The role of CEOs' human capital in sustaining superior performance–empirical evidence from China

IF 6.2 2区 管理学 Q1 BUSINESS
Jian Guan, F. Deng, Dao Zhou
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Abstract

PurposeFocusing on the important representative of firm intellectual capital (IC), this research explores the effects of chief executive officer’s (CEOs') managerial human capitals on sustaining superior performance in Chinese transition economy to prove the dynamic and strategic value of IC and fulfill the gap of lacking emerging market studies in this research field.Design/methodology/approachBased on dynamic managerial capability theoretical framework, the authors propose a dynamic management path to analyze the influencing mechanism of CEOs' managerial human capitals to firm performance persistence and the moderating effect of environment uncertainty. Using a panel data of Chinese publicly listed firms from 2008 to 2017, it adopts dynamic first-order autoregressive models to examine these hypotheses. Several tests are conducted to further analyze and ensure that the results are robust and reliable.FindingsThese managerial human capitals reveal heterogenous impacts on sustaining superior performance, and environment uncertainty is a valid moderating variable to further distinguish their dynamic values. The supplementary analyses show the integrating effect of an MBA degree and output functional experience is positive and significant, and the results in Chinese state-owned and private firm subsamples are distinct.Practical implicationsIt is beneficial for corporate stakeholders to judge and select CEOs and for policymakers to improve the efficiency advantage of IC in Chinese emerging market.Originality/valueThis study first explores the relationship between CEOs' managerial human capitals and superior performance persistence. Through introducing a dynamic perspective, it has extended existing performance persistence research into individual level and provided a new intellectual source of sustainable competitive advantages.
CEO人力资本在保持卓越绩效中的作用——来自中国的经验证据
目的以企业智力资本的重要代表为研究对象,探讨中国转型经济中首席执行官的管理人力资本对企业持续卓越绩效的影响,以证明企业智力资本具有动态价值和战略价值,填补该领域新兴市场研究的空白。设计/方法论/方法基于动态管理能力理论框架,提出了一条动态管理路径,分析CEO管理人力资本对企业绩效持续性的影响机制以及环境不确定性的调节作用。利用2008-2017年中国上市公司的面板数据,采用动态一阶自回归模型对这些假设进行了检验。进行了几次测试,以进一步分析并确保结果稳健可靠。发现这些管理人力资本揭示了对维持卓越绩效的异质性影响,而环境不确定性是进一步区分其动态价值的有效调节变量。补充分析表明,MBA学位和产出职能经验的整合效应是积极而显著的,并且在中国国有和私营企业子样本中的结果是不同的。实践启示有利于企业利益相关者判断和选择CEO,有利于决策者提高IC在中国新兴市场的效率优势。创新性/价值本研究首先探讨了CEO的管理人力资本与卓越绩效持续性之间的关系。通过引入动态视角,将现有的绩效持久性研究扩展到个人层面,为可持续竞争优势提供了新的智力来源。
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来源期刊
CiteScore
14.50
自引率
13.30%
发文量
27
期刊介绍: The Journal of Intellectual Capital is a peer-reviewed international publication dedicated to the exchange of the latest research and best practice information on all aspects of creating, identifying, managing and measuring intellectual capital in organisations. The journal publishes original research and case studies by academic, business and public sector contributors on intellectual capital strategies, approaches, frameworks, tools, techniques and technologies in order to increase the understanding of intellectual capital within the context of the modern knowledge economy. The focus of this journal is on the identification of innovative intellectual capital strategies and the application of theoretical concepts to real-world situations.
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