員工持股信託計劃（Employee Stock Ownership Plans，ESOPs）在美、日等國已行之多年，相關研究也相當多。反之，臺灣企業自實施員工持股信託計劃以來，少有專論持股信託之實證研究發表。本文即是想探討臺灣企業實施員工持股信託後對公司績效的影響。本文以在國內某家銀行承作持股信託二年以上的公司為樣本，探討企業實施員工持股信託計畫與公司績效的關連性，實證結果發現在企業實施員工持股信託計劃之後的前三年，其資產報酬率、淨利率及成長機會有明顯上升的趨勢，其中員工持股信託對公司有短期的激勵效果，但其效果會隨著時間遞減，再進一步加入控制變數之結果顯示，員工分紅持股信託對公司績效表現具有較正面的影響，對員工之激勵效果較佳。 / In the US and Japan, Employee Stock Ownership Plans（ESOPs）have been practiced for more than 30 years, and related empirical studies are also abundant . However, similar studies have seldom been conducted in Taiwan. The purpose of this paper to examine whether there is significant impact on corporate performance that adopted ESOPs in Taiwan. We choose firms which have adopted ESOPs for two years or longer in a specific bank as our sample. We find that certain measures of corporate performance such as ROA、PM、Tobin's Q, improve significantly within the first three years after the plans went into effect. In general, ESOPs have positive effects on firms in the short run. However, this positive effect decreases gradually. Our results suggest that firms adopting employee bonus trust have better performance in our sample.

The rapid growth of financial markets and the increasing diffusion of corporate ownership have placed tremendous emphasis on the effectiveness of corporate governance in resolving agency conflicts within the firm. This study investigates the corporate governance and firm performance/failure relation by implementing various econometric modelling methods to disaggregate causal relations and spurious correlations. Using a panel dataset of Australian firms, a comprehensive suite of corporate governance mechanisms are considered; including the ownership, remuneration, and board structures of the firm. Initial ordinary least squares (OLS) and fixed-effects panel specifications report significant causal relations between various corporate governance measures and firm outcomes. However, the dynamic generalised method of moments (GMM) results indicate that no causal relations exist when taking into account the effects of simultaneity, dynamic endogeneity, and unobservable heterogeneity. Moreover, these results remain robust when accounting for the firm??s propensity for fraud. The findings support the equilibrium theory of corporate governance and the firm, suggesting that a firm??s corporate governance structure is an endogenous characteristic determined by other firm factors; and that any observed relations between governance and firm outcomes are spurious in nature. Chapter 2 examines the corporate governance and firm performance relation. Using a comprehensive suite of corporate governance measures, this chapter finds no evidence of a causal relation between corporate governance and firm performance when accounting for the biases introduced by simultaneity, dynamic endogeneity, and unobservable heterogeneity. This result is consistent across all firm performance measures. Chapter 3 explores the corporate governance and likelihood of firm failure relation by implementing the Merton (1974) model of firm-valuation. Similarly, no significant causal relations between a firm??s corporate governance structure and its likelihood of failure are detected when accounting for the influence of endogeneity on the parameter estimates. Chapter 4 re-examines the corporate governance and firm performance/failure relation within the context of corporate fraud. Using KPMG and ASIC fraud databases, the corporate governance and firm outcome relations are estimated whilst accounting for the firms?? vulnerability to corporate fraud. This chapter finds no evidence of a causal relation between corporate governance and firm outcomes when conditioning on a firm??s propensity for fraud.

