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It is generally accepted that with the rapid development of Taiwan's economy, the number and size of domestic companies amplified increasingly. Evidences show that over the past decade of domestic market growths and international expending, the company goes stock options to public increasingly. For time beings, industries in Taiwan have been evolved from agricultural into industrial in the structure of SMEs, and family-run business has been staying as a very important role. Numbers of evidences indicate that many listed company lack of internal corporate governance result in corporate governance disputation. In this study, the literature analysis and qualitative analysis of in-depth interview have taken as the main research methods. Continue to realizing the status of family business operating under the corporate governance and for their import model. According to empirical results, the research has the following conclusions: (1) A positive influences on company's operating performance and business strategy when one company lead by a professional managers. (2) A positive influences for matters of business strategy when the financial statements be transparent and open decision-making. (3) A positive evidences show managers possessing professional competence and decision-making capacities lead to the company's operating impact. (4) The higher degree of familiarities on financial indicators and transparency result in the improvement to one company¡¦s performance. (5) Actual benefits revealed when the advocates on corporate governance mechanism policies, the mandatory guidelines and regulations at the preliminary stage.

一套能使企業成長與股東期望之間達到最適當均衡的股利政策對企業內、外部而言均是攸關且重要的資訊。決策者必須全面考量企業特性、經營環境之變化及股東的期盼，以規劃其股利政策；所以了解企業所處之成長階段及經營環境，對制定適當且均衡的股利政策是相當重要的。 本研究以民國七十九年至民國八十八年間，我國化工業、紡織業及電子業之上市公司為研究對象，首先劃分企業生命週期，並將股利政策定義為股利發放水準、股利發放形式及股利發放水準平穩程度等三個構面。本研究透過文獻探討，了解企業在各個生命週期階段所顯現的不同特性對股利政策的可能影響，再針對我國企業的股利發放實務作一了解，以分析其差異。 研究結果顯示，在股利發放水準方面，除了化工業之外，紡織業與電子業上市公司考量所處之生命週期階段，進而規劃適當股利政策的情形並不普遍。就股利發放形式而言，由實證結果可知，無論身處成長期或成熟期，化工業、紡織業以及電子業上市公司均偏好發放股票股利。至於股利發放水準平穩程度，紡織業以及電子業上市公司於成熟期時，總股利發放水準較處於成長期時穩定。 本研究之實證結果，隱喻企業管理當局可能並不瞭解其本身所處生命週期階段及相關經營背景；也可能是因為管理當局尚未能理解企業生命週期與股利政策間之關聯性及重要性，或者可能是管理當局必須遷就投資人之所好。由研究結果亦可得知，股利政策似與產業所面對的經營環境及營運架構有所關聯，企業之股利政策會因產業的不同而有所差異。 / A dividend policy that balanced the needs for firm growth and stockholders conveys important information for both managements and investors. Characteristics and operating environment of an organization and expectations of its shareholders are critical determinants for developing such dividend policies. The knowledge about the life-cycle stage a firm is currently at and its dividend policy planned accordingly is therefore essential for financial decisions and future growth of a firm. Focused on companies listed in Taiwan Stock Exchange in chemical, textile and electronics industries over the period of 1990 to 1999, this thesis empirically tests the association between the business life-cycle stages of the sample firms and their dividend policies. Specifically, this study examines the dividend policy in terms of level, form and stability of dividend payout levels. With respect to the level of dividend payout, the empirical evidence shows that the strong association between the life-cycle stage and dividend policy is evident in chemical industry. As to the form of dividend payout, the results indicate that across all stages of business life cycle and all three industries, firms are found to have a preference for distributing stock dividends rather than cash dividends. Moreover, the empirical findings suggest that as compared to mature stages, firms in textile and electronics industries are found to be associated with greater variance in total level of dividend payout at their growth stages. However, there is no significant cross-stage difference in variance of dividend payout level found for firms in chemical industry. The overall empirical evidence implies that firms studied in this thesis may concern a stable dividend payout policy is more important for an on-going operation. Exertion in making clear distinction about their business life-cycle stages is less essential. It is possible that management doesn’t realize a necessary linkage between business life-cycle stage and dividend policy. It is also likely that firms are simply satisfying the shareholders’preference for stock dividends distribution. In addition, the cross-industry differences in dividend policy practices found may result from the differences in characteristics and operating environment confronted by organizations.

