Made available in DSpace on 2010-04-20T20:51:44Z (GMT). No. of bitstreams: 3 166826.pdf.jpg: 12022 bytes, checksum: 4510aed66898db91f0e043e1b18f6047 (MD5) 166826.pdf: 634031 bytes, checksum: 16a587efdb46955921482c8c5d25bdb9 (MD5) 166826.pdf.txt: 227960 bytes, checksum: 224b048d7483d5c29522eb5b546900d0 (MD5) Previous issue date: 2007-03-14T00:00:00Z / A importância relativa de diversas origens da heterogeneidade do desempenho das firmas tem sido discutida em termos teóricos e testada empiricamente, com ênfase nos efeitos da indústria, da corporação, dos recursos idiossincráticos da firma e do ano. Este trabalho estudou a influência do país sobre o desempenho das firmas. Efeitos significantes e significativos do país e da interação indústria-país foram identificados. A amostra analisada incluiu mais de 80.000 observações e 11.000 firmas em 37 países e 256 indústrias em um período de 10 anos. Um modelo linear hierárquico com quatro níveis permitiu identificar que os efeitos país, indústria e indústria-país têm aproximadamente a mesma importância relativa e, em conjunto, quase a mesma magnitude do efeito firma. A relevância destes efeitos foi consistente entre as diferentes divisões do SIC (Standard Industrial Classification) assim como se manteve estável ao longo do tempo. Um modelo para explicação da variância do desempenho entre países foi proposto e estimado, em caráter exploratório, na análise da relação entre competitividade das nações e rentabilidade das firmas. / The relative importance of different sources of firms’ performance heterogeneity has been widely discussed as well as tested empirically. Industry, corporation, firm and year effects have been the main focus of these studies. This work analzyed another source of performance heterogeneity: country effect. Empirical analysis was based on a Compustal Global sample which included over 80,000 observations and 11,000 firms in 37 countries, 256 industries and a 10 year time span. A cross classified 4- level hierarchical linear model allowed the estimation of country and country-industry interaction effects. These were significant and as relevant as industry effect. Altogether, the effects related to the external environment (country, industry and country-industry) were almost as important as firm effect. Variance composition was consistent across SIC Divisions and remained stable along time. A model adequate to explain performance variance between countries was proposed and estimated – as a methodological illustration – to analyze the relationship between competitiveness of nations and firm performance.

The main objective of this study was to explain top management perceptions of industry and firm effects on firm performance through the mediation of competitive advantage in financial service firms operating in a regulated industry in a developing Ethiopian economy. The resource-based and industry-based views, constituting the two main schools of thought explaining performance variations among firms, were used as theoretical foundation of this study. Porter’s five-forces framework was used during this process. The researcher employed a post-positivist paradigm using a cross-sectional survey design. A total of 27 financial service firms (15 banks and 12 insurance firms) that had functioned for three and more years were selected for the study. The unit of analysis was ‘firms’, while respondents were top level managers with a total target population of less than 300. A census survey rather than a sample survey was undertaken. A total of 287 survey questionnaires were distributed (banks 180 and insurance industry 107), of which 215 were collected from 26 firms (15 banks and 11 insurance firms). Of the questionnaires 206 were properly completed leading to a valid response rate of 71%. These were used for the data analysis. A variance-based PLS-SEM approach, which is relevant to evaluate the predictive effects of the industry and firm factors on firm performance, was used to explain the hypothesized model using SmartPLS 2.00 software as well as the Statistical Package for the Social Sciences program. The assessment of the hypothesized model indicated that the R2 result on firm performance variance due to the combined industry effects and firm effects was 39%, indicating a moderately significant predictive accuracy of the model. The relative direct effect size (f2) of the industry on firm performance was 3%, while firm had a direct effect size of 2%, which was small. The combined indirect relative predictive accuracy of industry and firm effect sizes on firm performance through competitive advantage was high at 27%. This was driven by the relative substantial predictive power of firm effect on competitive advantage (f2 = 65%). Furthermore, the predictive capability (Q2) assessment result of the model indicated that both industry and firm effects had a 23% relevant predictive power on firm performance. The direct relative measure of the predictive relevance (q2) value of industry effect (q2 = 0.02) on firm performance was relatively higher than that of the firm effect (q2 = 0.01). Competitive advantage had a relative predictive power of 0.12, which was driven by the direct relative predictive capability of firm effect (q2 = 0.25) on competitive advantage. The overall assessment results of the structural model revealed that the model had satisfactory statistical