Applying Structure Equation Model to Discuss the Relationship between Financial Decision and Corporate Performance
| Autor: | Li-Yin Cheng, 鄭莉穎 |
|---|---|
| Rok vydání: | 2012 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 100 In the sustainable development process, how to create corporate value and maximize shareholder wealth through the use of a variety of financial decisions has become an important issue for the managers. According to financial theories and past researches, there are the correlations between financial decisions and corporate performance, and each financial decision will be influenced by the others. Different from the past literatures using the regression model, this study applies Structural Equation Modeling as research method, and uses confirmatory factor analysis to find out the important determinants of financing decision, investment decision and dividend policy. Finally, this paper discusses the relationship between the three major financial decisions and corporate performance. The empirical result shows that (1) non-debt tax shield, operational risk, size and debt ratio are significant factors for the financing decision. (2) research and development expenditure ratio and capital expenditure ratio are significant factors for the investment decision. (3) growth opportunity, insider ownership and dividend payout ratio are significant factors for the dividend policy. (4) financing decision, investment decision and dividend policy are significant and positive to corporate performance. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
| Externí odkaz: |
|