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
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
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
After Collapse Schwartz, Glenn M; Nichols, John J
08/2010
eBook
From the Euphrates Valley to the southern Peruvian Andes, early complex societies have risen and fallen, but in some cases they have also been reborn. Prior archaeological investigation of these ...societies has focused primarily on emergence and collapse. This is the first book-length work to examine the question of how and why early complex urban societies have reappeared after periods of decentralization and collapse.Ranging widely across the Near East, the Aegean, East Asia, Mesoamerica, and the Andes, these cross-cultural studies expand our understanding of social evolution by examining how societies were transformed during the period of radical change now termed "collapse." They seek to discover how societal complexity reemerged, how second-generation states formed, and how these re-emergent states resembled or differed from the complex societies that preceded them.The contributors draw on material culture as well as textual and ethnohistoric data to consider such factors as preexistent institutions, structures, and ideologies that are influential in regeneration; economic and political resilience; the role of social mobility, marginal groups, and peripheries; and ethnic change. In addition to presenting a number of theoretical viewpoints, the contributors also propose reasons why regeneration sometimes does not occur after collapse. A concluding contribution by Norman Yoffee provides a critical exegesis of "collapse" and highlights important patterns found in the case histories related to peripheral regions and secondary elites, and to the ideology of statecraft.After Collapseblazes new research trails in both archaeology and the study of social change, demonstrating that the archaeological record often offers more clues to the "dark ages" that precede regeneration than do text-based studies. It opens up a new window on the past by shifting the focus away from the rise and fall of ancient civilizations to their often more telling fall and rise.CONTRIBUTORSBennet Bronson, Arlen F. Chase, Diane Z. Chase, Christina A. Conlee, Lisa Cooper, Timothy S. Hare, Alan L. Kolata, Marilyn A. Masson, Gordon F. McEwan, Ellen Morris, Ian Morris, Carlos Peraza Lope, Kenny Sims, Miriam T. Stark, Jill A. Weber, Norman Yoffee
碩士
朝陽科技大學
財務金融系
102
The main purpose of this paper probes into "Is the issuance of convertible bonds within a year after Initial Public Offering (IPO) a negative signal?" We use Market-Adjusted ...Returns Model to examine the cumulative average abnormal returns (CAAR ). The research finds the stocks' price of firms issued convertible bonds (CB) present lasting 30 months significantly (p<0.05) negative CAAR form event month t=+7,and CAAR declines to -32.57% in the end event month t=+36. This result shows that it is really be regarded as a negative signal for outside investors when firms issued CB within a year after offering. Moreover, we do the second phase analysis by utilizing ordinary-income Return on Equity (ROE) ratio as a criteria categorizing the sample to investigate the financing announcement effect. The findings indicate that the monthly CAAR of issued CB underperformed than non-issuing ones for elite class business group (yearly ROE over 15% in the three years). Likewise, the CAAR in backward class business group (ROE in deficit state in any year of three years) in event month +10 to +36 of issued CB firms show significant(p<0.01) decline, and CAAR are -106.45% for three years. The average CAAR of issuers is less 20.10% than non-issuers, and the largest difference of CAAR between both is 38.61% in month +22. In conclusion, the empirical result is in complete accord with our assumption. We suggest the investors can execute pairs trading. They can buy non-issuing CB elite class shares after 1 year of offering and do short selling stocks in first month of backward class business group which issued CB within a year after offering so that they can earn relatively higher returns.
