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1
Kanclerytė, Agnė. "The impact of corporate social performance on corporate financial performance." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2010. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2010~D_20100914_101805-16498.
Повний текст джерелаАнотація:
This thesis attempts to extend the research in the Corporate Social Performance – Corporate Financial Performance relationship. The studies conducted previously display mixed findings with no unified evidence of the relationship direction and impact. This study reviews the existing literature on CSP and CFP as well as their link, identifying main problems and brings forward the concepts of strategic CSP and ad-hoc CSP. These concepts in a wider term are referred as CSP maturity. The main aim of this study is to investigate whether there is a relationship between company’s financial performance and CSP maturity and if the relationship is present, the relationship direction and causality. A study sample was constructed from large European banks and insurance companies. A panel data containing the information of 86 companies measured separately three times in three years period was analyzed. The empirical study used return on asset (ROA), return on equity (ROE) and return on sales (ROS) ratios for CFP operationalisation. CSP maturity was measured as years of continuous involvement into strategic CSP. The correlation analysis was build in order to verify the hypothesis about the CSP maturity and CFP relationship direction. Additionally the average mean of ROA, ROE and ROS was compared between the companies engaged in strategic and ad-hoc CSP. The weighted least squares regression, including several control variables was constructed to test two models of CSP maturity and CFP... [to full text]Šiuo magistriniu darbu autorė siekia praplėsti įmonės socialnės veiklos (CSP) ir įmonės finansinių resultatų (CFP) sąryšio tyrimus. Ankstesnių tyrimų rezultatai yra prieštaraujantys ir nepateikiantys vienalyčių įrodymų apie šių dviejų kintamųjų ryšio kryptį bei stiprumą. Šis tyrimas apžvelgia ankstesnius tyrimus, atliktus siekiant ištirti ryšį tarp CSP ir CFP, identifikuoja pagrindines problemas ir pristato strateginės ir atsitiktinės socialinės veiklos sampratas. Šios sampratos apibendrintai yra vadinamos CSP branda. Pagrindinis šio tyrimo tikslas yra ištirti ar egzistuoja priežastinis ryšys tarp CSP and CFP ir jei egzistuoja, nustatyti jo kryptį bei priežastingumą. Tyrimui naudojama imtis buvo sudaryta iš stambių Europos bankų bei draudimo kompanijų. Tyrimui buvo naudojami paneliniai duomenys, kurie buvo gauti 86 įmones matuojant 3 kartus tryjų metų periode. Tyrime įmonių finansiniai rezsultatai buvo matuojami turto grąžos (ROA), nuosavybės grąžos (ROE) bei pardavimų grąžos (ROS) rodikliais. CSP branda buvo matuojama nepertraukiamos strategines CSP veiklos metų skaičiumi. Koreliacijos analizė parodė neigiamą ryšį tarp CSP brandos ir įmonės finansinų rezultatų (koreliacijos koeficinetai kievienam finansiniam rodikiui buvo -0.438, -0.358, -0.350). Nepriklausomų imčių vidurkių palyginimo T-testas parodė statistiškai reikšmingą skirtumą tarp ROA ir ROS rodiklių lyginant įmones, kurios CSP vykdė strategiškai ir atsitiktinai. Įmonės, kurios vykdė CSP atsitiktinai, jų ROA ir ROS... [toliau žr. visą tekstą]
2
Kuo, Yi-Chun. "The impact of corporate stadium sponsorship." CSUSB ScholarWorks, 2007. https://scholarworks.lib.csusb.edu/etd-project/3261.
Повний текст джерелаАнотація:
The purpose of this study is to investigate the impact corporate stadium naming rights. In particular, this project will assess consumer perceptions of stadium naming rights as a means for determining its effectiveness as a marketing approach. A survey of CSUSB students was conducted in order to obtain their perceptions of the relative marketing attractiveness of naming rights for a local minor league baseball stadium.
3
Wadhwa, Anu. "Impact of corporate venture capital on knowledge creation in corporate investors /." Thesis, Connect to this title online; UW restricted, 2005. http://hdl.handle.net/1773/8824.
Повний текст джерела
4
Cavazzoni, Marco L. E. "Evaluating the impact of corporate executive leadership programs : impacts on executive behaviors /." Pepperdine University, 2002. http://80-wwwlib.umi.com.lib.pepperdine.edu/dissertations/dlnow/3045143.
Повний текст джерела
5
Nöllgen, Bruno. "The impact of industrial diversification on corporate transactions." Doctoral thesis, Saechsische Landesbibliothek- Staats- und Universitaetsbibliothek Dresden, 2014. http://nbn-resolving.de/urn:nbn:de:bsz:14-qucosa-135589.
Повний текст джерелаАнотація:
This doctoral thesis consists of three articles: one literature overview and two empirical articles. The first article provides a literature overview about industrial diversification, corporate acquisitions and the intersection of both research areas. This thesis secondly analyzes whether conglomerates invest externally differently from focused firms. This investigation provides new insights on the question how industrial diversification influences corporate investment. It allows to draw conclusions whether internal investment is independent from external investment in diversified firms, or whether weak internal investment in conglomerates is (at least partially) offset by more efficient external investment, or even whether value-destructive internal investment is accompanied by external investment eliciting the same effects. In this case weakly managed multi-segment firms could be also identified by their behavior and success in corporate acquisitions. Third, the thesis copes with the question how conglomerates are perceived and treated as potential targets of corporate acquisitions. This analysis adds further aspects to the question whether multi-segment firms are discounted due to their organizational form. Assuming that the sum of the single segment of a diversified company is higher valued than the conglomerate as a whole, one could expect that investors should strive to acquire such companies, to dismantle them subsequently in order to create additional value by reshaping these inefficiently composed entities. However, there are also contradicting effects of lower synergies and higher integration costs compared to the acquisition of stand alone firms. New insights in these discussions allow us to draw conclusions whether a diversification discount potentially being harvested by a bust up takeover outweighs lower synergies and higher integration costs.
6
Karasamani, Isabella. "The impact of managerial traits on corporate investment." Thesis, Durham University, 2018. http://etheses.dur.ac.uk/12901/.
Повний текст джерелаАнотація:
This thesis examines the impact of the firm’s dominant structure and ability on corporate, financing and investment activities. Particularly, CEO duality is examined as a structure whose power and board supremacy provides a single agent with highly centralized power. Second with the use of Demerjian et al. (2012) managerial ability index, CEO managerial ability is quantified and assessed in the context of corporate activity and performance. The empirical analysis shows that the impact of CEO duality engages to misallocations which affect investment efficiency and verifying that such regime increases unprofitable investment which is detrimental to the firm value. Furthermore, this thesis provides strong support that the adverse impact of CEO duality on investment efficiency prevails only among firms that face high agency problems, as captured by high free cash flows, firm complexity, staggered board structure, low board independence, and medium-sized board. However, CEOs’ equity-based compensation, high managerial ability, as well as the occurrence of externally promoted CEO curb the negative effect of CEO duality on internal capital allocation efficiency. Furthermore, this thesis evinces a positive relation between pre-crisis managerial ability and crisis period investments. This occurs because of the capacity of firms with higher pre-crisis managerial ability to secure greater financing and to keep their firms less vulnerable to financial constraints, which in turn help mitigate severe underinvestment problems evident during the financial crisis. Interestingly, the positive relation between managerial ability and investments holds only for firms with CEOs who have general managerial skills (generalists) rather than firm-specific skills (specialists). When looking at the value implications of the main findings, it is observed that the stock market positively assesses crisis period investments, yet this effect is solely evident among firms characterized by high levels (i.e., above-median) of pre-crisis managerial ability. Overall the evidence in this thesis informs, for the first time, the agency theory regarding the mechanism through which CEO duality is destructive for internal capital markets and firm value, and sheds light on the importance of certain moderators that can mitigate the negative impact of CEO duality on investment allocation and efficiency. Regarding the management team as a whole, the findings of this thesis show that managerial ability can ameliorate inefficiencies during distress times, through gaining access to more resources, investing at greater levels and more efficiently than less able peers, thus, adding to the value of firms.
