Bin Dong, Dengli Wang, William Senyu Wang, Min Feng
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CEO personal experiences and innovation conservatism: Evidence from China
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.
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.
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