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題名 女性CEO與企業創新投資：CEO年齡的調節作用
Female CEOs and Corporate Innovation Investments: The Moderating Role of CEO Age
作者 黃身家
Huang, Shen-Chia
貢獻者 楊宗翰
Yang, Tsung-Han
黃身家
Huang, Shen-Chia
關鍵詞 CEO性別
CEO年齡
創新投資
高層理論
女性領導力
性別研究
CEO gender
CEO age
Innovation investments
Upper Echelons Theory
Female leadership
Gender studies
日期 2024
上傳時間 5-Aug-2024 13:06:44 (UTC+8)
摘要 本研究主要在探討執行長（Chief Executive Officer, CEO）的性別與如何影響企業創新投資，基於高層理論（Upper Echelons Theory）與女性的社會角色觀點，分析女性CEO如何影響組織的策略決策與企業創新。本研究主要使用Compustat資料庫，涵蓋2010年至2019年期間S&P 1500資訊科技產業的數據，並透過領英（LinkedIn）、維基百科、公司財報等管道蒐集CEO的教育背景，最終彙整成面板數據（Panel Data）。透過迴歸分析，本研究主要觀察CEO性別如何影響企業創新投資，並深入探討CEO經驗對主模型的調節作用，包括STEM教育背景、年齡和任期三個調節變數。從研究結果可得到，女性CEO將顯著負向影響企業的研發強度，說明由女性CEO在企業創新的投資方面意願較低。在調節作用方面，CEO年齡顯著負向調節主模型，顯示較年輕的女性CEO在企業創新決策上可能採取更主動積極的作為。本研究結果為女性領導力與企業創新的領域提供了更豐富的實證貢獻。
This study primarily investigates how the gender of Chief Executive Officers (CEOs) influences corporate innovation investments. Utilizing Upper Echelons Theory and perspectives on female social roles, it examines how female CEOs impact organizational strategy and innovation. This study primarily uses data from the Compustat database, covering the S&P 1500 Information Technology industry for the period from 2010 to 2019. Additional information on CEOs' educational backgrounds was sourced from LinkedIn, Wikipedia, and company financial reports, culminating in a panel dataset. Through regression analysis, this study primarily observes how CEO gender affects corporate innovation investment. It further explores the moderating effects of CEO experience on the main model, including three moderating variables: STEM educational background, age, and tenure. The findings reveal a tendency for female CEOs to reduce R&D intensity, which points to a lower inclination toward investing in innovation. Among the moderating variables, CEO age significantly diminishes this impact, suggesting that younger female CEOs may take more proactive approaches. The findings of this study provide richer empirical contributions to the fields of female leadership and corporate innovation.
參考文獻 Adler, N. J. (1999). Global leaders: Women of influence. Abatecola, G., & Cristofaro, M. (2018). Hambrick and Mason’s “Upper Echelons Theory”: evolution and open avenues. Journal of Management History, 26(1), 116-136. Adler, N. J. (1999). Global leaders: Women of influence. Alderman, J., Forsyth, J., Griffy-Brown, C., & Walton, R. C. (2022). The benefits of hiring a STEM CEO: Decision making under innovation and real options. Technology in Society, 71, 102064. Barker III, V. L., & Mueller, G. C. (2002). CEO characteristics and firm R&D spending. Management science, 48(6), 782-801. Bass, B. M., & Riggio, R. E. (2006). Transformational leadership. Psychology press. Biernat, M., & Kobrynowicz, D. (1997). Gender-and race-based standards of competence: lower minimum standards but higher ability standards for devalued groups. Journal of personality and social psychology, 72(3), 544. Cahyono, S., Ardianto, A., & Nasih, M. (2024). Breaking barriers: CEOs STEM educational background and corporate climate change disclosure. International Journal of Accounting & Information Management. DasGupta, R., & Pathak, R. (2023). CEO education and corporate social performance: moderation effects of CEO characteristics and firm's governance quality. Benchmarking: An International Journal. Donaldson, L., & Davis, J. H. (1991). Stewardship theory or agency theory: CEO governance and shareholder returns. Australian Journal of management, 16(1), 49-64. Eagly, A. H. (2007). Female leadership advantage and disadvantage: Resolving the contradictions. Psychology of women quarterly, 31(1), 1-12. Eagly, A. H., & Carli, L. L. (2003). The female