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Wajahat, Ali, and ul Hassan Syed Hammad. "Relationship between the profitability and working capital policy of Swedish companies." Thesis, Umeå University, Umeå School of Business, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-36086.
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Over the years there has been a big debate on the effect of working capital policy on theprofitability. Few researchers argue that working capital is just an idle resource with ahigh cost and low benefit associated with it so, companies should follow zero workingcapital policy but such a policy is very risky because it reduces the liquidity and it mightleads to a default. Other researchers support companies to have a working capital policybecause they believe that proper management of components of working capital canbalance cost and benefits of the company and it will reduce the risk of default by raisingthe level of liquidity. Companies can choose among three different types of workingcapital i.e. aggressive, conservative and moderate but their choice depends on their desirelevel of liquidity and risk.Researchers realize the importance of the topic and lot of research has been carried out allover the world especially in developing countries like Pakistan, India, and Taiwan etc.Despite the importance of topic we were unable to find any research carried out inSweden or in any other Scandinavian country. So, this study is conducted with thepurpose to explore the relationship between working capital policy and profitability ofSwedish firms. Furthermore this study also investigates the nature of relationshipbetween working capital policy and component of cash conversion cycle. For the purposeof our study we used the sample of 37 listed companies in the OMX Stockholm stockexchange over the period of five years (2004-2008).The study has been conducted in a natural environment and it follows the explanatoryresearch strategy. Moreover it is a quantitative study which follows the deductiveapproach and it is longitudinal in nature.We used GOP as a measure to profitability and CCC is used as a gauge to measure theaggressiveness of working capital policy. We used the secondary data, which has beenextracted from the annual financial reports of the companies, to calculate the GOP,financial debt, firm size, fixed financial asset, component of CCC and CCC.In this study, six regressions were run on 185 observations in SPSS software. In eachregression analysis dependent variable (GOP), independent variable firm size, financialdebt ratio, and fixed financial asset ratio remains the same but independent variableCCCS, CCCA, CCCD, day’s inventory held, days account receivable and days accountpayable replace each other. The reason for this replacement of independent variables is tofind out that how CCC and component of CCC affects the GOP.The result of regression analysis shows that managers can’t change the level ofprofitability by adopting any of the working capital policy i.e. there exist no relationshipbetween working capital policy and profitability. Furthermore profitability is directlyassociated with days inventory held and days account payable but it is in inverse relationwith days account receivables.
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Lasisi, Toyin Ishola. "The Relationship between Corporate Governance and Organizational Performance in Nigerian Companies." ScholarWorks, 2017. https://scholarworks.waldenu.edu/dissertations/3399.
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The growing lack of confidence in public companies arises from the recent accounting scandals and corporate collapses, which have been attributed to the consequences of separation of ownership and control in modern firms. Agency theory predicts a conflict of interest between managers and shareholders that leads to agency costs and weak performance. This study used agency, stakeholders', and stewardship theories as the theoretical framework and multiple regression analysis to examine the relationship between corporate governance mechanisms and organizational performance in nonfinancial firms listed on the Nigerian Stock Exchange. The results of the study could help clarify understanding of corporate governance to managers, investors, and regulators who seek to understand how corporate governance impact firms' performance. In this study, corporate governance mechanisms included board independence, audit committee independence, board size, number of board meetings, and executive compensation. The data were collected from the firms' published accounts on their websites and on the archives of the Nigerian Stock Exchange for a period starting from January 1, 2011 to December 31, 2015. The measures of financial performance in the study were return on assets, return on capital employed, and Tobin's Q. The study found a positive but not statistically significant relationship between corporate governance mechanisms and financial performance. This study has implications for positive social change by showing managers and other stakeholders of firms how a good corporate governance system assures investor confidence, employee loyalty and commitment, the reduction in conflict of interest and agency costs, and a strong financial performance.
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Petkovic, Milos. "Relationship between Investments in Intellectual Capital and Company's Book Value : evidence from French Companies (2008-2016)." Thesis, Université Côte d'Azur (ComUE), 2019. http://www.theses.fr/2019AZUR0003/document.
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Objectif: Le capital intellectuel est une ressource stratégique qui joue un rôle important dans le processus de création de valeur. Le sujet du capital intellectuel a été intéressant au cours des dernières décennies en tenant compte du fait que le vingtième siècle est un siècle d’idées, de connaissances, d’innovations, d’informations et de changements. Parallèlement, le marché financier est devenu influent sur le marché mondial, le capital intellectuel a donc joué un rôle très important. La plupart des recherches ont pour but d'identifier le lien entre le capital intellectuel et les performances financières à court terme, telles que les bénéfices, les parts de marché, les chiffres d'affaires ou la valeur marchande. Cette recherche vise à combler les lacunes de la littérature lorsqu'il s'agit de la valeur comptable totale en tant que performance finale. En améliorant la valeur comptable totale de la société et en créant de nouveaux actifs grâce à la capitalisation des investissements en composants de capital intellectuel, la société génère des avantages à long terme.Méthodologie: Nous avons inclus 498 entreprises françaises et 475 dans une analyse statistique de corrélation complexe respectivement dans deux modèles de recherche principaux. Les informations financières sont extraites de la base de données financières «Point Risk» pour répondre à la question de recherche principale. Le modèle utilisé dans cette étude est le modèle d'évaluation de la transformation du capital intellectuel (ICTEM) développé par Molodchik et al. (2012). Ce modèle étudie le processus de transformation du capital intellectuel dans la performance d’une entreprise.Constatations: Les entreprises transforment et capitalisent leurs investissements dans les composantes du capital intellectuel en actifs concrets de la valeur comptable totale. Les trois principales composantes du capital intellectuel dans lesquelles les entreprises investissent sont: le capital humain, le capital organisationnel et le capital relationnel.Conséquences et limites: La principale contribution de notre recherche est l’identification du lien entre les investissements dans les composantes du capital intellectuel et la valeur comptable totale de la société en tant que performance finale. Jusqu’à présent, la valeur comptable totale de la performance finale d’une entreprise n’était pas utilisée en corrélation avec le capital intellectuel et ses investissements.Les limites de l’étude sont la recherche d’informations financières adéquates sur les entreprises qui seront utilisées dans une analyse. Les informations financières, telles que les dépenses de marketing et les dépenses de R & D, ne sont pas toujours disponibles dans les comptes des entreprises.Caractéristique originale: cette étude présente la première vérification de la relation positive entre les investissements dans les composantes du capital intellectuel et la valeur comptable totale de la sociétéObjective: Intellectual capital is a strategic resource that plays an important role in the value creation process. Taking into account that the twentieth century is a century of ideas, knowledge, innovations, information and changes, intellectual capital has been an interesting topic over the past few decades. At the same time, the financial market has become influential in the global market, so intellectual capital found a very important role for itself. Most of the research is aimed at identifying the relation between intellectual capital and short-term financial performance, such as profits, market shares, turnovers, or market value. This research aims to fill the gap in the literature that relates to the total book value as a final performance. By improving the total book value of a company and creating new assets through the capitalization of investments in intellectual capital components, a company generates benefits on a long-term basis. Methodology: We included 498 and 475 French companies in a complex correlation statistical analysis in two main research models respectively. The financial information was obtained from the financial database “Point Risk” for the purpose of addressing the main research question. The model used in the study is the Intellectual Capital Transformation Evaluating Model (ICTEM) developed by Molodchik et al. (2012). This model investigates the process of intellectual capital transformation in the performance of a company.Findings: Companies transform and capitalize their investments in intellectual capital components into concrete assets in the total book value. The three main intellectual capital components that companies invest in are: human capital, organizational capital and relational capital. Implications and limitations: The main contribution of our research is the identification of the link between investments in intellectual capital components and a company’s total book value as final performance. Until now, the total book value as company final performance has not been used in correlation with intellectual capital and its investments. There are limitations of the study. One of them is to find adequate financial information about companies that will be used in an analysis and another one is financial information, such as marketing expenses and R&D expenses, which is not always available in the accounts of a company. Original feature: This study presents the first verification of a positive relationship between investments in intellectual capital components and a company’s total book value
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Osegowitsch, Thomas. "The relationship between global integration and performance in multinational professional engineering companies." University of Western Australia. Graduate School of Management, 2004. http://theses.library.uwa.edu.au/adt-WU2005.0059.
