Yimin Gong, Xinyu Li, Xianhang Qian, Cheng Colin Zeng
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The power of spirit: CEOs' university mottos and corporate innovation
This paper investigates the impact of CEOs' university mottos on corporate innovation. We find that firms led by CEOs who graduated from universities with the word innovation in their mottos exhibit higher levels of innovation. This positive effect is more pronounced when the CEOs graduated from science and technology or national key universities, and when the firm operates in a high-tech sector or is a non-state-owned enterprise (non-SOE). Channel tests reveal that CEOs whose university mottos include the word innovation enhance corporate innovation through three crucial mechanisms: (1) increasing focus on research and development (R&D), (2) allocating more resources to R&D endeavors, and (3) cultivating a corporate culture that embraces high-risk ventures. Overall, our study illuminates the crucial role of CEOs' innovative mindsets, which are shaped by their university mottos, in driving corporate innovation.
期刊介绍：
The International Review of Finance (IRF) publishes high-quality research on all aspects of financial economics, including traditional areas such as asset pricing, corporate finance, market microstructure, financial intermediation and regulation, financial econometrics, financial engineering and risk management, as well as new areas such as markets and institutions of emerging market economies, especially those in the Asia-Pacific region. In addition, the Letters Section in IRF is a premium outlet of letter-length research in all fields of finance. The length of the articles in the Letters Section is limited to a maximum of eight journal pages.
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