The main aim of the thesis is to describe the decision-making mechanism of companies regarding the capital structure over the business life cycle. The study analyses the use of main capital structure theories in practice. Moreover it links the financial theory with the concept of business life cycle. Secondly, the thesis includes detailed comparative analysis of various sources of business financing and their costs, quantification of the costs of capital and analysis of any calculation inaccuracy of this parameter in practice. Finally, the thesis defines the fundamental decision-making formulas about the capital structure in individual phases of life cycle while using the relevant data. The thesis is, on the grounds of research, focused on the trade-off theory and relating calculation of optimal capital structure.

Community-based tourism (CBT), according to Dodds, R. Ali, A. & Galaski, K. (2016), has historically been developed based on a host community’s assets and objectives due to the fact that the "core of CBT planning has been to determine how best to use it as a development tool." As a result, the established CBT development model typically prioritizes community potential as supply at the expense of the market potential of tourism (demand), disregarding to a certain extent the commercial aspects of tourism. From this perspective, questions regarding product strategy, idea generation, business analysis, and how cross-sectoral knowledge production and exchange can strengthen the sustainability and viability of the CBT product have not yet been fully answered in academic literature. This paper builds on the academic literature regarding market access and is further supported by interviews and participant observation conducted in Brazil. This research indicates that these analyses should be complemented with additional questions about product development, capacity-building, knowledge co-production, collaborative networking, and more. The business life cycle of CBT could be considered a foundational pillar in understanding the business viability of community-based tourism projects, and therefore, the expected findings of this study include the proposal of an amended CBT model and practical recommendations that may be implemented into existing CBT projects. / Le tourisme communautaire (CBT), selon Dodds, R. Ali, A. et Galaski, K. (2016), a été largement développé sur la base des atouts et des objectifs d'une communauté en raison du fait que le en raison du fait que “le cœur de la planification de le tourisme communautaire a été de déterminer la meilleure façon de l'utiliser comme outil de développement” (p. 16). En conséquence, le développement du CBT a donné la priorité au potentiel communautaire (offre) au détriment du potentiel touristique (demande), sans tenir compte, dans une certaine mesure, des aspects commerciaux du tourisme. Dans cette perspective, les questions concernant la stratégie de produit, la génération d'idées, l'analyse commerciale et les moyens par lesquels la production et l'échange de connaissances intersectorielles peuvent renforcer la durabilité et la viabilité du produit CBT n'ont pas encore trouvé de réponse complète dans la littérature universitaire. Bien que les analyses concernant l'accès aux marchés soient abondantes dans la littérature (Dodds et al. 2016; Mitchell & Hall, 2005; Mitchell & Muckosy, 2008; Forstner, 2004; Iorio & Corsale, 2014), cet article, informé par des entretiens semi-structurés et l'observation des participants menée pendant le séjour de deux ans de l'auteur au Brésil, soutient que ces analyses devraient être complétées par des questions supplémentaires sur le développement de produits, la formation des capacités, la coproduction de connaissances, le réseautage collaboratif et plus encore. Le cycle de vie des entreprises du tourisme communautaire pourrait être considéré comme un pilier fondamental de la compréhension de la viabilité commerciale des projets de tourisme communautaire, et par conséquent, les conclusions attendues de cette étude incluent la proposition d'un modèle CBT modifié et des recommandations pratiques qui pourraient être mises en œuvre. dans les projets CBT existants. / Doctorat en Sciences / info:eu-repo/semantics/nonPublished

