Sustainable development is one of the fundamental and most important objectives of the worldwide policy. The conducted research shows that sustainable development (SD) is increasingly important in the consciousness of the EU countries, which can be viewed through a prism of the undertaken projects. This paper raises the issue of clusters and their significance in the development of a sustainable economy. The article explores trends in the European Union policy related to sustainable development and clusters. The purpose of this study is to find an answer to the following questions: How can clusters contribute to sustainable development and what are the key factors that ensure this process? To achieve the goal of the article a systematic study of the literature and reports was carried out. Moreover, the analysis of the activity of European clusters in the context of sustainable development was performed. Next, the examples of cluster projects focused on sustainable development were presented. It was shown that the clusters contribute a smarter and sustainable development by succeeding in technological and scientific results, developing new technologies for emerging industries, creating new business activities, enticing major technology companies, and connecting local firms into world-class value systems. Furthermore, the clusters participate actively in sustainable development as they promote knowledge creation, joint learning, technology transfer, as well as collaboration, and sustainable innovations. Finally, clusters facilitate the sustainable upgrading of small and medium enterprises and encourage the participation of stakeholders in the process of sustainable development.

Intellectual capital is an overarching concept that includes the intangible, human-related factors that are relevant to the innovation process, such as human capital and social capital. In the present study, intellectual capital was assessed by indicators measuring different aspects of human and social capital. Factor analysis demonstrated the existence of three underlying factors, with all variables of the model having important contributions to them. A linear regression analysis indicated that 8 out of the 12 variables of intellectual capital used have a statistically significant impact on the measure of innovation output. These findings were discussed and their implications for policy were considered. The paper provides research evidence on the importance of intellectual capital for innovation output and discusses potential ways to achieve smart, sustainable and inclusive growth in the context of the next generation of sustainable smart specialisation strategies.

The purpose of this paper is to assess the effect of financial performance on textual features of the CEO’s statement. Specifically, given the incentives of poorly performed companies engage in impression management, the study investigates whether companies’ reporting strategy hinges on its financial performance. The research questions are tested through analysis of a variety of textual features in the CEO’s statement of 30 good and 30 poor performed companies listed on NASDAQ OMX Stockholm. We apply a range of textual characteristics drawn mostly from prior studies in given realm to the specific research of impression management in the CEO’s report. Overall our findings do not corroborate impression management claim, as six out of seven our results run counter to assertions made by impression management research. We found although evidence that poorly performed companies more focused on future compared with good performed companies. Finally, we conclude by discussing our results and outlining some avenues for further research.

The main aim of this paper is to demonstrate that clusters can support the sustainable development of rural areas through the creation of shared value. This is done via the close exam-ination of six different cases of rural clusters in Greece, Italy, Germany, Poland, Denmark, and Sweden. Qualitative as well as quantitative data were taken from the clusters, which demonstrated that their main business approaches naturally coincided with the creation of economic, social, and environmental benefits for the local communities in which they operated. The case clusters were created in a top-down manner, aimed at boosting regional R&D activities and making the local economy more competitive and more sustainable. However, private initiative took over and al-lowed these clusters to flourish because meeting the regions’ economic, social, and environmental needs successfully coincided with the target of the clusters’ own development and profitability. The results show that clusters, with their potential for shared value creation, can constitute a powerful engine for the revitalisation and development of rural areas, addressing the significant challenges which they are currently facing.

European regions are facing many important challenges, as the need to recover from the pandemic coincides with the need to carry out the green and digital transitions foreseen in the European Green Deal, making the task harder, especially for less-developed regions. The paper considers making use of regional intellectual capital in the context of smart specialisation strategies (S3) as the most effective way to address these challenges and achieve smart, sustainable and inclusive growth. This is viewed through a closer look at two specific cases of Greek regions that are behind the EU mean in terms of development and innovation: Central Macedonia and Western Macedonia. Development trends, available intellectual capital and current smart specialisation strategies in these regions are examined. These result in concrete, evidence-based suggestions on how they can make maximum use of intellectual capital for the next generation of smart specialisation strategies to achieve growth via a focus on more innovative and sustainable activities.