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    Top Management Quality, Corporate Finance, and Corporate Innovation

    Chemmanur, Thomas J.; Simonyan, Karen | September 2017
    Abstract
    In this paper, we review the theoretical and empirical literature on measuring the top management quality of firms, and its relation to various aspects of corporate financial policies and corporate innovation, and draw policy implications for enhancing corporate innovation. First, we discuss how management quality has been measured in the recent empirical literature. Second, we address theoretical models of the effect of the top management quality of a firm on its corporate financial and investment policies, and on corporate innovation. Third, we consider the recent empirical literature on the relationship between top management quality and the financial and investment policies of a firm, and how these affect the firm’s inputs into innovation, its innovation outputs, and innovation productivity. Fourth, we review the literature on the relationship between a firm’s top management quality, the anti-takeover provisions incorporated into its corporate charter, and corporate innovation. Fifth, we discuss the relationship between venture capital investments in entrepreneurial firms, their top management quality, and innovation by these firms. Sixth, we review the literature on the relationship between top management quality, the going public decisions of entrepreneurial firms, and the innovation outputs from these firms. We conclude with a discussion of the lessons from the theoretical literature and US evidence on corporate innovation for policymakers in various countries in Asia and elsewhere, and draw implications for public policy aimed at enhancing corporate innovation in these countries.
    Citation
    Chemmanur, Thomas J.; Simonyan, Karen. 2017. Top Management Quality, Corporate Finance, and Corporate Innovation. © Asian Development Bank Institute. http://hdl.handle.net/11540/7409.
    Keywords
    Development assistance
    ADB
    Curriculum development
    Development assistance
    Development aid
    Development indicators
    Development potential
    Development models
    Project appraisal
    Performance appraisal
    Economic development
    Economic indicators
    Government programs
    Economic growth
    Economic policy
    Industrial development
    Industrial policy
    Technology assessment
    Economic evaluation
    Economic forecast
    Input output analysis
    Rural planning
    Aid coordination
    Industrial projects
    Infrastructure projects
    Natural resources policy
    Educational development
    Development strategy
    Development models
    Economic development
    Comprehensive Development Framework
    Development Challenges
    Development Planning
    Millennium Development Goals
    Policy Development
    Program Evaluation
    Performance Evaluation
    Evaluation Criteria
    Human Capital Development
    Capital Market Development
    Development Economics
    Financial Sector Development
    Technology Development
    World Development Indicators
    Evaluation Methods
    Aid And Development
    Asian Development Bank
    Comprehensive Development Framework
    Development Cooperation
    Development Management
    Development Planning
    Development Strategies
    Development In East Asia
    Development Planning
    Development Research
    Development Management
    Skills Development
    Performance Evaluation
    Evaluation Methods
    Evaluation
    Job Evaluation
    Staff Development
    Communication in rural development
    Communication in community development
    Infrastructure
    Central planning
    Endowment of research
    Partnership
    Joint venture
    Nation-building
    Risk assessment
    Economic development projects
    Economic forecasting
    Industrial research
    Participatory monitoring and evaluation
    Economic policy
    Economic forecasting
    Communication in rural development
    Communication in community development
    Economic development projects
    Development banks
    Economic forecasting
    Environmental auditing
    Cumulative effects assessment
    Human rights and globalization
    Show allCollapse
    Citable URI
    http://hdl.handle.net/11540/7409
    Metadata
    Show full item record
    Thumbnail
    adbi-wp780.pdf (565.9Kb)
    Author
    Chemmanur, Thomas J.
    Simonyan, Karen
    Theme
    Development
    Evaluation

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    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise