Proving their mettle: Managerial ability and firm performance in trying times

IF 2.9 3区 管理学 Q2 BUSINESS, FINANCE Journal of Contemporary Accounting & Economics Pub Date : 2023-12-14 DOI:10.1016/j.jcae.2023.100393
Barry Hettler , James Cordeiro , Arno Forst
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Abstract

This study investigates the impact of trying economic times, i.e., periods of economic decline and uncertainty, on managerial ability. We find that trying economic times positively moderate the association between managerial ability and firm profitability. Consistent with these primary findings, we also find that the positive moderating role of economic decline and uncertainty on the ability-performance relationship is most salient in procyclical industries. Our results are robust across multiple measures of economically trying times and managerial ability. Further analyses indicate that in trying times more capable managers generate stronger performance through both improved asset turnover and profit margins.

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证明自己的能力艰难时期的管理能力与公司业绩
本研究探讨了经济困难时期(即经济衰退和不确定时期)对管理能力的影响。我们发现,艰难的经济时期对管理能力与公司盈利能力之间的关联有积极的调节作用。与这些主要发现一致,我们还发现经济衰退和不确定性对能力-业绩关系的积极调节作用在顺周期行业中最为突出。我们的结果在经济困难时期和管理能力的多种衡量标准中都是稳健的。进一步的分析表明,在困难时期,能力更强的管理者会通过提高资产周转率和利润率来创造更强的业绩。
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来源期刊
CiteScore
6.00
自引率
3.00%
发文量
24
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