Pilot CEOs and corporate innovation

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• 作者：Jayanthi Sunder^a ; Shyam V. Sunder^a ; Jingjing Zhang^b ; ^{jingjing.zhang@mcgill.ca}
• 关键词：G32 ; G34 ; J24 ; O31
• 刊名：Journal of Financial Economics
• 出版年：2017
• 出版时间：January 2017
• 年：2017
• 卷：123
• 期：1
• 页码：209-224
• 全文大小：576 K
• 卷排序：123

文摘

We find evidence that chief executive officers’ (CEOs’) hobby of flying airplanes is associated with significantly better innovation outcomes, measured by patents and citations, greater innovation effectiveness, and more diverse and original patents. We rule out alternative explanations, leading us to conclude that CEO pilot credentials capture the personality trait of sensation seeking. Sensation seeking combines risk taking with a desire to pursue novel experiences and has been associated with creativity. Our evidence highlights sensation seeking as a valuable personality trait that can be used to identify CEOs who are likely to drive innovation success.