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Elert, Niklas. "Economic dynamism : essays on firm entry and firm growth." Doctoral thesis, Örebro universitet, Handelshögskolan vid Örebro Universitet, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:oru:diva-34804.
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The topic of this thesis is economic dynamism. The five articles contribute to the literature on firm entry and firm growth. Studies are based on a dataset covering all Swedish limited liability firms between 1997 and 2010. The first article investigates conditions for firm entry in Sweden, distinguishing regular entrants from entrants that survive for at least two years, modelling the firm entry decision using count data models. While high income and a well-educated population had a positive effect, the effect was more important for surviving entrants. The second article uses a similar method, but focuses on wholesale industries and distinguishes between regular entry and in migration of firms, i.e. when an incumbent firm relocates its operations. Access to a university, many educated workers and low local taxes had positive effects. Better access to infrastructure had a strong positive effect on entrants, but it was smaller for in-migrating firms. The third article investigates if the industry context matters for whether Gibrat’s law holds, i.e. whether firm growth is independent of firm size. The law is found more likely to be rejected in industries with a high minimum efficient scale and a large number of firms located in metropolitan areas, but more likely to hold in industries with high market concentration and more group ownership. The fourth and fifth article contribute to the high-growth firms (HGFs) literature. In the fourth article it is examined whether the way HGFs are defined matters for the policy implications. It is found that the economic contributions of HGFs differ significantly depending on definition. Young firms are however more likely to be HGFs irrespective of definition. The fifth article considers the frequent argument that policymakers should target high-tech firms, i.e., firms with high R&D intensity, because such firms are thought more likely to become HGFs. We examine this assumption by studying the industry distribution of HGFs. Results indicate that industries with high R&D intensity, ceteris paribus, can be expected to have a lower share of HGFs than can industries with lower R&D intensity. By contrast, we find that HGFs are overrepresented in service industries with a high share of human capital.
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Macuchova, Zuzana. "Essays on firm dynamics in the Swedish wholesale trade sector." Doctoral thesis, Högskolan Dalarna, Kulturgeografi, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:du-17402.
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This thesis consists of a summary and five self-contained papers addressing dynamics of firms in the Swedish wholesale trade sector. Paper [1] focuses upon determinants of new firm formation in the Swedish wholesale trade sector, using two definitions of firms’ relevant markets, markets defined as administrative areas, and markets based on a cost minimizing behavior of retailers. The paper shows that new entering firms tend to avoid regions with already high concentration of other firms in the same branch of wholesaling, while right-of-the-center local government and quality of the infrastructure have positive impacts upon entry of new firms. The signs of the estimated coefficients remain the same regardless which definition of relevant market is used, while the size of the coefficients is generally higher once relevant markets delineated on the cost-minimizing assumption of retailers are used. Paper [2] analyses determinant of firm relocation, distinguishing between the role of the factors in in-migration municipalities and out-migration municipalities. The results of the analysis indicate that firm-specific factors, such as profits, age and size of the firm are negatively related to the firm’s decision to relocate. Furthermore, firms seems to be avoiding municipalities with already high concentration of firms operating in the same industrial branch of wholesaling and also to be more reluctant to leave municipalities governed by right-of-the- center parties. Lastly, firms seem to avoid moving to municipalities characterized with high population density. Paper [3] addresses determinants of firm growth, adopting OLS and a quantile regression technique. The results of this paper indicate that very little of the firm growth can be explained by the firm-, industry- and region-specific factors, controlled for in the estimated models. Instead, the firm growth seems to be driven by internal characteristics of firms, factors difficult to capture in conventional statistics. This result supports Penrose’s (1959) suggestion that internal resources such as firm culture, brand loyalty, entrepreneurial skills, and so on, are important determinants of firm growth rates. Paper [4] formulates a forecasting model for firm entry into local markets and tests this model using data from the Swedish wholesale industry. The empirical analysis is based on directly estimating the profit function of wholesale firms and identification of low- and high-return local markets. The results indicate that 19 of 30 estimated models have more net entry in high-return municipalities, but the estimated parameters is only statistically significant at conventional level in one of our estimated models, and then with unexpected negative sign. Paper [5] studies effects of firm relocation on firm profits of relocating firms, employing a difference-in-difference propensity score matching. Using propensity score matching, the pre-relocalization differences between relocating and non-relocating firms are balanced, while the difference-in-difference estimator controls for all time-invariant unobserved heterogeneity among firms. The results suggest that firms that relocate increase their profits significantly, in comparison to what the profits would be had the firms not relocated. This effect is estimated to vary between 3 to 11 percentage points, depending on the length of the analyzed period.
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Mwangi, Edwin. "The impact of derivative use on firm risk and firm value. Evidence from South African non-financial firms." Master's thesis, Faculty of Commerce, 2021. http://hdl.handle.net/11427/32923.
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This dissertation investigates the extent of derivatives use in South Africa. In addition, it examines the effect of derivatives use on firm risk and value. The dissertation is based on a sample of 91 South African non-financial firms listed on the FTSE/JSE Africa All Share Index on the JSE over the sample period 2012 to 2016. Firm risk is measured using total risk, systematic risk and unsystematic risk while the Tobin's Q is used as the proxy for firm value. The results of this dissertation show that 62% of firms included in this sample use derivatives. Foreign currency derivatives were the most commonly used as 80.3% of firms used them followed by interest rate derivatives at 46% and then commodity price derivatives at 21.8%. This dissertation provides evidence that the use of derivatives significantly reduces total risk and unsystematic risk. However, the use of derivative does not have an effect on systematic risk. The use of derivatives increases firm value although this increase is not statistically significant. Overall, this dissertation finds evidence of risk reduction related to derivative usage but fails to establish the value premium that is created by derivative use.
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Warren-Codrington, Alastair. "Trade liberalization and firm dynamics evidence from Indian firms." Master's thesis, University of Cape Town, 2012. http://hdl.handle.net/11427/12195.
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This paper aims to investigate the firm level effects from the removal of trade barriers. It uses firm level data on Indian firms, and employs simple but effective specifications aimed to analyze the differential effects in sales and prices of goods previously quota bound compared to unbound products.
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Halvarsson, Daniel. "Firm Dynamics : The Size and Growth Distribution of Firms." Doctoral thesis, KTH, Samhällsekonomi (Stängd 20130101), 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-118333.
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This thesis is about firm dynamics, and relates to the size and growth-rate distribution of firms. As such, it consists of an introductory and four separate chapters. The first chapter concerns the size distribution of firms, the two subsequent chapters deal more specically with high-growth firms (HGFs), and the last chapter covers a related topic in distributional estimation theory. The first three chapters are empirically oriented, whereas the fourth chapter develops a statistical concept.QC 20130215
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Häussler, Carolin. "Inter-firm collaboration : valuation, contracting, and firm restructuring /." Wiesbaden : Deutscher Universitäts-Verlag, 2005. http://opac.nebis.ch/cgi-bin/showAbstract.pl?u20=3824483335.
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Masinde, Catherine Kadenyeka Madete. "Developing SMEs through large firm-small firm linkages." Thesis, Durham University, 1994. http://etheses.dur.ac.uk/694/.