power to predict the hypothetical research model. The hypothesis that industry effects had an influence on the performance of financial service firms was not supported. The result indicated that industry effects had a positive and non-significant relationship with firm performance, which points to competitiveness in the financial services industry. These results were achieved against the tenets of Porter’s five-forces framework. The hypothesis that firm effects had a positive predictive effect on firm performance was also not supported, indicating that resources and capabilities do not directly lead to improved firm performance. The direct effect of competitive advantage on firm performance was supported. The mediating effect of competitive advantage between industry effects and firm performance was not significant, while the mediation of competitive advantage between firm effects and firm performance was highly significant. The findings of this study revealed that firm effects were relevant through the mediation of competitive advantage in explaining performance variances among financial service firms, operating in a strictly regulated industry. The relative predictive power of firm effect on competitive advantage was high. Firm resources, particularly intangible resources and dynamic capabilities, are the key predictors of firm performance indirectly through the mediation of competitive advantage. Such an advantage may not last long given the excessive supervision and regulations that exist and the fact that firms are being dictated to by the government to comply with its strategic direction as opposed to pursuing their own firm specific strategies. Such practice could encourage competing financial firms to converge and pursue similar types of strategies and encourage imitations to gain short term competitive advantage and superior performance. This finding contradicts the fundamental premise of the resource-based view and firm heterogeneity even though it tentatively supports the argument made by Foss and Knudsen (2003) who argue that heterogeneity is not a necessary condition to gain competitive advantage and superior firm performance. Financial service firms should not only develop and manage their resources and capabilities, but they should also monitor the changes in the industry. This finding highlights the fact that firms can create competitive advantage and enjoy superior performance in a closed and regulated industry. The findings of this research make a significant contribution to the existing debate on the resource-based and industry-based views in explaining the causes of firms’ performance variations specifically in a regulated environment. / Business Management / D.B.L.

The main objective of this study was to explain top management perceptions of industry and firm effects on firm performance through the mediation of competitive advantage in financial service firms operating in a regulated industry in a developing Ethiopian economy. The resource-based and industry-based views, constituting the two main schools of thought explaining performance variations among firms, were used as theoretical foundation of this study. Porter’s five-forces framework was used during this process. The researcher employed a post-positivist paradigm using a cross-sectional survey design. A total of 27 financial service firms (15 banks and 12 insurance firms) that had functioned for three and more years were selected for the study. The unit of analysis was ‘firms’, while respondents were top level managers with a total target population of less than 300. A census survey rather than a sample survey was undertaken. A total of 287 survey questionnaires were distributed (banks 180 and insurance industry 107), of which 215 were collected from 26 firms (15 banks and 11 insurance firms). Of the questionnaires 206 were properly completed leading to a valid response rate of 71%. These were used for the data analysis. A variance-based PLS-SEM approach, which is relevant to evaluate the predictive effects of the industry and firm factors on firm performance, was used to explain the hypothesized model using SmartPLS 2.00 software as well as the Statistical Package for the Social Sciences program. The assessment of the hypothesized model indicated that the R2 result on firm performance variance due to the combined industry effects and firm effects was 39%, indicating a moderately significant predictive accuracy of the model. The relative direct effect size (f2) of the industry on firm performance was 3%, while firm had a direct effect size of 2%, which was small. The combined indirect relative predictive accuracy of industry and firm effect sizes on firm performance through competitive advantage was high at 27%. This was driven by the relative substantial predictive power of firm effect on competitive advantage (f2 = 65%). Furthermore, the predictive capability (Q2) assessment result of the model indicated that both industry and firm effects had a 23% relevant predictive power on firm performance. The direct relative measure of the predictive relevance (q2) value of industry effect (q2 = 0.02) on firm performance was relatively higher than that of the firm effect (q2 = 0.01). Competitive advantage had a relative predictive power of 0.12, which was driven by the direct relative predictive capability of firm effect (q2 = 0.25) on