本文考察了1983年迄2015年間，由傑出的高階管理者所帶領的公司，能否提升企業的智慧資本價值。迴歸結果顯示經理人的管理能力與企業的智慧資本價值呈顯著效應，此正向效應在一些行業中更為顯著，包括製造業，公用事業，及批發貿易業。總而言之，實證表明經理人管理能力在增加智慧資本價值方面發揮著重要作用，優秀的經理人會掌握市場動向，並透過持續的創新去累積企業的技術能量，優化企業的核心競爭力，成為擁有市場話語權的領導者，而市場上的投資者於決定投資標的時，可以多關注經理人的管理能力。

This paper examines the relationship between managerial ability and intellectual capital between 1983 and 2015. I predict a positive relationship because firms operated by more-able managers can increase the value of intellectual capital. Regression analysis reveals a significant and positive relationship between managerial ability and the value of intellectual capital. As a result, the relationship is significant in some industries, including manufacturing, the utility sector, wholesale trade. In sum, evidence suggests that managers with greater ability play an important role in increasing the value of intellectual capital.

論文審定書 i
摘要 ii
Abstract iii
I. Introduction 1
II. Literature Review and Hypotheses’ Development 6
III. Research Design 10
A. Data and sample construction 10
B. Measurement 11
C. Methodology 14
IV. Empirical Results 16
A. Descriptive statistics and correlation analysis 16
B. Relationship between managerial ability and intellectual capital 17
C. Relationship between intellectual capital and investment during the crisis from 2007- 2009 20
D. Relationship between intellectual capital and cash holdings investments 21
E. Relationship between managerial ability and intellectual capital in different industries 22
F. Relationship between managerial ability and intellectual capital in manufacturing industry 23
V. Conclusion 30
Reference 42
Appendix A 45
Appendix B 46

Andreou, P. C., Karasamani, I., Louca, C., & Ehrlich, D. (2017). The impact of managerial ability on crisis-period corporate investment. Journal of Business Research, 79, 107-122.
Basso, L. F. C., de Oliveira, J. A. S., Kimura, H., & Braune, E. S. (2015). The impact of intangibles on value creation: Comparative analysis of the Gu and Lev methodology for the United States software and hardware sector. Investigaciones Europeas de Dirección y Economía de la Empresa, 21(2), 73-83.
Beske, P., Land, A., & Seuring, S. (2014). Sustainable supply chain management practices and dynamic capabilities in the food industry: A critical analysis of the literature. International Journal of Production Economics, 152, 131-143.
Bontis, N. (1996). There's a price on your head: Managing intellectual capital strategically. Business Quarterly, 60(4), 40-46.
Brooking, A. (1996). Intellectual capital. Cengage Learning EMEA.
Caves, R. E. (1996). Multinational enterprise and economic analysis. Cambridge University Press.
Chang, S. J. (1995). International expansion strategy of Japanese firms: Capability building through sequential entry. Academy of Management Journal, 38(2), 383-407.
Ciprian, G. G., Valentin, R., Mădălina, G. I. A., & Lucia, V. V. M. (2012). From visible to hidden intangible assets. Procedia-Social and Behavioral Sciences, 62, 682-6
Davies, J., & Waddington, A. (1999). The management and measurement of intellectual capital. Management Accounting, 77, 34-35.
Demerjian, P., Lev, B., & McVay, S. (2012). Quantifying managerial ability: A new measure and validity tests. Management Science, 58(7), 1229-1248.
Diabat, A., Govindan, K., & Panicker, V. V. (2012). Supply chain risk management and its mitigation in a food industry. International Journal of Production Research, 50(11), 3039-3050.
Drucker, P. (2012). Management challenges for the 21st century. Routledge.
Dzinkowski, R. (2000). The measurement and management of intellectual capital: An introduction. Management Accounting: Magazine for Chartered Management Accountants, 78(2), 32-35.
Edvinsson, L., & Malone, M. S. (1997). Intellectual capital: Realizing your company's true value by finding its hidden brainpower.
Gan, H. (2015). CEO Managerial Ability, Corporate Investment Quality, and the Value of Cash. Virginia Commonwealth University.
Hall, R. (1992). The strategic analysis of intangible resources. Strategic Management Journal, 13(2), 135-144.
Horibe, F. (1999). Managing knowledge workers: New skills and attitudes to unlock the intellectual capital in your organization. John Wiley & Sons.
Kaplan, R. S., & Norton, D. P. (2004). Measuring the strategic readiness of intangible assets. Harvard Business Review, 82(2), 52-63.
Kumar, S., & Budin, E. M. (2006). Prevention and management of product recalls in the processed food industry: a case study based on an exporter's perspective. Technovation, 26(5-6), 739-750.
Lee, C. C., Wang, C. W., Chiu, W. C., & Tien, T. S. (2018). Managerial ability and corporate investment opportunity. International Review of Financial Analysis, 57, 65-76.
Lev, B. (1989). On the usefulness of earnings and earnings research: Lessons and directions from two decades of empirical research. Journal of Accounting Research, 153-192.
McMillan, G. S., & Thomas, P. (2005). Financial success in biotechnology: company age versus company science. Technovation, 25(5), 463-468.
Niculita, A. L., Popa, A. F., & Caloian, F. (2012). The intangible assets–a new dimension in the company's success. Procedia Economics and Finance, 3, 304-308.
Roos, G., & Roos, J. (1997). Measuring your company's intellectual performance. Long Range Planning, 30(3), 413-426.
Sacer, I. M., Malis, S. S., & Pavic, I. (2016). The Impact of Accounting Estimates on Financial Position and Business Performance–Case of Non-Current Intangible and Tangible Assets. Procedia Economics and Finance, 39, 399-411.
Sales, J., Baybordi, A., Aydenlu, M., & Asaldoost, N. (2015). Measuring the effect of managerial ability on earning quality. Management Science Letters, 5(9), 821-826.
Sun, L. (2016). Managerial ability and goodwill impairment. Advances in Accounting, 32, 42-51.
Teece, D. J. (1998). Capturing value from knowledge assets: The new economy, markets for know-how, and intangible assets. California Management Review, 40(3), 55-79.
Teece, D. J. (1998). Research directions for knowledge management. California Management Review, 40(3), 289-292.
Website：
台灣經貿網，2015。美國家具及戶外家具市場概況，取自：https://info.taiwantrade.com/biznews/美國家具及戶外家具市場概況-1006761.html
Trading economics, United States GDP From Manufacturing, Retrieved from https://tradingeconomics.com/united-states/gdp-from-manufacturing