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This study investigates the link between global integration -- defined as the intra-firm cross-border transfer of operational resources -- and performance in multinational professional engineering companies. Using a combination of qualitative and quantitative techniques, we find some support for a positive association. We review two bodies of scholarship germane to our topic: the global integration - performance literature and the multinationality - performance literature. The inclusion of the latter is justified since the espoused performance benefits of multinationality are predominantly realised through global integration. Based upon an evaluation of these two bodies of scholarship and qualitative insights, we propose a positive relationship between global integration and performance as well as a mediating relationship, with global integration acting as a mediator between multinationality and performance. Hypothesis testing is performed in Partial Least Squares, a structural equation modelling technique ideally suited for small samples. Results reveal a significant positive association between global integration and MNC profitability. A separate research model testing the relationship between global integration and the alternative dependent, MNC growth, is rejected. Further analysis of the profitability-based research model provides support for the mediational hypothesis: the relationship between multinationality and profitability is fully mediated, suggesting no gains from multinationality per se. Supplementary tests reveal that the profitability effects of global integration are enhanced when it is strongly motivated by the desire to take advantage of specialised skills within the MNC; no such claim of moderation can be made when global integration is strongly motivated by a desire to improve staff utilisation on a global basis. The relationship between global integration and profitability is also unaffected by the origins (headquarters vs. subsidiaries) of the intra-firm operational resource transfers that constitute global integration.
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Mwangi, George. "Relationship between Firm Performance and CEO's Stock Options in U.S. Pharmaceutical Companies." Thesis, Walden University, 2016. http://pqdtopen.proquest.com/#viewpdf?dispub=10245104.
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The CEO’s compensation policy is one of the most important factors in an organization’s success. CEO’s stock options are awarded to align the interests of the CEO with the interests of the firms’ stakeholders. However, lack of understanding of the relationship between firm performance and a CEO’s stock options could threaten the alignment of a CEO’s interests with those of the stakeholders. Grounded in agency theory, the purpose of this correlation study was to examine the relationship between return on equity, return on investment, total annual revenues, and CEOs’ stock options awards, while controlling for firm size, age of CEO, and CEO tenure. Archival data from 99 U.S. pharmaceutical companies were analyzed using hierarchical linear regression. The results of the hierarchical regression analysis indicated a significant predictive model F(6, 262) = 42.065, p < 0.05, R2 = .343. However, in the final model, only firm size and CEO tenure were significant. In addition, there was no significant relationship between return on equity, return on investments, and annual revenues to CEOs’ stock options. The implications for positive social change include the potential for policy makers to utilize findings in furthering dialogue related to income inequality and feeling of unfair distribution of valuable resources in the society. Pharmaceutical business leaders might affect social change by structuring CEOs’ compensation based on firm performance, encouraging innovation, and improving employment opportunities in the society.
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Vieira, Renato. "The relationship between liquidity and profitability : An exploratory study of airline companies between 2005 and 2008." Thesis, Umeå universitet, Handelshögskolan vid Umeå universitet, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-42543.
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Hashimoto, Susumu. "Analysis of Strategies of Companies under Carbon Constraint: Relationship between Profit Structure of Companies and Carbon/Fuel Price Uncertainty." MIT Joint Program on the Science and Policy of Global Change, 2004. http://hdl.handle.net/1721.1/4055.
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This paper examines the relationship between future carbon prices and the expected profit of companies by case studies with model companies. As the future carbon price will vary significantly in accordance with the political and economic situation, a specified probability density profile for the carbon price in the future has been assumed in this paper and the expected profits of the model company have been calculated on the basis of this profile. A power company has been selected as the model company representing a typical instance of a large-scale emitter of CO2. In the case of a single-fuel using company, it has been established that the influence on corporate profits can be assessed quantitatively by determining the profit break-even line with the carbon price as the parameter using the company’s carbon emission intensity and its operating profit per unit of production output. For multi-fueled companies, it is shown that the future optimum fuel mix is determined not only by the carbon price but also by the operating profit ratio for the fuels concerned. These studies have thus confirmed that corporate profits are governed by the ratio of the operating profit levels achieved per unit of production output for the different fuels and the carbon price.Abstract in HTML and technical report in PDF available on the Massachusetts Institute of Technology Joint Program on the Science and Policy of Global Change website (http://mit.edu/globalchange/www/).
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Park, Jeongdoo. "The relationship between top managers' environmental attitudes and environmental management in hotel companies." Thesis, Virginia Tech, 2009. http://hdl.handle.net/10919/34147.
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Environmental management and sustainability have been recent important issues in the hospitality industry. The hotel industry, as a main sector of the hospitality industry, has benefited from environmental initiatives through improving corporate image and increasing resource and energy efficiency. Among various environmental issues that have been addressed in the hotel industry, managerial influence on environmental management is rarely investigated.
The purpose of this study was to examine the current state of environmental management in the hotel industry. Further, this study also determined a relationship between top managersâ personal environmental attitudes and organizational involvement in environmental management practices. To achieve the purpose of this study, this study examined currently adopted green practices, top managersâ environmental attitudes, and their perception of advantages derived from environmental management.
Hotels that participated in this study showed greater involvement in energy management, water conservation, and waste management practices than hotels examined by previous research in different geographical areas. The results of this study showed a correlation between top managersâ environmental attitudes and organizational involvement in environmental management. It was also found that top managersâ environmental attitudes were positively related to their perceived advantages of environmental management. These findings present various managerial and theoretical implications for related organizations and hotel management companies.
The hotel industry should keep promoting green hotel practices to reduce negative impacts on the valuable environment and increase operational efficiency. In order to promote environmental management in the hotel industry, related organizations, governments, and stakeholders need to focus on raising top managersâ environmental awareness as well as providing information on successful cases of environmental management.Master of Science
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Hallbäck, Hanna, and Sara Hillman. "A study about construction-companies thoughts on land acquisition for housing – A comparison between small, medium and large companies." Thesis, KTH, Fastigheter och byggande, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-190869.
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The private companies are to a large extent accountable for the residential construction. Plan monopoly means however that it is the municipality that determine land use. This can lead to uncertainty among the companies, which could mean inertia in the development of housing. Furthermore is this problematic because there already is a shortage of housing in Sweden. This thesis aims to explain companies’ thoughts when choosing land to purchase based on current zoning plan and ownership. Representatives from different companies were interviewed in order to clarify their thoughts. When investigating ownership this work has focused on whether the owner is municipal or private. The interviewed have been asked if they prefer acquiring land with a finished plan or land in the early stages of planning. Furthermore participation in the development of zoning has been treated. In these respects, a comparison between large, medium and small companies has been made. The result of the study show that the small companies focus on land with zoning plan and owned by the municipally. The medium and large companies prefer land that is not yet planned and the owner of the land varied. Acquisition of land is a complex process that is influenced by a variety of factors. It is therefore difficult to determine how much a specific factor affects the choice of land to purchase. The study has shown that the municipality's work procedure and in which municipality the land is located greatly affects the choice.Idag ansvarar främst privata aktörer för bostadsbyggandet. Planmonopolet innebär emellertid att det är kommunen som bestämmer markanvändningen, vilket kan leda till osäkerhet hos aktörerna och innebära en tröghet i framtagandet av bostäder. Detta är problematiskt då det redan finns en bostadsbrist i Sverige. Examensarbetet syftar till att redogöra aktörers tankar vid markförvärv för bostadsbyggande, baserat på rådande detaljplaneförhållande och ägarförhållande. Representanter från byggbolag har intervjuats för att redogöra detta. Vad gäller ägarförhållande har detta arbete fokuserat på om aktörerna inriktar sig på kommunal eller privatägd mark. Företagsrepresentanterna har fått besvara frågan om bolagen förvärvar mark med en färdig detaljplan eller om de hellre köper mark i ett tidigt skede av planläggningen. Även deltagandet i framtagningen av detaljplan har behandlats. I dessa hänseenden har en jämförelse mellan stora, medelstora och små företag gjorts. Studiens resultat visar att de små aktörerna i större utsträckning köper mark som redan är detaljplanelagd och kommunalt ägd. Hos de stora och medelstora var det en stor spridning på vilket ägandeförhållande som rådde och den mest attraktiva marken, utvecklingsmässigt, var den som ej var detaljplanelagd än. Förvärv av mark är en komplex process som påverkas av en mängd olika faktorer. Det är därför svårt att fastställa hur mycket en specifik faktor påverkar val av mark. I studien har det visat sig att hur kommunen väljer att sälja marken samt i vilken kommun marken ligger i påverkar detta val i hög grad.
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Brener, Sheba. "The relationship between corporate strategy and information systems strategy in Hong Kong insurance companies." Thesis, [Hong Kong : University of Hong Kong], 1992. http://sunzi.lib.hku.hk/hkuto/record.jsp?B13302309.
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Patrisia, Dina. "The relationship between corporate diversification, corporate governance and corporate social performance in Indonesian companies." Thesis, University of Huddersfield, 2016. http://eprints.hud.ac.uk/id/eprint/32622/.
