Inventor CEOs |
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| Institution: | 1. Department of Banking and Finance, Monash University, Clayton, VIC 3800, Australia;2. UNSW Business School, UNSW Sydney, NSW, 2052, Australia;1. Department of Finance, National Chengchi University, Taiwan;2. Department of Finance, National Taiwan University, Taiwan;3. Division of Banking and Finance, Nanyang Business School, Nanyang Technological University, Singapore;4. Department of Finance, National Central University, Taiwan;1. School of Economics, Peking University, No.5 Yiheyuan Road Haidian District, Beijing 100871, PR China;2. The Center for Economic Research, Shandong University, 27 Shanda Nanlu, Jinan 250100, PR China;1. Department of Finance, HKUST Business School, Lee Shau Kee Campus, Clear Water Bay, New Territories, Hong Kong;2. Area of Finance, Scheller College of Business, Georgia Institute of Technology, 800 West Peachtree Street, N.W., Atlanta, GA 30308, USA;1. Korea University Business School, Korea University, Republic of Korea;2. School of Business, Hong Kong Baptist University, Hong Kong;3. School of Business Administration and Graduate School of Technology and Innovation Management, Ulsan National Institute of Science and Technology, Republic of Korea |
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| Abstract: | One in five U.S. high-technology firms are led by CEOs with hands-on innovation experience as inventors. Firms led by “Inventor CEOs” are associated with higher quality innovation, especially when the CEO is a high-impact inventor. During an Inventor CEO's tenure, firms file a greater number of patents and more valuable patents in technology classes where the CEO's hands-on experience lies. Utilizing plausibly exogenous CEO turnovers to address the matching of CEOs to firms suggests these effects are causal. The results can be explained by an Inventor CEO's superior ability to evaluate, select, and execute innovative investment projects related to their own hands-on experience. |
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