Le Specificità delle Società Benefit in Italia: Un Approccio Aziendale Innovativo

his study investigates the determinants influencing the adoption of the Benefit Corporation (Società Benefit) legal status in Italy, providing empirical evidence on the economic, financial, and governance characteristics associated with this innovative business model. Benefit Corporations combine the pursuit of profit with the statutory commitment to generate a positive social and environmental impact, representing a hybrid organizational form that integrates shareholder value with broader stakeholder interests. The empirical analysis is based on a panel of 732 Italian companies observed over the period 2016–2021, including 244 Benefit Corporations and 488 comparable non-Benefit firms. To identify the factors associated with the probability of adopting Benefit status, the study employs Probit and Logit regression models using firm-level financial, organizational, and governance variables. The findings indicate that firms with higher profitability (ROA) are significantly more likely to become Benefit Corporations, suggesting that financially stronger companies possess the resources necessary to pursue broader sustainability objectives. Governance characteristics also play a crucial role: a higher representation of women in corporate leadership and the presence of a statutory supervisory board (Collegio Sindacale) are positively associated with the adoption of Benefit status. Conversely, firm longevity is negatively related to the likelihood of transformation, indicating that younger and more innovative firms are more inclined to embrace this business model. Firm size, leverage, and the number of employees do not exhibit statistically significant effects. The results suggest that the transition to Benefit Corporation status is driven not only by financial performance but also by governance structures that foster transparency, stakeholder engagement, and sustainable decision-making. Overall, the study contributes to the growing literature on hybrid organizations by demonstrating that Benefit Corporations represent an innovative corporate model in which strong economic performance, inclusive governance, and sustainability-oriented strategies jointly support long-term value creation for both shareholders and society.