State-Linked Political Exposure and Intellectual Capital Investment: The Moderating Role of Managerial Ability

This study examined the association between state-linked political exposure and intellectual capital investment, with particular attention to the moderating role of managerial ability. Drawing on research on political uncertainty, political connections, and state ownership, it considers firms’ exposure to state influence through government ownership and dependence on long-term debt in Iran’s state-influenced capital market. The analysis used an unbalanced panel of ۱۵۶ non-financial firms listed on the Tehran Stock Exchange between ۲۰۱۳ and ۲۰۲۴. The hypotheses were tested with two-way fixed-effects panel regressions, one-year-lagged explanatory variables, and firm-clustered standard errors. The results indicated a negative association between state-linked political exposure and intellectual capital investment. Managerial ability positively moderated this relationship: the negative association is weaker among firms with more able managers. These findings suggested that managerial ability acts as an internal organizational capability through which firms can sustain long-term investment in intangible assets despite state-linked institutional constraints. The study added to the literature by examining how managerial capabilities may mitigate the adverse association between structural exposure to state influence and the allocation of resources to intellectual capital. The findings had implications for corporate managers and policymakers in Iran and other state-influenced emerging markets.

کلیدواژه ها:

Debt Dependence ، Intellectual capital investment ، Government ownership ، Managerial Ability ، State-linked Political Exposure