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초록
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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
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
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