leadership advantage: An evaluation of the evidence. The leadership quarterly, 14(6), 807-834. Eagly, A. H., Johannesen-Schmidt, M. C., & Van Engen, M. L. (2003). Transformational, transactional, and laissez-faire leadership styles: a meta-analysis comparing women and men. Psychological bulletin, 129(4), 569. Eagly, A. H., & Karau, S. J. (2002). Role congruity theory of prejudice toward female leaders. Psychological review, 109(3), 573. Eckel, C. C., & Grossman, P. J. (2008). Men, women and risk aversion: Experimental evidence. Handbook of experimental economics results, 1, 1061-1073. English, L. D. (2016). STEM education K-12: Perspectives on integration. International Journal of STEM education, 3, 1-8. Finkelstein, S., Hambrick, D., & Cannella, A. (1996). Strategic leadership. Minneapolis, MN. Finkelstein, S., Hambrick, D. C., & Cannella, A. A. (2009). Strategic leadership: Theory and research on executives, top management teams, and boards. Oxford University Press, USA. Galasso, A., & Simcoe, T. S. (2011). CEO overconfidence and innovation. Management science, 57(8), 1469-1484. Hagedoorn, J., & Cloodt, M. (2003). Measuring innovative performance: is there an advantage in using multiple indicators? Research policy, 32(8), 1365-1379. Hambrick, D. C. (2007). Upper echelons theory: An update. In (Vol. 32, pp. 334-343): Academy of Management Briarcliff Manor, NY 10510. Hambrick, D. C., Cho, T. S., & Chen, M.-J. (1996). The influence of top management team heterogeneity on firms' competitive moves. Administrative science quarterly, 659-684. Hambrick, D. C., & Finkelstein, S. (1987). Managerial discretion: A bridge between polar views of organizational outcomes. Research in organizational behavior. Hambrick, D. C., & Fukutomi, G. D. (1991). The seasons of a CEO's tenure. Academy of management review, 16(4), 719-742. Hambrick, D. C., & Lovelace, J. B. (2018). The role of executive symbolism in advancing new strategic themes in organizations: A social influence perspective. Academy of management review, 43(1), 110-131. Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of management review, 9(2), 193-206. Han, S., Cui, W., Chen, J., & Fu, Y. (2019). Female CEOs and corporate innovation behaviors—Research on the regulating effect of gender culture. Sustainability, 11(3), 682. Hausman, J. A. (1978). Specification tests in econometrics. Econometrica: Journal of the econometric society, 1251-1271. Henderson, A. D., Miller, D., & Hambrick, D. C. (2006). How quickly do CEOs become obsolete? Industry dynamism, CEO tenure, and company performance. Strategic management journal, 27(5), 447-460. Hirshleifer, D., Low, A., & Teoh, S. H. (2012). Are overconfident CEOs better innovators? The journal of finance, 67(4), 1457-1498. Hsieh, T.-S., Kim, J.-B., Wang, R. R., & Wang, Z. (2022). Educate to innovate: STEM directors and corporate innovation. Journal of Business Research, 138, 229-238. Huang, J., & Kisgen, D. J. (2013). Gender and corporate finance: Are male executives overconfident relative to female executives? Journal of financial Economics, 108(3), 822-839. Javaid, H. M., Ain, Q. U., & Renzi, A. (2023). She-E-Os and innovation: do female CEOs influence firm innovation? European Journal of Innovation Management, 26(4), 982-1004. Kraft, P. S. (2022). The double‐edged sword of CEO narcissism: A meta‐analysis of innovation and firm performance implications. Journal of Product Innovation Management, 39(6), 749-772. Lin, C., Lin, P., Song, F. M., & Li, C. (2011). Managerial incentives, CEO characteristics and corporate innovation in China’s private sector. Journal of comparative economics, 39(2), 176-190. Lipman-Blumen, J. (1996). The connective edge: Leading in an interdependent world. Lowe, K. B., Kroeck, K. G., & Sivasubramaniam, N. (1996). Effectiveness