경영자 능력과 내부창출무형자산에 기반한 투자 성장

초록

This study examines the impact of managerial ability on firm growth supported by internally generated intangible assets. Managers use their discretion to choose whether they engage in internal investments to support firm growth or limit internal resources due to accounting rules requiring the expensing of internally generated intangible assets. We find that firms with more capable managers tend to have higher internal intangible-supported growth than those with less capable managers. We also find that this positive association is stronger when CEOs receive a higher proportion of short-term compensation relative to total compensation. Additional analysis reveals that managerial ability ultimately contributes to enhancing firm value by promoting growth supported by internally generated intangible assets. Further analysis finds that the positive relationship between managerial ability and intangible-supported growth remains significant regardless of the level of financial constraints and the moderating effect of short-term CEO compensation ratio becomes stronger under more severe financial constraints. Lastly, we find that a higher pay disparity between CEO and non-CEO executives discourages more able managers from engaging in internal investments. Overall, our results from cross-sectional and validation tests confirm the circumstances through which more able managers increase the development of intangible assets using internal resources.

키워드