CEO personal experiences and innovation conservatism: Evidence from China
研究发现CEO的饥荒和军旅经历会抑制企业创新，前者通过降低研发投入和效率，后者主要通过减少科研人员，为理解企业创新差异提供了高管个人经历视角。
Abstract Research question/issue This paper studies the relationship between chief executive officers' (CEOs) personal experiences and corporate innovation in China. Research findings/insights We find that CEOs' famine and military experiences adversely impact firm innovation outcomes. In particular, our channel tests show that CEOs with famine experience adversely affect firm innovation by reducing both R&D expenditures and innovation efficiency, whereas CEOs with military experience hinder innovation mainly by reducing research staff. Theoretical/academic implications Our results imply that innovation conservatism in some firms may be partly explained by individual CEO's early‐life personal experiences. Our study thus has broader implications for the differences in management style across corporate executives who go through different experiences. Practitioner/policy implications Our findings provide important insights for policy makers, suggesting that they should consider CEOs' early‐life exposure to different experiences as important “soft information” when evaluating firms' innovation potential for government subsidies.