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There is still an ongoing debate on the value relevance of capital structure and its determinants. Recently the issue has been explored in family firms after being explored in mature firms. This paper investigates the role of institutional investors and the firm's innovation activity in influencing the firm's decision and ability to acquire debt capital.

A large sample of 700 privately-held family firms in Italy from 2010 to 2019. Two analysis techniques are used: panel analysis and path analysis. The value of debt and the debt ratio are used as leverage measures. The value of patent (as a proxy for innovation) and institutional investor are the explanatory variables.

The results show that institutional investors have no relationship with financial leverage measures except when controlling for an interaction variable (Institutional investors × Lombardy region). The patent value is positively correlated with debt; however, the ratio patent-to-asset is negatively related to financial leverage indicating higher risk exposure. The nonlinearity test demonstrates a turning point when the relationship between patent value and debt inverts.

Firms should monitor their innovation activity since excessive innovation increases risk exposure and affects financing opportunities and value. The involvement of institutional investors does not always enhance value.

Existing literature focuses separately on family firm innovations and financial leverage as outcome variables, emphasizing the role of institutional investors in both fields by adopting agency theory and socioemotional wealth framework. In this study, the authors go further by merging both relationships, investigating the dynamics of the institutional-family firm innovation relationship in influencing the firm's capital structure. The authors contribute to the ongoing debate by providing original findings on capital structure, governance and innovation, supported by rigorous methods to enhance family firms' decision-making.

This study explores the relationship between Tourism Systems and Smart Cities, aiming to identify what prevents public managers from including these systems in Smart City strategies. This separation neglects that increasing tourism attractiveness may also impact city resources, infrastructures and inhabitants.

To this end, we developed a critical literature review consulting three databases: Scopus, Web of Science and EBSCOhost. A total of 73 articles were selected and analyzed through thematic analysis.

Through this critical review, we develop a framework of barriers to integrating a tourism system in Smart City strategies composed of four main barrier themes and 11 barrier factors. Findings show the need for innovative research and public managers to go beyond considerations related to technological challenges and instead focus on other barriers hindering integration, such as the lack of participatory governance and knowledge of tourism systems' current and future impact.

This study offers a critical identification of barriers impeding the inclusion of tourism systems in Smart City strategies, providing a useful guideline for public managers aiming to follow an innovative approach to smart development where tourism can still be a tool to enhance the attractiveness of the territory while considering its current and future impact on the city.