This research examines the link between managerial ability and firms’ external financing. Our findings show that firms with more able managers tend to mitigate information risk by reducing their loan financing and increasing equity financing. These findings are more prominent for financially unconstrained and well-governed firms, suggesting that high-ability managers are more apt to use equity financing as a financial source in firms with better financial and governance quality. To address potential endogeneity problems, we document that the impact of managerial ability on external financing remains unchanged after we employ yearly regression, change analysis, quantile regression, and the instrumental variable approach.

中文翻译：

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管理能力与外部融资

本研究考察了管理能力与企业外部融资之间的联系。我们的研究结果表明，拥有更能干经理的公司倾向于通过减少贷款融资和增加股权融资来降低信息风险。这些发现对于财务不受约束且治理良好的公司更为突出，表明高能力经理更倾向于将股权融资作为财务和治理质量更好的公司的财务来源。为了解决潜在的内生性问题，我们记录了在我们采用年度回归、变化分析、分位数回归和工具变量方法后，管理能力对外部融资的影响保持不变。