7
Tedla, Tewodros Bayeh. "The Impact of Organizational Culture on Corporate Performance." ScholarWorks, 2016. https://scholarworks.waldenu.edu/dissertations/2509.
Повний текст джерелаАнотація:
Lack of effective organizational culture and poor cultural integration in the corporate group affect organizational performance and decrease shareholders return. The purpose of this exploratory case study was to explore successful strategies that one corporate group used to establish an effective organizational culture to improve performance. The Denison organizational culture model served as the conceptual framework for the study. A purposive sample of 20 senior managers from a corporate group in Ethiopia participated in semistructured face-to-face interviews. The selected participant met the criteria of a minimum 5 years of experience with successful strategies in establishing an effective organizational culture in the corporate group. The interview data were transcribed, categorized, and coded; they were subsequently member checked and triangulated to increase the trustworthiness of interpretations. The findings included a well-defined mission that attributed to developing shared understanding between employees and managers, and employee-focused leadership that contributed to motivating employees. Core corporate value findings included the well-being of the society through self-regulated corporate social responsibility. The findings identified in this study could have potential for economic growth in the local economy and may contribute to social change with strategies business managers may use to sustain their business and improve the life standards of employees and the local community.
8
Abdullah, Razimah Binti. "Redefining internal audit performance: Impact on corporate governance." Thesis, Edith Cowan University, Research Online, Perth, Western Australia, 2014. https://ro.ecu.edu.au/theses/1567.
Повний текст джерелаАнотація:
One of the preventive measures to situations akin to world financial crises increasingly forwarded is effective internal audit function (IAF) (e.g., Imhoff, 2003; Mohamad & Muhamad Sori, 2011). Internal audit, a component of corporate governance, continues to evolve due to changes in business strategies and requirements placed on it by legislators. The roles of internal auditors and audit committees (ACs), the key personnel in IAFs, are changing to a more value-added approach as business strategies move towards corporate sustainability and organisational excellence. Suggestions forwarded to improve the performance or determining the quality of IAF include effective involvement of ACs in internal audit activities, the employment of competent internal auditors and determining the impact of internal audit on corporate governance (e.g., Mohamad & Muhamad Sori, 2011, Sarens, 2009, Turley & Zaman, 2007). Research on the quality of internal audit has focussed mainly on the relationships of internal audit with internal control and ACs (e.g., Fadzil, Haron, & Jantan, 2005; Mat Zain & Subramaniam, 2007; Turley & Zaman, 2007). However, none has linked the impact of internal audit performance to corporate governance.
This study provides an agency of value view, explaining the effectiveness of IAF and its impact on corporate governance. Using a convergent mixed methods approach, the main findings from survey data collected from corporate members of the Institute of Internal Auditors Malaysia are compared and integrated with perspectives from chief audit executives of selected public listed companies interviewed. The factors investigated are the structure of the IAF, activities of best practices in internal auditing, ACs’ involvement as stated by the Malaysian public listing guidelines (Bursa Malaysia, 2000, 2009b) and the World Bank’s corporate governance framework (World Bank, 1991). An exploration on the extent of collaborations and combined assurances in internal audit is also carried out.
The primary analysis on the probability of an effective IAF and profiling of the internal audit activities, level of AC involvement and areas of corporate governance is made using the Rasch model. Non-parametric tests are also used to determine the statistical significance of the relationships of the components investigated. In-depth interview data are analysed using template analysis.
The findings support the establishment of an in-house IAF with a definitive team size and professional expertise for an effective IAF. Other IAF components are member experience, combined audit activities and collaborations of audit activities. Although these other components are not significantly related to the effectiveness of IAF, the indepth interviews provided more explanations on their importance in internal audit. An important structure of the IAF is the AC’s oversight role. The findings also indicate that the level of ACs’ involvement in the reviews of each stage of the internal audit process contributes to the overall effectiveness of IAF. Due to issues in staffing and the changing business environment, collaborations particularly in risk management, information technology audits and quality audits, are increasingly being used as a strategy in internal audit to provide value add services. Further, as suggested by Sarens (2009), the level of internal audit performance could now be identified to its impact on corporate governance, for example such as in areas of expenditure management, revenue management, analysis of data and conflict resolution.
The results have implications on the policy regarding internal control for public listed companies, favouring an in-house internal audit function as opposed to outsourcing the function, to address the recommendations on the effectiveness of ACs and its relationship with IAFs. The practice of internal audit in future should be more collaborative to harness the expertise and experience of other departmental personnel in producing effective internal audit, ultimately creating a greater impact on corporate governance.
9
Chen, Shaoyu, and 陳紹俞. "The Impact of Corporate Diversification on Corporate Performance." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/71280935123170769678.
Повний текст джерелаАнотація:
碩士大葉大學
管理學院碩士在職專班
101
This study aimed to discuss whether internationalization and diversification would affect its firm performance according to the data of listed companies in Taiwan from 1986 to 2001. The regression results shows diversification will affect financial performance. The diversification had a quadratic curve relation with firm performance. Firm performance increased in the beginning of diversification: but firm performance falls while the products diversification is too high. There is no significant relationship between internationalization and firm performance . Firm performance would fall down while internationalization goes too far.
10
YANG, SHU-HAN, and 楊舒涵. "The Impact of Corporate Happiness on Corporate Performance." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/hjgu3k.
Повний текст джерелаАнотація:
碩士國立高雄第一科技大學
金融系碩士班
106
The study references the methodology used by Chen, Tang, and Hung (2013) to construct a corporate social responsibility index, and the G-index model from Gompers, Ishii and Metrick (2003) to create a Corporate Happiness Index (CHI). Our main objective was to investigate potential differences in the profitability levels, corporate values, and growth rates between companies with high and low CHIs. The sample was divided into high CHI and low CHI groups. A mean test was done on Taiwan’s public companies between 2010 and 2015 to determine the impact of high- and low-CHI companies on various indices. The results of the empirical study revealed that the Tobin’s Q, dividend per share, earnings per share, return on assets, net ROI, operating profit margin, corporate social responsibility, and the aggregate shareholdings of the three institutional investors in Taiwan of companies with a high CHI were greater than those of companies with a low CHI. For high-CHI companies, the net value of their stocks in 2011 were less than those of companies with a low CHI. During 2010 and the period between 2012 and 2015, the net value of stocks of companies with a high CHI were all greater than those of companies with a low CHI. The analysis on company growth revealed that although the ROA average growth rate in 2010, the average net ROI growth rate in 2013 and 2014, and the average growth rate of the operating profit margins of companies with a high CHI in 2014 were all less than those of low-CHI companies, none of the differences were significant. High-CHI companies with high financial performance in the base period saw greater average growth rates than low-CHI companies over time. In addition, an increase in the prioritization of employee happiness and satisfactory work environments resulted in increased corporate value. Based on the various indicators, it seems high-CHI companies perform better than low-CHI companies. Thus, the results of this study support the importance of providing satisfactory work environments and putting appropriate systems in place to create a happy company environment.
