| Summary: | 碩士 === 國立臺灣大學 === 財務金融學研究所 === 106 === This paper tries to examine the relationship between school’s ranking and firm performance each year. We use college ranking released by U.S. News and World Report from 1983-2015 and only observe top 25 schools each year. We assume graduating students from top 25 colleges imply better human capital. Due to collaboration projects between colleges and companies, companies in the same state are easy to attract graduating students from top 25 schools to work for them. That is, those companies will have outstanding human capital, which will generate higher firm financial performance.
We use three methods to evaluate the ranking, including (i) whether there is top 25 college in the state, (ii) numbers of top 25 colleges in the states, (iii) weighted score of ranking each year. Our results indicate that there is a significantly positive relationship between school ranking and firm financial performance. After we split the sample by period, firm size, MB ratio and industry, the results are consistent.
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