In China, scholar-turned businessmen are not uncommon, but few researches focus on the economic consequences of this phenomenon. Based on the data of A-share listed companies in China from 2008 to 2016, this paper studies the influence of managerial academic experiences on innovation. The study finds that: (1) Managerial academic experiences can spur innovation. This conclusion is still valid after being tested by various methods. (2) For the direct influence, managerial academic experiences directly promote enterprise innovation by promoting human capital. The study finds that a good atmosphere of innovation will strengthen the positive effect of managerial academic experience in corporate innovation. When the state-owned equity is high, the positive effect of managerial academic experiences on corporate innovation will be weakened. We also further examine the impact of academic experiences of key position executives on corporate innovation. When the executive with academic experiences is the chairman or CEO, the positive impact of managerial academic experiences on corporate innovation is more pronounced. In addition, the background of the chairman’s technical background will strengthen the positive effect of academic experiences on corporate innovation. (3) We also examine the indirect impact mechanism of the information effect from managerial academic experiences. We find that managerial academic experiences reduce information asymmetry and attract more analysts to track, thus promoting corporate innovation. (4) We further discuss the impact of non-" specialist” academic experiences on corporate innovation. The study finds that non-" specialist” executives’ academic experiences will also have a positive impact on corporate innovation. This study examines the influence mechanism of managerial academic experiences on enterprise innovation, expands the connotation of the upper echelons theory, and provides micro empirical support for the government to accelerate the implementation of innovation-driven development strategy. According to the research findings of this paper, the following policy recommendations are proposed: In order to accelerate the implementation of innovation-driven development strategy, the scope of application of " enterprises for holding the post of university scientific research personnel” can be expanded from the current " specialized technical personnel” to " enterprises with higher professional knowledge and necessary business and management ability for holding the post”, so as to give full play to the innovation vitality of talents with academic experiences.
Do Scholar-Turned Businessmen Spur Corporate Innovation?
Journal of Finance and Economics Vol. 45, Issue 05, pp. 111 - 124 (2019) DOI:10.16538/j.cnki.jfe.2019.05.009
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Cite this article
Huang Can, Nian Rongwei, Jiang Qingshan, et al. Do Scholar-Turned Businessmen Spur Corporate Innovation?[J]. Journal of Finance and Economics, 2019, 45(5): 111-124.
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