CEOs'Career Backgrounds and Corporate Long‐Term Strategic Planning*

Abstract

CEOs affect corporate outcomes along various dimensions, including the emphasis placed on long‐term strategic planning. This study assesses the impact of CEOs’functional and industry specializations on R&D and capital spending in four manufacturing industries. We found only limited support for our position that CEOs with more professional‐type careers are less willing than other CEOs to have their firms make long‐term investments. “A critical theme of… the modem industrial enterprise is that creating and maintaining such capabilities is a continuing, long‐term process–a process that requires sound, long‐term perspectives from the decision makers responsible for the health and growth of their enterprise.” (Chandler 1991, p. 627)

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