This study examines the relationship between the breadth and depth of managerial hierarchies and corporate innovation. Grounded in economic theory, we hypothesize that tall hierarchies enhance innovation outcomes. Using a novel dataset that combines U.S. patent records with LinkedIn-derived organizational information for S&P 1,500 firms from 2011 to 2021, we find that firms opting for taller hierarchies generate more patents, and that these patents exhibit greater value and receive more citations. Consistent with the premise that tall hierarchies facilitate the management of the innovation process, we observe that R&D expenditures yield more substantial innovation output in firms with taller hierarchies. Managerial hierarchies and innovation activities are to some extend firm-design choices. We find that firms that align the shape of their managerial hierarchy with their innovative activities have higher firm value. Collectively, our results underscore the critical role of internal organizational design in fostering innovation. While prior economic theory has extensively addressed managerial hierarchies, this study is among the first to develop empirical measures of hierarchical breadth and depth for a large cross-section of publicly listed firms using archival data. Our work contributes to the emerging literature on the management of innovation within the domain of managerial accounting.