PurposeCorporation's board (CB) is viewed as a vital internal corporate governance (CG) mechanism, playing a critical role in mitigating the agency problems and enhancing firm performance. ...Considering the mixed nature of extant CG literature on CB-firm performance link, this study aims to examine the impact of specific CB attributes on firm performance studied in varied contextual settings and investigates the moderating effects of three contextual factors, i.e. legal origin, industry type and firm type on CB-performance relationships.Design/methodology/approachMeta-analysis technique suggested by Hedges and Olkin (1985) was used to analyse a sample of 330 effect sizes reported in 148 studies published between 2000 and 2020 in 85 peer-viewed journals, studying CB-performance associations across 31 countries. The analyses were conducted in two stages: first, the authors assessed the main effect of CB attributes on firm performance and tested the heterogeneity in effect size across the primary studies. In the next stage, the authors investigated the moderating variables accounting for this heterogeneity in the CB-firm performance relationship.FindingsBoard independence, board diversity, board size and role duality are the CB attributes, which significantly and positively impact firm performance. Further, the homogeneity tests revealed variability in effect size for all CB attributes except for board committees. Subgroup meta-analyses revealed that the contextual factors related to industry-type and firm-type are substantial explanatory source of heterogeneity in CB-performance association, though legal origin of firm also partially explains the heterogeneity in this relationship.Research limitations/implicationsOnly empirical research reporting Pearson product-moment correlation coefficients(r), as the effect size, were considered for this study. Some of the other CB attributes such as board composition, compensation structure of board members, performance evaluation and appointment process of board members were not included due to limited empirical research on these attributes.Practical implicationsThe paper includes implications for managers and policy makers for the development of effective corporate boards and CG mechanisms.Originality/valueThis paper integrates diverse empirical evidence on the associations of CB attributes with firm performance and systematically assesses the moderating factors that contributes to heterogeneity in these relationships.
This book offers an analysis of the relationship among collective bargaining, firm competitiveness, and employment protections and creation in the United States. The contributors provide an overview ...of the legal framework and the economic and industrial relations research on collective bargaining, competitiveness, and employment, then follow with four case studies that provide insights into the process of collective bargaining and its current status in the evolving U.S. labor-management system.
The increasing area damaged by forest fires worldwide requires the developed and developing countries to increase their budget for fire suppression and control operations. However, their respective ...government(s) cannot at all provide bigger budget allocation for fire protection work and related activities. As such, community participation should be enhanced in the over-all implementation of forest fire management. This approach is seen to be more effective, less costly, and more sustainable in the long run. There are five stages of community participation that can be adopted in fire management namely: receiving of information, consultation, cooperation, communication' and participation in committee environment meetings. However, it is more ideal to have a community that is "responsibilized" and more committed in the practice of fire management. An active, reliable, and resourceful community in fire protection is the essence of community based fire management (CB FirM). It focuses on the development of local resources, knowledge, and systems in fire management. In the Philippines, the Canaam Watershed Project in Vintar, Ilocos Norte is a case whereby the communities are active participants in fire protection work. Through their association (association of Vintar Highlanders, Inc. AVHI), the rural people set up their fire organization, communication system, purchase tools and equipment, conduct training, and implement income generating projects in support of fire protection and control activities in the watershed area. The approaches that can enhance and promote community participation in fire management are (a) conduct of community organizing, (b) establishing coalition with existing organization, (c) getting the support of local leaders, (d) training and development of management, (e) land-use intensification, (f) provision of mutual assistance and security system arrangement, and (g) establishment of linkages and networking. There are several actors in CB FirM aside from the rural people (communities) and they have very important roles and responsibilities to perform. However, the bigger challenge to all concerned is how to develop the rural communities as the solution instead of being the cause of the problem on forest fire. They must be empowered to manage fire according to their own needs
This book is an analysis of the relationship among collective bargaining (CB), firm competitiveness, and employment protection/creation in the United States (U.S.). Comparisons are also made between ...the U.S. situation and that in Europe. "Collective Bargaining in Context" (Richard N. Block, Peter Berg) places the US system of industrial relations in an international context. A literature review appears in the next two chapters. They are "Competitiveness and Employment Protection and Creation" (Richard N. Block), which examines the legal framework for CB, competitiveness, and employment, and "The Impact of Collective Bargaining on Competitiveness and Employment" (Dale Belman, Richard N. Block), which reviews the economics and industrial relations research on CB, competitiveness, and employment. "Case Study Methodology" (Richard N. Block) addresses the methodology used in the four case studies presented in these next four chapters: "Basic Aluminum: Alcoa-Rockdale, Texas, and United Steelworkers of America Local 4895" (Richard N. Block); "Auto Assembly: General Motors--Lansing, Michigan, and United Automobile Workers Local 652" (Richard N. Block, Peter Berg); "Automobile Parts: Lear Corporation--Elsie, Michigan, Division and United Automobile Workers Local 1660" (Michael L. Moore, Richard N. Block); and "Health Care: Sparrow Health System, Lansing, Michigan, and Professional Employees Council of Sparrow Hospital/Michigan Nurses Association" (Michael J. Polzin, Peter Berg). Each chapter contains some or all of these components: business description; facility/site history; history and background of CB; competitive pressures; CB, competitiveness, and employment protection/creation; and conclusions. "Overview and Conclusions" (Richard N. Block) states that, overall, the work demonstrates that CB, job protection/creation, and firm competitiveness are compatible in the U.S.; employees can enjoy the rights and protections inherent in collective bargaining; and shareholders and other firm stakeholders can prosper. (YLB)
