Impact of Managerial Capability on the Financial Performance of Brazilian Companies
DOI:
https://doi.org/10.5020/2318-0722.2025.31.e16519Keywords:
managerial capacity, financial performance, brazilian companiesAbstract
This study aims to analyze the effect of managerial capability (MC) on the financial performance of 306 publicly traded Brazilian companies from 2010 to 2022. The estimation of MC is conducted in two stages. First, data envelopment analysis is applied to obtain each firm’s efficiency within its sector over a given period. Next, a Tobit model is used to identify the portion of total efficiency not explained by firm-specific characteristics. The research hypothesis is then tested using a panel data regression with fixed effects and robust estimates. The results show that managerial capability has a positive and statistically significant effect on return on assets and return on equity but does not directly influence firms’ market value when measured by Tobin’s Q. Overall, the findings suggest that the skills developed by managers tend to increase firms’ wealth and are therefore relevant to corporate decision-making.
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This article is a translation in English of the article:
Impacto da Capacidade Gerencial no Desempenho Financeiro das Cias Brasileiras
References
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Andreou, P. C., Louca, C., & Petrou, A. P. (2017b). CEO age and stock price crash risk. Review of Finance, 21(3), 1287–1325. https://www.sciencedirect.com/science/article/pii/S0148296317301765
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Anom, A. N. M. (2018). The effect of managerial ability on firm performance with earning management as intervening variable. Russian Journal of Agricultural and Socio-Economic Sciences, 80(8), 149–155.
Anshori, M., & Iswati, S. (2009). Quantitative Research Methodology. Surabaya.
Araújo, R. A. de M., Correia, T. de S., & Câmara, R. P. de B. (2022). Influência da Inovação Ambiental na Sustentabilidade Corporativa em Companhias Latino-Americanas. Organizações & Sociedade, 29(101), 297–322. https://doi.org/10.1590/1984-92302022v29n0013PT
Arhinful, R., & Radmehr, M. (2023). The effect of financial leverage on financial performance: Evidence from non-financial institutions listed on the Tokyo stock market. Journal of Capital Markets Studies, 7(1), 53–71. https://doi.org/10.1108/JCMS-10-2022-0038
Atawnah, N., Eshraghi, A., Baghdadi, G. A., & Bhatti, I. (2024). Managerial ability and firm value: A new perspective. Research in International Business and Finance, 67, 1-17. https://doi.org/10.1016/j.ribaf.2023.102133
Bellner, B. W. (2014). Dynamic managerial capabilities and competitive advantage: an empirical analysis of managers from the finance and insurance and real estate sectors. [Doctoral Dissertation]. Heriot-Watt University.
Bhutta, A. I., Sheikh, M. F., Munir, A., Naz, A., & Saif, I. (2021). Managerial ability and firm performance: Evidence from an emerging market. Cogent Business & Management, 8(1), 1-22. https://doi.org/10.1080/23311975.2021.1879449
Castro, B. L. G. de, Oliveira, J. B. B. de, Morais, L. Q., & Gai, M. J. P. (2020). COVID-19 e organizações: Estratégias de enfrentamento para redução de impactos. Revista Psicologia Organizações e Trabalho, 20(3), 1059–1063. https://doi.org/10.17652/rpot/2020.3.20821
Chang, Y. Y., Dasgupta, S., & Hilary, G. (2010). CEO ability, pay, and firm performance. Management Science, 56(10), 1633–1652. https://doi.org/10.1287/mnsc.1100.1205
Chatjuthamard, P., Jiraporn, P., Tong, S., & Singh, M. (2016). Managerial talent and corporate social responsibility (CSR): How do talented managers view corporate social responsibility? International Review of Finance, 16(2), 265–276. https://doi.org/10.1111/irfi.12067
Chiou, C.-L., & Shu, P.-G. (2019). How does foreign pressure affect a firm's corporate social performance? Evidence from listed firms in Taiwan. Journal of Multinational Financial Management, 51, 1–22. https://doi.org/10.1016/j.mulfin.2019.04.006
Chuah, S.-F., & Foong, S.-S. (2019). Managerial ability and firm performance in Malaysia: Do familiness and foreignness of the CEOs matter? Review of Pacific Basin Financial Markets and Policies, 22(3), 1-31. https://doi.org/10.1142/S0219091519500176
Corrêa, R. O., Bueno, E. V., Kato, H. T., & Silva, L. M. de O. (2019). Dynamic managerial capabilities: Scale development and validation. Managerial and Decision Economics, 40(1), 3–15. https://doi.org/10.1002/mde.2974