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This thesis aims to explore the prospects for small and medium enterprise (SME) development using inter-finn linkages between large and small finns in Kenya A wide range of strategies has been adopted already for the development of small enterprises globally, but limited use appears to have been made, outside Japan, of inter-finn linkages as a specific strategy. Despite the recent global movement towards inter-finn relationships as a strategy for achieving efficiency through the down-sizing of large finns, externalisation of activities, and adoption of lean production techniques, no attempt appears to have been made to use the strategy for SME development, possibly because little is known about how inter-finn linkages between large and small .finns are fonned. This thesis aims to con1ribute to the development of this understanding by using an inductive, qualitative research approach to explore the fuctors influencing the sourcing strategies of large finns in Kenya, to detennine whether these have some potential for SME development both in the country and more generally. The study focuses on the Kenyan vehicle assembly industry and examines, through in-depth case studies, the sourcing activities of three vehicle assembly plants and four franchise holders. Overnll, the research lends support to the argument that for various reasons largely related to m.arlcet failure, and a non-conducive business environment, large firms in Kenya's motor vehicle industIy are reluctant to outsource voluntarily from local small finns, and that when they do, relations appear to be arms-length and adversarial. The research also reveals that in the Kenyan environment, contrary to the arguments of transaction cost theory, outsourcing decisions are predicated on the need to comply with compulsory regulations in order to gain access to resources and m.arlcets, rather -than primarily on cost minimisation. Consequently, strategies which assure access to resources such as foreign exchange and impo.rt licenses were found to override purely efficiency considerations. The findings imply that although there are some prospects for SME development using this approach, the selection of small enterprises as suppliers by managers of large firms is limited by large firms' perceptions of the suitability of such suppliers, and that if SME development is to take place through such linkages, strategies which either change the image of small suppliers, or improve the attitudes oflarge buyers have to be adopted.
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Sharapov, Dmitry. "Firm-level and contextual influences on firm performance." Thesis, University of Cambridge, 2012. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.610869.
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Meng, Qingrui. "Delayed credit rating changes, firm financing and firm performance." Thesis, Durham University, 2012. http://etheses.dur.ac.uk/3426/.
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Motivated by the insufficient research in understanding the influences of the delayed changes in credit ratings, the practical importance of information asymmetry as well as the theoretical difficulty of measuring information gap with an appropriate proxy, this thesis regards delayed credit rating change (DCRC) as a source of asymmetric information and exploits whether and how it affects issuer’s capital structure adjustments. It uses Compustat North America quarterly data from 1985 to 2010 inclusive. Rating agencies often delay updating credit ratings, leading to an information gap between bond issuers and the market. This offers issuers (market insiders) opportunities to utilise the delayed credit rating changes as superior information, alongside which, factors capturing the associated benefits and costs of the rating changes and capital structure adjustments, are addressed to form the three key interactive variables in this research: DCRC, capital structure adjustments and firm performance. First considered are the effects of information asymmetry on financing adjustment before DCRCs. The evidence shows that issuers often adjust debt and equity financing at least one quarter before rating change announcements published by rating agencies. Issuers who anticipate rating upgrades in the next quarter do not significantly change the net debt issuance. Issuers who anticipate rating downgrades increase net debt issuance before rating changes. Secondly, this research is concerned with the robustness of DCRC’s effects, which is confirmed by various robustness check tests and incorporating DCRC into tests of the existing capital structure theories. The result confirms DCRC’s robust effects on firm financing adjustments. The last issue addressed is the relation between information asymmetry and gains or losses to issuers when utilising the information asymmetry. The results suggest that information asymmetry does bring material effects on firm performance. The three groups of results form a mechanism of delayed credit rating change’s real effects and reveal a fresh explanation for issuer’s financing decision making under asymmetric information.
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Macau, Flávio Romero. "Knowledge effect on firm performance in manufacturing and service firms." reponame:Repositório Institucional do FGV, 2010. http://hdl.handle.net/10438/4509.
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Previous issue date: 2010-03-02T00:00:00ZThis thesis seeks to examine the difference between manufacturing and service firms with respect to the effects of knowledge on performance, and the influence of market turbulence in this relationship. Empirical data, resulting from a survey, was collected from more than 1,206 firms, involving several sectors. Two samples were analyzed, one with 334 manufacturing and other with 509 service firms. The findings indicate no significant difference in the importance of knowledge on performance between these sectors in the absence of market turbulence: knowledge development (KD) has a stronger effect than culture of competitiveness (CC) on firm performance. However, under market turbulence, manufacturers differ from service providers. The positive effect of KD is enhanced, while the positive effect of CC remains the same for manufacturing firms. On the other hand, the positive effect of KD is diminished, while the positive effect of CC is enhanced for service firms. This supports the argument concerning differences in the nature of manufacturing and service industries. From a managerial point of view, results confirm the importance of knowledge, irrespective of firm sector or market turbulence. However, while industrial firms should center efforts on KD, service firms must find a balance where knowledge development (e.g. norms, processes, routines) does not impair their culture of competitiveness (e.g. learning, innovation, action). The thesis contributes to existing literature by proposing that: (1) the positive effect of knowledge on performance is confirmed; (2) under turbulent markets manufacturing and service firms have different responses concerning the influence of knowledge on performance; (3) a multidimensional performance construct based on cost, profitability, and growth is an interesting way to evaluate firm sustained competitive advantage, rather than one-dimensional constructs; (4) the CC x KD interaction, found relevant for supply chains in previous studies, is not supported for firms; (5) differences in unit of analysis, e.g. from supply chains to firms, result in different effects of KD and CC on firm performance; (6) existing scales can be improved with the addition of more diverse indicators, capturing a wider range of concepts (e.g. information transfer measurement); and (7) results from previous studies are supported for Brazilian firms, contributing for theory generalization.
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Håkansson, Johan, Zuzana Macuchova, and Rudholm Niklas. "Predicting entry of Swedish wholesale firms into local markets." Högskolan Dalarna, Kulturgeografi, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:du-12227.
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Applying microeconomic theory, we develop a forecasting model for firm entry into local markets and test this model using data from the Swedish wholesale industry. The empirical analysis is based on directly estimating the profit function of wholesale firms. As in previous entry studies, profits are assumed to depend on firm- and location-specific factors,and the profit equation is estimated using panel data econometric techniques. Using the residuals from the profit equation estimations, we identify local markets in Sweden where firm profits are abnormally high given the level of all independent variables included in the profit function. From microeconomic theory, we then know that these local markets should have higher net entry than other markets, all else being equal, and we investigate this in a second step,also using a panel data econometric model. The results of estimating the net-entry equation indicate that four of five estimated models have more net entry in high-return municipalities, but the estimated parameter is only statistically significant at conventional levels in one of our estimated models.
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Kazeminia, Ali. "Firm Sustained Growth." Doctoral thesis, Universitat Ramon Llull, 2015. http://hdl.handle.net/10803/301631.
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Aquesta tesi respon a la pregunta de “Com les empreses creixen de forma sostenible en contexts dinàmics”, una de les qüestions fonamentals de la literatura d’estratègia. La tesi està formada per tres estudis que aborden diferents aspectes del creixement d´una empresa.
El primer estudi proporciona un anàlisi teòric sobre “com” es produeix el creixement utilitzant la perspectiva “open-systems” i “resource-based view”. Bàsicament descriu com els recursos de les empreses creixen, i clarifica les característiques del creixement. L’estudi finalitza amb una discussió sobre la heterogeneïtat dels recursos de les empreses.
El segon estudi aporta un recolzament empíric al primer estudi i descriu el creixement sostingut del consorci Airbus durant un període de 20 anys (entre 1967 i 1986). L’estudi mostra com la acumulació incremental de recursos centrada en l’estratègia de “comunalitat” ha contribuït al creixement sostenible d’Airbus. A més a més, l’estudi mostra dos períodes de creixement (1) la creació i establiment durant la primera dècada i (2) altres avanços tecnològics posteriors.
