https://scholars.lib.ntu.edu.tw/handle/123456789/625762
標題: | No new tricks for old dogs? Old directors and innovation performance | 作者: | Huang Y.-H Liang W.-L Truong Q.-T YAN-ZHI WANG |
關鍵字: | Board of directors; Innovation; Patent | 公開日期: | 2022 | 卷: | 179 | 來源出版物: | Technological Forecasting and Social Change | 摘要: | This paper examines whether old directors improve or impede corporate innovation performance, which is measured by patent citations. We find that the U.S. listed firms with a higher percentage of old directors tend to be more engaged in innovation activities. After adopting the sudden deaths and unexpected retirements of old directors to address potential endogeneity issue, our results remain robust. Our results support the failure tolerance hypothesis that firms with old directors, who are more experienced, are more tolerant of failure in innovation activities, resulting in superior innovation performance. We further find that the positive impact of older directors on innovation is stronger for firms with less experienced board members, low meeting frequency of boards, lower institutional ownership, CEO duality, and/or a less competitive product market. © 2022 |
URI: | https://www.scopus.com/inward/record.uri?eid=2-s2.0-85127825589&doi=10.1016%2fj.techfore.2022.121659&partnerID=40&md5=ee54b640286f3239873e1e4696ef2642 https://scholars.lib.ntu.edu.tw/handle/123456789/625762 |
ISSN: | 00401625 | DOI: | 10.1016/j.techfore.2022.121659 | SDG/關鍵字: | Board members; Boards of directors; Corporate innovation; Endogeneity; Failure tolerance; Innovation; Innovation activity; Innovation performance; Patent citation; Sudden deaths |
顯示於: | 財務金融學系 |
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