Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/43747
Title: Does managerial ability facilitate corporate innovative success?
Authors: Chen, Y 
Podolski, EJ
Veeraraghavan, M
Keywords: Citations
Corporate innovation
G30
M12
Managerial ability
O31
Patents
Issue Date: 2015
Publisher: North-Holland
Source: Journal of empirical Finance, 2015, v. 34, p. 313-326 How to cite?
Journal: Journal of empirical finance 
Abstract: 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.
URI: http://hdl.handle.net/10397/43747
ISSN: 0927-5398
DOI: 10.1016/j.jempfin.2015.08.002
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