本文章檢視經理人的教育程度是否影響其能力。本文手動蒐集經理人教育程度和其畢業大學的類型，以及量化經理人的能力。本文章採用1992年至2017臺灣上市上櫃公司資料，共有22,327筆觀測值。結論發現經理人學歷越高並不代表其有更好的能力，從中比較經理人擁有高中職學歷、大學學歷、碩士學歷、博士學歷相比，經理人擁有大學學歷者與能力之間的關係呈現顯著正相關；此外，經理人畢業於公立大學、科技大學、高階經理人碩士、在職高階經理人碩士等與其能力間有顯著的表現；最後，在不穩定的公司中，經理人教育程度與其能力有顯著負面的影響。

This study examines whether the CEOs’ education level affects their abilities. We hand-collected CEOs’ education levels and types of their universities, and quantify their managerial abilities by ourselves. Our sample comprises 22,327 observations from publicly-traded Taiwanese companies from 1992 to 2017. The findings indicate that CEOs with higher education levels do not necessarily have better abilities. However, there is significant positive correlation between CEOs with a bachelor’s degree and CEOs’ abilities but not for other education levels. Moreover, CEOs who graduated from public universities, science and technology universities, and MBA and EMBA programs perform significantly better than others. Finally, the negative effect of CEOs’ education level on their abilities is more pronounced in unstable firms.

學位論文審定書 i
摘要 ii
Abstract iii
1. Introduction 1
2. Literature Review and Hypotheses 6
2.1. CEOs with higher education level have better abilities 7
2.2. CEOs with higher education level do not necessarily have better abilities 8
2.3. CEOs who attended public universities have better abilities than those who graduated from private and foreign universities 8
2.4. CEOs who graduated from science and technology universities perform better than those from general universities 10
2.5. CEOs with MBA degree have greater abilities than those with other master’s degrees 11
2.6. Graduates of EMBA programs have better managerial abilities than graduates of other master’s degrees 11
3. Methodology 12
3.1. Regression Model 12
4. Data 14
4.1. CEOs’ Ability 16
4.2. Education Level 18
4.3. Control Variables 18
4.4. Summary Statistics 20
5. Empirical Results 22
5.1. Univariate analysis of the CEOs’ education level and their abilities 22
5.2. Multivariate analysis of CEOs’ education on CEO’s abilities 24
5.3. The effect of different CEOs’ education level on abilities 25
5.4. The effect of the type of college on CEOs’ abilities 25
5.5. The effect of CEOs’ background on their abilities 26
5.6. The effect of CEOs’ education on their abilities considering different firm characteristics 28
6. Robustness Check 29
6.1. One period lag of education level 29
6.2. Endogeneity problem: Granger Causality 30
7. Conclusion 31
Reference 32
Appendix A 35
Appendix B 36
表 次
Table 1 Descriptive Statistics. 37
Table 2 Pearson’s Correlation Matrix. 38
Table 3 Median of CEOs’ Ability by Types. 39
Table 4 CEOs’ Ability and Control Variables: Multivariate Analysis. 40
Table 5 CEOs’ Ability and within Each Educational Level: Multivariate Analysis. 41
Table 6 CEOs’ Ability and University Types: Multivariate Analysis. 42
Table 7 CEOs’ Ability and Their Major Backgrounds: Multivariate Analysis. 44
Table 8 CEOs’ Ability and The Firms’ Characteristics: Multivariate Analysis. 45
Table 9 Robustness: CEOs’ Ability and Lag One Period of Edu 46
Table 10 Robustness: Granger Causality 47

