CEOS CAREER BACKGROUNDS AND CORPORATE LONG-TERM STRATEGIC-PLANNING

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 limi ted support for our position that CEOs with more professional-type car eers are less willing than other CEOs to have their firms make long-te rm investments. ''A critical theme of... the modern industrial enterpr ise is that creating and maintaining such capabilities is a continuing , long-term process-a process that requires sound, longterm perspectiv es from the decision makers responsible for the health and growth of t heir enterprise''.