管理能力与股权资本成本

IF 1.2 Q3 BUSINESS, FINANCE
Soomi Jang , Heeick Choi , Hyungtae Kim (Ted)
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引用次数: 0

摘要

本研究探讨了能力更强的管理者是否会影响股权资本成本。在对标准风险因素和公司特征进行控制后,我们发现管理能力越强,隐含股权成本越低。此外,我们的研究结果表明,对于投资者信息高度不对称、机构持股比例较低以及资本密集度较高的公司,管理能力与股权资本成本之间的负相关关系更为明显。这些结果对各种敏感性测试都是稳健的,包括改变规格、工具变量方法和管理能力的替代衡量方法。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Managerial ability and cost of equity capital

This study examines whether more capable managers affect the cost of equity capital. After controlling for standard risk factors and firm characteristics, we find that higher managerial ability is associated with a lower implied cost of equity. Moreover, our results show that the negative association between managerial ability and the cost of equity capital is more pronounced for firms with high information asymmetry among investors, with less institutional ownership, and with high capital intensity. The results are robust to a variety of sensitivity tests, including change specifications, an instrumental variable approach, and alternative measures of managerial ability.

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来源期刊
Advances in Accounting
Advances in Accounting BUSINESS, FINANCE-
CiteScore
2.50
自引率
6.20%
发文量
29
期刊介绍: Advances in Accounting, incorporating Advances in International Accounting continues to provide an important international forum for discourse among and between academic and practicing accountants on the issues of significance. Emphasis continues to be placed on original commentary, critical analysis and creative research.
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