Purpose: The purpose of this study is to analyze the impact of human capital related to gender and nationality diversity in boards of directors on the innovation of university spin-offs (USOs) in their entrepreneurial ecosystem. Following the intellectual capital (IC) framework and the resource dependence theory, upper echelons theory and critical mass theory, it hypothesizes that the relationship between board diversity and USOs’ firm innovation is non-linear.Design/methodology/approach: To test the research hypotheses empirically, a sample of 827 Italian USOs over the period 2009–2018 was analyzed using zero-inflated Poisson regression modeling. A robustness test was also performed.Findings: Gender obstacles remain in USOs’ entrepreneurial ecosystem, with little involvement of women in boards, and the benefits of human capital for firm innovation emerge with increased female representation. Nevertheless, a few foreign-born directors embody valued IC in terms of human capital from an internationally linked entrepreneurial ecosystem, which decreases with more foreign-born directors due to communication costs and coordination problems.Research limitations/implications: The emerging non-linear relationships imply that gender- and nationality-diverse boards in USOs constitute critical human capital factors boosting the devolvement of entrepreneurial processes, in terms of firm innovation, in university entrepreneurial ecosystems.Originality/value: This study contributes significantly to the move from traditional corporate governance analysis through an IC framework, fostering an understanding of the role of human capital and its diversity determinants in spurring firm innovation among USOs considering the university entrepreneurial ecosystem.

The paper explores whether venture capital (VC) and private equity (PE) investments have complementary or substitute effects on innovation in high-tech entrepreneurial firms in different institutional settings, focusing on different levels of capital market development, entrepreneurial culture, and intellectual property rights protection. Using a panel sample of 326 firms from 12 EU countries observed from 2009–2013, the empirical results show that the VC/PE effect on high-tech entrepreneurial firms’ innovation is stronger in countries with a less-developed capital market. This suggests that VC/PE investments play a substitute role. A partial substitute role of VC/PE is also detected in firms located in countries with a low entrepreneurial culture. However, no significant evidence emerged regarding the level of protection of intellectual property rights. The results are generally robust to various econometric specifications. The implications of the resulting framework, the study’s limitations, and opportunities for further research are also discussed.

The concept of accountability is central to understanding how sustainable corporate governance (SCG) structures shape organizational behavior, legitimacy, and firm performance in the pursuit of sustainability goals. While widely invoked, accountability is often treated inconsistently across governance contexts—oscillating between technical compliance and ethical legitimacy. This paper provides a structured conceptual review of how accountability is framed and operationalized within sustainability governance, with a specific focus on its implications for sustainable performance, corporate sustainability strategies, and governance effectiveness. Based on a qualitative analysis of thirteen peer-reviewed articles published between 2006 and 2025, the study identifies three dominant conceptual clusters: compliance-oriented, legitimacy-oriented, and hybrid approaches. Each cluster reflects different accountability logics and governance mechanisms—ranging from ESG metrics and sustainability reporting frameworks to participatory forums and stakeholder engagement processes that support sustainable development. The article synthesizes theoretical contributions from institutional theory, stakeholder theory, and deliberative democracy to explore how accountability serves as a bridge between formal governance mechanisms and legitimacy claims. A conceptual framework is proposed to illustrate the tensions and complementarities between compliance-driven and legitimacy-driven governance models in sustainability contexts. By deepening the theoretical understanding of accountability in corporate sustainability, this review contributes to the literature on ESG governance, social and environmental reporting, and the legitimacy–performance nexus in corporate settings. The findings offer a foundation for advancing more inclusive, transparent, and sustainability-oriented corporate governance practices in response to global sustainability challenges and the Sustainable Development Goals (SDGs).

Corporate governance issues are critical in university spin-offs because, since their substantially knowledge and technology-driven nature, investments are characterized by rapid growth and real investment opportunities, affecting innovative activity too. In this view, the paper investigate the role of the board of directors' composition on innovation performance of university spin-offs. Based on a panel sample of478 Italian university spin-offs, the results show that board size has an inverted-U-shaped relationship with innovation, remarking that not too large boards are more efficient and work better, influencing in a positive way the innovation activity of the spin-off. Regarding the impact of the outside directors, the results seems to invalidate its positive and significant effect on innovation performance. Also the CEO-duality seems to have no influence on the innovative activity. These findings may represent potential indicators of the optimal configuration for board in university spin-offs in order to improve innovation.

Global markets force small and medium-sized enterprises (SMEs) to innovate in order to remain competitive. However, it is to note that independent SMEs are primary source of radical innovation, even if, usually, they face some innovation constraints. We argue that independent SMEs, in order to compete in the global market and overcome their constraints, may get in touch directly with foreign investors, which, in turn, look for breakthroughs by independent entrepreneurs. We hypothesize that foreign venture capital/private equity investors may effectively spur the innovation performance of independent SMEs, compared to other form of foreign investors, thanks to their abilities in overcoming information asymmetries and in promoting long-term investments, as well as thanks to their better knowledge, their worldwide marketing linkages, their managerial, entrepreneurial and financial resources. We found evidences confirming our hypotheses on a panel sample of 23,962 firms from 24 European Union Countries, observed during the period 2006–2015.