Concentrated corporate ownership prevails in most countries, so the relationship between controlling shareholders and minority shareholders is an important principle-agent problem. Tunnelling, the transfer of assets and profit for the benefit of controlling owners, is the most important way of expropriating small shareholders. While tunnelling is rampant in emerging economies and even some developed countries, related research lacks convincing evidence. On the other hand, large shareholders sometimes use private funds to prop up firms in financial distress. Although there is plenty of anecdotal and indirect evidence on propping, it lacks direct large-sample examination. This study presents a pooled cross-sectional analysis of 4373 publicly listed companies in China between 2001 and 2004. The analysis not only examines the effects of various variables on the exploitation of related party transactions by controlling owners for tunnelling and propping, and also investigates the effects of tunnelling and propping on firm performance and valuation. The study reveals that the presence of controlling shareholders and higher control rights lead to higher levels of tunnelling. Conversely the existence of other large shareholders reduces the magnitude of tunnelling. In addition, the study shows that pyramidal-controlled firms and firms owned by the State display more incidences of tunnelling. When firms have better investment opportunity, however, their controlling shareholders tend to divert fewer funds for their private gains. It is also found that controlling shareholders offer funds to financially stricken firms under their control. This is the first study that finds direct evidence on the occurrence of propping although not all badly-performing firms are propped up. / While tunnelling negatively affects operating performance and firm valuation, propping has a positive effect on firm valuation. The occurrence and magnitude of tunnelling is greater than that of propping. Propping only occurs to partial firms in financial distress, yet there is no improvement in those firms’ performance. As propping from new controlling owners is more a way of back-door listing, they tend to engage in tunnelling when their control is secure. In short, when legal protection of minority shareholders is weak, controlling owners tend to tunnel for private benefit. Hence policymakers and regulators must recognise that to eliminate widespread expropriation, the establishment of strong corporate governance in well-functioning institutions and strong legal enforcement is important. Lower levels of tunnelling in years 2003 and 2004 justify the positive effect of stringent regulation. Yet, more needs to be undertaken beyond the legal and regulatory level such as an allowance for diversified corporate ownership and the transformation of non-floatable shares to be floated on the exchange to align interests of large and minority shareholders.

The rapid growth of financial markets and the increasing diffusion of corporate ownership have placed tremendous emphasis on the effectiveness of corporate governance in resolving agency conflicts within the firm. This study investigates the corporate governance and firm performance/failure relation by implementing various econometric modelling methods to disaggregate causal relations and spurious correlations. Using a panel dataset of Australian firms, a comprehensive suite of corporate governance mechanisms are considered; including the ownership, remuneration, and board structures of the firm. Initial ordinary least squares (OLS) and fixed-effects panel specifications report significant causal relations between various corporate governance measures and firm outcomes. However, the dynamic generalised method of moments (GMM) results indicate that no causal relations exist when taking into account the effects of simultaneity, dynamic endogeneity, and unobservable heterogeneity. Moreover, these results remain robust when accounting for the firm??s propensity for fraud. The findings support the equilibrium theory of corporate governance and the firm, suggesting that a firm??s corporate governance structure is an endogenous characteristic determined by other firm factors; and that any observed relations between governance and firm outcomes are spurious in nature. Chapter 2 examines the corporate governance and firm performance relation. Using a comprehensive suite of corporate governance measures, this chapter finds no evidence of a causal relation between corporate governance and firm performance when accounting for the biases introduced by simultaneity, dynamic endogeneity, and unobservable heterogeneity. This result is consistent across all firm performance measures. Chapter 3 explores the corporate governance and likelihood of firm failure relation by implementing the Merton (1974) model of firm-valuation. Similarly, no significant causal relations between a firm??s corporate governance structure and its likelihood of failure are detected when accounting for the influence of endogeneity on the parameter estimates. Chapter 4 re-examines the corporate governance and firm performance/failure relation within the context of corporate fraud. Using KPMG and ASIC fraud databases, the corporate governance and firm outcome relations are estimated whilst accounting for the firms?? vulnerability to corporate fraud. This chapter finds no evidence of a causal relation between corporate governance and firm outcomes when conditioning on a firm??s propensity for fraud.

