Executives’ postgraduate education and corporate ambidextrous innovation: evidence from China’s listed companies

This study examines the impact of executives’ postgraduate education on the ambidextrous innovation capabilities of Chinese listed companies, with an emphasis on both exploratory and exploitative innovation. Using data from A-share listed firms in Shanghai and Shenzhen between 2011 and 2020, the findings show that CEOs’ postgraduate education significantly promotes exploratory innovation. Additionally, the educational level of the top management team is positively associated with this type of innovation. The impact is further amplified by the CEO’s gender and age, as well as the gender composition and average age of the top management team, with these effects being more pronounced when the CEO is male or older. While the CEO’s influence on innovation in state-owned enterprises is limited, postgraduate education in non-state-owned firms has a stronger positive effect on exploratory innovation. Regardless of ownership structure, the top management team’s postgraduate education consistently promotes exploratory innovation, although it does not significantly affect exploitative innovation. This research contributes to understanding how postgraduate education influences corporate innovation and offers valuable insights for executive recruitment, corporate governance, and graduate education programs.