Call for Visiting Professors and Fellows at the School of Management

The School of Management is committed to host visiting professors, guest professors and fellows from all over the world to promote and enhance the international exposure of research and teaching activities.
We are eager to host researchers in different fields of Management, Applied Economics and Industrial Engineering.
More information on the research lines and research groups are available here.

The call for the academic year 2020-2021 is now open. Applications must be sent before November 30th 2020.

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SMEs which receive EU funding drastically outperform those who don’t

SMEs which receive EU-guaranteed loans outperform those that don’t in areas including asset, sales and productivity growth, according to a new research report from emlyon business school and Politecnico di Milano School of Management.

The report assesses the short and long-term economic effects that EU guaranteed loans have on beneficiary firms. These loans were provided to SMEs under programs funded by the European Commission and managed by the European Investment Fund (EIF).

Fabio Bertoni and Anita Quas, professors of finance at emlyon, and Massimo G. Colombo, professor of entrepreneurship and entrepreneurial finance at Politecnico di Milano School of Management, analysed data collated on over 85,000 loans granted to 57,000 individual French SMEs between 2002 and 2016, for a total amount of EUR 4.65bn.

During the study, SMEs who received these loans were matched with a ‘twin’ firm that had not benefited from this scheme. The twin firms were almost identical to beneficiary SMEs in terms of industry, location, current and predicted growth, employment rate, size and age. These twin firms gained funding through more traditional bank loans, other forms of external investment such as venture capital, or did not receive any added funding at all.

Professor Massimo G. Colombo says, “Most banks act very conservatively. If they think a venture has any possibility of failing or being too risky, it is likely they will be very cautious in giving a loan. This means that many SMEs which are perhaps riskier ventures, but have the capacity to be successful, are unlikely to receive funding. These EU-guaranteed loans step in as a security buffer to banks, ensuring potentially profitable SMEs receive the funding they deserve.”

The study found that over the ten-year period, SMEs who received these EU-guaranteed loans outperformed those who didn’t by experiencing on average a;

  • 9% additional asset growth
  • 7% additional sales growth
  • 8% additional employment growth
  • More than 2.5% additional productivity growth
  • 5.7% decrease in the likelihood of defaulting.

Professor Fabio Bertoni says, “The results are consistent with the fact that one of the biggest blocks to SMEs’ growth is a lack-of financing, and experiencing financial constraints. In fact, 30%-40% of EU SMEs cited limited funding as a very significant reason for lack of growth in an EIF survey. These loans alleviate SMEs financial constraints, easing the pressure on firms and allowing them to invest in what they deem the most important areas for growth.”

Previous research has stated that 85% of new jobs in the EU come from SME’s. The researchers suggest that it is no surprise that schemes such as these EU-guaranteed loans are beneficial to the EU in terms of job creation.


International Trade, New Technologies and International Organization of Production

Milan, May 16-17, 2019

Call for Papers

The next meeting of the ITSG – Italian Trade Study Group will be organised by the Department of Management Engineering, Economics, and Industrial Production, Politecnico di Milano, and Fondazione Manlio Masi.

Submissions are invited on all topics in international trade. Papers on international trade and digital technologies, and impact of ICT on trade and the internationalization of firms are particularly welcome.

Topics of special interest include:

  • Globalization, GVCs and new technologies
  • International e-commerce and digital exports
  • Trade policies for digital trade

Complete papers (or advanced drafts) should be submitted to the Segreteria Fondazione Masi – – by April 5, 2019. The acceptance of the papers will be notified no later than April 18, 2019.

The keynote lecture of the Workshop will be delivered by Alan Deardorff, University of Michigan.

The Scientific Committee of this meeting includes: Davide Castellani (University of Reading), Luca De Benedictis (Università di Macerata), Stefano Elia (Politecnico di Milano), Anna Falzoni (Università di Bergamo), Giulia Felice (Politecnico di Milano), Giorgia Giovannetti (Università di Firenze), Enrico Marvasi (Università di Firenze), Lucia Piscitello (Politecnico di Milano), Lucia Tajoli (Politecnico di Milano).

Logistic information about the meeting will be posted in due time on the following website: