Template-type: ReDIF-Article 1.0 Author-Name: Marco Maffei Author-Name: Alessandra Allini Author-Name: Ilaria Martino Title: Innovazione vs sostenibilit? (e viceversa) Abstract: To promote engagement in sustainable development, researchers emphasize that sustainability must be embedded in the organizations? processes. In addition, in-novation plays a crucial role in contributing to the achievement of sustainable goals. In this regard, the European Union (EU) has increasingly focused on foster-ing innovation and sustainability through policies that enhance the digital and en-ergy transformation of businesses while promoting climate neutrality and circular economy. These EU regulations aim to guide businesses toward more responsible climate and social practices. However, the challenge lies in how companies can adapt their management control systems to meet sustainability goals while balancing profita-bility and environmental responsibility. The articles in this issue explore theoretical and practical solutions on how compa-nies can redesign their management and control processes. Most of them focus on sustainability but also on topics such as intellectual capital, digitalization, perfor-mance, and business resilience, showing that there is still a need to thoroughly in-vestigate how firms function in practice and how practice can be improved. Classification-JEL: Keywords: Note: Pages:5-14 Volume: 2025/1 Year: 2025 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=77486&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:MACOMA:v:html10.3280/MACO2025-001001 Number: 1 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=77486 Template-type: ReDIF-Article 1.0 Author-Name: Domenica Lavorato Author-Name: Alessandra Lardo Author-Name: Rita Lamboglia Title: Mapping and measuring IC in Knowledge- Intensive Organizations: An interventionist study Abstract: This research proposes a conceptual framework for mapping and measuring intellectual capital (IC) in knowledge-intensive organizations (KIOs) and designs a tool specifically aimed at identifying and evaluating the processes that lead to the creation, enhancement and maintenance of IC. IC is increasingly recognized as a key strategic asset in today's competitive business environment. However, its intangible nature presents challenges for quantification and it is particularly relevant in KIOs. Despite various frameworks proposed by literature, the practical implementation of IC measurement remains inconsistent, with limited evidence of its adoption and benefits in organizations. This study adopts an interventionist approach, with academics working with a research center to address the issues of IC mapping and measurement. The research findings present a conceptual framework and an IC tool, composed of processes and processes indicators, which has been subsequently tested in a selected department, representing our pilot case. This article contributes to both research and practice on non-financial measurement, by conceptualizing an innovative approach to mapping and measuring IC in the complex context of KIOs. Classification-JEL: Keywords: Note: Pages:15-37 Volume: 2025/1 Year: 2025 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=77487&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:MACOMA:v:html10.3280/MACO2025-001002 Number: 2 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=77487 Template-type: ReDIF-Article 1.0 Author-Name: Carmelo Arena Author-Name: Stefania Veltri Author-Name: Franco Rubino Title: Eco innovation disclosure in Italian Firms: A Content Analysis Approach Abstract: The increasing urgency to rethink economic development models in favor of sustainability, combined with growing stakeholder pressures on companies, has fostered the interest in eco-innovation, which encompasses the adoption of techniques, processes, systems, and products aimed at reducing or eliminating harmful environmental impacts. In this context, the aim of the study is to examine whether Italian companies disclose eco-innovation in their sustainability reports. To address this question, we employ a content analysis of sustainability reports from leading Italian companies in innovation and sustainability practices, based on R&D investments and ESG scores, extracted from Refinitiv. The findings suggest that green innovation remains an emerging topic yet to be fully embraced in corporate reporting practices. This study expands the academic literature on eco-innovation disclosure and offers valuable insights for managers, enabling them to critically evaluate their sustainability reports, improve the quality of their communications, and enhance transparency levels. Classification-JEL: Keywords: Note: Pages:39-58 Volume: 2025/1 Year: 2025 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=77488&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:MACOMA:v:html10.3280/MACO2025-001003 Number: 3 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=77488 Template-type: ReDIF-Article 1.0 Author-Name: Paola Paoloni Author-Name: Giuseppe Modaffari Title: Investimenti sostenibili nei fondi pensione italiani: illusione o buone pratiche di sviluppo? Abstract: Responsible investments represent one of the key topics within the broader research stream on sustainable development. In this context, the aim of this paper is to investigate how Italian pension funds consider ESG factors within their investment policy documents. The paper adopts a mixed-method approach, analyzing ESG factor disclosure and performance in the investment policy documents of 72 Italian pension funds, both open-ended and contractual. The findings reveal differing approaches among the funds with respect to the observed factors. Open-ended pension funds tend to be more sensitive to responsible investment issues compared to contractual pension funds. Moreover, only in a few cases, funds choose specific names on ESG and sustainability factors to assign to individual investment sub-funds. The originality of this work can be observed from both a theoretical and practical standpoint. Integrating ESG criteria into corporate strategy can generate competitive advantages through differentiation and material risk management, as well as deliver greater benefits to key stakeholders of these entities: pension beneficiaries, regulators, employers, and voluntary members. From a practical perspective, the evidence provided by this study may support regulators and industry practitioners in enhancing the quality of disclosure and reporting practices of Italian pension funds regarding ESG considerations. Classification-JEL: Keywords: Note: Pages:59-84 Volume: 2025/1 Year: 2025 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=77489&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:MACOMA:v:html10.3280/MACO2025-001004 Number: 4 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=77489 Template-type: ReDIF-Article 1.0 Author-Name: Cecilia Correggi Author-Name: Stefano Ghinoi Author-Name: Riccardo De Vita Author-Name: Paolo Di Toma Title: A Non-Financial Disclosure Analysis to explore the Role of Digitalization in Enabling Circular Business Models Abstract: The concept of Circular Economy has gained the attention of scholars, policy-makers, and businesspeople, who see it as a novel approach for addressing the economic and environmental issues caused by the traditional linear model of pro-duction and consumption. The scientific literature suggests that companies can innovate their business model by introducing circularity elements with the support of digital technologies. However, there is a lack of empirical studies investigating how much digitalization is intertwined with Circular Economy in the strategic agenda of businesses. To address the above research gap, we focused on large companies, because of their leadership in global markets and capacity to influence stakeholders. We applied content analysis to the corporate sustainability reports of the companies included in the Dow Jones Sustainability Index Europe. Our results show that the connection between digitalization and Circular Economy is still poorly reported and accounted by large European companies, Despite the recent interest towards Circular Economy ? especially in some specific industries ? a fi-nalized and organic discussion in the strategic-organizational dimension for design-ing and implementing circular Business Models does not yet emerge in a clear way. Classification-JEL: Keywords: Note: Pages:85-109 Volume: 2025/1 Year: 2025 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=77490&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:MACOMA:v:html10.3280/MACO2025-001005 Number: 5 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=77490 Template-type: ReDIF-Article 1.0 Author-Name: Francesca Sgr? Author-Name: Gail Denisse Chamochumbi Diaz Author-Name: Federica Palazzi Author-Name: Massimo Ciambotti Title: The effect of corporate governance on SDG performance of Italian listed companies Abstract: Adopting agency and stakeholders? theories, this study examines the relationship between corporate governance and sustainability performance, focusing on Italian listed companies. Specifically, this study investigates which corporate governance attributes, such as board size, the presence of independent members and the institution of social committees, influence the achievement of Sustainable Development Goals (SDGs). Based on a quantitative approach, this study has employed an ordinary least squares (OLS) regression model, and data have been collected from a sample of 234 companies extracted from the ATOKA-CERVED database. Findings suggest that the presence of independent members, and a sustainability committee, positively contributes to the achievement of SDGs. Regarding theoretical implications, our study supports the valid agency and stakeholder theories, suggesting that the greater heterogeneity of the Board (independent directors) and the establishment of sustainability committees seem to reduce agency problems and promote sustainability. Concerning the practical implication, this study offers relevant information to entrepreneurs and managers. Specifically, it recommends diversifying the Board of Directors with independent directors and establishing dedicated committees to address sustainability themes. Classification-JEL: Keywords: Note: Pages:111-135 Volume: 2025/1 Year: 2025 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=77491&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:MACOMA:v:html10.3280/MACO2025-001006 Number: 6 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=77491 Template-type: ReDIF-Article 1.0 Author-Name: Simone Pizzi Author-Name: Francesca Imperiale Author-Name: Roberta Fasiello Title: Youth players management and financial performance in football industry Abstract: This research aims to contribute to the scientific debate on financial performance in football organizations by evaluating the enabling role of talent management practices. Grounded in Resource-Based Theory (RBT) and Transaction-Cost Economics (TCE), the analysis highlights the financial impact of strategic decisions made by sports directors. Using a two-step machine learning approach, the study reveals that investing in academies can yield higher financial returns. The findings confirm that teams adopting this strategy are better positioned to meet the financial objectives set by international and national regulators, such as UEFA and FIFA. By addressing the knowledge gap on the role of youth sector development in financial performance, this research offers valuable insights for both academia and sports management. Classification-JEL: Keywords: Note: Pages:137-160 Volume: 2025/1 Year: 2025 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=77492&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:MACOMA:v:html10.3280/MACO2025-001007 Number: 7 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=77492 Template-type: ReDIF-Article 1.0 Author-Name: Cristina Campanale Author-Name: Riccardo Giannetti Author-Name: Fabio Magnacca Title: Exploring Business Resilience Through Financial Statements Analysis Abstract: This study explores business resilience through a financial accounting lens. Business resilience refers to a firm?s ability to anticipate and respond to crises, maintain operational continuity, and recover rapidly. In financial terms it is assessed by analyzing the variability of financial results. Resilience depends on various characteristics and capabilities, identified in the literature as drivers of resilience. These drivers represent the actionable levers to improve resilience capabilities and the elements that underline a company?s resilience level. The drivers are often qualitative, making them difficult to assess objectively. Using a deductive approach and drawing on existing literature, this study develops logical connections between the drivers of business resilience and indexes of the financial results? variability. Informed by signalling theory, the research aims to address the concerns regarding the lack of practical methodologies to operationalize resilience in a way that is both actionable and useful in practice. The proposed conceptual