The Exploratory Mindset and Corporate Innovation
研究发现拥有博士学位的CEO（PhD CEO）具有探索性思维，能促进企业产生更新颖、更通用、更具原创性的专利，减少盈余管理，增加研发和联盟投资，并带来更好的长期业绩。
Abstract We propose that chief executive officer (CEO) exploratory mindset (inherent desire to search for novel ideas and long-term orientation) promotes innovation. Firms with CEOs with PhD degrees (PhD CEOs) produce more exploratory patents with greater novelty, generality, and originality. PhD CEOs engage less in managing earnings and stock prices, invest more in research and development (R&D) and alliances, generate higher long-term value of patents, and experience more positive market reactions to R&D alliances. Their firms achieve superior long-run operating performance. They tend to be hired by research-intensive firms with poor financial performance. Evidence from managerial incentive shocks and turnovers suggests that these effects do not derive solely from CEO–firm matching.