competitive advantage. The overall assessment results of the structural model revealed that the model had satisfactory statistical power to predict the hypothetical research model. The hypothesis that industry effects had an influence on the performance of financial service firms was not supported. The result indicated that industry effects had a positive and non-significant relationship with firm performance, which points to competitiveness in the financial services industry. These results were achieved against the tenets of Porter’s five-forces framework. The hypothesis that firm effects had a positive predictive effect on firm performance was also not supported, indicating that resources and capabilities do not directly lead to improved firm performance. The direct effect of competitive advantage on firm performance was supported. The mediating effect of competitive advantage between industry effects and firm performance was not significant, while the mediation of competitive advantage between firm effects and firm performance was highly significant. The findings of this study revealed that firm effects were relevant through the mediation of competitive advantage in explaining performance variances among financial service firms, operating in a strictly regulated industry. The relative predictive power of firm effect on competitive advantage was high. Firm resources, particularly intangible resources and dynamic capabilities, are the key predictors of firm performance indirectly through the mediation of competitive advantage. Such an advantage may not last long given the excessive supervision and regulations that exist and the fact that firms are being dictated to by the government to comply with its strategic direction as opposed to pursuing their own firm specific strategies. Such practice could encourage competing financial firms to converge and pursue similar types of strategies and encourage imitations to gain short term competitive advantage and superior performance. This finding contradicts the fundamental premise of the resource-based view and firm heterogeneity even though it tentatively supports the argument made by Foss and Knudsen (2003) who argue that heterogeneity is not a necessary condition to gain competitive advantage and superior firm performance. Financial service firms should not only develop and manage their resources and capabilities, but they should also monitor the changes in the industry. This finding highlights the fact that firms can create competitive advantage and enjoy superior performance in a closed and regulated industry. The findings of this research make a significant contribution to the existing debate on the resource-based and industry-based views in explaining the causes of firms’ performance variations specifically in a regulated environment. / Business Management / D.B.L.

Cette thèse propose une analyse empirique de deux stratégies majeures du financement du développement; les annulations de dette et la mobilisation des ressources domestiques. Les trois premiers chapitres tentent d'analyser les effets des annulations de dette du début des années 2000 sur les finances publiques et les possibilités de réendettement des gouvernements bénéficiaires. Nos résultats montrent que les annulations de dette concédées via les initiatives PPTE et IADM ont permis d'améliorer significativement la composition budgétaire des gouvernements récipiendaires et de diversifier leurs sources de financement. Néanmoins, d'autres résultats mettent en lumière l'existence d'un aléa moral induit par ces initiatives, nécessitant ainsi une surveillance accrue des politiques budgétaires, notamment une fois l'annulation de dette octroyée. Enfin, le quatrième chapitre tente de revisiter la relation entre fiscalité et croissance en adoptant une approche macro-micro à l'aide de données de firmes. Notre analyse montre que la fiscalité est bénéfique à l'activité des entreprise, en particulier celles des pays à faible revenu. Par ailleurs, d'autres résultats suggèrent que cet effet est renforcé lorsque ces mêmes firmes font face à une faible corruption, réitérant ainsi la nécessité pour les pays en développement d'établir un environnement économique et politique sain. / This thesis aims at investigating empirically the effects of two financing strategies for low-income countries; debt relief and taxation. The first three chapters focus on the consequences of debt relief for public finance and new external financing. Results show that cancellations granted under the multilateral debt relief initiatives have been beneficial for recipient countries by significantly improving the composition of their budget and widening financing opportunities. However, findings also underline the risk of moral hazard stemming from these initiatives which thus calls for continuous sound fiscal management, especially after debt relief. Lastly, the fourth chapter revisits the taxation-growth nexus adopting a macro-micro approach. Using firm-level data in developing countries our findings suggest that taxation is favorable to firms' activity, especially when firms operate in poor countries characterized by a significant lack of infrastructure. Moreover, this effect of taxation seems to be maximal in the absence of corruption, hence reaffirming the need for healthy and enabling economic and political environments in developing countries.

