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題名 幼兒成長期差異與經理人能力之關聯性
Early Childhood Development and Managerial Ability
作者 張慈恩
Chang, Tzu-En
貢獻者 潘健民
Pan, Chien-Min
張慈恩
Chang, Tzu-En
關鍵詞 幼兒成長期差異
經理人能力
Early Childhood Development
Managerial Ability
日期 2025
上傳時間 4-Aug-2025 14:54:25 (UTC+8)
摘要 過去文獻顯示經理人能力會對於公司之發展帶來關鍵之影響，具有較佳能力之經理人可協助公司達成績效目標設定，以及為公司擬訂合適之策略。本研究以上市公司為研究對象，探討幼兒成長期差異及經理人能力之關聯性。 本研究以Demerjian et al. (2012)之研究中所採用之方法，對於經理人之能力進行衡量。結果顯示，在同屆之中，較早出生之經理人具有較高之經理人能力數值；而較晚出生者則具有較低之經理人能力數值。本研究更進一步分析，以疫情時期前後、產業間之差異、ROA替代經理人能力之代理變數，以及相近規模公司之比較方法，分別進行迴歸分析，發現其結果與先前主要之迴歸分析有一致之現象。
The existing academic literature has shown that managerial ability plays a crucial role in the growth of the firm. Managers with great ability are more likely to meet firm’s performance targets and to formulate appropriate firm strategies. This study measures managerial ability by using the approach developed by Demerjian et al. (2012) to investigate whether early childhood development will influence managerial ability. The empirical results indicate that managers born earlier in the academic year tend to exhibit higher ability compared to managers born later. Further regression reveals the same results from analyses using pre-Covid and after-Covid data and matched sample. The study also shows similar results by differentiating industries. At last, when using ROA as an alternative proxy for managerial ability, the results are significant in single-month analysis.
參考文獻 Allen, J., and R. Barnsley. 1993. Streams and tiers: The interaction of ability, maturity, and training in systems with age-dependent recursive selection. Journal of Human Resources 28(3):649-659. Andreou, P. C., I. Karasamani, C. Louca, and D. Ehrlich. 2017. The impact of managerial ability on crisis-period corporate investment. Journal of Business Research 79: 107-122. Bai, J., L. Ma., K. A. Mullally, and D. H. Solomon. 2019. What a difference a (birth) month makes: The relative age effect and fund manager performance. Journal of Financial Economics 132 (1): 200-221. Bell, J. F., and S. Daniels. 1990. Are summer-born children disadvantaged? The birthdate effect in education. Oxford Review of Education 16 (1): 67-80. Bertrand, M., and A. Schoar. 2003. Managing with style: The effect of managers on firm policies. Quarterly Journal of Economics 118 (4):1169-1208. Bhagat, S., B. Bolton, and A. Subramanian. 2011. Manager characteristics and capital structure: Theory and evidence. Journal of Financial and Quantitative Analysis 46 (6): 1581-1627. Bonsall IV, S. B., E. R. Holzman, and B. P. Miller. 2017. Managerial ability and credit risk assessment. Management Science 63 (5): 1425-1449. Campbell, T. 2014. Stratified at seven: in-class ability grouping and the relative age effect. British Educational Research Journal 40(5):749-771. Carmeli, A., and A. Tishler. 2004. Resources, capabilities, and the performance of industrial firms: A multivariate analysis. Managerial and Decision Economics 25 (6-7): 299-315. Chang, Y., S. Dasgupta, and G. Hilary. 2010. CEO ability, pay, and firm performance. Management Science 56(10):1633-1652. Deeter-Schmelz, D. R., D. J. Goebel, and K. N. Kennedy. 2008. What are the characteristics of an effective sales manager? An exploratory study comparing salesperson and sales manager perspectives. Journal of Personal Selling and Sales Management 28 (1): 7-20. Demerjian, P. R., B. Lev, and S. E. McVay. 2012. Quantifying managerial ability: A new measure and validity tests. Management Science 58 (7): 1229-1248. Demerjian, P. R., B. Lev, M. F. Lewis, and S. E. McVay. 2013. Managerial ability and earnings quality. Accounting Review 88 (2): 463-498. Du, Q., H. Gao, and M. D. Levi. 2012. The relative-age effect and career success: Evidence from corporate CEOs. Economics Letters 117 (3): 660-662. Fee, C. E., and C. J. Hadlock. 2003. Raids, rewards, and reputations in the market for managerial talent. Review of Financial Studies 16 (4): 1315-1357. Ge, W., D. Matsumoto, and J. L. Zhang. 