Knowledge capital,CEO power,and firm value: Evidence from the IT industry |
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| Institution: | 1. Department of Finance, National Sun Yat-Sen University, Kaohsiung, Taiwan;2. Department of Finance, Feng Chia University, 100 Wenhwa Road, Taichung 40724, Taiwan;3. Graduate Program of Finance, Department of Information Management and Finance, National Chiao Tung University, 1001 Ta-Hsueh Road, Hsinchu 30050, Taiwan;1. Graduate Institute of Finance, National Chiao Tung University, 1001 Ta-Hsueh Rd., Hsinchu City 30010, Taiwan;2. Department of Finance, National Chengchi University, NO. 64, Sec. 2, ZhiNan Rd., Wenshan District, Taipei City 11605, Taiwan;1. School of Management, Northwestern Polytechnical University, Xi’an, Shaanxi 710072, People’s Republic of China;2. Institute of High-quality Corporate Development, Northwestern Polytechnical University, Xi’an, Shaanxi 710072, People’s Republic of China;1. Faculty of Economics and Management at Sfax Tunisia, FSEG Sfax, Tunisia;2. Faculty of Economics and Management at Mahdia Tunisia, Tunisia;3. Najran University, Saudi Arabia;1. Mahidol University International College (MUIC), Nakhon Pathom, Thailand;2. SASIN Graduate Institute of Business Administration, Chulalongkorn University, Bangkok, Thailand;3. Siena College, Loudonville, NY 12211, United States;4. Pennsylvania State University, School of Graduate Professional Studies (SGPS), 30 E.Swedesford Road, Malvern, PA 19355, United States |
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| Abstract: | Disruptive innovation dramatically changes the demand of a product market in the information technology (IT) industry. In response to the impact of disruptive innovation, IT firms that may be eliminated from the competitive race actively develop innovative products and adjust their operating strategies to strengthen their survivability in the fiercely competitive market. Thus, this study explores the factors that affect firm value in the IT industry under the impact of disruptive innovation. The empirical results reveal that knowledge capital and CEO power play crucial roles in explaining firm value. IT firms with powerful CEOs and increased knowledge capital have high firm values. The effects of knowledge capital and CEO power on firm value are especially significant for founder and duality CEO firms. Furthermore, the influence of CEO power is more prominent in periods of financial crisis. |
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| Keywords: | Knowledge capital CEO power Powerful CEO Firm value Disruptive innovation |
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