Date of Award

Summer 8-23-2025

Document Type

Dissertation

Degree Name

Ph.D. in Business

Organizational Unit

Daniels College of Business

First Advisor

Daniel W. Baack

Second Advisor

Conrad S. Ciccotello

Third Advisor

Tracy Xu

Fourth Advisor

Mathew J. Rutherford

Copyright Statement / License for Reuse

All Rights Reserved
All Rights Reserved.

Keywords

Dynamic innovations, Strategic management, US oil and gas financial management, US oil and gas industry, US oil and gas innovative technology, US oil and gas strategy

Abstract

The oil and gas industry, a cornerstone of global energy systems, faces mounting challenges from technological disruptions, environmental pressures, and market volatility. This study investigates the extent to which innovative technology enhances financial performance in the U.S. oil and gas industry and whether this relationship is moderated by company size. Grounded in the dynamic capabilities’ theory, the research conceptualizes innovation as a firm’s ability to sense, seize, and transform technological opportunities to sustain competitive advantage in volatile environments. Using a 20-year panel dataset (2002–2022) comprising 2,832 firm-year observations from 340 publicly listed oil and gas firms, the study employs fixed effects panel regression models and multi-year R&D capital stock to capture the persistent effects of innovation.

Empirical results provide robust support for three key hypotheses. First, sustained investments in innovative technology measured through five-year R&D capital stock are positively associated with financial performance, as reflected in Return on Assets (ROA), Return on Investment (ROI), and Tobin’s Q. Second, company size, operationalized by market capitalization, has a significant and positive direct effect on financial outcomes. Third, firm size positively moderates the innovation–performance relationship, such that larger firms derive greater benefits from innovation than smaller ones.

These findings highlight the scale-contingent nature of innovation efficacy in capital-intensive industries. The study contributes to strategic management literature by integrating dynamic capabilities theory with empirical evidence on firm heterogeneity and technological innovation. It offers practical implications for managers, investors, and policymakers seeking to enhance firm value through strategic innovation, especially under volatile market and regulatory conditions. The results also inform innovation policy by highlighting the need for firm-size-sensitive strategies in fostering technological advancement and financial resilience in the energy sector.

Copyright Date

8-2025

Publication Statement

Copyright is held by the author. User is responsible for all copyright compliance.

Rights Holder

Ngozi J. Ogoke

Provenance

Received from ProQuest

File Format

application/pdf

Language

English (eng)

Extent

235 pgs

File Size

2.6 MB

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Available for download on Saturday, September 18, 2027



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