CEO financial career and corporate innovation: Evidence from China
CEO financial career and corporate innovation: Evidence from China
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CEO财务生涯与企业创新：来自中国的证据
DOI：
10.1016/j.iref.2021.01.018
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发表时间：
2021
影响因子：
4.5
通讯作者：
Shuang Liu
中科院分区：
文献类型：
--
作者：
Chenlin Yang;Xinping Xia;Yuguo Li;Yufang zhao;Shuang Liu
我们研究了首席执行官（ceo）和企业创新之间的关系。利用2008 - 2015年中国a股CEO个人层面和公司层面的数据，通过泊松模型估计，财务专家型CEO对企业创新具有显著的负向影响。金融专家型ceo导致企业创新水平下降了17.5%，其负作用是由于ceo行为一致性促进了额外金融投资的挤出效应。我们的研究揭示了ceo的行为特质对公司非财务业绩的影响。
We examine the relationship between chief executive officers (CEOs) and firm innovation. Using CEO individual-level and firm-level data across the Chinese A-share market from 2008 to 2015, a Poisson model estimation shows that financial expert CEOs have significant negative impacts on firm innovation. Financial expert CEOs have caused a 17.5% decrease in the firm innovation level..We argue that the negative effect is due to the crowding-out effect of additional financial investments, which is facilitated by the CEOs’ behavioral consistency. Our study sheds light on exploring CEOs’ behavioral idiosyncrasy on firms’ nonfinancial performance..