[ES] El mercado y las transacciones comerciales se desarrollan en la actualidad en un entorno cada vez más dinámico y cambiante, que obliga a las empresas a adaptarse a expectativas cada vez más específicas y exigentes por parte de los clientes, y a una competencia feroz por mantener y ampliar la ventaja competitiva para poder subsistir. La fidelización de los clientes, y el establecimiento de relaciones comerciales duraderas con ellos a largo plazo es una de las formas más eficientes a través de las cuales las empresas pueden conseguir estos objetivos. Para ello es fundamental tener la mejor información posible sobre los clientes, así como establecer estrategias coherentes para la gestión de las relaciones con ellos. Poner al cliente como foco y centro de toda la cadena de valor de las empresas asegura que, desde la toma de requerimientos para satisfacer las necesidades de los clientes, hasta la provisión de bienes y servicios que satisfagan dichas necesidades, pasando por todas las etapas de su proceso productivo, están diseñadas y orientadas a conseguir la máxima satisfacción del cliente y con ello su fidelidad y una relación comercial duradera y beneficiosa. Las Tecnologías de Información y Comunicación (TIC) son clave para cualquier estrategia dirigida a la consecución de estos objetivos, tanto por su potencia en el manejo de la información valiosa de gestión empresarial, como por el cambio cultural que introducen en las empresas que adoptan estos sistemas en su camino hacia la transformación digital. En las últimas dos décadas ha crecido especialmente el interés por una de estas tecnologías, en concreto los sistemas Customer Relationship Management (CRM), cuyo ámbito de trabajo es la gestión de las relaciones con los clientes. CRM nace en los años 70 con el objetivo de automatizar la fuerza de ventas de las empresas, es decir, sistematizar e informatizar los procesos comerciales en tres áreas: ventas, marketing, y servicios. El objetivo primero de CRM era que toda acción emprendida por cualquiera de los agentes de la empresa, en cualquiera de estas tres áreas de gestión de relaciones con los clientes, estuviera registrada y accesible para el resto de los agentes clave de la empresa. Con CRM se conseguía unificar y tener de forma coherente y consistente toda la información de gestión de relaciones con los clientes. El dinamismo y competitividad de los mercados, alentado por la globalización y el acceso a información y mercados diversos y dispersos, ha movido a las empresas a buscar estrategias de gestión que hagan sostenibles en el tiempo sus ventajas competitivas. CRM se ha mostrado como una de estas herramientas más valiosas, aportando expectativas no solo de beneficios de explotación actual por su gestión de la información relacionada con la gestión del conocimiento sobre los clientes, sino también de beneficios a futuro por su directo impacto en los procesos de innovación. Una vez definidos cuales son los beneficios esperados por parte de las empresas que deciden implementar sistemas CRM, se plantea la cuestión de saber en qué condiciones estos beneficios se suelen dar en la realidad. El presente trabajo de investigación ha pretendido comprobar cuáles son las condiciones que pueden hacer que el uso CRM por parte de las empresas venga acompañado consecuentemente de mejoras en los resultados empresariales, de modo que las conclusiones ayuden a las empresas a tomar sus decisiones sobre su adopción de dichos sistemas CRM. La conclusión general del estudio es la confirmación de que una buena cultura de gestión de la relación con los clientes ("customer relationship management") es clave para tener un buen resultado empresarial, ya que está en línea con las teorías modernas del marketing relacional que se enfocan en la gestión centrada en el cliente. A esta relevancia de la cultura de gestión centrada en el cliente, se agrega que el uso de tecnologías CRM puede y de / [CA] El mercat i les transaccions comercials es desenvolupen en l'actualitat en un entorn cada vegada més dinàmic i canviant, que obliga les empreses a adaptar-se a expectatives cada vegada més específiques i exigents per part dels clients, i a una competència feroç per mantindre i ampliar l'avantatge competitiu per a poder subsistir. La fidelització dels clients, i l'establiment de relacions comercials duradores amb ells a llarg termini és una de les formes més eficients a través de les quals les empreses poden aconseguir aquests objectius. Per a això és fonamental tindre la millor informació possible sobre els clients, així com establir estratègies coherents per a la gestió de les relacions amb ells. Posar al client com a focus i centre de tota la cadena de valor de les empreses assegura que, des de la presa de requeriments per a satisfer les necessitats dels clients, fins a la provisió de béns i serveis que satisfan aquestes necessitats, passant per totes les etapes del seu procés productiu, estan dissenyades i orientades a aconseguir la màxima satisfacció del client i amb això la seua fidelitat i una relació comercial duradora i beneficiosa. Les Tecnologies d'Informació