Finalment, el darrer estudi aporta una teoria sobre el trencament inesperat d´una aliança i com aquest interromp el creixement de la empresa, on el divorci dirigeix l’empresa a una crisi. L’article argumenta com l’empresa pot superar la crisi i tornar a les condicions de creixement a través de la gestió dels seus recursos. L’estudi presenta com la velocitat de canvi dels recursos pot contribuir a la gestió dels recursos en crisi.Esta tesis responde a la pregunta “¿cómo pueden crecer de forme sostenible las empresas en contextos dinámicos?”, que es una de las cuestiones fundamentales en la literatura de estrategia. La tesis está formada por tres estudios sobre varios aspectos del crecimiento de las empresas. El primer estudio presenta un estudio teórico sobre “cómo” se produce el crecimiento de empresa utilizando la perspectiva de “open-systems” y “resource-based view”. Básicamente describe cómo los recursos crecen y clarifica las características de ese crecimiento. El estudio finaliza con una discusión sobre la heterogeneidad de los recursos de las empresas. El segundo estudio aporta un estudio empírico sobre el tema tratado en el primer artículo y describe el crecimiento sostenible del consorcio Airbus a lo largo de 20 años (entre 1967 y 1986). El estudio muestra cómo la acumulación incremental de recursos centrada en la estrategia de “comunalidad” ha contribuido al crecimiento sostenido de Airbus. Además, el estudio presenta dos períodos de crecimiento: (1) la creación y establecimiento durante la primera década, y (2) otros avances tecnológicos posteriores. Finalmente, el último estudio ofrece una teoría sobre la terminación inesperada de una alianza y cómo ésta interrumpe el crecimiento de la empresa, donde el divorcio lleva la empresa a la crisis. El artículo argumenta cómo la empresa puede superar la crisis y volver a las condiciones de crecimiento a través de la gestión de sus recursos. El estudio presenta cómo la velocidad de cambio de los recursos puede contribuir a la gestión de los recursos en crisis.
The thesis responds to the question ´how do firms grow sustainably in dynamic environments´ as one of the fundamental questions in strategy literature. It provides three concrete studies in addressing various aspects of firm´s growth: the first study provides a theoretical study on the how of firm growth drawing on open-system perspective and resource-based view. It basically describes how firm´s resources grow and clarifies the characteristics that resources show over time. The study is finalized by discussions on the heterogeneity of firms´ resources. The second study provides an empirical support for the first study and provides an empirical case on the successful and sustained growth of Airbus consortium over 20 years from 1967 to 1986. The study shows how the incremental accumulation of resources with a focus on commonality strategy has contributed to the sustained growth of Airbus. In addition, the study shows two periods of growth (1) sparks and establishment in the first decade of Airbus growth and (2) further technological advances afterwards. Finally, the last study provides a theory of an unexpected dissolved alliance interrupting the firm growth where the divorce directs the firm into crisis. It discusses how the firm can pass the crisis and return to its growth condition through the management of its resources. The study discusses how the change speed of resources could contribute to the management of resources in crisis.
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Richter, Nicole. "Internationalisation and firm performance an empirical analysis of German manufacturing firms." Hamburg Kovač, 2009. http://d-nb.info/1000543315/04.
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Wang, Lina, and Qiong Wu. "Enterprises Internationalize with Firm-specific Advantages : Case Study of Swedish Firms." Thesis, Halmstad University, School of Business and Engineering (SET), 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-2538.
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Business has changed and developed fast and drastically through internationalization, which has drawn many scholars’ attentions. The dissertation will focus on the firm-specific advantages (FSAs) which allow firms to go to the international markets.
The theoretical framework of this dissertation contains four proxies of the firm’s specific advantages, including entrepreneur, market knowledge, network, and technology. In this dissertation, this framework will guide us to collect and analyze the empirical data.
The qualitative research strategy is employed in this dissertation. Utilizing the multiple case study, we choose two sample companies, both from Halmstad. The empirical data was gathered through semi-structured personal interviews. Data was also supplemented with secondary data, such as web pages and scientific articles.
The finding of this dissertation is that market knowledge and experience is a crucial, firm-specific advantage, which facilitates firm’s international expansion. In addition, the entrepreneur and network variables also have an impact on the internationalization process in direct or indirect ways. However, the study does not find obvious evidence that technology does help firms go to the foreign markets a lot.
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VU, Thi Bich Lien. "Small Privately-Owned and Large State-Owned Manufacturing Firms in Vietnam: A Productivity Comparison for 2000-2005." 名古屋大学大学院経済学研究科, 2014. http://hdl.handle.net/2237/20474.
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Rasel, Fabienne [Verfasser], and Irene [Akademischer Betreuer] Bertschek. "ICT, Complementary Firm Strategies and Firm Performance / Fabienne Rasel. Betreuer: Irene Bertschek." Mannheim : Universitätsbibliothek Mannheim, 2016. http://d-nb.info/110469803X/34.
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Strecker, Nanja. "Innovation strategy and firm performance : an empirical study of publicly listed firms /." Wiesbaden : Gabler, 2009. http://d-nb.info/994651236/04.
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Van, Zyl Wiehann. "The new product development process : small firm success by studying larger firms." Thesis, Link to the online version, 2008. http://hdl.handle.net/10019/925.
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Strecker, Nanja. "Innovation strategy and firm performance an empirical study of publicly listed firms." Wiesbaden Gabler, 2007. http://d-nb.info/994651236/04.
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Kim, Huong Trang. "Financial derivatives use and firm value in East Asian non-financial firms." Thesis, Middlesex University, 2016. http://eprints.mdx.ac.uk/21375/.
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Derivatives have been using widely in the world over the last 30 years as an important risk management instrument. Although theoretical researchers suggest that derivatives usage can enhance value of a firm by alleviating costs arising from several market imperfections, the existing evidence is not quite consistent among empirical studies up to date. The purpose of this thesis, therefore, aims to examine determinants of derivatives use, a relationship between derivatives use, firm value, and exposures for a sample of 881 non-financial firms in eight East Asian countries in the 2003- 2013 period. The analysis is based on a novel and manually collected data. We find that firms in countries with lower corruption have more incentive to use financial derivatives and use derivatives with greater intensity than those firms located in highly corrupt countries. Better governance induces firms to use derivatives to hedge exposure and mitigate costs. Firms in countries with weak governance use derivatives for speculating and/or selective hedging or self-management purposes. Overall, our findings provide strong evidence of the role of countries’ governance quality in driving firms’ derivatives-related behaviors. This macro-based effect on derivatives use is independent from firm-specific factors, which are frequently invoked by hedging theories. Regarding relationship between firm value and derivatives use, using Tobin’s Q as a proxy of firm value, we find that low corruption level of home country (host country) induces the use of financial derivatives and rewards domestic firms and domestic MNCs (foreign affiliates) with higher value; this finding holds after controlling for endogeneity and self-selection bias. Hedging behavior of domestic MNCs outperforms domestic firms and foreign affiliates in terms of firm value. Derivative usage is value-enhancing activity for domestic firms and domestic MNCs, but it does not add value for foreign affiliates. During the crisis, the effect of low level of corruption on alleviating negative impacts of the crisis on derivatives usage is very modest. Yet, low corruption level of home country is positively associated with hedging premiums of domestic firms and domestic MNCs in the post-crisis period. Finally, we measure exposure to home (host) country risks, and provide novel evidence that financial derivatives use of domestic firms and domestic MNCs reduces exposure to home country risks by 11.4% and 13.4% per 1% increase in notional derivative holdings, respectively, while foreign affiliates fail to mitigate exposure to host country risks. The use of foreign currency and interest rate derivatives by domestic firms and domestic MNCs is effective in alleviating firms’ such exposures to varied degrees, but foreign affiliates using derivatives only can lower interest rate exposures. Domestic MNCs have the smallest exposures, and domestic MNCs with derivatives activities reduce exposures in the largest magnitude compared to other firms. The financial crisis weakens the effect of derivative usage on exposures, but it is stronger after the crisis than in pre-crisis period.
