{"id":"https://openalex.org/W7225439472","doi":"https://doi.org/10.1111/eufm.70108","title":"Does Managerial Ability Remain Valuable During Economic Shocks?","display_name":"Does Managerial Ability Remain Valuable During Economic Shocks?","publication_year":2026,"publication_date":"2026-11-07","ids":{"openalex":"https://openalex.org/W7225439472","doi":"https://doi.org/10.1111/eufm.70108"},"language":"en","primary_location":{"id":"doi:10.1111/eufm.70108","doi":"https://doi.org/10.1111/eufm.70108","is_oa":true,"landing_page_url":"https://doi.org/10.1111/eufm.70108","pdf_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/eufm.70108","source":{"id":"https://openalex.org/S131852005","display_name":"European Financial Management","issn_l":"1354-7798","issn":["1354-7798","1468-036X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-2","norway-1","poland-100","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"European Financial Management","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/eufm.70108","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5161033010","display_name":"S. Adra","orcid":"https://orcid.org/0000-0002-0187-2607","observed_orcids":["https://orcid.org/0000-0002-0187-2607"]},"institutions":[{"id":"https://openalex.org/I91136226","display_name":"University of Sheffield","ror":"https://ror.org/05krs5044","country_code":"GB","type":"education","lineage":["https://openalex.org/I91136226"]}],"countries":["GB"],"is_corresponding":true,"raw_author_name":"Samer Adra","raw_affiliation_strings":["Sheffield University Management School University of Sheffield Sheffield South Yorkshire UK"],"raw_orcid":"https://orcid.org/0000-0002-0187-2607","affiliations":[{"raw_affiliation_string":"Sheffield University Management School University of Sheffield Sheffield South Yorkshire UK","institution_ids":["https://openalex.org/I91136226"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5161088077","display_name":"Y. Gao","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I130828816","display_name":"University of Leeds","ror":"https://ror.org/024mrxd33","country_code":"GB","type":"education","lineage":["https://openalex.org/I130828816"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Yang Gao","raw_affiliation_strings":["Leeds University Business School, University of Leeds Leeds West Yorkshire UK"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Leeds University Business School, University of Leeds Leeds West Yorkshire UK","institution_ids":["https://openalex.org/I130828816"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5160992975","display_name":"J. Yuan","orcid":"https://orcid.org/0009-0000-9914-0561","observed_orcids":["https://orcid.org/0009-0000-9914-0561"]},"institutions":[{"id":"https://openalex.org/I130828816","display_name":"University of Leeds","ror":"https://ror.org/024mrxd33","country_code":"GB","type":"education","lineage":["https://openalex.org/I130828816"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Jiayi Yuan","raw_affiliation_strings":["Leeds University Business School, University of Leeds Leeds West Yorkshire UK"],"raw_orcid":"https://orcid.org/0009-0000-9914-0561","affiliations":[{"raw_affiliation_string":"Leeds University Business School, University of Leeds Leeds West Yorkshire UK","institution_ids":["https://openalex.org/I130828816"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5161033010"],"corresponding_institution_ids":["https://openalex.org/I91136226"],"apc_list":{"value":3350,"currency":"USD","value_usd":3350},"apc_paid":{"value":3350,"currency":"USD","value_usd":3350},"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9423999786376953,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9423999786376953,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.042500000447034836,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.003000000026077032,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/managerial-skills","display_name":"management skills","score":0.996999979019165},{"id":"https://openalex.org/keywords/monetary-policy-shocks","display_name":"monetary policy shocks","score":0.8700000047683716},{"id":"https://openalex.org/keywords/ceo-turnover","display_name":"CEO