THE RELATIONSHIP BETWEEN EFFICIENCY AND STOCK RETURNS:A STUDY ON TAIWAN'S TEXTILE INDUSTRY
| Autor: | Shih-hua Chen, 陳詩華 |
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| Rok vydání: | 2014 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 102 Taiwan’s textile industrial development after World War II has been recognized as very successful. It was revitalized in six stages: recovery, development, growth, expansion of export, maturity and transition. The industry became vertically-integrated then by linking up with the entire supply chain eventually. However, Taiwan’s textile industry suffered declines due to competitions from its counterparts in some emerging countries. To reposition Taiwan’s textile industry in the global market, the garment sector made a great effort to raise productivity and develop functional apparels to meet the global demands, and the effort has paid off with considerably increased sales which have benefited also those enterprises’ share prices. It‘s evident that any enterprise’s management is key to its productivity. This study focuses on two sub-industry categories of Taiwan’s listed textile companies. It evaluates the productivity efficiency of Taiwan’s listed textile companies by using the method of Data Envelopment Analysis (DEA) from 2006 to 2013, and then discusses the relationship between Malmquist Index and stock returns through the regression model. The result indicates that average Malmquist Index between 2006 to 2007 increased, it shows the productivity of listed companies have improved. Nevertheless, the Malmquist Index declined in 2008, showing the degeneracy of productivity for those listed companies. The coefficient of M-index was significantly positive, indicating better efficiency improvement will have higher stock return. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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