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Arslan, Safa. "HRM and firm performance : an investigation of Turkish mid-size IT firms." Thesis, Aston University, 2017. http://publications.aston.ac.uk/31753/.
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This research aims to explore and highlight the nature and type of human resource management (HRM) practices exist, and explain how they contribute towards firm performance in medium-sized information and communication technology (IT) businesses in Turkey. To achieve this, a mixed methods approach was adopted involving two phases of data collection. In Phase 1, data were collected from 55 participants at 14 firms, which highlighted the nature of HRM practices prevalent at the research firms and explored the linkages between HRM and firm performance and employee performance. Furthermore, during this Phase, an integrated multi-level model of HRM and performance was developed. This model presents relationships between HRM, organisational citizenship behaviour (OCB) and intellectual capital of the firm at employee level. Moreover, it also presents linkages between HRM practices, corporate entrepreneurship (CE), intellectual capital and financial performance at the firm level. Phase 2 of the study adopted a survey method to test the model developed in Phase 1. For this, data were collected from 310 employees and managers at 21medium-sized IT firms in Turkey. Overall, the findings suggest that medium-sized IT firms are becoming more innovative and proactive via enhancing the effectiveness of HRM. HRM practices also help employees by improving their creative and organisational behaviours. The study also indicate that HRM practices play a mediator role between HRM and corporate entrepreneurship. This study contributes to the growing body of literature on HRM in Turkey in general and the role of HRM in supporting mid-sized IT firms in Turkey in particular, by employing a mixed method approach involving both qualitative and quantitative studies. It also contributes to the debate on the resource-based view of the firm (RBV), and social exchange theory (SET) by examining the relationship between HRM and firm performance at both the organisational and individual levels. Based on the perspectives of RBV and SET, the influence of HRM practices is expected to positively affect the levels of employee creativity (human capital - knowledge, skills and abilities) and organisational collaboration (social capital - interaction, helping behaviours and relational connections) within the research firms. A firm’s human resources are an essential element in developing entrepreneurial behaviours that lead to a sustained competitive advantage, which eventually leads firms to have better performance.
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Tefera, Basazinew. "Effects of derivative use on firm value: Evidence from Nordic financial firms." Thesis, Umeå universitet, Företagsekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-139431.
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Abstract Financial firms are carrying more risks than non-financial firms as they are operating with highly liquid assets. Use of derivatives is one of hedging techniques used in protecting firms from such kind of risks. There has been considerable discussion in academia of whether or not derivative usage can be considered to be value relevant. This is a question, which relate to both risk management and value maximization perspectives in terms of theory, but also discussions in regards to hedging irrelevance (M&M) and arbitrage theory as well: Does the use of derivatives affect listed Nordic financial firms’ market value, if so how? Thereby, the main purpose of this thesis is to find out whether or not there a relationship between derivative use and firm value, which would be evidenced from sample taken from listed Nordic financial firms. In addition to this main purpose, this thesis furthermore sets out to answer whether geographical diversification and firm size contribute toward the effect of derivative use on firm value. Moreover, to answer the research question, a positivist philosophical standpoint with objectivist viewpoint taken, which subsequently leads the author to utilize quantitative methods and statistical analysis to the data collected for this study. Here, different panel models are fitted to the data to account effects that exist within it. To explain the findings, a theoretical framework is built upon two main theories and prior literatures. Here, on the theories such as M&M theory as well as arbitrage theory are dealt with. On the prior literatures, different scholars finding on the derivative use and firm value relationship discussed. After looking at the results and the analysis, one can draw the conclusion that there is a positive relationship between derivative usage and firm value. The analysis this thesis took the entire 96 Nordic financial firms sample for study period of four years (2012-“015), and from this sample size 80% found derivative users and the rest are non-users. Further, the study result and analysis lead the author to conclude that derivative usage has a positive impact on Nordic financial firms’ value. Overall, this thesis can find evidence for a value-relevance of derivative usage to firm value in the Nordic markets. Essentially, Tobin’s Q ratio used as a proxy for firm value and panel data model has been used in the analysis. The test result of the study shows that there is a positive statistically and economically significant derivative use premium for Nordic financial firms. Keywords: Risk management; Hedging; Derivatives; Derivatives use; Firm value
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Sprenger, Carsten. "Ownership and firm behavior." Doctoral thesis, Universitat Pompeu Fabra, 2007. http://hdl.handle.net/10803/7350.
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La tesis estudia la evolución de la estructura de propiedad de compañías y de sus efectos sobre resultados económicos reales. El capítulo 1 proporciona un análisis empírico de la privatización en Rusia en los años 90. Se utilizan datos de 530 empresas industriales rusas para estimar los factores implicados en la decisión de privatizar una empresa, en la selección entre diversas opciones de privatización, en la distribución inicial de la propiedad que resulta, y en su evolución posterior. El capítulo 2 estudia los efectos de diferencias de intereses entre accionistas sobre decisiones de inversión y el mercado de acciones en un modelo simple. Suponiendo que los mercados financieros son incompletos, la distribución inicial de la propiedad, la riqueza y las preferencias de los propietarios afectan a su nivel preferido de inversión. Las decisiones sobre la inversión son tomadas por mayoría. Dos extensiones, la protección de accionistas de minoría y ventajas privadas del control, permiten un análisis del papel de las instituciones del gobierno corporativo en las decisiones de inversión y estructura de propiedad. Las predicciones del modelo para la evolución de la estructura de propiedad son coherentes con las observaciones empíricas en el capítulo 1.The thesis studies the evolution of the ownership structure of companies and its effects on real economic outcomes. Chapter 1 provides an empirical analysis of the large-scale privatization in Russia in the 1990s. A comprehensive data set of 530 Russian manufacturing firms is used to estimate determinants of the decision to privatize a firm, of the choice among different options of privatization, the resulting initial ownership distribution, and its further evolution. Chapter 2 studies the effects of conflicting interests of shareholders on investment decisions and share trade in a simple model. In a setting with incomplete financial markets, the wealth, initial stake and preferences of owners affect their preferred level of investment. Decisions on investment are taken by majority. Two extensions, a protection for minority shareholders and private benefits of control, allow us to analyze the impact of corporate governance arrangements on investment decisions and ownership structure. The model predictions for the evolution of ownership are in line with the empirical observations in chapter 1.
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Xing, Xuejing. "Essays on firm diversification /." free to MU campus, to others for purchase, 2003. http://wwwlib.umi.com/cr/mo/fullcit?p3091982.
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Scott, Morton Fiona. "Firm pricing and entry." Thesis, Massachusetts Institute of Technology, 1994. http://hdl.handle.net/1721.1/11958.
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Cubukgil, Evren. "Uncertainty and firm investment." Thesis, University of Oxford, 2011. http://ora.ox.ac.uk/objects/uuid:c3fb67f9-adf2-41ac-98b9-cb2878e2b2d6.
