Earticle

초록

영어

This paper examines the effect of managerial ability on Tobin’s Q of non-financial firms. We find that a positive impact from managerial ability (measured by academic credentials of top managers) increases when government economic interventions weaken. This effect is stronger in firms with higher growth opportunities, higher risks, higher R&D expenses, better corporate governance, or in firms under financial distress. The effects are robust to controls for endogeneity and social network benefits. Our results suggest that high-ability managers contribute more to firm value when corporate environments are more challenging.

목차

ABSTRACT
 I. Managerial Ability and Firm Value
  A. Managerial Ability and Prestigious Schooling
  B. Higher Education in Korea
 II. Data and Methodology
  A. Relationship between Managerial Ability and Firm Value
  B. Managerial Ability and Firm Value in Challenging Environments
 III. Analyses and Results
  A. Relationship between Changes in Managerial Ability and Changes in Firm Value
  B. Basic Results
  C. Time-Series Variations Before and After the Economic Crisis
  D. Cross-Sectional Variations
 IV. Robustness Tests and Results
  A. Endogeneity Issues
  B. Executive Managers, Outside Directors, and CEOs
  C. Higher Academic Credentials and Managerial Ability
  D. Social Network or Managerial ability
 V. Summary and Conclusion
 REFERENCES
 Table

키워드

저자

• Sung Wook Joh [ College of Business Administration Seoul National University, Korea ]
• Jin-Young Jung [ College of Business Administration Seoul National University, Korea ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330