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Cover -- Occhiello -- Indice -- Introduzione -- Capitolo Primo FINANZA E IMPRESA. UN QUADRO D'INSIEME -- Capitolo Secondo FABBISOGNO FINANZIARIO E DINAMICA EVOLUTIVA DELL'IMPRESA -- Capitolo Terzo L'EQUILIBRIO FINANZIARIO -- Capitolo Quarto STRUTTURA FINANZIARIA, REDDITIVITÀ E RISCHIO -- BIBLIOGRAFIA GENERALE.

AbstractComplex interactions between different slack resources may affect the profitability of the firm in the medium and long term, while slack financial capital can trigger important and urgent innovative processes under certain conditions.

AbstractA firm's structural characteristics are predictive of its risk pattern and attitude toward managing change over time. Idiosyncratic risk has its roots in the firm's structure. This affects the firm's volatility compared with the average volatility in the sector. Such characteristics and risk patterns affect the firm's capability to manage change and capture the value from change.

Purpose – This paper empirically investigates whether female CEOs (She-E-Os) have an effect on firm innovation among Chinese listed firms based on patent data. This study also delved further by looking at whether the internal corporate environment moderates the effect of female CEOs on innovation, that is, state ownership. Finally, this study investigates an additional test of financial constraints to examine whether financial constraints also moderate the impact of female CEOs on firm innovation. Design/methodology/approach – This study used the data of all A-share listed companies on the Shanghai and Shenzhen stock exchanges for the period from 2008 to 2017. The authors use ordinary least squares regression as a baseline methodology, along with firm-fixed effect, lagged measure of female CEOs, alternative measures of innovation, Heckman two-step model and negative binomial regression to check and control the possible issue of endogeneity. Findings – The authors' findings show that CEO gender plays an important role in producing higher levels of innovation output by improving the governance structure. However, female CEOs have no effect on state-owned enterprises' (SOEs) innovation activities, which suggests that the main goal of SOEs is achieving sociopolitical objectives. Furthermore, female CEOs' influence on innovation output is weaker in firmswith financial constraints. Social implications – This study adds to the emerging global discussion on gender diversity. Many legislative bodies require a quota for women on corporate boards due to gender inequality. This study's findings reinforce such guidelines by emphasizing the economic benefits of including women in top management positions. Originality/value – This study provides new insights by highlighting the role of female CEOs in increasing firms' innovation activities. Additionally, this study provides evidence on whether the internal corporate environment (state ownership and financial constraints) moderates female CEOs' effect on innovation.

AbstractThis study investigates the effect of corporate social and environmental evaluation on investors' risk perception to explore the potential market risk for public companies that adopt a sustainable and responsible corporate strategy. We referred to the triple corporate assessment according to environmental, social, and governance (ESG) criteria to check whether ESG factors—meant to direct firms toward social and environmental needs—improve corporate market performance or trigger, among investors, a perception of "window dressing." In doing so, we tested the impact of corporate social performance—proxied by an ESG assessment—on corporate financial risk using double risk measurement. We conducted a five‐year longitudinal study (fiscal years 2014–2018) of 222 companies listed on the Standard & Poor's index. The empirical findings show higher investor uncertainty regarding corporate sustainability performance, probably due to the misalignment of objectives between investors and investees. Indeed, an overall ESG assessment corresponds to higher systematic risk for firms, and a corporate environmental rating has an upward effect on the same risk dimension.