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Academic CEOs and corporate innovation

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  • George J. Jiang
  • Wenquan Li
  • Yaohua Li
  • He Wang

Abstract

In this article, we examine the impact of academic CEOs (i.e., CEOs with academic experience) on corporate innovation. We find that firms managed by academic CEOs have strong aspirations for innovation and generate more patents with higher citations. We employ exogenous CEO turnover to alleviate endogeneity concerns. In addition, whereas corporate innovation gradually increases following the entry of new academic CEOs, there is a clear decrease in innovation output after the departure of academic CEOs. This net effect concentrates in innovation‐intensive industries. Moreover, academic CEOs enhance innovation by leveraging their network with academic community and ability to secure government funding.

Suggested Citation

  • George J. Jiang & Wenquan Li & Yaohua Li & He Wang, 2025. "Academic CEOs and corporate innovation," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 48(4), pages 1449-1478, December.
    • Handle: RePEc:bla:jfnres:v:48:y:2025:i:4:p:1449-1478
    DOI: 10.1111/jfir.12469
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