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Aksin-Sivrikaya, Sezen. "Essays in Intangible Corporate Assets." Doctoral thesis, Humboldt-Universität zu Berlin, 2021. http://dx.doi.org/10.18452/22870.
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In einer zunehmend vernetzten Welt befinden sich Unternehmen in einem komplexen Beziehungsgeflecht aus verschiedenen Akteuren. Dies stellt eine Herausforderung für die Existenz traditioneller Geschäftsmodelle dar, da Firmen sich mit Konkurrenz aus allen Richtungen auseinander setzen müssen. In einem solchen Geschäftsumfeld werden immaterielle Vermögenswerte zunehmend als Grundlage für Wettbewerbsvorteile angesehen. Die Dissertation untersucht den materiellen Nutzen immaterieller Vermögenswerte und konzentriert sich dabei insbesondere auf die Unternehmensreputation und deren Einflussfaktoren. Wir verwenden als Theorie den Ressourcen-basierten Ansatz des Unternehmens und leiten unsere Hypothesen aus der vorhandenen Literatur ab, insbesondere in den Bereichen Reputation, Führung, Stakeholder-, Legitimitäts- und Signaling-Theorie. Unsere Analysen sind auf Umfragen des Manager Magazins und „Gold Bee Corporate Responsibility Assessment System“ basiert. Bei der Durchführung der quantitativen Analyse verwenden wir Strukturgleichungsmodelle.
Die Implikationen dieser Dissertation lassen darauf schließen, dass es einen Business Case für ein aktives Reputationsmanagement sowohl auf Unternehmensebene als auch auf individueller Ebene für Führungskräfte, vornehmlich für den CEO, gibt. Weiterhin ist eine hohe Reputation ein nachhaltiger Wettbewerbsvorteil, da sie die Wettbewerbsposition des Unternehmens gegenüber den Wettbewerbern stärkt und potentiell neuen Wettbewerbern den Markteintritt erschwert. In ähnlicher Weise kann eine hohe CEO-Reputation als Instrument der Risikoreduzierung in Krisenzeiten genutzt werden. Außerdem zeigen unsere Ergebnisse, dass die ausschließliche Einhaltung von Regeln und Regulierungen nicht mehr ausreichend ist. Damit die Stakeholder Fortschritte belohnen können, muss das Management CSR-Programme etablieren, die bei ihren Stakeholdern Resonanz finden, und darüberhinaus kontinuierlich über die CSR-Leistungen ihres Unternehmens berichten.In a digital world, the very existence of traditional business models is challenged as firms face disruptive innovation and intense competition. In such a business environment, intangible assets are increasingly perceived as the basis of competitive advantage. This thesis explores tangible benefits of intangible assets, specifically focusing on corporate reputation and CSR reporting quality. We take a resource-based view (RBV) of the firm and derive our testable hypotheses from the extant literature mostly in reputation, leadership, stakeholder theory, legitimacy theory, and signaling theory. Our data is mainly drawn from surveys conducted by Manager Magazin and Gold Bee Corporate Responsibility Assessment System, which has been developed by the CSR Reporting Research Group at the WTO Guide CSR Development Center. In performing our calculations, we adopt a (generalized) structural equation modeling approach. In our work, we uncover antecedent processes behind reputations. Our results imply that there is a business case for active management of both corporate and individual reputations by illustrating the link between reputations and firm outcomes. We show that corporate reputation can be utilized as a tool to protect and defend competitive positions, which can also work as a deterrent for potential market entrants. We further show that individual reputations may act as a medium to mitigate negative news and improve stakeholder perceptions in times of crises. Our findings also indicate that nonfinancial metrics are gaining prevalence. We illustrate that mere compliance with rules and regulations does not suffice anymore since in order for stakeholders to reward social and environmental progress, companies need to partake in CSR programs that resonate with their stakeholders and properly communicate associated nonfinancial metrics, which in turn will help improve firm outcomes through boosting internal and external intangible assets.
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Aksin-Sivrikaya, Sezen [Verfasser]. "Essays in Intangible Corporate Assets / Sezen Aksin-Sivrikaya." Berlin : Humboldt-Universität zu Berlin, 2021. http://d-nb.info/1234451018/34.
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Salo, James P. "Corporate Environmental Performance: Governance, Intangible Assets, and Financial Markets." Thesis, University of Oxford, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.487052.
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Liao, Chih-Hsien. "Does Corporate Governance Reduce Information Asymmetry of Intangibles?" Case Western Reserve University School of Graduate Studies / OhioLINK, 2009. http://rave.ohiolink.edu/etdc/view?acc_num=case1218675062.
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Arikan, Asli Musaoglu. "Essays on corporate strategy: evolution of corporate capabilities and the role of intangible assets." Connect to this title online, 2004. http://rave.ohiolink.edu/etdc/view?acc%5Fnum=osu1086374216.
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Thesis (Ph. D.)--Ohio State University, 2004.Title from first page of PDF file. Document formatted into pages; contains xii, 144 p.; also includes graphics (some col.). Includes bibliographical references (p. ). Available online via OhioLINK's ETD Center
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Lock, Lee Laurence. "Corporate Social Capital and Firm Performance in the Global Information Technology Services Sector." Thesis, The University of Sydney, 2008. http://hdl.handle.net/2123/2316.
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The confluence of a number of marketplace phenomena has provided the impetus for the selection and conduct of this research. The first is the so called value relevance of intangibles in determining share market performance of publicly listed companies. The growing gap between market and book values has been proposed as an indication of the impact of intangibles on share price values. A second related phenomenon is the increasing reliance on share price appreciation as the principal means for shareholder return as opposed to returns through dividends. This suggests that share prices are becoming an even more critical firm performance measure than traditional accounting-based firm performance measures like return on investment (ROI). A third phenomenon is the rapid growth in marketplace alliances and joint ventures, the number of which has grown rapidly over the past 30 years. The explanation for these phenomena may lie in the concept of corporate social capital (CSC) which, as an intangible asset (IA), has been proposed in several normative studies. CSC has been defined as “the set of resources, tangible or virtual, that accrue to a corporate player through the player’s social relationships, facilitating the attainment of goals” (Leenders & Gabbay, 1999, p3). However, constructs for CSC have only been loosely defined and its impacts on firm performance only minimally empirically tested. This research addresses this gap in the literature. The key aim of this research is to explore the impact of CSC on firm performance. Through the use of CSC as a lens for viewing a firm’s intangibles, several important sub-components of the CSC formulation are exposed. These include a firm’s market centrality (CENT), absorptive capacity (AC), internal capital (INC), human capital (HC) and financial soundness. Therefore, an extended aim for this research is to identify the differential impacts of the CSC sub-components on firm performance. Firm performance was measured as ROI, market-to-book ratios (Tobin’s Q) and total shareholder return (TSR). Overall, the research results indicate that CSC is a significant predictor of firm performance, but falls short of fully explaining the market-to-book value disparity. For this research an innovative computer-supported content analysis (CA) technique was devised to capture a majority of the data required for the empirical research. The use of a commercial news aggregation service, Factiva, and a standard taxonomy of terms for the search, allowed variables for intangible constructs to be derived from a relatively large sample of firms (n=155) from the global information technology services (ITS) sector from 2001 to 2004. Data indices for joint venture or alliance activity, research and development (R&D) activity, HC, INC and external capital (EC) were all developed using this CA approach. The research findings indicated that all things aren’t equal in terms of how the benefits of CSC accrue to different firms in the sector. The research indicated that for larger, more mature firms, financial soundness does not necessarily correlate with improved shareholder return. The inference is that these firms may have reached a plateau in terms of how the market is valuing them. In terms of market centrality, the research indicates that software firms could benefit from building a larger number of alliances and becoming more centrally connected in the marketplace. The reverse is true, however, for larger, more established firms in the non-software sectors. These companies can be penalised for being over-connected, potentially signalling that they are locked into a suite of alliances that will ultimately limit their capacity to innovate and grow. For smaller, potentially loss-making firms, the research indicates that investments in HC are potentially the only investment strategy that could result in improvements in profitability and shareholder return. Investments by such firms in R&D or INC developments are likely to depress shareholder value and therefore should be minimised in favour of HC investments. For larger, more established firms, investment in HC is beneficial for both ROI and TSR. Investments in areas like R&D and INC were found to be only beneficial to those firms who have the financial capacity to afford it. Firms that don’t appear to have the financial resources to support the level of investments they are making in R&D and/or INC were penalised by the market. Overall, the research provides specific insights into the links between firms and their performance, through appropriate investments in CSC. In terms of research practice, this research demonstrates the viability of computer-supported CA. Progress in the development of more intelligent search technologies will provide increasing utility to CA researchers, promising to unlock a vast range of textual source data for researchers that were previously beyond manual CA practices.
