Abstract
An innovation-driven development strategy is essential for achieving high-quality national economic development. As an important manager in the core position of the top management, I play a key role in improving the efficiency of innovation investment decision-making. Based on data from A-share listed companies in China from 2008 to 2021, this paper employs fixed effects multiple regression analysis to examine the impact of CEO power on R&D investment and its mechanisms. The results show that CEO power can promote R&D investment indirectly; that is, CEO power promotes higher CEO pay stickiness first and then produces higher R&D investment. The results of this study can provide references for enterprises to reasonably set up CEO power, improve governance systems, optimize CEO compensation incentive mechanisms, and stimulate CEO R&D innovation activities.
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