This paper aims to empirically verify if the board of directors’ (BoD) diversity (i.e., gender, age, and nationality) affects firm performance, which we calculate referring to ROE, ROA, and EBITDA margin. So far, scholars do not converge on a single answer about the effects of observable diversity in the boardrooms on corporate performance. Therefore, this study — referring to a significantly bigger sample — applies machine learning models following a data-driven approach based on a three-year (2017–2019) dataset composed of 59,229 Italian small-medium enterprises (SMEs). The analysis conducted shows that board diversity does not impact firm results, either positively or negatively. The lack of a correlation suggests that there is no reason to not appoint females, young people, and foreigners as directors. The involvement of these “minorities”, which, as shown, does not negatively impact economic-financial results, could on the opposite improve firm reputation as well as enhance the intellectual capital, solving in the meantime a social matter

Digitalization and sustainability is widely investigated; however, only few studies have analyzed the role of sustainable decision-making processes in the business strategy field for achieving sustainable development goals: The study proposes a structured literature review (SLR), analyzing 318 documents published in the period 2019–2023. The results of the SLR bring to light that the publications on the topic mainly regard seven research areas. Green supply chains, logistics and digital management is the principal one, followed by sustainable goals, green indicators, and digital advancement. Furthermore, the analysis marks future research lines: although this document offers an overview of the main studies in literature, the major limitation is the use of only one database and a time span of 5 years. This study could contribute to generate further research on sustainable decision-making processes, promoting a different organizational approach to value creation and sustainable performance.

Purpose: Considering the relevance of “green” as well as of “intellectual capital” in the current economy, scholars and practitioners are increasingly interested into the so-called Green Intellectual Capital (GIC). Against this backdrop, as the research is at an early stage with still no clear evidence, this article intends to investigate the relationship between GIC disclosure and firm’s performance, also analyzing the moderation role of CEO gender. Design/methodology/approach: Taking into account the theoretical background, the quali-quantitative analysis focuses on a sample of Italian listed companies during the period 2020–2022. To check the relationships, a content analysis has been conducted to measure the level of GIC disclosed and then generalized least squares, ordinary least squares and lasso regression have been employed to test the hypotheses. Findings: Results show that GIC disclosure produces a negative relationship with financial performance. In the meantime, findings point out that a female CEO moderates this relationship, boosting financial outcomes. Research limitations/implications: The study offers actionable managerial implications thanks to the proposed set of items to monitoring GIC. At the same time, it underlines how leadership styles can contribute to leverage green knowledge. Moreover, it seeks to contribute to the current literature and offers intriguing insights for policymakers. Originality/value: This paper addresses the still unclear relationship between GICD and performance, providing new cues regarding the role of women in CEO positions. Furthermore, in doing so, it focuses on Italian listed companies, a context still uncharted. Finally, the methodology represents a novelty in approaching these topics.

This paper focuses on the value drivers of innovative start-ups (ISUs). Few companies can overcome the start-up stage; often, the early performance is insufficient, and the potential contribution of innovation to economic development is very poor. Studies based on a firm-level perspective show mixed results on the factors affecting the growth of ISUs. Most studies emphasize the role of “external” drivers of ISUs growth, while more knowledge is required of “internal” drivers. Consequently, this research focuses on the relationship between the features of the founding teams and the early performance of ISUs. Specifically, it concentrates on education heterogeneity and analyzes whether the heterogeneity of the founding team in terms of educational level (vertical heterogeneity) and field of studies (horizontal heterogeneity) affects the Italian ISUs performance. Growth regression and unconditional quantile regression models confirm the prior literature: the educational level affects the performance and the vertical heterogeneity in the composition of the founding team is relevant for ISUs performance. However, the results also suggest interesting denials: horizontal heterogeneity does not play any role, and no moderating effect of heterogeneity is shown. These findings are strongly attractive for new ventures and policymakers.

The purpose of this study is to provide a structured literature review (SLR) aimed at identifying the primary areas of auditing where machine learning (ML) has been applied in recent years. Additionally, the study seeks to outline emerging research trends, offering a preliminary framework that highlights which streams are developing more rapidly (Agnew, 2016). This contributes to a better understanding of the potential future impact of ML on auditing practices. The SLR is motivated by the theoretical and practical interest in ML applied to audit, which is still in the early stage (Bertomeu, 2020).

Among the various literature streams, the impact of Environmental, Social and Governance (ESG) on company's value drivers has raised importance from both stakeholders' and shareholders' perspectives. In this context, the systematic risk component (CAPM's beta) emerges as a critical factor that needs to be deeply analyzed, taking into account ESG. Since the relationship between ESG and the systematic risk is largely controversial, this study aims to explore this latter by also considering the moderating role played by two types of internal controls: the audit committee independence and the ESG‐related executive compensation. To reach the target, an analysis on a sample of 200 non‐financial European listed companies observed from 2015 to 2023 has been performed with a fixed effects estimator and random forest. Findings reveal an inverted U‐shaped relationship between ESG score and beta as well as a moderating role played by the internal controls, providing several theoretical and practical contributions.