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This thesis explores effects of uncertainty on firm investment that are described in estimates of firm level investment specifications which include proxies for uncertainty over expected future firm profitability. A panel data set of UK firms covering the period 1987-2000 is used to estimate firm level investment specifications. Within year volatility in stock returns - a common proxy for firm specific uncertainty in previous literature - is compared with covariance measures between stock returns and market returns representing un-diversifiable risk from the CAPM; and with alternative uncertainty proxies based on volatility in I/B/E/S securities analysts' forecasts of earnings per share. Within estimates of firm level investment specifications, the thesis investigates the sensitivity of coefficients on uncertainty terms to the choice of underlying investment specification: error correction model between the natural logarithms of capital and sales; or the Hayashi (1982) Q model of investment. Coefficients on stock return volatility measures of uncertainty terms are found to vary significantly between estimates of error correction and average q specifications. Differences between coefficients estimated on uncertainty terms across estimates of these two investment specifications are supported with simulated data. Uncertainty measures based on volatility in I/B/E/S securities analysts' forecasts of earnings per share are found to be much more informative of investment behaviour than within year stock return volatility in estimates of both error correction and average q specifications. Coefficients on I/B/E/S uncertainty proxies imply more consistent investment-uncertainty relationships across estimates of error correction and average q specifications for the UK panel data set.
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Diggelmann, Karin. "Firm Ownership and Performance." St. Gallen, 2007. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/01649581002/$FILE/01649581002.pdf.
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Bretan, Pedro Luis Accioli Nobre. "Firm heterogeneity and lobbying." reponame:Repositório Institucional do FGV, 2006. http://hdl.handle.net/10438/109.
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Previous issue date: 2006-12-18The structure of protection across sectors is usually interpreted as the result of competition among lobbies to influence politicians, but little attention has been devoted to the importance of individual firms in this process. This paper builds a model incorporating firm heterogeneity into a lobbying setup `a la Grossman and Helpman (1994), in a monopolistic competitive environment. We obtain that increased sectorial dispersion cause a fall in equilibrium tariff provided that the exporter’s cutoff is above the mean of the distribution. Also, higher average productivity brings about a fall in the equilibrium tariff, whereas an increase in export costs cause an increase in the tariff. JEL Classification codes: D43, D7, F12, F13, L11
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"Intra-Firm and Inter-Firm Agglomeration: The Location Decisions of Multi-Unit Firms." Doctoral diss., 2016. http://hdl.handle.net/2286/R.I.38502.
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abstract: Agglomeration research has investigated a key research question, i.e., why do firms in a specific industry co-locate geographically? In the agglomeration literature, it has been assumed that each firm has one business establishment in a cluster such that firms always co-locate with competitors. However, it is often observed that firms operate several business establishments in a cluster, so they co-locate not only with competitors (i.e., inter-firm agglomeration) but also with their own business establishments (i.e., intra-firm agglomeration). While inter-firm agglomeration is a counterpart to the traditional concept of agglomeration, intra-firm agglomeration is a new concept in agglomeration research. The separation between intra-firm and inter-firm agglomeration raises two research questions – 1) how does intra-firm agglomeration differ from inter-firm agglomeration? and 2) do firms decide their locations for intra-firm vs. inter-firm agglomeration differently? These questions actually extend the key question in agglomeration research into a new setting in which firms have several business establishments in a cluster. I proposed that firms can extract more benefits but neutralize more threats from agglomeration through intra-firm agglomeration than through inter-firm agglomeration. I further developed research hypotheses to test this argument in a research context in which multi-unit firms decide their new establishments’ distances to competitors and their other establishments at the same time. The hypotheses received empirical support in an empirical setting in which 10 large multi-unit hotel firms established new hotels in 20 U.S. cities, and several supplementary analyses show that these results are robust.Dissertation/Thesis
Doctoral Dissertation Business Administration 2016
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"Financial development and firm growth: a firm-level panel analysis of Latin American firms." 2012. http://library.cuhk.edu.hk/record=b5549107.
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本論文使用世界銀行在2006年及2010年於六個拉丁美洲國家進行的企業調查所得之一組全新數據，重新在公司層面審視「金融發展--(公司)增長」的連結關係，發現即使控制了宏觀經濟的改變以及利用固定效應之縱橫計量模型進行估算，金融發展對公司銷售以及勞工生產力都有顯著的正面效果，支持以往相關的公司層面研究。然而，與過往的公司層面研究不同，金融發展對比較大型公司的正面影響，相對小型公司之影響為大。這結果與較近期的研究指在新興市場中，金融發展會不成比例地刺激本來因政治或其他因素與金融體系比較密切的公司相符。未來研究應注重這些市場的獨特性以求更透徹地了解箇中機制。
This thesis revisits the finance-growth nexus at the firm level. Using a new dataset based on the World Bank Enterprise Survey conducted in 2006 and 2010 covering six Latin American countries, financial development is found to have a positive effect on both the level of firm sales and labor productivity, after controlling for other macroeconomic changes and unobserved firm-specific effects in a panel-data estimation, reinforcing previous similar studies at the firm level, which relied only on cross-sectional data.
However, in contrast to earlier firm level cross-sectional researches, it is discovered that financial development exerts a greater positive effect on larger firms relative to smaller ones. This is consistent with more recent studies that finance disproportionately spurs growth of firms that are originally more connected to the financial system for political or other reasons in the context of emerging markets. Future researches should point to the uniqueness of these markets to understand more thoroughly the mechanism behind.
Detailed summary in vernacular field only.
Detailed summary in vernacular field only.
Tsang, Wai Him.
Thesis (M.Phil.)--Chinese University of Hong Kong, 2012.
Includes bibliographical references (leaves 69-72).
Abstracts also in Chinese.
Abstract --- p.ii
擇要 --- p.iii
Acknowledgements --- p.iv
Table of Contents --- p.v
Chapter 1 --- Introduction --- p.1
Chapter 2 --- Motivation --- p.6
Chapter 2.1 --- Revisiting the finance-growth connection at the firm-level with a new dataset --- p.13
Chapter 2.2 --- The distributional effects associated with financial development --- p.18
Chapter 3 --- Data Set and Methodology --- p.25
Chapter 3.1 --- The Data --- p.25
Chapter 3.2 --- Specifications --- p.28
Chapter 4 --- Results --- p.32
Chapter 4.1 --- Baseline Regressions --- p.32
Chapter 4.2 --- Robustness Check by Splitting Samples --- p.37
Chapter 5 --- Conclusions --- p.40
Chapter 6 --- Figures and Tables --- p.42
Chapter 7 --- References --- p.69
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Wang, Chih-Yang, and 王志洋. "Family-Controlled Firms Characteristics and Firm Performance." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/38316413383312019138.
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碩士輔仁大學
會計學系碩士班
99
This paper comparing the performance of family-controlled firms versus nonfamily-controlled firms and the determinants of affecting family-controlled operation performance. This paper combines two points of view based on agency theory and stewardship theory to explore the effect of family-controlled firm performance. Based on the sample of 1,237 Taiwan listed, OTC and ROTC firms from 1996 to 2010, our results suggest that family-controlled firms are significantly better performers than nonfamily-controlled firms. Moreover, we also find professional management governance firms are significantly better performers than family-controlled firms. This empirical result is consistent with the alignment effect argument. The impact of family business performance determinants, we found family control shareholding have a positive impact for the accounting performance mainly from family members of the direct shareholding. Family directors and market performance are in a negative relationship. The family members as chairman and CEO no significant correlation with the performance. We find positive effect institutional ownership is positively associated with firm performance. We also find foreign financial institutional ownership is positively associated with stock market-based measures of firm performance only. The family-controlled firms with higher deviation of control from cash-flow rights are underperforming.
