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The impact of market competition on the relation between CEO power and firm innovation

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  • Sheikh, Shahbaz

Abstract

This study empirically investigates the effect of market competition on the relation between CEO power and firm innovation by explicitly recognizing the endogeneity of CEO power. Results from instrumental variable (IV-GMM) regressions indicate that powerful CEOs produce more patents and citations relative to other CEOs. However, the relation between CEO power and innovation is driven by competition in product markets, as CEO power has a positive and significant effect on innovation only in high competition markets, and is not related to innovation in low competition markets. Overall, the results suggest that product market competition plays an important role in mitigating agency problems, and forces CEOs to use their power in the best interests of the shareholders.

Suggested Citation

  • Sheikh, Shahbaz, 2018. "The impact of market competition on the relation between CEO power and firm innovation," Journal of Multinational Financial Management, Elsevier, vol. 44(C), pages 36-50.
    • Handle: RePEc:eee:mulfin:v:44:y:2018:i:c:p:36-50
    DOI: 10.1016/j.mulfin.2018.01.003
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    22. Kannan-Narasimhan, Rangapriya (Priya) & Wang, Ruixiang & Zhu, Pengcheng, 2023. "Founder versus agent CEOs: Effects of founder status and power on firm innovation and cost of capital," Journal of Business Research, Elsevier, vol. 167(C).
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    More about this item

    Keywords

    Innovation; Patents; Citations; Power; CEO pay slice;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
    • J33 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Compensation Packages; Payment Methods
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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