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Intellectual capital, profitability and corporate governance: An analysis of Italian innovative start-ups

Giacomo Gotti et al.

Management Control2025https://doi.org/10.3280/maco2025-001-s1009article
ABDC C
Weight
0.50

What the paper says

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.

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Cite this paper

https://doi.org/https://doi.org/10.3280/maco2025-001-s1009

Or copy a formatted citation

@article{giacomo2025,
  title        = {{Intellectual capital, profitability and corporate governance: An analysis of Italian innovative start-ups}},
  author       = {Giacomo Gotti et al.},
  journal      = {Management Control},
  year         = {2025},
  doi          = {https://doi.org/https://doi.org/10.3280/maco2025-001-s1009},
}

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.