Inventor CEOs and Corporate Innovation
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چکیده
One in four U.S. high-tech firms are led by CEOs with hands-on innovation experience as inventors. We show that these “Inventor CEOs” stimulate higher quality firm-level innovation, especially when they have a personal history of high-impact patents. A CEO’s technology-class specific inventor experience also predicts the technology classes in which a firm has its greatest innovation success. Utilizing exogenous CEO turnovers and R&D tax credit shocks to address the endogenous matching of firms with CEOs suggests these effects are causal. One channel through which Inventor CEOs stimulate higher quality innovation is through a superior ability to evaluate innovation-intensive investment opportunities. JEL Classification: G32, G34, J24, l26, O31, O32
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