Evaluation of Managerial Ability in the Japanese Setting

Autor:	Takuma Kochiyama, Hsihui Chang, Souhei Ishida
Rok vydání:	2018
Předmět:	Estimation 050208 finance Return on assets 0502 economics and business 05 social sciences Econometrics Economics Sample (statistics) 050201 accounting Stock price
Zdroj:	The Japanese Accounting Review. 8:1-22
ISSN:	2185-4793 2185-4785
Popis:	Following Demerjian, Lev, and McVay (2012), we quantify managerial ability using a sample of Japanese listed firms for the period 2005-2015. Consistent with their findings, we find that the estimated managerial ability is strongly correlated with manager fixed effects. Further, we find that the managerial ability is economically and significantly associated with the stock price reactions to CEO turnovers and changes in future return on assets following CEO turnovers. Our results are robust to alternative specifi ations of DEA models and inputs used in the estimation of firm efficiency. We contribute to the literature by generalizing the validity of the managerial ability introduced by Demerjian, Lev, and McVay (2012) to a non-US setting.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::bd4ed990072b32bd3f0b07d33b8707d8 https://doi.org/10.11640/tjar.8.2018.01 Zobrazit plný text záznamu Plný text ve formátu PDF