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Wu, Chun-Min, and 吳春敏. "Internationalization, Firm Innovation, and Firm Performance: The Role of Board Structure of Taiwanese Listed Firms." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/37736438645354839862.
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碩士國立中央大學
企業管理學系碩士在職專班
99
The purpose of this thesis is to investigate the moderating effects of board of director characteristics on the performance and innovation implications of internationalization. I use four board of director characteristics: (1) percentage of insiders on the board, (2) separation of chairman and CEO, (3) board size, and (4) outside director ownership. Using a sample of Taiwanese listed firms, I document that: (1) the percentage of outside directors’ shareholders is positively related to the performance implication of internationalization, (2) the percentage of insider directors is negatively related to the performance and innovation implications of internationalization, and (3) multinational firms which CEO is also the chairman of the board enjoy stronger performance implication of internationalization.
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Huang, Shiang-Wen, and 黃驤汶. "Divestitures, Firm Resources and Firm Performance." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/45078492292057773410.
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碩士國立雲林科技大學
企業管理系
102
The competition of business surrounding has been drastic day by day. For the purpose of maintaining the position in the market, companies must build up appropriate investing strategies for firming marketing competitiveness. However, when companies encounter hardship in the period of investing activities or are unable to meet expected performance, they sometimes choose to enforce divestitures so as to relieve the disadvantageous level of financial degeneration. Our research study companies’ performance influenced by divestitures from perspectives of four main resources, technological resources, marketing resources, internal financial resources and external financial resources. The samples are publicly traded companies in Taiwan and the studying period of our research is from 2001 to 2013. The financial data is gathered from Taiwan Economic Journal. The studying result shows that there is significantly positive abnormal return before the day of divestiture. As for the consequence of regress analysis, only external financial resources help to enhance firm performance after implementing divestitures. On the contrary, other resources cause no significant influences after divestitures. Hence, companies will get better performance under the condition of possessing more external financial resources. On the whole, investors are convinced that divestitures will create enterprise value and bestow positive evaluation on stock prices. In addition, companies with more external financial resources will promote the performance of divestitures and it appears that investors consider companies can settle debts, program financial affairs and conduct other investment through the profit earned from previous investment and capital acquired from bond market.
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李貫逢. "Firm Cash Holdings and Firm Innovation Strategies." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/98pbdt.
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碩士國立彰化師範大學
會計學系
105
This paper is to examine how the different levels of cash holdings affect firm innovation. Previous literatures indicate that firms with large cash holdings are able to smooth their R&D activities, because when firms terminate their R&D activities, they have to take high adjustment costs. When the firms in the industries with intensive innovation activities hold less cash, they may not able to maintain their R&D activities. Therefore, they have to rely on another innovation activities, such as acquiring ownership of external patents, acquiring patent license, or infringing patents. In this paper, we try to explore how the different levels of cash holdings affect on firm innovation. Furthermore, different innovation strategies have different impacts on firm performance. We also examine how the different levels of cash holdings and innovation activities affect on firm value. By investigating S&P 900 firms from 1980-2015, we find that firms with higher level of cash holding will invest more R&D activities. Most interestingly, we find that firms with higher level of lagged cash holding will invest less external patents, in terms of patent ownership acquisition. We also find that firms holding high level of cash and investing more R&D activities will have good future earnings performance.
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Xiong, De Chang, and 熊德昌. "Executive Appointment, Firm Characteristic and Firm Performance." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/y43m8s.
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碩士臺中技術學院
會計資訊系會計與財稅碩士班
99
The purposes of this study are to investigate: (1) the relationship between appointmentsof executive management team with the public sector experience and firm characteristics;(2)the relationshipbetweenfirm performances and appointmentsof executive management team with the public sector experience. The samples are the listed, OTC, and emerging stock companies in Taiwan.The empirical results show that the higher the percentage of shares held by government, the higher the percentage ofappointmentsof executive management team with the public sector experience. Furthermore, the higher the percentage ofappointmentsof executive management team with the public sector experience, the better the firm performances.
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GUO, WAN-YUN, and 郭宛畇. "The Impact of Firm Leverage on Firm Performance in M&As：The Comparison between Family Firms and Non-Family Firms in Taiwan." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/r44h84.
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碩士東海大學
財務金融學系
107
This study is to explore the impact of leverage ratio of family and non-family firms on mergers and acquisitions performance. Using event-study methodologies with 940 mergers and acquisitions samples in Taiwan from January 2000 to December 2017. Firstly, we find that leverage deficit around mergers is significantly positively correlated with the mergers and acquisitions abnormal returns, on the average, family firms have underleverage, and non-family firms have over-leverage. Second, we investigate that leverage deficit affects mergers and acquisitions abnormal returns, results show that leverage deficit will positively affect short-term cumulative abnormal returns, while in the long run, leverage deficit will negatively affect cumulative abnormal returns. Using financial variables, corporate governance variables and merger and acquisition variables. We find that leverage deficit has a significant positive impact on cumulative abnormal returns during the short-term announcement date of mergers and acquisitions, Finally, we explore whether the family controls and leverage deficit affect abnormal returns. The results show that when the family controls is between 40% and 50%, there is a positive that leverage deficit has a significant positive impact on cumulative abnormal returns.
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ONG, CHUAN-FANG, and 王傳芳. "ENVIRONMENTAL MANAGEMENT AND FIRM PERFORMANCES OF MULTINATIONAL CONSTRUCTION FIRMS." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/2v6548.
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博士國立臺灣大學
土木工程學研究所
106
Growing attention on environmental protection has triggered drastic changes in the corporate practices of construction firms. Several studies have shown that multinational construction firms have been relatively proactive in environmental management. However, the relationships between environmental management, degree of internationalization, and financial outcomes are not fully comprehended. This study targets on multinational construction firms and the main goals of this study are to explore relationship between environmental strategy and degree of internationalization; examine the relationship between environmental practices and financial performance; and examine the moderating effect of regional diversification on the relationship between environmental practices and the financial performance. Primarily, these relationships were established drawing from three profound management theories, Resource-based view explain how firms acquire competitive advantages from environmental management, transaction cost and organizational learning are two main perspectives that articulated firm performances with internationalization. In total, 61 samples of multinational construction firms are drawn from the Engineering News-Record (ENR) Top International Contractor list published in 2012. Content analysis was used to extract and measure the degree of proactivity of environmental management disclosed through environmental reporting. Financial and accounting information is collected through secondary data disclosed in Datastream database. Degree of internationalization is measured based on investment intensity, geographical extensity, and geographical concentration. In addition, the study adopted three different analysis approaches to achieve the targeted goals. Analysis of variance (ANOVA) and other similar extension methods, stepwise regression, and moderated regression analysis are consecutively carried out to analyze the relationships that related to the goals. Three clusters of environmental strategies have emerged from the statistical clustering which depict reactive, preventive, and proactive postures in strategic environmental management. The results denote that construction firms which are proactive in strategic environmental management would have improved internationalization to an extent where further proactivity would deem irrelevant to internationalization, and proactive firms would more likely to have greater geographical portfolio distribution in developed countries. In regards of financial performances, five environmental management practices have been revealed to significantly associated with financial performances. These practices include pollution abatement on-site, environmental scanning, management systems and procedures, environmental innovation, and stakeholder engagement. Nonlinear relationships have been detected on both pollution abatement on-site (U-curve) and environmental innovation (inverted U-shaped). These findings can assist construction firms in determining the key environmental management practices that are able to enhance their competitive edge. Furthermore, regional diversification is adopted as a moderator, forming interaction terms with environmental management practices such as pollution abatement on-site, environmental scanning, and environmental innovation to examine the impacts on financial performances. The results suggest regional diversification can be either positively or negatively moderate the relationships between environmental management and financial performances, and it depends on whether the benefits of internationalization outweigh the costs of internationalization. In a nutshell, this study provides theoretical support and empirical evidences on the linkages between environmental management, internationalization, and financial performances. Besides, it also contributes to the growing body of evidence that environmental sustainability is becoming increasingly vital to the operations of construction firms, and proper strategic environmental management can enhance a firm’s competitive advantage in the global market.
