경영자 능력이 자기자본비용에 미치는 영향: 경영능력의 지속성을 중심으로

This study empirically examines the impact of managerial ability (MA) and its persistence (MA3Y) on firms’ cost of equity capital. Using data from KOSPI-listed companies, managerial ability indicators were estimated based on the methodology of Demerjian et al. (2012) and Bui et al. (2018). The analysis investigates the effects of managerial ability (MA) and persistent managerial ability (MA3Y) on the implied cost of equity (ICOE). The empirical results show that short-term managerial ability (MA) does not have a statistically significant relationship with the cost of equity, whereas persistent managerial ability (MA3Y) exhibits a statistically significant negative association with the cost of equity. This finding is consistent with the prior study (Bui et al. 2018), suggesting that sustained managerial performance mitigates information asymmetry and uncertainty, thereby reducing investors’ required rates of return. Furthermore, the negative relationship is more pronounced in firms with lower leverage ratios or weaker ESG activities, indicating that managerial structural competence enhances corporate credibility and capital-raising efficiency. The contribution of this study lies in providing empirical evidence that persistent managerial ability is reflected in the determination of required returns in the capital market. The findings suggest that the structural capabilities of managers function as a crucial signal that alleviates firms’ cost of equity capital, underscoring the importance of sustainable managerial efficiency.