FIRM RESOURCE EFFICIENCY AND THE STOCK MARKET REACTION TO NEW PRODUCT ANNOUNCEMENTS
| Autor: | Chun-HaoWang, 王俊豪 |
|---|---|
| Rok vydání: | 2013 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 101 This study examines the role of firm resource efficiency in explaining the economic impact of the new product announcements. We construct a model that includes research and development, marketing, production, and inventory resource efficiency using input-output method, then use the event study approach to examine the impact of resource efficiency on the valuation of new product announcements. Using a sample of new product announcements from public companies in Taiwan from January 1998 to July 2011, we find a consistent result that the average announcement-period abnormal returns for the announcing firms are significantly positive. We also find that the market value of new product announcements is affected by the level of resource efficiency. To be more specific, R＆D and production resource efficiency have positive impacts on new product announcements. In contrast, marketing and inventory resource efficiency have negatives effects on the value of new production announcements. In addition, resource efficiency compared with previous studies that used input method is able to explain more of the variance in the value of new product announcements in the period after the subprime mortgage and financial crisis, implying that a structural shift occurred in the behavior of investors. Moreover, the impact of R＆D and inventory resource efficiency also increased after the subprime mortgage and financial crisis. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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