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CTO Network Centrality and Corporate Innovation

Author

Listed:
  • Tomas Jandik

    (Walton College of Business, University of Arkansas, Fayetteville, AR 72701, USA)

  • Juntai Lu

    (College of Business, Auburn University at Montgomery, Montgomery, AL 36117, USA)

Abstract

Social network centrality of chief technology officers (CTOs) affects corporate innovation. Firms with CTOs who are well-connected within the network of all business professionals invest more in research and development (R&D), receive more patents, attract more patent citations, and create more patent value. Besides the effect of the general business network centrality, higher professional network centrality of CTOs (within the network of all other CTOs) also fosters corporate innovation. In addition, firms innovate more and better if CTOs are hired by the incumbent CEOs. Ultimately, R&D investment of companies with high-centrality CTOs enhances firm value.

Suggested Citation

  • Tomas Jandik & Juntai Lu, 2024. "CTO Network Centrality and Corporate Innovation," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 14(03), pages 1-43, September.
    • Handle: RePEc:wsi:qjfxxx:v:14:y:2024:i:03:n:s2010139224500071
    DOI: 10.1142/S2010139224500071
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    More about this item

    Keywords

    CTOs; social networks; centrality; innovation;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G40 - Financial Economics - - Behavioral Finance - - - General
    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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