correlates of transformational and transactional leadership: A meta-analytic review of the MLQ literature. The leadership quarterly, 7(3), 385-425. Matta, E., & Beamish, P. W. (2008). The accentuated CEO career horizon problem: Evidence from international acquisitions. Strategic management journal, 29(7), 683-700. Meckling, W. H., & Jensen, M. C. (1976). Theory of the Firm. Managerial Behavior, Agency Costs and Ownership Structure. Miller, D. (1991). Stale in the saddle: CEO tenure and the match between organization and environment. Management science, 37(1), 34-52. MSCI, I. (2024). Global industry classification standard (GICS®) methodology: guiding principles and methodology for GICS. Oakley, J. G. (2000). Gender-based barriers to senior management positions: Understanding the scarcity of female CEOs. Journal of business ethics, 27, 321-334. Olson, B., Parayitam, S., Skousen, B., & Skousen, C. (2018). How to strike a balance between CEO compensation and strategic risk? A longitudinal analysis. Journal of Strategy and Management, 11(3), 387-417. Palvia, A., Vähämaa, E., & Vähämaa, S. (2015). Are female CEOs and chairwomen more conservative and risk averse? Evidence from the banking industry during the financial crisis. Journal of business ethics, 131, 577-594. Prabowo, R., & Setiawan, D. (2021). Female CEOs and corporate innovation. International Journal of Social Economics, 48(5), 709-723. Prendergast, C., & Stole, L. (1996). Impetuous youngsters and jaded old-timers: Acquiring a reputation for learning. Journal of political Economy, 104(6), 1105-1134. Rosener, J. (1995). America’s Competitive Secret: Utilizing Women as a Power Strategy. In: Oxford University Press: New York, NY, USA. Senge, P. M. (2006). The fifth discipline: The art and practice of the learning organization. Broadway Business. Serfling, M. A. (2014). CEO age and the riskiness of corporate policies. Journal of corporate finance, 25, 251-273. Simon, H. A. (1990). Bounded rationality. Utility and probability, 15-18. Strohmeyer, R., Tonoyan, V., & Jennings, J. E. (2017). Jacks-(and Jills)-of-all-trades: On whether, how and why gender influences firm innovativeness. Journal of Business Venturing, 32(5), 498-518. Thomas, A. S., Litschert, R. J., & Ramaswamy, K. (1991). The performance impact of strategy‐manager coalignment: An empirical examination. Strategic management journal, 12(7), 509-522. Tian, X., & Wang, T. Y. (2014). Tolerance for failure and corporate innovation. The Review of Financial Studies, 27(1), 211-255. Ullah, I., Rahman, M. U., & Zeb, A. (2024). CEOs scientific background and firm innovation: evidence from China. International Journal of Innovation Science. Wally, S., & Baum, J. R. (1994). Personal and structural determinants of the pace of strategic decision making. Academy of Management journal, 37(4), 932-956. Wang, G., Holmes Jr, R. M., Oh, I. S., & Zhu, W. (2016). Do CEOs matter to firm strategic actions and firm performance? A meta‐analytic investigation based on upper echelons theory. Personnel Psychology, 69(4), 775-862. Weick, K. E. (2015). The social psychology of organizing. Management, 18(2), 189. Wren, D. A., & Bedeian, A. G. (2023). The evolution of management thought. John Wiley & Sons. Yim, J., & Kang, M. (2024). CEO age and firm innovation: evidence from IT industry in Korea. Eurasian Business Review, 1-23. Zheng, W., Shen, R., Zhong, W., & Lu, J. (2020). CEO values, firm long-term orientation, and firm innovation: Evidence from Chinese manufacturing firms. Management and Organization Review, 16(1), 69-106. Zhou, B., Li, Y.-m., Sun, F.-c., & Zhou, Z.-g. (2021). Executive compensation incentives, risk level and corporate innovation. Emerging Markets Review, 47, 100798.
