Do new CEOs really care about innovation?-Reference-Cited by-同舟云学术

Do new CEOs really care about innovation?

Published:2023-01-26 Issue:1 Volume:30 Page:230-283
ISSN:1354-7798
Container-title:European Financial Management
language:en
Short-container-title:Euro Fin Management

Author:

Ahmad Wasim¹,Farag Hisham²^ORCID,Wang Yaopeng³^ORCID

Affiliation:

1. Finance and Accounting Group, School of Management Cranfield University Bedford UK

2. Department of Finance, Business School University of Birmingham Birmingham UK

3. Department of Finance, Business School University of Shanghai for Science and Technology Shanghai China

Abstract

AbstractThis study asks whether new chief executive officers (CEOs) care about innovation postturnover. Using a large sample of Chinese listed firms between 2008 and 2019, our identification strategy relies on the exogenous variation in CEO turnovers. Our difference‐in‐difference estimates indicate that new CEOs improve R&D efficiency and generate more and higher quality patents. We further show that this positive effect is more pronounced when CEOs have longer career horizons and overseas experience. Overall, our findings indicate that CEO turnover represents an effective mechanism for fostering innovation and new CEOs indeed care about innovation. Our results could benefit several groups of stakeholders with respect to CEO selection process.

Publisher

Wiley

Subject

General Economics, Econometrics and Finance,Accounting

Link

https://onlinelibrary.wiley.com/doi/pdf/10.1111/eufm.12411

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