Bellei, C. (2009). The public-private school controversy in Chile. School Choice Internacional. Exploring public-private partnerships, 165-192.
Bertrand, M., & Schoar, A. (2003). Managing with style: The effect of managers on firm policies. The Quarterly journal of economics, 118(4), 1169-1208.
Bhagat, S., Bolton, B. J., & Subramanian, A. (2010). CEO education, CEO turnover, and firm performance. Available at SSRN 1670219.
Bowers, D. G., & Seashore, S. E. (1966). Predicting organizational effectiveness with a four-factor theory of leadership. Administrative Science Quarterly, 238-263.
Boyatzis, R. E., & Renio Case, A. (1989). The impact of an MBA programme on managerial abilities. Journal of Management Development, 8(5), 66-77.
Chinen, K., & Endo, H. (2012). Effects of attitude and background on students' personal financial ability: A United States survey. International journal of management, 29(2), 778.
Davis, J. H., Schoorman, F. D., & Donaldson, L. (1997). Toward a stewardship theory of management. Academy of management review, 22(1), 20-47.
Demerjian, P., Lev, B., & McVay, S. (2012). Quantifying managerial ability: A new measure and validity tests. Management science, 58(7), 1229-1248.
Gottesman, A. A., & Morey, M. R. (2006). Does a better education make for better managers? An empirical examination of CEO educational quality and firm performance. An Empirical Examination of CEO Educational Quality and Firm Performance (April 21, 2006).
Gottesman, A. A., & Morey, M. R. (2006). Manager education and mutual fund performance. Journal of empirical finance, 13(2), 145-182.
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.
Hilgert, A. D. (1995). Developmental outcomes of an executive MBA programme. Journal of Management development, 14(10), 64-76.
Jalbert, T., Rao, R. P., & Jalbert, M. (2002). Does school matter? An empirical analysis of CEO education, compensation, and firm performance. International Business and Economics Research Journal, 1(1), 83-98.
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.
Kren, L., & Kerr, J. L. (1997). The effects of outside directors and board shareholdings on the relation between chief executive compensation and firm performance. Accounting and Business Research, 27(4), 297-309.
Lindorff, M., & Prior Jonson, E. (2013). CEO business education and firm financial performance: a case for humility rather than hubris. Education+ Training, 55(4/5), 461-477.
Magoutas, A., Agiomirgianakis, G., & Papadogonas, T. (2011). Education and firm performance. Empirical evidence from Greece. International Journal of Economic Research, 8(2), 141-152.
Palia, D. (2001). The endogeneity of managerial compensation in firm valuation: A solution. The Review of Financial Studies, 14(3), 735-764.
Rechner, P. L., & Dalton, D. R. (1991). CEO duality and organizational performance: A longitudinal analysis. Strategic Management Journal, 12(2), 155-160.
Rose, N. L., & Shepard, A. (1994). Firm diversification and CEO compensation: Managerial ability or executive entrenchment? (No. w4723). National Bureau of Economic Research.
Saidu, S. (2019). CEO characteristics and firm performance: focus on origin, education and ownership. Journal of Global Entrepreneurship Research, 9(1), 29.
Segalàs, J., Ferrer-Balas, D., Svanström, M., Lundqvist, U., & Mulder, K. F. (2009). What has to be learnt for sustainability? A comparison of bachelor engineering education competences at three European universities. Sustainability Science, 4(1), 17.
Siegert, K. O. (2008). Executive education: Predicting student success in executive MBA programs. Journal of Education for Business, 83(4), 221-226.
Storey, D. J. (2002). Education, training and development policies and practices in medium-sized companies in the UK: do they really influence firm performance?. Omega, 30(4), 249-264.
Tang, J., Crossan, M., & Rowe, W. G. (2011). Dominant CEO, deviant strategy, and extreme performance: The moderating role of a powerful board. Journal of Management Studies, 48(7), 1479-1503.
Vafeas, N. (1999). Board meeting frequency and firm performance. Journal of financial economics, 53(1), 113-142.
Westphal, J. D. (1998). Board games: How CEOs adapt to increases in structural board independence from management. Administrative Science Quarterly, 511-537.
Wiersema, M. F., & Bantel, K. A. (1992). Top management team demography and corporate strategic change. Academy of management journal, 35(1), 91-121.