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Does managerial ability facilitate corporate innovative success?

Chen, Yangyang, Podolski, Edward J and Veeraraghavan, Madhu 2015, Does managerial ability facilitate corporate innovative success?, Journal of empirical finance, vol. 34, pp. 313-326, doi: 10.1016/j.jempfin.2015.08.002.

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Title Does managerial ability facilitate corporate innovative success?
Author(s) Chen, Yangyang
Podolski, Edward J
Veeraraghavan, Madhu
Journal name Journal of empirical finance
Volume number 34
Start page 313
End page 326
Total pages 14
Publisher Elsevier
Place of publication Amsterdam, The Netherlands
Publication date 2015-12-01
ISSN 0927-5398
Keyword(s) Managerial ability
Corperate innovation
patents
Citations
Summary This paper examines whether managerial ability facilitates corporate innovative success. First, we show that managerial ability is positively associated with innovative output. Second, we show that the positive association between managerial ability and innovative output is weaker for older CEOs and managers who stay in the same job for longer, suggesting a preference for a 'quiet life' by long serving CEOs. Third, we find that the equity market values patents generated by more able managers more positively, suggesting that equity holders deem better skilled managers more effective at converting innovative ideas into valuable new products. Finally, we show that managerial ability is positively associated with more 'radical' innovations, which are outside of the firm's knowledge base. Overall, our results suggest that managerial ability is an essential component of corporate innovative success.
Language eng
DOI 10.1016/j.jempfin.2015.08.002
Field of Research 150299 Banking, Finance and Investment not elsewhere classified
1502 Banking, Finance And Investment
1403 Econometrics
Socio Economic Objective 970115 Expanding Knowledge in Commerce
HERDC Research category C1.1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2015, Elsevier
Persistent URL http://hdl.handle.net/10536/DRO/DU:30083378

Document type: Journal Article
Collection: Department of Finance
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