Roberto Urbani

Sustainability in corporate finance has gained prominence under growing societal and regulatory pressures. Green initiatives, encompassing sustainable technologies and practices, enhance environmental responsibility, financial performance, and competitiveness. This study examines a global data set of 2560 firms (2009–2023) to explore links between environmental innovation, financial performance (measured by return on equity), and institutional investors' influence. Findings reveal that pension funds promote green innovation due to long‐term goals, while investment firms prioritize short‐term returns, discouraging such activities. These results, robust across tests, highlight how investment horizons shape sustainability strategies, offering actionable insights for policymakers, investors, and regulators fostering sustainable growth. Lastly, our study aims to contribute to the advancement of the research stream from a theoretical standpoint by offering insights into overcoming the assumption of shareholder preference homogeneity, as posited by classical agency theory.

This paper delves into the dynamics of Italian companies' participation in international public procurement, with a primary focus on contracts awarded by the World Bank (WB). Italian firms have historically engaged in competitive global procurement markets, and understanding their performance within this context holds significant policy and economic implications. The paper commences with an exploration of the essential aspects of international public procurement, emphasizing the significance of winning contracts funded by the World Bank. It elucidates the multifaceted nature of procurement processes, highlighting their role in promoting economic growth, sustainable development, and innovation. The historical trends in Italian firms' participation in World Bank contracts are examined, revealing fluctuations in both the number and value of contracts awarded over the past two decades. Policy measures and global economic conditions have influenced these trends, impacting Italy's share in the procurement landscape. Comparative analyses are conducted to assess Italian firms' performance in the broader context of G7 and European Union (EU) countries. Within the EU, a detailed examination of Italian, French, German, and Spanish companies' participation in procurement contracts reveals distinct national trends. The study scrutinizes company-level characteristics and market concentration dynamics, employing the Herfindahl-Hirschman Index (HHI) to gauge market concentration. Furthermore, statistical analyses reveal significant differences in economic and innovation variables between Italian and French companies. The paper concludes by underlining the importance of analyzing participation in international public procurement, emphasizing its potential for economic growth, innovation, and global expansion. It calls for strategic policies and collaboration to enhance Italy's position in the international procurement landscape. JEL Classification F23 · H57 · O10