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The impact of managerial ability on crisis-period corporate investment

机译：管理能力对危机时期公司投资的影响

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In this study, we document a strong positive relation between pre-crisis managerial ability and corporate investment during the crisis period, which remains robust in the presence of a large array of control variables capturing corporate governance attributes, executive compensation incentives and CEO characteristics. This relationship was prevalent only among firms with CEOs that had general managerial skills, rather than firm specific skills. Our results also show that the positive relationship between managerial ability and corporate investment was supported by the capacity of such firms to secure greater financing and be less vulnerable to financial constraints during the crisis. Finally, we find that, on average, the stock market evaluates crisis-period investments positively, yet this effect is evident solely among firms characterized by high pre-crisis managerial ability. Overall, the results are consistent with the view that high managerial ability helps to mitigate under investment problems during a crisis which in turn increases firm value.
机译：在本研究中，我们记录了危机前危机前的管理能力与公司投资之间的强正相关关系，在存在捕获公司治理属性，高管薪酬激励和CEO特征的大量控制变量的情况下，该关系仍然很稳健。这种关系仅在具有首席执行官的公司中具有普遍管理技能，而不是具有公司特定技能。我们的结果还表明，管理能力和公司投资之间的正向关系得到了此类公司确保获得更多融资并在危机期间不易受到财务约束的影响的能力的支持。最后，我们发现，平均而言，股票市场对危机期间的投资进行了积极的评估，但这种影响仅在具有高危机前管理能力的公司中明显可见。总体而言，结果与以下观点一致：高管理能力有助于缓解危机期间的投资问题，从而增加公司价值。

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