Innovation effects of academic executives: Evidence from China |
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| Institution: | 1. Undergraduate College, National University of Defense Technology, Changsha, Hunan 410073, China;2. Economics and Management School, Wuhan University, Wuhan, Hubei 430072, China;3. Institute of Quantitative & Technological Economics, Chinese Academy of Social Sciences, Beijing 100732, China;1. National University of Ireland Galway and Whitaker Institute for Innovation and Societal Change, Galway, Ireland;2. Department of Health Services Research and Policy, London School of Hygiene & Tropical Medicine, London, UK;1. Foundation Professor of Public Policy and Management, School of Public Affairs, Global Center for Technology Transfer, Arizona State University, United States of America;2. Professor of Open & Collaborative Innovation, Eindhoven University of Technology, Netherlands;3. Innovation & Entrepreneurship, University of Copenhagen, Denmark;4. University of California, Berkeley, United States of America;5. Graham Professor of Strategy and Organization, Alberta School of Business, University of Alberta, Canada;6. Distinguished Chair Professor, School of Public Policy and Management, Schwarzman College, Tsinghua University, China;1. Department of Agricultural Economics, Statistic and Business Management, Technical University of Madrid, Spain;2. Department of Business Administration, IS-FOOD Research Institute, Public University of Navarre, Spain;3. Kent Business School, University of Kent, United Kingdom;1. Rotman School of Management, University of Toronto, Canada;2. Smith School of Business, Queen''s University, Canada;3. Degroote School of Business, McMaster University, Canada |
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| Abstract: | Since the 1980s, policy reforms have been undertaken in China to gradually promote entrepreneurship of academic researchers. Based on manually collected data on academic executives (defined as either chairperson of the board or CEO, who had an academic title), we investigate the effects of academic executives on corporate technological capabilities and innovation performance among Chinese listed manufacturing firms from 2001 to 2015. Our results demonstrate that firms with academic executives are more likely to implement technological advancement strategies by increasing firm basic research, collaborating with outside institutions, and providing incentives to knowledge workers. Consequently, they have enhanced technological capabilities, as well as a higher quantity and quality of innovation output. In addition, firms with academic executives are more likely to have better financial performance regarding sales and profitability and keep a higher proportion of profits inside the firm to reinvest. The identification of the causal effects of academic executives relies on top executive turnover within firms and the propensity score matching strategy. Further analysis demonstrates that the effects of academic executives are more pronounced when they have a higher academic title, administrative experience, and a specialization in sciences. Our findings suggest that promoting entrepreneurship of academic researchers is an effective way of diffusing and utilizing knowledge, and it provides an internal driving force for the enhancement of corporate technological capabilities, which is crucial for technological catch-up of firms in latecomer countries. |
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