This paper was aimed to study if and how business leaders’ leadership style change throughout the life cycle of a business. Leadership has long been a well-studied area, where research has primarily focused on larger business sizes. Therefore, the essay writers found it interesting to instead study leadership from a micro and small business perspective. The study has used a qualitative research method with semi-structured interviews as the data collection method. The method was chosen based on the essay writers' desire to gain insight into the respondents' experiences and perspectives on the study subject. The collected data was then analyzed through a theory-driven thematic analysis based on the study's theoretical framework. The data was analyzed based on the theories of company life cycle phases and leadership styles in an attempt to answer the study's purpose and research question. The conclusion showed that corporate leaders' leadership styles are partially absolute and partially dynamic. The absolute leadership style was expressed during stable circumstances and phases, while the dynamic leadership style emerged during demanding and challenging situations and phases. Furthermore, it was found that leadership styles changed more significantly if the phases or circumstances required other leadership methods than the methods that the leader's absolute leadership style is characterized by. The change in leadership styles is therefore based on which life cycle phase the company is in, but also on the leadership style that the leader possesses fundamentally. / Syftet med denna uppsats har varit att undersöka om och hur ledarskapsstilar hos företagsledare förändras i takt med företags livscykelfaser. Ledarskap har länge varit ett välstuderat ämnesområde, där forskningen främst har varit inriktad mot de större företagsstorlekarna. Därför fann uppsatsskribenterna det intressant att istället studera ledarskap ifrån mikro-och småföretagsperspektiv. Studien har tillämpat en kvalitativ forskningsmetod med semistrukturerade intervjuer som datainsamlingsmetod. Metodvalet baserades på att uppsatsskribenternas önskan att få ta del av respondenternas erfarenheter och perspektiv kring studieämnet. Därefter analyserades insamlad data genom en teoristyrd tematisk analys som baserades på studiens teoretiska referensram. Hädanefter analyserades datan utifrån teorierna om företagslivscykelfaserna och ledarskapsstilar i ansats att besvara studiens syfte och frågeställning. Slutsatsen påvisade att företagsledares ledarskapsstilar delvis är absoluta och delvis dynamiska. Den absoluta ledarskapsstilen kom till uttryck under stabila omständigheter och faser medan den dynamiska ledarskapsstilen framträdde vid krävande och utmanande situationer och faser. Vidare kunde det konstateras att ledarskapsstilarna förändrades mer avsevärt om faserna eller uppkomna omständigheter krävde andra ledarmetoder än de metoder som ledarens absoluta ledarskapsstil karakteriseras av. Förändringen i ledarskapsstilar baseras därav på vilken fas i livscykeln företaget befinner sig inom men även vilken ledarskapsstil ledaren innehar i grunden.

本研究主要探討企業處於不同的生命週期階段時，資本市場對於各期的無形資產投入會有不同的評價。本文用Anthony and Ramesh(1992)的方法，選定股利、銷貨成長、資本支出、公司成立年數、研發支出作為生命週期的判斷因子。以薛健宏(2005)修改吳安妮(2004)、Kaplan and Norton(2004)的架構，將平衡計分卡三個非財務構面對應各項無形資產，以人力資本、創新資本、流程資本、顧客資本各項投入作為無形資產投入研究項目，並以Ohlson(1995)的會計評價模式，觀察無形資產投入、人力資本、創新資本、流程資本、顧客資本對於公司評價是否具備攸關性。 實證結果發現，企業於生命週期初期對於各項無形資產的投入，對於資本市場而言都是具備價之攸關性的資訊。無形資產投入在成長與成熟期相比較時，並沒有顯著的差異，而企業於成長與成熟期投入無形資產相較於衰退期，資本市場皆有較高的評價。以創新資本而言，企業於成長期投入創新資本，資本市場的評價大於成熟期與衰退期，而成熟期評價也大於衰退期。以人力資本而言，企業於成長與成熟期投入人力資本，資本市場對於此項資訊的評價並沒有顯著差異，而成長期與成熟期相較於衰退期，皆有較高的評價。以流程資本而言，企業於成長期與成熟期間投入流程資本，資本市場並沒有顯著差異，而成長期與成熟期相較於衰退期，皆有較高的評價。以顧客資本而言，企業於成長期投入顧客資本與成熟期投入相比較，資本市場的評價並沒有顯著差異。而成長與成熟期投入顧客資本相較於衰退期，資本市場的評價皆較高。