Intellectual capital, profitability and corporate governance: An analysis of Italian innovative start-ups
Journal title MANAGEMENT CONTROL
Author/s Giacomo Gotti, Carla Morrone, Maria Teresa Bianchi, Salvatore Ferri
Publishing Year 2025 Issue 2025/1 Suppl.
Language English Pages 27 P. 189-215 File size 276 KB
DOI 10.3280/MACO2025-001-S1009
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This paper aims to investigate the impact of intellectual capital on firm profitability within innovative start-ups in Italy, as a management control indicator, also analyzing the role of corporate governance in moderating this relationship. GLS and OLS regression analyses have been conducted on a 3-year panel by using two accounting-based indicators (return on assets and return on equity) as the dependent variables and the value-added intellectual coefficient (VAIC) as the main explanatory variable. The corporate governance role has been proxied by several interaction variables, such as directors’ age, gender diversity, and managerial ownership. Findings suggest that intellectual capital has a positive effect on profitability, and corporate governance characteristics moderate this relationship. The study seeks to go a step forward in understanding the short-term success of start-ups by contributing to resource-based, resource-dependency, and agency theories. Important implications emerge for start-up founders to consider human resources as a driver of short-term success, paying particular attention to board heterogeneity and ownership structure.
Keywords: Intellectual Capital, Start-Up, Profitability, Corporate Governance
Giacomo Gotti, Carla Morrone, Maria Teresa Bianchi, Salvatore Ferri, Intellectual capital, profitability and corporate governance: An analysis of Italian innovative start-ups in "MANAGEMENT CONTROL" 1 Suppl./2025, pp 189-215, DOI: 10.3280/MACO2025-001-S1009