External growth strategies face crucial barriers when taken into consideration for investing if the involved companies are not audited. The integrity of a company’s financial information, its control systems, and its sustainable behavior represent cornerstones when participating in mergers and acquisitions (henceforth M&As). Thus, the audit function became a must and its role increased over the years, becoming an intrinsic part of faithfully disclosing financial and nonfinancial information (sustainable reporting included). M&As are ideal when the need for rapid innovation is required, in order to maintain or develop a sustainability policy. Given the environmental issues, we analyzed a sample of 1491 target companies listed on Bucharest Stock Exchange, clustered into three categories: polluters, medium polluters, and low polluters. The study reveals that the investors’ decision to purchase a certain amount of stake in target companies is influenced by the audit opinion and the sector in which they operate, depending on their pollution status.

A Managerial Perspective on the Use of the Balanced Scorecard for Non-Profit Organizations in Educational Field

Economic entities get involved in mergers and acquisitions (M&As) because they are interested in external growth strategies which can lead to an increase in the wealth of the shareholders of the participating entities. In M&As, from an acquirer or a target’s perspective, a company brings its resources, which can be material or immaterial (knowledge). In the post-M&A phase, through the integration process the shareholders expect synergy gains, or that the combined firms to report efficiency gains higher than if they would activate separately. In nowadays, in a boundaryless economy, one of the most appreciated resources is knowledge. In this respect, the intangible assets, in general, and patents, in particular, are the accounting representation of knowledge in a company. They are also considered to be predictors for the deal value paid to the target company. To those we add the size of the target company, its core activity and the value of the research and development expenses, the latter being a significant mediator variable for the proposed models.

Human development in the European Union remains uneven, and it is still unclear how economic, social, environmental, and institutional conditions jointly shape it. Understanding this question is essential for EU cohesion and sustainability policy, since Member States differ widely in governance capacity and development trajectories. This study proposes and empirically tests an extended Triple Bottom Line framework in which governance is treated as a fourth sustainability subsystem and examines its influence on the Human Development Index (HDI) in the 27 EU member states over 2000–2024 (675 country-year observations). Composite dimension indices are constructed through principal component analysis and validated with KMO and Bartlett diagnostics, and the analysis combines two-way fixed-effects models, Mundlak within–between decomposition, dynamic panels, a parsimonious system GMM estimator, and Driscoll–Kraay standard errors. The institutional dimension is the most robust positive correlate of HDI across all specifications, and its long-run effect remains significant. The environmental dimension is negatively and significantly associated with HDI, revealing a development–environment tension rather than a welfare effect, while CO₂ emissions display a positive coefficient in disaggregated models, reflecting development-stage and energy-structure effects. The economic dimension matters mainly as a long-run structural difference between countries, not as short-run within-country variation, and institutional and environmental effects are more pronounced in Central and Eastern Europe than in Western Europe. The findings imply that EU policies aimed at strengthening governance quality and supporting a just green transition—including the European Green Deal, the Recovery and Resilience Facility (RRF), and cohesion policy instruments—are central levers for sustaining human development.