Italian university spinoffs vs Italian innovative companies: a comparative analysis of profitability, liquidity and efficiency profile

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.