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The effect of corporate diversification on behaviour of business towards stakeholder demands and social concerns has been overlook, especially in product diversification both related and unrelated diversification. This study investigates the relationship between corporate diversification (CD) (i.e. related, unrelated and international diversification) and Corporate Social Performance (CSP) in Indonesian listed companies. It explores the moderating effect of corporate governance (CG) (e.g. independent commissioner and ownership concentration) on the correlation between corporate diversification and CSP. This study takes 203 listed companies from the Indonesian Stock Exchange as the sample. It applied company annual report, Indonesian Capital Market Directory and Osiris database as sourced of data. Moreover, content analysis based on 80 indicators of Global Report Initiative is used to measure CSP, while multiple regression with one-year lag dependent variables is used as the primary data analysis. The result of multi regression analysis shows that related and unrelated diversification produced different outcomes whereby related diversification is negatively correlated with CSP. Unrelated diversification, conversely, reveals a positive relationship with CSP. Moreover, unrelated diversification is more positively correlated to CSP than the related CD, while international diversification also has a positive relationship with CSP. Furthermore, an independent commissioner could strengthen the CD-CSP relationship with regards to unrelated and international diversification. Conversely, ownership concentration could weaken the CD and CSP relationship for related diversification. In conclusion, this study contributes to theoretical development (i.e. it explains the link between product diversification, international diversification and CSP in emerging economies setting. It extends previous studies by considering the role of CG as a moderator, and uses content analysis based on GRI indicators in measuring CSP). Additionally, it has managerial implications, including a manager needs to consider CD and carefully manage the demands of an extensive range of stakeholders to increase CSP. Second, in order to maximise the impact of corporate diversification strategy on CSP, a manager has to think sensibly, based on the CG dimensions in the company, such as the number of independent commissioners and ownership concentration. Third, this study provides input to managers who run their businesses in emerging economies that have some differences with developed economies, for instance local rules, regulations and governmental control. Fourth, it also has an impact on the economy of Indonesia. For example, the government should establish regulations suitable for several types of industry and encourage the listed companies to implement good CG. Finally, limitations and further research directions are discussed.
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Escalante, Gómez Juan Esteban. "The relationship between supply chain strategies and supply chain management practices at manufacturing companies." Doctoral thesis, Pontificia Universidad Católica del Perú, 2018. http://tesis.pucp.edu.pe/repositorio/handle/123456789/12873.
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The purpose of this research was to find the relationship that exists between supply chain strategies and supply chain management practices at manufacturing companies. A sample of 195 firms in Colombia was used. Data analysis was performed in three phases. Initially, an exploratory factor analysis was carried out to identify the dimensions underlying each construct and derive, from the literature, a parsimonious configuration of supply chain management strategies and practices. Then, using a confirmatory factor analysis, internal consistency and degree of fit of the measurement models was evaluated. Finally, a structural equation model was built to test the formulated hypotheses (CMIN/DF=1.865, RMSEA=0.067, CFI=0.884, IFI=0.888, PNFI=0.623). Results in terms of correspondence were dissimilar, as a positive and statistically significant link was found between the constructs lean supply chain strategy and relationship with supply chain partners (H1a, y11=0.750, p<0.01), lean supply chain strategy and information management (H1b, y21=0.705, p<0.01) and between agile supply chain strategy and relationship with supply chain partners (H2a, y12=0.420, p<0.01). However, links between lean supply chain strategy and postponement (H1c, y31=-0.182, p>0.01), agile supply chain strategy and information management (H2b, y22=0.201, p>0.01) and agile supply chain strategy and postponement (H2c, y32=0.227, p>0.01) were not supported by empirical evidence. This allowed concluding that planning and formulating a specific supply chain strategy must involve a joint deployment of the practices appropriate for materializing it and that not all supply chain management practices support fulfilling the goals defined for the chain. For future work, including an analysis of the effect of variables such as demand uncertainty, company size or type of industry in the evaluated relationship is suggested. The importance of longitudinal measurements or evaluations with a qualitative approach to understand the phenomenon being studied is also mentioned.Tesis
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Liu, Han. "The relationship between corporate governance, environmental disclosure, and firm value in Chinese listed companies." Thesis, Durham University, 2015. http://etheses.dur.ac.uk/11246/.
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In the last three decades, the rapid economic growth of China has attracted increasing research on its corporate governance and disclosure practices. However, there is, in general, a lack of understanding from the outside world due to the specific knowledge needed of the unique situation of China. In addition, previous studies lack research on the relationship between corporate governance and environmental disclosure in developing countries. In this thesis, the roles of ownership structure and board composition on the extent of environmental disclosure in the annual reports are examined through evidence from the Chinese market. The sample of this research is collected from both the Shenzhen Stock Exchange (SZSE) and Shanghai Stock Exchange (SHSE). In this study, the quantity of environmental disclosure (measured by the mechanistic content analysis approach) and the quality of environmental disclosure (measured by the interpretative approach) are employed to estimate environmental disclosure variables. The results indicate that both qualitative and quantitative environmental disclosures increase with state ownership, greater blockholder ownership, and with a larger supervisory board. Environmental disclosures are not significantly associated with the proportion of independent directors on the board of directors. Furthermore, this study denotes that much less environmental information is disclosed in the annual reports of most Chinese listed companies compared to those of developed countries and so China is in a budding stage of development in disclosure practice. It suggests that firms should reveal more environmental information in the future for a win-win situation between themselves and their stakeholders under the stakeholder-agency framework. This thesis also examines how the market reacts to qualitative and quantitative environmental disclosures from annual reports during relatively long periods, compared with the event study. Using two sets of databases (CCER and CSMAR) and annual reports from two Stock Exchanges, financial data and environmental disclosure information are collected to test the regressions using Chinese observations between 2009 and 2011. Voluntary environmental disclosure in the annual report is expected to provide value relevant information in the Chinese market based on signalling theory and the concept of information asymmetry. The findings indicate that quantitative environmental disclosure is positively value relevant in the market, and it also influences the firm value in the subsequent year; in contrast, qualitative environmental disclosure merely relates to the firm value in the same year, but it does not affect the subsequent year. The uniqueness of China motivates the research on corporate governance in China, which would be a reference for countries processing similar mechanisms or attempting to advance their corporate governance. This research contributes to the existing literature on accounting about corporate governance, managerial structure, and disclosure practice in fast growing developing countries such as China. It enhances the understanding of influences from different corporate governance compositions on environmental disclosure. In addition, this research contributes to the knowledge about the association between market value and environmental information in fast developing countries such as China based on a large sample during consecutive years. Moreover, it is an up-to-date empirical research, which enhances the understanding in terms of qualitative and quantitative environmental disclosures and provides useful information for various stakeholders.
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Asawayoungyuenporn, Priya, and Rivero Albidrez Andrea Berenice. "Benefits and risks of the influence of IT evolution in the relationship between companies and suppliers : The case of seven companies." Thesis, Mälardalens högskola, Akademin för hållbar samhälls- och teknikutveckling, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:mdh:diva-10115.
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Clout, Victoria Jane. "Investigating the relationship between market values and accounting numbers for 30 selected Australian listed companies." Queensland University of Technology, 2007. http://eprints.qut.edu.au/16515/.
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In capital market research (CMR) studies of the value relevance of accounting numbers are founded upon the concept that, in equilibrium, the book values are equal to or have some long-term relationship with the market value and that market returns are related to book returns. This thesis seeks to resolve a gap in the CMR by examining 30 selected individual firms listed on the Australian stock market during the period 1950 to 2004, using equilibrium correction modelling techniques. Even these limited prior works used cross-sectional techniques rather than the long-run, time-series, analysis used in this study. Moreover, dynamic analysis in the CMR has tended to focus on indexes or portfolio data rather than using firm-specific case study data of the type modelled here. No prior research has taken this approach using Australian data. The results of this thesis indicated that an equilibrium correction relationship between market values and book values for firms listed on the Australian Stock Exchange (ASX) could be determined by using accounting and macroeconomic regressors. The findings of the thesis were consistent with the literature in terms of the variables suggested and important in the firm's valuation from the three main approaches, the analysts (industry) approach, the finance and accounting theory (textbook) approach and the CMR literature approach. The earnings, dividends and book value variables are significant in their relationships with the firm's market values. The models constructed were typically more informative and had an increased forecasting performance compared with the a priori models tested, based on theory and the literature.
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Li, Ching-man. "Examination of the relationship between organizational culture and communication of construction companies in Hong Kong." Click to view the E-thesis via HKU Scholars Hub, 2006. http://lookup.lib.hku.hk/lookup/bib/B37938253.
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Hagberg, Christian, Sebastian Johansson, and Anton Karlsson. "The relationship between CSR and financial performance : A quantitative stuy examining Swedish publicly traded companies." Thesis, Linnéuniversitetet, Institutionen för marknadsföring (MF), 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-45265.