Thesis (Ph.D.)--Case Western Reserve University, 2009 / Department of Information Systems Weatherhead School of Management Includes abstract Includes bibliographical references Available online via the OhioLINK ETD Center

Το αντικείμενο μελέτης της παρούσας διπλωματικής εργασίας είναι η διερεύνηση των προσδιοριστικών παραγόντων του ρυθμού μεγέθυνσης των επιχειρήσεων δίνοντας ιδιαίτερη έμφαση στο ρόλο των χρηματοοικονομικών περιορισμών. Η εμπειρική ανάλυση βασίστηκε σε ένα δείγμα από διαστρωματικά δεδομένα για 546 επιχειρήσεις που δραστηριοποιούνται στην Ελλάδα το έτος 2003 και έχουν συλλεχθεί από την Παγκόσμια Τράπεζα και την Ευρωπαϊκή Τράπεζα για την Ανασυγκρότηση και την Ανάπτυξη στο πλαίσιο της έρευνας BEEPS (Business Environment and Enterprise Performance Surveys). Εκτιμήθηκαν τρία εμπειρικά υποδείγματα που διαφέρουν μεταξύ τους ως προς την προσέγγιση της οικονομικής επίδοσης των επιχειρήσεων (firm performance). Ειδικότερα, η επίδοση της επιχείρησης μετράται σε όρους μεταβολής α) των περιουσιακών στοιχείων (investment), β) των πωλήσεων (sales) και γ) του εργατικού δυναμικού (employment). Τα οικονομετρικά υποδείγματα (Probit και Multinomial Logit) επιλέχτηκαν με σκοπό να προσεγγίσουν ακριβέστερα την φύση της καθεμιάς εξαρτημένης μεταβλητής. Σύμφωνα με τα αποτελέσματα της οικονομετρικής ανάλυσης βρέθηκε ότι οι περιορισμοί ρευστότητας διαδραματίζουν έναν κρίσιμο ρόλο στις αποφάσεις που αφορούν την επένδυση της επιχείρησης. Το εύρημα αυτό δεν φαίνεται να επιβεβαιώνεται στην περίπτωση των δεικτών επίδοσης που αφορούν τις πωλήσεις και την απασχόληση. Να σημειωθεί ότι σημαντικά είναι τα ευρήματα αναφορικά με τον ρόλο άλλων μεταβλητών όπως η χρήση νέων τεχνολογιών και η ύπαρξη φαινομένων διαφθοράς. / The objective of this study is to investigate the role of investments and financial constraints on firms’ growth in Greece. The data come from the BEEPS (Business Environment and Enterprise Performance Surveys) and the empirical analysis uses 545 greek firms during 2003. The firms’ performance is measures in terms of fixed assets, sales and employment. The econometric models that are used are probit and multinomial logit in order to better estimate the control variable. The results from the econometric analysis show that financial constraints play an important role in investments decisions. This finding is not significant when firms’ performance is measured in terms of sales and employment. The empirical findings about technology and corruption are statistical significant.

The increasing emphasis on integration among members of a supply chain has led to new mechanisms to help firms coordinate the flow of products, services, and information through the supply chain. Many studies support the importance and influence of supply chain integration on firm performance but only a few focus on factors driving the integration practices. Moreover, the role of organizational contextual factors that could influence supply chain integration has been largely overlooked. This research examines firms' internal and external drivers of supply chain integration, as well as evaluates the impact of the integration on firm performance. This study further investigates the moderating role of organizational culture, based on the dimensions of control-flexibility orientation and internal-external focus, in strengthening or weakening the relationships between supply chain integration and its antecedents. For the purpose of this study, manufacturing firms were identified as the focal firms in supply chains, and thus data was collected through a survey of 223 Indonesian-based manufacturing firms. Two informants from each firm became the respondents. Structural equation modeling was used to analyze the data, and this study confirmed the positive relationships between supply chain integration and firm performance. The results also indicated that internal driver, or specifically firms' customer orientation, triggered the initiation of supply chain integration. Other factors, such as demand uncertainty, supply uncertainty, technology uncertainty, as well as firms' anticipation of benefits, were not significantly related to the degree of supply chain integration. Furthermore, focal firms with external focus were pursuing a higher degree of supply chain integration than those with internal focus. By investigating the linkages between internal and external drivers, supply chain integration, firm performance, and organizational culture, this study attempts to contribute to the Operations Management discipline, especially to the area of supply chain management. Implications for research and practice are discussed.

