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政大機構典藏 > 商學院 > 會計學系 > 期刊論文 > Item 140.119/133664

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/133664

Title:	Does Managerial Ability Matter in Private Firms? Evidence from Korea
Authors:	俞京和 Yu, Kyunghwa Hwang, Lee-Seok Jung, Taejin Yang, Seunghee Yu, Kyunghwa
Contributors:	會計系
Keywords:	Private firms;Managerial ability;Initial Public Offering (IPO);Post-IPO;performance;Earnings quality;Investment
Date:	2018-04
Issue Date:	2021-01-22 09:18:44 (UTC+8)
Abstract:	Using a large dataset of Korean private firms, we examine the value consequences of managerial ability. We document that private firms with more able managers achieve better performance, are less likely to over-invest, and are more likely to go public. However, we find that these firms experience more severe underperformance following an IPO than firms with less able managers. We provide evidence of more capable managers exhibiting lower earnings quality before an IPO, which is a potential explanation for our findings. The results are consistent with the notion that in the absence of effective monitoring mechanisms, ownermanagers in private firms can use their discretion in an opportunistic way.
Relation:	Asia-Pacific Journal of Financial Studies, Vol.47, No.2, pp.213-247
Data Type:	article
DOI 連結:	https://doi.org/10.1111/ajfs.12209
DOI:	10.1111/ajfs.12209
Appears in Collections:	[會計學系] 期刊論文

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