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題名 有形資本投資與動態價值：動態能力觀點下經理人能力與企業成長的調節效果
Physical Investment and Dynamic Value: The Moderating Effects of Managerial Ability and Firm Growth under the Dynamic Capabilities Perspective
作者 余哲銓
Yu, Zhe-Quan
貢獻者 楊宗翰
Yang, Tsung-Han
余哲銓
Yu, Zhe-Quan
關鍵詞 有形資本投資
動態能力
動態價值
策略前瞻性
Physical Investment
Dynamic Capabilities
Dynamic Value
Strategic Foresight
日期 2026
上傳時間 2-Feb-2026 14:16:30 (UTC+8)
摘要 本研究從動態能力的可觀察性出發，探討市場如何從有形資本投資（Physical Investment, PI）解讀企業的前瞻性意涵。既有文獻多將PI視為維持產能或提升效率的投入，較少檢視其作為外部市場可觀察之「能力調整訊號」。為捕捉市場對企業未來能力的預期，本研究採用Souder et al. (2024) 提出之動態價值（Dynamic Value, DYV）作為前瞻性衡量指標，並分析經理人能力（Managerial Ability, MA）及企業成長（Firm Growth, FG）在訊號詮釋過程所帶來的調節作用。以2012至2023年美國上市企業Compustat面板資料為樣本（排除金融業），並採用線性固定效果面板迴歸模型做後續分析。模型結果說明，市場普遍將PI視為企業展開能力調整的外顯訊號，使PI與DYV呈現穩定正向關聯。MA可提升訊號一致性與可信度，使市場更容易從PI推估企業未來的調整方向；相對地，FG則增加訊號雜訊，使PI的前瞻性意涵更不易被辨識。綜上所述，實證結果說明PI在市場層次具有前瞻性訊號功能，強調企業在進行實體投資時，除投入本身外，更需關注其被市場解讀的方式，以強化外界對其策略調整與未來價值的預期。
This study examines how markets infer the forward-looking implications of physical investment (PI) through the lens of dynamic capability observability. While prior research typically treats PI as routine spending aimed at maintaining capacity or improving efficiency, few studies consider its role as an externally observable “capability adjustment signal”. To capture market expectations about firms’ future capabilities, this study employs the Dynamic Value (DYV) measure proposed by Souder et al. (2024) and further investigates how managerial ability (MA) and firm growth (FG) moderate the interpretation of PI signals.Based on Compustat panel data covering U.S. publicly listed firms during 2012 to 2023 (excluding financials), this study employs a linear fixed-effects panel regression model. Models show that markets generally interpret PI as an outward signal of capability adjustment, resulting in a stable positive association between PI and DYV. Higher MA enhances the consistency and credibility of PI signals, making it easier for markets to infer firms’ future adjustment trajectories; in contrast, high-growth contexts introduce noise, making PI’s forward-looking meaning more difficult to discern.Overall, this study demonstrates that PI serves as a forward-looking signal at the market level, emphasizing that firms must not only invest but also manage how such investments are interpreted externally to strengthen expectations about strategic adjustment and future value.
參考文獻 Abel, A. B., & Eberly, J. C. (1993). A unified model of investment under uncertainty. In: National Bureau of Economic Research Cambridge, Mass., USA. Adner, R., & Helfat, C. E. (2003). Corporate effects and dynamic managerial capabilities. Strategic management journal, 24(10), 1011–1025. Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of management, 17(1), 99–120. Belo, F., Lin, X., & Vitorino, M. A. (2014). Brand capital and firm value. Review of Economic Dynamics, 17(1), 150–169. Bertrand, M., & Schoar, A. (2003). Managing with style: The effect of managers on firm policies. The Quarterly journal of economics, 118(4), 1169–1208. Bharadwaj, A. S. (2000). A resource-based perspective on information technology capability and firm performance: an empirical investigation. MIS quarterly, 169–196. Bhojraj, S., & Lee, C. M. (2002). Who is my peer? A valuation‐based approach to the selection of comparable firms. Journal of accounting research, 40(2), 407–439. Bloom, N., Bond, S., & Van Reenen, J. (2007). Uncertainty and investment dynamics. The review of economic studies, 74(2), 391–415. Brynjolfsson, E., & Hitt, L. M. (2003). Computing productivity: Firm-level evidence. Review of economics and statistics, 85(4), 793–808. Campbell, B. A., Coff, R., & Kryscynski, D. (2012). Rethinking sustained competitive advantage from human capital. Academy of Management Review, 37(3), 376–395. Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of management, 37(1), 39–67. Corrado, C., Hulten, C., & Sichel, D. (2009). Intangible capital and US economic growth. Review of income and wealth, 55(3), 661–685. Demerjian, P., Lev, B., & McVay, S. (2012). Quantifying managerial ability: A new measure and validity tests. Management science, 58(7), 1229–1248. Dierickx, I., & Cool, K. (1989). Asset stock accumulation and sustainability of competitive advantage. Management science, 35(12), 1504–1511. Dixit, A. K., & Pindyck, R. S. (1994). Investment under uncertainty. Princeton university press. Eisenhardt, K. M., & Martin, J. A. (2017). Dynamic capabilities: what are they? The SMS Blackwell handbook of organizational capabilities, 341–363. Eisfeldt, A. L., & Papanikolaou, D. (2013). Organization capital and the cross‐section of expected returns. The Journal of finance, 68(4), 1365–1406. Fainshmidt, S., Pezeshkan, A., Lance Frazier, M., Nair, A., & Markowski, E. (2016). Dynamic capabilities and organizational performance: a meta‐analytic evaluation and extension. Journal of management studies, 53(8), 1348–1380. Fama, E. F., & French, K. R. (1997). Industry costs of equity. Journal of Financial Economics, 43(2), 153–193. Flammer, C. (2015). Does corporate social responsibility lead to superior financial performance? A regression discontinuity approach. Management science, 61(11), 2549–2568. Gan, H. (2019). Does CEO managerial ability matter? Evidence from corporate investment efficiency. Review of Quantitative Finance and Accounting, 52(4), 1085–1118. Gao, R., & Yu, X. (2020). How to measure capital investment efficiency: a literature synthesis. Accounting & Finance, 60(1), 299–334. Ghemawat, P. (1991). Commitment. Simon and Schuster. Hall, B. H. (1993). The stock market's valuation of R&D investment during the 1980's. The American economic review, 83(2), 259–264. Hall, R. E., & Jorgenson, D. W. (1967). Tax policy and investment behavior. The American economic review, 57(3), 391–414. Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193–206. Hanelt, A., Bohnsack, R., Marz, D., & Antunes Marante, C. (2021). A systematic review of the literature on digital transformation: Insights and implications for strategy and organizational change. Journal of management studies, 58(5), 1159–1197. Hannan, M. T., & Freeman, J. (1984). Structural inertia and organizational change. American sociological review, 149–164. Hayashi, F. (1982). Tobin's marginal q and average q: A neoclassical interpretation. Econometrica: Journal of the Econometric Society, 213–224. Helfat, C. E., & Martin, J. A. (2015). Dynamic managerial capabilities: Review and assessment of managerial impact on strategic change. Journal of management, 41(5), 1281–1312. Helfat, C. E., & Peteraf, M. A. (2003). The dynamic resource‐based view: Capability lifecycles. Strategic management journal, 24(10), 997–1010. Helfat, C. E., & Raubitschek, R. S. (2018). Dynamic and integrative capabilities for profiting from innovation in digital platform-based ecosystems. Research policy, 47(8), 1391–1399. Henderson, R. M., & Clark, K. B. (1990). Architectural innovation: The reconfiguration of existing product technologies and the failure of established firms. Administrative science quarterly, 9–30. Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American economic review, 76(2), 323–329. Jorgenson, D. W. (1963). Capital theory and investment behavior. The American economic review, 53(2), 247–259. Kim, C., & Bettis, R. A. (2014). Cash is surprisingly valuable as a strategic asset. Strategic management journal, 35(13), 2053–2063. Lev, B., & Sougiannis, T. (1996). The capitalization, amortization, and value-relevance of R&D. Journal of accounting and economics, 21(1), 107–138. Luss, H. (1982). Operations research and capacity expansion problems: A survey. Operations research, 30(5), 907–947. Makadok, R. (2001). Toward a synthesis of the resource‐based and dynamic‐capability views of rent creation. Strategic management journal, 22(5), 387–401. McConnell, J. J., & Muscarella, C. J. (1985). Corporate capital expenditure decisions and the market value of the firm. Journal of Financial Economics, 14(3), 399–422. Mikalef, P., Krogstie, J., Pappas, I. O., & Pavlou, P. (2020). Exploring the relationship between big data analytics capability and competitive performance: The mediating roles of dynamic and operational capabilities. Information & management, 57(2), 103169. Mishina, Y., Pollock, T. G., & Porac, J. F. (2004). Are more resources always better for growth? Resource stickiness in market and product expansion. Strategic management journal, 25(12), 1179–1197. Mizik, N., & Jacobson, R. (2003). Trading off between value creation and value appropriation: The financial implications of shifts in strategic emphasis. Journal of marketing, 67(1), 63–76. Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147–175. Ocasio, W. (1994). Political dynamics and the circulation of power: CEO succession in US industrial corporations, 1960-1990. Administrative science quarterly, 285–312. Penrose, E. T. (2009). The Theory of the Growth of the Firm. Oxford university press. Peteraf, M. A., & Barney, J. B. (2003). Unraveling the resource‐based tangle. Managerial and decision economics, 24(4), 309–323. Peters, R. H., & Taylor, L. A. (2017). Intangible capital and the investment-q relation. Journal of Financial Economics, 123(2), 251–272. Pisano, G. P. (2017). Toward a prescriptive theory of dynamic capabilities: connecting strategic choice, learning, and competition. Industrial and Corporate Change, 26(5), 747–762. Sampson, S. E., & Froehle, C. M. (2006). Foundations and implications of a proposed unified services theory. Production and operations management, 15(2), 329–343. Schilke, O., Hu, S., & Helfat, C. E. (2018). Quo vadis, dynamic capabilities? A content-analytic review of the current state of knowledge and recommendations for future research. Academy of management annals, 12(1), 390–439. Souder, D., Shaver, J. M., Harris, J. D., & Alrashdan, A. (2024). Performance metrics in strategy research: A new metric and method for assessing dynamic value. Strategic management journal, 45(1), 144–167. Spence, M. (1978). Job market signaling. In Uncertainty in economics (pp. 281–306). Elsevier. Teece, D., Peteraf, M., & Leih, S. (2016). Dynamic capabilities and organizational agility: Risk, uncertainty, and strategy in the innovation economy. California management review, 58(4), 13–35. Teece, D. J. (2007). Explicating dynamic capabilities: the nature and microfoundations of (sustainable) enterprise performance. Strategic management journal, 28(13), 1319–1350. Teece, D. J. (2018). Business models and dynamic capabilities. Long range planning, 51(1), 40–49. Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic management journal, 18(7), 509–533. Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. The Journal of finance, 43(1), 1–19. Tobin, J. (1969). A general equilibrium approach to monetary theory. Journal of money, credit and banking, 1(1), 15–29. Villalonga, B. (2004). Diversification discount or premium? New evidence from the business information tracking series. The Journal of finance, 59(2), 479–506. Vomberg, A., Homburg, C., & Bornemann, T. (2015). Talented people and strong brands: The contribution of human capital and brand equity to firm value. Strategic management journal, 36(13), 2122–2131. Warner, K. S., & Wäger, M. (2019). Building dynamic capabilities for digital transformation: An ongoing process of strategic renewal. Long range planning, 52(3), 326–349. Wernerfelt, B. (1984). A resource‐based view of the firm. Strategic management journal, 5(2), 171–180. Winter, S. G. (2003). Understanding dynamic capabilities. Strategic management journal, 24(10), 991–995. Zahra, S. A., & George, G. (2002). Absorptive capacity: A review, reconceptualization, and extension. Academy of Management Review, 27(2), 185–203.
描述 碩士
國立政治大學
科技管理與智慧財產研究所
113364131
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0113364131
資料類型 thesis
dc.contributor.advisor 楊宗翰zh_TW
dc.contributor.advisor Yang, Tsung-Hanen_US
dc.contributor.author (Authors) 余哲銓zh_TW
dc.contributor.author (Authors) Yu, Zhe-Quanen_US
dc.creator (作者) 余哲銓zh_TW
dc.creator (作者) Yu, Zhe-Quanen_US
dc.date (日期) 2026en_US
dc.date.accessioned 2-Feb-2026 14:16:30 (UTC+8)-
dc.date.available 2-Feb-2026 14:16:30 (UTC+8)-
dc.date.issued (上傳時間) 2-Feb-2026 14:16:30 (UTC+8)-
dc.identifier (Other Identifiers) G0113364131en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/161512-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 科技管理與智慧財產研究所zh_TW
dc.description (描述) 113364131zh_TW
dc.description.abstract (摘要) 本研究從動態能力的可觀察性出發，探討市場如何從有形資本投資（Physical Investment, PI）解讀企業的前瞻性意涵。既有文獻多將PI視為維持產能或提升效率的投入，較少檢視其作為外部市場可觀察之「能力調整訊號」。為捕捉市場對企業未來能力的預期，本研究採用Souder et al. (2024) 提出之動態價值（Dynamic Value, DYV）作為前瞻性衡量指標，並分析經理人能力（Managerial Ability, MA）及企業成長（Firm Growth, FG）在訊號詮釋過程所帶來的調節作用。以2012至2023年美國上市企業Compustat面板資料為樣本（排除金融業），並採用線性固定效果面板迴歸模型做後續分析。模型結果說明，市場普遍將PI視為企業展開能力調整的外顯訊號，使PI與DYV呈現穩定正向關聯。MA可提升訊號一致性與可信度，使市場更容易從PI推估企業未來的調整方向；相對地，FG則增加訊號雜訊，使PI的前瞻性意涵更不易被辨識。綜上所述，實證結果說明PI在市場層次具有前瞻性訊號功能，強調企業在進行實體投資時，除投入本身外，更需關注其被市場解讀的方式，以強化外界對其策略調整與未來價值的預期。zh_TW
