本研究以2004至2010年國內之上市公司為研究樣本，探討內部控制缺失對公司經營績效之影響。對於內部控制缺失之判斷，不同於以往，僅限以公司自行揭露或遭主管機關裁罰之資訊為對象，本研究廣泛蒐集公司負面新聞，將內部控制缺失依事件發生原因分類，並依照COSO報告架構將內部控制缺失依五大要素及五大目標予以分類。 實證研究結果顯示，內部控制缺失與企業經營績效間呈顯著負相關，重大之內部控制缺失對經營績效影響之程度較大。依發生原因分類內部控制缺失之分析結果顯示，違反金管會規定、管理階層操守與價值觀有偏差及發生會計錯誤而重編財報之公司，其經營績效較差。至於內部控制缺失涉及內部控制要素及控制目標者，分析顯示，各項缺失要素及目標皆與經營績效呈顯著負向關係，且缺失要素及缺失目標較多之公司，其經營績效較差。其中，控制環境、風險評估與監督三項控制要素缺失，以及財務報導目標缺失對經營績效有較顯著之負向影響。 / Based on a sample of 724 Taiwanese companies listed in Taiwan Securities Exchange over the period of 2004-2010, this research investigates the impact of internal control weaknesses on firm performance. Different from prior studies that identified internal control weaknesses only from voluntary disclosures made by the firm and releases regarding firm’s violation of regulations issued by the Finanical Supervisory Commission, Executive Yuan, ROC (FSC). This study extensively collects news related to events resulting from internal control weaknesses as an additional data source. A further classification of internal control weaknesses is performed based on the nature of the events and the internal control framework proposed in the COSO report. The empirical results indicate that firms with internal control weaknesses are significantly underperformed. It is also found that material weaknesses have greater impact on firm performance. The results show that firms associated with FSC regulation violation releases, the integrity and ethical values of management is biased, and had restated financial statements accounting errors have significantly lower performance. The internal control weaknesses classified by the elements and objectives of internal control based on the COSO framework, are found to be significantly and negatively related to the firm performance respectively and collectively. In specific, the weaknesses associated with control environment, risk assessment, monitoring, and financial reporting objective have greater impact on firm performance.

過去相關文獻從公司治理的角度、股權結構的角度、所有權與經營權分離及代理問題的角度等等來探討董監事持股對公司經營績效的關係，而與其他研究不同者，本研究係從董監持股成數差異數的角度，分析董監持股與公司經營績效的關係。 本研究以2005年到2011年在台灣證券交易所上市之一般產業公司為研究樣本，在控制公司治理與公司特性相關變數，以資產報酬率、股東權益報酬率、每股盈餘EPS衡量公司績效，探討董監持股與規定持股成數之差異數對公司績效之影響。實證結果發現，董監事持股成數超過規定持股成數之公司，其公司經營績效較佳。分析結果可能表示，董監持股比例高，因為其自身的財富與公司財務運作之結果關係密切，監督管理者的動機會較強，而使得公司表現較佳，支持董監事持股比例高於公開發行成數規定之公司，其經營績效較佳之研究假說。換言之，本研究發現符合立法者期望透過較多之董監持股，增強其對公司努力經營及監督管理之動機，以達到提升公司經營績效之目的。 / Most previous studies focus on the effect of ownership structure on firm performance. Different from studies from other countries, the institutional setting in Taiwan concerning minimal board members shareholdings required by the “Rules and Review Procedures for Director and Supervisor Share Ownership Ratios at Public Companies (the Rules henceforth)” provides a unique research opportunity to examine the effect of the Rules on firm performance. Based on a sample of general industry firms listed in Taiwan Stocks Exchange over the period of 2005 to 2011, this study investigates whether companies with board members holdings more shares than required shareholdings by the Rules have better firm performance. This study employs return on assets, return on common stockholders’ equity and earnings per share as measures for firm performance, and difference in shareholdings over the required shareholdings as the primary explanatory variable. After controlling for governance related and firm characteristic related variables, the empirical results indicate that firms with positive differences in board ownership from the required shareholdings by the Rules have better performance. This empirical evidence implies that the legislative purpose of the Rules—enhance firm performance through the alignment of ownership interest— is supported.

