JRFM： 知识资本和组织资本对经济危机期间股票表现的影响：总裁综合能力的调节作用-英-27页

ArticleTheImpactofKnowledgeCapitalandOrganizationCapitalonStockPerformanceduringEconomicCrises:TheModeratingRoleofaGeneralistCEOChaehoChaseLee1,2,HohyunKim3andErdalAtukeren1,1BSLBusinessSchoolLausanne,RoutedelaMaladière21,1022Chavannes,Swierland;chae-ho.lee@bsl-lausanne.chorechair@stud.assist.ac.kr2SeoulBusinessSchool,aSSISTUniversity,46,Ewhayeodae2-gil,Seodaemun-gu,Seoul03767,RepublicofKorea3SchoolofManagementandEconomics,HandongGlobalUniversity,558,Handong-ro,Heunghae-eup,Buk-gu,Pohang-si37554,Gyeongsangbuk-do,RepublicofKorea;hkim@handong.eduCorrespondence:erdal.atukeren@bsl-lausanne.chAbstract:Thisstudyexaminestherelationshipbetweenintangiblecapital(IC)andstockperfor-manceduringthetworecentcrisisperiods,theGFCandCOVID-19.BycategorizingICintoKnowledgeCapital(KC)andOrganizationalCapital(OC),weanalyzetheimpactofeachcapitalonthecrisisreturninthemanufacturingsector.TheresultsshowthatagreaterKCandOCaresignif-icantlyassociatedwithhighercrisisreturnsduringbothperiods.Inaddition,wefindevidencethatgeneralistCEOsstrengthenthisrelationshipwhilespecialistCEOsdonot.WithinfirmsledbyageneralistCEO,theCEO’stenurepositivelymoderatestheassociationbetweeneachfactorofintan-giblecapitalandcrisisperiodreturns.ThisstudyemphasizesthepivotalroleofKCandOCasaprotectivebufferagainstexternalshocks,particularlywhenthemarketpaysmoreaen...