Value creation and value distribution between the firm and the talented CEO

The paper’s objective is that of analyzing the issue of value creation and value capture, that has been quite long discussed in the literature but still needs some more detailed work. The analysis regards CEOs’ dynamic capabilities, value creation and its distribution between CEOs and the firms they work in. A theoretical model, developed within Resource-Based Theory, is proposed and tested on a sample of firms selected through cluster analysis in hotel chains. These, as service firms, are highly human capital intensive, also at the top level of the organization. Results show that it’s necessary to distinguish among dynamic capabilities and in particular the aspects of causal ambiguity and social complexity, proposed through the VRIO framework seem to be relevant in the process of value creation and distribution.