Intangibles, Firm Performance, and CEO Characteristics: Spotlight on the EU Electricity and Gas Industry

Mihaela Curea, Marilena Mironiuc and Maria Huian
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Mihaela Curea: Doctoral School of Economics and Business Administration, “Alexandru Ioan Cuza University” of Iași, 700506 Iași, Romania
Marilena Mironiuc: Department of Accounting, Business Information Systems and Statistics, Faculty of Economics and Business Administration, “Alexandru Ioan Cuza University” of Iași, 700506 Iași, Romania

Sustainability, 2022, vol. 14, issue 15, 1-17

Abstract: The transition from the industrial economy to the knowledge-based economy has changed the status quo, and consequently, intangibles have gained traction in the scientific discourse of recent decades. The paper aims to scrutinise, econometrically, the nexus between intangibles and firm performance and the moderating role of CEO duality and CEO gender. Capital-intensive industries are largely overlooked by previous studies, which prompted us to explore the electricity and gas industry. The analysis is based on a longitudinal dataset of EU-listed companies and employs a quantitative approach to study the causal relationships between intangibles, firm performance, and CEO characteristics. Results demonstrate that intangible assets are a stepping stone to better financial and market performance, which endorses the resource-based view. Today’s social and cultural milieu sees gender diversity in a positive light. Consonant with the upper echelons theory, the study finds that CEO gender positively impacts the intangibles–firm performance relationship. The hypothesised prejudicial effect of CEO duality, postulated by the agency theory, is only partially supported. Managers and policymakers are advised to pay particular attention to intangibles and science-driven projects to augment corporate performance. Creating a diversity-friendly culture is also of paramount importance.

Keywords: intangibles; firm performance; CEO duality; CEO gender; electricity and gas industry (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:14:y:2022:i:15:p:9195-:d:872905

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