Investor stock market response has received a great deal of attention in the marketing literature. However, firms are not faceless corporations; individuals such as CEOs set their strategies. Upper echelon and strategic leadership theories hold that chosen strategies derive from these individuals’ opinions, which are a function of their personalities, demographics, experiences, and values. Building on recent literature, the authors propose how CEO characteristics can influence innovation and stock returns. Investors are motivated by cash flow expectations—in particular, the prospect of increasing and accelerating future cash flows, reducing associated risks, and increasing residual value. This systematic review focuses on four main characteristics—personality, demographics, experience and compensation—to arrive at a set of propositions on innovation and stock returns. After reviewing the extensive literature on CEO characteristics, the authors outline the emerging findings on CMO characteristics; propose future research directions on CEO and CMO characteristics, innovations, and stock returns; and offer implications for practice.

中文翻译：

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CEO/CMO 特征如何影响创新和股票回报：发现和未来方向

投资者股票市场的反应在营销文献中受到了极大的关注。然而，公司并不是匿名的公司；首席执行官等个人制定战略。上层梯队和战略领导理论认为，所选择的战略源自这些个人的意见，这些意见是他们的个性、人口统计、经验和价值观的函数。基于最近的文献，作​​者提出了 CEO 特征如何影响创新和股票回报。投资者受到现金流量预期的激励——尤其是未来现金流量增加和加速、降低相关风险和增加剩余价值的前景。本系统评价侧重于四个主要特征——个性、人口统计、经验和薪酬——就创新和股票回报得出一套主张。在回顾了关于 CEO 特征的大量文献后，作者概述了关于 CMO 特征的新发现；提出未来 CEO 和 CMO 特征、创新和股票回报的研究方向；并提供实践启示。