Cui, H., Chen, C., Zhang, Y., & Zhu, X. (2019). Managerial ability and stock price crash risk. Asia-Pacific Journal of Accounting & Economics, 26(5), 532–554. https://doi.org/10.1080/16081625.2019.1636662
Demerjian, P., Lev, B., & McVay, S. (2012). Quantifying managerial ability: A new measure and validity tests. Management Science, 58(7), 1229–1248. https://doi.org/10.1287/mnsc.1110.1487
Demerjian, P. R., Lev, B., Lewis, M. F., & McVay, S. E. (2013). Managerial ability and earnings quality. The Accounting Review, 88(2), 463–498. https://doi.org/10.2308/accr-50318
Driscoll, J. C., & Kraay, A. C. (1998). Consistent Covariance Matrix Estimation with Spatially Dependent Panel Data. Review of Economics and Statistics, 80(4), 549-560. https://doi.org/10.1162/003465398557825
Fagundes, F. M., Brugni, T. V., & Nossa, S. N. (2024). Habilidade gerencial e qualidade da informação contábil no Brasil. Revista Catarinense da Ciência Contábil, 23, 1-14. https://doi.org/10.16930/2237-766220243421
Fan, J. P., Wei, K. J., & Xu, X. (2011). Corporate finance and governance in emerging markets: A selective review and an agenda for future research. Journal of Corporate Finance, 17(2), 207–214. https://doi.org/10.1016/j.jcorpfin.2010.12.001
Fernando, G. D., Jain, S. S., & Tripathy, A. (2020). This cloud has a silver lining: Gender diversity, managerial ability, and firm performance. Journal of Business Research, 117, 484–496. https://doi.org/10.1016/j.jbusres.2020.05.042
Finkelstein, S., & Hambrick, D. C. (1990). Top‐management‐team tenure and organizational outcomes: The moderating role of managerial discretion. Administrative Science Quarterly, 35(3), 484–503. https://doi.org/10.2307/2393314
García‐Sánchez, I.-M., & Martínez‐Ferrero, J. (2018). Chief executive officer ability, corporate social responsibility, and financial performance: The moderating role of the environment. Business Strategy and the Environment, 28(4), 542–555. https://doi.org/10.1002/bse.2263
Hambrick, D. C. (2007). Upper echelons theory: An update. Academy of Management Review, 32(2), 334–343. https://doi.org/10.5465/amr.2007.24345254
Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193–206. https://doi.org/10.5465/amr.1984.4277628
Heubeck, T., & Meckl, R. (2022). Antecedents to cognitive business model evaluation: A dynamic managerial capabilities perspective. Review of Managerial Science, 16(8), 2441–2466. https://doi.org/10.1007/s11846-021-00503-7
Hoang, K. (2022). How does corporate R&D investment respond to climate policy uncertainty? Evidence from heavy emitter firms in the United States. Corporate Social Responsibility and Environmental Management, 29(4), 936–949. https://doi.org/10.1002/csr.2246
Huang, X. S., & Sun, L. (2017). Managerial ability and real earnings management. Advances in Accounting, 39, 91–104. https://doi.org/10.1016/j.adiac.2017.08.003
Jarske, F., Matos, R. B. de, Rocha, L. F., Reina, D. R. M., Reina, D., & Lemes, S. (2021). Normas Internacionais de Contabilidade: Tendências e Perspectivas. Administração de Empresas em Revista, 3(25), 01–29. http://www.poncedaher.net.br/egen/sites/default/files/Normas%20Internacionais%20de%20Contabilidade%20Tend%C3%AAncias%20ePerspectivas.pdf
Jiraporn, P., Leelalai, V., & Tong, S. (2016). The effect of managerial ability on dividend policy: How do talented managers view dividend payouts? Applied Economics Letters, 23(12), 857–862. https://doi.org/10.1080/13504851.2015.1114572
Kogut, C. S., & Mejri, K. (2022). Female entrepreneurship in emerging markets: Challenges of running a business in turbulent contexts and times. International Journal of Gender and Entrepreneurship, 14(1), 95–116. https://doi.org/10.1108/IJGE-03-2021-0052
Kor, Y. Y., & Mesko, A. (2013). Dynamic managerial capabilities: Configuration and orchestration of top executives’ capabilities and the firm’s dominant logic. Strategic Management Journal, 34(2), 233–244. https://doi.org/10.1002/smj.2000
Lee, W. S., Sun, K.-A., & Moon, J. (2018). Application of upper echelon theory for corporate social responsibility dimensions: Evidence from the restaurant industry. Journal of Quality Assurance in Hospitality & Tourism, 19(3), 387–414. https://doi.org/10.1080/1528008X.2017.1421492
Lunardi, M. A., Ferrari, A., & Klann, R. C. (2022). Habilidade gerencial e gerenciamento de resultados contábeis. Revista Contemporânea de Contabilidade, 19(51), 53-72. https://doi.org/10.5007/2175-8069.2022.e79278
Magalhães, S. R., & Andrade, E. A. (2009). Testes à igualdade dos parâmetros de um modelo de regressão: uma aplicação especial das variáveis binárias (dummy). Revista E-Xacta, 2(3), 1-4.