L’objectif de cette thèse est d’étudier quelle composition du conseil d’administration permet d’assurer l’efficacité de ses fonctions de surveillance et de conseil. Dans le chapitre 1, nous étudions si la présence d’administrateurs qui sont liés à des actionnaires minoritaires peut constituer un mécanisme efficace de gouvernance d'entreprise pour limiter l'expropriation par les actionnaires majoritaires, sans exacerber les risques. L’étude empirique de ce chapitre est réalisée sur un échantillon de banques avec un actionnariat concentré. Les résultats indiquent que la présence d’administrateurs minoritaires permet d’augmenter l'efficacité du conseil d'administration des banques dans la mesure où elle entraîne une valorisation de marché plus élevée, sans augmentation du risque. Le chapitre 2 complète le premier chapitre afin de déterminer les facteurs, tant au niveau de la banque que du pays, qui peuvent favoriser la présence d’administrateurs minoritaires dans les conseils de banque. Les résultats montrent que: (i) l’importance des droits de vote des actionnaires majoritaires, la qualité des recommandations envers le conseil d'administration dans les codes de gouvernance d'entreprise et le niveau de protection des actionnaires sont des facteurs qui favorisent la présence d’administrateurs minoritaires au sein des conseils des banques; (ii) des régimes de surveillance stricts et une forte opacité réduisent la présence d’administrateurs minoritaires dans les conseils d'administration des banques. Nos travaux suggèrent que les autorités bancaires devraient recommander aux banques avec un actionnariat concentré d'inclure un minimum d’administrateurs minoritaires dans leur conseil d'administration. Dans le chapitre 3, nous examinons l'impact de l’imposition d’un quota minimum de membres de chaque sexe sur la performance des entreprises et leurs décisions, en prenant le cas de la Belgique, la France et l'Italie comme expérience naturelle. Notre analyse statistique montre que le pourcentage de femmes augmente de manière significative et que les caractéristiques des membres du conseil d’administration changent considérablement après la mise en place du quota. Les résultats empiriques montrent que les quotas n’ont pas d’impact significatif sur la performance des entreprises et leurs décisions. Nos résultats appuient la mise en place d’un quota afin d’assurer une représentation équilibrée des hommes et des femmes au sein des conseils d’administration des entreprises. Ils montrent cependant que les régulateurs créent des attentes irréalistes quant à la capacité des femmes à améliorer les performances des entreprises, du moins à court terme lorsque les effets négatifs de l’imposition d’un quota sont potentiellement les plus importants. / His thesis aims to provide some answers to the question of what makes a board effective in carrying out its monitoring and advising functions. In Chapter 1, we examine whether board structures that include directors that are related to minority shareholders can be an effective corporate governance mechanism to limit expropriation by controlling shareholders, without exacerbating risk. We focus our empirical analysis of this chapter on banks with a concentrated ownership structure. We find that the inclusion of such minority directors does indeed increase the effectiveness of bank boards, as it results in higher market valuations, without increasing risk. Chapter 2 complements the first chapter to determine the factors, at the bank and at the country level, that could favor the presence of minority directors on bank boards. We find that: (i) the voting rights of controlling shareholders, the quality of recommendations for boards of directors in Corporate Governance Codes and higher shareholder protection are factors that promote the presence of minority directors on bank boards; (ii) the degree of opacity and stronger supervisory regimes reduce the presence of minority directors on bank boards. Our work suggests that bank authorities should recommend banks with concentrated ownership structure to include a minimum of minority directors in their board. In Chapter 3, we investigate the impact of gender quotas on firm performance and corporate decisions using Belgium, France and Italy as a natural experiment. Our statistical analysis shows that the percentage of female directors significantly increases, and board members characteristics significantly change after the implementation of the gender quota. The results of our empirical analysis show evidence that gender quotas do not have a significant impact on both firm outcomes and corporate decisions. Our findings support the decision of policy-makers to use mandatory rules to force firm to achieve gender balance on corporate boards. Our results suggest that policy-makers create unrealistic expectations for women to boost firm performance, at least in the short-run when negative side effects of mandatory rules are potentially strongest.