i Comunicació (TIC) són clau per a qualsevol estratègia dirigida a la consecució d'aquests objectius, tant per la seua potència en el maneig de la informació valuosa de gestió empresarial, com pel canvi cultural que introdueixen en les empreses que adopten aquests sistemes en el seu camí cap a la transformació digital. En les últimes dues dècades ha crescut especialment l'interés per una d'aquestes tecnologies, en concret els sistemes Customer Relationship Management (CRM), l'àmbit de treball del qual és la gestió de les relacions amb els clients. CRM naix en els anys 70 amb l'objectiu d'automatitzar la força de vendes de les empreses, és a dir, sistematitzar i informatitzar els processos comercials en tres àrees: vendes, màrqueting, i serveis. L'objectiu primer de CRM era que tota acció empresa per qualsevol dels agents de l'empresa, en qualsevol d'aquestes tres àrees de gestió de relacions amb els clients, estiguera registrada i accessible per a la resta d'agents clau de l'empresa. Amb CRM s'aconseguia unificar i tindre de manera coherent i consistent tota la informació de gestió de relacions amb els clients. El dinamisme i competitivitat dels mercats, encoratjat per la globalització i l'accés a informació i mercats diversos i dispersos, ha mogut a les empreses a buscar estratègies de gestió que facen sostenibles en el temps els seus avantatges competitius. CRM s'ha mostrat com una d'aquestes eines més valuoses, aportant expectatives no sols de beneficis d'explotació actual per la seua gestió de la informació relacionada amb la gestió del coneixement sobre els clients, sinó també de beneficis a futur pel seu directe impacte en els processos d'innovació. Una vegada definits quals són els beneficis esperats per part de les empreses que decideixen implementar sistemes CRM, es planteja la qüestió de saber sota quines condicions aquests beneficis se solen donar en la realitat. El present treball de recerca ha pretés comprovar quines són les condicions que poden fer que l'ús CRM per part de les empreses vinga acompanyat conseqüentment de millores en els resultats empresarials, de manera que les conclusions ajuden les empreses a prendre les seues decisions sobre la seua adopció d'aquests sistemes CRM. La conclusió general de l'estudi és la confirmació que una bona cultura de gestió de la relació amb els clients ("customer relationship management") és clau per a tindre un bon resultat empresarial, ja que està en línia amb les teories modernes del màrqueting relacional que s'enfoquen en la gestió centrada en el client. A aquesta rellevància de la cultura de gestió centrada en el client, s'agrega que l'ús de tecnologies CRM pot i deu ajudar a millorar l'acompliment de l'empresa. / [EN] The market and commercial transactions are currently developing in an increasingly dynamic and changing environment, which forces companies to adapt to increasingly specific and demanding expectations from customers, and to a fierce competition to maintain and expand the competitive advantage in order to survive. The loyalty of customers, and the establishment of lasting business relationships with them in the long term is one of the most efficient ways through which companies can achieve these objectives. For this purpose, it is essential to have the best possible information about customers, as well as to establish coherent strategies for managing relationships with them. Putting the client as the focus and center of the entire value chain of companies ensures that, from the study of requirements to satisfy the needs of clients, to the provision of goods and services that satisfy said needs, passing through all stages of its production process, are designed and oriented to achieve maximum customer satisfaction and with it their loyalty and a lasting and beneficial business relationship. Information and Communication Technologies (ICT) are key to any strategy aimed at achieving these objectives, both because of their power in handling valuable business management information, and because of the cultural change they introduce in companies that adopt these systems on their way to digital transformation. In the last two decades, interest in one of these technologies has grown especially, specifically the Customer Relationship Management (CRM) systems, whose scope of work is the management of customer relationships. CRM was born in the 70s with the aim of automating the sales force of companies, that is, to systematize and computerize business processes in three areas: sales, marketing, and services. The first objective of CRM was that any action taken by any of the company's agents, in any of these three areas of customer relationship management, be registered and accessible to the rest of the company's key agents. With CRM it was possible to unify and have in a coherent and consistent way all the information on customer relationship management. The dynamism and competitiveness of the markets, encouraged by globalization and access to information and diverse and dispersed markets, has prompted companies to seek management strategies that make their competitive advantages