The Association among the Reward of the Executive Management Officers, Research & Development Expenditure, Ownership Structure, and the Corporate Value
| Autor: | Mei-Yin Wu, 吳梅英 |
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| Rok vydání: | 2005 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 93 In the prior researches study the associations among the compensation of executive officer (CEO), R&D expenditure (R&DE), ownership structure (OS), and corporation value (CV) that emphasizing the associations of both of them. The results of researches are not consistent. This thesis focuses the simultaneous phenomenon among the first three factors and their direct and indirect effects on the corporation value. By utilizing the structure equation modeling (SEM) instead of the multiple regression analysis, the aims are to realize the structured relationships among the above four factors under various industry and business cycle. The samples form the corporations listed continuously on the Taiwan Stock Exchange form January 1st, 1998 to December 31st, 2003. The results of research show as follows: (1) there are significantly positive direct effects of the associations between both of the first three factors on the corporation value. (2) There is a significantly interactive positive effect of the association between CEO and R&DE on the corporation value in all samples (industries) case, however, only in high-tech industry OS and CEO effect to be negative. (3) There are significantly positive intermediation effects of the association between CEO and R&DE on the corporation value in all samples case, however, only in high-tech industry OS and CEO effect to be negative. (4) There is the optimum model to achieve the best corporation value, but is different in all sample case and high-tech industry. (5) In the different business cycle, they don’t cause different effect. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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