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This paper aims to propose an analysis of the economic and financial variables that most influence the corporate value. The study fits into the mainstream of the research devoted to the creation of value, a central theme of corporate finance. The analysis concerns the Energy sector, a strategic industry for the countries. This sector receives great attention from community policies, especially in terms of renewable energy. In fact, these represent the key to reducing emissions and achieving the ambitious goals for climate neutrality by 2050. For EU countries, the development of renewable energy is also a way to reduce dependence on energy imports and remain exposed to supply disruptions that can affect prices. The sample consists of 8,790 unlisted European companies belonging to the Energy sector and surveyed through the Amadeus Bureau van Dijk database during the 2020 year. Using the multiple linear regression model, we adopt ROE as the dependent variable, and liquidity ratio, leverage, size, cash flow on total asset and depreciation & amortization on total asset as independent variables. The result of our model indicates that value as measured by ROE is positively affected by levarage and cash flow on total asset while it is negatively affected by liquidity ratio, size and depreciation & amortization on total asset. Liquidity ratio, leverage, size and depreciation & amortization on total asset have a coefficient sign that is inconsistent with the explanatory power. Cash flow on total asset is the only one with a consistent coefficient sign, in that, there is a directly proportional and positive relationship between the indicator and ROE. This work contributes to the existing literature on the topic of value creation in European companies and in particular for unlisted ones active in the energy sector. The analysis has practical implication for managers called to designate corporate strategies as it identifies some explanatory variables of the ability t

This paper, as part of the PRIN "University spin-offs: competitiveness, attractiveness and value", intends to increase the knowledge on the performance of university spinoffs, studied until now especially for the dynamics of constitution and development that characterize them. The study attempts primarily to measure the financial performance of Italian university spinoffs and Italian innovative start-ups and SMEs. Furthermore, it aims to determine whether the Italian academic spinoffs's financial condition tends to be different respect to Italian innovative companies. In order to reach these objectives, the financial statement analysis, with financial ratios to ascertain profitability, liquidity and efficiency profile, and the t-test have been used. University spinoffs have higher value of ratios if compared to innovative startups and SMEs. Furthermore, t-test highlights the existence of significant differences in the profitability, liquidity, structure and efficiency profile between two groups of companies. Keywords: university spinoffs, innovative companies, financial performance, financial ratios DOI: 10.7176/RJFA/12-23-05 Publication date: December 31st 2021

This paper aims to demonstrate the importance of financial structure in determination of cost of capital. The research idea starts from the observation that in the literature there isn’t a shared opinion on the identification of the financial structure, in particular on the weights to estimate cost of capital. Our model suggests the use of different average financial structures or different best financial structures considering the companies objectives and their sector. This model is based on data of companies listed in the European markets, but it can be also used to determine the weights of cost of capital in unlisted companies. Keywords: financial structure, cost of capital, weighted average cost of capital, WACC, value.

Variations within genes associated with dyslexia result in a language network vulnerability, and in patients with Frontotemporal Dementia (FTD), language disturbances represent a disease core feature. Here we explored whether variations within three related-dyslexia genes, namely KIAA0319, DCDC2, and CNTNAP, might affect cortical thickness measures in FTD patients. 112 FTD patients underwent clinical and neuropsychological examination, genetic analyses and brain Magnetic Resonance Imaging (MRI). KIAA0319 rs17243157 G/A, DCDC2 rs793842 A/G and CNTNAP2 rs17236239 A/G genetic variations were assessed. Cortical thickness was analysed by Freesurfer. Patients carrying KIAA0319 A∗(AG or AA) carriers showed greater cortical thickness atrophy in the left fusiform and inferior temporal gyri, compared to KIAA0319 GG (p ≤ 0.001). Patients carrying CNTNAP2 G∗(GA or GG) showed reduced cortical thickness in the left insula thenCNTNAP2 AA carriers (p≤0.001). When patients with both at-risk polymorphisms were considered (KIAA0319 A∗ and CNTNAP2 G∗), greater and addictive cortical thickness atrophy of the left insula and the inferior temporal gyrus was demonstrated (p ≤ 0.001). No significant effect of DCDC2 was found. In FTD, variations of KIAA0319 and CNTNAP2 genes were related to cortical thickness abnormalities in those brain areas involved in language abilities. These findings shed light on genetic predisposition in defining phenotypic variability in FTD.