This study provides a comprehensive overview of greenwashing research in business and management, focusing on its conceptual and theoretical foundations. Through a systematic literature review of 97 peer-reviewed articles from Scopus and Web of Science, we use bibliometric analysis to map the evolution of greenwashing studies and network analysis and identify four thematic clusters: (1) symbolic management and CSR communication, (2) environmental regulations and institutional complexity, (3) performance and sustainable practices, and (4) marketing, perception, and trust. Additionally, we perform a full-text analysis to map the theoretical frameworks employed across these clusters, revealing the dominance of macro-level theories (e.g., legitimacy, institutional, and stakeholder theories) and their cross-level interactions with meso- and micro-level approaches. By developing a multi-level theoretical framework, we provide a structured approach to understanding greenwashing across different analytical layers. Then, focusing on the theories used to investigate greenwashing, we identify some avenues for future research. This study has practical implications for understanding how greenwashing affects corporate governance, financial performance, and stakeholder trust, providing insights for enhancing transparency and accountability in sustainable business practices.

Purpose: The link between mergers and acquisitions (M&A) and innovation has been analysed in both corporate finance studies and the innovation literature. Despite this attention and the practical evidence that highlights different connections between these two terms, there is a need to investigate the latest trends with regard to these important topics, and to put a particular focus on the emerging paradigm of open innovation. Thus, this paper aims to provide a systematic literature review (SLR) about the relationship between M&As and the concept of innovation in the current scenario. Design/methodology/approach: Through an SLR from 2012 to June 2017, 55 papers have been identified and analysed to give a better understanding of the motivations and the methodologies adopted in past studies. Findings: This paper identifies various conceptual and research methodological characteristics of studies that have connected, directly or indirectly, M&As and innovation in recent years. In addition, the results highlight a scarcity of studies that explicitly or implicitly refer to the open innovation paradigm, marking only a partial understanding of this emerging phenomenon. Originality/value: This paper improves the knowledge on the link between extraordinary corporate transactions and innovation, and it highlights that a clear consensus, particularly regarding the open innovation paradigm, is lacking. Thus the authors propose that future studies should carefully evaluate M&As by following the open innovation approach.

Purpose: The purpose of this paper is to analyse companies listed on the FTSE MIB, in order to investigate the introduction of different types of open innovation practice as a key factor to develop a competitive advantage to pursue value creation.Design/methodology/approach: This research uses a mixed-methods sequential explanatory design. A quantitative study was conducted to determine the firms listed on the FTSE MIB that for more than 10 years have paid dividends and beat the yield of the market. The qualitative analysis was designed to provide insights into the adoption of at least one open innovation practice by the listed companies selected in the quantitative phase.Findings: This work is based on an empirical analysis undertaken with 40 Italian companies listed on the FTSE MIB. In particular, the authors highlight 16 companies that for more than a decade have regularly paid dividends and, at the same time, have beat the FTSE MIB Index. All of these companies implemented at least one open innovation practice during the period investigated.Originality/value: This is among the first pioneer research works based on the potential relationship among value creation, innovation practice and competitive advantage in the Italian market. This study highlights the fact that 16 out of 40 companies listed on the FTSE MIB create more value for shareholders over a long period, and all of these firms adopt different open innovation practices (e.g. partnership and collaboration with external entities; mergers and acquisitions and alliances; investment in start-ups; hackathons and call for ideas; outsourcing R&D) as a key factor to develop a sustainable competitive advantage.