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Sui, Mark. "Do There Exist Industry-Specific Predictors of Deal Failure in Technology M&A?" Scholarship @ Claremont, 2019. https://scholarship.claremont.edu/cmc_theses/2074.
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This study investigates two variables, number of investors and an intangible assets/revenue ratio, that are potential industry-specific predictors of deal failure in technology M&A. I document that number of investors has a significant ability to predict deal failure in all M&A transactions: an increase in number of investors decreases deal failure rates. However, I find that neither variable is able to significantly predict deal failure differently for transactions involving technology targets and those involving non-technology targets. Broadly, my findings suggest that technology M&A and non-technology M&A may share more similarities than previously expected in the ultimate goal of properly evaluating them.
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Fullana, Blanca. "Brand patrimony: on the hypertext of the brand asset and its corporate culture and identity principles accountability: a new context-paradigm perspective about one of today's most valuable organizational assets, the managing responsability it conveys and a recommended guide for relevant corporate communications functions and activity." Doctoral thesis, Universitat Pompeu Fabra, 2016. http://hdl.handle.net/10803/401586.
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The present investigation is an approach to brand value from a top-management perspective, asserting that a brand is not merely a commercial value portrayed by a product placed in a market; even less so, a public relations rhetoric avowing a political correctness, but rather a full-length ascribed patrimonial asset that conveys an organization’s cultural response to the societal issues within its activity-bound. In such, considering the brand as an intangible in-management attribute that is portrayed across the entire chain of productivity whilst influencing current and future innovation processes, in return.
Operating under a new context paradigm, the brand becomes patrimony (overall value), beyond –and not excluding- (financial) equity. In all, a hypertext practical vision on the attributions of the brand to signify knowledge-based corporate culture responsibility, amidst identity acknowledgement, multi-stakeholders engagement and reputation’s risk management and anticipation.
Focus of this research, sets forth to upgrade the brand as a significant element of business management, and not just of marketing, and shares guided contribution to the key tasks and tools currently at stake in the development of well-grounded corporate communications.La present investigació és un acostament al valor de la marca des de la perspectiva de la direcció general, afirmant que una marca no és un simple valor comercial; el d’un producte adreçat a un mercat -menys encara, una retòrica pública de correcció política- sinó més aviat un actiu patrimonial transversal que dona resposta, a través d’una identitat pròpia i d’una cultura d'organització -i per tant dins del seu àmbit d’actuació-, als debats i reptes de la societat local, però també global. En aquest sentit, considerant la marca com un intangible en la gestió, que es troba al llarg de tota la cadena de valor i productivitat i que té influència sobre els processos d'innovació actuals i de futur, que alhora en redundaran. Operant sota un nou paradigma de context, la marca es converteix en patrimoni (valor total), més enllà -i sense excloure- el brand equity1 (valor financer); ampliant les atribucions de la marca per significar-la sota una responsabilitat cultural corporativa (RCC)2 basada en el coneixement, en el reconeixement de la pròpia identitat corporativa, i involucrant i fent partícips a múltiples agents externs que permeten anticipar-se i gestionar els riscos que actuen sobre la reputació. L’aportació principal, fruit de la investigació, i basat en l’experiència empírica, situa a la marca com un element clau de la gestió empresarial, i no només del màrqueting, alhora que contribueix a donar pautes sobre les funcions practiques essencials que cal assolir des de la disciplina de la comunicació corporativa.
La presente investigación es una aproximación al valor de la marca desde la perspectiva de la dirección general, afirmando que una marca no es un simple valor comercial: el de un producto dirigido a un mercado; menos aún, el de una retórica pública, sino más bien, un activo patrimonial transversal que da respuesta, a través de una identidad propia y una cultura de organización (y por lo tanto dentro de un ámbito concreto de actuación), a los debates y retos pertinentes de la sociedad local, pero también global. En este sentido, considerando a la marca como un activo intangible en la gestión, que se encuentra a lo largo de toda la cadena de productividad y que tiene influencia sobre los procesos de innovación actuales y de futuro, que a su vez le redundarán. Operando bajo un nuevo paradigma de contexto, la marca se convierte en patrimonio (valor total), más allá -y sin exclusión del brand equity3 (valor financiero), ampliando las atribuciones de la marca para significarse bajo una responsabilidad cultural corporativa (RCC)4 basada en el conocimiento, en el reconocimiento de la propia identidad corporativa e involucrando y haciendo participes a múltiples agentes externos que permiten anticiparse y gestionar los riesgos que actúan sobre la reputación. La aportación principal, fruto de la investigación y basado en la experiencia empírica, sitúa a la marca como un elemento clave de la gestión empresarial, y no sólo del marketing, al tiempo que contribuye a dar pautas sobre las funciones prácticas esenciales que cabe desarrollar desde la disciplina de la comunicación corporativa.
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Lind, William. "Meme Marketing to Fellow Kids." Thesis, Malmö universitet, Fakulteten för kultur och samhälle (KS), 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:mau:diva-21862.
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Corporations attempting to enter the realm of memetic media often find themselves lost and embarrassed; the chaotic nature of meme culture as a global way of expression on the internet has proven difficult, and communities like Reddits r/FellowKids enact vernacular criticism on corporations who attempt to use memes in order to reach their target audience. This study aims to reach higher knowledge of successful corporate engagement in memetic media through a text analysis of discussions between users on Reddit and the interplay on Twitter where users engage in vernacular ways with the Wendy’s Twitter account. Drawing on branding theory and Goffman’s dramaturgical model, the study draws conclusions on how users of a vernacular community engages the Wendy’s Twitter account in different ways. It shows how an authentic identity is ascribed to the corporation through vernacular means, and how the prevalence of vernacular play forces the corporation to surrender message control in order to gain authenticity. It further suggests that an authentic corporate identity in vernacular communities requires the corporation not to act like one; preferring fast, playful communication rather than slow, institutional responses. Implying that the correct plan of action is not to have one, the study further understands the paradox of crafting a marketing strategy not based on controlled communication, and suggests further research into vernacular communities and citizen creative control in memetic media.
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Burman, Simon, and Gabriel Demirel. "A holistic clarification of the accounting item goodwill : Based on acquirers' perceptions, what is the meaning of the accounting item goodwill?" Thesis, Jönköping University, Internationella Handelshögskolan, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-52822.
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Goodwill is one of the most complex and unclear concepts within financial accounting; it is uncertain what it represents as an asset, it is only recognized during the creation of business combinations and is subject to impairments. The question becomes therefore what meaning is actually to be made from goodwill’s definite appearance as a financial statement line item? Due to a perceived low relevance by users of financial statements, it can be stated that the current narration by the accounting item goodwill fails to meet the fundamental purpose of accounting. Therefore, a study to bring a comprehensive clarification of the accounting item is required where this study attempts to achieve this objective by studying the acquirers’ perceptions of goodwill. First was a thorough theoretical background established that compiles a wide collection of relevant literature on goodwill. Then were semi-structured interviews conducted with top managers of nine different parent companies who had recently made a corporate acquisition. Based on the most salient perceptions derived from the empirical data in relation to the comprehensive theoretical background, this study obtained the following findings. Goodwill can be understood through three central aspects: the underlying objective reality as an intangible asset, the PPA process and the subsequential measurement process. In relation to the two latter aspects could a fourth aspect of managers’ influence be derived. In an overarching integration, these four aspects could be synthesized into a final holistic model of the accounting item goodwill. This model iii ultimately represents a comprehensive understanding of the current accounting item goodwill in financial statements based on the perceptions of acquirers. The findings of this study can be used to bring clarity to the users of financial statements when interpreting goodwill and therefore potentially increase its perceived relevance. Foremost can this study’s holistic model be used as a guideline for future research to further elaborate on the understanding of goodwill and generate improvements to its current accounting design.
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Mylonas, Georgios. "The impact of IFRS on the analysts' information environment : the role of accounting policies and corporate disclosure." Thesis, Loughborough University, 2016. https://dspace.lboro.ac.uk/2134/23881.
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The thesis presents the results of a study on the impact of International Financial Reporting Standards on the analysts information environment. The analysis is concentrated on the role of specific IFRSs and corporate disclosure. The effect of IFRS adoption on the information asymmetry between firms and outsiders is examined through properties of analysts earnings forecasts. A contribution to the existing academic literature is made by examining the role of goodwill, intangible assets and acquisitions before and after IFRS adoption in Europe. The results show that the IFRSs for goodwill, acquisitions and intangible assets are related to improvements in the analysts information environment. Another contribution to knowledge is made by investigating the effect of corporate disclosure quantity on the analysts information environment before and after IFRS adoption. For this purpose, a new approach and text analysis technique to assess the impact of corporate disclosure quantity is developed. This involves the creation of a new custom dictionary and the collection of an extensive set of qualitative data. The results show that corporate disclosure quantity under IFRS, is related to improvements in the analysts information environment but that there are differences in this effect across European countries. The results also demonstrate that the improvements in the accuracy of analysts earnings forecasts are related particularly to disclosure concerning financial instruments and operating segments. Overall, the findings of the thesis suggest that the adoption of IFRS resulted in an increase in the quality of reported earnings, which is likely to derive from higher comparability of financial statements, enhanced transparency and an improved analysts information environment. It is also established that fundamental differences across countries remain after IFRS adoption and that the development and harmonisation of financial reporting standards alone are not sufficient to increase the quality of financial information and decrease information asymmetry between market participants.
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Artoni, Fabio Luizari. "Reputação corporativa e desempenho financeiro: uma análise do contexto brasileiro." Universidade Presbiteriana Mackenzie, 2008. http://tede.mackenzie.br/jspui/handle/tede/713.
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Previous issue date: 2008-09-04The concept of corporate reputation is often used to represent a group of intangible assets. Some of them are: the company s brand, its product s quality, the motivation and knowledge of its employees and its main clients. We can notice that, through the review of corporate reputation s literature, there are many different views about the concept reputation and hardly an agreement about its definition or measurement. However, the different lines of research regarding this theme reinforce the longitudinal characteristic of the concept and the need of its careful management by every and each company, knowing that many studies point out the possible interference on its financial performance. This study aim to comprehend if there is an influence of the reputation in the companies financial performance. The methodology chosen was the usage of the theory of social expectations for measurement, being the execution and evaluation applied through the market research performed by the magazine CartaCapital/InterScience As empresas mais admiradas do Brasil , which presents attributes similar to the ones reported by the theory. This choice was considered mainly due to the intention to evaluate historical data that would agree with the longitudinal characteristic of this concept. The extracted data refer to companies from 39 different sectors, all of them operating in Brazil. Regarding the financial performance s evalutation, was used as measurement the Return on Assets, obtained through the Economática database and the publication of the Balanço Anual of Gazeta Mercantil journal. This research applied a multilevel analysis which proves to be the most complete when compared to the traditional statistics techniques, because it considers the data hierarchy. It was identified an important influence of reputation in the performance of the firm. The gain of one position in the reputation ranking of CartaCapital meant an improvement of 0,24 percentual points in the annual performance of the company, which is means a significant improvement and demand of the company s bord an attention for the management of both variable together. Considering the fact that only the best companies in it s sector are considered in this sample (sample cut realized by the CartaCapital itself), this findings seams more relevant. The usage of secondary database reflects the study s limitation. It is suggested, for future studies, the usage of a larger sample of stakeholders to verify the impact of reputation, keeping the longitudinal profile of the analysis.
O conceito de reputação corporativa é muitas vezes utilizado na representação de um grupo de ativos intangíveis dentre os quais estão: a marca da empresa, a qualidade de seus produtos, a motivação e conhecimento de seus funcionários e a carteira de clientes. Nota-se, por meio da revisão da literatura sobre reputação corporativa, que há distintas visões sobre o construto de reputação e constata-se que não há consenso sobre sua definição ou sobre sua forma de mensuração, embora suas linhas de pesquisa reforcem o caráter longitudinal do construto e a necessidade de seu gerenciamento cuidadoso por parte da empresa visto a existência de muitos estudos apontando a possível interferência dela no desempenho financeiro. Este trabalho busca compreender se há influência da reputação no desempenho financeiro das empresas. A opção metodológica realizada para este estudo foi a utilização da teoria de expectativas sociais para definição de reputação corporativa e sua mensuração por meio da pesquisa realizada pela CartaCapital/InterScience, As empresas mais admiradas do Brasil , por apresentar avaliação de atributos equivalentes aos reportados pela teoria. A escolha foi ponderada pela intenção de avaliar dados históricos que corroborassem com a característica longitudinal do construto. Os dados extraídos foram referentes a empresas de 39 setores, com operação no Brasil. No que se refere à mensuração de desempenho financeiro, utilizou-se como medida de desempenho financeiro o retorno sobre ativos, obtidos por meio da base Economática e da publicação Balanço Anual da Gazeta Mercantil. Analisaram-se os dados sob a perspectiva multinível que, quando comparada às técnicas estatísticas tradicionais, mostra-se mais complexa e completa por considerar a hierarquia dos dados. Com esta análise, identificou-se uma importante influência da variável reputação no desempenho financeiro das empresas. O ganho de uma posição no ranking de reputação da CartaCapital apresentou melhora de 0,24 pontos percentuais no desempenho anual da empresa, o que é significativo e demanda que as empresas considerem ambas as variáveis, reputação e desempenho, na gestão de seus ativos. Quando pondera-se o fato de que apenas constam nesta amostra as empresas de melhor desempenho nos seus setores, recorte realizado pela CartaCapital, este resultado torna-se ainda mais expressivo. O uso de dados secundários refletem uma limitação do estudo, a partir de onde sugere-se, para estudos futuros, a utilização de uma amostra mais ampla de stakeholders mantendo a característica longitudinal de análise.
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Askenbäck, Andreas, and Sofi Sverin. "Sambandet mellan intellektuellt kapital och finansiell prestation : En kvantitativ studie på svenska börsnoterade företag." Thesis, Högskolan i Gävle, Avdelningen för ekonomi, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:hig:diva-30045.
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Syfte: Syftet med denna studie är att undersöka om det finns ett samband mellan intellektuellt kapital och finansiell prestation. Ett delsyfte är att undersöka om det finns någon skillnad i andelen intellektuellt kapital hos företag i kunskapsbaserade branscher jämfört med företag i icke kunskapsbaserade branscher. Metod: Detta är en kvantitativ studie på företag som är börsnoterade på Nasdaq OMX Stockholm. Studien genomförs på totalt 307 företag, efter bortfall. Datan samlas in från företagens årsredovisningar från 2017 med hjälp av Thomson Reuters Datastream. I studien utförs en korrelationsanalys, multipel regressionsanalys och ett oberoende t-test. Resultat och slutsats: Studiens resultat visar att det finns ett svagt positivt samband mellan intellektuellt kapital och finansiell prestation som är icke signifikant och därför kan bero på slumpen. Resultatet visar också att företag i icke kunskapsbaserade branscher besitter en större andel intellektuellt kapital än företag i kunskapsbaserade branscher. Uppsatsens bidrag: Studiens bidrag är att det finns ett svagt positivt samband mellan intellektuellt kapital och finansiell prestation som dock inte är signifikant. Vidare är bidraget att företag i icke kunskapsbaserade branscher besitter mer intellektuellt kapital än företag i kunskapsbaserade branscher. Förslag till vidare forskning: Vårt förslag till vidare forskning är att använda en annan indelning av kunskapsbaserade och icke kunskapsbaserade branscher. Med tanke på svårigheterna att mäta intellektuellt kapital kan också ett annat mått på intellektuellt kapital användas i vidare forskning.Aim: The aim of the study is to investigate whether there is a relation between intellectual capital and corporate performance or not. Another aim of the study is to investigate if there is any difference in the portion of intellectual capital between companies belonging to knowledge based industries and companies belonging to non knowledge based industries. Method: This is a quantitative study on companies listed on Nasdaq OMX Stockholm. Data from 307 companies were used in this study, and the data were collected from the companies annual reports from 2017 using Thomson Reuters Datastream. This study applies a correlation analysis, multiple regression analysis and an independent t-test. Result and conclusion: The study shows a weak positive relationship between intellectual capital and corporate performance which is not significant which means it could depend on coincidences. The result also shows that companies in non knowledge based industries possess more intellectual capital than companies in knowledge based industries. Suggestions for further research: Our suggestion for further research is to use a different classification of knowledge based and non knowledge based industries. Due to the difficulties of measuring intellectual capital a different measure of intellectual capital can be used in further research. Contribution of the thesis: The contribution of the study is that there is a weak positive relation between intellectual capital and corporate performance which is not significant. Furthermore, companies in non knowledge based industries possess more intellectual capital than companies in knowledge based industries.
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Reddiar, Chantel Amanda. "Building corporate reputation : a director’s perspective." Diss., University of Pretoria, 2010. http://hdl.handle.net/2263/25673.
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Corporate reputation has evolved into a strategic and intangible corporate asset and accordingly directors, as custodians of corporate reputation, are tasked with building and managing corporate reputation as a source of competitive advantage. The purpose of this research is to ascertain the extent of the operationalisation of corporate reputation and the perspectives of directors as to the manner in which they perceive, value, build and manage corporate reputation. A critical review of the corporate reputation literature evidenced much ambiguity as to the definition of corporate reputation, whilst the value and competitive advantage of corporate reputation, has been empirically established. The literature within this realm fails to adequately address the operalisation of this construct and accordingly, this study attempts to address the apparent void in the academic literature by offering empirical evidence as to the manner in which directors build and manage a company’s reputation by proposing a framework to guide directors in their endeavours. In order to gauge director’s perspectives, 12 semi-structured, in-depth interviews were conducted with the directors of a multi-national company based in South Africa. The company operates in a highly regulated and competitive industry and the research findings demonstrate that corporate reputation is indeed acknowledged as a key, intangible asset. Whilst the directors did not possess clear insight into building and managing corporate reputation, several key themes emerged and the findings are consolidated into a proposed framework and a portfolio of the dimensions of corporate reputation are established. This study lays the foundation for further studies within the realm of operationalising corporate reputation, particularly as a source of competitive advantage. CopyrightDissertation (MBA)--University of Pretoria, 2010.
Gordon Institute of Business Science (GIBS)
unrestricted
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MAZZA, MARIO. "Global markets and supply customization in urban trasportation system." Doctoral thesis, Università degli Studi di Milano-Bicocca, 2013. http://hdl.handle.net/10281/40116.
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The increasing world’s population, mainly concentrated in urban areas, is leading to an increasing demand for transport services, which is an inescapable consequence of global trends. Indeed, evolving demographic, social and economic trends create dynamic demand for mobility by individuals, companies and governments.
Developing and emerging countries manifest several needs mainly related to commuting mobility from home to work, infrastructures, production plants and machinery, housing, economies of scale and modern technologies. In these countries, passenger demand is growing due to increased separation between accommodation and work and, as a consequence, traffic in urban and metropolitan areas, as in surrounding regions, is progressively congested.
On the contrary, networks and interactions between people for the creation of new knowledge characterize developed countries and the needs are referable to mobility during the working time, for shopping and for social purposes.
More in general, cities, big and small, are faced by several challenges in health, mobility, social development, security, water and energy resource management, but nowadays their survival and sustainability depend more and more on a reliable and worthwhile transportation system. Indeed, especially in fast growing context, the issue of mobility and transport is the key challenge facing cities now and in future.
In this context, cities represent the engine of the urban transportation systems industry and the present dissertation focuses on the response of global suppliers of rail-based solutions to increasing need of mobility.
In global markets, where the time is considered a decisive factor (time-based competition) and the competitive space become broaden and dynamic (market-space management), the urban transportation systems suppliers could compete and survive only adopting a Market-Driven approach.
The customization and the adaptation of the transportation systems to the requirements of several clients represent a primary challenge for global market’s suppliers, which need to organize their operations on flexibility and on non-competitive structures, such as networks, taking into account sub-suppliers, clients and even competitors.
In borderless competitive arena besides Europe and United States, new markets are increasingly drawing the attention of global suppliers and in this dissertation through a field research has been examined the situation of the Saudi Arabia.
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GIOVANARDI, MATTIA. "A "communicational view" of the supply chain: theoretical foundations and empirical evidence." Doctoral thesis, Università Cattolica del Sacro Cuore, 2013. http://hdl.handle.net/10280/1799.
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Il progetto di tesi si basa su uno studio di carattere qualitativo focalizzato a costruire un framework teorico relativo ai processi di comunicazione lungo la Supply Chain (SC), identificando come la stessa comunicazione sia in grado di supportare il complesso processo di Supply Chain Management (SCM) sia sul piano strategico, sia sul piano operativo.
Il progetto di tesi si articola quindi in tre parti specifiche: 1. una review sistematica e critica della letteratura internazionale sui temi della Supply Chain e della comunicazione che fornisce un’analisi approfondita del dibattito internazionale sui processi relationship-based della SC, evidenziando inoltre il fondamentale ruolo della comunicazione nello scambio di flussi sociali, informativi e fisici tra i partner; 2. due studi esplorativi di tipo induttivo-deduttivo che costruiscono una mappatura concettuale preliminare dei ruoli e dei canali di comunicazione che supportano le fasi strategiche ed operative del SCM; 3. uno studio Grounded Theory (GT) progettato sulla base dei risultati emersi dai precedenti studi preliminari e basato su una ricerca empirica approfondita che ha coinvolto SC executives e managers di aziende italiane ed internazionali.The Ph.D. research project is based on a wide qualitative study aimed at building a theoretical framework of the communication processes along the SC identifying how communication supports strategic and operational SCM and providing managerial insights on how to make an effective and efficient use of communication resources over time. The project emphasizes how relationships and processes are affected by communication flows, depicting the links among SC processes, communication and SC performance dimensions. More specifically, the project methodological design is articulated in three subsequent interrelated research phases: 1. a systematic and critical literature review on SC and communication providing a focused analysis of the international debate on SC relationship-based processes highlighting communication as an enabler of social, information and physical flows among SC partners; 2. a two-step exploratory inductive-deductive study aimed at building a preliminary conceptual mapping of communication roles and channels supporting strategic and operational SCM; a comprehensive Grounded Theory (GT) study designed according to emergent insights from both the preliminary inductive-deductive analysis carried out and an in depth empirical research investigating widespread SC communication representations, practices and aspirations.
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Shim, Young Soo. "INVESTIGATING THE DETERMINANTS AND ENDOGENOUS INFLUENCES OF ENVIRONMENTAL REPUTATION." OpenSIUC, 2017. https://opensiuc.lib.siu.edu/dissertations/1459.
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AN ABSTRACT OF THE DISSERTATION OF Young Soo Shim, for the Doctor of Philosophy degree in Accountancy, presented on 03/10/2017, at Southern Illinois University Carbondale. TITLE: INVESTIGATING THE DETERMINANTS AND ENDOGENOUS INFLUENES OF ENVIRONMENTAL REPUTATION MAJOR PROFESSOR: Dr. Royce D. Burnett This study investigates (1) the determinants of a firm’s environmental reputation and (2) the impact of this reputation on employee productivity and financial performance. I extend existing work in this area by focusing on both the endogenous and exogenous benefits of the reputation. The endogenous benefits refer to positive impacts of the reputation on employee morale and employee productivity, which have generally been ignored by prior research. In developing my research hypotheses, I draw on the following five well-established theories: the costly signaling theory, the resource-based view of firm, the Porter’s eco-efficiency perspective, the social identity theory, and the third-person effect theory. A sample of 271 companies was drawn from the 500 largest U.S. public companies listed in the 2010 Newsweek’s green report. The corporate environmental data for this study were gathered from this report. Meanwhile, the corporate financial data were obtained from the Mergent database. Via multiple regression analyses, I find (1) environmental reputation is significantly and positively predicted by environmental management when firm environmental reputation is high; (2) environmental reputation is significantly and positively related to environmental performance when firm environmental reputation is low; (3) across the board, environmental reputation does not predict employee productivity; (4) environmental reputation is a significant and positive predictor of financial performance only for firms with high environmental reputation; and (5) employee productivity positively and significantly predicts financial performance only for firms with a high environmental reputation.
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Hsu, Hsiao-Ching, and 許筱青. "The Relationships among Corporate Governance, Intangible Assets and Corporate value." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/31980148070328765600.
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碩士國立臺北商業大學
會計財稅研究所
103
As a consequence of the world-shocking fraudulence cases, the capital market has been greatly hammered, and corporate governance has become the main concern for corporate investors. The value of intangible assets started to become more important as the industry changes, and it has become one of the key indicators of corporation’s future value. The objective of this research is to examine the impacts of corporate governance and intangible assets on the value of corporations during the period of 2009 and 2013. In summary, the value of a corporation is shown to have positive relationship to the number of external board members and legal person’s share proportion, as well as Research and Development’s (R&D) intensity, advertising intensity, and the value of corporation’s invisible assets over sales. The number of external shareholders is also positively correlated to the company’s R&D intensity, invisible assets over sales, and royalty over sales. On the other hand, large shareholder’s share holdings proportion is negatively related to the number of external shareholders, but is positively impacted by corporation’s advertisement intensity. The positive cross correlation among corporation governance index, R&D intensity and corporate value indicates that good corporate governance can not only creates value to its invisible assets, but also enhance the corporate as a whole.
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Chang, Yu-Lin, and 張祐琳. "Does Corporate Social Responsibility Increase Intangible Assets and Corporate Value?" Thesis, 2011. http://ndltd.ncl.edu.tw/handle/17689875184787754886.
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碩士國立勤益科技大學
企業管理系
99
The issue of corporate social responsibility has become more and more important from the perspectives of academic research and policymaking. A number of studies have empirically examined the difference in financial performance between the firms conducting social responsibility activities and those not. However, related empirical studies do not provide conclusive evidence on the relationship between social responsibility and corporate value owing to the definition of social responsibility and the measures of corporate value. Moreover, rare studies account for the influence of corporate social responsibility on intangible assets when analyzing firm performance. This study utilizes the sample of firms which were awarded the Corporate Citizenship Award by CommonWealth magazine over 2007 to 2010 to evaluate the effects of fulfilling social responsibility on corporate value. Our results reveal that: (1) the firms fulfilling corporate social responsibility have significantly higher corporate values and more intangible assets than those not; (2) intangible assets (Tobin's Q, VAICTM, CIV) mediate the relationship between corporate social responsibility and corporate value; (3) intangible assets (MVBV, Tobin's Q) also mediate the relationship between corporate social performance and corporate value; and (4) the corporate value of a firm fulfilling corporate social responsibility increases with their corporate social performance.
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Liu, Cheng-Hsun, and 劉政勳. "Intangible Assets, Intellectual Capital and Corporate Performance: Considering Information Transparency." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/13397698760816186685.
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Shao, Pei-wen, and 邵珮雯. "The Relationship between Corporate Governance Mechanisms, Agency Costs, and Intangible Assets." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/01733922047029269396.
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碩士國立嘉義大學
管理研究所
92
This research is for the purpose of discussing the enterprise corporate governance mechanisms which include the board characteristics and the ownership structure, whether or not they can display the surveillance effectiveness and reduce agency costs between the manager and shareholders. In addition, this thesis discuss governance mechanisms whether they can increase the intangible asset investment which guides the company for a long time value. This sample consists of all public companies listed on the Taiwan Stock Exchange Corpoate during 2001-2002,and the effective sample amounts to 814.We use two alternate measures of agency costs. The first is the ratio of selling.general administrative expenses to annual sales. The second is the ratio of annual sales to total assets which is an asset utilization efficiency ratio. In addition, we further split the sample by the industry classification including the traditional industry and high tech industry. Then we investigate whether or not the relationship between the governance mechanism, agent costs and intangible assets would be different in two kinds of industry. Our main findings include (1)Both of outside directors and the CEO ownership are effective corporate governance mechanisms.(2) The board size has the positive influence to the intangible asset, but this influence occurs in the traditional industry. The deduction is that CEO hold the conservative attitude to invest intangible asset in the traditional industry. If the board size is bigger, the diversity of members will give the management team effective strategy to invest in intangible asset. On the contrary, the larger board in the high tech industry lacks the policy-making efficiency which is difficult to adapt to the high environment changes.(3) Both of outside directors and inside directors are conservative to invest intangible asset in the traditional industry. On the contrary, the high-tech company’s outside directors support CEO increase the long term value investment.(4)The blockholders in high tech industry although favor the company to distribute the property to the research development, the advertisement and the manpower investment, but the asset distribution is efficiency,and therefore cause a high asset utilization efficiency. (5) The institutional investors in the traditional industry has the positive influence to reduce agency costs, but institutional investors behave myopically to encourage the CEO to cut down the intangible asset investment. Otherwise, the high tech company take the technical research and development as the survival advantage, causes the institutional investors not to have the myopic behavior. (6) The supervisors’ stock mortgage raises the agency costs and reduces intangible assets in the traditional industry, demonstrates the supervisors’ stock mortgage exist the bigger agency question. Viewing the research findings as a whole. We find that the relation between the governance mechanisms and the asset utilization is significant than the relation between the governance mechanisms and the selling, general administrative expenses. One possible reason is that general administrative expenses are not as visibly related to cash flows generated by firms as sales to assets ratios.（Singh and Davidson III, 2001） In addition, governance mechanisms are more effective to reduce agency costs and promote intangible assets in the high tech industry. The deduction is that the high tech company’s CEOs are more well-educated and knowledgeable about professional business operation than the general tradition company’s CEO .Therefore the high tech company enables the governance mechanisms comparatively to display the benefit.
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Yang, Feng-Cheng, and 楊豐誠. "The Effects of Corporate Governance on Market Valuation of Intangible Assets." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/13965207477323289093.
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碩士國立嘉義大學
管理研究所
93
This study examines the effects of corporate governance on market valuation of R&D and advertising investments in Taiwan. In the empirical model of this paper, there are three empirical proxies of corporate governance, including the proportion of outside board members, the percentage of shares held by institutional investors and the separation of control rights and ownership. The empirical results show that the institutional holdings have a significantly positive impact on the market valuation of R&D expenditures. Besides, both of R&D and advertising expenditures are significantly and negatively associated with the separation of control rights and ownership. Finally, the outside directors do not have a significant impact on the valuation of R&D and advertising expenditures.
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Yang, Ting-Yu, and 楊婷羽. "The Effects of Corporate Intangible Assets on Acquisition Decisions and Performance." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/33593970251375811530.
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碩士銘傳大學
國際企業學系碩士班
99
In recent years, corporate intangible assets are more and more important for the value of a company. The acquisition decisions of a company significantly affect the corporate performance. This study collects 152 mergers and acquisitions (M&As) announcements from 2000 to 2010 in Taiwan to examine the following three questions: First, if the intangible assets invested affect M&As decisions. Second, if the intangible assets invested affect the type of M&As. Third, how the types of M&As can enhance intangible assets and M&As performance. The result finds that there is a positive abnormal return for the requirers before the M&As announcements, but a negative abnormal returns after the announcements. The more R&D density and patents invested, the corporate is likely to undertake the M&As activities. Therefore, the corporate with more intangible assets expand its capacity and boundaries in industry via M&As. The corporate with the shorter paths, it is more likely to undertake vertical M&As. Therefore, the corporate can extend forward or backward on the value chain via M&As. They can obtain the core resources upstream or downstream by vertical integrations. Finally, types of M&As and corporate intangible assets are the important influencing factors on M&As performance. And the horizontal mergers increase the R&D density and advertising expenditures of the company.
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Li, Hui-Yu, and 李蕙羽. "A Study of Relationship among Corporate Social Responsibility, Corporate Governance, Intangible Assets and Financial Performance." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/53351257607708566987.
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碩士台南應用科技大學
國際企業經營系碩士班
101
Implementing corporate social responsibility, improving financial performance and strengthening corporate governance mechanism and intangible assets are all indispensable to a business management now. The main purpose of this research is to examine the correlations among corporate governance, intangible assets and financial performance, and to identify whether the correlations are significantly different between social responsibility winning and non-winning businesses. A total of 366 businesses are used in this research. Among them, 183 businesses are gathered from 2007-2012 Excellence in Corporate Social Responsibility Top 50 published by Common Wealth Magazine, and the counterparts are chosen from listed companies with similar authorized capital and industry, based on a ratio of 1 to 1. Binary logistic regression and multiple regression models are used in two empirical studies. The results show that corporate governance variables such as manager shareholding ratio and institutional shareholding ratio of award-winning businesses are significantly greater than those of non-winning businesses in terms of corporate social responsibility and financial performance. This is because managers and institutions improve supervision and management effectiveness which will help to encourage businesses to perform more social responsibility behaviors and to increase operating performance as well as future profitability. Also, the greater the board of director, the greater the return on total assets is, implying a higher profitability of corporate assets. Furthermore, intangible assets variables like Tobin’s Q value of award-winning businesses are significantly greater than those of non-winning businesses in terms of corporate social responsibility and financial performance. The finding indicates that businesses are willing to invest more resources on performing social responsibility behaviors in order to create more values. Finally, intangible assets variables such as market-to-book ratio and value added intellectual capital(VAIC) significantly positively correlated with return on total assets and return on equity, showing that increasing the value of intangible assets leads to better businesses performance.
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Hung, Shih-Chang, and 洪世昌. "Two Essays on Firm Performance: Evidence from Corporate Governance and Intangible Assets." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/837325.
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博士國立交通大學
財務金融研究所
107
This research contains two studies. First, we investigate the effect of the voluntary adoption of audit committees on firm performance. Second, we explore how knowledge capital and chief executive officer (CEO) power affect information technology (IT) firms’ value under the impact of disruptive innovation. Our findings suggest that firms have better performance and better competitive advantage when they have better governance mechanisms and higher knowledge capital. Improving corporate governance can mitigate agency conflict between controlling and minority shareholders, and increasing knowledge capital can improve a firm’s competitive advantage. In the first study, we use a self-selection model to investigate the effect of the voluntary adoption of audit committees on Tobin’s Q, return on assets, and idiosyncratic risk. Our results show that Taiwanese listed firms, especially those that are family controlled, have better performance and lower risk when they voluntarily adopt audit committees. These findings suggest that the voluntary adoption of audit committees can reduce agency conflict and asymmetric information. For the second study, our results reveal that knowledge capital and CEO power play crucial roles in determining a firm’s value. IT firms with powerful CEOs and increased knowledge capital have a high firm value. The effects of knowledge capital and CEO power on firm value are especially significant for founder and duality CEO firms. Furthermore, the influence of CEO power is more prominent in periods of financial crisis. These findings suggest that firms have better competitive advantages because of higher knowledge capital. Powerful CEOs improve the efficiency of decision-making and resources utilization.
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Tsao, Chu-Hao, and 曹祖豪. "THE STUDY OF INTANGIBLE ASSETS ON INTERNATIONALIZATION AND CORPORATE PERFORMANCE FOR SMES IN TAIWAN." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/44367822312901814292.
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碩士銘傳大學
國際企業學系碩士班
103
Taiwan is based on the proportion of Small and Medium Enterprises in the economy. This study focuses on Small and Medium Enterprises which are lack of technical and, financial resources how to survive and internationalize. Due to the boom development of Taiwan''s Small and Medium Enterprises, which have to face the severe competition in the domestic markets, this study investigates whether their performance can be effectively improved by the internationalization, and whether their entering the different markets and the degrees of internationalization will have different results. This study explores 491 listed enterprises which Small and Medium Enterprises during the period from 2008 to 2013 in Taiwan, comparing with these five intangible assets (financial intangible assets, social ties, outside directors, corporate international experience and innovation capability) and investigates corporate performance relationship between five assets and the degree of internationalization and internationalization route. First of all, this study exames the relationship among the intangible assets (Financial intangible assets, Social ties, Outside directors and Innovation ability), the internationalization (level, route and experience) and corporate performance. Then, the impact on internationalization by the intangible assets for Small and Medium Enterprises. Finally, this study investigates the interaction of intangible assets and internationalization of SMEs on their corporate performance. The results show that intangible assets is positively associated with corporate performance, Small and Medium Enterprises with more intangible assets, have better performance. Outside Directors and innovation ability are positively associated to corporate performance. The interactions of social ties and internationalization can strengthen positive impact their corporate performance.
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Lee, Sin-Yi, and 李心怡. "The Effects of Separation of Ownership and Control on Corporate Agency Costs and Intangible Assets." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/22435933043537869422.
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碩士國立嘉義大學
管理研究所
93
The purpose of this study is to discuss the effects of the separation of ownership and control on the agency costs and intangible assets and to examine the quarrel of ownership can be reduced between controlling shareholders and minority shareholders and then agency costs can be reduced because companies have lower separation. In addition, the study also discuss that managers have more incentive to increase intangible assets, which can create the future value, when companies have lower separation. The samples are the public companies listed on the Taiwan Stock Exchange Corporate in 2003; the effective samples amounts to 483. We use two measures of agency costs, the ratio of selling general administrative expenses to annual sales and the ratio of annual sales to total assets. Besides, we also use two measures of the intangible assets, the patent amount and the index of intangible assets. Further more, we sort out the samples in terms of industrial classification and examine the effects of separation of ownership and control on agency costs and intangible assets in different industry. The findings in our study: (1) When ownership separates control, the quarrel of ownership between controlling shareholding and minority shareholders lead to increase the agency costs. However, managers consider that intangible assets hurt the performance of companies in short term so they reduce intangible assets, especially non-electronic industries. (2) When members in the family are managers, they will have more managerial discretion, which can increase managers’ profit. It is make companies increase unnecessary administrative expenses, especially non-electronic industries. (3) When managers have more ownership, they have more incentive to decrease behavior reducing value in companies. Otherwise, considering that there is future value in intangible assets, they also increase the amount of intangible assets to promote company value.
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Tsai, Ping-Ting, and 蔡秉庭. "A Study of Relationship between Corporate Social Responsibility and Firm's Value : The Effect of Intangible Assets." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/n5wu3d.
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碩士中國文化大學
會計學系
103
Over the last few years, the Global Financial Crisis and Food Safety Scandals in succession had declined public confidence in capital market. As a result, corporate social responsibilities (hereafter, ‘CSR’) have become a trend for entities to pursuit sustainable operations and to enhance competitiveness. However, whether an entity could improve its corporate value by fulfilling its CSR is an important research topic, but the current academic research for the purposes of CSR is for better or worse controversial, some scholars believe that if companies engage in social responsibility activities will enable enterprises must allocate funds to other resources, which led to the cost of upgrading enterprises, reducing corporate profits. Therefore, this paper Taiwanese corporate as research samples, conduct CSR and corporate value relevance research paper in addition to the main elements of CSR and corporate value of the different variables set up outside, and further to CSR and corpo-rate value and post items as intangible assets multiplied impact test variables, after re ordinary least squars method analysis found that CSR and corporate value having a sig-nificant correlation, confirming business CSR can enhance corporate value, and to make research more depth , simultaneous equations used in this study and further analysis showed that CSR through the intangible value of the enterprise has a negative relation-ship, which means that, when the company implemented a CSR of enterprises and large capital investment in intangible assets, companies will likely bear higher business costs, reduce the competitive advantage that companies decline in value.
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Chang, Ju-Hsin, and 張儒欣. "The Discount of Private Equity Placement－The Impact of Corporate Governance, Earnings Management, and Intangible Assets." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/63466820593621689908.
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碩士國立臺灣大學
會計學研究所
95
The mechanism of private equity placement in Taiwan provides firms with more convenient way to raise their funds. However, in contrast to public issues, it excludes the priority of existing shareholders from buying new shares and dilutes their interests through discount of issue price for specific purpose. The purpose of this study is to investigate whether the discount of private equity placement is afftected by the mechanism of corporate governance, firms’ earnings management behavior and the magnitude of intangible assets. The empirical findings of this study document that the discount of private equity placement is greater when the percentage of the directors’ and supervisors’ shareholdings that are pledged is larger. The discount is negatively related to the directors’ and supervisors’ shareholdings, the ratio of independent directors and supervisors over board size, and the ratio of directors and supervisors who are also mangers over board size. In addition, the firms’ earnings management behavior proxied by sale on investment is positively related to the discount of private equity placement. Finally, the the magnitude of intangible assets measured by book-to-market ratio is negatively related to the discount of private equity placement. In gereral, the results support hypotheses proposed by this study.
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Huang, Li-Ru, and 黃莉茹. "Announcement Effects of Private Equity Placements－The Impact of Corporate Governance, Earnings Management, and Intangible Assets." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/74242167281618274451.
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碩士國立臺灣大學
會計學研究所
95
The announcement of private equity placement is usually considered as a good signal. However, a private placement makes few investors to buy shares with high discounts, so it might benefit specific persons and sacrifice shareholders’ equity without sound corporate governance. It might also motivate managements to manipulate financial statement numbers by lowering the placement price and for attracting investors. Thus, the study examines the impact of corporate governance and earnings management on the information content of private placement announcements. In addition, we also explore the relationship between private placement announcements and information asymmetry caused by intangible assets. We expect that the positive announcement effects will be weaker since accounting information asymmetry is more difficult to be mitigated. The sample includes TSE-listed and OTC-listed companies that place shares privately from 2002 to 2006. We define four different event dates to estimate cumulative abnormal returns and test the factors influencing the effect of private placement announcements with multiple regression analysis. Empirical results are not consistent on four event dates. In general, earnings management variables and intangible assets variables can not explain announcement effects. Some of corporate governance variables are significantly related to abnormal returns as predicted. The evidence reveals that the market reaction to the private equity placement will reflect the quality of the governance structure.
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Taylor, Margaret, David M. Sugden, and Mike E. Tayles. "The measurement of manufacturing virtuality." 2004. http://hdl.handle.net/10454/2458.
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Chang, Ching-Jung, and 張靜蓉. "An Empirical Study of the Relationship of Intangible Assets, Corporate Governance and Audit Quality of Taiwan Listed and OTC-Listed Companies." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/ftth9s.
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碩士世新大學
財務金融學研究所(含碩專班)
102
The 21st century could be said to be the era of knowledge-based economy, which becomes the most important issue of economic development. For enterprises, the fixed assets are no longer the most valuable assets, replaced by decisive and dominant intangible assets. The values of intangible assets become more prominent in the value production process. But the values of intangible assets are difficult to measure, which worsens information asymmetry and agency problem. Therefore, the main purpose of this study is to investigate the relationship and interaction of corporate governance, intangible assets and auditing quality. The empirical results of this study found that information disclosure ranking, executive ownership, CEO duality, and the ratio of largest outside shareholder of corporate governance variables has a significant positive effect on intangible assets. For auditing quality variables, Big Four and auditor change has a positive influence on intangible assets. Corporate Governance and intangible assets have positive interaction relationships. In addition, corporate governance and auditing quality also have positive interaction relationships.
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Lock, Lee Laurence. "Corporate Social Capital and Firm Performance in the Global Information Technology Services Sector." 2008. http://hdl.handle.net/2123/2316.
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Doctor of Philosophy(PhD),The confluence of a number of marketplace phenomena has provided the impetus for the selection and conduct of this research. The first is the so called value relevance of intangibles in determining share market performance of publicly listed companies. The growing gap between market and book values has been proposed as an indication of the impact of intangibles on share price values. A second related phenomenon is the increasing reliance on share price appreciation as the principal means for shareholder return as opposed to returns through dividends. This suggests that share prices are becoming an even more critical firm performance measure than traditional accounting-based firm performance measures like return on investment (ROI). A third phenomenon is the rapid growth in marketplace alliances and joint ventures, the number of which has grown rapidly over the past 30 years. The explanation for these phenomena may lie in the concept of corporate social capital (CSC) which, as an intangible asset (IA), has been proposed in several normative studies. CSC has been defined as “the set of resources, tangible or virtual, that accrue to a corporate player through the player’s social relationships, facilitating the attainment of goals” (Leenders & Gabbay, 1999, p3). However, constructs for CSC have only been loosely defined and its impacts on firm performance only minimally empirically tested. This research addresses this gap in the literature. The key aim of this research is to explore the impact of CSC on firm performance. Through the use of CSC as a lens for viewing a firm’s intangibles, several important sub-components of the CSC formulation are exposed. These include a firm’s market centrality (CENT), absorptive capacity (AC), internal capital (INC), human capital (HC) and financial soundness. Therefore, an extended aim for this research is to identify the differential impacts of the CSC sub-components on firm performance. Firm performance was measured as ROI, market-to-book ratios (Tobin’s Q) and total shareholder return (TSR). Overall, the research results indicate that CSC is a significant predictor of firm performance, but falls short of fully explaining the market-to-book value disparity. For this research an innovative computer-supported content analysis (CA) technique was devised to capture a majority of the data required for the empirical research. The use of a commercial news aggregation service, Factiva, and a standard taxonomy of terms for the search, allowed variables for intangible constructs to be derived from a relatively large sample of firms (n=155) from the global information technology services (ITS) sector from 2001 to 2004. Data indices for joint venture or alliance activity, research and development (R&D) activity, HC, INC and external capital (EC) were all developed using this CA approach. The research findings indicated that all things aren’t equal in terms of how the benefits of CSC accrue to different firms in the sector. The research indicated that for larger, more mature firms, financial soundness does not necessarily correlate with improved shareholder return. The inference is that these firms may have reached a plateau in terms of how the market is valuing them. In terms of market centrality, the research indicates that software firms could benefit from building a larger number of alliances and becoming more centrally connected in the marketplace. The reverse is true, however, for larger, more established firms in the non-software sectors. These companies can be penalised for being over-connected, potentially signalling that they are locked into a suite of alliances that will ultimately limit their capacity to innovate and grow. For smaller, potentially loss-making firms, the research indicates that investments in HC are potentially the only investment strategy that could result in improvements in profitability and shareholder return. Investments by such firms in R&D or INC developments are likely to depress shareholder value and therefore should be minimised in favour of HC investments. For larger, more established firms, investment in HC is beneficial for both ROI and TSR. Investments in areas like R&D and INC were found to be only beneficial to those firms who have the financial capacity to afford it. Firms that don’t appear to have the financial resources to support the level of investments they are making in R&D and/or INC were penalised by the market. Overall, the research provides specific insights into the links between firms and their performance, through appropriate investments in CSC. In terms of research practice, this research demonstrates the viability of computer-supported CA. Progress in the development of more intelligent search technologies will provide increasing utility to CA researchers, promising to unlock a vast range of textual source data for researchers that were previously beyond manual CA practices.
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Lin, Chia-Ying, and 林佳瑩. "A Study of Relationship between Corporate Social Responsibility and Financial Performance as Well as Intangible Assets- Take Taiwan Electronic Industry for Example." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/31527995951641677747.
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碩士國立交通大學
管理科學系所
97
Recently, more and more negative news reported corporate scandals such as the China toxic powdered milk in 2008, global financial crisis and China Rebar Group of Taiwan embezzlement in 2007 and Enron bankruptcy in 2001. The news of embezzlement and lack of corporate ethics shocked our society. People lost confidence in corporate and the corporate social responsibility (CSR) became an important issue. This research is to explore the relationship between corporate social performance and short-term financial performance as well as long-term intangible assets. We intend to verify the hypothesis that the greater CSR is, the higher profitability will be in a corporate. Our research constructs regression models to explore these relationships by using Common Wealth Magazine corporate social responsibility (CSR) survey scores as the corporate social performance proxy variable. There are two stages in this research. The first stage focuses on Taiwan electronic industry, followed by the next stage in which the electronic companies selected by the CSR survey are further investigated. The results of the first stage show that corporate social performance (CSP) is positively related with ROA and VAIC; the second stage shows that CSP is positively related with ROE, ROA, MV/BV and Tobin’s q. Because of the large sample variance in the first stage, the relationship between CSP and dependent variables is positive- related but not significantly. However, the result is not completely consistent with our expectation. We can infer that the best CSR group has better asset efficiency than the lower CSR group. The second stage results can precisely support our hypothesis that the greater CSR is, the higher profitability is. If companies concentrate on CSR combined with corporate strategies, CSR can bring benefit to companies and strengthen corporate core competences in the long run.
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Adelowotan, Michael Olajide. "Human capital disclosure in corporate annual reports." Thesis, 2014. http://hdl.handle.net/10500/13468.
Full textAbstract:
It is generally acknowledged that human capital intangibles are major value drivers in the new economy characterised by information and technology. The main purpose of this study is to examine the extent to which companies listed on the Johannesburg Stock Exchange disclose information on human capital related issues. The study combined both qualitative (literature reviews and content analysis) and quantitative (survey questionnaire) methods to collect data of 60 corporate annual reports (CARs) of listed companies in South Africa from survey questionnaires administered on various categories of preparers and users of these CARs.
The study made use of 91 human capital disclosure checklists developed from literature reviews for the purpose of data collection. The data analysis was done with the aid of Atlasti-a qualitative data analysis software and SPSS- a quantitative data analysis software.
The findings show that majority of the items on the disclosure checklist are not yet disclosed in the CARs even though most of the items on the checklist are adjudged to be useful for organisational value creation. In view of the initial findings of this study, a human capital disclosure framework is recommended.Business Management
D. Accounting Science
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Mariquitos, Inês Filipa Sousa Valongo. "Reputação corporativa e performance no sector das telecomunicações móveis em portugal." Master's thesis, 2012. http://hdl.handle.net/10071/6126.
Full textAbstract:
Apesar da sua indiscutível relevância na estratégia e valor económico das organizações, apenas num período mais recente se intensificou o estudo dos activos intangíveis enquanto recursos estratégicos, a que não é alheia a crescente consciencialização por parte dos mercados da importância deste tipo de activos na sustentabilidade de um modelo de negócio e como pilar de uma estratégia baseada na diferenciação. Este facto, aliado à instabilidade notória sentida pelas marcas, despertou o interesse para o tema da reputação corporativa como elemento distinto do goodwill e dos demais activos intangíveis. Neste contexto, o objectivo do presente estudo é avaliar a percepção de reputação corporativa, detida pelos clientes1, no sector de telecomunicações móveis em Portugal, assim como analisar potenciais relações entre a RC e alguns indicadores de performance. Tendo por base uma amostra global de 307 utilizadores de telemóvel, recorreu-se à análise descritiva, bivariada e construção de modelos de regressão linear múltipla, de acordo com as dimensões2 em estudo. Os resultados obtidos evidenciam que a reputação é um resultado relevante da ética e da confiança, assim como é um bom precedente da percepção da performance financeira, não financeira, lealdade e passa-a- -palavra. Apurou-se ainda que a Vodafone é a operadora mais afável e competente do sector e que a reputação corporativa varia segundo características sociodemográficas e de utilização do serviço telefónico móvel.Despite the undisputed relevance of intangible assets in the strategy and economic value of organizations, it was just recently that has intensified the study of intangible assets as strategic resources. Furthermore, this is attached to the growing awareness by the markets of the importance of such assets in the sustainability of a business model and as a solid support for a strategy based on differentiation. This fact associated with the notorious instability experienced by brands, triggered the interest on the topic of corporate reputation as a distinct element from goodwill and other intangible assets. In this context, the aim of this report is, consequently, to evaluate the perception of corporate reputation held by clients in the Portuguese mobile industry. Furthermore, potential relations between corporate reputation and some performance indicators will be statistically analyzed. Based on a total sample of 307 individuals several statistical techniques were used: descriptive and bivariate analysis and multiple regression models. The results show that corporate reputation is a relevant outcome of ethics and confidence and a reasonable predictor of the perception of financial performance, non-financial performance, loyalty and word-of-mouth. Furthermore, Vodafone is concluded to be the most agreeable and competent mobile service operator. Finally, relevant means’ differences were found in corporate reputation according to socio-demographic and the use of mobile service characteristics.
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Alves, Vânia Isabel Leite Pereira. "O grau de cumprimento das divulgações exigidas pela IAS 38 nas empresas da Euronext Lisboa." Master's thesis, 2015. http://hdl.handle.net/1822/35633.
Full textAbstract:
Dissertação de mestrado em ContabilidadeEste estudo, que adota uma abordagem positivista, tem como objetivos analisar o grau de cumprimento das divulgações exigidas pela International Accounting Standard 38 “Ativos Intangíveis” nas empresas cotadas na Euronext Lisboa, que apresentaram contas consolidadas no período de 2005-2013, e identificar os fatores organizacionais explicativos desse grau de cumprimento. Foi construído um índice de cumprimento da divulgação dos ativos intangíveis, a partir de uma grelha de cumprimento preenchida com base nos dados recolhidos das demonstrações financeiras consolidadas das empresas da amostra. Os resultados obtidos evidenciaram um nível de cumprimento médio dos requisitos de divulgação da IAS 38 de 49,9%. Tendo em conta a revisão da literatura e os argumentos de algumas teorias explicativas da divulgação, formularam-se onze hipóteses com base nos seguintes fatores corporativos potencialmente explicativos do grau de cumprimento: tamanho da empresa, rendibilidade, endividamento, montante de ativos intangíveis, tipo de auditor, liquidez, governo das sociedades (dimensão do board, independência do board, dimensão da comissão de auditoria, dualidade do CEO) e estrutura acionista dos membros do board. A análise de regressão mostra que o tamanho da empresa, o montante de ativos intangíveis, a dimensão e independência do board, e a dimensão da comissão de auditoria estão positivamente associados com o grau de cumprimento dos requisitos de divulgação previstos na IAS 38. O endividamento, a liquidez e a dualidade do CEO são estatisticamente significativos com sinal negativo. Este estudo contribui para o aprofundamento da investigação na área do cumprimento da divulgação obrigatória em Portugal, bem como para o reconhecimento dos fatores corporativos que influenciam esse cumprimento por parte das empresas.
This study, which adopts a positivist approach, aims to analyze the degree of compliance with the disclosures required by International Accounting Standard 38 "Intangible Assets" in the companies listed on Euronext Lisbon, during 2005-2013, and to identify corporate factors that explain the degree of compliance. An index of compliance with the disclosure items of intangible assets was built, based on a grid of items required by IAS 38. The data was collected from the consolidated financial statements of the sample companies. The results show an average degree of compliance with the disclosure requirements of IAS 38 to 49.9%. Given the literature review and the arguments of some disclosure theories, eleven hypotheses were developed to explain the degree of compliance, including: company size, profitability, leverage, intangible assets amount, auditor type, liquidity, corporate governance (board size, board independence, audit committee size, CEO duality) and shareholder structure of the board members. The regression analysis shows that the company size, the intangible assets amount, the board size, the board independence and the audit committee size are positively associated with the level of compliance with the disclosures required by IAS 38. The leverage, liquidity and CEO duality are statistically significant with a negative signal. This study contributes to the research on compliance of mandatory disclosure.
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Chang, Yi-Ting, and 張宜婷. "Relationship between Resource Advantage and Corporate Intangible asset-An Empirical Study on Taiwan Information Technology Firms." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/28076234372173377254.
Full textAbstract:
碩士國立交通大學
經營管理研究所
94
The IT industry in Taiwan has gained a good reputation of rapid growth and global competitive capabilities. In the face of new economic era, Taiwan should consider the redistribution of resource. The purpose of this research is to investigate the relationship between the resource advantage and the intangible value of the IT industry in Taiwan. Therefore, this study hopes to find what kind of resource advantage could increase the intangible value of the IT industry in Taiwan and help management to develop the future strategies. This research regards listed company of information electron industry as the main research object. Data have been retrieved from the database of the Taiwan Economic Journal (TEJ) and Market Observation Post System (MOPS) during the period 2000-2004. The Hierarchical linear model is used to examine all the hypotheses. The result is that R&D ability and assets utilization efficiency are the most important resources which could increase the IT company intangible value in Taiwan. As to midstream and downstream, the R&D ability and assets utilization efficiency of the upstream is of great impact to the future intangible value. According to the IT classification, the key resource for the semiconductor industry is R&D ability and the industry of network and communication should focus more on the marketing ability.