Social Entreprises’ Profitability in Italy: Results of a Study on 161 Financial Statements over the Five-Year-Term

The economic activity has an undeniable social relevance which becomes prevalent in some economic activities often classifiable in the so-called “third sector”. There are numerous studies which analyse the “social enterprises” according to different perspectives that emphasise the social, managerial, economic aspect, etc. Obviously the internal dynamics and the outcomes of these institutions are strongly conditioned by the regulatory framework and by the economic and social reality in which they operate. This paper presents the outcome of a comparative spatial and temporal analysis of the profitability evinced by the financial statements of 161 Italian enterprises operating in different production segments, while also distinguishing it according to their operations in the three macro-areas of the nation (North, Central and South). Roe, Roi and Ros trend has been analysed over five consecutive years (2012-2016). Contrary to the pessimistic preliminary hypothesis which considered the social objectives prevailing over the economic ones, the analysis showed a moderate average profitability of those companies belonging to the sample. Even if with physiological differences in the three macro-areas, the trend is still satisfactory. The paper is original for a methodology often ignored in bibliography. The outcomes are useful to Italian entrepreneurs and government authorities. In the future the investigation will also have to assess the financial and patrimonial balances in order to be