Bringing Innovation to Fruition: Insights From New Trademarks
构建了新产品商标数据集作为产品开发创新的产出指标，发现CEO薪酬中的风险承担激励能促进此类创新，进而提升企业未来现金流和资产回报率。
Abstract We build a novel comprehensive data set of new product trademarks as an output measure of product development innovation. We show that risk-taking incentives in CEO compensation motivate this type of innovation and that this innovation improves firm performance. Using an exogenous shock to executive compensation, we find that reductions in stock option compensation cause reductions in new product development. We also find that firms undertaking new product development experience increases in future cash flow from operations and return on assets. These findings suggest the importance of product development innovation to firms and new trademarks as a novel innovation measure.