Academic CEOs and corporate innovation

IF 2.1 3区经济学 Q3 BUSINESS, FINANCE

Journal of Financial Research Pub Date : 2025-05-30 DOI:10.1111/jfir.12469

George J. Jiang, Wenquan Li, Yaohua Li, He Wang

引用次数: 0

Abstract

In this article, we examine the impact of academic CEOs (i.e., CEOs with academic experience) on corporate innovation. We find that firms managed by academic CEOs have strong aspirations for innovation and generate more patents with higher citations. We employ exogenous CEO turnover to alleviate endogeneity concerns. In addition, whereas corporate innovation gradually increases following the entry of new academic CEOs, there is a clear decrease in innovation output after the departure of academic CEOs. This net effect concentrates in innovation-intensive industries. Moreover, academic CEOs enhance innovation by leveraging their network with academic community and ability to secure government funding.

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学术ceo与企业创新

在本文中，我们考察了学术型ceo（即具有学术经历的ceo）对企业创新的影响。我们发现，由学院派ceo管理的公司有强烈的创新愿望，产生更多的专利和更高的引用率。我们采用外生CEO更替来缓解内生性担忧。此外，在新的学术型ceo进入后，企业创新逐渐增加，而在学术型ceo离开后，企业创新产出明显下降。这种净效应主要集中在创新密集型产业。此外，学术首席执行官通过利用他们与学术界的网络和获得政府资助的能力来促进创新。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Financial Research BUSINESS, FINANCE-

CiteScore

1.70

自引率

0.00%

发文量

期刊介绍： The Journal of Financial Research(JFR) is a quarterly academic journal sponsored by the Southern Finance Association (SFA) and the Southwestern Finance Association (SWFA). It has been continuously published since 1978 and focuses on the publication of original scholarly research in various areas of finance such as investment and portfolio management, capital markets and institutions, corporate finance, corporate governance, and capital investment. The JFR, also known as the Journal of Financial Research, provides a platform for researchers to contribute to the advancement of knowledge in the field of finance.