최고경영자의 개인적 특성이 경영자 능력과 기업가치의 관련성에 미치는 영향

Abstract

[Purpose]This study investigates the effect of CEO characteristics on the relationship between managerial ability and firm value in the bio-pharmaceutical industry. [Methodology]For the analysis, we employ the Demerjian et al.(2012) method to measure the managerial ability, we verify the difference between bio-pharmaceutical and non-bio-pharmaceutical firms in the effect of managerial ability on firm value. And then we analyze the differential effect of managerial ability according to the CEO characteristics, such as tenure, age, ownership, and major, in bio-pharmaceutical firms. [Findings]The effect of managerial ability on firm value is higher for bio-pharmaceutical firms than non-bio-pharmaceutical firms. And the effect of managerial ability on firm value increases when the CEO is a business owner, older(relatively), or the CEO’s tenure increases. These results imply that high-ability managers in bio-pharmaceutical firms can have a positive effect on firm value if the managers continue to implement investment and innovation activities over a long time through decision-making to create future profitability. In an additional analysis, the managerial ability of firms listed by technology exception policy has a greater influence on firm value than that of regularly listed firms, but the CEO's characteristics rather reduced the effect. [Implications]This study suggests the need for detailed research according to industrial characteristics by confirming that the effect of managerial ability on firm value varies according to the characteristics of each industry to which the firm belongs. In addition, in the case of listed companies by technology exception policy, it is necessary to conduct additional analysis by expanding the research period and samples to be studied in the future as they exhibit different characteristics from general companies.