sustainable over time. CRM has proven to be one of these most valuable tools, providing expectations not only of current operating benefits due to its management of information related to customer knowledge management, but also future benefits due to its direct impact on processes of innovation. Once the expected benefits of companies that decide to implement CRM systems have been defined, the question arises of knowing under what conditions these benefits usually occur in reality. The present research work has tried to verify which are the conditions that can make the use of CRM by companies consequently accompanied by improvements in business results, so that the conclusions help companies make their decisions about their adoption of such CRM systems. The general conclusion of the study is the confirmation that a good culture of customer relationship management ("customer relationship management") is key to having a good business result, as it is in line with modern theories of relationship marketing that they focus on customer-centric management. To this relevance of the customer-centric management culture, it is added that the use of CRM technologies can and should help improve company performance. An adequate innovation strategy appears as the ideal complement to the strategies for the use of culture and CRM technologies in order to improve business results. / Guerola Navarro, V. (2021). Impacto del grado de implementación del Customer Relationship Management (CRM) y la Estrategia de Innovación en los resultados empresariales. Aplicación al sector vitivinícola español [Tesis doctoral]. Universitat Politècnica de València. https://doi.org/10.4995/Thesis/10251/166614 / TESIS

In recent decades, numerous prominent scholars have highlighted the fact that small and medium sized firms in general, and new technology-based firms in particular, represent an important source of innovation and economic growth. The success of new technology-based firms is further argued to be closely linked to innovation capacity and performance, which in turn depends on the context in which the company is located. This study investigates how contextual factors affect the performance of new technology-based firms in Sweden. This was done through a multiple case study, where a data set of 48 new technology-based firms were analysed both quantitatively and qualitatively. The quantitative analysis outlined correlations between the firms’ context and their respective change in market value over time. The qualitative analysis examined these correlations in more detail by evaluating how firms were affected by specific contextual factors. This analysis was based on semi-structured interviews conducted with a sample of 11 firms from the data set. The result indicates that firms located in metropolitan cities and university cities, on average, have a higher proportion of high-performing firms compared to firms from other cities. Stockholm further stands out with the highest proportion of firms among the top performing firms and the lowest proportion of firms among the bottom performing firms. The result further highlights three main contextual factors that were consistently emphasised by interviewees as being particularly important for their firm performance; these factors were local access to 1) skilled and specialisedworkforce followed by 2) risk capital and finally 3) customer proximity. / Under de senaste decennierna har många framstående forskare konstaterat att små och medelstoraföretag i allmänhet, och nya teknikbaserade företag i synnerhet, utgör en viktig källa till innovation och ekonomisk tillväxt. Nya teknikbaserade företags framgång anses vidare vara nära sammankopplat med deras innovationskapacitet och prestation, som i sin tur har visat sig bero på den kontext som företaget befinner sig i. Denna studie undersöker hur kontextuella faktorer påverkar företagsprestationen för nya teknologibaserade företag i Sverige. Detta gjordes genom en flerfallstudie, där en datamängd på 48 nya teknikbaserade företag analyserades både kvantitativt och kvalitativt. Den kvantitativa analysen undersökte samband mellan vilken kontext företagen befunnit sig i och hur deras respektive marknadsvärde förändrats över tid. Den kvalitativa analysen utforskade sedan dessa samband mer ingående genom att utvärdera hur företagen påverkats avspecifika kontextuella faktorer. Denna analys grundades på semi-strukturerade intervjuer med elva företag från datamängden. Resultatet indikerar att företag belägna i storstäder och universitetsstäder i genomsnitt har en högre andel högpresterande företag jämfört med företag från andra stadstyper. Stockholm utmärker sig vidare med den högsta andelen företag bland de bäst presterande företagen i datasetet, och den lägsta andelen företag bland de sämst presterande företagen. Resultatet belyser vidare tre huvudsakliga kontextuella faktorer som konsekvent betonades vara bland de viktigaste för företagets prestation; dessa faktorer motsvarade lokaltillgång till 1) skicklig och specialiserad arbetskraft följt av 2) riskkapital och slutligen 3) kundnärhet.