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Purpose: Examine the relationship between Corporate Social Responsibility (CSR) and financial performance in Swedish publicly traded companies in the years 2006-2009. Hypothesis: H1: There is a positive linear relationship between a company's CSR performance and its accounting based financial performance (represented by ROA). H2: There is a positive linear relationship between a company's CSR performance and its market based financial evaluation (represented by Tobin's Q) H3: Industry moderates the relationship between CSR and financial performance. H4: Firm size moderates the relationship between CSR and financial performance. Theoretical framework: CSR and previous research. Methodology: Longitudinal study, Secondary analysis. Conclusion: Hypothesis 1 may be rejected. Hypothesis 2 may be rejected. Hypothesis 3 may be rejected. Hypothesis 4 may be rejected.Syfte: Undersöka relationen mellan företags sociala ansvar och dess finansiella resultat på Svenska börsnoterade företag under åren 2006-2009. Hypoteser: H1: Det är ett positivt linjärt samband mellan ett företags CSR utförande och dess bokföring baserad på finansiella resultat (representerad av ROA). H2: Det är ett positivt linjärt samband mellan ett företags CSR utförande och dess markandsbaserad finansiella värdering (representerad av Tobin's Q). H3: Industri modererar relationen mellan CSR och finasiellt resultat. H4: Företagsstorlek modererar relationen mellan CSR och finansiellt resultat. Teoretiskt ramverk: CSR och tidigare forskning. Metod: Longitudinell studie, Sekundär analys. Slutsats: Hypotes 1 kan avvisas. Hypotes 2 kan avvisas. Hypotes 3 kan avvisas. Hypotes 4 kan avvisas.
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Abror, A. "The relationship between psychological safety, self-efficacy and organisational performance : a case in Indonesian companies." Thesis, University of Hull, 2017. http://hydra.hull.ac.uk/resources/hull:14757.
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Yang, Fu-Ching, and 楊馥菁. "The Relationship between profit companies and R&D deductions." Thesis, 1996. http://ndltd.ncl.edu.tw/handle/34149449216395419595.
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碩士東吳大學
會計學系
85
Most companies are not interested in R&D, since R&D have some unattractive characteristics, such as external econimies, high risk, time lag, and so on. But for the long term, R&D are really an important factor for economic development, so most governments give companies the R&D deductions. However, these deductions will decrease the government's tax revenues, and it is doubtful whether these deductions really g?p螜anager the motivation for R&D. According to many studies, some of them support the R&D deductions, and some have opposite opinions. Now, the Taiwanese government have 「statute for agreement industries」 for the R&D deductions. We are concerned three problem: what are the degree and result of R&D deduction execution? Does the R&D deduction attract companies for R&D? And whatcompany think about the R&D deduction?We used the public companies, which had R&D expenses from 1991 to 1994, as the samples. Also, we used questionnaire and the database of TEJ to search the company's reaction of knowledge and behavior. In addition, we try to understand what companies think about the regulations for R&D deductions.We have some conclusion from our study. The first one is about the company's reaction of knowledge. The priorities which companies think the importance of R&D deductions is "Deduction for investment," "Tax delay on dividends", and "Accelerated depreciation". The second conclusion is about the company's reaction of behavior: R&D expenses increased last four years. The third conclusion is about what the company thinks about the R&D deduction: 1. The criteria for deduction: (1) The consideration of the size of R&D expenses: for median and companies, their yearly R&D expense is only $2.53964 million, which is smaller than the criteria for the R&D deduction, $3 million. Therefore, the government should consider to lower the criteria for R&D deduction form $2 million to $2.5 million, (2) Based on the result of the questionnaire, there are 78.38% companies think that new criteria, $2.5 million, are more probable. (3) The consideration of actual capability: the average percentage of R&D expenses if the criterion for R&D deduction is lowered to 0.9%. 2. "The lack of R&D professionals", "The difficulty to keep staff" and "The lack of information to do R&D" are the three most important factors affecting R&D activities. 3. "The legislation to protect the patent of successful R&D research", "The supply of information about R&D", and "The combination of methods to help companies to expand their market" are the ways that make R&D deduction more attractive.
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LU, ZI-YING, and 呂姿穎. "The Relationship Between Social Networks of Listed Companies and Companies Recovering from the Financial Crisis." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/n9699x.
Full textAbstract:
碩士國立雲林科技大學
財務金融系
105
In the era of knowledge economy, social networks have become the important intangible assets for company. It is a business strategy for a company to use its social networks to increase firm performance. In this study, we use the listed companies of financial crisis during the period from 2007 to 2015 as the subject of research, and divided into companies whether passing through the financial crisis. We analyze their correlation between financial crisis and social networks including chairman, CEO, CFO and corporate member’s general network and banking network. The empirical results using the Logistic model find the CEO’s the higher of closeness centrality of general network and banking network, and the chairman’s the lower of degree centrality of banking network have a benefit for companies recovering from financial crisis. Then using the Cox model can find the CFO’s the lower of closeness centrality of general network and the higher of degree centrality of banking network, and the chairman’s the lower of degree centrality of general network have a benefit for companies of financial crisis with cutting down crisis period.
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Hsieh, Yi-Ching, and 謝依靜. "The Relationship between Bonding Strategy and Relationship Performance: A Study of Financial Service companies." Thesis, 2000. http://ndltd.ncl.edu.tw/handle/54933527314772889823.
Full textAbstract:
博士國立臺灣大學
商學研究所
88
In the past decade, new thinking about the buyer-seller relationships is so evident that experts asserted that relationship marketing is a new marketing paradigm. It focuses on approaches to build, develop and maintain all successful relational exchanges, and as a result, mutual trust and commitment can be achieved. Therefore, the relationship between various bonding strategies and customers’ trust and commitment has become an important research issue. Additionally, for the superior capabilities of Internet, some researchers opined that it should be considered an enabler of long-term relationship with customers. Hence, the usage of Internet could moderate the relationship between various bonding strategies and customers’ trust and commitment. Moreover, operational flexibility is a solution for satisfying different customers’ demand. Therefore, it could be another moderator variable in the relationship between various bonding strategies and customers’ trust and commitment. In order to examining the relationship between various bonding strategies and consumers’ trust and commitment, and the moderating effects of the usage of Internet and operational flexibility, we conducted an empirical study in Taiwan’s financial service companies. The findings of this research are as follows. 1. The bonding strategy to foster loyalty of customers can be categorized into three types: economical bond, social bond and structural bond. 2. Three types of bonding strategy are significantly positively correlated with customers’ trust and commitment. 3. Customers’ usage of corporate web site significantly moderates the relationship between bonding strategy and relationship performance. Economical and structural bonds are more helpful to improve relationship performance for the customers who have ever use the corporate web site. However, social bond is more helpful to improve relationship performance for the customers who have never use the corporate web site. 4. Customers’ perceptions of characteristics of corporate web site significantly moderate the relationship between bonding strategy and relationship performance. Economical and structural bonds are more helpful to improve relationship performance for the customers who perceive higher convenience of the corporate web site. Structural bond is more helpful to improve relationship performance for the customers who perceive higher information quality of the corporate web site. Finally, social and structural bonds are more helpful to improve trust and commitment for the customers who perceive higher interactivity of the corporate web site. 5. Customers’ perceptions of corporate operational flexibility significantly moderate the relationship between bonding strategy and relationship performance. Economical bond is more helpful to improve relationship performance for the customers who perceive higher volume flexibility of the corporate. Moreover, structural bond is more helpful to improve trust and commitment for the customers who perceive higher product flexibility of the corporate.
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Chiang, Pin-Hsuan, and 江品萱. "The Relationship between the Stock Prices of Iron & Steel Companies and Construction Companies in Taiwan." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/c3c893.
Full textAbstract:
碩士大葉大學
管理學院碩士在職專班
105
This study employs unit root and vector autoregression model to demonstrate whether the construction sector index leads the stock prices of Feng Hsin Steel and Tung Ho Steel and uses weekly data covering the period from December 4, 2009 to December 31, 2016. We find that Feng Hsin Steel and Tung Ho Steel have lower stock price volatilities in contrast to DaCin Construction, Highwealth Construction, and Sinyi Realty. Furthermore, in the corresponding period, the rates of stock return on Feng Hsin Steel and Tung Ho Steel are positively related to the rates of stock return that DaCin Construction, Highwealth Construction, and Sinyi Realty achieve.
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HUA, LIN TSUI, and 林翠華. "The Relationship between Information Contentand Ownership Structure in Financial DistressRelieves Companies." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/46043611286705702607.
