德勤－复旦会计论坛系列234期讲座信息
时 间：2024年 9月19日（周四）下午1:30
地 点：史带楼502
题 目：CEOs’ Marketing Experience and Business Competitive Strategy
报告人： 张金萍 青年副研究员(复旦大学管理学院)
摘 要：
In this study, we examine whether CEOs’ prior work experience in marketing-related positions (marketing experience) affects their preference for the differentiation strategy. By constructing a measure of the differentiation strategy based on 10-K filings using the machine learning approach of topic modeling and manually collecting information on past work experience of CEOs, we find the CEOs with marketing experience prioritize the differentiation strategy. Such an effect is stronger when firms face higher demand uncertainty in the product market, are headquartered in states with individualistic cultures, encounter larger threat from substitute products, and experience less pressure to meet short-term earnings goals. Further analyses show that, for firms prioritizing the differentiation strategy, CEOs’ marketing experience enhances innovation, increases gross margin, and boosts long-term stock returns. Together, the findings suggest that marketing experience steers CEOs toward the differentiation strategy to gain competitive advantages by providing innovative products and services, which allow firms to charge customers a price premium and create long-term values for shareholders.
会计学系
2024-9-18
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