dc.description.abstract (摘要) This study examines how markets infer the forward-looking implications of physical investment (PI) through the lens of dynamic capability observability. While prior research typically treats PI as routine spending aimed at maintaining capacity or improving efficiency, few studies consider its role as an externally observable “capability adjustment signal”. To capture market expectations about firms’ future capabilities, this study employs the Dynamic Value (DYV) measure proposed by Souder et al. (2024) and further investigates how managerial ability (MA) and firm growth (FG) moderate the interpretation of PI signals.Based on Compustat panel data covering U.S. publicly listed firms during 2012 to 2023 (excluding financials), this study employs a linear fixed-effects panel regression model. Models show that markets generally interpret PI as an outward signal of capability adjustment, resulting in a stable positive association between PI and DYV. Higher MA enhances the consistency and credibility of PI signals, making it easier for markets to infer firms’ future adjustment trajectories; in contrast, high-growth contexts introduce noise, making PI’s forward-looking meaning more difficult to discern.Overall, this study demonstrates that PI serves as a forward-looking signal at the market level, emphasizing that firms must not only invest but also manage how such investments are interpreted externally to strengthen expectations about strategic adjustment and future value.en_US
dc.description.tableofcontents 1 Introduction 1 2 Theory and Hypotheses 6 2.1 Physical Investment and Dynamic Value 7 2.2 The Moderating Effect of Managerial Ability 12 2.3 The Moderating Effect of Firm Growth 14 3 Methods 18 3.1 Data Source and Sample Selection 18 3.2 Variables 18 3.2.1 Dependent Variable 18 3.2.2 Independent Variable 21 3.2.3 Moderating Variables 22 3.2.4 Control Variables 24 3.3 Estimation Model 31 4 Empirical Results 35 4.1 Summary Statistics and Correlation Analysis 35 4.2 Panel Regression Results 39 4.3 Robustness Tests 43 4.4 Heterogeneity Tests 46 5 Discussion and Conclusion 51 5.1 Theoretical Contributions 51 5.2 Managerial Implications 53 5.3 Limitation and Future Research Directions 55 5.4 Conclusion 57 References 59zh_TW
dc.format.extent 1565146 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0113364131en_US
dc.subject (關鍵詞) 有形資本投資zh_TW
dc.subject (關鍵詞) 動態能力zh_TW
dc.subject (關鍵詞) 動態價值zh_TW
dc.subject (關鍵詞) 策略前瞻性zh_TW
dc.subject (關鍵詞) Physical Investmenten_US
dc.subject (關鍵詞) Dynamic Capabilitiesen_US
dc.subject (關鍵詞) Dynamic Valueen_US
dc.subject (關鍵詞) Strategic Foresighten_US
dc.title (題名) 有形資本投資與動態價值：動態能力觀點下經理人能力與企業成長的調節效果zh_TW
dc.title (題名) Physical Investment and Dynamic Value: The Moderating Effects of Managerial Ability and Firm Growth under the Dynamic Capabilities Perspectiveen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Abel, A. B., & Eberly, J. C. (1993). A unified model of investment under uncertainty. In: National Bureau of Economic Research Cambridge, Mass., USA. Adner, R., & Helfat, C. E. (2003). Corporate effects and dynamic managerial capabilities. Strategic management journal, 24(10), 1011–1025. Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of management, 17(1), 99–120. Belo, F., Lin, X., & Vitorino, M. A. (2014). Brand capital and firm value. Review of Economic Dynamics, 17(1), 150–169. Bertrand, M., & Schoar, A. (2003). Managing with style: The effect of managers on firm policies. The Quarterly journal of economics, 118(4), 1169–1208. Bharadwaj, A. S. (2000). A resource-based perspective on information technology capability and firm performance: an empirical investigation. MIS quarterly, 169–196. Bhojraj, S., & Lee, C. M. (2002). Who is my peer? A valuation‐based approach to the selection of comparable firms. Journal of accounting research, 40(2), 407–439. Bloom, N., Bond, S., & Van Reenen, J. (2007). Uncertainty and investment dynamics. The review of economic studies, 74(2), 391–415. Brynjolfsson, E., & Hitt, L. M. (2003). Computing productivity: Firm-level evidence. Review of economics and statistics, 85(4), 793–808. Campbell, B. A., Coff, R., & Kryscynski, D. (2012). Rethinking sustained competitive advantage from human capital. Academy of Management Review, 37(3), 376–395. Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of management, 37(1), 39–67. Corrado, C., Hulten, C., & Sichel, D. (2009). Intangible capital and US economic growth. Review of income and wealth, 55(3), 661–685. Demerjian, P., Lev, B., & McVay, S. (2012). Quantifying managerial ability: A new measure and validity tests. Management science, 58(7), 1229–1248. Dierickx, I., & Cool, K. (1989). Asset stock accumulation and sustainability of competitive advantage. Management science, 35(12), 1504–1511. Dixit, A. K., & Pindyck, R. S. (1994). Investment under uncertainty. Princeton university press. Eisenhardt, K. M., & Martin, J. A. (2017). Dynamic capabilities: what are they? The SMS Blackwell handbook of organizational capabilities, 341–363. Eisfeldt, A. L., & Papanikolaou, D. (2013). Organization capital and the cross‐section of expected returns. The Journal of finance, 68(4), 1365–1406. Fainshmidt, S., Pezeshkan, A., Lance Frazier, M., Nair, A., & Markowski, E. (2016). Dynamic capabilities and organizational performance: a meta‐analytic evaluation and extension. Journal of management studies, 53(8), 1348–1380. Fama, E. F., & French, K. R. (1997). Industry costs of equity. Journal of Financial Economics, 43(2), 153–193. Flammer, C. (2015). Does corporate social responsibility lead to superior financial performance? A regression discontinuity approach. Management science, 61(11), 2549–2568. Gan, H. (2019). Does CEO managerial ability matter? Evidence from corporate investment efficiency. Review of Quantitative Finance and Accounting, 52(4), 1085–1118. Gao, R., & Yu, X. (2020). How to measure capital investment efficiency: a literature synthesis. Accounting & Finance, 60(1), 299–334. Ghemawat, P. (1991). Commitment. Simon and Schuster. Hall, B. H. (1993). The stock market's valuation of R&D investment during the 1980's. The American economic review, 83(2), 259–264. Hall, R. E., & Jorgenson, D. W. (1967). Tax policy and investment behavior. The American economic review, 57(3), 391–414. Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193–206. Hanelt, A., Bohnsack, R., Marz, D., & Antunes Marante, C. (2021). A systematic review of the literature on digital transformation: Insights and implications for strategy and organizational change. Journal of management studies, 58(5), 1159–1197. Hannan, M. T., & Freeman, J. (1984). Structural inertia and organizational change. American sociological review, 149–164. Hayashi, F. (1982). Tobin's marginal q and average q: A neoclassical interpretation. Econometrica: Journal of the Econometric Society, 213–224. Helfat, C. E., & Martin, J. A. (2015). Dynamic managerial capabilities: Review and assessment of managerial impact on strategic change. Journal of management, 41(5), 1281–1312. Helfat, C. E., & Peteraf, M. A. (2003). The dynamic resource‐based view: Capability lifecycles. Strategic management journal, 24(10), 997–1010. Helfat, C. E., & Raubitschek, R. S. (2018). Dynamic and integrative capabilities for profiting from innovation in digital platform-based ecosystems. Research policy, 47(8), 1391–1399. Henderson, R. M., & Clark, K. B. (1990). Architectural innovation: The reconfiguration of existing product technologies and the failure of established firms. Administrative science quarterly, 9–30. Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American economic review, 76(2), 323–329. Jorgenson, D. W. (1963). Capital theory and investment behavior. The American economic review, 53(2), 247–259. Kim, C., & Bettis, R. A. (2014). Cash is surprisingly valuable as a strategic asset. Strategic management journal, 35(13), 2053–2063. Lev, B., & Sougiannis, T. (1996). The capitalization, amortization, and value-relevance of R&D. Journal of accounting and economics, 21(1), 107–138. Luss, H. (1982). Operations research and capacity expansion problems: A survey. Operations research, 30(5), 907–947. Makadok, R. (2001). Toward a synthesis of the resource‐based and dynamic‐capability views of rent creation. Strategic management journal, 22(5), 387–401. McConnell, J. J., & Muscarella, C. J. (1985). Corporate capital expenditure decisions and the market value of the firm. 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