Abstract
We examine the relationship of financial expert CEO on firm innovation. Using CEO individual level and firm-level data across Chinese A-share market from 2008 to 2015, the Poisson model estimation shows that the financial expert CEO has significant negative impact on firm innovation. A financial expert CEO causes 17.5% decrease in firm innovation level. We argue that the negative effect is due to the behavior consistency of financial expert CEO rather than alleviation of financial constraint. Our paper sheds light on exploring the CEO behavioral idiosyncrasy on firm nonfinancial performance. Additionally, we make a separate examination about this impact on innovation that acquired from outsiders.
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