Pilot CEOs and Corporate Innovation
48 Pages Posted: 2 Aug 2014 Last revised: 29 Nov 2016
Date Written: November 10, 2016
We find evidence that chief executive officers’ (CEOs’) hobby of flying airplanes is associated with significantly better innovation outcomes, measured by patents and citations, greater innovation effectiveness, and more diverse and original patents. We rule out alternative explanations, leading us to conclude that CEO pilot credentials capture the personality trait of sensation seeking. Sensation seeking combines risk taking with a desire to pursue novel experiences and has been associated with creativity. Our evidence highlights sensation seeking as a valuable personality trait that can be used to identify CEOs who are likely to drive innovation success.
Keywords: CEOs; Innovation; Personality traints; Sensation Seeking; Intrinsic motivation
JEL Classification: G32; G34; J24; O31
Suggested Citation: Suggested Citation