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The Role Of CEO Characteristics In Firm Innovative Performance: A Comparative Analysis Of EU Countries And Russia

Author

Listed:
  • Fernanda Ricotta

    (University of Calabria)

  • Victoria Golikova

    (National Research University Higher School of Economics)

  • Boris Kuznetsov

    (National Research University Higher School of Economics)

Abstract

In this paper, we investigate whether CEO characteristics (owner-manager status, age and gender) influence firm innovative performance and test empirically if the effect differs for market and transition economies. We use cross-sectional data of manufacturing firms in six EU countries and in Russia. To address heterogeneity, we explore innovation performance by size among SMEs and large businesses and by Pavitt sector. In both institutional settings, the presence of a family CEO either has no effect or improves innovative performance. On the contrary, the role of CEO gender is different in Russia and in the EU. In the EU, female CEOs are associated with less innovation, especially in SMEs and in the traditional sector. In Russia, CEO gender is not associated with differences in innovative performance and when it is (for the traditional sector), it favors female-run firms. For CEO age, considering product innovations, the oldest group of CEOs are less active in European firms while mature CEOs are more innovative in Russia.

Suggested Citation

  • Fernanda Ricotta & Victoria Golikova & Boris Kuznetsov, 2021. "The Role Of CEO Characteristics In Firm Innovative Performance: A Comparative Analysis Of EU Countries And Russia," HSE Working papers WP BRP 251/EC/2021, National Research University Higher School of Economics.
    • Handle: RePEc:hig:wpaper:251/ec/2021
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    More about this item

    Keywords

    CEO age; gender; manager-owner status; innovation; manufacturing firms;
    All these keywords.

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General
    • P50 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - General

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