Do prosocial CEOs promote innovation?

Anqi Jiao, Juntai Lu, Jia Wei and Wenqiao Zhang

Finance Research Letters, 2023, vol. 55, issue PB

Abstract: In this study, we find robust evidence that firms with prosocial CEOs invent more. Using exogenous CEO turnovers to establish causality, we find a significant increase in the number of patents, citations per patent, and patent value when a non-prosocial CEO is replaced by a prosocial CEO. We further show that prosocial CEOs spark innovation by attracting inventors to join. Finally, we find that the impact of prosocial CEOs on innovation is more pronounced in more innovative and less eco-friendly industries.

Keywords: Prosocial CEO; Corporate innovation; Employee relation (search for similar items in EconPapers)
JEL-codes: G31 G32 G34 M12 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:55:y:2023:i:pb:s1544612323003495

DOI: 10.1016/j.frl.2023.103977

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