日本企業における経営者能力の測定: Managerial Ability Scoreの応用とその妥当性, Measuring Managers' Ability in Japanese Firms: Application and Evaluation of Managerial Ability Score

拓磨 河内山, Takuma Kochiyama, 惣平 石田 and Souhei Ishida

No 205, Working Paper Series from Center for Japanese Business Studies (HJBS), Graduate School of Commerce and Management Hitotsubashi University

Abstract: 本稿の目的は，日本企業を題材に経営者能力を定量的に測定し，その妥当性を実証的に検討することにある。とりわけ，本稿では，Demerjian, Lev, and MacVay（2012, Management Science）で提示されたManagerial Ability Score（MA Score）を日本企業サンプルのもと推定し，その妥当性について多角的に分析する。その結果，総資産利益率などの既存の経営者能力尺度に対する比較優位性は確認されなかった一方，MA Scoreは日本においても経営者・経営陣の能力を示す有用な尺度であることが判明した。推定モデルや妥当性分析については更なる検討の余地があるものの，本稿における分析および検討は実務的・政策的・学術的貢献を果たすものであると考えられる。, Following Demerjian, Lev, and MacVay (DLM, 2012, Management Science), we quantify managerial ability in a sample of Japanese listed firms. We estimate Managerial Ability Score (MA Score) as proposed in DLM (2012) and conduct a set of validation tests. The results show that while MA Score does not always outperform other existing measures, such as return-on-assets, it still can be a useful measure which indicates managers' individual ability. We conclude with a discussion on improvements of the estimation procedures, in particular, in the context of Japanese firms' governance and environment.

Keywords: MA Score; 経営者能力; 企業効率性; Managerial Ability; Firm Efficiency (search for similar items in EconPapers)
Date: 2016-08
Note: 『The Japanese Accounting Review』 2018 Volume 8 Issue 1 (2019.1) pp.1-22 に掲載のため、論文データ（PDF）を取り下げ。[2019/6/5], Withdrawn due to publication in "The Japanese Accounting Review" 2018 Volume 8 Issue 1 (2019.1) pp.1-22. [Jun. 5, 2019]
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