The study has been conducted to examine the direct and indirect relationship between the determinants of electronic recruitment and firm performance through the mediating role of human resources management capabilities based on the resource based view theory. Therefore, this study examines the relationship between the internal determinants of e-recruitment (technology quality, service quality, and security assurance) and the external determinants (e.g. empowered manager and member team, content of an implementation plan for e-recruitment, HR and IT collaboration in e-recruitment, job seeker trust in e-recruitment, organizational reputation, decentralization of selection decision, and government objectives) on e-recruitment, and the effect of e-recruitment on HR capability and firm performance. This study adopted a positivist philosophy. A deduction approach and quantitative method were also suitable for this study. A questionnaire was delivered to some companies in Saudi Arabia. A total of 500 questionnaires were sent, but only 418 were received; for 84.0 percent response rates. This study used PLS to test the research hypotheses. The measurement model has confirmed that the measure indicates accepted reliability and validity. Based on the research results, most hypotheses are accepted. This means that the e-recruitment play a crucial role in improving firm performance. The findings of this study support the argument that e-recruitment plays an important role in improving firm performance. Therefore, firms that use e-recruitment to attract new job seekers will improve their performance. These findings extend prior literature by showing, for the first time, how e-recruitment and HR capability influence firm performance. This study has confirmed that e-recruitment has a positive and significant effect on firm performance. These variables account for 43% and 78% of the variety in HR capability and firm performance, respectively, whereas 57% and 22% are related to other variables. This finding is consistent with the argument that if firm use e-recruitment, they are more likely to improve firm performance. Moreover, high HR capability enhances firm performance. Our study moves beyond previous studies that focus on e-recruitment by correlating e recruitment with HR capability and firm performance. This study contributes by arguing that e-recruitment and HR capability has a positive relation towards firm performance, which conforms to previous studies in similar areas. Apart from the re-examination of resource-based theory in the online recruitment context, our study attempts to make some other fundamental contributions in understanding e-recruitment in the Saudi Arabia context. However, given that this is the first known test of resource-based theory in the Internet recruiting domain, we recommend that future research be done to conduct additional tests of this theory. These findings have both theoretical and practical implications in that the results have provided empirical evidence on the indirect impact of e-recruitment on firm performance and can serve as an indication in practice for firms in understanding e-recruitment and its effects on firm performance. The current study would help professionals in the field of HR to enhance their awareness of the critical role that recruiting highly skilled applicants may play in terms of sustainable competitive advantage and firm performance.

From 1992 onwards, the market for corporate control has been changing as a consequence of deregulation in the North American and West European electric utility industry. Motivated by the lack of consensus on the value creation of acquisitions in the deregulated electric utility industry, this study is conducted. Based on a three and eleven-day event window, cumulative abnormal returns (CARs) of 714 acquisition announcements between 1997 and 2017 stemming from North American and West European acquirers, it is found that acquisitions generate on average an insignificant CAR of 0.2%. West European bidders generate a significant return of 0.94% which outperforms the average CAR of -0.02% stemming from North American bidders. For the aggregate sample, it is found that geographic diversification strategies do not outperform each other and that industry-focussed deals outperform industry-diversified deals. North American managers should avoid cross-border deals within the North American region because these deals destruct shareholder value. West European managers should engage in geographic or industry-focussed deals because it is shown the stock market believes that these type of acquisitions generate synergies.