We propose that chief executive officer (CEO) exploratory mindset (inherent desire to search for novel ideas and long-term orientation) promotes innovation. Firms with CEOs with PhD degrees (PhD CEOs) produce more exploratory patents with greater novelty, generality, and originality. PhD CEOs engage less in managing earnings and stock prices, invest more in research and development (R&D) and alliances, generate higher long-term value of patents, and experience more positive market reactions to R&D alliances. Their firms achieve superior long-run operating performance. They tend to be hired by research-intensive firms with poor financial performance. Evidence from managerial incentive shocks and turnovers suggests that these effects do not derive solely from CEO–firm matching.

中文翻译：

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探索性思维与企业创新

我们建议首席执行官 (CEO) 的探索性思维方式（寻求新颖想法和长期定位的内在愿望）促进创新。CEO 拥有博士学位的公司（PhD CEOs）产生更多具有更大新颖性、通用性和独创性的探索性专利。博士 CEO 较少参与管理收益和股票价格，更多地投资于研发 (R&D) 和联盟，创造更高的专利长期价值，并对研发联盟产生更积极的市场反应。他们的公司实现了卓越的长期经营业绩。他们往往被财务业绩不佳的研究密集型公司雇用。来自管理层激励冲击和离职的证据表明，这些影响不仅仅来自 CEO 与公司的匹配。