Missio, F. J. (2012, 22 a 24 de agosto). Câmbio Real e Crescimento: Novas Evidências Empíricas. [Apresentação de trabalho]. 5° Encontro Internacional da Associação Keynesiana Brasileira Keynesiana, São Paulo.
Ng, S., Pahlevi, C., & Habbe, A. H. (2015). Managerial ability and monitoring structure as a mechanism for improving the quality of earnings and the value of the firms listed in Indonesia stock exchange. Scientific Research Journal, 3, 25–39.
Oreiro, J. L. (2017). A grande recessão brasileira: Diagnóstico e uma agenda de política econômica. Estudos Avançados, 31(89), 75–88. https://doi.org/10.1590/s0103-40142017.31890009
Palvia, A., Vähämaa, E., & Vähämaa, S. (2015). Are female CEOs and chairwomen more conservative and risk averse? Evidence from the banking industry during the financial crisis. Journal of Business Ethics, 131, 577–594. https://doi.org/10.1007/s10551-014-2288-3
Park, J., Ko, C. Y., Jung, H., & Lee, Y.-S. (2016). Managerial ability and tax avoidance: Evidence from Korea. Asia-Pacific Journal of Accounting & Economics, 23(4), 449–477. https://doi.org/10.1080/16081625.2015.1017590
Park, W., & Byun, C. (2021). Effect of sme’s managerial ability and executive compensation on firm value. Sustainability, 13(21), 1-16. https://doi.org/10.3390/su132111828
Phan, N. H. (2021). Managerial ability, managerial incentives and firm performance: Empirical evidence from Vietnam. The Journal of Asian Finance, Economics and Business, 8(4), 193–200. https://doi.org/10.13106/jafeb.2021.vol8.no4.0193
Siao, W.-S., & Chou, T.-K. (2013). Does managerial ability improve value of cash holdings? https://doi.org/10.1016/j.adiac.2016.02.002
Sun, L. (2016). Managerial ability and goodwill impairment. Advances in Accounting, 32, 42–51. https://doi.org/10.1016/j.adiac.2016.02.002
Sun, L. (2017). Managerial ability and chemical releases. Sustainability Accounting, Management and Policy Journal, 8, 281–306. https://doi.org/10.1108/SAMPJ-09-2016-0062
Ting, I. W. K., Tebourbi, I., Lu, W.-M., & Kweh, Q. L. (2021). The effects of managerial ability on firm performance and the mediating role of capital structure: Evidence from Taiwan. Financial Innovation, 7(1), 1–23. https://doi.org/10.1186/s40854-021-00320-7
Tran, N. P., & Vo, D. H. (2020). Human capital efficiency and firm performance across sectors in an emerging market. Cogent Business & Management, 7(1), 1-15. https://doi.org/10.1080/23311975.2020.1738832
Wang, W.-K., Lu, W.-M., Kweh, Q. L., & Lee, J.-J. (2021). Management characteristics and corporate performance of Chinese chemical companies: The moderating effect of managerial ability. International Transactions in Operational Research, 28(2), 976–995. https://doi.org/10.1111/itor.12575
Yi, E. (2023). Corporate governance, information disclosure and investment-cash flow sensitivity. Finance Research Letters, 55, 1-8. https://doi.org/10.1016/j.frl.2023.103942
Yung, K., & Chen, C. (2018). Managerial ability and firm risk-taking behavior. Review of Quantitative Finance and Accounting, 51(4), 1005–1032. https://doi.org/10.1007/s11156-017-0695-0
Andreou, P. C., Philip, D., & Robejsek, P. (2016). Bank liquidity creation and risk-taking: Does managerial ability matter? Journal of Business Finance & Accounting, 43, 226–259. https://doi.org/10.1111/jbfa.12169
Andreou, P. C., Karasamani, I., Louca, C., & Ehrlich, D. (2017a). The impact of managerial ability on crisis-period corporate investment. Journal of Business Research, 79, 107–122. https://doi.org/10.1016/j.jbusres.2017.05.022
Andreou, P. C., Louca, C., & Petrou, A. P. (2017b). CEO age and stock price crash risk. Review of Finance, 21(3), 1287–1325. https://www.sciencedirect.com/science/article/pii/S0148296317301765
Anggraini, P. G., & Sholihin, M. (2023). What do we know about managerial ability? A systematic literature review. Management Review Quarterly, 73(1), 1–30. https://doi.org/10.1007/s11301-021-00229-6
Anom, A. N. M. (2018). The effect of managerial ability on firm performance with earning management as intervening variable. Russian Journal of Agricultural and Socio-Economic Sciences, 80(8), 149–155.
