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Are older directors less innovative? Evidence from textual analysis

By Associate Professor Pattanaporn Chatjuthamard, Ph.D., and Professor Sirimon Treepongkaruna, Ph.D. Friday October 15, 2021, 12:00 -13:00 pm. Venue: The seminar will be online via Zoom. Please RSVP to receive a Zoom link. Abstract: Motivated by agency theory and resource dependency theory, we explore whether director age influences a firm’s innovation. Using textual-based innovation measures proposed by Bellstam, Bhagat and Cookson (2019), we find that older directors impede the firm’s innovation. Our findings are robust to additional analyses including 2SLS instrumental variable and GMM dynamic panel data estimations and unlikely to be driven by unobserved heterogeneity. We provide evidence supporting agency theory where information asymmetry inherited in innovation investment leads to substantial agency costs. For more information please contact Khun Nanthapak Pinyo at 091 479 4551, 02 218 4036 or researchseminar@sasin.edu.