turnover","score":0.8240000009536743},{"id":"https://openalex.org/keywords/stock-price-reaction","display_name":"stock price reaction","score":0.8240000009536743},{"id":"https://openalex.org/keywords/adaptive-capacity","display_name":"adaptive capacity","score":0.7070000171661377},{"id":"https://openalex.org/keywords/investment-volatility","display_name":"investment volatility","score":0.6330000162124634},{"id":"https://openalex.org/keywords/economic-shocks","display_name":"economic shocks","score":0.49799999594688416},{"id":"https://openalex.org/keywords/competitive-advantage","display_name":"competitive advantage","score":0.5770000219345093}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6471999883651733},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5386000275611877},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.5073000192642212},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.4894999861717224},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.44519999623298645},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.41359999775886536},{"id":"https://openalex.org/C19244329","wikidata":"https://www.wikidata.org/wiki/Q208697","display_name":"Financial market","level":2,"score":0.3917999863624573},{"id":"https://openalex.org/C2988984586","wikidata":"https://www.wikidata.org/wiki/Q1020013","display_name":"Stock price","level":3,"score":0.388700008392334},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.3862999975681305},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.3801000118255615},{"id":"https://openalex.org/C83873408","wikidata":"https://www.wikidata.org/wiki/Q192311","display_name":"Business cycle","level":2,"score":0.3499999940395355},{"id":"https://openalex.org/C2778865806","wikidata":"https://www.wikidata.org/wiki/Q6060850","display_name":"Investment decisions","level":3,"score":0.34220001101493835},{"id":"https://openalex.org/C8901936","wikidata":"https://www.wikidata.org/wiki/Q1050524","display_name":"Tobin's q","level":2,"score":0.3255999982357025},{"id":"https://openalex.org/C143910263","wikidata":"https://www.wikidata.org/wiki/Q750458","display_name":"Capital market","level":2,"score":0.31369999051094055},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.3133000135421753},{"id":"https://openalex.org/C172497479","wikidata":"https://www.wikidata.org/wiki/Q302208","display_name":"Capital expenditure","level":2,"score":0.2897999882698059},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.28540000319480896},{"id":"https://openalex.org/C145236788","wikidata":"https://www.wikidata.org/wiki/Q28161","display_name":"Labour economics","level":1,"score":0.2549999952316284},{"id":"https://openalex.org/C200941418","wikidata":"https://www.wikidata.org/wiki/Q273508","display_name":"Inflation (cosmology)","level":2,"score":0.2524000108242035}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1111/eufm.70108","doi":"https://doi.org/10.1111/eufm.70108","is_oa":true,"landing_page_url":"https://doi.org/10.1111/eufm.70108","pdf_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/eufm.70108","source":{"id":"https://openalex.org/S131852005","display_name":"European Financial Management","issn_l":"1354-7798","issn":["1354-7798","1468-036X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-2","norway-1","poland-100","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"European Financial Management","raw_type":"journal-article"},{"id":"pmh:oai:eprints.whiterose.ac.uk:247365","doi":null,"is_oa":true,"landing_page_url":"https://orcid.org/0009-0000-9914-0561>","pdf_url":"https://eprints.whiterose.ac.uk/id/eprint/247365/1/AAM_Does%20Managerial%20Ability%20Remain%20Valuable%20During%20Economic%20Shocks-Tracked%20Changes.pdf","source":{"id":"https://openalex.org/S4306400854","display_name":"White Rose Research Online (University of Leeds, The University of Sheffield, University of York)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I2800616092","host_organization_name":"White Rose University Consortium","host_organization_lineage":["https://openalex.org/I2800616092"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Article"}],"best_oa_location":{"id":"doi:10.1111/eufm.70108","doi":"https://doi.org/10.1111/eufm.70108","is_oa":true,"landing_page_url":"https://doi.org/10.1111/eufm.70108","pdf_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/eufm.70108","source":{"id":"https://openalex.org/S131852005","display_name":"European Financial Management","issn_l":"1354-7798","issn":["1354-7798","1468-036X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-2","norway-1","poland-100","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"European Financial Management","raw_type":"journal-article"},"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth","score":0.7257999777793884}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W7225439472.pdf","grobid_xml":"https://content.openalex.org/works/W7225439472.grobid-xml"},"referenced_works_count":50,"referenced_works":["https://openalex.org/W1557656806","https://openalex.org/W1569409260","https://openalex.org/W1989520266","https://openalex.org/W1993023795","https://openalex.org/W1995834279","https://openalex.org/W2005071296","https://openalex.org/W2018514036","https://openalex.org/W2025579080","https://openalex.org/W2031079334","https://openalex.org/W2034047967","https://openalex.org/W2044176719","https://openalex.org/W2083415664","https://openalex.org/W2099201647","https://openalex.org/W2104795328","https://openalex.org/W2123709218","https://openalex.org/W2136120210","https://openalex.org/W2150407766","https://openalex.org/W2165100677","https://openalex.org/W2176723585","https://openalex.org/W2307452965","https://openalex.org/W2483540831","https://openalex.org/W2553269777","https://openalex.org/W2766135991","https://openalex.org/W2767850719","https://openalex.org/W2884308343","https://openalex.org/W2899304741","https://openalex.org/W2953228836","https://openalex.org/W2981473075","https://openalex.org/W3047203236","https://openalex.org/W3082004086","https://openalex.org/W3121053386","https://openalex.org/W3121935849","https://openalex.org/W3122626681","https://openalex.org/W3123151724","https://openalex.org/W3124191372","https://openalex.org/W3125549700","https://openalex.org/W3125615571","https://openalex.org/W3125967361","https://openalex.org/W3134613782","https://openalex.org/W3198206949","https://openalex.org/W4245477468","https://openalex.org/W4282023525","https://openalex.org/W4308077849","https://openalex.org/W4372318829","https://openalex.org/W4401499369","https://openalex.org/W4403500822","https://openalex.org/W4406873611","https://openalex.org/W4415899612","https://openalex.org/W4416931953","https://openalex.org/W7155214278"],"related_works":["https://openalex.org/W4389736867","https://openalex.org/W3125615571","https://openalex.org/W4281718755","https://openalex.org/W2953875251","https://openalex.org/W3080821640","https://openalex.org/W7217754723","https://openalex.org/W7097148292","https://openalex.org/W4387493139","https://openalex.org/W3118377608","https://openalex.org/W2122956838"],"abstract_inverted_index":{"ABSTRACT":[0],"Managerial":[1],"ability":[2,25],"is":[3],"often":[4],"viewed":[5],"as":[6],"a":[7,70],"source":[8],"of":[9],"competitive":[10],"advantage,":[11],"but":[12],"its":[13],"value":[14],"may":[15],"diminish":[16],"when":[17],"economic":[18],"conditions":[19],"change.":[20],"We":[21],"examine":[22],"whether":[23,33],"managerial":[24],"remains":[26],"valuable":[27],"during":[28],"monetary":[29,57],"policy":[30,58],"shocks":[31],"and":[32,55,84,96],"financial":[34],"markets":[35],"recognize":[36],"this":[37],"adaptive":[38],"capacity.":[39],"Firms":[40],"led":[41],"by":[42],"more":[43,47,78],"able":[44,74],"managers":[45,75],"experience":[46],"favourable":[48],"stock":[49],"price":[50],"reactions":[51],"to":[52],"both":[53],"expansionary":[54],"contractionary":[56],"surprises.":[59],"Exploiting":[60],"plausibly":[61],"exogenous":[62],"CEO":[63],"turnover,":[64],"we":[65],"provide":[66],"evidence":[67],"consistent":[68],"with":[69,81],"causal":[71],"interpretation.":[72],"More":[73],"also":[76],"facilitate":[77],"stable":[79],"adjustment,":[80],"firm":[82],"growth":[83],"capital":[85],"structure":[86],"exhibiting":[87],"lower":[88],"volatility,":[89],"thereby":[90],"avoiding":[91],"costly":[92],"fluctuations":[93],"in":[94],"investment":[95],"financing":[97],"decisions.":[98]},"counts_by_year":[],"updated_date":"2026-11-09T13:22:03.289127","created_date":"2026-11-07T00:00:00"}
