Abstract: Abstract: Using firm-level data from the Investment Climate Surveys conducted by the World Bank in China, Brazil, and South Africa, the relationships between CEO’s demographic characteristics and R&D intensity and the moderating effects of social culture, and government policy, and legal system on the relationship are investigated. Neither CEO’s education level nor his/her work experience (the years of experience working in same sector before they become CEO’s) was found to have a significant impact on R&D intensity. Social culture significantly moderated the relationship between CEO’s education level and R&D intensity and that between CEO’s work experience and R&D intensity; the positive relationship between CEO’s education level and R&D intensity and that between CEO’s work experience and R&D intensity in China and Brazil were both significantly stronger than those in South Africa. The government policy negatively moderated the relationship between CEO’s education level and R&D intensity; the more unstable the government policy, the stronger positive relationship between CEO’s education level and R&D intensity. But the government policy didn’t moderate the relationship between CEO’s work experience and R&D intensity. Legal system didn’t moderate the relationship between CEO’s education level and R&D intensity or that between CEO’s work experience and R&D intensity.

Key words: CEO’s education level, CEO’s work experience, R&D intensity, social culture, government policy, legal system