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Corporate Governance’s Characteristics and Financial Performance in the Innovative SMEs

In: Governance and Financial Performance Current Trends and Perspectives

Author

Listed:
  • Silvia Angilella
  • Sebastiano Mazzù
  • Maria Rosaria Pappalardo

Abstract

This chapter focuses on the relationship between corporate governance and financial performance over the period 2015–2019 on a dataset of Italian Innovative Small and Medium-sized Enterprises (SMEs). The characteristics of corporate governance are investigated with respect to three main aspects: workers’ education attainment, ownership of software or patent and prevalence of women, young and foreigners in the corporate board. In order to deal respectively with time-invariant corporate variables and the endogeneity issue related to past firm performance, Hausman–Taylor (HT) model and two System Generalized Method of Moments (Sys-GMM) have been employed for the examination of the aforementioned relationship in both static and dynamic terms. Results show that most of the considered corporate governance variables, affect innovative SMEs’ profitability except for the ownership of software or patent.

Suggested Citation

  • Silvia Angilella & Sebastiano Mazzù & Maria Rosaria Pappalardo, 2023. "Corporate Governance’s Characteristics and Financial Performance in the Innovative SMEs," World Scientific Book Chapters, in: Emilios Galariotis & Alexandros Garefalakis & Christos Lemonakis & Marios Menexiadis & Constantin Zo (ed.), Governance and Financial Performance Current Trends and Perspectives, chapter 1, pages 3-41, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811260506_0001
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    More about this item

    Keywords

    Corporate Governance System; Agency Theory; Return on Assets; Stock Return; Firm Performance; Responsible Management and ESG;
    All these keywords.

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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