描述 碩士
國立政治大學
科技管理與智慧財產研究所
111364124
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111364124
資料類型 thesis
dc.contributor.advisor 楊宗翰zh_TW
dc.contributor.advisor Yang, Tsung-Hanen_US
dc.contributor.author (Authors) 黃身家zh_TW
dc.contributor.author (Authors) Huang, Shen-Chiaen_US
dc.creator (作者) 黃身家zh_TW
dc.creator (作者) Huang, Shen-Chiaen_US
dc.date (日期) 2024en_US
dc.date.accessioned 5-Aug-2024 13:06:44 (UTC+8)-
dc.date.available 5-Aug-2024 13:06:44 (UTC+8)-
dc.date.issued (上傳時間) 5-Aug-2024 13:06:44 (UTC+8)-
dc.identifier (Other Identifiers) G0111364124en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/152656-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 科技管理與智慧財產研究所zh_TW
dc.description (描述) 111364124zh_TW
dc.description.abstract (摘要) 本研究主要在探討執行長（Chief Executive Officer, CEO）的性別與如何影響企業創新投資，基於高層理論（Upper Echelons Theory）與女性的社會角色觀點，分析女性CEO如何影響組織的策略決策與企業創新。本研究主要使用Compustat資料庫，涵蓋2010年至2019年期間S&P 1500資訊科技產業的數據，並透過領英（LinkedIn）、維基百科、公司財報等管道蒐集CEO的教育背景，最終彙整成面板數據（Panel Data）。透過迴歸分析，本研究主要觀察CEO性別如何影響企業創新投資，並深入探討CEO經驗對主模型的調節作用，包括STEM教育背景、年齡和任期三個調節變數。從研究結果可得到，女性CEO將顯著負向影響企業的研發強度，說明由女性CEO在企業創新的投資方面意願較低。在調節作用方面，CEO年齡顯著負向調節主模型，顯示較年輕的女性CEO在企業創新決策上可能採取更主動積極的作為。本研究結果為女性領導力與企業創新的領域提供了更豐富的實證貢獻。zh_TW
dc.description.abstract (摘要) This study primarily investigates how the gender of Chief Executive Officers (CEOs) influences corporate innovation investments. Utilizing Upper Echelons Theory and perspectives on female social roles, it examines how female CEOs impact organizational strategy and innovation. This study primarily uses data from the Compustat database, covering the S&P 1500 Information Technology industry for the period from 2010 to 2019. Additional information on CEOs' educational backgrounds was sourced from LinkedIn, Wikipedia, and company financial reports, culminating in a panel dataset. Through regression analysis, this study primarily observes how CEO gender affects corporate innovation investment. It further explores the moderating effects of CEO experience on the main model, including three moderating variables: STEM educational background, age, and tenure. The findings reveal a tendency for female CEOs to reduce R&D intensity, which points to a lower inclination toward investing in innovation. Among the moderating variables, CEO age significantly diminishes this impact, suggesting that younger female CEOs may take more proactive approaches. The findings of this study provide richer empirical contributions to the fields of female leadership and corporate innovation.en_US
dc.description.tableofcontents 1. Introduction 1 2. Theory and Hypothesis Development 4 2.1 Female Leadership and Societal Gender Expectations 4 2.2 Upper Echelons Theory 5 2.3 Women CEOs and Corporate Innovation Investments 7 2.4 CEOs’ Experience as a Moderating Effect 9 2.4.1 CEOs’ Education 9 2.4.2 CEOs’ Age 10 2.4.3 CEOs’ Tenure 11 3. Methodology 13 3.1 Data Collection 13 3.2 Dependent Variable 17 3.3 Independent Variables 17 3.4 Moderating Variables 18 3.5 Control Variables 19 3.6 Model and econometric approach 22 3.7 Endogeneity correction 26 4. Result 29 5. Additional Test 38 6. Discussion and Conclusion 41 6.1 Contributions 42 6.2 Managerial Implications 43 6.3 Limitations and Future Research 44 6.4 Conclusions 45 References 47zh_TW
dc.format.extent 961166 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111364124en_US
dc.subject (關鍵詞) CEO性別zh_TW
dc.subject (關鍵詞) CEO年齡zh_TW
dc.subject (關鍵詞) 創新投資zh_TW
dc.subject (關鍵詞) 高層理論zh_TW
dc.subject (關鍵詞) 女性領導力zh_TW
dc.subject (關鍵詞) 性別研究zh_TW
dc.subject (關鍵詞) CEO genderen_US
dc.subject (關鍵詞) CEO ageen_US
dc.subject (關鍵詞) Innovation investmentsen_US
dc.subject (關鍵詞) Upper Echelons Theoryen_US
dc.subject (關鍵詞) Female leadershipen_US
dc.subject (關鍵詞) Gender studiesen_US
dc.title (題名) 女性CEO與企業創新投資：CEO年齡的調節作用zh_TW
