Educate to innovate: STEM directors and corporate innovation

Tien-Shih Hsieh, Jeong-Bon Kim, Ray R. Wang and Zhihong Wang

Journal of Business Research, 2022, vol. 138, issue C, 229-238

Abstract: Using a sample of 14,245 firm-year observations from 2,579 listed firms in the Chinese capital market, this study investigates whether board directors with an educational background in science, technology, engineering, and mathematics (STEM) are associated with greater corporate innovation. The results suggest that such directors have significant beneficial effects on corporate innovation activities. This study provides novel empirical evidence supporting resource dependence theory and extends the labor economics literature regarding the value of STEM graduates for corporate innovation. The findings have significant implications for policymakers and practitioners, showing that firms with a strategic focus on innovation may find it beneficial to appoint more directors with a background in STEM.

Keywords: STEM; Board of directors; STEM directors; Corporate innovation (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jbrese:v:138:y:2022:i:c:p:229-238

DOI: 10.1016/j.jbusres.2021.09.022

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