|
|
|
| Diversification or Specificity? |
| Hao Panpan1,Zhang Xindong2,He Yanan1 |
| (1.School of Accounting, Shanxi University of Finance and Economics; 2.School of Economics and Management, Shanxi University, Taiyuan 030006, China) |
|
|
|
|
Abstract Diversification or specificity of executive career path, which can improve enterprise innovation? By manually collating the data of CEO career background, through static panel regression, dynamic DID analysis and tool variable 2SLS analysis, it is concluded that the diversified career path of CEO can improve the innovation investment. From the perspective of CEO external selection in the labor market level, we find that the failure tolerance mechanism is the influence channel; we divide industry leaders and followers according to the characteristics of the enterprise, and find information learning mechanism is the influence channel. Finally, by the whole process test from innovation input to output, the diversified career path of CEO will improve the quantity and quality of patent output which lags behind two years through innovation input.
|
|
Received: 09 August 2019
|
|
|
|
|
|
| [1] GALASSO A, SIMCOE T S. CEO overconfidence and innovation [J]. Managment Science, 2011, 57(8): 1469-1484.[2] DAVID H, ANGIE L, SIEW H T. Are overconfident CEOs better innovators [J]. The Journal of Finance, 2012, 67(4): 1457-1498.[3] LDTKE J P, LTHJE C. The impact of overconfidence on the evaluation of innovations, social science research network[C]. Working Paper, 2012.[4] HERZ H, SCHUNK D, ZEHNDER C. How do judgmental overconfidence and overoptimism shape innovative activity [J]. Games & Economic Behavior, 2013, 83(1): 1-23.[5] CHANG S C, WONG Y J, LEE C Y. Does CEO overconfidence influence a firm's ambidextrous balance of innovation Social Science Research Network[C].Working Paper, 2015.[6] 易靖韬,张修平,王化成.企业异质性、高管过度自信与企业创新绩效[J].南开管理评论,2015 (6):101-112.[7] 于长宏, 原毅军.CEO过度自信与企业创新[J].系统工程学报,2015 (5):636-641.[8] 张信东, 郝盼盼. 企业创新投入的原动力: CEO个人品质还是早年经历——基于CEO过度自信品质与早年饥荒经历的对比[J]. 上海财经大学学报, 2017, 19(1): 61-74.[9] 郝盼盼, 张信东. 融资约束下CEO过度自信是否会导致企业R&D投资扭曲[J]. 科技进步与对策, 2017, 34(2): 147-152.[10] 张信东, 吴静. 海归高管能促进企业技术创新吗[J]. 科学学与科学技术管理, 2016 (1): 115-128.[11] 沈艺峰, 王夫乐, 陈维. “学院派”的力量:来自具有学术背景独立董事的经验证据[J]. 经济管理, 2016 (5): 176-186.[12] SUNDER J, SUNDER S V, ZHANG J. Pilot CEOs and corporate innovation[J]. Journal of Financial Economics, 2016, 123(1): 209-224.[13] BARKER V L, MUELLER G C. CEO characteristics and firm R&D spending[J].Management Science, 2002,48(6): 782-801. [14] 康华, 王鲁平, 康健. 基于高阶理论的企业家特征与研发支出关系研究 [J].经济经纬,2012 (6): 82-86.[15] 胡元木. 技术独立董事可以提高创新产出效率吗——来自中国证券市场的研究 [J].南开管理评论, 2012, 15(2): 136-142.[16] 韩忠雪, 崔建伟, 王闪. 技术高管提升了企业技术效率吗[J].科学学研究, 2014, 32(4): 559-569.[17] 韩忠雪, 崔建伟. 技术高管、制度环境与技术效率[J].软科学, 2015,29(3): 33-37.[18] 郝盼盼，张信东，贺亚楠. 晋升越快越好吗——CEO 早年晋升经历与企业创新投资[J].当代财经,2018 (12):65-76.[19] BECKER G S. Habits, addictions, and traditions[J]. Kyklos,1992, 45(3):327-345.[20] ELDER G H, GIMBEL C, IVIE R. Turning points in life: the case of military service and war[J]. Military Psychology, 2013, 3(4): 215-231.[21] FONDAS N, WIERSEMA M. Changing of the guard: the influence of CEO socialization on strategic change[J]. Journal of Management Studies, 1997, 34(4):561-584.[22] LERNER J, WULF J. Innovation and incentives: evidence from corporate R&D[J]. Review of Economics and Statistics，2007, 89(4): 634-644.[23] MANSO G. Motivating innovation[J].Journal of Finance, 2011, 66(5): 1823-1869.[24] TIAN X, WANG T. Tolerance for failure and corporate innovation[J]. Review of Financial Studies, 2014, 27：211-255.[25] CUSTODIO C, FERREIRA M A, MATOS P. Do general managerial skills spur innovation social science research network[C].Working Paper, 2015.[26] RYAN H E, WANG L. CEO Mobility and the CEO-firm match: evidence from CEO employment History[EB /OL]. https: / /papers．ssrn．com /sol3 /papers．cfm abstract_id = 1772873, 2012-07-18.[27] CROSSLAND C, ZYUNG J, HILLER N J et al. CEO career variety: effects on firm-level strategic and social Novelty[J]. Academy of Management Journal, 2014, 57(3): 652-674.[28] 孟祥展, 张俊瑞, 白雪莲. 外聘CEO职业经历、任期与公司经营战略变革的关系[J].管理评论, 2018,30(8): 168-181.[29] FISKE S T, TAYLOR S E．Social cognition，2nd[M]. New York: McGraw-Hill,1991.[30] SCHWENK C R. The cognitive perspective on strategic decision making[J].Journal of Management Studies, 1988, 25(1): 41-55.[31] BIKHCHANDANI S，HIRSHLEIFER D，WELCH I. Learning from the behavior of others: conformity，fads, and informational cascades[J].Journal of Economic Perspectives, 1998, 12(3):151- 170.[32] BERKOWITZ M K， KOTOWITZ Y. Incentives and efficiency in the market for management services: a study of canadian mutual funds[J]. Canadian Journal of Economics，1993，26(4):850 -866.[33] CUSTDIO C, M FERREIRA, P MATOS. Generalists versus specialists: lifetime work experience and chief executive officer pay[J]. Journal of Financial Economics, 2013, 108:471-492.[34] BROWN J R, FAZZARI B C PETERSEN.Financing innovation and growth: cash flow, external equity, and the 1990s R&D boom[J].Journal of Finance,2009,(64):151-185.[35] HARLEY E R, WANG L L. The variety of CEO experience and CEO-Firm Match: Evidence from CEO employment history[M].Social Science Electronic Publishing,2011.[36] 张信东, 于静. 企业投资主导要素研究[J].科研管理, 2018(2): 125-134.[37] KEDIA S,RAJGOPAL S.Neighborhood matters:the impact of location on broad-based stock option plans[J].Journal of Financial Economics,2009,92(8): 109-127.[38] OYER P. Why do firms use incentives that have no incentive effects [J]. Journal of Finance,2004,59(9):1619-1649.[39] 陆蓉, 王策, 邓鸣茂. 我国上市公司资本结构“同群效应”研究[J].经济管理, 2017 (1): 181-194.[40] LEWBEL A. Constructing instruments for regressions with measurement error when no additional data are available, with an application to patents and R&D[J]. Econometrica,1997,65(5):1201-1213.[41] 郝颖, 刘星, 林朝南. 我国上市公司高管人员过度自信与投资决策的实证研究[J].中国管理科学, 2005, 13(5): 142-148. |
|
|
|