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Chung, Chieh-Wei, and 鍾介瑋. "Bank-Firm Relationship and Firm Performance in Taiwan." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/31259490965984706025.
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碩士長庚大學
企業管理研究所
90
This paper examines how bank-firm relationships affect the firm performance in Taiwan. Typically, close bank-firm relationship is often credited for many positive effects. Those positive effects include availability of capital, to make use of funds flexibly, and higher line of credit et al. It will affect the firm performance. However, would those positive effects affect the firm performance and the influential condition becomes the main research subject of this thesis. This study collects the data on 249 publicly securities Taiwan firms for the period 1991-2000, and gets empirical results as follows. 1.The firm performance is negatively related to the firm’s number of banks, Long-term load and secured loan. We find that the firms have more the number of banks; the amount of long-term loan and secured loan, the firm performance is low. About the firm’s number of banks, due to more the firm’s number of banks, the firm performance is low. By the means, the data set show Taiwan publicly firms maintain more bank-firm relationships for loan. This condition represents the firm performance of the Taiwan publicly firm. 2.The firm performance is positively related to the bank loads of the variation interest rate. When firms have closed bank-firm relationships, the interest rate isn’t fixed during the period of the bank loan existing. Then the content of the bank loans contract will higher flexibility and increase the possibility of the negotiations terms. 3.“The focus of the firm-bank relationships” means firm acquire the bank loan from someone bank which one of the all banks in Taiwan. It can be a criterion of the measure whether the bank-firm relationship is closed or not. The empirical indicated the firm performance is negatively related to the focus of the firm-bank relationships. It implicates Taiwan publicly firms that have focus on several bank to obtain bank loans, then the firm performance is low at the same time。
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邱歆瑀. "Firm internationalization, earnings management and firm life cycle." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/75r6yk.
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碩士國立彰化師範大學
財務金融技術學系
106
This study focused on how firm internationalization influences earnings management and analyzes the effect of firm life cycle. We selected sample of 11654 Taiwanese listed companies ranging from 2006 to 2015. This paper uses regression models to test the hypotheses. Discretionary accruals as a dependent variable, the number of foreign countries and the number of foreign subsidiaries as an international enterprise variables. Both measures variables, internationalization is negatively associated with earnings management. This study further explores the impact of international business and earnings management on the different life cycle of enterprises. It is found that the international enterprises will not be involved in earnings management during the period of growth and maturity compared with the decline period.
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Wu, Chun-Lin, and 巫俊霖. "Firm Size, Business Group, Innovation and Firm Performance." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/21529374901587413776.
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碩士靜宜大學
國際企業學系研究所
98
Taiwan has encountered party alternations in power since year 2000, therefore resulting changes in economic strategy. However, enterprises haven’t changed their goals towards internationalization. Many of the past studies researched how performance of firms affected their international entry mode or measurement of performance. These studies were conducted to help enterprises having better strategies and development. This study was conducted for the enterprises performance in Taiwan as a reference. The research purpose of current study is to examine whether firm size, business group, and firm innovation can increase firms’ performance as independent variables. Return on Assets (ROA) was applied as performance data reference values in the study. The data of enterprises in iron industry, automotive, electronics, cement industry, and foodstuffs industry from 2001 to 2008 was used as the research samples. The enterprises were analyzed by the three independent variables to examine whether these has positive impacts on return on assets. Firm size was measured by total assets and net operation income, setting business group as virtual variable, R&D expenditures as innovation to analyze. This study is useful for enterprises in Taiwan. For enterprises, by the scale of the company, business group or not and innovation, we can know that if the results could be promoted or not. And we can tell if it’s good or bad for the company by the trading strategy and the condition of team up with other company, and also to decrease the crisis of deficit to the enterprise.
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Hung, Pei-Ling, and 洪佩伶. "Inter-Firm and Intra-Firm Collaboration Network: the Effects of Network Structure on Firm Innovation." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/50881216293665443121.
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碩士國立臺灣大學
資訊管理學研究所
101
This study constructs inter-firm collaboration network by strategic alliances and intra-firm collaboration network by patent co-invention simultaneously and investigates the impact of network size and network efficiency in these two networks on firm innovation. And we also examine how intra-firm network size and technological diversity influence the relationship between inter-firm network structure and innovation to explain the role of these variables on firm innovation. The study employs the secondary data analysis and social network analysis in information and communication technology and pharmaceutical industry, and the negative binomial regression is used to testing our hypotheses. The results indicate that both network size and network efficiency in inter-firm network and intra-firm network contribute to firm innovation. And the effects of inter-firm network structure on innovation are moderated by intra-firm network size and technological diversity.
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Greene, Daniel. "Firm Value and Financial Constraints: Evidence from private firm sellouts and reverse mergers." 2014. http://scholarworks.gsu.edu/finance_diss/24.
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Essay 1: I examine sales of private firms to better understand the effect of relaxing financial constraints on firm value. My empirical tests exploit an exogenous shock to financial constraints caused by interstate bank branching deregulation. On a sample of 557 sales of private firms to public acquirers, I find that relaxed financial constraints lead to a statistically significant increase of 7.3% in valuation multiples of private targets. I also find a significant increase in private target valuation multiples benchmarked to public target valuation multiples. These effects are more pronounced for firms in the sample with below median annual sales. Acquirer returns are negatively impacted when financial constraints on private targets are relaxed. The evidence supports the prediction that relaxing financial constraints allows private targets to substitute bank credit for some of the financing benefits provided by acquirers and bargain for a higher valuation.
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Min, Gan Shih, and 甘世旻. "Bank-firm Relationships, Financial Supply Chain and Firm Performance." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/49949149803846723273.
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碩士長庚大學
企業管理研究所
95
This paper proposes to investigate the bank-firm relationships and financial supply chain in Taiwan. We examine empirically the impact of banking relationships and financial supply chain on firm performance. Using a panel data set of 247 TSE listed firms in Taiwan from 1996 to 2005. The paper shows that firms with higher loan interest rate have higher performances but the number of related banks does not have any evidence of firm performance. On the other hand, firms with higher leverage and bank debt ratio may perform worse. The result indicates that concentrated banking relationships may not bring better loan conditions which won’t benefit firm performance. However, large amount of debt may deteriorate firm reputation, which damage to firm performance. We think that firms may be charged higher interest rate to actively maintain close relationship with related banks. Furthermore, we conduct the study to investigate the bank-firm relationships, financial supply chain and firm performance for three industries, textile, iron and steel, and electronics. We uncover that firms with better financial supply chain have higher performance. Generally, this study indicates that the financial supply chain could improve the firm performance but do not have any evidence that firms maintain long-term or close relationship with banks have better performance.
