Nexus Between Intellectual Capital and Sustainable Growth: Moderating Roles of Military-Experienced CEOs and Sustainable Corporate Governance

Muhammad Usman Arshad, Rafique Ur Rehman Memon, Waleed Anwar, Fayaz Hussain Tunio () and Paulo Ferreira
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Muhammad Usman Arshad: Department of Commerce, University of Gujrat, Gujrat 50700, Pakistan
Rafique Ur Rehman Memon: Department of Economics, Greenwich University, Karachi 75500, Pakistan
Waleed Anwar: Department of Commerce, University of Gujrat, Gujrat 50700, Pakistan
Fayaz Hussain Tunio: Department of Law, Shaheed Zulfiqar Ali Bhutto University of Law, Karachi 75600, Pakistan

Sustainability, 2024, vol. 16, issue 23, 1-28

Abstract: This study explores the nexus between intellectual capital (IC) and the sustainable growth rate (SGR), with a unique emphasis on the moderating roles of military-experienced CEOs (MCEOs) and sustainable corporate governance (SCG). We utilize the Method of Movement Quantile Regression Analysis (MMQR) with data gathered from 750 Chinese non-financial firms listed on the Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) from 2010 to 2022. The findings indicate that IC exerts a favorable and significant influence on the SGR across various quantiles. Furthermore, across multiple quantiles, the SGR exhibits a positive and strong correlation with capital employed efficiency (CEE), human capital efficiency (HCE), and structural capital efficiency (SCE). Moderation analysis reveals that MCEOs and SCG demonstrate a positive correlation between IC and the SGR. The results extend our understanding of how MCEOs and SCG can enhance the SGR through effective IC utilization.

Keywords: intellectual capital; sustainable growth; military CEOs; corporate sustainability; quantile analysis (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2024
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