Founder CEOs and innovation: Evidence from CEO sudden deaths in public firms
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Lee, Joon Mahn | - |
dc.contributor.author | Kim, Jongsoo | - |
dc.contributor.author | Bae, Joonhyung | - |
dc.date.accessioned | 2021-08-31T11:26:15Z | - |
dc.date.available | 2021-08-31T11:26:15Z | - |
dc.date.created | 2021-06-18 | - |
dc.date.issued | 2020-02 | - |
dc.identifier.issn | 0048-7333 | - |
dc.identifier.uri | https://scholar.korea.ac.kr/handle/2021.sw.korea/57810 | - |
dc.description.abstract | Using a unique dataset on U.S. publicly listed firms that experienced sudden deaths of CEOs during the 1979-2002 period, this paper investigates the relationship between founder CEOs and innovation in public firms. Our main results show that the exogenous change from a founder CEO to a professional CEO is associated with a 43.8% decrease in a firm's citation-weighted patent count, even when controlling for R&D expenditures, suggesting that founder CEOs are better managers of innovations than professional CEOs. To better understand the relationship, we also explore plausible mechanisms that may underlie this relationship. Our analyses show that founder-CEO-managed firms are more likely to generate innovations at the both tails of innovations' quality distribution (highest and lowest quality patents) and explorative patents than professional-CEO-managed firms. We also determine that change in leadership from a founder CEO to a professional CEO leads employee inventors to leave the firm, suggesting that founder CEOs are better at retaining innovative minds than professional CEOs. However, we do not find evidence that founder-CEO-managed firms allocate more capital to R&D investments than professional-CEO-managed firms. | - |
dc.language | English | - |
dc.language.iso | en | - |
dc.publisher | ELSEVIER | - |
dc.subject | COGNITIVE PERSPECTIVE | - |
dc.subject | MANAGEMENT-RESEARCH | - |
dc.subject | MARKET | - |
dc.subject | EXPLORATION | - |
dc.subject | IMPACT | - |
dc.subject | ENTREPRENEURSHIP | - |
dc.subject | KNOWLEDGE | - |
dc.subject | EXPLOITATION | - |
dc.subject | TECHNOLOGIES | - |
dc.subject | EMBEDDEDNESS | - |
dc.title | Founder CEOs and innovation: Evidence from CEO sudden deaths in public firms | - |
dc.type | Article | - |
dc.contributor.affiliatedAuthor | Lee, Joon Mahn | - |
dc.identifier.doi | 10.1016/j.respol.2019.103862 | - |
dc.identifier.scopusid | 2-s2.0-85071974704 | - |
dc.identifier.wosid | 000504512100015 | - |
dc.identifier.bibliographicCitation | RESEARCH POLICY, v.49, no.1 | - |
dc.relation.isPartOf | RESEARCH POLICY | - |
dc.citation.title | RESEARCH POLICY | - |
dc.citation.volume | 49 | - |
dc.citation.number | 1 | - |
dc.type.rims | ART | - |
dc.type.docType | Article | - |
dc.description.journalClass | 1 | - |
dc.description.journalRegisteredClass | ssci | - |
dc.description.journalRegisteredClass | scopus | - |
dc.relation.journalResearchArea | Business & Economics | - |
dc.relation.journalWebOfScienceCategory | Management | - |
dc.subject.keywordPlus | COGNITIVE PERSPECTIVE | - |
dc.subject.keywordPlus | MANAGEMENT-RESEARCH | - |
dc.subject.keywordPlus | MARKET | - |
dc.subject.keywordPlus | EXPLORATION | - |
dc.subject.keywordPlus | IMPACT | - |
dc.subject.keywordPlus | ENTREPRENEURSHIP | - |
dc.subject.keywordPlus | KNOWLEDGE | - |
dc.subject.keywordPlus | EXPLOITATION | - |
dc.subject.keywordPlus | TECHNOLOGIES | - |
dc.subject.keywordPlus | EMBEDDEDNESS | - |
dc.subject.keywordAuthor | Founder CEOs | - |
dc.subject.keywordAuthor | Innovation | - |
dc.subject.keywordAuthor | Entrepreneurship | - |
dc.subject.keywordAuthor | R& | - |
dc.subject.keywordAuthor | D | - |
dc.subject.keywordAuthor | Risk-taking | - |
dc.subject.keywordAuthor | Natural experiment | - |
Items in ScholarWorks are protected by copyright, with all rights reserved, unless otherwise indicated.
(02841) 서울특별시 성북구 안암로 14502-3290-1114
COPYRIGHT © 2021 Korea University. All Rights Reserved.
Certain data included herein are derived from the © Web of Science of Clarivate Analytics. All rights reserved.
You may not copy or re-distribute this material in whole or in part without the prior written consent of Clarivate Analytics.