Unternehmensleitung und Innovationserfolg / Corporate Management and Innovation
This article compares the innovative activity of managerial and owner-led firms. The incentives to innovate for managers depend on a trade-off: While the risk associated with innovative activities is a negative stimulus, the possible sales growth in case of success is a positive incentive. In light of this conflicting incentives, we investigate empirically whether firms led by owners or by managers are more innovative. By use of a sample of 2,018 observations at the firm level we show that owner-led firms achieve less sales with new products than others.
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Volume (Year): 223 (2003)
Issue (Month): 6 (December)
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