dc.title (題名) Female CEOs and Corporate Innovation Investments: The Moderating Role of CEO Ageen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Adler, N. J. (1999). Global leaders: Women of influence. Abatecola, G., & Cristofaro, M. (2018). Hambrick and Mason’s “Upper Echelons Theory”: evolution and open avenues. Journal of Management History, 26(1), 116-136. Adler, N. J. (1999). Global leaders: Women of influence. Alderman, J., Forsyth, J., Griffy-Brown, C., & Walton, R. C. (2022). The benefits of hiring a STEM CEO: Decision making under innovation and real options. Technology in Society, 71, 102064. Barker III, V. L., & Mueller, G. C. (2002). CEO characteristics and firm R&D spending. Management science, 48(6), 782-801. Bass, B. M., & Riggio, R. E. (2006). Transformational leadership. Psychology press. Biernat, M., & Kobrynowicz, D. (1997). Gender-and race-based standards of competence: lower minimum standards but higher ability standards for devalued groups. Journal of personality and social psychology, 72(3), 544. Cahyono, S., Ardianto, A., & Nasih, M. (2024). Breaking barriers: CEOs STEM educational background and corporate climate change disclosure. International Journal of Accounting & Information Management. DasGupta, R., & Pathak, R. (2023). CEO education and corporate social performance: moderation effects of CEO characteristics and firm's governance quality. Benchmarking: An International Journal. Donaldson, L., & Davis, J. H. (1991). Stewardship theory or agency theory: CEO governance and shareholder returns. Australian Journal of management, 16(1), 49-64. Eagly, A. H. (2007). Female leadership advantage and disadvantage: Resolving the contradictions. Psychology of women quarterly, 31(1), 1-12. Eagly, A. H., & Carli, L. L. (2003). The female leadership advantage: An evaluation of the evidence. The leadership quarterly, 14(6), 807-834. Eagly, A. H., Johannesen-Schmidt, M. C., & Van Engen, M. L. (2003). Transformational, transactional, and laissez-faire leadership styles: a meta-analysis comparing women and men. Psychological bulletin, 129(4), 569. Eagly, A. H., & Karau, S. J. (2002). Role congruity theory of prejudice toward female leaders. Psychological review, 109(3), 573. Eckel, C. C., & Grossman, P. J. (2008). Men, women and risk aversion: Experimental evidence. Handbook of experimental economics results, 1, 1061-1073. English, L. D. (2016). STEM education K-12: Perspectives on integration. International Journal of STEM education, 3, 1-8. Finkelstein, S., Hambrick, D., & Cannella, A. (1996). Strategic leadership. Minneapolis, MN. Finkelstein, S., Hambrick, D. C., & Cannella, A. A. (2009). Strategic leadership: Theory and research on executives, top management teams, and boards. Oxford University Press, USA. Galasso, A., & Simcoe, T. S. (2011). CEO overconfidence and innovation. Management science, 57(8), 1469-1484. Hagedoorn, J., & Cloodt, M. (2003). Measuring innovative performance: is there an advantage in using multiple indicators? Research policy, 32(8), 1365-1379. Hambrick, D. C. (2007). Upper echelons theory: An update. In (Vol. 32, pp. 334-343): Academy of Management Briarcliff Manor, NY 10510. Hambrick, D. C., Cho, T. S., & Chen, M.-J. (1996). The influence of top management team heterogeneity on firms' competitive moves. Administrative science quarterly, 659-684. Hambrick, D. C., & Finkelstein, S. (1987). Managerial discretion: A bridge between polar views of organizational outcomes. Research in organizational behavior. Hambrick, D. C., & Fukutomi, G. D. (1991). The seasons of a CEO's tenure. Academy of management review, 16(4), 719-742. Hambrick, D. C., & Lovelace, J. B. (2018). The role of executive symbolism in advancing new strategic themes in organizations: A social influence perspective. Academy of management review, 43(1), 110-131. Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of management review, 9(2), 193-206. Han, S., Cui, W., Chen, J., & Fu, Y. (2019). Female CEOs and corporate innovation behaviors—Research on the regulating effect of gender culture. Sustainability, 11(3), 682. Hausman, J. A. (1978). Specification tests in econometrics. Econometrica: Journal of the econometric society, 1251-1271. Henderson, A. D., Miller, D., & Hambrick, D. C. (2006). How quickly do CEOs become obsolete? Industry dynamism, CEO tenure, and company performance. Strategic management journal, 27(5), 447-460. Hirshleifer, D., Low, A., & Teoh, S. H. (2012). Are overconfident CEOs better innovators? The journal of finance, 67(4), 1457-1498. Hsieh, T.-S., Kim, J.