경영진 능력과 혁신성과: 사외이사 및 재무제약

This study explores the effect of managerial ability on innovation performance using a sample of Korean-listed companies. We also investigate the relationship of managerial ability, outside directors ratio, and innovation performance. In addition, we analyze how the interaction term between managerial ability and degree of financial constraints can affect the innovation performance. The main findings are as follows. First, managerial ability and innovation performance have a positive relationship. This result indicates that high-ability managers may contribute to improving innovation. Second, the interaction term between managerial ability and a low ratio of outside directors dummy(LOD) has a positive effect on firm’s innovation performance. Third, the interaction term between managerial ability and a low degree of financial constraints dummy(FUD) has a positive relationship with the innovation performance. These findings show that the relationships between managerial ability and innovation performance can be different depending on outside directors ratio and degree of financial constraints. This paper has contributions in that it is an early study that examined the effect of managerial ability on innovation using Korean firms and suggests that the managerial ability may be important for increasing corporate competitiveness.