Abstract
This paper investigates the effectiveness of founder CEOs on firm innovation. We examine our research question using the number of patent citations as a proxy for firm innovation and a novel dataset of founder CEOs in S&P 1,500 firms over a 15-year period from 1994 to 2008. Our main results show that a founder CEO is associated with an increase in citations, suggesting that founder CEOs are more effective in stimulating innovation compared to professional CEOs. Overall, these findings support the argument that a founder CEO plays an important role in facilitating firm innovation through more risk-taking.
| Original language | English |
|---|---|
| Pages (from-to) | 426-448 |
| Number of pages | 23 |
| Journal | Asia-Pacific Journal of Financial Studies |
| Volume | 47 |
| Issue number | 3 |
| DOIs | |
| Publication status | Published - 2018 Jun |
Bibliographical note
Publisher Copyright:© 2018 Korean Securities Association
All Science Journal Classification (ASJC) codes
- Finance