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CEO marketing experience and corporate investment efficiency

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  • Qiu, Yingshan
  • Zhang, Jinping
  • Yin, Yunlu

Abstract

This paper investigates how CEO marketing experience shapes corporate investment efficiency. By collecting data on the past work experiences of CEOs from the ExecuComp database and online sources such as LinkedIn, we empirically demonstrate that CEO marketing experience improves investment efficiency of firms, particularly those prone to underinvestment. We further propose that this effect occurs because marketing experience reduces uncertainty about the market dynamics and relational hold-up problem—two primary drivers of underinvestment. Supporting these arguments, we find that the positive influence of CEO marketing experience is more pronounced for firms facing these two problems. The effect remains robust when the propensity score matching approach is utilized to address endogeneity. This study advances upper-echelons research by showing that marketing expertise could also improve efficiency performance, broadening marketing’s strategic value beyond its traditional growth-oriented role.

Suggested Citation

  • Qiu, Yingshan & Zhang, Jinping & Yin, Yunlu, 2026. "CEO marketing experience and corporate investment efficiency," Journal of Business Research, Elsevier, vol. 210(C).
    • Handle: RePEc:eee:jbrese:v:210:y:2026:i:c:s0148296326002201
    DOI: 10.1016/j.jbusres.2026.116185
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