Work

The Impact of Knowledge Capital and Organization Capital on Stock Performance during Economic Crises: The Moderating Role of a Generalist CEO

Year: 2024

Type: article

Abstract: This study examines the relationship between intangible capital (IC) and stock performance during the two recent crisis periods, the GFC and COVID-19. By categorizing IC into Knowledge Capital (KC) and Organizational Capital (OC), we analyze the impact of each capital on the crisis return in the manufacturing sector. The results show that a greater KC and OC are significantly associated with higher crisis returns during both periods. In addition, we find evidence that generalist CEOs strengthen this relationship while specialist CEOs do not. Within firms led by a generalist CEO, the CEO’s tenure positively moderates the association between each factor of intangible capital and crisis period returns. This study emphasizes the pivotal role of KC and OC as a protective buffer against external shocks, particularly when the market pays more attention to corporate sustainability.

Source: Journal of risk and financial management

DOI: 10.3390/jrfm17050192

Authors: Chaeho Chase Lee, Hohyun Kim, Erdal Atukeren

Institutions: Business School Lausanne, Seoul School of Integrated Sciences and Technologies, Handong Global University

Language: English

Topic: Intellectual Capital and Performance Analysis

Subfield: Strategy and Management

Field: Business, Management and Accounting

Domain: Social Sciences

Open Access status: hybrid

Estimated APC paid: $1,591

OpenAlex ID: W4396707166

FWCI: 0.214

Cites: 73

Cited by: 1

Related to: 10