11
Li, Sheng-Jie, and 李勝傑. "Impact of Corporate Governance and Corporate Social Responsibility on Corporate Performance." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/m5fqwr.
Повний текст джерелаАнотація:
碩士國立高雄應用科技大學
財富與稅務管理系
106
The purpose in the study is to discuss the influence of corporate governance and corporate social responsibility on corporate performance. The research period is from 2009 to 2017, and samples of the Taiwan listed company. The substantial evidences result shows that hypothesis 1 to hypothesis 6 are supported. There is a significant positive correlation with financial institution holding, managers holding and director and supervisor holding when the dependent variable is corporate performance. It is negatively correlated with deviation of controlling interest subtract revenue distribution, director and supervisor pledge of stock rights and director controller ratio. But it is inconsistency with hypothesis 7. There is a significant negative correlated with CSR when the dependent variable is corporate performance in model 1 and model 2. It is insignificantly in model 3. Only the model 4 support hypothesis 7 that is a significant positive correlation with CSR when the dependent variable is Tobin’s Q.
12
Yu, Jia-Jhen, and 余家榛. "The impact of Corporate Social Responsibility on Corporate Performance –Corporate Reputation as mediator." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/26743p.
Повний текст джерелаАнотація:
碩士東吳大學
企業管理學系
106
The intensity of competition has increased in recent years. In order to achieve short-term performance, managers are not responsible to stakeholders. Their misbehavior causes serious social problems, not only increase social costs, but also damage interests of stakeholders. This violation of business ethics affect corporate reputation and arouse the public’s attention to Corporate Social Responsibility (CSR). Therefore, the impact of CSR on corporate performance has been the topic of great concern to scholars. Corporate Reputation (CR) is one of the most important core resources of firms. It represents public recognition and trust to accumulating by the firm in their long term business activities. Good reputation can be recognized by society to get good credit; negative reputation such as deception, counterfeiting, forgery makes the firm to get bad credit and negative review. Few researchs took corporate reputation as a mediator between CSR and corporate performance. In order to make up for the research gap, this study uses 50 firms selected from Top100 company and Most Admired Company Survey by CommonWealth Magazine as research samples, and collect financial related variables from TEJ database, to explore the relationship among variables. The empirical results are as follows: (1) CSR has a positive relationship with CR, hypothesis 1 supported. (2) The relationship between CR and corporate performance varies with three indicators：ROA and ROE have positive relationship with CR, but Tobin's Q does not. The results partially support hypothesis 2. (3) The relationship between CSR and corporate performance varies with three indicators: only ROA has a positive relationship with CSR, but ROE and Tobin's Q do not. The results partially support Hypothesis 3 (4) CR as mediator between CSR and corporate performance: ROA has a positive relationship with CSR, but ROE and Tobin's Q do not. When CR is adopted as mediator, ROA and Tobin's Q have a partial mediating effect and ROE has a complete mediating effect between CSR and corporate performance. The results support hypothesis 4.
13
HUANG, LI-LING, and 黃莉凌. "The impact of Corporate Social Responsibility and Corporate Social Irresponsibility on Corporate Performance." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/9332va.
Повний текст джерелаАнотація:
碩士東吳大學
企業管理學系
106
In the past decade, CSR (Corporate Social Responsibility) has been attention and valued increasingly. with the internationalization, the change in social and the times. Business manager can no longer pursue the sole goal of corporate profits, and must also consider the benefit of shareholders, employees, consumers, communities and the environment. In other words, while pursuing profits, we must consider the well-being of the entire community. Sustainable management has now become the ultimate goal of business. In recent years, with the outbreak of the food safety issue, the government has to step forward and force enterprises to compile corporate social responsibility reports. So that enterprises should expose their due responsibility for civil society. Many companies are more actively involved in various corporate social responsibility competitions. According to their performance in Corporate Social Responsibility award, investors and consumers are expected to have confidence in their products or services. Then the corporate can enhance their positive image. Most of the existing literature discusses the impact of corporate social responsibility on the corporate financial performance. This thesis explored the role of corporate social responsibility play when facing different situations through multiple case studies. And if there is an ethical incident in the enterprise, can it be compensated through corporate social responsibility activities? Or under different situation, the conditions for the company to engage in corporate social responsibility and the impact of corporate social responsibility on the company. This result shows that corporate social responsibility usually plays a role as the operational management or remedy for firms. Firms take the corporate social responsibility as a compensation for negative images. Although occurrence of negative events of the firm do not certainly affect financial performance of the firm due to various financial structures, the reputation of the firm may be damaged. To keep sustainability, it's necessary and essential for a firm to perform activities of corporate social responsibility. It is hoped that through this research, managers will be given more active attention to the implementation of CSR on weekdays rather than waiting until the enterprises have adverse events to negatively regard CSR as a remedy.
14
Chun-YU, Tsai, and 蔡俊佑. "The Impact of Corporate Governance on Corporate Cash Holding Value." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/14619289309166641940.
Повний текст джерелаАнотація:
碩士國立彰化師範大學
商業教育學系
96
After many well-known companies have the accounting scandals in the worldwide countries. The governments and academia have emphasized on corporate governance once again, hoping that decrease the firm valuation discount of agency problems by enforcing corporate governance mechanism. And cash reserves are easily accessible and controllable by management. From the above mentioned, our research attempts to investigate how different corporate governance level impacts firm value by holding cash. Using a sample of about 600 Taiwan-listed companies in our research, and use information disclosure level as a proxy of corporate government; this study finds: 1. The value of holding cash in well governed firms is higher than poorly governed firms. On average, $1.00 of cash in a well governed firms is valued at $1.143, but is valued at only 0.279 in a poorly governed firms . 2. The managers could increase firm value by holding excess cash in well governed firms. It implies that thorough corporate governance mechanism can not only offset the disadvantage of holding superabundant cash but also increase the firm value. 3.The managers can improve the firm performance by holding excess cash in well governed firms.
15
Yi, Wu-Shao, and 吳紹義. "Corporate Social Responsibility and Corporate Governance Impact on Finance Performance." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/44574427507098818682.
Повний текст джерелаАнотація:
碩士僑光科技大學
管理研究所
98
Business and society are closely linked to the relationship between depression and prosperity. The enterprise is able to effect the overall economic environment, enterprises are able to promote the recruitment of trained community working population on the increase and progress that will be to proceed improvement techniques. New talent can be used to enhance the competition of junior colleague that to strengthen the enterprise actual strength. The corporate governance systems need to be developed within principle and rules that can be drawn contract act to bind the various stakeholders, business participators have different rights within different allocation of responsibilities, without the principle of disclosure and transparency、company law、 the Securities and Exchange Law so the operator will be self-serving self-interest so that toward to abandon the corporate interests. In fact, early in the business world in 1930 started some scholars in this study, until the Asian financial crisis, Corporate governance issues be taken seriously and pay attention to the real, but it is soon broke out in 2006 the case of Siemens Communication, Rebar scandal case ... and so on, involved more than internal administration of making the company appears governance issues、expectation of Corporation Social Responsibility(CSR)、Report of Financial performance and so on what can be an importance refer for one of the investors. Our research constructs descriptive statistical analysis、regression analysis、correlation analysis，analysis of public information and web companies to the research results show that social responsibility and corporate governance have efficiency obviously. As well as public welfare supports relate to the internal management can be enhance. The research pointed out that to install independent trustee to enhance the value of financial performance.
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HUNG, SAN-YI, and 洪三益. "The Impact of Corporate Governance Rating Changes on Corporate Performance." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/32728606722024465543.
