@article{55670ba8ad374e5c9a6d466e15692a86,
title = "Award-winning CEOs and corporate innovation",
abstract = "We examine the role of award-winning CEOs in corporate innovative activities. We find no significant difference in innovation outputs between firms of media award-winning CEOs and a matched sample of predicted winners. However, firms headed by winners of non-media awards generate significantly more patents and citations in the second and third year after the award. Firms led by CEO-winners of media awards attract more interest in Google and see an increase in the number of financial analysts that follow them. These effects likely exert more pressure on managers to meet short-term goals and hence impede the firms{\textquoteright} innovation. We do not find the same effects for firms that have CEOs who win non-media awards. The latter category sees an improvement in employee treatment following the award year. These different channels explain why innovation only increases for firms that are headed by CEOs who win non-media awards.",
keywords = "CEO attribute, CEO personal award, Innovation, Media award, Non-media award",
author = "Pham, {Mia Hang} and Yulia Merkoulova and Chris Veld",
note = "Funding Information: We thank Jing Ao, Hue Hwa Au Yong, Bala Balachandran, Jeff Borland, Christine Brown, Stephen Brown, Candie Chang, Xin (Simba) Chang, John Chu,Yangyang Chen, Abe de Jong, Dionysia Dionysiou, Ying Dou, Marie Dutordoir, Bart Frijns, Philip Gharghori, Alan Goodacre, Vidhan Goyal, Philip Gray, Patrick Herbst, Kai Li, Ben Marshall, Harvey Nguyen, Lily Nguyen, Nick Nguyen, Edward Podolski, Joshua Shemesh, Isaac Tabner, Nuttawat Visaltanachoti, Xinxin Wang, K.C. John Wei, Barry Williams, Jin Yu, Emma Zhang, Wenrui Zhang, and seminar participants at Monash University, University of Stirling, and conference participants at the New Zealand Finance Colloquium (Palmerston North, February 2018), the Monash Q-Group Colloquium (Melbourne, March 2018), the Financial Markets and Corporate Governance Conference (Melbourne, April 2018), the Behavioural Finance and Capital Markets Conference (Melbourne, September 2018), the New Zealand Finance Meeting (Queenstown, December 2018), and the Financial Management Association (FMA) Annual Meeting (New Orleans, October 2019) for their helpful comments. Special thanks go to four anonymous referees and to Geert Bekaert, the Editor, for generous comments and suggestions. We thank Noah Stoffman, Michael Woeppel, and Deniz Yavuz for generously sharing the data which is employed in their paper (i.e. Stoffman et al. 2022). Blake Loriot, Xiangpei Zhang, Cuong Phan, and Anne Ritter provided timely and excellent research assistance. This paper was the semi-finalist for the Best Paper Award at the 2019 FMA Annual Meeting. Publisher Copyright: {\textcopyright} 2023",
year = "2024",
month = feb,
doi = "10.1016/j.jbankfin.2023.107075",
language = "English",
volume = "159",
journal = "Journal of Banking and Finance",
issn = "0378-4266",
publisher = "Elsevier",
}