Top Management Human Capital, Inventor Mobility, and Corporate Innovation
利用面板数据和管理质量因子，研究发现高层管理质量显著影响企业创新投入与产出，且管理质量高的企业更倾向风险性探索创新，并通过雇佣更多高质量发明者实现更高创新产出。
Using panel data on top management characteristics and a management quality factor constructed using common factor analysis on individual management quality measures, we analyze the relation between top firm management quality and corporate innovation input and output. We show that top management quality is an important determinant of corporate innovation, with individual aspects of management quality affecting innovation in younger and older firms differently. Further, firms with higher top management quality engage in more risky (“explorative”) innovation strategies. Finally, hiring more and higher-quality inventors is an important channel through which firms with higher management quality achieve greater innovation output.