Corporate Growth is a concept that has been widely treated in a specific way or as part of strategy theories, in definition and in econometric models and has also been studied in many different aspects and approaches. The author describes in depth the main variables affecting corporate growth and the underlying business processes. This empirical research has focused on Sales, Profit-Cash Flow, Risk, Created Shareholder Value, Market Value and Overall Performance econometric models. These panel data models are based on the 500 Companies of the Standard & Poor’s 500. The methodology used has been very strict in identifying exogenous variables, walking through the different alternative econometric models, discussing results, and, in the end, describing the practical implications in today’s business corporate management. We basically assume that the Functions/Departments act independently in the same company, many times with different objectives, and in this situation clear processes are key to clarify the situations, roles and responsibilities. We also assume that growth implies interactions among the different functions in a company and the CEO acts to lead and coach his immediate Directors as a referee of the key conflicts through his Operating Mechanism. The objective of this PhD Dissertation is to clarify the business priorities and identify the most relevant variables in every process leading to the highest efficiency in reaching a sustainable and profitable growth. It covers the lack of academic studies on the nature and specific driving factors of corporate growth and provides a working framework for Entrepreneurs and Management leading to the Company’s success.

本研究採1992年至2002年首度上市的樣本公司為研究樣本，並依據同產業規模相當且上市五年以上的原則挑選配對公司，檢驗公司治理、經營績效與機構投資人投資行為之關聯性。與先前研究不同之處在於，本研究深入探討公司治理對經營績效的影響，解釋在不同經濟條件與公司特性下，將影響公司治理機制效率的發揮，使公司治理與績效呈正相關。 本研究利用樣本公司上市當時的公司治理變數，檢驗公司治理對上市後半年的會計績效影響與上市後30天、90天與180天的市場報酬，再進而驗證經營績效對上市後一年機構投資人投資行為的影響，此外，並比較有價證券上市審查準則規定前後的公司，在公司治理與經營績效上是否有差異。透過相關分析、T檢定、迴歸分析與聯立方程式，檢驗三大研究假說，實證結果獲得以下主要結論： 1.樣本公司與配對公司的特性 樣本公司的公司治理機制較健全，會計績效表現也較佳。 2.公司治理程度不同的公司特性 公司治理程度高的公司其市場績效表現較佳，且年齡較小。 3.景氣與產業，對公司治理與經營績效關聯性的影響 產業特性會加強公司治理程度對會計績效的影響；經濟景氣，會加強公司治理程度對市場績效的影響。 4.當經濟景氣差、代理成本高與轉投資家數多時，更突顯公司治理的重要性，公司治理對績效有正向的影響 5.無參與管理的公司，更突顯公司治理的效果，公司治理對績效有正向的影響 6.機構投資人持股比例與週轉率呈正相關 7.經營績效與機構投資人投資行為呈正相關 市場績效對機構投資人持股比例有正向的影響；會計績效對機構投資人週轉率也有正向的影響，顯示績效與機構投資人投資行為呈正相關。 8.法令規範後，公司治理與經營績效表現較佳 9.金融業的公司治理表現較佳 / This paper examines the relationship between the corporate governance, firm performance, and institutional behavior of Taiwanese TSE-listed companies from 1992 to 2002. This paper approves the positive effects of corporate governance to firm performance, and firm performance to institutional behavior as well. Different from the previous studies, this paper addresses the importance of corporate governance under poorer economic conditions, higher agency costs, and a more complicated company structure. Corporate governance mechanism could work effectively when the executives of companies realize the importance of the corporate governance.

