An Explorative Study on State-Owned Museum Performance in Italy: The Interplay between the Director’s Characteristics and Board Diversity

State-owned museums are complex organizations traditionally focusing on research and conservation on the one hand and cultural diplomacy and national identity enhancement on the other. In recent years, their role has evolved around valorization activities, namely tourist attraction, education, and inclusion. This work explores the evolution of governance for this specific type of organization that remains under strict Government control, at least in Italy, while necessarily opening up to a broader set of stakeholders. In this context, great importance assumes that the interplay between the director and the board affects the museum's performance. Specifically, we focus on the role of directors' gender, nationality, and human capital characteristics represented by their international, curatorial, and within the Italian heritage experience and the moderating role of having to interact with a board with diverse (vs. homogenous) competencies and experience. Our explorative analysis of the first thirty Italian autonomous museums, created by law between 2014-2016, shows that the effect of directors' human capital and gender are enhanced in the presence of a board with a complementary set of competencies. From a policy perspective, our results suggest paying attention in the appointment and selection phase to both the effective autonomy and characteristics of the director and how board members' profiles complement them to foster a more effective valorization.