CEO personal experiences and innovation conservatism: Evidence from China

IF 4.6 3区管理学 Q1 BUSINESS Corporate Governance-An International Review Pub Date : 2024-02-27 DOI:10.1111/corg.12577

Bin Dong, Dengli Wang, William Senyu Wang, Min Feng

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Abstract

Research question/issue

This paper studies the relationship between chief executive officers' (CEOs) personal experiences and corporate innovation in China.

Research findings/insights

We find that CEOs' famine and military experiences adversely impact firm innovation outcomes. In particular, our channel tests show that CEOs with famine experience adversely affect firm innovation by reducing both R&D expenditures and innovation efficiency, whereas CEOs with military experience hinder innovation mainly by reducing research staff.

Theoretical/academic implications

Our results imply that innovation conservatism in some firms may be partly explained by individual CEO's early-life personal experiences. Our study thus has broader implications for the differences in management style across corporate executives who go through different experiences.

Practitioner/policy implications

Our findings provide important insights for policy makers, suggesting that they should consider CEOs' early-life exposure to different experiences as important “soft information” when evaluating firms' innovation potential for government subsidies.

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首席执行官的个人经历与创新保守主义：来自中国的证据

研究问题本文研究中国首席执行官（CEO）的个人经历与企业创新之间的关系。研究结果/见解我们发现，首席执行官的饥荒和从军经历会对企业创新结果产生不利影响。特别是，我们的渠道检验表明，有饥荒经历的首席执行官会通过减少研发支出和创新效率来对企业创新产生不利影响，而有从军经历的首席执行官则主要通过减少科研人员来阻碍创新。理论/学术意义我们的研究结果表明，一些企业的创新保守主义可能部分源于首席执行官个人的早期个人经历。因此，我们的研究对经历不同的企业高管在管理风格上的差异具有更广泛的意义。实践者/政策影响我们的研究结果为政策制定者提供了重要启示，建议他们在评估企业的创新潜力以获得政府补贴时，将首席执行官早年的不同经历视为重要的 "软信息"。

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来源期刊

Corporate Governance-An International Review Multiple-

CiteScore

7.00

自引率

11.30%

发文量

期刊介绍： The mission of Corporate Governance: An International Review is to publish cutting-edge international business research on the phenomena of comparative corporate governance throughout the global economy. Our ultimate goal is a rigorous and relevant global theory of corporate governance. We define corporate governance broadly as the exercise of power over corporate entities so as to increase the value provided to the organization"s various stakeholders, as well as making those stakeholders accountable for acting responsibly with regard to the protection, generation, and distribution of wealth invested in the firm. Because of this broad conceptualization, a wide variety of academic disciplines can contribute to our understanding.