整體而言，企業於生命週期初期投入無形資產，資本市場皆給予較高的評價，而於企業生命週期晚期，無形資產投入的增加，資本市場並未給予較高的評價 / The purpose of this study is to explore whether the market values intangible asset investment of firm differently at different stage of life cycle. The stage of life cycle in which a firm belongs in determined by using Anthony and Ramesh(1992) model and is classified into growth, maturity and declining stage. This study uses Annie Wu(2004), Kaplan and Norton (2004) framework as amended by 薛健宏(2005) to partition the intangible asset into human capital, innovation capital, process capital and customer capital. Ohlson’s(1995) model is used to examine the relationship between the market valuation and each of the investment of total intangible asset, human capital, innovation capital, process capital and customer capital . The empirical results are as follow: 1. The information of total intangible asset investment at the growth stage is value relevant for capital market. 2. There is no difference between the market valuation of total intangible asset investment of growth stage and maturity stage. However, the market valuation is significant by different between the growth and maturity stage on the one side, and the declining stage on the other side. 3. The market valuation for the innovation capital investment at the growth stage is significant by higher than at the maturity and declining stage. The market valuation for the same investment at maturity stage is also higher than of the declining stage. 4. The market valuation for the human capital investment at the growth stage is the same as at the maturity stage. However, the market valuation for the human capital investment both at the growth stage and maturity stage are higher than at the declining stage.. 5. There is no difference between the market valuation of process capital investment at the growth stage and maturity stage. However, both the valuation at growth stage and maturity stage are higher than at the declining stage. 6. The market valuation to the customer capital investment at various stage is the same as for the process capital investment. An overall conclusion can be reached that market valuation for the investment in intangible asset at growth stage of business life cycle is higher than for the same investment at declining stage.

本研究乃基於塑化原料價格維持高檔下，且中國政策改變營運成本大幅增加，如何提升營運成效的背景動機而投入進行。而本研究的目的，乃期瞭解企業生命周期與策略管理之關連、確認大陸台商塑膠製品公司之產品方向、掌握大陸台商塑膠製品公司各階段之成長策略與管理控制。 為促使本研究的周延，乃從企業生命週期面、企業策略管理面、企業成長面之能力與管控企三方面進行文獻探討，藉以獲得正確的研究知識與並啟發基礎的研究觀念，進而奠立本研究的研究架構與實施步驟，以促研究的有序進行。 另外，基於本研究議題之敏感，且願意公開的大陸台商塑膠製品公司家數甚少，再加上本研究主題乃台商塑膠製品公司前往大陸發展自然演變而產生，故本研究採取探索性的個案研究。而研究架構，乃以公司生命周期階段、公司策略架構、公司管理控制設計三方面為主發展。而研究方法，主要採行文獻探討與個案研究。 對於個案公司的分析，首先從個案內部現況進行分析、其次針對個案階段發展進行分析、再者就個案的外部環境、策略模型、成長發展進行分析、最後，再從個案管理控制投入分析。 經過上述的個案研究，本研究提出如下的結論： (一)個案公司成長階段的確認。 (二)個案公司產業競爭的分析。 (三)個案公司成長策略的訂定。 (四)個案公司管理控制模式的發展。 本研究對個案公司提出如下的建議： (一)人力資源的培育 (二)營運模式的調整 (三)核心能耐的掌握 至於，對未來研究的建議： (一)研究個案的增加 (二)研究方法的改變 (三)研究方向的拓展 / The background of the study was the plastic-material price was high, the Chinese policy was changing and the operating costs was increasing. The motivation of the study was how to enhance operate effectively of the industry. The purpose of the study was listed as follow, to understand the connecting the business life cycle with strategic management, to confirm the product direction of Taiwanese plastics companies, to grasp the growth strategy and management control of the companies at all stages. The analysis architecture of the study based on 6 directions of the case: the operation situation, the development strategy, the external environment, strategic model, growth development and management &control. Because the issue of the study was sensitive and the industry was unique, the study approach was the case study. The conclusion of the study presented 3 directions: 1.To confirm the growth stage of the case. 2.To analysis the industry competitiveness of the case. 3. To plan the growth strategy of the case. 4.To development the management control model of the case. The suggestion of the study presented 2 directions: 1. To the case: The case had to cultivate the human resource, adjust the operation model, grasp the core competence. 2.To the future study: a. To increase the research data- to help comparing kinds of study results. b. To change the research method- to help verifying the theory and physical situations. c. To explore new research directions- to help building the concepts of the acquiring & merging for our business.

