Founder CEOs and innovation: Evidence from CEO sudden deaths in public firms
Abstract
Using a unique dataset on U.S. publicly listed firms that experienced sudden deaths of CEOs during the 1979–2002 period, this paper investigates the relationship between founder CEOs and innovation in public firms. Our main results show that the exogenous change from a founder CEO to a professional CEO is associated with a 43.8% decrease in a firm's citation-weighted patent count, even when controlling for R&D expenditures, suggesting that...
Paper Details
Title
Founder CEOs and innovation: Evidence from CEO sudden deaths in public firms
Published Date
Feb 1, 2020
Journal
Volume
49
Issue
1
Pages
103862 - 103862
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