This study investigates the impacts of regional characteristics on the early-stage performance of New Technology-Based Firms (NTBFs) in catch-up regions where a mature industrial cluster has yet to be formed. It hypothesized that the average NTBF performance in a region is a function of its scientist job market conditions, cultural diversity, venture capital, academic research, industrial structure, and local entrepreneurial climate. Using the events of Initial Public Offerings (IPO) and Merger & Acquisitions (M&A) as an indicator of early-stage success of NTBFs, this study constructs a set of Zero-Inflated-Negative-Binomial (ZINB) models to predict the spatial distribution of such events in the U.S. biopharmaceutical and Information Technology (IT) service industries during the period from 1996 to 2005. Several empirical findings emerge from this study. First, the local entrepreneurial climate plays a significant and positive role on NTBF performance in both industries. Second, the positive impact of cultural diversity is more significant in the IT service industry than in the biopharmaceutical industry. Third, the scientist job market size and absolute salary level have positive impacts on NTBF performance, but the effect of relative salary level is negative. Fourth, proximity to venture capital firms has positive but non-linear effects, but the adverse effect of excess venture capital is stronger in the IT service industry. Fifth, there is little evidence of the direct effects of academic research in determining the NTBF performance in both industries. Finally, industrial specialization is significant and positive only in the IT service industry. The results suggest that promoting local entrepreneurial climate and cultural diversity are two effective policy instruments for catch-up regions to foster their NTBF growth.

金融業是一個對資訊科技（Information Technology, IT）需求相當高的行業，相對於多數產業，其IT的建置時間較早，電子化程度亦趨向成熟。然而，由於市場激烈的競爭，為了提高企業整體營運績效與獲取競爭優勢，該產業仍必須投入龐大的資金於IT的應用。近年來，隨著國內政策的改革，跨產業併購已成為金融業未來發展的趨勢，其併購後所面臨的IT整合與更新再次帶動金融業對IT的需求。網際網路的蓬勃發展，亦提供金融業者新的競爭市場與商機，例如網路ATM等金融服務紛紛推出，隨之帶來的線上交易模式使得資訊安全議題更加受到重視，相關的IT應用成為金融業所考量的重點之一。 　　如此龐大的IT投資突顯了資訊科技評估的重要，一直以來，金融業的IT投資僅次於高科技產業或製造業，其資訊科技支出常佔營收一定的比例，若能有效掌握IT資本，必可協助企業做出最佳的投資決策。本研究即以資本的觀點定義IT資本，並以此為依據，建構一套IT資本的衡量構面與指標，透過個案訪談的方式深入了解金融業IT資本的概況以及驗證指標的適用性，藉此了解金融業所重視的衡量指標為何並進而探討之。 / The Financial service industry places high demands upon information technology (IT). Compared with other industries (except for manufacturing-related industry), it not only begins IT implementation early but also has a better IT infrastructure. Owing to fierce competition in the financial markets, however, companies in the financial service industry still have to invest a huge amount of money in IT in order to enhance their whole performance and gain competitive advantages. In recent years, due to reformation of policies, across the field mergers and acquisitions have become the financial industry’s current trend. It not only makes financial firms spend more money on the integration and updating of IT systems after mergers and acquisitions but also stimulates the demand for IT at the same time. The growth of the Internet also provides financial service firms with new competitive markets and opportunities, such as e-ATM. In addition, due to the extensive use of the Internet and information systems, it makes firms pay close attention to information security issues and consider relevant IT applications to be a key point to focus on. 　　As described above, the huge amount of investment in IT has shown the importance of IT assessment. In general, the financial industry’s IT investment is no less than in high-tech or manufacturing industries; and its IT spending often takes a large part of revenue. Therefore, if financial firms could have a good understanding of IT capital, it will help them to plan the best IT investment strategy. In this research, we define what IT capital is from the viewpoint of capital, and develop the performance dimensions and indicators of IT capital to help firms to understand and assess their IT capital. In addition, we observe the overview of IT capital and verify the applicability of performance indicators through interviewing five benchmark companies in the financial industry. By way of case study, we understand what performance indicators the financial industry values most and then discuss the relation between IT investment and firm performance.