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Ho, Nien-Ting, and 何念庭. "Association between Family Firm''s CEO and Firm Performance." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/99629002009652579445.
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碩士國立高雄第一科技大學
財務管理研究所
101
This paper investigates the relationships between family firm’s CEO and firm performance in Taiwan stock-listed firms during 2008-2011. We further investigate the impact of family CEO and nonfamily CEOs characteristics on firm performance. Other findings include the following: (1) Family CEO in family firms are significantly negatively related to firm performance. (2) Whether for family members as CEO, the younger and higher education level is significantly positively related to firm performance. (3) Family CEO with international experience can help improve firm performance. (4) Nonfamily CEO has top manager experience significantly impact on firm performance. One important management implications of this paper is: If family firm still prefers to hire family members as CEO, should select with the younger, higher education level and have international experience family members, and then will be better for firm performance.
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Chen, Bo-Rong, and 陳柏融. "Firm Characteristics, Firm Performance and Risk Management Segment Formation." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/v7ar2r.
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碩士國立東華大學
會計與財務碩士學位學程
100
Manifold of risks faced by enterprises. The intricacies of risk factors and changing market environment increase the difficulty of the enterprise control risk, the need to invest more resources and manpower to integrate risk. The existence of the risk management segment not only to make risk management more efficient but also to make the risk control more specialized. In this study, we research the influence of risk management segment and functions. Research purposes is divided into two, first to explore the correlation between firm characteristics and the risk management segment setting, an additional impact on firm performance for the segment setting. The company in 2009, the firm characteristics into the board of directors characteristics, board size, proportion of outside directors and directors of professional backgrounds, other characteristics of the complexity and financial reporting risks, and explore its corporate risk management set the degree of influence. In addition, further more analysis of set a specialized risk management segment, whether it can make to significantly improve firm performance. The findings of this study were summarized as follows: 1. Firm characteristics are indeed important factors affect the company set up specialized risk management department (or risk management committee), other firm characteristics, such as the company's complexity, financial reporting, the influence of risk is greater than the board of directors characteristics. When companies face more risk, complex, companies are more willing to set up a specialized risk management segment (or risk management committee), and the impact of board characteristics on enterprise risk management is less obvious. 2. the set of risk management segment or risk management committee, make the company's risk management system is more robust, although the segment and personnel training is required to put the high cost, in the short term would undermine the profitability of their company, so that each shares surplus significantly reduced, but on the other hand, other performance such as the performance of the financial slack, earnings volatility significantly changed, and also shows that the risk management segment (or risk management committee) settings can effectively enhance the company's performance.
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Hsieh, Hsiao-Tien, and 謝孝典. "Bank-firm Relationship before the Firm Becomes Financially Distressed." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/42489395423733995549.
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碩士元智大學
財務金融學系
97
This study analyzes changes of bank loans to financially distressed firms up to five years prior to the distress. Using data of 234 financially distressed firms in Taiwan from 1992 to 2007, we examine the changing amount of bank loans before the financial distress news declared to the public. The results indicate that firms with more banking relationships are more likely to receive additional funds from its lending banks. Furthermore, banks that have larger amount of existing loans to the problem firms are more likely to provide additional funds.
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Nagaraj, Sugarla Edwin, and 詩格拉. "Waste disposal models for manufacturing firm and disposal firm." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/55957165234904878149.
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碩士元智大學
工業工程與管理學系
97
This research identifies analyze and propose solutions for waste-related problems in industries. In this research an inventory control of the waste products that are generated during the manufacturing process is concerned. Two types of waste accumulation rates are discussed. One is the constant waste accumulation rate and the other is the linearly increasing waste accumulation rate. Also, waste disposal is examined from two different perspectives, from the point of view of the waste ‘producing’ company on the one hand, and from the point of view of the waste disposing company on the other hand. The idea of the basic model lies in the ‘turning upside down’ of the lot-sizing approach to inventory control theory. A corresponding formula for disposal is derived to calculate the optimal number of pick-ups and the amount of waste to be disposed at certain period of time. This shows that the results for these two different types of waste accumulation differ in a wide range because of the difference in the waste accumulated way which disturbs the storage cost. Finally, both the models are verified by a numerical example and both the results are compared. An integrated model is developed and discussed in which both the manufacturing firm and the disposal firm are benefited by the integrated model. This research also explains the necessity of integration between the manufacturing and the disposal firm for effective implementation of the integrated model. An integrated lot-splitting model of facilitating multiple shipments in small lots is developed and compared with the existing approach in a simple waste disposal model, under deterministic conditions for waste products. It is shown that the optimal policy adopted by the integrated approach can provide a strong and consistent cost-minimizing effect for both the manufacturing firm and the disposal firm over the existing approach.
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Leu, Jyh-Horng, and 呂志宏. "Competition and Coordination between Upstream Firm and Downstream Firm." Thesis, 1996. http://ndltd.ncl.edu.tw/handle/43599936376705504493.
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DuranPena, Ricardo, and 李派然. "Firm Risk-taking, Entrepreneurial Orientation and Firm Performance: Moderating Roles of Firm Slack and Learning Orientation." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/47419598018100847936.
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碩士國立成功大學
國際經營管理研究所碩士班
100
Entrepreneurship nowadays is a very relevant factor for the economic growth. Therefore, Entrepreneurial Orientation (EO) has become a fundamental factor within strategic management over the last years. Entrepreneurial Orientation is usually relation with growth, competitive advantage and greater performance. This study aimed to analyze the relation between Firm Slack-Entrepreneurial Orientation-Firm Performance; as well, it aimed to analyze the moderating roles of Learning Orientation and Firm Slack in the Firm Slack-Entrepreneurial Orientation-Firm Performance relation. In this research a conceptual model is developed and a series of hypotheses are besought that explain the interaction between constructs. This research uses a hierarchical regression analysis in order to analyze the survey data from 101 CEO from Taiwan and Mexico. According to the findings of this research, there is a significant positive relationship between Firm Risk-taking and EO, also this research shows that Firm Slack has a positive moderating role in Firm Risk-taking-EO relationship, however, this study was unable to provide any evidence of a positive relationship between EO and Firm Performance, this research also was unable to provide any evidence of a positive moderating role of Learning Orientation. The principal limitation of this study is that offers a small sample size data collection. However, this research proposes a starting point for future researches in Entrepreneurship field and the factors that influence Firm Performance.
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YU, PEI-JUNG, and 余佩蓉. "Corporate Governance and Firm Performance:Evidence from the Listed Construction Firms." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/7pw47g.
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碩士東海大學
財務金融學系碩士在職專班
105
This study aims to investigate the relation between corporate governance and firm performance with 26 listed construction in Taiwan during the period from 2010 to 2015. My empirical findings mainly based on ordinary least squares (OLS) regressions reveal that both ownership structure and specific financial rations are significantly related to firm performance. In particular, there is a negative linkage between board (institutional) ownership and firm performance. On one hand, it implies that board members appear not to act effectively to enhance board monitoring and advising, and consequently hurt firm performance. On the other hand, the argument that institutional holding or institutions’ propensity to acquire stocks could be sensitive to corresponding firm performance is well supported in my thesis. At the end, my regression results also indicate a significant relation between certain financial ratios, such as financial leverage, current ration and ea- rnings per share, and firm performance proxied by return on assets indirectly providing evidence for firms in construction industry in Taiwan during recent years.