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Risk culture in corporate innovation

Author

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  • Ho, Po-Hsin
  • Huang, Chia-Wei
  • Lin, Chih-Yung
  • Yen, Ju-Fang

Abstract

In this study, we utilize stock market beta to examine the impact of corporate risk culture on innovation within U.S. firms. Our results reveal that firms with a pronounced high-risk culture invest more in innovation and generate greater innovation outcomes. These firms tend to employ overconfident or generalist managers and offer them incentive compensation to spur innovation. Further analysis underscores that the influence of risk culture on innovation occurs predominantly in innovative industries. Our findings highlight that firms with a high-risk culture excel in seizing innovative growth opportunities.

Suggested Citation

  • Ho, Po-Hsin & Huang, Chia-Wei & Lin, Chih-Yung & Yen, Ju-Fang, 2024. "Risk culture in corporate innovation," International Review of Financial Analysis, Elsevier, vol. 91(C).
    • Handle: RePEc:eee:finana:v:91:y:2024:i:c:s105752192300515x
    DOI: 10.1016/j.irfa.2023.102999
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    More about this item

    Keywords

    Corporate culture; Risk preference; Innovation; Patent; R&d;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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