2011. Do CFOs have style? An empirical investigation of the effect of individual CFOs on accounting practices. Contemporary Accounting Research 28 (4): 1141-1179. Goldfarb, A., and M. Xiao. 2011. Who thinks about the competition? managerial ability and strategic entry in US local telephone markets. American Economic Review 101 (7): 3130-3161. Gredler, G. R. 1980. The birthdate effect: Fact or artefact? Journal of Learning Abilities 13 (5): 9-12. Hambrick, D. C., and P. A. Mason. 1984. Upper echelons: The organization as a reflection of its top managers. Academy of Management Review 9 (2): 193-206. Herrmann, P. 2002. The influence of CEO characteristics on the international diversification of manufacturing firms: An empirical study in the United States. International Journal of Management 19 (2): 279-289. Holcomb, T. R., R. M. Holmes JR, and B. L. Connelly. 2009. Making the most of what you have: Managerial ability as a source of resource value creation. Strategic Management Journal 30 (5): 457-485. Kawaguchi, D. 2006. The effects of age at school entry on education and income. ESRI Discussion Paper Series 162. Lee, S., S. R. Matsunaga, and C. W. Park. 2012. Management forecast accuracy and CEO turnover. Accounting Review 87 (6): 2095-2122. Shepard, L. A., and M. L. Smith. 1986. Synthesis of research on school readiness and kindergarten retention. Educational Leadership 44 (3): 78-86. Smith, J. 2010. How valuable is the gift of time? The factors that drive the birth date effect in education. Education Finance and Policy 5 (3): 247-277.
描述 碩士
國立政治大學
會計學系
112353112
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112353112
資料類型 thesis
dc.contributor.advisor 潘健民zh_TW
dc.contributor.advisor Pan, Chien-Minen_US
dc.contributor.author (Authors) 張慈恩zh_TW
dc.contributor.author (Authors) Chang, Tzu-Enen_US
dc.creator (作者) 張慈恩zh_TW
dc.creator (作者) Chang, Tzu-Enen_US
dc.date (日期) 2025en_US
dc.date.accessioned 4-Aug-2025 14:54:25 (UTC+8)-
dc.date.available 4-Aug-2025 14:54:25 (UTC+8)-
dc.date.issued (上傳時間) 4-Aug-2025 14:54:25 (UTC+8)-
dc.identifier (Other Identifiers) G0112353112en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/158675-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 112353112zh_TW
dc.description.abstract (摘要) 過去文獻顯示經理人能力會對於公司之發展帶來關鍵之影響，具有較佳能力之經理人可協助公司達成績效目標設定，以及為公司擬訂合適之策略。本研究以上市公司為研究對象，探討幼兒成長期差異及經理人能力之關聯性。 本研究以Demerjian et al. (2012)之研究中所採用之方法，對於經理人之能力進行衡量。結果顯示，在同屆之中，較早出生之經理人具有較高之經理人能力數值；而較晚出生者則具有較低之經理人能力數值。本研究更進一步分析，以疫情時期前後、產業間之差異、ROA替代經理人能力之代理變數，以及相近規模公司之比較方法，分別進行迴歸分析，發現其結果與先前主要之迴歸分析有一致之現象。zh_TW
dc.description.abstract (摘要) The existing academic literature has shown that managerial ability plays a crucial role in the growth of the firm. Managers with great ability are more likely to meet firm’s performance targets and to formulate appropriate firm strategies. This study measures managerial ability by using the approach developed by Demerjian et al. (2012) to investigate whether early childhood development will influence managerial ability. The empirical results indicate that managers born earlier in the academic year tend to exhibit higher ability compared to managers born later. Further regression reveals the same results from analyses using pre-Covid and after-Covid data and matched sample. The study also shows similar results by differentiating industries. At last, when using ROA as an alternative proxy for managerial ability, the results are significant in single-month analysis.en_US
dc.description.tableofcontents 壹、緒論 1 第一節、研究動機與目的 1 第二節、研究架構 3 貳、文獻探討與研究假說 4 第一節、企業經理人的幼兒成長期差異 4 第二節、經理人能力 6 第三節、研究假說 10 參、研究方法 11 第一節、資料來源與樣本選取 11 第二節、變數定義與衡量 14 肆、實證結果與分析 20 第一節、敘述性統計分析 20 第二節、相關係數檢定 22 第三節、迴歸結果分析 25 伍、追加測試 28 第一節、Covid-19帶來的影響-比較疫情前後之差異 28 第二節、產業間之差異-製造業與非製造業之分析 32 第三節、以ROA作為經理人能力之代理變數 36 第四節、以公司規模配對樣本之測試 41 第五節 小結 43 陸、結論及建議 44 柒、參考文獻 49zh_TW
dc.format.extent 2346247 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112353112en_US
dc.subject (關鍵詞) 幼兒成長期差異zh_TW
dc.subject (關鍵詞) 經理人能力zh_TW
dc.subject (關鍵詞) Early Childhood Developmenten_US
dc.subject (關鍵詞) Managerial Abilityen_US
dc.title (題名) 幼兒成長期差異與經理人能力之關聯性zh_TW
