Sun Shujun, Jiang Haiwei
School of Economics, Zhejiang University, Hangzhou, China.
School of International Trade and Economics, Central University of Finance and Economics, Beijing, China.
Front Psychol. 2022 Jul 20;13:874907. doi: 10.3389/fpsyg.2022.874907. eCollection 2022.
Using data of China's listed companies from 2000 to 2016, we employ a staggered difference-in-difference (DID) approach to identify the causal effects of CEO turnover on corporate innovation. First, we find that listed companies with CEO turnover experienced an average increase of 9.5% in the quantity of innovation and 8.9% in innovation quality after the change. The dynamic effect test supports the parallel trend condition, and the placebo test rules out the nonrandom selection issue. Second, the heterogeneity tests show that CEO turnover plays a more prominent role in promoting innovation for listed firms with CEO duality, high financial constraints, and in high-tech industries. Third, CEO turnover affects corporate innovation by driving top management team reorganization and promoting R&D input. This paper has important implications for the understanding of the role of CEO turnover in companies' innovation, as well as for strategy formulation and implementation.
利用2000年至2016年中国上市公司的数据，我们采用交错双重差分法（DID）来识别首席执行官更替对企业创新的因果效应。首先，我们发现，发生首席执行官更替的上市公司在更替后创新数量平均增长了9.5%，创新质量平均增长了8.9%。动态效应检验支持平行趋势条件，安慰剂检验排除了非随机选择问题。其次，异质性检验表明，对于存在首席执行官兼任董事长情况、面临高财务约束以及处于高科技行业的上市公司，首席执行官更替在促进创新方面发挥着更为突出的作用。第三，首席执行官更替通过推动高层管理团队重组和促进研发投入来影响企业创新。本文对于理解首席执行官更替在公司创新中的作用以及战略制定和实施具有重要意义。
