过于自信的CEO们是否能够更好地将创新转化为公司价值--来自美国的证据

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2023-06-06 DOI:10.1111/infi.12433

Mike Eom, Mookwon Jung, Jung Chul Park

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引用次数: 0

摘要

我们使用福布斯提出的创新溢价(IP)作为企业创新的代理，以证明企业价值与IP呈正相关。知识产权对公司价值的积极影响被过度自信的首席执行官放大，特别是在智力资本和无形资产比例较高的高科技和生物技术行业。在一系列的测试中，我们证实了控制内生性后的结果是成立的。我们的研究结果与以下观点一致:过度自信的首席执行官产生的企业创新的有益影响主要存在于对创新有关键需求的行业。

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Are overconfident CEOs better able to transform innovation into firm value?—Evidence from the United States

We use innovation premium (IP), proposed by Forbes, as a proxy for firm innovation to present evidence that firm value is positively associated with IP. The positive impact of the IP on firm value is amplified by overconfident CEOs, particularly in the high-tech and biotech industries with a high proportion of intellectual capital and intangible assets. In a series of tests, we confirm that the results hold after controlling for endogeneity. our findings are consistent with the notion that the beneficial effect of corporate innovations generated by overconfident CEOs exists primarily in industries where innovations are in critical demand.

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.