碩士
中原大學
國際貿易研究所
98
Abstract
This study building on the resource-based view compares the financial performance of three different types of firms: click-and-brick(CB),traditional ...brick-and-mortar(BM),and pure-click (PC) firms. I select twenty-four Taiwan famous firms from each type and examine their financial performance using profitability and cost ratio analysis for the period from 2004 to 2009.This study assumes CB having higher profitability and lower cost ratio than BM and PC firms from the resource-based view. First the results show CB firms have higher profitability performance than other types of firms. Furthermore the cost structures of CB firms are not good as BM and PC firms. The results don’t match the hypotheses and indicate firms in Taiwan want to increase profit by adopting E-commerce because of the changes of purchasing behavior. This study appears firms adopting click-and-brick marketing strategies can increase their profit in the short time but the cost also increase in the short time. Therefo
In recent years, many corporations have replaced their traditional defined benefit (DB) pension plans with cash balance (CB) plans, which share many of the characteristics of defined contribution ...plans. This study provides empirical evidence on the characteristics of CB converters and the behavior of pension costs and obligations pre- and post-conversion. We find that CB converters are larger than firms that retain traditional DB plans as well as those that terminate DB plans. They are less profitable than the former, but more profitable than the latter. CB conversions are not associated with proxies for greater labor mobility (e.g., firm-specific employee turnover rate). They are associated with a workforce that is closer to retirement, on average, lending credence to the breach of implicit contract rather than the labor market hypothesis as a motivator of CB conversions. Consistent with this intuition, we document that CB converters recognize a reduction of unrecognized prior service costs in the year of conversion, consistent with a negative plan amendment. Unlike pre-conversion, pension costs and obligations are significantly lower for CB firms post-conversion than for a matched sample of firms retaining traditional DB plans. CB conversions are more popular than DB plan terminations among firms with overfunded pension plans in periods when expected return on plan assets is likely to be high, with a consequent positive effect on reported income.
碩士
輔仁大學
管理學研究所
93
Using 239 convertible issuing firms (CB) and 150 euro-convertible bond issuing firms (ECB) in Taiwan in the 1989-2003 sampling period, this study explores the possible explanations ...to the surge of ECB issuances in the recent years. The reputation hypothesis indicates that the ECB issuing firms would benefit from the signal bandwagon and earn higher abnormal returns than the CB issuing firms. The empirical results show that the ECB issuing firms have lower financial performance measures while earn higher abnormal returns in the event window than the CB issuing firms, which corroborates with the reputation effect. Alternatively, the arbitrage hypothesis implies that company insiders or large shareholders might take advantage of the amendment of Taiwanese Corporate Law in 2001 that shortens the time lag for converting bonds into stocks. Our empirical results also lend support to this hypothesis and show that the arbitrage strategies proximating insider’ trading are more profitable after than be
碩士
國立政治大學
財務管理研究所
93
With diverse development and further integration among international capital markets, more and more companies in Taiwan tend to issue convertible bond for financing in the past ...few years. In addition, Euro Convertible Bond (ECB) also facilitates firms to expand overseas markets and becomes popular. This study not only focuses on risk and stock price performance changes around convertible bond offerings, but also compares the differences between CB and ECB on research topics. It takes issuing companies that listed in Taiwan Stock Exchange or OTC as objects of study. Moreover, the study tests firm visibility as well as Merton’s investor recognition hypothesis of ECB.
Picking 177 samples from Taiwan companies during 1999 and 2003, and I divide them into three groups. 96 firms in the first group only issue CB, 70 firms in the second group only issue ECB, and 11 firms in the final group issue both CB and ECB.
According to the empirical results, this study points out several conclusions as foll
碩士
靜宜大學
財務金融學系
105
This study investigates whether the convertible bond (CB) issuing firms cater to investors through capital investment (capital expenditure). CB’s “hybrid” characteristic makes it ...an excellent sample to verify this topic. Following Fu (2010), we measure investment avtivities and abnormal investment of CB firms. The main research structures are: (1) Examining the catering behavior to CB potential investors through capital investment; (2) Examining the catering behavior to existing CB members post no conversion through capital investment; (3) Examining the catering behavior to new common stock holders post-conversion; and (4) Comparing the capital investment pattern of “no conversion” and “conversion” samples to obtain in-depth evidence on asset substitution agency problem. The empirical results show that CB issuing firms overinvest more than matching firms. It shows that the investor will be deemed to equity and firms occurred overinvestment behavior in catering to potential investors. We also evidence that “conversion” CB firms have overinvestment behavior in catering to existing CB holders. Further evidence indicates that firms will be overinvestment behavior in catering to "conversion" than “no conversion”. This study not only extends the research for agency theory, asset substitution, capital investment, catering theory, but also provides managerial implications on the CB issuance, CB investments, abnormal capital investment decoding.
碩士
國立高雄第一科技大學
金融營運所
95
The study prices convertible bond by Lattice Approach and uses simple BGM model to approximate interest rate stochastic process. The study erases correlation between the stock ...return and interest rate by orthogonalization in order to decrease complexity of pricing model. We build single factor interest tree and two factors stock price tree. According to each node’s stock price of lattice and clauses of CB calculate cash flow of each node. By discount we can estimate price of CB and assume firm will be default or not default at each node. By considering interest rate process, stock process and default status, we can construct the convertible bond pricing model, and as CB price as given to find out the implied default probability of CB.
The study discusses the relation between implied default probability of CB and Taiwan Corporate Credit Risk Index (TCRI). Therefore we understand rationality of implied default probability of CB in the study. We use sensitivity analysis with price of CB an
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