@article {1970356,
	title = {Horizon Problem and Firm Innovation: The Influence of CEO Career Horizon, Exploitation and Exploration on Breakthrough Innovations},
	journal = {Research Policy},
	volume = {46},
	year = {2017},
	month = {2017},
	pages = {1801-1809},
	abstract = {Building on labor market evaluations and legacy conservation motivation perspectives, we propose a mechanism to explain the relationship between CEO career horizons and breakthrough innovations. Using 10-year panel data from 681 U.S. firms, we find that firms that have a CEO with a short career horizon (measured by CEO age) tend to produce fewer breakthrough innovations. We also find that the relationship between CEO career horizon and breakthrough innovation is partially mediated by R\&D spending, and also moderated by organizational learning behavior (exploration vs. exploitation). This study highlights how a CEO{\textquoteright}s motivation to protect success in the short term affects the firm{\textquoteright}s innovativeness.},
	keywords = {Strategy \& Entrepreneurship},
	author = {Cho,Sam Yul and Kim,Sang Kyun}
}