CEO financial career and corporate innovation: Evidence from China

被引：18
|
作者：
Yang, Chenlin [1 ]
Xia, Xinping [1 ]
Li, Yuguo [1 ]
Zhao, Yufang [2 ]
Liu, Shuang [3 ]
机构：
[1] Huazhong Univ Sci & Technol, Sch Management, 1037 Luoyu Rd, Wuhan 430074, Peoples R China
[2] Zhongnan Univ Econ & Law, Sch Accounting, 182 Nanhu Ave, Wuhan 430073, Peoples R China
[3] Nanjing Agr Univ, Dept Finance, Coll Finance, 1 Weigang, Nanjing 210095, Peoples R China
来源：
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2021年 / 74卷
基金：
中国国家自然科学基金;
关键词：
Financial expert CEO; Innovation; Behavioural consistency; WORK EXPERIENCE; DARK SIDE;
D O I：
10.1016/j.iref.2021.01.018
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We examine the relationship between chief executive officers (CEOs) and firm innovation. Using CEO individual-level and firm-level data across the Chinese A-share market from 2008 to 2015, a Poisson model estimation shows that financial expert CEOs have significant negative impacts on firm innovation. Financial expert CEOs have caused a 17.5% decrease in the firm innovation level. We argue that the negative effect is due to the crowding-out effect of additional financial investments, which is facilitated by the CEOs' behavioral consistency. Our study sheds light on exploring CEOs' behavioral idiosyncrasy on firms' nonfinancial performance.
引用
收藏
页码：81 / 102
页数：22
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