Introduction 6
Chapter 1: Innovations and CEO 8
1.1. Innovations and measurements 8
1.2. CEO characteristics and interrelation with innovations 16
1.3. CEO characteristics and innovations in Russian public companies: hypotheses
statement 18
Chapter 2: Empirical study on Russian public companies 20
2.1. Research methodology: regression model 20
2.2. Data and sample description 24
2.3. Empirical results 29
2.4. Research results: findings and discussions 32
2.5. Managerial implications 33
2.6. Limitations and further research 35
Conclusion 37
References 38
The determining impact of science, innovation on the progress of the economy and society is a well-known and generally recognized fact. But at the same time, issues related to innovation and their management do not lose their relevance and are widely covered in the literature [Vlasova, V., 2017]. The innovative activity of an enterprise has a direct impact on the level of competitiveness, ensuring that the enterprise achieves innovative development goals [A.V. Volkova, L.N. Zakharova, 2021]. Innovation makes it easier for companies to go through environmental, economic and financial challenges [Burcay and Sismanoglu, 2015].
The identification of factors that can influence the innovative activity of an organization is important for choosing directions for improving the innovative activity of an organization, as well as for developing proposals for improving management methods [Pankratova E., 2019]. In addition, identifying the mechanism of influence of factors can also be one of the directions for further research in the field of innovation management within a particular industry or organization.
The factors that can have an influence on the innovative activity of the company that are being examined in this research are the characteristics of the CEO. The way the company operates in terms of strategy and innovation strategy in particular, is determined by the decisions of the CEO of the company. Studies of the innovative activity of companies allow to conclude that, with all the unity of the functions performed by the head of the company, there are certain differences in the requirements for top management and the nature of management in general, depending on the priorities in the choice of innovative strategies [Kokurin D.I., 2007]. One of the main conditions for the effectiveness of the company and its innovativeness is the "efficiency" of the CEO themselves [Maslova V.M., 2007].
The goal of the research is to determine and examine the relationship between the CEO characteristics in Russian public companies and the company’s innovativeness in terms of number of patents and R&D expenditures. This topic was chosen in order to study how some particu lar characteristics of CEO can have an influence on company’s innovation measures.
Within the framework of this study, all the tasks set were completed:
1) A review of the literature was made, during which various interpretations of innovation and related concepts were studied, the role of the CEO in innovation was highlighted, and the characteristics of the CEO that affect innovation according to various authors were highlighted. A review of the Russian market from the point of view of innovations was also made.
2) Based on the literature review, hypotheses were formulated for further empirical research.
3) Data were collected on R&D spending, number of patents, and characteristics of CEOs for 61 Russian public companies, the data was structured as panel data for 5 years, and was prepared for empirical research.
4) Panel regression was chosen as the main research method, and the features of several regression models are also separately prescribed. As a result of the empirical study, two models of random effects were selected and presented.
5) The results of the empirical study were interpreted, the hypotheses were evaluated, and based on the results of the study, conclusions were drawn for practical application both from the point of view of the board of directors, investors, shareholders, and from the point of view of potential candidates for the post of CEO.
With the help of the completed research tasks, the main goal of the research was also achieved - the relationship between the characteristics of the CEO in Russian public companies and the innovativeness of the company in terms of the number of patents and R&D expenditures was determined and studied.
Despite the significant results obtained, the limitations of this study are highlighted, and additional branches of continuation and deepening of the study in the future are proposed.