Full textAbstract:
碩士國立中正大學
會計與資訊科技研究所
100
Abstract Since Asian financial Crisis in 1997, there are more financial crisis companies than before. When investors invest financial crisis companies, they have no idea whether they should keep their shares or not. Most Taiwan listed companies are family companies. The major agency problem is between major stockholders and minority stockholders. Therefore, this study tries to understand that is there any relationship between ownership structure and the information connotation about the relive of financial crisis companies. The empirical data sets are collected from TEJ database. The sample firms are financial distress relieves companies between 2000 and 2010 on TES or OTC. The financial crisis companies is used the definition created by TEJ database. This research uses Event Study to get standard cumulate abnormal return (SCAR). Then, this research use SCAR as the dependent variable, Board of Director ownership, Managers ownership, Major stockholder ownership, Institution ownership, Largest external stockholder ownership, as independent variables. Base on the regression model analysis, this result of the study as follows: 1. The relationship between Financial distress relieves of SCAR and Largest external stockholder ownership, Managerial ownership are significant. 2. The relationship between Financial distress relieves of SCAR and the Board of Director ownership rate, Major stockholder ownership, Institution ownership, are not significant. Keywords: Ownership Structure; Financial Distress; Event Study
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WANG, YI-TING, and 王怡婷. "Relationship between Ownership Structure and Business Performance of Financial Holding Companies." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/k59434.
Full textAbstract:
碩士東吳大學
經濟學系
106
In recent years, there have been many cases of accounting Frauds around the world, including the financial scandal of Enron, WorldCom, and Merck. There have caused great impact on the global world. After that, corporate governance issues have become more and more important, and Asian countries have gradually begun to pay attention to the corporate governance issues after the financial crisis of 1997. Due to the business scope covering the fields of banking, insurance, and security, the corporate governance and operating performance of financial holding groups should be examined more frequently than other industries. Once a financial crisis occurs, it will cause huge influence on society. Ownership structure is the basis of corporate governance. This study presents the relationships between the ownership structure and the financial holding companies’ business performance. This article also discusses about the effects of foreign shareholdings on financial holding companies’ operating performances. We analyzed the sample of 15 financial holding companies in Taiwan from 2008 to 2016, and use ROA, ROE, and EPS to be the measures of business performance. The results show that the influence of foreign shareholding ratio on ROA and ROE of the company is significantly positive, while the shareholding ratio of the directors, the supervisors, the major shareholders, and the domestic government agencies have no significant impact on the business performance.
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Chen, Wan-ching, and 陳婉菁. "Relationship between Corporate Governance and Business Performance of Financial Holding Companies." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/73377721250951536312.
Full textAbstract:
碩士國立中正大學
財務金融所
97
There is evidence that good corporate governance has a positive impact on financial development and economic growth. This paper investigates the relationship between corporate governance and business performance of financial holding companies. In addition, the critical corporate governance components affecting the aforementioned relationship are explored. By adopting the CAMELS system in measuring performance, the result indicates that the higher the quality of corporate governance, the better the performance of financial holding company. This positive relation was strengthened when the controlling shareholders’ cash flow right was relatively high, and the deviation between controlling shareholders’ voting right and cash flow right was relatively low; it was still held when the pledge ratio of major shareholders was relatively low.
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Tsai, Ming-Jhang, and 蔡明璋. "The Relationship between Managerial Overconfidence and Operating Performance of Financial Holding Companies." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/01798455477501209851.
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碩士銘傳大學
財務金融學系碩士班
99
This study investigates how managerial overconfidence affects the performance of FHC (Financial Holding Companies). The sample period is from 2002 to 2005. The logitistic regression model and panel data model are used in this study and examine the performance of FHC which is influenced by managerial overconfidence. And it also investigates whether the overconfidence is affected by the characteristics of FHC. The empirical results show that there exists a significantly negative relationship among the managerial overconfidence, current ratio, debt ratio, coverage ratio of allowances for bad debts, market-to-book ratio and the performance of FHC. It also exhibits the nonlinear relationship between the stockholding of managers and FHC’s performance. Besides, it also provides evidence that the managerial stockholding and board size can strengthen the tendency of managerial overconfidence. However, the market-to-book ratio weakens the tendency of managerial overconfidence.
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Te, Yin Che, and 尹者德. "The Stock Price Relationship Study Between Taiwan IT Companies and Apple Inc." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/35801982359787613007.
Full textAbstract:
碩士東海大學
管理碩士在職專班
100
This study explores the relationship between the Apple stock price and those of the PC companies and the whole IT industry of Taiwan, which include the iPad-related stock, non-related stock and the semiconductor foundry stocks. Moreover, it also examines whether this relationship is subject to the structural break before and after the time of the iPad1 and iPad2 to market. The empirical result suggests that the introduction of the iPad2 is beneficial to the information transmission between the Apple stock and the Taiwan PC brands as well as the IT industry stock. Additionally,the effect of the introduction of iPad2 is more pronounced than that of iPad1. In terms of impulse response analysis, at the very beginning the responses of individual stocks of Taiwan PC brands and the IT industry to the shocks from the Apple Computer Inc. are more significant than the reverse and this impact is gradually increasing at first and then decreases, which indicates the role of information dominator of the Apple stocks. In terms of the variance decomposition, more than 80% of the variances of the individual stocks of Taiwan IT industry are accounted for by themselves, even high up to 90% in many of the studied cases. This finding is even more evident for the Apple Computer Inc., the ratio of which is sustained at the level between 95% and 100%.
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Hsu, Yu-Mei, and 徐玉美. "The Relationship between Corporate Governance and Firm Performance of China Listed Companies." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/63647524003907780285.
Full textAbstract:
碩士中原大學
會計研究所
101
ABSTRACT This study explores the impact of corporate governance on corporate performance in China. The sample includes the listed companies in all industries, except financial industry, which are in Shanghai and Shenzhen stock markets. There are 1,057 samples of Chinese firm are collected between 2005-2012. These study collected eight years panel data, which are 8,456 firm-year. Using GLS regression model, this study examines the relation between internal and external corporate governance and firm performance. This study finds that: (1) An U shape relation between the board size and corporation's market performance. (2) Higher CEO ownership are related to greater operating performance. (3) Higher pledge ratio of directors are related to worse operating performance. (4) If corporation's financial statement are examine by big-4 accounting firm, corporate performance will be greater. (5) The negative relation between institutional investor ownership and firm performance. (6) The highly positive relation between Corporation governance and firm performance.
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江閔潔. "Relationship between impairment of goodwill and investment opportunities – Evidence from Listed Companies." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/15748482509246000262.
Full textAbstract:
碩士逢甲大學
財稅學系
102
Our adopted SFAS (ROC GAAP) in 2005 , &;quot;Accounting for Asset Impairment &;quot; No. 35 , goodwill is no longer amortized but instead tested for impairment , goodwill impairment that there is evidence that might occur , the company should be tested for impairment , and according to recognized goodwill impairment loss. The response to the advent of globalization , China is also the beginning of 2013 adopted the International Financial Reporting Standards (IFRS), goodwill impairment test should be done every year , if the carrying value over the fair value of the goodwill impairment that should be recognized . In this study, from 2005 to 2013 in Taiwan listed companies with the research object, and according to Keryn G. Chalmers et al. (2011) and Jayne M.et al. (2009) approach to calculate the practice of IOS, the detection of goodwill impairment for investment opportunities (investment opportunity set, IOS) relationship , and the other to explore the goodwill impairment under IFRS standards are essential to better reflect the company&;#39;s economic attributes than ROC GAAP guidelines. Empirical study found that really reflects the company&;#39;s goodwill impairment on investment opportunities, when the company has a good investment opportunity, goodwill impairment is small, and the discretion of the manager in accordance with International Financial Reporting Standards regime might take the opportunity to goodwill reported adjusted to reflect the company&;#39;s underlying economic situation. A direct comparison between the two accounting systems (ROC GAAP and IFRS Standards Standards), studies have shown that under the IFRS regime, goodwill impairment related companies and investment opportunities between the Financial Accounting Standards strong in our system.
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HUA, FAN MEI, and 范美花. "Relationship between goodwill impairment and investment opportunities - Evidence from China Listed Companies." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/61252228908045885225.
