Abstract:In view of the increasing importance attributed to social responsibility and stakeholder relationship management, more universities have expanded their research topics and their educational programs through the years. High attention is dedicated to the dominant principles and values of internal and external relations, to the innovation processes designed to ensure an approach to sustainable development. However, less attention is dedicated to the sustainability governance orientation and to the development of a strong institutional culture of sustainability, which is a key success factor to improve the quality and the image. This article observes the sustainability governance orientation, through the analysis of the information on the websites of three fair groups of universities in the international Top 500-ARWU (Academic Ranking of World Universities) 2015 ranking. The aim is to verify if there is a link between the degree of sustainability culture in the management and the positioning of the universities in the international ranking. In addition, the analysis is compared with self-assessment data carried out by the same universities in terms of performance sustainability through the STARS (Sustainability Tracking, Assessment & Rating System) online platform. As principal consideration, we have noted that the best universities in the ranking have a management approach based on a shared vision of sustainability development of their university leaders, who play an essential role affirming and disseminating a sustainability culture. All this opens broader future implications intended to highlight the importance of management sustainability as a quality improvement factor of universities.

In today's world, a sustainable approach to corporate governance can be a source of competitive advantage and a long-term success factor for any firm. Sustainable governance requires that the board of directors considers economic, social and environmental expectations in an integrated way, no matter what ownership structure and formal rules of corporate governance apply to the company: this mitigates the traditional differences between insider and outsider systems of corporate governance. Previous studies failed to consider the contribution of sustainability in the process of corporate governance convergence. Therefore, the aim of this article is to fill the gap in the existing literature by means of a qualitative analysis, supporting the international debate about convergence of corporate governance systems. The article describes the evolution of outsider and insider systems in the light of the increasing importance of sustainability in the board's decision-making and firm's operation to satisfy the needs of all the company's stakeholders. According to this, a qualitative content analysis developed with a directed approach completes the theoretical discussion, demonstrating that sustainability can bring de facto convergence between outsider and insider corporate governance systems. The article aims to be a theoretical starting point for future research, the findings of which could also have practical implications: the study encourages the policy makers to translate the sustainable business best practices into laws and recommendations, strengthening the mutual influence between formal and substantial convergence.

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