-B., Wang, R. R., & Wang, Z. (2022). Educate to innovate: STEM directors and corporate innovation. Journal of Business Research, 138, 229-238. Huang, J., & Kisgen, D. J. (2013). Gender and corporate finance: Are male executives overconfident relative to female executives? Journal of financial Economics, 108(3), 822-839. Javaid, H. M., Ain, Q. U., & Renzi, A. (2023). She-E-Os and innovation: do female CEOs influence firm innovation? European Journal of Innovation Management, 26(4), 982-1004. Kraft, P. S. (2022). The double‐edged sword of CEO narcissism: A meta‐analysis of innovation and firm performance implications. Journal of Product Innovation Management, 39(6), 749-772. Lin, C., Lin, P., Song, F. M., & Li, C. (2011). Managerial incentives, CEO characteristics and corporate innovation in China’s private sector. Journal of comparative economics, 39(2), 176-190. Lipman-Blumen, J. (1996). The connective edge: Leading in an interdependent world. Lowe, K. B., Kroeck, K. G., & Sivasubramaniam, N. (1996). Effectiveness correlates of transformational and transactional leadership: A meta-analytic review of the MLQ literature. The leadership quarterly, 7(3), 385-425. Matta, E., & Beamish, P. W. (2008). The accentuated CEO career horizon problem: Evidence from international acquisitions. Strategic management journal, 29(7), 683-700. Meckling, W. H., & Jensen, M. C. (1976). Theory of the Firm. Managerial Behavior, Agency Costs and Ownership Structure. Miller, D. (1991). Stale in the saddle: CEO tenure and the match between organization and environment. Management science, 37(1), 34-52. MSCI, I. (2024). Global industry classification standard (GICS®) methodology: guiding principles and methodology for GICS. Oakley, J. G. (2000). Gender-based barriers to senior management positions: Understanding the scarcity of female CEOs. Journal of business ethics, 27, 321-334. Olson, B., Parayitam, S., Skousen, B., & Skousen, C. (2018). How to strike a balance between CEO compensation and strategic risk? A longitudinal analysis. Journal of Strategy and Management, 11(3), 387-417. Palvia, A., Vähämaa, E., & Vähämaa, S. (2015). Are female CEOs and chairwomen more conservative and risk averse? Evidence from the banking industry during the financial crisis. Journal of business ethics, 131, 577-594. Prabowo, R., & Setiawan, D. (2021). Female CEOs and corporate innovation. International Journal of Social Economics, 48(5), 709-723. Prendergast, C., & Stole, L. (1996). Impetuous youngsters and jaded old-timers: Acquiring a reputation for learning. Journal of political Economy, 104(6), 1105-1134. Rosener, J. (1995). America’s Competitive Secret: Utilizing Women as a Power Strategy. In: Oxford University Press: New York, NY, USA. Senge, P. M. (2006). The fifth discipline: The art and practice of the learning organization. Broadway Business. Serfling, M. A. (2014). CEO age and the riskiness of corporate policies. Journal of corporate finance, 25, 251-273. Simon, H. A. (1990). Bounded rationality. Utility and probability, 15-18. Strohmeyer, R., Tonoyan, V., & Jennings, J. E. (2017). Jacks-(and Jills)-of-all-trades: On whether, how and why gender influences firm innovativeness. Journal of Business Venturing, 32(5), 498-518. Thomas, A. S., Litschert, R. J., & Ramaswamy, K. (1991). The performance impact of strategy‐manager coalignment: An empirical examination. Strategic management journal, 12(7), 509-522. Tian, X., & Wang, T. Y. (2014). Tolerance for failure and corporate innovation. The Review of Financial Studies, 27(1), 211-255. Ullah, I., Rahman, M. U., & Zeb, A. (2024). CEOs scientific background and firm innovation: evidence from China. International Journal of Innovation Science. Wally, S., & Baum, J. R. (1994). Personal and structural determinants of the pace of strategic decision making. Academy of Management journal, 37(4), 932-956. Wang, G., Holmes Jr, R. M., Oh, I. S., & Zhu, W. (2016). Do CEOs matter to firm strategic actions and firm performance? A meta‐analytic investigation based on upper echelons theory. Personnel Psychology, 69(4), 775-862. Weick, K. E. (2015). The social psychology of organizing. Management, 18(2), 189. Wren, D. A., & Bedeian, A. G. (2023). The evolution of management thought. John Wiley & Sons. Yim, J., & Kang, M. (2024). CEO age and firm innovation: evidence from IT industry in Korea. Eurasian Business Review, 1-23. Zheng, W., Shen, R., Zhong, W., & Lu, J. (2020). CEO values, firm long-term orientation, and firm innovation: Evidence from Chinese manufacturing firms. Management and Organization Review, 16(1), 69-106. Zhou, B., Li, Y.-m., Sun, F.-c., & Zhou, Z.-g. (2021). Executive compensation incentives, risk level and corporate innovation. Emerging Markets Review, 47, 100798.zh_TW