CEOs’ uncommon names and corporate innovation

Yuqi Gu

Cogent Economics & Finance, 2022, vol. 10, issue 1, 2147646

Abstract: I study the relationship between a Chief Executive Officer (CEO)’s uncommon name and corporate innovation. Consistent with the view that individuals with uncommon names prefer being distinctive, I document a significant positive relationship between CEO name uncommonness and corporate innovation quantity but not quality. To mitigate endogeneity concerns, I use the death of the CEO as a plausible exogenous shock and find results are robust in the difference-in-differences setting. I further show that the impact on innovation output is concentrated in the areas that are well-known to the company, of low economic value, and have a low scientific impact. Overall, the findings presented in this paper suggests that the heightened innovation activities by uncommonly named CEO exacerbate the investment distortions.

Date: 2022
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DOI: 10.1080/23322039.2022.2147646

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