The impact of directors’ high-tech experience on innovation in low-tech firms

Abstract

This study investigates whether, and if so, how, the presence of directors with experience in high-tech industries influences firm innovation in low-tech firms. Based on a sample of 1,095 listed U.S. firms with 10,327 directors for the period 2008–2012, our results suggest that the level of firm innovation in low-tech companies is positively related to directors’ experience stemming from simultaneously sitting on the board of a high-tech company. This relationship is accentuated for smaller, less financially leveraged, and faster growing firms. Our findings have implications for the literature on cross-sectoral board experience and innovation outcomes in low-tech firms and can inform practice, particularly with respect to the selection of board members.

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