Are Founder CEOs Effective Innovators?

Research output: Contribution to journalArticle


This paper investigates the effectiveness of founder CEOs on firm innovation. We examine our research question using the number of patent citations as a proxy for firm innovation and a novel dataset of founder CEOs in S&P 1500 firms over a 15-year period from 1994 through 2008. Our main results show that a founder CEO is associated with an increase in the citations, suggesting that founder CEOs are more effective in stimulating innovation compared to professional CEOs. Overall, these findings support the argument that a founder CEO plays an important role in facilitating firm innovation through more risk-taking efforts.

Bibliographical metadata

Original languageEnglish
Pages (from-to)426-448
JournalAsia-Pacific Journal of Financial Studies
Issue number3
Early online date31 May 2018
Publication statusPublished - 26 Jun 2018