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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: http://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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