Are Inventors Better CEOs? Evidence from China

Qifeng Zhao, Qianfeng Luo, Long Wang and Wenyin Chen
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Qifeng Zhao: Institute of Quantitative & Technological Economics, Chinese Academy of Social Sciences, Beijing, China
Qianfeng Luo: Rural Development Institute, Chinese Academy of Social Sciences,Beijing, China
Long Wang: China Institute for Educational Finance Research, Peking University,Beijing, China
Wenyin Chen: Institute of Developing Economies, Japan External Trade Organization, Chiba, Japan
Authors registered in the RePEc Author Service: Wenyin Cheng

Review of Economic Assessment, 2023, vol. 2, issue 1, 1-24

Abstract: This study investigates the impact of inventor CEOs on firm performance using a manually collected database of firms' inventors. Our findings reveal that, on average, firms with inventor CEOs experience a one- and two-percentage-point increase in ROA and ROE, respectively, compared to firms with noninventor CEOs. To address potential endogeneity issues, we employ turnover analysis, an instrumental variable approach, and propensity score matching. The estimation results suggest that inventor CEOs significantly enhance firm performance by fostering innovation and total factor productivity. This research contributes novel evidence on the relationship between inventor CEOs and firm performance.

Keywords: Inventor CEOs; Firm performance; Patents; Innovation efficiency; Total factor productivity (search for similar items in EconPapers)
Date: 2023
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