Anshori, M., & Iswati, S. (2009). Quantitative Research Methodology. Surabaya.
Araújo, R. A. de M., Correia, T. de S., & Câmara, R. P. de B. (2022). Influência da Inovação Ambiental na Sustentabilidade Corporativa em Companhias Latino-Americanas. Organizações & Sociedade, 29(101), 297–322. https://doi.org/10.1590/1984-92302022v29n0013PT
Arhinful, R., & Radmehr, M. (2023). The effect of financial leverage on financial performance: Evidence from non-financial institutions listed on the Tokyo stock market. Journal of Capital Markets Studies, 7(1), 53–71. https://doi.org/10.1108/JCMS-10-2022-0038
Atawnah, N., Eshraghi, A., Baghdadi, G. A., & Bhatti, I. (2024). Managerial ability and firm value: A new perspective. Research in International Business and Finance, 67, 1-17. https://doi.org/10.1016/j.ribaf.2023.102133
Bellner, B. W. (2014). Dynamic managerial capabilities and competitive advantage: an empirical analysis of managers from the finance and insurance and real estate sectors. [Doctoral Dissertation]. Heriot-Watt University.
Bhutta, A. I., Sheikh, M. F., Munir, A., Naz, A., & Saif, I. (2021). Managerial ability and firm performance: Evidence from an emerging market. Cogent Business & Management, 8(1), 1-22. https://doi.org/10.1080/23311975.2021.1879449
Castro, B. L. G. de, Oliveira, J. B. B. de, Morais, L. Q., & Gai, M. J. P. (2020). COVID-19 e organizações: Estratégias de enfrentamento para redução de impactos. Revista Psicologia Organizações e Trabalho, 20(3), 1059–1063. https://doi.org/10.17652/rpot/2020.3.20821
Chang, Y. Y., Dasgupta, S., & Hilary, G. (2010). CEO ability, pay, and firm performance. Management Science, 56(10), 1633–1652. https://doi.org/10.1287/mnsc.1100.1205
Chatjuthamard, P., Jiraporn, P., Tong, S., & Singh, M. (2016). Managerial talent and corporate social responsibility (CSR): How do talented managers view corporate social responsibility? International Review of Finance, 16(2), 265–276. https://doi.org/10.1111/irfi.12067
Chiou, C.-L., & Shu, P.-G. (2019). How does foreign pressure affect a firm's corporate social performance? Evidence from listed firms in Taiwan. Journal of Multinational Financial Management, 51, 1–22. https://doi.org/10.1016/j.mulfin.2019.04.006
Chuah, S.-F., & Foong, S.-S. (2019). Managerial ability and firm performance in Malaysia: Do familiness and foreignness of the CEOs matter? Review of Pacific Basin Financial Markets and Policies, 22(3), 1-31. https://doi.org/10.1142/S0219091519500176
Corrêa, R. O., Bueno, E. V., Kato, H. T., & Silva, L. M. de O. (2019). Dynamic managerial capabilities: Scale development and validation. Managerial and Decision Economics, 40(1), 3–15. https://doi.org/10.1002/mde.2974
Cui, H., Chen, C., Zhang, Y., & Zhu, X. (2019). Managerial ability and stock price crash risk. Asia-Pacific Journal of Accounting & Economics, 26(5), 532–554. https://doi.org/10.1080/16081625.2019.1636662
Demerjian, P., Lev, B., & McVay, S. (2012). Quantifying managerial ability: A new measure and validity tests. Management Science, 58(7), 1229–1248. https://doi.org/10.1287/mnsc.1110.1487
Demerjian, P. R., Lev, B., Lewis, M. F., & McVay, S. E. (2013). Managerial ability and earnings quality. The Accounting Review, 88(2), 463–498. https://doi.org/10.2308/accr-50318
Driscoll, J. C., & Kraay, A. C. (1998). Consistent Covariance Matrix Estimation with Spatially Dependent Panel Data. Review of Economics and Statistics, 80(4), 549-560. https://doi.org/10.1162/003465398557825
Fagundes, F. M., Brugni, T. V., & Nossa, S. N. (2024). Habilidade gerencial e qualidade da informação contábil no Brasil. Revista Catarinense da Ciência Contábil, 23, 1-14. https://doi.org/10.16930/2237-766220243421