In my study, I examine the relationship between founding family ownership and firm performance. Using publicly listed companies in Indonesia, I observe families are much more prevalent than in the US; in my sample, families are present in over 60% of Indonesian listed companies and families own an average outstanding equity of 50.4%. Contrary to previous literatures, I present new evidence to show founding family ownership and control is a more efficient form of ownership structure only when the family is a majority-shareholder in the company. Additional investigations shows that founding family ownership has a U-shaped quadratic relationship with firm performance, indicating that an increase in family ownership is initially associated with worsening firm performances, but is then associated with improving firm performances after passing a certain level of equity ownership.

本研究主要探討高階經理人之選擇權與公司績效之關聯性，研究發現，公司發給高階經理人之選擇權價值與Tobin’s Q呈正向關係。為區分誘因調整（the incentive alignment perspective）與利益榨取（the rent extraction perspective）兩觀點，本研究將選擇權預測值分為經濟因素、公司治理與殘值三部分。研究結果顯示依據經濟因素所預測出之選擇權價值與Tobin’s Q呈正向關係，其符合誘因調整觀點，即發放選擇權可減少代理問題。而依公司治理所預測出之選擇權價值，則與Tobin’s Q 呈負向關係，此亦與利益榨取觀點相符，即當公司治理較差時，發給高階經理人之選擇權往往較股東最適程度為高。此外，本研究亦發現選擇權與Tobin’s Q有一非線性關係。 / This study examines the association between employee stock options (ESOs) and future firm performance (Tobin’s Q). The evidence shows that the value of ESOs granted to CEOs in the current and past five years are positively associated with Tobin’s Q. To test the incentive alignment perspective and the rent extraction perspective, this study predicts the value of ESOs granted to CEOs due to economic determinants, governance quality and residual value. I find that the predicted component of ESO grants due to economic determinants are positively related with Tobin’s Q, consistent with the incentive alignment perspective that ESOs are granted to reduce the agency problem. Further, the predicted component of ESO grants attributable to the governance factors are negatively associated with Tobin’s Q, indicating that for firms with poor governance, the actual level of incentives executives receive may go well beyond the optimal level for shareholders. The negative association is consistent with the rent extraction perspective. Moreover, this study also finds a non-linear association between the Tobin’s Q and the ESO grant values.

This thesis comprehensively examines financial structure choices of firms in three emerging economies of the East African region. It highlights the lack of research in this area and empirically examines three panel data models of financial structure (ownership, firm-specific factorsâ and firm performance models, whilst incorporating the influence of macroeconomic factors) using panel data estimation techniques, including the method of moments framework. It estimates these models using panel data from 47 listed firms; and then data from 20 private firms. The original and significant contributions to knowledge of my thesis are as follows: it provides novel insights into the relation between ownership structure and firm financial structure; it provides new understanding of the relation between firm-specific factors and financial structure of quoted and private firms in emerging economies (an area where research has been lacking); it provides new understanding and additional evidence with respect to the effect of ownership structure on the performance of firms in the East African region; it incorporates the influence of macroeconomic and institutional factors on financial structure choices; and it proposes frameworks for reviewing knowledge of financial structure choices, which can be used for further scholarly work on financial structure of firms in emerging economies. The findings of this research have implications for a possibility of a new theoretical framework for researching financial structure choice of firms in emerging economies; for policy makers to design deliberate policies that enhance access to finance for firms operating in an emerging economy; and for policy makers to regulate institutions (banking sector and capital market) as they develop to ensure equitable access (particularly for the private firms) to finance by all firms operating within the economy. Taken together, the results have implication for future scholarship in that they provide clearer and useful insights on ownership structure, financial structure choices and performance of both quoted and private firms in emerging economies; and the methods used are highly replicable and can be replicated in future studies of financial structure choices of firms in emerging economies. It has also invoked further questions that require answers.

