경영자능력이 투자효율성에 미치는 영향：보고이익의 질과 시장 경쟁강도의 조절효과를 중심으로

This study analyzes the relationship between managerial ability and investment efficiency for domestic companies. In addition, it analyzes how the relationship between managerial ability and investment efficiency differs depending on the Accounting quality and market competition intensity. This study conducted an analysis using 4,211 companies－years listed on securities from 2012 to 2018. The analysis results of this study are as follows. First, it was analyzed that there was a significant positive (＋) relationship between managerial ability and investment efficiency. This is the result of supporting the efficient contract hypothesis among the two mutually contradictory hypotheses proposed by Francis et al. (2008). Second, we found empirical evidence that the positive relationship between managerial ability and investment efficiency is amplified as the quality of reported profits and the intensity of industrial competition increase. These results indicate that the quality of reported profits and the strength of industrial competition play a role as a corporate internal and external governance mechanism, as pointed out in previous studies. In this study, in analyzing the relationship between investment efficiency and managerial competence, compared to the previous studies that considered only the quality of reported profits, this study considered not only the quality of reported profits, but also the industrial competitive strength, that is, the internal and external corporate governance mechanisms. In this respect, it has differentiation and significance.