Full textAbstract:
碩士逢甲大學
財稅學系
102
With the changes in the international investment environment, more and more enterprises holding and mergers and acquisitions to enhance competitiveness, while derived from goodwill. Goodwill is an important asset of modern enterprises, the real yield on the future development of the enterprise and have an important impact. Domestic and international research shows that the value of goodwill for the company&;#39;s future sustainable development and to a certain extent. After the accounting treatment of goodwill and other assets (fixed / intangible) differences exist, do goodwill amortization, asset evaluation is relatively difficult, and impairment of goodwill can not be reversed, and the general asset impairment can swing different. This study investigates the goodwill impairment / amortization and relevance effective tax rate and to explore investment opportunities. Taiwan Economic Journal Publications Inc. (Taiwan Economic Journal Co., Ltd) on the Chinese mainland listed companies from 2005 to 2013 consolidated financial statements for the empirical data. Study found that investment opportunities IOS; Only PRCGAAP 2005-2006 and IFRS2007 negative correlation but not significant level; ETR3 that tax expense ÷ EBIT Net income refers directly affect the effective tax rate to GWIL goodwill impairment and investment opportunities and IOS in IFRS 2007-2013 and was significant positive correlation of 10% and a negative correlation IFRS2007 with GWIL and reached a significant level of 10% and GWIL as; PRCGAAP 2005-2006 but only in MODEL2-ETR3 and a negative correlation with GWIL up 10% significance level. Test of Equality conducted using IFRS compared with each other and PRCGAAP found RET and ETR3 GWIL non-association with the rest of IOS, SIZE, DEBT, ROA, STATE all with GWIL with relevance. Pesrson correlation coefficient test results IOS in PRCGAAP negative correlation is consistent with expectations, but it was positively correlated with IFRS, ETR3 are negatively correlated in the two accounting systems in line with expectations, probably because of different accounting systems and taxation resulting IOS However, a negative correlation was a positive correlation in IFRS in PRCGAAP is, according to the viewpoint of potential investors fell impairment that caused a good time to purchase lower-cost approach is. Obviously the value of the goodwill impairment little correlation with the market economy in China&;#39;s remarkable economic markets in Europe reflected with the different market when times were good.
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Chen, Yen-Ju, and 陳妍如. "An Analysis of the Relationship between Good Performance Companies and Corporate Governance." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/14573637475845369510.
Full textAbstract:
碩士國立臺灣大學
會計學研究所
94
After Asia’s financial meltdown in 1997, serious corporation fraudulence continuously happened in the world, such as “Enron” in U.S. and “Infodisc”, “Procomp Informatics” in Taiwan. The major cause of these events is weak corporation governance. For this reason, the government (including Securities and Exchange Commission, Ministry of finance and related organization), the public opinion and the academic community start discussing the hot issue of corporate governance in the world. In my research, I focus on the relationship between internal corporate governance mechanism (including the components of director and supervisors and ownership structure) and corporation performance. About corporation performance, the traditional research directly uses operation performance measure (for example: ROE, ROA, Tobin’s q, et al.) as the dependent variable. Nevertheless, I choose five performance measures (containing average profit growth rate, average operation income rate, average EPS, average ROA and accumulated stock return) to classify sample companies. After sorting, I pick out 77 good performance companies. In accordance with operation income and industry, I use pair sample method to select 77 bad performance companies and 77 ordinary performance companies. So, the total samples are 231 companies. The empirical results are summarized as following: 1. The size of supervisors and the number of manager serving as board or supervisor are positive relation with performance. 2. The size of board and the number of ultimate control shareholder serving as board are negative relation with performance. In a word, this research result suggests that the investors may pay attention to the components of director and supervisors for any investment target. At the same time, control shareholders and governance authorities should understand that improving corporate governance is not only increasing operation performance, but also good for company reputation.
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Chen, Chien Chou, and 陳建州. "The Relationship Between The Profitability And Stock Dividend Policy Among Listed Companies." Thesis, 1999. http://ndltd.ncl.edu.tw/handle/38535130491990365784.
Full textAbstract:
碩士東吳大學
會計學系
87
This study aims to empirically investigate the relationship between the profitability and stock dividend policy among listed companies. The major effect of stock dividend includes an increase of the denominated outstanding shares; thus, the computed EPS (earnings per share) will decrease accordingly. This study predicts if a firm’s profitability cannot increase according to the proportional increase of outstanding shares of common stock, the EPS would decrease subsequently. Upon this prediction, the firm would have incentive in managing earnings and having seasoned offerings in order to support the source of stock dividend in the future periods. The empirical findings of this study vary; however, the negative relationship between profitability and stock dividend policy among listed companies hold.
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Jeng, Jueh-Feng, and 鄭岳峰. "The relationship between operation''s persistency and finacial forcast of IPO companies." Thesis, 1996. http://ndltd.ncl.edu.tw/handle/99022440611579583841.
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CHENG, HSIAO-SHAN, and 鄭筱珊. "The Relationship Between Eco-label and Firm Performance:Evidence from Taiwan Listed Companies." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/tfu59k.
Full textAbstract:
碩士國立中正大學
會計與資訊科技學系碩士在職專班
106
This study investigates the relationship between diverse dimensions of eco-label obtained by Taiwanese listed companies and firm performance. Specifically, this study uses the ordinary least squares regression method to examine the effects of eco-label obtained, the number of eco-label obtained, and continuous verification of eco-label on return on assets, return on equity, and Tobin’s Q. The empirical results show that eco-label obtained is negatively related to firm performance, and only return on assets and Tobin's Q shows significantly negative relationship. This result suggests that the firm’s profit is less than the invested R&D costs to improve products. In addition, the majority of Taiwanese firms rely on export, and they are more willing to obtain international eco-label to meet the standards of other countries. As a result, the number of eco-label is shown to be insignificantly and negatively related to firm performance. The rapid pace of technological change and product replacement also led to the continuous verification of eco-label to be insignificantly and negatively associated with firm performance.
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CHU, HAO-YUN, and 朱浩澐. "The Asymmetric Relationship between the Stocks and Performances of Financial Holding Companies." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/nsq8g9.
Full textAbstract:
碩士正修科技大學
金融管理研究所
107
This study aims to study the asymmetry between financial holding company's stocks and performances fluctuating from the empirical perspectives. This paper constructs the asymmetric GARCH model, in addition to analyzing the impact of past shocks in volatility. And further explore financial holding company's stocks and performances fluctuations in the asymmetric relationship. During the study period from January 2013 to September 2018 quarterly data, a total of 64 transactions. Firstly, we compare the performances of each company, and used unit root test find the variables are non-stationary time series. After the differential variables are steady state time series, Secondly, we test these variables have GARCH effect, so the use of univariate GARCH model to capture financial holding company stocks and performances fluctuations. Finally, paper further examines the asymmetry relationship between the stocks of financial holding companies and performances, we verifies the existence of EGARCH effect. In other words, Performance rises (falls) have different effects on the prices of companies, and there is asymmetry GARCH effect. The main contribution of this paper is to apply the asymmetric GARCH model technology to examine the relationship between the financial holding company's stock price and the performances. In the past, the literature emphasized the correlation between the share price of financial holding companies and the performances. This study further analyzes the effect of the holding price and the performances asymmetry is the innovation of this article, that can provide reference for financial holding company operators and investors, making the research results more indicative.
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CHERN, JYH-Ming, and 陳志銘. "The Asymmetric Relationship between the Stocks ofFinancial Holding Companies and Exchange markets." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/rwt2q7.
Full textAbstract:
碩士正修科技大學
金融管理研究所
107
This study aims to study the asymmetry between financial holding company's stocks and exchange markets fluctuating from the empirical perspectives. This paper constructs the asymmetric GARCH model, in addition to analyzing the impact of past shocks in volatility. And further explore financial holding company's stocks and exchange markets fluctuations in the asymmetric relationship. During the study period from January 2013 to December 2018 day data, a total of 3965 transactions. Firstly, we compare the financial structure of each company, and used unit root test find the variables are non-stationary time series. After the differential variables are steady state time series, Secondly, we test these variables have GARCH effect, so the use of univariate GARCH model to capture financial holding company stocks and exchange markets fluctuations. Finally, paper further examines the asymmetry relationship between the stocks of financial holding companies and Exchange markets, we verifies the existence of EGARCH effect. In other words, exchange markets depreciation (good news) and appreciation (bad news) have different effects on the prices of companies, and there is asymmetry GARCH effect. The main contribution of this paper is to apply the asymmetric GARCH model technology to examine the relationship between the financial holding company's stock price and the exchange rate. In the past, the literature emphasized the correlation between the share price of financial holding companies and the exchange rates. This study further analyzes the effect of the holding price and the exchange rate asymmetry is the innovation of this article, the can provide reference for financial holding company operators and investors, making the research results more indicative.
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Huang, Yao-Lun, and 黃耀論. "The Relationship between Taiwanese Companies’ Global Knowledge Management and Their Human Capital." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/50153844810919347255.