Повний текст джерелаАнотація:
碩士逢甲大學
商學院商學專業碩士在職專班
105
Past studies have pointed out the relationship between Corporate Governance and Corporate Performance but have not yet been finalized. Mostly the reason may be one-way analysis of variance (abbreviated one-way ANOVA) of Variance of Corporate Governance indicators and less to the Corporate Governance Rating evaluation system based on the comprehensive indicators. This study is based on the evaluation results of the Corporate Governance Rating evaluation system provided by the Financial Supervisory Commission as the index of Corporate Governance Rating evaluation , using the results of the first and second Corporate Governance reviews published in 2015 and 2016 and most important Taiwan listed cabinet non-financial industries as a sample to re-explore the relationship between Corporate Governance Rating evaluation and corporate future performance; Meanwhile, comparing the second evaluation grade with the results of the first evaluation grade to study the Corporate Governance Rating evaluation grade progress or regression of the performance of the business performance is different. The results not only show a significant positive relationship among in the results of Corporate Governance Rating evaluation and the next period of the Return on equity (abbreviated ROE) and the next issue of Tobin's Q but also found the progress (retreat) enterprises graded by Corporate Governance rating level have a significant positive (negative) correlation with the next period of the shareholders' return on equity; but it is not obvious positive (negative) correlation with the next period Tobin's Q. In general, the results of this study support the relationship between the quality of Corporate Governance Rating evaluation and the good performance of business performance, as well as enterprises that fail to support the Corporate Governance Rating evaluation level (step backward) will bring out the information hypothesis of the future performance of the enterprise. It is confirmed through the competent authorities to promote the results of the comparison of Corporate Governance Rating evaluation will enable enterprises continually success on management and thus bring business performance positive growth.
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LI, YUE-JYUN, and 李岳駿. "The Impact of Corporate Social Responsibility on Corporate Finance Decisions." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/wq7trm.
Повний текст джерелаАнотація:
碩士國立臺北大學
經濟學系
107
In this paper, we investigate whether corporate social responsibility (CSR) leads to different strategies for corporate financing and investment decisions. According to the earlier research, Good CSR performance will bring some advantages, such as (a) reducing agency costs due to decreasing free flowing cash, b) reducing information asymmetry due to increasing transparency. Therefore, we hypothesize that companies with better performance on CSR may be easy to access to finance and different investment performances compared with those with worse one. Using firm data in Taiwan during 2009 to 2017, we find that there might be some correlation between CSR performance and debt financing, but there might be insignificant correlation between CSR performance and choice of investment strategies. Our findings are partially consistent with past research that good CSR performance might have negative relationship with debt financing. On the other hand, our findings are slightly different from the past results which good CSR performance might lead to more value investment for company.
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Huang, Ming-Hong, and 黃銘鴻. "The Impact of Negative Corporate Social Responsibility on Corporate Valuation." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/etx7cx.
Повний текст джерелаАнотація:
碩士國立虎尾科技大學
經營管理研究所
102
The study examines the valuation effect of 1212 negative corporate social responsibility events from 619 companies over 1996 to 2010. We use three models (e.g., risk-adjusted model, scholes-williams ols model, and market adjusted returns model) to calculate cumulative abnormal returns over the day before to the day after the announcement date as the measure of short-term market reactions. In addition, we consider the influence of firm characteristics and corporate governance mechanisms on market reactions. Moreover, we analyze the buy and hold abnormal returns (BHARs) over the post-announcement three years and the change of industry-adjusted sales growth, the change of industry-adjusted return on assets, and the change of industry-adjusted asset turnover to investigate the effects of negative CSR events on long-term performance. Finally, we use the industry-adjusted free cash flow, the industry-adjusted R&D, and the industry-adjusted capital expenditure to explore the negative CSR events’ effects on free cash flows and investments. The results that show the negative CSR events are associated with significantly negative short-term market reactions, suggesting that negative CSR events affect investor perceptions of the company. The regression results show that short-term market reaction is influenced by firm characteristics, in particularly “firm size”. When negative CSR events happened, smaller firms are associated with more negative reactions because of severe information asymmetry. Among four types of negative CSR events, we find that the type of “other illegal” events are associated with significantly poorer market reactions than the other types of events. We also find that after the negative CSR events, firms have significantly negative BHARs and decreased sales growth. Moreover, firms are found to reduce their capital expenditures to mitigate the negative effect and associated uncertainty risk.
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"Understanding the Clean Energy Landscape." Tulane University, 2018.
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TSENG, SHIAO-WEN, and 曾筱雯. "The Impact of Corporate Governance and Disclosure Level on Corporate Performance." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/782kkn.
Повний текст джерелаАнотація:
碩士大葉大學
管理學院碩士在職專班
105
The purpose of this paper is to examine the effect of corporate governance and information disclosure level on corporate performance. The sample of the study consists of public companies in Taiwan for the period from 2005 to 2015. The main feature of this study is that we divide information disclosure level into two groups, and we explore the relation between corporate governance and corporate performance. The empirical results indicate as follows：First, the managerial ownership has a positive impact on corporate performance, but the managerial ownership has a negative impact on corporate performance in low transparency samples when Tobin’s Q as performance index. Second, the core agency problem has a positive impact on corporate performance in high transparency samples when Tobin’s Q as performance index, but it has a negative impact on corporate performance when ROA as performance index. Third, the shares of institutional investor and the ratio of independent directors have positive impact on corporate performance. Finally, the CEO and chairman being the same person and the ratio of busy independent directors have negative impact on corporate performance.
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CHEN, HUNG-RU, and 陳泓儒. "Impact of Corporate Governance and Corporate Social Responsibility on Firm Risks." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/jkx4z4.
Повний текст джерелаАнотація:
碩士國立高雄第一科技大學
風險管理與保險系碩士班
106
This study explores how corporate governance and corporate social responsibility (CSR) impact on firm risks of Taiwan’s listed companies, using 24420 observations for 555 firms in the period 2006 - 2016. The empirical results show that CEO duality, more independent directors, higher managers’ holding ratio and dividend payout ratio would reduce firm risks, whereas higher foreigner investment holding ratio, directors pledge ratio, top managers' remuneration, total remuneration and R&D expense ratio would seemly increase firm risks. Firms insured with D&O liability insurance are more vulnerable to firm risks. Further, we still find a negative association between CSR and firm risks. In addition, the electronics industry has various effects on firm risks in comparison with the non–electronics industry by corporate governance and CSR. Finally, firm risks increase in 2008 of global financial crisis.
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Cheng, Yi-Hui, and 程議慧. "The Impact of Corporate Social Responsibility on Corporate Financial Performance: Considering Corporate Size and Growth." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/9ua59m.
Повний текст джерелаАнотація:
碩士國立臺灣大學
會計學研究所
103
This essay has proved a positive impact of corporate social responsibility (CSR) on corporate financial performance (CFP). In this paper, it also adds corporate size and growth to verify their intermediate effects between corporate social responsibility and corporate financial performance. This essay searches for every company in S&P500 from1995-2013, and uses the databases KLD and COMPUSTAT to find out their corresponding value. The dependent variables are return on assets(ROA), return on equity(ROE), return on sales(ROS), separately. The scores of corporate social responsibility is divided into two segments, operation-related corporate social responsibility and non-operation-related corporate social responsibility. The result of multiple regression analysis is that either operation-related corporate social responsibility or non-operation-related corporate social responsibility can increase corporate financial performance. Moreover, operation-related corporate social responsibility is the first choice when considering corporate social responsibility. In conclusion, the more you engage in corporate social responsibility, the more beautifully your financial statements show.