Submitted by MFEE Mestrado Profissional em Finanças e Economia Empresarial da EPGE (mfee@fgv.br) on 2015-02-24T20:01:50Z No. of bitstreams: 1 DissertacaoPedroVersãoFinal.pdf: 854477 bytes, checksum: f6cc21ead6b5a27ae36cfd76fbd1909e (MD5) / Approved for entry into archive by GILSON ROCHA MIRANDA (gilson.miranda@fgv.br) on 2015-03-25T20:43:18Z (GMT) No. of bitstreams: 1 DissertacaoPedroVersãoFinal.pdf: 854477 bytes, checksum: f6cc21ead6b5a27ae36cfd76fbd1909e (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2015-03-26T17:50:02Z (GMT) No. of bitstreams: 1 DissertacaoPedroVersãoFinal.pdf: 854477 bytes, checksum: f6cc21ead6b5a27ae36cfd76fbd1909e (MD5) / Made available in DSpace on 2015-03-26T17:58:01Z (GMT). No. of bitstreams: 1 DissertacaoPedroVersãoFinal.pdf: 854477 bytes, checksum: f6cc21ead6b5a27ae36cfd76fbd1909e (MD5) Previous issue date: 2013-05-28 / This study aims to identify if the origin of the controlling shareholder has influences on firm value and performance. The literature is very extensive but, although the theory can indicates factors that would impact firm value and performance, the results observed in the literature vary significantly and, in some cases, are even inconclusive. This work analyzes a sample of 407 Brazilian companies from 2002 to 2009, and show statistical evidence that both family and government control decrease firm value. There is no significant relation between origin of control and firm performance. / Este trabalho tem como objetivo identificar se a origem do acionista controlador tem relação com o valor e desempenho das empresas no Brasil. A literatura existente sobre essa tema é extensa e, embora a teoria possa elencar diversos fatores que influenciariam no valor e desempenho, os estudos já efetuados mostraram resultados divergentes e, em alguns casos, inconclusivos. Este trabalho realiza um estudo no Brasil, com 407 empresas no período de 2002 a 2009. Os resultados indicam que o controle familiar e governamental reduz o valor das empresas. Por sua vez, não encontramos evidências relacionando origem do controle e desempenho das empresas.

