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/11540/7409Metadata
Show full item recordRelated items
-
Gender and Corporate Success: An Empirical Analysis of Gender-Based Corporate Performance on a Sample of Asian Small and Medium-Sized Enterprises
Taghizadeh-Hesary, Farhad; Yoshino, Naoyuki; Fukuda, Lisa (Asian Development Bank Institute, 2019-03-30)Within a patriarchal society, women are placed in a precarious societal positioning that leads to a prevalence of gender inequality in education, financial literacy, and access to finance. In the context of Asia, where small and medium-sized enterprises (SMEs) are the backbone of most Asian economies and the financial sector is dominated by banks, women in entrepreneurship are susceptible to facing ...Within a patriarchal society, women are placed in a precarious societal positioning that leads to a prevalence of gender inequality in education, financial literacy, and access to finance. In the context of Asia, where small and medium-sized enterprises ... -
ASEAN Corporate Governance Scorecard: Country Reports and Assessments 2013-2014
Asian Development Bank (Asian Development Bank, 2014-06-01)Corporate Governance (CG) principles provide guidance on how corporations should operate. Adoption of international CG best practices leads to long-term sustainability and resilience, and can be a competitive tool to attract foreign investments. The Asian Development Bank in partnership with the ASEAN Capital Markets Forum have jointly developed the ASEAN Corporate Governance Scorecard, an assessment ...Corporate Governance (CG) principles provide guidance on how corporations should operate. Adoption of international CG best practices leads to long-term sustainability and resilience, and can be a competitive tool to attract foreign investments. The ... -
Are Government-Linked Corporations Crowding out Private Investment in Malaysia?
Menon, Jayant; Ng, Thiam Hee (Asian Development Bank, 2013-04-01)"Private investment in Malaysia never fully recovered from the Asian financial crisis. One explanation relates to the crowding-out effect of the growing dominance of government-linked corporations (GLCs) in many sectors. For the first time, we present evidence confirming this effect- when GLCs dominate an industry, investment by private firms is significantly negatively impacted, and vice-versa. ""Private investment in Malaysia never fully recovered from the Asian financial crisis. One explanation relates to the crowding-out effect of the growing dominance of government-linked corporations (GLCs) in many sectors. For the first time, we present ...