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Keng-InTong and 湯競彥. "The Impact of Corporate Social Responsibility and Corporate Governance on Audit Pricing." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/83xrcr.
Повний текст джерелаАнотація:
碩士國立成功大學
會計學系
103
This paper examines whether Corporate Social Responsibility (CSR) and corporate governance are associated with audit pricing. The audit fee is an important factor that affects audit quality. It is determined by audit risk and audit cost. Using a sample of China firms from 2009 to 2013, we examine whether and how CSR affects audit fees. Meanwhile, this paper examine whether and how board characteristics (independence and efficiency) affects audit fees. Results suggest that there are significant positive relations between audit fees and CSR, board independence and efficiency. This paper also have alternative analysis of separating sample into two group: state-owned corporate and non-state-owned corporate. Another alternative analysis involve CSR into the relationship between corporate governance and audit pricing. These results show the same effect, which lends further support to the relation between audit fees and CSR, board independence and efficiency. These findings provide evidence that auditors assess audit planning and pricing involving both CSR and Corporate governance.
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CHEN, GUO-YING, and 陳國英. "The Impact of Corporate Governance on Corporate Performance after Substantial Capital Expenditure." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/q84y2y.
Повний текст джерелаАнотація:
碩士國立高雄應用科技大學
會計系
104
Our samples are derived from the companies whose net fixed assets had increased more than 20% between 2006 and 2010. The empirical results show that companies possessing the characteristics of independent board directors, family business, higher manager shareholdings, higher institutional investor shareholdings can mitigate agency problems and make managers propose investment strategies which are benefit to corporate value, therefore the performances are better after incurring capital expenditure.
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Shih, Min-Hsiu, and 施旻秀. "The impact of corporate reputation on firm performance–mediated by corporate governance." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/43888310217594836510.
Повний текст джерелаАнотація:
碩士立德大學
國際企業管理研究所
97
The study investigated the impact of corporate reputation on corporate performance. The experimental group consisted of benchmarking companies evaluated and named by CommonWealth Magazine from 2006 to 2008; listed companies with a similar scale and within the same industry that failed the evaluation were randomly selected as control group with a ratio of 1:3. Corporate governance was adopted as the mediating variable. A total of 712 cases were drawn as research samples. We found that: companies with better reputation has higher ROE, ROA, and EPS; but no significant impact corporate reputation on market performance; companies has better corporate governance acquired a better reputation; and under normal circumstances, corporate governance had a negative mediating effect. Empirical results also indicate that institution legal entities had a positive impact on the management of the companies they invest. Besides, a move shareholding ratio of the board of directors has better market performance (Tobin’s q) but less financial performance.
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Lin, Yu-Man, and 林玉曼. "The Impact of Corporate Executive's Turnover and Corporate Governance on Firm Performance." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/25973936245424385376.
Повний текст джерелаАнотація:
碩士大葉大學
管理學院碩士在職專班
102
ABSTRACT The most important goal for a company is to maximize the benefit for its share-holders (owners). In order to achieve this goal and to keep a leading edge in the business world, a firm needs to find appropriate corporate executives. The purpose of this research paper is to examine the relevance between corporate executive's turnover and corporate governance on firm performance; as well as the degree of significance on firm effectiveness when corporate executives from various positions moved by investigating the listed companies’ corporate materials in Taiwan Stock Exchange Corporation (TSEC) from 2001 to 2012. The accounting performance, which included return on total assets (ROA) and return on equity (ROE), was used to analyze firm performance. The relationships between each variable were corroborated by multivariate regression. The imperial results indicate as follows: first, the coefficients of executive's turnover were all significant negative, which illustrate that after changing executive the companies’ show negative efficiency. Second, the coefficients of reasons for turnover were also significant negative, which means if executive's turnover was mandatory then it will have negative impact on company’s performance. The result is similar to vicious cycle theory. Third, the ownership structure showed .positive correlation with company’s performance. Fourth, in regard to the board of directors monitoring, the results reveal that when the board applies its supervision ability to the company, it will bring about a significant increase in company’s performance. Fifth, among the executive's turnovers, general manager’s move has the most impingement on firm’s efficiency.
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HUANG, HSIEN-WEI, and 黃獻緯. "The Impact of Corporate Governance on Corporate Performance Evidence from BCG Matrix." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/766774.
Повний текст джерелаАнотація:
碩士大葉大學
管理學院碩士在職專班
105
This study discusses the relationship between corporate governance and corporate performance in Taiwan industry. The research sample objects are domestic listed companies and OTC companies in the ng business in 1996 to 2015. We divide the sample into the question marks, star, cash cows and dog four categories by BCG matrix We use descriptive statistics, correlation coefficient analysis, and regression analysis to probe the relationship between the ownership structure and board characteristics of corporate governance and corporate performance in the shipping business. This research finds variables of corporate governance such as the ratio of managerial ownership, the shares of board directors, the shares of institutional investor, company scale, family business, the ratio of outside director, and chairman served CEO have positive relationship with corporate performance. However, the pledged share ratio of directors, liability ratio, the number of board directors have negative relationship with corporate performance. In closing for the sake of avoiding the impact of bad corporate governance on corporate performance, we should increase the ratio of managerial ownership, the shares of board directors and institutional investor so on to enhance company management in order to avoid financial distress because of bad operating performance and furthermore to achieve the goal of corporate governance.
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YANG, PI-YIN, and 楊碧茵. "The initial impact of corporate governance on announced corporate governance evaluation indicators." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/94908714772453147726.
Повний текст джерелаАнотація:
碩士國立臺北大學
會計學系
103
Previous studies indicated that the main spirit of corporate governance in the creation of shareholder value, and its value tends to maximize. The Financial Supervisory Commission announced evaluation of corporate governance rules, and announced the company self-assessment results in April 2015. We purpose is to explore the attitude and effort of corporate governance, moreover the characteristics of company that affect the merits corporate governance, so we analysis on the investing of corporate governance will vary from difference characteristics of company. We use t-test verification by the competent authorities of the first session of the corporate governance evaluation system, all listed companies to promote corporate governance. In addition, the re-use regression model test different company characteristics, announced in the evaluation system is put into effect its governance-related work of the pair. The results show that after the announcement of corporate governance evaluation indicators, companies will pay more attention to corporate governance. Moreover, the higher the ratio of independent directors and the board size larger company, its willingness to increase investment in corporate governance related work of.
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Lee, Wei-Chung, and 李維中. "The Impact of the Corporate Govermance on the Corporate Credit Rating Adjustments." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/58045859664307434382.
Повний текст джерелаАнотація:
碩士南華大學
財務金融學系財務管理碩士班
103
The main purposes of this study was to explore the impact of the ownership structure,board structure,information disclosure and characteristics of managerment on the TCRI corporate credit rating adjustments by logistic regression analysis.The sample is using Taiwan’s initial public offering and deleteing missing data over the period from 2005 to 2014. The findings of this study were the managerial stockholdings is a significant negative correlation and the board strucyure, the biggest outside stockholder ownership, the percentage of independent directorand the percentage of executive director are the significant positive correlation to corporate credit rating adjustments.
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HSUEH, TSUNG-SHENG, and 薛宗盛. "The Impact of Financial Statements Information Disclosureand Corporate Governance on Corporate Crisis." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/3j4sg9.
Повний текст джерелаАнотація:
博士中國文化大學
國際企業管理學系
106
This study aims is to combine financial statements information disclosure and corporate governance, we expect to find the existence of a positive relation probability with the corporate crisis. Due to Taiwan have limited size of the industry with a small island economies feature, we selected 182 samples of crisis companies and 182 samples of normal company which participation on fixed assets similar basis, sample select does not distinguish the category of the industries. Under this study for the results of model development, we hope can to strengthening the business value and the possibility of early prediction of corporate crisis. In addition, we are also look forward to complement the existing literature related index variables for prediction accuracy of the deficiencies described. Overall, the results are also expected be able to provide stakeholders and government authorities for an important reference.
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Lu, Chiu-Mei, and 盧秋美. "The Impact of Corporate Governance on Corporate Performance: Evidence from Electronics Industry." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/a9tgj6.
Повний текст джерелаАнотація:
碩士大葉大學
管理學院碩士在職專班
106
The purpose of this paper is to examine the effect of ownership structure and board characteristics on corporate performance. The sample of the study consists of public electronics companies in Taiwan for the period from 2008 to 2015. The study explore the relation between corporate governance and corporate performance. Overall, this paper expects to explain corporate governance can reduce agency problem and the efficient corporate governance can increase corporate performance. The empirical results indicate as follows: First, the relationship between managerial ownership and corporate performance has a significantly positive correlation and hence supports convergence of interest hypothesis. Second, the relationship between pledged share ratio of directors and corporate performance has a significantly negative correlation. Third, the relationship between the shares of institutional investor and corporate performance has a significantly positive correlation. Fourth, the relationship between the number of board directors and corporate performance has a significantly negative correlation. Finally, the ratio of independent directors has positive relationship with corporate performance, but the ratio of busy independent directors have negative relationship with corporate performance.
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CHEN, WEN-YING, and 陳文英. "The Impact of Corporate Social Responsibility and Corporate Governance on Financial Restatement." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/ej2e97.
Повний текст джерела
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Lai, Ming-Yeh, and 賴明業. "Impact of Excess Control on Corporate Fraud and Performance: Corporate Governance Perspective." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/64v5cp.
Повний текст джерелаАнотація:
碩士國立東華大學
國際企業學系
106
Fraud, in the field of corporate governance, has been paid more attention in the past decades, and internal control plays a critical role in the issues to protect investors and prevent fraud. And, excess control has been argued as an issue of internal control and may make fraud occur in more likelihood. The purpose of the study is to examine the relationship between excess control and corporate performance. In addition, we also investigate if there is a mediation effect of fraud and if there is a moderating effect of well-established corporate governance mechanism, such as independence directors. Employing 280 Taiwanese frauds from SFIPC （Securities and Futures Investors Protection Center ） and the financial data from TEJ （Taiwan Economic Journal）, we collect the data for the study in which 1,590 publicly listed companies covering the periods between 2002 and 2016 are sampled to test the proposed hypotheses. The empirical results show that the excess control is significantly negatively related with corporate performance. Furthermore, fraud plays a mediating role between excess control and corporate performance. These findings can provide policy makers, practitioners the effective practices in corporate governance mechanism improvement as well as the researchers concerning the research stream of fraud as different level of analysis.
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CHEN, CHAO-CHIH, and 陳昭志. "The Impact of Corporate Governance on Corporate Performance: Evidence from Biotechnology Industry." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/xd7n49.
Повний текст джерелаАнотація:
碩士大葉大學
管理學院碩士在職專班
106
The objective of this paper is to analyze the effect of ownership structure and board characteristics on corporate performance.The sample of the study consists of public biotechnology companies in Taiwan for the period from 2008 to 2016, total 191 companies to explore the relation between different corporate governance and corporate performance. In this paper, the author hopes to show whether the biotechnology industry can promote the overall corporate performance by strengthening the corporate governance. The empirical results indicate as follows: (1) The ratio of independent directors is positively correlated with the performance of the company. (2) The ratio of busy independent directors have negative relationship with corporate performance.(3) The board size has a significant negative correlation with the corporate performance. (4) The relationship between managerial ownership and corporate performance has a significantly positive correlation and hence supports convergence of interest hypothesis. (5) The relationship between pledged share ratio of directors and corporate performance has a significantly negative correlation. (6) The relationship between the shares of institutional investor and corporate performance has a significantly positive correlation.
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Lai, Yu-Chieh, and 賴育絜. "The Impact of Corporate Social Responsibility Governance on Corporate Social Responsibility Performance." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/6b5755.
Повний текст джерелаАнотація:
碩士國立中央大學
會計研究所
107
In recent years, corporate social responsibility (CSR) has become an important issue due to the occurrences of corporate frauds and scandal. Most literature discusses the impact of corporate governance on corporate social responsibility performance. This article specifically addresses the impact of corporate social responsibility governance on corporate social responsibility performance. The sample of this study was selected from 2014 to 2017 and met the requirements of the mandatory disclosure requirements of the “Working Methods for the Preparation and Reporting of Corporate Social Responsibility Reports of Listed Companies” on the Taiwan Stock Exchange. In total, 1084 enterprises were selected as samples. The results of the study show that the companies with a CSR committee have better CSR performance. Besides, compared with companies without CSR committee, regardless the chairman of the committee is the board director or not, the company will have better CSR governance and then have a positive impact on CSR performance.
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Wu, Hsin-Ju, and 巫鑫如. "A Study of the Impact of Corporate Social Responsibility on Corporate Image, and Corporate’s Ability to Attract talented applicants." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/59894852818498230335.
Повний текст джерелаАнотація:
碩士國立中央大學
人力資源管理研究所碩士在職專班
99
In recent years, corporate social responsibility (CSR) has become an hot issue in management, because more and more scholars have argued that corporate social responsibility has the benefits of strengthening corporate brand awareness and customer loyalty as well as corporate image and employee motivation. In the past, most of the research on CSR is on a basis, few discuss its effect on recruitment. As existing literature reveal there are many studies on CSR’s impact on corporate image, as well as the impact of corporate image on organizational attractiveness. Few studies on CSR’s impact on organizational attractiveness. It is the purpose of this study to investigate the relations between companies that promote CSR and its impact on corporate green activities, and corporate’s ability to attract talented applicants. In this study, a high tech company X is the subject of our study and thus questionnaires had sent to all employees in this company and 261 useable questionnaires were returned. The findings of our study are as follows: CSR is not only positively related to green corporate image but also positively related to the job seekers'' intention to apply. The stronger the green corporate image the greater job seekers'' intention to apply for vacancies in this corporation. We also found that green corporate image has a mediating effect on corporate social responsibility and to job seekers'' intention to apply for vacancies in this corporation.
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Fernandez, Sabrina Ritossa. "Corporate impact investing: a new paradigm for csr?" Master's thesis, 2015. http://hdl.handle.net/10362/15768.
Повний текст джерелаАнотація:
This paper sets out the case for the use of impact investing as part of companies’ CSR strategy, demonstrated by the term “corporate impact investing” or “corporate impact venturing”. After an indirect analysis of global practices in corporate impact investment, it considers whether companies are interested in employing this innovative practice in their CSR strategy and how they could be incentivized to do so through direct research methods, with a focus on Europe. A survey answered by 116 company representatives reveals that companies are interested in impact investing yet the majority was not initially aware of its existence; therefore if the right incentives are put into place a new paradigm for CSR may arise
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Juei-ChiChang and 張瑞琪. "The Impact of Religiosity on Corporate Governance." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/95799244179909978562.
Повний текст джерелаАнотація:
博士國立成功大學
國際企業研究所
102
Prior research states that religion has influenced effects on the economic and demographic behavior of individuals and organizations. In this study, we use those findings suggesting religion affects managerial behavior and decision on organizations and extend our research to the corporate governance architecture of firms. We use a measure of religiosity on a county level that is collected from ARDA. We find that firms located in high religiosity have lower default risk. We also find firms located in high religiosity are less like to engage in CEO duality, dual-class and antitakeover. Interesting, we find firms located in high religiosity have more insiders on the board, indicating firms trust these insiders board to contribute their informative service in the firms. Further, firms located in high religiosity more likely to involve in CSR activities.
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Lu, Zeno, and 盧正宗. "Impact of Computer Networking on Corporate Organization." Thesis, 1994. http://ndltd.ncl.edu.tw/handle/88254971829856835516.
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Wen, Yu-Ying, and 溫于瑩. "Impact of Corporate Governance on Spinoffs’ Performance." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/51868419966182665159.
Повний текст джерелаАнотація:
碩士國立臺北大學
企業管理學系
100
Cusatis et al. (1993) find spin-offs in America have positive abnormal return in both short-term and long-term. Howerer, Veld and Veld-Merkoulova (2004) find no evidence of long-run abnormal returns in Europe. Moreover, Qiu (2009) and Wang (2010) can’t find any evidence of short-term spinoff effects in Taiwan. Because of the inconsistent results, this paper investigates whether spinoff firms have positive or negative return performance in Taiwan. Besides, we also use different corporate governance structure to examine the relationship between corporate governance and abnormal return around spinoffs. We find that the announcements of spinoffs don’t have short-term positive abnormal returns; however, in the long-term, spinoff firms really exhibit positive abnormal returns: spin-offs with higher blocking, board and the ratio of independent directors have higher return performance.
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Yeh, Yu-Chen, and 葉昱辰. "The Impact of Corporate Governance on Repurchase." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/y56kds.
Повний текст джерелаАнотація:
碩士國立臺灣大學
財務金融學研究所
107
This thesis discusses the effect of corporate governance on the motivations of treasury stock repurchase of publicly traded companies in Taiwan. Regarding the motivation of treasury stock repurchase, the study shows that enterprises tend to repurchase treasury stocks when they hold a large amount of cash, indicating that the amount of cash has a positive effect on treasury stock repurchase. Besides, enterprises tend to repurchase treasury stock when the leverage ratio is low, the cash dividends are paid less, and the price-to-book ratio is low. This shows that leverage ratio, cash dividend distribution, and price-to-book ratio have negative effects on treasury stock repurchase. Regarding the effect of corporate governance on the motivation of treasury stock repurchase, the study shows that enterprises with better corporate governance, that is, enterprises with higher percentage of shares held by firm managers, major shareholders, directors and supervisors, and a lower pledge ratio of directors and supervisors, tend to care more about the interest of shareholders when making an important financial decision like treasury stock repurchase. Therefore, enterprises with better corporate governance are more likely to repurchase treasury stock under suitable conditions, i.e. when the amount of cash is large, fewer cash dividends are paid, and the price-to-book ratio is low. In conclusion, good corporate governance strengthens not only the positive effect of the amount of cash on treasury stock repurchase but also the negative effect of cash dividends distribution and price-to-book ratio on treasury stock repurchase.
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Nguyen, Viet. "The impact of competition on corporate decisions." Phd thesis, 2021. http://hdl.handle.net/1885/238229.
Повний текст джерелаАнотація:
This study investigates the impact of product market competition on firm investment policy, asset prices and examines the sensitivity of bank performance to local housing shock. Chapter 1 explores how product market competition affects a firm's investment horizon. In real business, firms do not operate alone; they compete with rivals in the market for survival. In recent decades, competition has been increasing because of lower barriers to entry, deregulation and innovation. Therefore, it is essential to investigate how firms respond to changes in their environment. The results show that firms reduce their investment horizons in response to increased market competition. This chapter addresses the endogeneity issue between competition and a firm's investment horizon. Further analyses show that "capital market pressure" incentivises managers to reduce a firm's investment horizon, achieving good short-term performance. The findings make important contributions to the literature on corporate investment and market competition.
Chapter 2 explores the influence of product market competition on the asset growth anomaly, which is a pervasive asset pricing anomaly. The asset growth anomaly is the negative relationship between asset growth and future stock returns. A large body of literature has investigated this topic, but there is no consensus on whether the phenomenon is explained by the risk-based hypothesis or the mispricing-based hypothesis. Using product market competition as a control variable combined with a series of methods such as time series, Fama-Macbeth, double sorted portfolio analysis, I find that the asset growth effect is stronger in concentrated industries but weaker in competitive industries. Further evidence indicates that the asset growth anomaly is more pronounced among firms with greater investment discretion. High cash flow firms or low debt ratio firms in concentrated industries show a stronger asset growth anomaly, but I do not observe this in competitive industries. These results support the overinvestment explanation and are inconsistent with the rational explanation. The empirical results underline the role of market competition on asset growth - expected stock returns relationship, which contributes to the literature on dissecting the asset growth anomaly.
Chapter 3 jointly with Nhan Le and Takeshi Yamada, we examine the differential effects of local housing shock on geographically diversified and non-diversified local banks. Contrary to intuition, the operating performance of diversified banks is more sensitive to local housing price shocks than their local counterparts. The difference in the sensitivity is most pronounced in bear housing markets but not in bull markets. Further analysis shows that local banks better manage their loan quality, and diversified banks promote more aggressive risk-taking incentives, reflected in equity, debt policies and CEO compensation. The finding is robust to the endogeneity problems of local housing markets and the geographic diversification strategy of banks.
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Wu, Ai-Shan, and 吳艾珊. "The Relationship between Corporate Diversification and Corporate Value-A Study of the Impact of Corporate Governance Mechanisms." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/69282156438812900807.
Повний текст джерелаАнотація:
碩士國立嘉義大學
管理研究所
93
This study investigates the relationship between corporate diversification and corporate value, and the impact of corporate governance mechanisms to the relationship. The corporate governance mechanisms include the ownership structure, which measure the separation of ownership and control. The empirical results find that diversification positively affects corporate value. The results also find that the separation of ownership and control will negatively affect the relationship between diversification and corporate value. When the separation of ownership and control becomes more serious, the incentive effects become much slighter and the entrenchment effects will dominate its influence to the corporate value. Thus, the positive relationship between diversification and corporate value will be discounted by the badly structured corporate governance mechanisms.
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Jhatial, A. A., Nelarine Cornelius, and James Wallace. "Corporate Social Responsibility in Pakistan: Corporate Engagements in the Local Community and their Social Impact." 2014. http://hdl.handle.net/10454/14244.
Повний текст джерелаАнотація:
NoCorporate social responsibility (CSR) is a mechanism for aligning company policies and practices within the socio-economic, cultural and environmental challenges facing society and, in particular, communities. Though the majority of empirical research on CSR has been conducted in Western companies, there is growing interest in CSR in transitional and developing economies, as well as Western firms working in developing countries.
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Liou, Yueh-Hsiu, and 劉岳修. "The Impact of Corporate Board, Competitive Strategy and Corporate Culture on Innovation Performance." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/5e866b.
Повний текст джерелаАнотація:
碩士銘傳大學
國際企業學系碩士班
95
As the time pass, information technology becomes more and more progressive. In order to response to this competitive environment, each company should own its own competitive ability to avoid loss in the market. At this time, innovating constantly is one of the best ways to establish and maintain the competitive ability. The results are (1) In the aspect of the board characteristic, if the president is the same person with the manager, the impact of this variable on innovation performance is significantly negative. Besides, these two independent variables have no significant impact on the other innovation performance. (2) In the aspect of the competitive strategy, cost leadership strategy is significantly positively related to process innovation and organization innovation. Differentiation strategy is significantly positively related to innovation performance. (3) In the aspect of the corporate culture, innovative culture is significantly positively related to innovation performance. Supportive culture is significantly positively related to organization innovation. Hierarchy culture is significantly positively related to process innovation and organization innovation.
