Title: Board human capital in high-tech firms: assessing the effect on financial and innovation outcomes

Authors: Sara Saggese; Fabrizia Sarto

Addresses: Department of Economics, Management, Institutions, University of Naples 'Federico II', Via Cinthia, Monte S. Angelo, 80126 Naples, Italy ' Department of Economics, Management, Institutions, University of Naples 'Federico II', Via Cinthia, Monte S. Angelo, 80126 Naples, Italy

Abstract: Building on the distinction between general and specific human capital, this study examines the impact of directors' educational level, technological background, and financial expertise on company performance, while also exploring the moderating effect of CEO firm-specific expertise. The analyses address both financial and innovation outcomes and apply OLS regression techniques on a sample of Italian medium and large high-tech companies. Findings indicate that both general and specific board human capital influence financial and innovation performance, with these effects being positively moderated by CEOs with firm-specific expertise. Additionally, they underscore that the alignment of directors' human capital with the type of performance affects the impact of board human capital on company outcomes. The study enriches academic discourse by clarifying the distinct impacts of various types of board human capital on different dimensions of company performance, and offers a more nuanced perspective compared to previous research in dynamic and highly competitive contexts.

Keywords: general and specific human capital; board of directors; CEO; performance; high-tech firms; Italy.

DOI: 10.1504/IJLIC.2024.143681

International Journal of Learning and Intellectual Capital, 2024 Vol.21 No.5, pp.592 - 619

Received: 22 Apr 2024
Accepted: 03 Oct 2024
Published online: 03 Jan 2025 *

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