Full textAbstract:
碩士國立中山大學
人力資源管理研究所
90
The Relationship between Taiwanese Companies’ Global Knowledge Management and Their Human Capital Abstract After Taiwan enter WTO, every restriction will be removed. Under environment of free trade of every resource, Taiwanese companies going to the International and Global operation will be the ongoing tendency. To accumulate existing knowledge effectively and exploit new knowledge continuously will be the key point to international corporation’s success. How to build the global knowledge management will be the focus of future’s global competition. “Human being” is the main source of knowledge creation, also the main role under the process of knowledge management. Human-based corporation emphasize on human capital’s accumulation, growth, and this is the main source of corporation’s continuous improvement. This research gathered primary data through interviews. After interviews, try to analyze and categorize these primary data, then get the propositions. After comparison among five corporations, this thesis could get the three following dimensions of propositions: 一、Multinational corporation’s global operation strategy Proposition 1: The higher innovative tendency of overseas subsidiary, the more complexity of global operating function they are, and the more overseas workers they have. Proposition 4: The greater corporations using technical tools, the faster corporations going global operation. 二、Multinational corporation’s global knowledge management Proposition 5: Innovation-based international corporations will be more promise based of organization orientation during knowledge management process. Proposition 9: International professional knowledge will be spread by informational technology; international marketing and management knowledge will be spread by people’s direct interaction. 三、Global knowledge management and Human capital Proposition 2: The more human capital input corporations have, the better innovation and skilled ability corporations have, and would be also care more about getting overseas potential employees. Proposition 7: The more important corporations’ overseas marketing knowledge are, the more marketing employees hired locally. Proposition 3: The higher senior managers’ international and professional level are, the faster corporations’ globalization process are. Proposition 6: The more famous international corporation’s senior managers are, the more attractive to overseas professional and managerial employees. Proposition 8: Corporations’ tacit knowledge would be accumulated by human being through training, and explicit professional innovative knowledge would be accumulated by patent. Proposition 10: The more innovative corporations are, the more opened corporations culture are.
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Tung, Chun-Chan, and 董俊展. "The Relationship between the Cash Holding and profitability for Taiwan Listed Companies." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/04108917891775531563.
Full textAbstract:
碩士國立交通大學
管理學院財務金融學程
103
This paper subjects are the listed companies in Taiwan between 2000 and 2013, and examines the relationship between the cash holding ratio and profitability. The firm attributes is analyzed objective with the aspect of firm characteristics, financial performance and corporate governance. The empirical results are as follows： 1.For the entire sample companies, cash holding ratio、firm’s size、sales growth and asset turnover ratio have positive effects on the profitability. Firm’s debt ratio have significant negative impact for profitability. 2.Domestic and foreign institutional investors’ stock holding ratio have positive effects on the profitability. 3.The profitability of samples from high-tech companies is higher than non-high-tech companies. 4.The profitability of samples data before 2008 is higher than the data after 2008.
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Chin, Hsien-Jen, and 覃顯仁. "Research on the relationship between business strategy and performance of Asset Management Companies." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/71207360137650175159.
Full textAbstract:
碩士淡江大學
企業管理學系碩士在職專班
95
In this research we want to know the relationship between business strategy and performance of Asset Management Companies. With literature review, as Klingebiel(1999) pointed out that “Two main types of AMCs can be distinguished: AMCs set up to help and expedite corporate restructuring and AMCs established as rapid asset disposition vehicles.” ,We choose and survey seven cases of AMCs in Taiwan , according in-depth interviews with managers that four are foreign institutional investors and the other three are domestic enterprises ,we build up some propositions and the main findings as following: 1.Foreign institutional investors have tendencies towards avail themselves of global strategies and domestic enterprises tend to choose strategies in connection with governing the resources. 2.Foreign institutional investors have tendencies towards employing the rapid asset disposition vehicles that depend on the investment benchmark strategies. 3.Domestic enterprises tend to employ the longer term restructuring vehicles, that have the tendencies towards to make use of the product development strategy, the market development strategy and the market penetration strategy. 4.The longer term restructuring vehicles have more intent to establish and maintain long-term relationships with strategic partners than the rapid asset disposition vehicles. 5.On the opposite views of strategy and performance between different vehicles , as the result have mentioned , the longer term restructuring vehicles are superior to the rapid asset disposition vehicles in the organization survival.
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Chang, Hui Chen, and 張慧貞. "The Relationship Between Corporate Social Responsibility and Financial Performance in Financial Holding Companies." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/06311619823693011486.
Full textAbstract:
碩士國立臺北大學
國際財務金融碩士在職專班
100
This study explores the relationship between corporate social responsibility and financial performance in financial holding companies. 13 Taiwanese financial holding companies are included in the dataset, over the period of 2006-2011. According to the literature, the activities of corporate social responsibility were classified into three categories: corporate governance, corporate social performance and operating performance. The relationship between activities of these three categories and financial performance was tested by panel data regression model. The results of this studying are summarized as follows: 1.Corporate governance: -The ratio of the pledged shares held by the board and supervisors has a negative and significant relationship with the financial performance -The director shares holding ratio and manager share holding ratio have a negative and significant relationship with the financial performance -The ratio of the number of independent directors by the total number of directors on the board has a negative and significant relationship with the financial performance -Companies that have audit committees has a positive and significant relationship with the financial performance 2.Corporate social performance: -Companies that engage in charitable activities has a positive and significant relationship with the financial performance -Frequency of companies that violate of the provisions has a negative and significant relationship with the financial performance 3.Operating performance: -The total asset turnover ratio has a positive and significant relationship with the financial performance -The fixed asset turnover ratio has a negative and significant relationship with the financial performance. -The non-performing loan ratio has a negative and significant relationship with the financial performance. -The loan-to-deposit ratio has a positive and significant relationship with the financial performance measured with return on equity (ROE) and pre-tax net profit rate (PMS).
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HAI, NGUYEN HOANG, and 阮黃海. "A comparative Analysis on Customer Relationship Management between Vietnam and Taiwan shipping companies." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/34192471363119387468.
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碩士國立高雄海洋科技大學
航運管理研究所
98
Shipping, one of the major transportation industries, consists of several sectors and each of these sectors is approaching the Customer service revolution in different ways to achieve its competitive advantages. Nowadays managing efficient customer networks often encounters difficulties. Different generations of Customer Service Department in shipping industry attempt to overcome such difficulties by traditionally providing physical assets to their clients. Customer Relationship Management (CRM) is a fast-growing segment of business software that has been embraced by manufacturers and service providers in many industries. CRM is about understanding the buying habits and preferences of the customers and prospects .For a global competitive industry such as shipping, the employment CRM can bring many advantages. However, contrary to what is expected most carriers and logistic providers have yet to launch a formal CRM program. Moreover, few CRM software vendors have created transportation industry specific applications. The purpose of this research is to compare CRM practices between Vietnam and Taiwan shipping companies. Three dimensions are found to influence the successful employment of CRM including: interactive marketing, sales automation and customer service and support. The research is an exploratory one qualitative observation, interviews and industry case studies, and its approach is mainly inductive. The findings of this study are concluded by indicating the diffenrences on the implementation of CRM application between Vietnam and Taiwan shipping companies. The application of CRM in Taiwan shipping companies is popular. However, their implementation of CRM just focusing on applying the CRM theory to manage the customer, and CRM software was not implemented sufficiently in supporting their customer sevices. Besides, this study found out the Vietnam shipping companies seem to be unfamiliar with the application of CRM concept in their business.
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Hsu, Yuan-Kuei, and 徐永桂. "The Relationship between Ownership Structure and Cash Dividends -Evidence from Chinese Listed Companies." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/77698650622094489640.
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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
This paper aims to examine the relationship between ownership structure and cash dividends. The China Securities Regulatory Commission (CSRC) declared “Measures for the Administration of the Listed Company Issuing New Shares” in 2001, which regulated that firms must achieve a specified minimum ROE before issuing new equities, and the regulations were revised for the cash dividend policy in 2008 to protect minority stockholders’ interests and to share benefits with shareholders. We use the Chinese listed firms ranging from 2002 to 2008 as the sample. We find that state ownership and foreign institutional ownership have significantly positive relationship with cash dividend yield; short-term debt ratio is significantly and negatively associated with cash dividend yield, managerial ownership is positive relationship with cash dividend yield but not significantly.
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CHEN, WEI-HSIN, and 陳威信. "Relationship between Unsystematic Earnings and Expected Stock Returns of Listed Companies in Taiwan." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/07523941350219950679.
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碩士逢甲大學
財務金融學所
97
This thesis provides an analysis of the predictability of stock returns using market-, and firm-level earnings. Then we compare earnings and dividends which act for the expected future cash flow proxy contains more information. The tests in these issues using a sample of 713 firms listed in Taiwan Stock Exchange（TWSE） cover the period from 1996:Q1 to 2008:Q3, and all variables are formed on a quarterly basis. We find that firm-level earnings can forecast the one-quarter-ahead excess stock returns, and firm-level earnings contain information about expected future cash flows beyond dividends. These results are robust after controlling for book-to-market ratio, size, market returns, price momentum, and post-earnings announcement drift. Only the unsystematic portion of earnings is correlated with future stock returns, while the variability in systematic earnings is unrelated to expected returns. These results indicate that when firm-level earnings are aggregated to generate the market-level earnings, the information content of firm-level earnings about future cash flows diversifies away. Hence, aggregate-level earnings do not have any explanatory power for excess market returns.
