华侨大学学报（哲学社会科学版）Issue(1)：59-75,17.
CEO股价崩盘经历与企业创新
CEO Stock Price Crash Experience and Corporate Innovation
摘要
Abstract
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.关键词
CEO股价崩盘经历/企业创新/融资约束/组织冗余Key words
CEO stock price crash experience/corporate innovation/financing constraints/organizational redundancy分类
管理科学引用本文复制引用
林春培,曾志盛,朱晓艳,余传鹏..CEO股价崩盘经历与企业创新[J].华侨大学学报（哲学社会科学版）,2024,(1):59-75,17.基金项目
国家自然科学基金面上项目(71974059) （71974059）
华侨大学中央高校基本科研业务费资助项目(22SKGC-QT03) （22SKGC-QT03）
后疫情时代福建中小企业数字化开放式创新对企业敏捷性的影响研究(JAS22014) （JAS22014）
