Do Better-Connected CEOs Innovate More?
研究发现CEO的人脉网络能促进企业创新，因为网络既提供信息帮助识别和评估创新想法，又提供劳动力市场保险减轻职业担忧，从而缓解CEO对风险的回避。
Abstract We present evidence suggesting that chief executive officer (CEO) connections facilitate investments in corporate innovation. We find that firms with better-connected CEOs invest more in research and development and receive more and higher quality patents. Further tests suggest that this effect stems from two characteristics of personal networks that alleviate CEO risk aversion in investment decisions. First, personal connections increase the CEO’s access to relevant network information, which encourages innovation by helping to identify, evaluate, and exploit innovative ideas. Second, personal connections provide the CEO with labor market insurance that facilitates investments in risky innovation by mitigating the career concerns inherent in such investments.