The Motorways Industry In Italy: Privatization, Regulation And Technical Progress.

This thesis delves into the transformative journey of the motorway industry in Italy, spanning the years from 1992 to 2023. Substantial regulatory changes, widespread privatization, and significant technical advancements mark this period. The primary aim of this study is to examine how these factors have collectively influenced the industry's performance and evolution. Employing a mixed-methods approach, this research integrates both qualitative and quantitative data. Data collection was primarily conducted through an exhaustive review of AISCAT documents and the annual balance sheets of motorway companies. The gathered data was meticulously analyzed using advanced econometric software, ensuring robust and precise estimations. The core of the analysis is built upon an original dataset encompassing Italian motorway concessionaires. The results of the econometric estimations provide compelling evidence of significant technical progress within the sector over the past three decades. Furthermore, the findings highlight the presence of sizeable economies of density and scale, suggesting that larger firms benefit from cost advantages associated with increased traffic volumes and network size. A critical component of the study is the comparative analysis between privately-owned and publicly-owned motorway firms. This analysis reveals noteworthy differences in operational efficiency and productivity, with private firms often outperforming their public counterparts. These differences are attributed to factors such as managerial practices, investment strategies, and regulatory environments. The conclusions drawn from this research offer valuable insights for a range of stakeholders, including policymakers, industry regulators, and private investors. The study underscores the importance of continued investment in technological advancements and infrastructure development to maintain and enhance the efficiency of the motorway network. Additionally, the findings suggest that privatization, when effectively regulated, can lead to improved performance and innovation within the sector. Ultimately, this thesis contributes to the broader understanding of the impacts of privatization and regulation on the motorway industry. It provides a comprehensive overview of the sector's evolution, especially in recent years, and offers practical recommendations for future policy and investment decisions.