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In the latter half of Japan’s Two Lost Decades (1990–2010), Japanese firms failed to undergo a thorough information and communications technology (ICT) revolution. In this study, we investigate the most likely cause for this situation and find that chief executive officers (CEOs) in Japanese companies simply did not know how to utilize the new equipment including ICT capitals. We estimate the impact of CEOs’ educational backgrounds(assessed based on their alma mater’s fame) on investments in software by using a compiled dataset that included Japanese listed firms with panel fixed effects models and a generalized method of moments. We find significant evidence that an increase in CEOs’ educational background raises their investment in software. We also revealed that a lack in CEOs’ knowledge of new equipment could be an obstacle for introducing new equipment and, consequently, could lead to loss of competitiveness.

CEOs’ educational background and investments in software