Fan, J. P., Wei, K. J., & Xu, X. (2011). Corporate finance and governance in emerging markets: A selective review and an agenda for future research. Journal of Corporate Finance, 17(2), 207–214. https://doi.org/10.1016/j.jcorpfin.2010.12.001
Fernando, G. D., Jain, S. S., & Tripathy, A. (2020). This cloud has a silver lining: Gender diversity, managerial ability, and firm performance. Journal of Business Research, 117, 484–496. https://doi.org/10.1016/j.jbusres.2020.05.042
Finkelstein, S., & Hambrick, D. C. (1990). Top‐management‐team tenure and organizational outcomes: The moderating role of managerial discretion. Administrative Science Quarterly, 35(3), 484–503. https://doi.org/10.2307/2393314
García‐Sánchez, I.-M., & Martínez‐Ferrero, J. (2018). Chief executive officer ability, corporate social responsibility, and financial performance: The moderating role of the environment. Business Strategy and the Environment, 28(4), 542–555. https://doi.org/10.1002/bse.2263
Hambrick, D. C. (2007). Upper echelons theory: An update. Academy of Management Review, 32(2), 334–343. https://doi.org/10.5465/amr.2007.24345254
Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193–206. https://doi.org/10.5465/amr.1984.4277628
Heubeck, T., & Meckl, R. (2022). Antecedents to cognitive business model evaluation: A dynamic managerial capabilities perspective. Review of Managerial Science, 16(8), 2441–2466. https://doi.org/10.1007/s11846-021-00503-7
Hoang, K. (2022). How does corporate R&D investment respond to climate policy uncertainty? Evidence from heavy emitter firms in the United States. Corporate Social Responsibility and Environmental Management, 29(4), 936–949. https://doi.org/10.1002/csr.2246
Huang, X. S., & Sun, L. (2017). Managerial ability and real earnings management. Advances in Accounting, 39, 91–104. https://doi.org/10.1016/j.adiac.2017.08.003
Jarske, F., Matos, R. B. de, Rocha, L. F., Reina, D. R. M., Reina, D., & Lemes, S. (2021). Normas Internacionais de Contabilidade: Tendências e Perspectivas. Administração de Empresas em Revista, 3(25), 01–29. http://www.poncedaher.net.br/egen/sites/default/files/Normas%20Internacionais%20de%20Contabilidade%20Tend%C3%AAncias%20ePerspectivas.pdf
Jiraporn, P., Leelalai, V., & Tong, S. (2016). The effect of managerial ability on dividend policy: How do talented managers view dividend payouts? Applied Economics Letters, 23(12), 857–862. https://doi.org/10.1080/13504851.2015.1114572
Kogut, C. S., & Mejri, K. (2022). Female entrepreneurship in emerging markets: Challenges of running a business in turbulent contexts and times. International Journal of Gender and Entrepreneurship, 14(1), 95–116. https://doi.org/10.1108/IJGE-03-2021-0052
Kor, Y. Y., & Mesko, A. (2013). Dynamic managerial capabilities: Configuration and orchestration of top executives’ capabilities and the firm’s dominant logic. Strategic Management Journal, 34(2), 233–244. https://doi.org/10.1002/smj.2000
Lee, W. S., Sun, K.-A., & Moon, J. (2018). Application of upper echelon theory for corporate social responsibility dimensions: Evidence from the restaurant industry. Journal of Quality Assurance in Hospitality & Tourism, 19(3), 387–414. https://doi.org/10.1080/1528008X.2017.1421492
Lunardi, M. A., Ferrari, A., & Klann, R. C. (2022). Habilidade gerencial e gerenciamento de resultados contábeis. Revista Contemporânea de Contabilidade, 19(51), 53-72. https://doi.org/10.5007/2175-8069.2022.e79278
Magalhães, S. R., & Andrade, E. A. (2009). Testes à igualdade dos parâmetros de um modelo de regressão: uma aplicação especial das variáveis binárias (dummy). Revista E-Xacta, 2(3), 1-4.
