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    题名: Does Managerial Ability Matter in Private Firms? Evidence from Korea
    作者: 俞京和
    Yu, Kyunghwa
    Hwang, Lee-Seok
    Jung, Taejin
    Yang, Seunghee
    Yu, Kyunghwa
    贡献者: 會計系
    关键词: Private firms;Managerial ability;Initial Public Offering (IPO);Post-IPO;performance;Earnings quality;Investment
    日期: 2018-04
    上传时间: 2021-01-22 09:18:44 (UTC+8)
    摘要: 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.
    關聯: Asia-Pacific Journal of Financial Studies, Vol.47, No.2, pp.213-247
    数据类型: article
    DOI 連結: https://doi.org/10.1111/ajfs.12209
    DOI: 10.1111/ajfs.12209
    显示于类别:[會計學系] 期刊論文

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