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Hsieh, Wen-Po, and 謝文博. "The Relationship between Aggressive Reporting and Shareholder Wealth－Evidences from Taiwan Listed Companies." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/945cw9.
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碩士中原大學
會計研究所
98
This study investigates whether aggressive reporting affect the shareholder wealth. Because of information asymmetry between the principals and the agents, it is expensive and difficult for the principals to monitor if the agents’ behaviors against the principals’ interest. In order to solve the agency problem, the principals (shareholders) will tie the agents (managers) interest to the principal’s objective and make managers exert on profit maximization. However, such the design of managers’ incentive compensation system may encourage managers’ efforts to engage in aggressive financial (tax) reporting：(1)to make aggressive financial reporting decision to report higher book income to shareholders；(2)to make aggressive tax reporting decision to report lower taxable income to tax authorities. . This paper examines the relationship between aggressive reporting and shareholder wealth in Taiwan Listed Companies from 1998 to 2007. In other words, we examine the implications of aggressive financial and tax reporting for future stock returns. Based on the aggressive reporting is the important factor for the firm’s performance, and the firm’s performance is associated with shareholder wealth. Similar to prior research, we rank firm-years base on our measures of financial and tax reporting aggressiveness and partition our sample into quintiles based on their rank for each year. In the stock returns analyses, we find：(1)the positive relationship between aggressive financial reporting and shareholder wealth；(2)the positive relationship between aggressive tax reporting and shareholder wealth；(3)the limited relationship between firms with different degree of aggressive financial (tax) reporting and shareholder wealth.
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Lee, Chuan-feng, and 李權峰. "The Relationship between Ownership Structure and Debt Ratio–Evidence from Chinese Listed Companies." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/9757rx.
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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
This study examines the relationship between the ownership structure and the debt ratio of Chinese listed firms.We select the Chinese firms listed on Shanghai and Shenzhen exchanges ranging from 2001 to 2009 as the sample and proceed with the analysis based on the institutional ownership, the proportion of outside directors, board size, insider ownership and the debt ratio.We find that the ownership of domestic institutions has significantly negative relationship with long-term debt ratio; the proportion of outside directors is significantly and positively associated with long-term debt ratio; as for the insider ownership, it has significantly negative relationship with long-term debt ratio as well.
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Hsieh, Ying-Tsun, and 謝英村. "The relationship between private equity and operating performance：A study in Taiwan listed companies." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/gaqf3g.
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碩士國立雲林科技大學
財務金融系
104
This study investigates whether private equity capital influences a firm’s performance by using a sample of Taiwan listed companies of year 2004 to 2012. This study examines the price to book ratio and ROA after private equity issuance. The results show that the private equity ratio has positive relation with firm performance, while the type of private equity funder, either venture capital or insurance companies, is not significantly related to firm performance. In summary, the results show that the government policy to open the private equity issuance helps a firm to obtain capital from private capital market and increases firm operating performance.
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Lo, Zigh Ting, and 羅芷庭. "The Relationship between Corporate Governance and Return on Investment -TWSE/GTSM Listed Companies." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/8f4x7h.
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碩士東海大學
會計學系
105
This study explored the association between corporate governance and return on investment to find out if more comprehensive corporate governance can increase the investment value. To do so, the present study chose two critical aspects of corporate governance, board characteristics and ownership structure, and examined their impact on company stock performance. The research subjects were Taiwan Stock Exchange (TWSE)/Gre Tai Securities Market (GTSM) listed companies between 2006 and 2014, and the collected data were examined by the least-square regression analysis. The findings are as follows: (1) Ownership concentration, debt ratios, and the 2008-2009 financial tsunami were found to have a positive and significant impact on the rate of annual return of all the sampled companies in this study, but at the same time, they acted negatively and significantly on the percentage of board seats held by independent directors. (2) Debt ratios were found to have a negative and significant impact on the price-to-earnings ratio, suggesting that the higher the debt ratio the lower the price-book ratio. (3) The percentage of board seats held by outside directors, percentage of shares held by legal entities and ownership concentration were found to exert a positive and significant impact on the price-book ratio of all the sampled companies in this study. On the other hand, the percentage of board seats held by independent directors, percentage of pledged shares held by company directors and supervisors, percentage of shares held by the directors and supervisors, cash flow rights, debt ratios, 2008-2009 financial tsunami, and company size (large- and medium-scale) were found to exert a negative and significant impact on the price-book ratio of all the sampled companies in this study. These results reveal a stock oversold condition during the financial tsunami, and moreover, the magnitude of the decline in stock prices exceeded in the net value. (4) The percentage of board seats held by outside directors, percentage of shares held by legal entities, and 2008-2009 financial tsunami were found to have a positive and significant effect on the dividend yield but a negative and significant effect on the percentage of pledged shares held by company directors and supervisors, meaning that because of the underestimation of stock prices during the financial tsunami, investors expected an above-average dividend yield.
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HUANG, CHIA-PING, and 黃佳萍. "The Relationship Between Professional Manager Compensation and Tax Avoidance：Evidence from Taiwan Listed Companies." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/82b4p3.
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碩士國立中正大學
會計與資訊科技學系碩士在職專班
106
Using a dataset of Taiwanese listed firms from 2012-2016, this study examines the relationship between executive compensation and tax avoidance, the effect of shareholding percentage of professional manager on tax avoidance, and the effect of firm’s operating strategy on tax avoidance. Past studies have posited that managers devote to corporate tax avoidance due to self-interest. By contrast, the firm increases the compensation and equity incentives of managers to resolve the agency problem, and to align the interests of managers with those of owners avoiding managers from making tax avoidance decisions. The empirical results of this study show that executive compensation is negatively related to tax avoidance. The higher the executive compensation is, the lower the probability of tax avoidance. Since executive compensation is composed of basic salaries, bonuses and awards that these affect the decision of managers. This study also finds that the shareholding percentage of professional managers is negatively related to tax avoidance. Specifically, the higher percentage of shareholdings from managers is, the lower the incentive to conduct tax avoidance. Moreover, when the firm’s operating strategy tend to be aggressive with a higher R&D expense than that of conservative firm, the investment of R&D expenditure is positively related to tax avoidance behavior. This empirical evidence suggests that the higher of R&D expense is, the higher the probability of tax avoidance.
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LIAO, CAI MU, and 蔡木料. "The Relationship between Stock Prices and Profits of the Gogoro Electric Energy Companies." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/y6gm49.
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碩士大葉大學
管理學院碩士在職專班
107
ABSTRACT This study mainly analyzes the causal relationship between stock prices and profits of the Gogoro electric energy companies: ANPEC, CCP, and NEXCOM in the first quarter of 2010 to the fourth quarter of 2018, using Toda and Yamamoto (1995) VAR model. The conclusions are obtained as follows: Due to the potential growth, ANPEC, CCP, and NEXCOM Companies were given a higher P/E ratio of 81, 52 and 46 times respectively by the investing market. Among the three companies, the CCP Company has a causal relationship between the stock price and profits. There is a significant two-way causal relationship between the stock price and the operating profit and the net income after tax respectively. They are positive influence each other. There are a one-way causal relationship and positive influence running from the stock price to earnings per share. However, there is no significant causal relationship between the stock prices and profits for ANPEC and NEXCOM companies.
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HUANG, YU-HUEI, and 黃幼慧. "The Relationship between ESOP, Corporate Governance and Performance for Listed Companies in Taiwan." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/08959415592901832956.
Full textAbstract:
碩士東吳大學
國際經營與貿易學系
104
The purpose of this study is to investigate the association of ESOP (Employee Stock Ownership Plan), corporate governance and company performance. The research methodology employs Multiple Regression model, Simultaneous Equation Model, Panel Data model and Logistic Regression. We collect yearly data for listed companies in Taiwan over the period of 2010 - 2014. We report remarkable findings that can contribute to existing literature. First, the more shares managers and directors own and the lower pledge ratio of directors can enhance corporate performance. Second, ESOP would enhance ROA and ROE, however it cannot enhance Tobin's Q, since the more employee bonus may dilute EPS, especially in electronics industry with high payout ratios, and thus employee bonus cannot enhance firm value. Finally, we use Logistic model to investigate the factors that affect ESOP, and find ROA and ROE are important factors to implement ESOP. When the corporate performance is better, the corporate could afford to provide the budget to execute ESOP, we think ESOP may motivate employees to maximize the corporate performance to generate a positive circulation.