Do General Managerial Skills Spur Innovation?

被引：292
|
作者：
Custodio, Claudia [1 ,2 ,3 ]
Ferreira, Miguel A. [2 ,3 ,4 ]
Matos, Pedro [3 ,5 ]
机构：
[1] Imperial Coll London, Imperial Coll Business Sch, London SW7 2AZ, England
[2] Ctr Econ Policy Res, London EC1V 3PZ, England
[3] European Corp Governance Inst, B-1050 Brussels, Belgium
[4] Nova Sch Business & Econ, P-1099032 Lisbon, Portugal
[5] Univ Virginia, Darden Sch Business, Charlottesville, VA 22906 USA
来源：
MANAGEMENT SCIENCE | 2019年 / 65卷 / 02期
基金：
欧洲研究理事会;
关键词：
general human capital; innovation; patents; R&D; risk taking; RESEARCH-AND-DEVELOPMENT; CEO CHARACTERISTICS; EMPIRICAL-ANALYSIS; CORPORATE; MARKET; INCENTIVES; OVERCONFIDENCE; LOCATION; MERGERS; RISK;
D O I：
10.1287/mnsc.2017.2828
中图分类号：
C93 [管理学];
学科分类号：
12 ; 1201 ; 1202 ; 120202 ;
摘要：
We show that firms with chief executive officers (CEOs) who gain general managerial skills over their lifetime of work experience produce more patents. We address the potential endogenous CEO-firm matching bias using firm-CEO fixed effects and variation in the enforceability of noncompete agreements across states and over time during the CEO's career. Our findings suggest that generalist CEOs spur innovation because they acquire knowledge beyond the firm's current technological domain, and they have skills that can be applied elsewhere should innovation projects fail. We conclude that an efficient labor market for executives can promote innovation by providing a mechanism of tolerance for failure.
引用
收藏
页码：459 / 476
页数：18
相关论文
共 50 条
  • [21] Managerial Risk, Innovation, and Organizational Decline
    Latham, Scott F.
    Braun, Michael
    JOURNAL OF MANAGEMENT, 2009, 35 (02) : 258 - 281
  • [22] Does the media spotlight burn or spur innovation?
    Dai, Lili
    Shen, Rui
    Zhang, Bohui
    REVIEW OF ACCOUNTING STUDIES, 2021, 26 (01) : 343 - 390
  • [23] Impact of managerial skills and ties on business model innovation: the role of exploitative and explorative learning
    Bashir, Makhmoor
    Naqshbandi, M. Muzamil
    Yousaf, Anish
    LEADERSHIP & ORGANIZATION DEVELOPMENT JOURNAL, 2023, 44 (02) : 240 - 259
  • [24] Public procurement as an innovation policy: Where do we stand?
    Chiappinelli, Olga
    Giuffrida, Leonardo M.
    Spagnolo, Giancarlo
    INTERNATIONAL JOURNAL OF INDUSTRIAL ORGANIZATION, 2025, 100
  • [25] Curvilinear effect of economic policy uncertainty on innovation in Chinese manufacturing firms: do managerial pay gaps matter?
    Zhong, Xi
    Chen, Weihong
    Ren, Ge
    CHINESE MANAGEMENT STUDIES, 2023, 17 (04) : 701 - 717
  • [26] Antitakeover provisions, managerial entrenchment and firm innovation
    Chakraborty, Atreya
    Rzakhanov, Zaur
    Sheikh, Shahbaz
    JOURNAL OF ECONOMICS AND BUSINESS, 2014, 72 : 30 - 43
  • [27] Do corporate taxes hinder innovation?
    Mukherjee, Abhiroop
    Singh, Manpreet
    Zaldokas, Alminas
    JOURNAL OF FINANCIAL ECONOMICS, 2017, 124 (01) : 195 - 221
  • [28] Managerial incentives, CEO characteristics and corporate innovation in China's private sector
    Lin, Chen
    Lin, Ping
    Song, Frank M.
    Li, Chuntao
    JOURNAL OF COMPARATIVE ECONOMICS, 2011, 39 (02) : 176 - 190
  • [29] The dark side of CEO ability: CEO general managerial skills and cost of equity capital
    Mishra, Dev R.
    JOURNAL OF CORPORATE FINANCE, 2014, 29 : 390 - 409
  • [30] How Do Agglomeration Externalities and Workforce Skills Drive Innovation? Empirical Evidence from Italy
    Castellano, Rosalia
    Musella, Gaetano
    Punzo, Gennaro
    JOURNAL OF THE KNOWLEDGE ECONOMY, 2024, 15 (02) : 6737 - 6760
12345