Do General Managerial Skills Spur Innovation?

被引：284
|
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.
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页码：459 / 476
页数：18
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