dc.title (題名) Early Childhood Development and Managerial Abilityen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Allen, J., and R. Barnsley. 1993. Streams and tiers: The interaction of ability, maturity, and training in systems with age-dependent recursive selection. Journal of Human Resources 28(3):649-659. Andreou, P. C., I. Karasamani, C. Louca, and D. Ehrlich. 2017. The impact of managerial ability on crisis-period corporate investment. Journal of Business Research 79: 107-122. Bai, J., L. Ma., K. A. Mullally, and D. H. Solomon. 2019. What a difference a (birth) month makes: The relative age effect and fund manager performance. Journal of Financial Economics 132 (1): 200-221. Bell, J. F., and S. Daniels. 1990. Are summer-born children disadvantaged? The birthdate effect in education. Oxford Review of Education 16 (1): 67-80. Bertrand, M., and A. Schoar. 2003. Managing with style: The effect of managers on firm policies. Quarterly Journal of Economics 118 (4):1169-1208. Bhagat, S., B. Bolton, and A. Subramanian. 2011. Manager characteristics and capital structure: Theory and evidence. Journal of Financial and Quantitative Analysis 46 (6): 1581-1627. Bonsall IV, S. B., E. R. Holzman, and B. P. Miller. 2017. Managerial ability and credit risk assessment. Management Science 63 (5): 1425-1449. Campbell, T. 2014. Stratified at seven: in-class ability grouping and the relative age effect. British Educational Research Journal 40(5):749-771. Carmeli, A., and A. Tishler. 2004. Resources, capabilities, and the performance of industrial firms: A multivariate analysis. Managerial and Decision Economics 25 (6-7): 299-315. Chang, Y., S. Dasgupta, and G. Hilary. 2010. CEO ability, pay, and firm performance. Management Science 56(10):1633-1652. Deeter-Schmelz, D. R., D. J. Goebel, and K. N. Kennedy. 2008. What are the characteristics of an effective sales manager? An exploratory study comparing salesperson and sales manager perspectives. Journal of Personal Selling and Sales Management 28 (1): 7-20. Demerjian, P. R., B. Lev, and S. E. McVay. 2012. Quantifying managerial ability: A new measure and validity tests. Management Science 58 (7): 1229-1248. Demerjian, P. R., B. Lev, M. F. Lewis, and S. E. McVay. 2013. Managerial ability and earnings quality. Accounting Review 88 (2): 463-498. Du, Q., H. Gao, and M. D. Levi. 2012. The relative-age effect and career success: Evidence from corporate CEOs. Economics Letters 117 (3): 660-662. Fee, C. E., and C. J. Hadlock. 2003. Raids, rewards, and reputations in the market for managerial talent. Review of Financial Studies 16 (4): 1315-1357. Ge, W., D. Matsumoto, and J. L. Zhang. 2011. Do CFOs have style? An empirical investigation of the effect of individual CFOs on accounting practices. Contemporary Accounting Research 28 (4): 1141-1179. Goldfarb, A., and M. Xiao. 2011. Who thinks about the competition? managerial ability and strategic entry in US local telephone markets. American Economic Review 101 (7): 3130-3161. Gredler, G. R. 1980. The birthdate effect: Fact or artefact? Journal of Learning Abilities 13 (5): 9-12. Hambrick, D. C., and P. A. Mason. 1984. Upper echelons: The organization as a reflection of its top managers. Academy of Management Review 9 (2): 193-206. Herrmann, P. 2002. The influence of CEO characteristics on the international diversification of manufacturing firms: An empirical study in the United States. International Journal of Management 19 (2): 279-289. Holcomb, T. R., R. M. Holmes JR, and B. L. Connelly. 2009. Making the most of what you have: Managerial ability as a source of resource value creation. Strategic Management Journal 30 (5): 457-485. Kawaguchi, D. 2006. The effects of age at school entry on education and income. ESRI Discussion Paper Series 162. Lee, S., S. R. Matsunaga, and C. W. Park. 2012. Management forecast accuracy and CEO turnover. Accounting Review 87 (6): 2095-2122. Shepard, L. A., and M. L. Smith. 1986. Synthesis of research on school readiness and kindergarten retention. Educational Leadership 44 (3): 78-86. Smith, J. 2010. How valuable is the gift of time? The factors that drive the birth date effect in education. Education Finance and Policy 5 (3): 247-277.zh_TW