Award-winning CEOs and corporate innovation

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dc.citation.volume159
dc.contributor.authorPham MH
dc.contributor.authorMerkoulova Y
dc.contributor.authorVeld C
dc.date.accessioned2024-07-15T03:08:44Z
dc.date.available2024-07-15T03:08:44Z
dc.date.issued2024-12-23
dc.description.abstractWe examine the role of award-winning CEOs in corporate innovative activities. We find no significant difference in innovation outputs between firms of media award-winning CEOs and a matched sample of predicted winners. However, firms headed by winners of non-media awards generate significantly more patents and citations in the second and third year after the award. Firms led by CEO-winners of media awards attract more interest in Google and see an increase in the number of financial analysts that follow them. These effects likely exert more pressure on managers to meet short-term goals and hence impede the firms’ innovation. We do not find the same effects for firms that have CEOs who win non-media awards. The latter category sees an improvement in employee treatment following the award year. These different channels explain why innovation only increases for firms that are headed by CEOs who win non-media awards.
dc.description.confidentialfalse
dc.edition.editionFebruary 2024
dc.identifier.citationPham MH, Merkoulova Y, Veld C. (2024). Award-winning CEOs and corporate innovation. Journal of Banking and Finance. 159.
dc.identifier.doi10.1016/j.jbankfin.2023.107075
dc.identifier.elements-typejournal-article
dc.identifier.issn0378-4266
dc.identifier.number107075
dc.identifier.urihttps://mro.massey.ac.nz/handle/10179/70182
dc.languageEnglish
dc.publisherElsevier B.V.
dc.publisher.urihttps://www.sciencedirect.com/science/article/pii/S0378426623002704
dc.relation.isPartOfJournal of Banking and Finance
dc.rights(c) 2023 The Author/s
dc.rightsCC BY 4.0
dc.rights.urihttps://creativecommons.org/licenses/by/4.0/
dc.subjectMedia award
dc.subjectNon-media award
dc.subjectInnovation
dc.subjectCEO personal award
dc.subjectCEO attribute
dc.titleAward-winning CEOs and corporate innovation
dc.typeJournal article
pubs.elements-id485304
pubs.organisational-groupOther
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