CEO Stock Price Crash Experience and Corporate Innovation
Based on the risk aversion hypothesis and the law of sensory adaptation,this paper analyzes the relationship be-tween CEO stock price crash experience and corporateinnovation,and discusses the moderating effects of relationship be-tween external environment(financing constraint)and internal resources(organizational redundancy).Using data from A-share listed companies from 2007 to 2017,the following research conclusions were obtained:The experience of CEO stock price crash inhibits corporate innovation;In companies with higher external financing constraints and more abundant inter-nal redundant resources,the negative impact of CEO stock price crash experience on corporate innovation is stronger.After the robustness test,the above conclusion still holds.The research conclusions have important reference and enlightenment significance for listed companies to formulate scientific and reasonable CEO appointment system,strengthen corporate gov-ernance and promote CEO to initiate and implement corporate innovation.
CEO stock price crash experiencecorporate innovationfinancing constraintsorganizational redundancy
国家科技期刊平台
NSTL
万方数据
维普
