La Creazione di valore tra società quotate e non quotate

This investigation aims first of all to ascertain whether listing is a driver of Value Creation, given the increased opportunities it can bring from an equity sourcing perspective, or whether it is a decision that can destroy value, given the costs involved. The work is divided into three chapters as follows: - the first chapter, aims to define its importance starting from the concept of value itself. It then goes on to contextualise Value Creation as an objective of the enterprise, with reference also to the now defunct profit maximisation. The various theories that have evolved over time around Value Creation, the variables that influence value, the relationship with listing and an overview of the Energy sector are analysed. - the second chapter describes the methodological framework applied to the analysis. First, the universe of listed and unlisted companies in terms of location is proposed, followed by an explanation of how the samples under investigation were constructed and the variables used. - The third chapter, contains the empirical analysis and evidence of the results obtained. The ability to generate value is expressed by the differentials ROE- Ke and ROA-WACC, for listed and unlisted companies.