This dissertation investigates the effect of endogenous and exogenous events on firm behavior and performance. These are fundamental questions in economics. The contribution of this study is threefold. First, it provides estimates of the impact of mergers on railroad efficiency, which has important antitrust implications. Second, it provides new estimates of the effect of negative events on the market value of Johnson & Johnson, Bridgestone, and Toyota, which is important to the understanding of how markets punish corporate errors. Third, it develops better ways to estimate these effects. Chapter 2 uses the event study approach to determine how product recalls due to exogenous and endogenous shocks affect the value of the firm. Three recalls from Johnson & Johnson, Bridgestone, and Toyota have been studied in this chapter. The traditional event study method assumes that markets are efficient, a questionable assumption in the short run. Thus, the current stock value of a firm may not reflect its true market value. To address this potential problem, frontier based methods are used, including data envelopment analysis, corrected ordinary least squares, and stochastic frontier regression analysis. Stochastic frontier methods are shown to be more appropriate when market behavior is not fully rational. The evidence shows that endogenous events due to firm errors are more detrimental to firm value than exogenous negative events that are beyond the control of the firm. That is, the market is more forgiving of negative shocks that the company cannot control. Chapter 3 studies the effects of merger activity on the efficiency and productivity growth of U.S. Class I railroads from 1983 to 2008. In this chapter, I assess the effects of merger activity on efficiency, and identify the major factors associated with productivity growth. Unlike previous research, I use data envelopment analysis with an attribute-incorporated Malmquist productivity index. This approach allows firm specific measures of efficiency and productivity to be calculated for firms with differences in technology. The approach allows a decomposition of the attribute-incorporated Malmquist productivity index into technical, efficient and attribute components, the impacts of railroads mergers, and the real source and change of productivity. I find that (1) the technology efficiency performance of the seven survivor firms has grown through time; (2) mergers overall do not lead significant technology and scale efficiency gains, but there are differences across mergers; (3) mergers in the 1980s do not have significant different effect on efficiency change compared to those in the 1990s; and (4) the productivity gains are mostly attributed to the network and operation attributes change and industry technology improvement. Overall, the mergers have no direct impact on the efficiency gains or losses during our study period. The application of these techniques to product recalls and railroad merger models demonstrates how they can provide superior estimates over traditional estimation techniques. It is hoped that these applications will motivate the use of these techniques in other settings. / Graduation date: 2012

為改善資訊揭露環境，並增進上市公司的資訊透明度，上海證券交易所在2004年起對所有上市公司強制實施XBRL財務報導格式，本研究檢驗強制實施XBRL財務報導格式對於公司經營績效之影響，以上海證券交易所上市公司為研究對象，研究期間為2003年至2010年，並考慮中國國有企業的特色，將樣本公司分為國有企業與民營企業，分別檢視強制實施XBRL財務報導格式對其經營績效之影響。基於中國國有企業之組織特性，本研究假設僅有民營企業可獲益於強制實施XBRL財務報導格式，並因此提升經營績效。實證結果顯示，確實僅有民營企業獲得XBRL財務報導的效益，在強制實施XBRL財務報導格式後經營績效提升，但由於組織特性的關係，強制實施XBRL財務報導格式的預期效益並未顯現在國有企業，對中國國有企業來說，資訊透明度與外部監督的提升不足以解決其經營上之代理問題。