Abstract
The article analyzes the management of the motorway system in Italy. It underlines the positive and critical aspects of the concession system, through the analysis of the financial statements of the main concessionary companies. From the analysis of the economic and non-financial performance, it is concluded that the current model is preferable to a totally public model, which would require significant investments. The current model, if managed economically, guarantees well-being to the community in the medium and long term. Key words: Economy, efficiency, environmental, social and governance (ESG).
Highlights
The Italian motorway system is managed through concessions to private companies
The aim of the work is to verify the sustainability of the concession model, by analyzing the financial statements of the main concessionary companies
The analyses in favor of the public or private model are devalued with respect to macroeconomic analysis criteria, while an economic analysis of the company, such as the current one, allows the evaluation of the economy of the current system (Belardinelli and Stagnaro, 2020; Ochoa, 2002; Contreras and Angulo, 2018; Soliño et al, 2017; Pons-Rigat et al, 2017; Ramalho, 2014; Valdés Fernández De Alarcón and González, 2014)
Summary
The Italian motorway system is managed through concessions to private companies. This solution was achieved after a long period of totally public management. The aim of the work is to verify the sustainability of the concession model, by analyzing the financial statements of the main concessionary companies. This research is based on the analysis of the economic results of the two main concessionary companies; in Italy, concessions are very concentrated and to assess the sustainability of the model it is essential to understand whether the concessionary companies are managed according to economic criteria (Winston, 2010). The previous analyses on the sustainability of the model are based on macroeconomic and legal studies and not on specific analyses on the results of company management
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