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Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Ilona Spiridonova
The Influence of CEO's Characteristics on Innovation Policy in Family Firms
Economics
(Bachelor’s programme)
8
2017
The current research analyzes the influence of CEO characteristics on innovative policy in family companies. The innovation process in family and non-family firms varies in terms of strategies and R&D intensity and CEO characteristics may be reasons for such difference. For the study, the database of more than 1400 European public financial companies for 2010-2013 years was collected and two econometric models by means of panel data were built. The first model was built in order to determine the significance of ownership type (if a company is a family), and whether R&D spending is higher or lower in family firms than in non-family counterparts. The second one was connected solely with family firms and allowed to define a set of characteristics that influence CEO decision-making process with regard to innovative policy. Estimated regression models allowed to find out that innovation costs in family firms are higher than in non-family ones. Therefore, the second step was related to the attempt to explain this result by CEO specific traits. In addition, such characteristics as CEO master degree, The Chief’s risk-taking, CEO duality and CEO change have an impact on CEO decision-making process in family firms.

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