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LIN, YU–TING, and 林玉婷. "The Impact of Compensation Gap on Corporate Value：The Moderating Effect of Corporate Governance." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/c2nc22.
Повний текст джерелаАнотація:
碩士國立高雄應用科技大學
會計系
105
The study examines the relationship between compensation gap and corporate value from 2005 to 2015 for public companies listed in Taiwan Stock Exchange or Taipei Exchange, and explores whether the relationship is moderated by corporate governance mechanism. The empirical results show that: (1) there exists a nonlinear relationship between compensation gap and corporate value, although the increase in the adjusted coefficient of multiple correlation is tiny. (2) Corporate governance mechanism has a significant impact on corporate value. It means that a company with a better corporate governance indicator will enjoy a higher corporate value than those with a worse indicator. Finally, (3) After incorporating corporate governance mechanism as a moderating variable into the first order model, the relationship between compensation gap and corporate value will be reinforced significantly, indicating that a better corporate governance mechanism will enhance the relationship above.
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Chen, Chun-Jui, and 陳均睿. "A study on the impact of corporate issuing on corporate performance in Taiwan." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/88651993770786351540.
Повний текст джерелаАнотація:
碩士淡江大學
財務金融學系碩士在職專班
99
The present study investigates the TSEC & OTC listed companies which issued corporate bonds between 1994 to 2006. A total of 164 companies were investigated in this study. A variety of performance assessment methods were adopted to explore the effects of financing by issuing corporate bonds on raising a company’s value and promoting shareholders’ wealth. Three years after the issuance were evaluated in the long-run investment performance. The five operating performance indicators including return on assets, return on shareholders’ equity, equity multiple, rate of net income, and assets turnover, were used to measure the operating performance after three years of issuance. I.Long-term investment performance of the TSEC & OTC listed companies after issuing corporate bonds： If investors who bought the company’s stocks when it issued corporate bonds failed to receive long-term average return which was better than benchmark，it probably indicates that the company administration’s policy of issuing corporate bonds can’t bring shareholders more wealth in the long run. II.Long-term operation performance of the TSEC & OTC listed companies after issuing corporate bonds： By evaluating the financial ratios of long-term operation performance, we can find that in terms of long-term operation performance of the TSEC & OTC listed companies issuing corporate bonds, there is a tendency to decline in making a profit. Neither assets utilization nor repaying capability improves.
48
Ho, Mei-yu, and 何玫昱. "The impact of corporate performance, corporate governance, and operating activities on dividend policies." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/56747983902523626698.
Повний текст джерелаАнотація:
碩士國立高雄第一科技大學
財務管理研究所
104
Generally, the distribution of dividend can be in shares or cash. In short, the distribution of stock dividend by a corporation means the payment of shares, while the distribution of cash dividend means a deposit into a bank account. The payment of shares is prone to cause capital inflation. A corporation, in order to reach the same fixed amount per share as before, must earn more. Thus, the distribution of share stands for the positive attitude of a corporation towards its future operation; in contrast, the distribution in cash, for conservative attitude. Many studies have conducted empirical research on stock dividend. However, in recent years, affected by the entire environment, the management of a corporation takes into consideration various factors including future operating performance and the operation and management of internal cash and thus tends to distribute dividend in cash more often. To better understand the relevant factors and influences on the distribution of dividend by a corporation, this paper adopted regression analysis to probe into the correlations between the policies of dividend and the performance of a corporation, and between corporate governance and business activities. It set cash dividend yield and dividend yield as dependent variables and conducted empirical research with listed companies in Taiwan (excluding financial industry and F share) as its samples. All the samples came from Taiwan Economic Journal (TEJ) from 2009 to 2014. It used proxy variables including return on assets (ROA), return on equity (ROE), cash flow from operating activities (logarithmic), R&D expense ratio, debt ratio, deviation of share surplus, managers'' shareholding ratio, total assets (logarithmic), and after-tax net profit growth rate to analyze the factors influencing the policies of dividend of Taiwanese listed companies. The results show that: ROA and cash dividend yield have a positive correlation. ROE and dividend yield have a positive correlation. Cash flow from operating activities (logarithmic), managers'' shareholding ratio, total assets (logarithmic) and after-tax net profit growth rate have positive correlations with cash dividend yield and dividend yield. R&D expense ratio, debt ratio and deviation of share surplus have negative correlation with cash dividend yield and dividend yield.
49
Liu, Yu-Hsueh, and 劉玉雪. "The Impact of Corporate Social Responsibility onOrganizational Commitment - with Corporate Motivationas a Moderator." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/23532895275230994593.
Повний текст джерелаАнотація:
碩士國立中山大學
企業管理學系研究所
103
Previous research on corporate social responsibility (CSR) investigates consumers'' perception. However, employees'' perception of CSR remains largely unexplored, especially on perception of motivation of CSR. This study mainly explores how employees’ perception of CSR influences their organizational commitment. In the meantime, this study also analyses how the perception of employees of CSR motivation affects the level of organizational commitment. The population of this research is all employees of Taiwan banking industry, and a total of 352 usable questionnaires are returned. The findings of the study reveal that CSR to employees, customers, non-social stakeholders and government are significant positive predictors of organizational commitment, but CSR to social stakeholders is not a significant factor affecting the organizational commitment. When employees’ also perceive CSR motives, only under the value-driven motive, CSR to employees, customers and government are significant positive predictors of organizational commitment.
50
sheng, kuo-fang, and 郭方昇. "The Impact of Corporate Social Responsibility on Corporate Financial Performance and Portfolio Performance." Thesis, 2001. http://ndltd.ncl.edu.tw/handle/32909686377390497762.
Повний текст джерелаАнотація:
碩士中原大學
企業管理研究所
89
This study examines the impact of corporate social responsibility on corporate financial performance and portfolio performance, by using the seventy-four listing firms in Taiwan as an example. The empirical results consist of two parts as follows. The first part is to investigate the relationship between corporate social responsibility and corporate financial performance. This work compares each financial ratio of the two groups that have different degrees to participate in social responsibility activities, and concludes that 1. Participating in social responsibility activities does not decrease company’s profitability. The result supports that companies that practice SR activities will have better profitability than non-SR companies. 2. Participating in social responsibility activities does not decrease company’s market value, which indicates that investors do not think that corporate social responsibility conflicts with the profit maximization of the business. 3. To be socially responsible will not affect the ability of management. In other words, companies that allocate their resources to do socially responsible activities do not become less efficient. 4. Corporate social responsibility does not influence the company’s short-term stability, but will result in better long-term stability. 5. Corporate social responsibility does not affect company’s growth. The second part is to form a portfolio of SR firms, then compare the portfolio of SR firms with those of non-SR firms and all-sample firms. The results are as follows: 1. When the Treynor, Sharpe, Jensen, and Smith-Tito indices are used to measure portfolio’s performance, the result indicates that the performance of social responsibility investing is above other two portfolios. 2. When M.C.V. index is used to measure portfolio’s performance, the performance of social responsibility investing is better than non-social-responsibility investing, yet is worse than all-sample portfolio. 3. When the Treynor, Sharpe, Jensen, and Smith-Tito indices are used to measure portfolio’s performance, the performance of social responsibility investing outperforms market portfolio. This study concludes that there is no conflict between corporate social responsibility and corporate financial performance. Hence, this work suggests that Taiwan investors should invest in socially responsible firms.