost behavior. Contemporary Accounting Research, 32(2), 534-566.
39. Hosomi, S., Nagasawa, S. (2018a). Study on downside risk of demand and cost behavior of local enterprises: Verification of local public enterprise manager’s decisions making based on a population estimate scenario in the future. Asia-Pacific Management Accounting Journal, 13, 21-44.
40. Hosomi, S., Nagasawa, S. (2018b). Empirical study on asymmetric cost behavior: Analysis of the sticky costs of local public enterprises. Asia-Pacific Management Accounting Journal, 13, 55-82.
41. Hsu, W.-H., Lin, C., Liu, H.-T. (2018). Customer-supplier relationship and cost structure. NTU Management Review, 28, 243-282.
42. Ibrahim, A. E. A., Ali, H., Aboelkheir, H. (2022). Cost stickiness: A systematic literature review of 27 years of research and future research agenda. Journal of International Accounting, Auditing & Taxation, 46, 100439.
43. Kama, I., Weiss, D. (2013). Do earnings targets and managerial incentives affect sticky costs? Journal of Accounting Research, 51, 201-224.
44. Lee, E., Kim, C., Leach-López, M. A. (2021). Banking competition and cost stickiness. Finance Research Letters, 41, 101859.
45. Li, W. L., Zheng, K. (2017). Product market competition and cost stickiness. Review of Quantitative Finance & Accounting, 49, 283-313.
46. Magheed, B. A. (2016). The determinants of the sticky cost behavior in the Jordanian industrial companies listed in Amman stock market. Journal of Accounting, Business & Management, 23, 64-81.
47. Meeusen, W., Van Den Broeck, J. (1977). Technical efficiency and dimension of the firm: Some results on the use of frontier production functions. Empirical Economics, 2, 109-122.
48. Minetti, R., Murro, P., Peruzzi, V. (2021). Not all banks are equal: Cooperative banking and income inequality. Economic Inquiry, 59(1), 420-440.
49. Noreen, E. (1991). Conditions under which activity-based costs provide relevant costs. Journal of Management Accounting Research, 3, 159-168.
50. Noreen, E., Soderstrom, N. (1994). Are overhead costs strictly proportional to activity?: Evidence from hospital departments. Journal of Accounting and Economics, 17(1-2), 255-278.
51. Noreen, E., Soderstrom, N. (1997). The accuracy of proportional cost models: Evidence from hospital service departments. Review of Accounting Studies, 2(1), 89-114.
52. Papi, L., Sarno, E., Zazzaro, A. (2017). The geographical network of bank organizations: Issues and evidence for Italy. In R. Martin & J. Pollard (Eds.), Handbook on the Geographies of Money and Finance (pp. 156-196). Edward Elgar Publishing.
53. Parlour, C. A., Winton, A. (2013). Laying off credit risk: Loan sales versus credit default swaps. Journal of Financial Economics, 107(1), 25-45.
54. Piatti, D. (2014). Italian mutual banks: Corporate social and financial performance. European Scientific Journal, 10(4), 1-16.
55. Piatti, D., Cincinelli, P. (2019). Does the threshold matter? The impact of the monitoring activity on non-performing loans: Evidence from the Italian banking system. Managerial Finance, 45(2), 190-221.
56. Pichetkun, N., & Panmanee, P. (2012). The determinants of sticky cost behavior: A structural equation modeling approach. International Journal of Accounting and Research, 8(23), 29-61.
57. Presti, G. (1998). Il governo delle banche popolari e di credito cooperativo. Banca Impresa Società, 1, 147-182.
58. Ratnawati, L., & Nugrahanti, Y. (2015). Sticky behavior of cost of sales, expenses administration and general and cost of sales in manufacturing company. Journal of Economics and Business, 18(2).
59. Raza, H., Saeed, A., & Hena, S. (2019). Determinants of profitability in the banking sector: Evidence from Pakistan. European Scientific Journal, 15(7), 35-48.
60. Serdaneh, J. A. (2014). The asymmetrical behavior of cost: Evidence from Jordan. Journal of International Business Research, 7(8).
61. Subramaniam, C., Watson, M. (2016). Additional evidence on the sticky behavior of costs. Advances in Management Accounting, 26, 275-305.
62. Sugiri, S., Febrianto, R., & Kresnawati, E. (2017). Sticky cost behavior of bank’s executive compensation in four South East Asian countries. Journal of Economics, Business, and Accountancy Ventura, 19(3), 363-376.
63. Venieris, G., Naoum, V. C., Vlismas, O. (2015). Organisation capital and sticky behaviour of selling, general and administrative expenses. Management Accounting Research, 26, 54-82.
64. Weiss, D. (2010). Cost behavior and analysts’ earnings forecasts. The Accounting Review, 85(4), 1441-1471.
65. Xu, J., Sim, J. W. (2017). Are costs really sticky and biased? Evidence from manufacturing listed companies in China. Applied Economics, 49, 5601-5613.
66. Yang, D. (2015). Mergers, CEO hubris, and cost stickiness. Emerging Markets Finance & Trade, 51, 46-63.
67. Zanella, F., Oyelere, P., Hossain, S. (2015). Are costs really sticky? Evidence from publicly listed companies in the UAE. Applied Economics, 47, 6519-6528.
68. Zazzaro, A. (2001). Specificità e modelli di governo delle banche: un’analisi degli assetti proprietari dei gruppi bancari italiani. Moneta e Credito, 216, 487-517.
Published
2024-09-30
How to Cite
Piatti, D., Cincinelli, P., Cattaneo, C., & Bassani, G. (2024). Cost stickiness in the Italian Mutual Banks and comparison among Less Significant Banks. European Scientific Journal, ESJ, 20(25), 15. https://doi.org/10.19044/esj.2024.v20n25p15
Section
ESJ Social Sciences
Copyright (c) 2024 Domenico Piatti, Peter Cincinelli, Cristiana Cattaneo, Gaia Bassani
This work is licensed under a Creative Commons Attribution 4.0 International License.
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