Missio, F. J. (2012, 22 a 24 de agosto). Câmbio Real e Crescimento: Novas Evidências Empíricas. [Apresentação de trabalho]. 5° Encontro Internacional da Associação Keynesiana Brasileira Keynesiana, São Paulo.
Ng, S., Pahlevi, C., & Habbe, A. H. (2015). Managerial ability and monitoring structure as a mechanism for improving the quality of earnings and the value of the firms listed in Indonesia stock exchange. Scientific Research Journal, 3, 25–39.
Oreiro, J. L. (2017). A grande recessão brasileira: Diagnóstico e uma agenda de política econômica. Estudos Avançados, 31(89), 75–88. https://doi.org/10.1590/s0103-40142017.31890009
Palvia, A., Vähämaa, E., & Vähämaa, S. (2015). Are female CEOs and chairwomen more conservative and risk averse? Evidence from the banking industry during the financial crisis. Journal of Business Ethics, 131, 577–594. https://doi.org/10.1007/s10551-014-2288-3
Park, J., Ko, C. Y., Jung, H., & Lee, Y.-S. (2016). Managerial ability and tax avoidance: Evidence from Korea. Asia-Pacific Journal of Accounting & Economics, 23(4), 449–477. https://doi.org/10.1080/16081625.2015.1017590
Park, W., & Byun, C. (2021). Effect of sme’s managerial ability and executive compensation on firm value. Sustainability, 13(21), 1-16. https://doi.org/10.3390/su132111828
Phan, N. H. (2021). Managerial ability, managerial incentives and firm performance: Empirical evidence from Vietnam. The Journal of Asian Finance, Economics and Business, 8(4), 193–200. https://doi.org/10.13106/jafeb.2021.vol8.no4.0193
Siao, W.-S., & Chou, T.-K. (2013). Does managerial ability improve value of cash holdings? https://doi.org/10.1016/j.adiac.2016.02.002
Sun, L. (2016). Managerial ability and goodwill impairment. Advances in Accounting, 32, 42–51. https://doi.org/10.1016/j.adiac.2016.02.002
Sun, L. (2017). Managerial ability and chemical releases. Sustainability Accounting, Management and Policy Journal, 8, 281–306. https://doi.org/10.1108/SAMPJ-09-2016-0062
Ting, I. W. K., Tebourbi, I., Lu, W.-M., & Kweh, Q. L. (2021). The effects of managerial ability on firm performance and the mediating role of capital structure: Evidence from Taiwan. Financial Innovation, 7(1), 1–23. https://doi.org/10.1186/s40854-021-00320-7
Tran, N. P., & Vo, D. H. (2020). Human capital efficiency and firm performance across sectors in an emerging market. Cogent Business & Management, 7(1), 1-15. https://doi.org/10.1080/23311975.2020.1738832
Wang, W.-K., Lu, W.-M., Kweh, Q. L., & Lee, J.-J. (2021). Management characteristics and corporate performance of Chinese chemical companies: The moderating effect of managerial ability. International Transactions in Operational Research, 28(2), 976–995. https://doi.org/10.1111/itor.12575
Yi, E. (2023). Corporate governance, information disclosure and investment-cash flow sensitivity. Finance Research Letters, 55, 1-8. https://doi.org/10.1016/j.frl.2023.103942
Yung, K., & Chen, C. (2018). Managerial ability and firm risk-taking behavior. Review of Quantitative Finance and Accounting, 51(4), 1005–1032. https://doi.org/10.1007/s11156-017-0695-0
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2025-10-30
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ARAÚJO, Risolene Alves de Macena; SILVA, Adriana Rodrigues; DUARTE, Jailson Manoel Silva; LUCENA, Wenner Glaucio Lopes. Impact of Managerial Capability on the Financial Performance of Brazilian Companies. Journal of Administrative Sciences, [S. l.], v. 31, p. 1–15, 2025. DOI: 10.5020/2318-0722.2025.31.e16519. Disponível em: https://ojs.unifor.br/rca/article/view/16519. Acesso em: 21 jul. 2026.
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