CTO Network Centrality and Corporate Innovation

Tomas Jandik and Juntai Lu ()
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Tomas Jandik: Walton College of Business, University of Arkansas, Fayetteville, AR 72701, USA
Juntai Lu: College of Business, Auburn University at Montgomery, Montgomery, AL 36117, USA

Quarterly Journal of Finance (QJF), 2024, vol. 14, issue 03, 1-43

Abstract: Social network centrality of chief technology officers (CTOs) affects corporate innovation. Firms with CTOs who are well-connected within the network of all business professionals invest more in research and development (R&D), receive more patents, attract more patent citations, and create more patent value. Besides the effect of the general business network centrality, higher professional network centrality of CTOs (within the network of all other CTOs) also fosters corporate innovation. In addition, firms innovate more and better if CTOs are hired by the incumbent CEOs. Ultimately, R&D investment of companies with high-centrality CTOs enhances firm value.

Keywords: CTOs; social networks; centrality; innovation (search for similar items in EconPapers)
JEL-codes: G30 G40 L14 O31 (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1142/S2010139224500071

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