We find that firms with more capable managers exhibit a slower adjustment speed of capital structure toward the target level. This result is stronger for younger and smaller firms. These can be explained by capable managers’ avoidance of transaction costs and their decision to focus on core activities rather than on capital structure adjustment. Lastly, the negative relation between firm value and the deviation from target capital structure is weaker for firms with competent managers, implying that the stock market does not discount the value of firms deviating from the target capital structure if they are managed by competent managers.

中文翻译：

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管理能力与资本结构调整速度有关吗？*

我们发现管理人员能力越强的公司资本结构向目标水平的调整速度越慢。对于年轻和规模较小的公司来说，这一结果更为明显。这可以通过有能力的管理者避免交易成本以及他们决定专注于核心活动而不是资本结构调整来解释。最后，对于拥有称职经理的公司，公司价值与偏离目标资本结构的负相关关系较弱，这意味着如果由称职的经理管理，股票市场不会打折偏离目标资本结构的公司的价值。