As we can see from model 1, firms in which EDOL is high increase innovative investment, as measured by R&D expenditure.
The use of the manner proxies causes a modest increase in the coefficient of EDOL to nearly 0.
Table 4 displays results from 2SLS of the effect of EDOL on firm innovation.
Estimates on CEO characteristics explore a significant monotone association between the tenure in the CEO position and the EDOL.
We replace the EDOL with the pay-performance sensitivity (i.