We examine the role of inventor CEOs—those with personal hands-on experience of innovation—in the financing of innovation. Using a sample of technology initial public offerings (IPOs) in the US, we document t
Corporate innovationInventor CEOsCEO characteristicsManagerial experienceHuman capitalThis paper examines various firm policies that highlight the potential tradeoffs associated with hiring CEOs with hands-on innovation experience. In addition to generating more patents, innovative CEOs also convert those patents...
Surprisingly, however, firms led by inventor CEOs with a higher level of managerial ability realized lower firm innovation. Inventor CEOs with greater general abilities also translate firm innovation into better product-market outcomes and spur more firm innovation under better corporate governance. Our ...