Submitted by Synthia Santana (synthiak@gmail.com) on 2016-08-25T02:11:00Z No. of bitstreams: 1 tese_synthiasantana_fgv_2016.pdf: 773575 bytes, checksum: da0b6a9c0a54bdbdaf151d619733b1b9 (MD5) / Rejected by Letícia Monteiro de Souza (leticia.dsouza@fgv.br), reason: Prezada Synthia, Favor alterar a ficha catalográfica para o tamanho padrão, pois em seu trabalho ele se encontra diminuído. Atenciosamente, Letícia Monteiro 3799-3631 on 2016-08-25T12:43:35Z (GMT) / Submitted by Synthia Santana (synthiak@gmail.com) on 2016-08-25T13:53:29Z No. of bitstreams: 1 tese_synthiasantana_fgv_2016.pdf: 772567 bytes, checksum: f883200bc436b2dc33ab5879fb3dfaf0 (MD5) / Approved for entry into archive by Letícia Monteiro de Souza (leticia.dsouza@fgv.br) on 2016-08-25T14:01:09Z (GMT) No. of bitstreams: 1 tese_synthiasantana_fgv_2016.pdf: 772567 bytes, checksum: f883200bc436b2dc33ab5879fb3dfaf0 (MD5) / Made available in DSpace on 2016-08-25T14:20:42Z (GMT). No. of bitstreams: 1 tese_synthiasantana_fgv_2016.pdf: 772567 bytes, checksum: f883200bc436b2dc33ab5879fb3dfaf0 (MD5) Previous issue date: 2016-07-29 / The wide availability of data at the firm level in the past twenty years has opened a new range of opportunities for testing important economic theories. In this thesis we aim to explore the complementarity between international trade and investments on innovation in the Brazilian manufacturing industry. In this framework we recognize that innovation is important for firms both because of the positive externalities that it exhibits as with regard to the social returns it provides. For this reason, governments often subsidize these investments, especially the riskiest ones. However, it is still poorly understood how subsidized firms perform over time as we make clear in the first chapter. Although the Economic Subvention Program (ESP) operated by FINEP has aimed at increase innovation activities and the competitiveness of Brazilian companies, the empirical exercise reveals that between 2006 and 2009 there was no significant impact on variables such as productivity, wages per employee, entry/survival in the international market and other relevant policy outcomes. In the second chapter we show that there are gains after entry into the international market for the exporters in the period 1998-2011. Such learning by exporting effects explore innovation as a relevant channel once newly exporting firms have access to inputs, machineries, processes and higher technological standards as those adopted domestically. In the empirical exercise we show that the starters spend significantly more on innovation after entry, compared with extremely similar but essentially domestic firms. The results are robust to several starters categories and are stronger for the period 2004-2008. / A ampla disponibilidade de dados ao nível da firma nos últimos vinte anos abriu um novo leque de oportunidades para o teste de teorias econômicas importantes. Nesta tese pretendemos explorar a complementaridade entre a inserção internacional das empresas e os investimentos em inovação na indústria de transformação brasileira. No arcabouço que exploramos a inovação é importante para as firmas tanto em virtude das externalidades positivas que exibem quanto em termos dos retornos sociais proporcionados. Por este motivo, os governos subsidiam parte desses investimentos, especialmente aqueles que envolvem maior risco. Entretanto, ainda se sabe pouco com relação a como as firmas subsidiadas se comportam ao longo do tempo conforme fica evidente no primeiro capítulo. Embora o Programa de Subvenção Econômica operado pela FINEP tenha por objetivo o aumento significativo das atividades de inovação e o incremento da competitividade das empresas, o exercício empírico revela que entre 2006 e 2009 não houve impacto expressivo em variáveis como produtividade, salário por trabalhador, entrada/permanência no mercado internacional e outros outcomes relevantes. No segundo capítulo mostramos que há ganhos subsequentes à entrada no mercado internacional para as firmas exportadoras com relação ao período 1998-2011. Tal efeito aprendizado do comércio internacional utiliza a inovação como um canal relevante uma vez que tais firmas passam a ter acesso a insumos, equipamentos, processos e padrões tecnológicos superiores àqueles praticados domesticamente. No exercício empírico realizado mostramos que as empresas estreantes no mercado internacional gastam significativamente mais em inovação posteriormente à estreia, comparado com empresas extremamente semelhantes mas essencialmente domésticas. Os resultados são robustos a diversas categorias de estreia e são mais fortes para o período 2004-2008.

Enterprise risk management (ERM) has emerged as a distinct model for managing a sophisticated portfolio of corporate risks. The purpose of this study was to determine the impact of ERM on firm value for companies on the Johannesburg Securities Exchange. The sample comprised forty-five firms from different industries over the period 2000-2016. Most studies used five or ten-year periods, using data derived from only one industry. Tobin’s Q was used as a proxy for firm value. Multivariate regression analysis was employed to determine statistical relationships. The findings indicate a significant correlation between ERM and Tobin’s Q, indicating that ERM significantly contributes to firm value. These findings may be used to develop and shape ERM policy frameworks for firms and countries. The study provides new insights, from an African emerging market context on the value effects of ERM. Larger and international samples may improve future studies. / Business Management / M. Com. (Business Management)