Lucia Michela Daniele

In the current paper, we investigate whether management adopts an optimistic disclosure tone to impress the corporate audience or to provide incremental information (II) by anticipating positive corporate performance. Specifically, we test whether an optimistic tone in annual reports (ARs) is a positive predictor of better financial and non‐financial (environmental and social) performance in the future, or whether impression management (IM) techniques obfuscate unsatisfactory performance. Using 7140 ARs issued by publicly listed firms in the Eurostoxx600 index from 2006 to 2019, we document mixed results. First, according to the II approach, managers use an optimistic tone in ARs to communicate incremental and value‐relevant information on corporate financial performance (CFP), thus aligning the perceptions of stakeholders with their personal perceptions. Moreover, managers adopt an opportunistic IM approach to communicate corporate environmental and social performance (CEP; CSP). Furthermore, our findings indicate that environmental, social, and governance (ESG) engagement positively moderates the incremental information effect on CFP disclosure, whereas corporate governance (CG) mechanisms positively moderate the link between an optimistic tone in ARs and both CEP and CSP.

Purpose: This study investigates how corporate environmental responsibility (CER) mediates the link between business ethics and intellectual capital (IC) under the family firms’ (FFs) organizational setting. In particular, the research aims to provide a deeper understanding on how business ethics directly influences IC of FFs, as well as indirectly through the mediating role of the engagement in environmentally responsible practices. Design/methodology/approach: To examine the relationship between business ethics and IC, as well as the mediating role of CER, this study applies multiple regression analyses to a worldwide sample of FFs over the time horizon 2010–2020. Findings: The findings suggest that business ethics in FFs serve as a positive driver of IC, whereas this effect is not observed in their non-FF counterparts. Additionally, we demonstrate that the adoption of environmentally responsible practices by FFs acts as a positive mediator in the relationship between business ethics and IC. Originality/value: To the best of our knowledge, this study is the first to analyse the mediating role of CER in the link between business ethics and IC among FFs. While IC is gaining increasing relevance among both academics and practitioners, a gap remains in understanding the antecedents of IC development within the FFs’ organizational context. This study addresses this gap by providing insights and empirical evidence into how an ethical approach to business, combined with FFs’ CER engagement, can foster IC as a valuable resource in today’s competitive landscape.

Purpose: The increasing relevance of environmental, social and governance (ESG) engagement has attracted interest in its drivers and effects on business outcomes under different organizational settings. By focusing on family firms (FFs), we deepen both the role of business ethics as a predictor of enhanced ESG engagement and the link with improved corporate financial performance (CFP). In this way, we aim to provide new insights into the impact of business ethics and ESG engagement on FFs competitiveness.Design/methodology/approach: Based on a worldwide panel of 335 FFs covering the 2002–2020 time horizon, this study adopts a two-stage Heckman model (1979) to empirically address two research questions: (RQ1) Do business ethics predict greater ESG engagement in FFs? (RQ2) Does ESG engagement positively affect the corporate financial performance (CFP) of FFs?Findings: The results of the current study are twofold. First, we demonstrate that an ethical approach to business drives greater ESG engagement. Second, we show that higher levels of ESG engagement lead to improved financial performance in FFs.Originality/value: Our study contributes to filling the knowledge gaps regarding the drivers and effects of ESG engagement in FFs. On the one hand, we demonstrate the positive connection between dimensions that have their own identity, such as business ethics and ESG constructs. On the other hand, by shedding light on the impact of ESG engagement on improved CFP, we contribute to solving the trade-off between economic and noneconomic FF goals.

Open innovation (OI) has gained widespread attention in recent years as a catalyst for sustainable management. Through OI, companies can harness their environmental capabilities to develop sustainable innovations that provide mutual benefits for companies and society. We explore the impact of Corporate Governance (CG) on Green Product Innovation (GPI) as OI and the impacts of GPI on corporate financial performance (CFP). Adopting Heckman's two‐stage procedure to a panel of 622 science‐based firms over the study period of 2008–2021, in the first step, we test the link between boards of directors' characteristics and GPI engagement. In the second step, we test the relationship between GPI and CFP. The findings confirm that effective CG mechanisms positively impact GPI performance. Moreover, GPI is a positive predictor of reduced firm riskiness. Therefore, we provide new insights into the debate on the links among CG, GPI, and CFP that can help companies meet the new challenges of the ecological transition.

The ongoing dynamic market evolution has reshaped the way companies can create value, thanks to new funding models and new market opportunities, especially in the early business stages. In particular, with the growing development of crowdfunding models, scholars and practitioners are questioning how backers can cocreate value by funding new entrepreneurial initiatives through digital platforms dedicated to this new form of financial support. Therefore, positioning this article in the knowledge and engineering management literature, the current research explores whether two subdimensions of value cocreation (VCC), knowledge sharing and interaction, may help to understand backers’ intention to participate in a reward-based crowdfunding (RBCF) campaign. In particular, using the partial least square structural equation modeling approach on an original sample of 3574 backers, in this article, we find that knowledge sharing, understood as backers’ expertise as well as the preparedness of the proponent team, and the interaction between the campaign actors contribute to explaining backers’ participation in an RBCF initiative. The research supports the relevance of backers’ engagement in terms of VCC as an experiential benefit for the success of an RBCF initiative. From this perspective, our study suggests that both entrepreneurs and platforms should consider VCC in the design and setting of RBCF campaigns.

The aerospace industry is facing new challenges in managing sustainable development. From an instrumental perspective, eco‐friendly business models should strengthen operations efficiency and improve companies' reputations while also creating conditions for stronger financial performance. Accordingly, the present study examines the drivers leading aerospace companies to engage in corporate environmental responsibility (CER) and its impacts. First, we investigate whether and to what extent the characteristics of the board, as an effective corporate governance (CG) mechanism, foster CER. Second, we analyse the impact of CER engagement on both accounting‐ and market‐based measures of corporate financial performance (CFP). Using a worldwide sample of 157 aerospace companies over the period from 2005 to 2019, this study identifies notable findings. In the first stage, the results show that identified characteristics of the board of directors are positive predictors of higher CER engagement. In the second stage, the findings indicate that CER engagement drives higher profitability and positive appreciation among financial stakeholders. Consistent with this win‐win scenario, we provide empirical support for the conflict resolution hypothesis at the governance level. Furthermore, we recommend that firms in the aerospace industry increase their involvement in environmental policies that enhance competitive advantage and market value.

This study answers the call for more in‐depth investigations into the antecedents and effects of corporate environmental responsibility (CER). In particular, we aim to verify whether socially responsible human resource management (SRHRM) positively affects the level of CER engagement and whether CER impacts firm financial performance. Based on a sample of 317 food companies, over the study period 2010–2017, we found that SRHRM improves CER engagement, both as a whole and with reference to its sub‐pillars. Furthermore, findings from the current study reveal that CER reduces the cost of debt and negatively moderates the positive effect of SRHRM on financial costs. The paper provides original implications concerning the complementarity between social and environmental activities and the benefits for firms to communicate their environmental performance to debt holders.