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<p>Despite growing research on intellectual capital, FinTech, and economic shocks, existing studies have largely examined these factors separately, providing limited evidence on their combined effects on firm productivity and financing costs. Grounded in the Financial Crisis Theory, this study investigates the effects of intellectual capital (IC), financial technology (FinTech), the U.S.–China trade war, and the Euro Crisis on firm productivity and financing costs among U.S. listed firms. Using a panel dataset of 1145 firm-year observations covering the period 2010–2021, the study examines three dimensions of firm performance: Total Factor Productivity (TFP), Cost of Equity (COE), and Cost of Debt (COD). The analysis employs fixed-effects regression models, supported by Hausman tests and Generalized Least Squares (GLS) estimations to ensure the robustness of the results. The findings indicate that intellectual capital significantly enhances TFP and reduces the cost of debt, highlighting the importance of knowledge-based resources in improving operational efficiency and financing conditions. FinTech adoption is associated with lower productivity and lower cost of equity, suggesting that digital financial technologies influence both operational and financial outcomes. The results further reveal that the U.S.–China trade war negatively affects TFP while increasing the cost of debt, indicating that trade-related uncertainty and supply chain disruptions adversely influence firm performance. In contrast, the Euro Crisis is positively associated with TFP and the cost of equity but negatively related to the cost of debt, suggesting that firms adapted to crisis conditions while facing changing financing environments. Additional analyses confirm the robustness of the estimated relationships. The study contributes to the literature by integrating firm-specific strategic resources and external economic shocks within a unified theoretical framework. The findings provide important implications for managers, investors, and policymakers seeking to enhance productivity and financing efficiency in periods of technological transformation and economic uncertainty.</p>

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Intellectual capital, FinTech, and economic shocks: effects on productivity and financing costs in U.S. listed firms—a financial crisis theory perspective

  • 期刊论文

  • 发表日期：

    2026年7月18日

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  • Rabia Najaf,
  • Khakan Najaf,
  • Mohsen Brahmi,
  • Osama Atayah

摘要

Despite growing research on intellectual capital, FinTech, and economic shocks, existing studies have largely examined these factors separately, providing limited evidence on their combined effects on firm productivity and financing costs. Grounded in the Financial Crisis Theory, this study investigates the effects of intellectual capital (IC), financial technology (FinTech), the U.S.–China trade war, and the Euro Crisis on firm productivity and financing costs among U.S. listed firms. Using a panel dataset of 1145 firm-year observations covering the period 2010–2021, the study examines three dimensions of firm performance: Total Factor Productivity (TFP), Cost of Equity (COE), and Cost of Debt (COD). The analysis employs fixed-effects regression models, supported by Hausman tests and Generalized Least Squares (GLS) estimations to ensure the robustness of the results. The findings indicate that intellectual capital significantly enhances TFP and reduces the cost of debt, highlighting the importance of knowledge-based resources in improving operational efficiency and financing conditions. FinTech adoption is associated with lower productivity and lower cost of equity, suggesting that digital financial technologies influence both operational and financial outcomes. The results further reveal that the U.S.–China trade war negatively affects TFP while increasing the cost of debt, indicating that trade-related uncertainty and supply chain disruptions adversely influence firm performance. In contrast, the Euro Crisis is positively associated with TFP and the cost of equity but negatively related to the cost of debt, suggesting that firms adapted to crisis conditions while facing changing financing environments. Additional analyses confirm the robustness of the estimated relationships. The study contributes to the literature by integrating firm-specific strategic resources and external economic shocks within a unified theoretical framework. The findings provide important implications for managers, investors, and policymakers seeking to enhance productivity and financing efficiency in periods of technological transformation and economic uncertainty.