scheme signals to managers information to shed lights, monitor and manage resilience both ex-ante (to inform decision-making) and ex-post (to evaluate past decisions). Additionally, it signals resilience capabilities to external stakeholders, thereby facilitating more informed decisions regarding an organization of interest. The conceptual scheme highlights the potential of financial statements to depict a company?s assets, financial health, and economic performance but also to reveal its resilience capability. Accordingly, this study advocates for a broader use of traditional financial statement analysis as a tool for managerial decision-making. Classification-JEL: Keywords: Note: Pages:161-184 Volume: 2025/1 Year: 2025 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=77493&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:MACOMA:v:html10.3280/MACO2025-001008 Number: 8 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=77493 Template-type: ReDIF-Article 1.0 Author-Name: Daniela Cicchini Author-Name: Maria Luisa Cotana Title: Assessing the Level of Sustainability Planning: Insights from the Automotive Sector Abstract: This paper aims to assess the extent to which sustainability goals are being planned within the automotive sector to achieve the Sustainable Development Goals (SDGs). Our research is an exploratory study. The study employed a qualitative methodology with a content analysis approach. We conducted a semi-manual content analysis of 20 leading European automotive companies. Our exploratory research results suggest that companies prioritize environmental aspects in their planning, with a particular focus on SDGs 7, 12, and 13. SDGs 1, 2, 14, and 16 receive limited coverage, possibly because they are not directly connected to the core activities of the automotive sector. However, the results align with findings from earlier studies and the industry?s characteristics. This study aims to contribute to the academic literature on strategic planning by examining its extent in the automotive industry and providing insights into the effectiveness of strategic planning tools in achieving sustainability goals. Our study provides a perspective on the current state of sustainability planning within a specific sector, thereby contributing to strategic studies. In practice, it highlights the effectiveness of planning instruments in achieving sustainability objectives and the key themes receiving the most significant attention. Finally, our research is directed at academics, practitioners, and decision-makers. Classification-JEL: Keywords: Sustainability plan, SDGs, Automotive sector, Content analysis Note: Pages:185-209 Volume: 2025/1 Year: 2025 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=77494&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:MACOMA:v:html10.3280/MACO2025-001009 Number: 9 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=77494 Template-type: ReDIF-Article 1.0 Author-Name: Assunta Di Vaio Author-Name: Sabrina Palladino Author-Name: Elisa Van Engelenhoven Title: Digital Twins nei Sistemi Portuali e il contributo di GHG accounting: Una review della letteratura Abstract: This study explores the existing literature to better understand how Digital Twins (DTs) have been analyzed in the perspective of measuring and reporting the carbon footprint of port systems. The study also analyzes how greenhouse gas (GHG) accounting can contribute to feed the DTs information system regarding the values of emissions from mooring, unmooring and manoeuvring operations at the ship-port interface. Although several studies have explored the implementation of new technologies to improve the technical efficiency of ports and their effects on emissions, and others have analyzed GHG accounting for the measurement and reporting of the latter, it remains uncertain how GHG accounting can be integrated with DTs for predictive analytics of ship-port interface operations. This study conducts a literature review on a dataset of 47 articles from Scopus database and Google Scholar, published from 1990 to 2024. The results highlight that, since 2015, research on DTs in ports has highlighted their key role in reducing the carbon footprint and in achieving the Sustainable Development Goals (SDGs), particularly SDG7. To the best of our knowledge, this is the first study that analyses, according to a holistic approach, digital systems for virtual representations (DTs) and measurement and reporting systems (GHG accounting) for environmental sustainability at the ship-port interface to support public management decisions. This study provides a different perspective of analysis to the decarbonization of the port sector, with theoretical and practical implications also in response to the UN 2030 Agenda and its SDGs. Classification-JEL: Keywords: Note: Pages:211-236 Volume: 2025/1 Year: 2025 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=77495&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:MACOMA:v:html10.3280/MACO2025-001010 Number: 10 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=77495 Template-type: ReDIF-Article 1.0 Author-Name: Carlo Migliardo Author-Name: Domenico Nicol? Title: Mutual Spatial Proximity, Organized Crime, and the Profitability of High-Growth Startups: The Case of Italian Gazelle Enterprises Abstract: This study applies a spatial regression model to panel data to investigate the impact of spatial proximity between Italian high-growth startups, termed Gazelles, on their Return on Assets (ROA). The model incorporates a spatially lagged dependent variable to capture the influence of neighboring firms? performance. Furthermore, we examine the association between perceived crime levels in the provinces where these startups operate and their profitability. Our results show that operating profitability is positively associated with mutual geographic proximity among Gazelles, whereas it is negatively affected by elevated perceptions of local crime. These findings are relevant for entrepreneurs, incubators, and accelerators seeking to identify contextual factors that may enhance or impede firm performance. They also have significant implications for policymakers aiming to design strategies that foster positive externalities and mitigate detrimental externalities in entrepreneurial ecosystems. Classification-JEL: Keywords: Note: Pages:237-259 Volume: 2025/1 Year: 2025 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=77496&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:MACOMA:v:html10.3280/MACO2025-001011 Number: 11 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=77496