The effect of top managers' years of experience on innovation.

Managers' characteristics have been identified to have an influence on how they perceive innovation. This study examines the role of top managers' experience and how it influences their propensity to innovate. It employs a logit model to analyze data from the World Bank's Enterprise Surveys, primarily from small- and medium-sized enterprises in Russia. We justify the positive effect of managers' years of experience as an influential factor of enterprises' innovativeness in developing countries. The results show that top managers' years of experience directly affect innovation. [ABSTRACT FROM AUTHOR]