Made available in DSpace on 2016-12-01T19:18:38Z (GMT). No. of bitstreams: 1 118119.pdf: 1385826 bytes, checksum: d061d3f8d78580ba604ecedbedd47c0c (MD5) Previous issue date: 2013-05-10 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / Small businesses have generally been considered a relevant actor of job creation and economic growth. In the current scenario of technological development, the study of technology-based companies are being increasingly approached due to its economic relevance according to the research Convergência Digital 2012 conduct by Brasscom Brazilian Association of Information Technology. This paper seeks to add contributions to understand the evolution of technology-based companies in a business incubator. The initial part of this paper presents a literature review of business life cycle, entrepreneurship and business incubators. Based on two business incubators in Florianópolis, a field research was developed to identify characteristics of the business life cycle in the perception of its entrepreneurs. The results confirm the predominance of the certain characteristics during the incubation period and the need to create a business life cycle model for technology-based companies that participated in an incubation program. / As pequenas empresas têm sido consideradas um importante agente na criação de empregos e no crescimento econômico. No cenário de desenvolvimento tecnológico atual, o estudo de empresas de base tecnológica vem sendo cada vez mais abordado em função de sua relevância econômica conforme ressaltado na pesquisa Convergência Digital 2012 realizada pela Brasscom Associação Brasileira de Empresas de Tecnologia da Informação. O trabalho aqui desenvolvido busca acrescentar uma contribuição para compreensão da evolução das empresas de base tecnológica de uma incubadora de empresas. Na parte inicial deste trabalho, é apresentada uma revisão da literatura sobre ciclo de vidas das organizações, empreendedorismo e incubadoras de empresas. Em seguida, com base em duas incubadoras de Florianópolis foi realizada pesquisa de campo visando identificar características do ciclo de vida das organizações na percepção de seus empreendedores. Os resultados obtidos resultaram na confirmação da predominância de determinadas características no período de incubação e a necessidade de criar um modelo de ciclo de vida das organizações para empresas de base tecnológica que participaram de um programa de incubação.

A sucessão na empresa familiar tem sido considerada por seus estudiosos como o mais importante desafio a ser enfrentado por aquelas companhias na luta por sua perpetuação. Os processos de transição do controle da família enfrentam várias dificuldades típicas de qualquer transição gerencial ou de propriedade na firma, mas são complicados por fatores subjetivos presentes na interação das dinâmicas empresarial e familiar. Nas sucessões familiares os conflitos emergem, frequentemente, da indiscriminação entre os papéis sociais na família e na empresa. Tais conflitos envolvem questões ligadas à propriedade do negócio, à sua administração e aos interesses da família. A Nova Economia das Instituições adicionou ao corpo teórico das finanças corporativas uma série de variáveis comportamentais desconsideradas pela Economia Neoclássica com o objetivo de imprimir maior realismo às análises teóricas. O presente trabalho investiga as proposições da Teoria Econômica de Finanças para o comportamento dos administradores quanto à escolha da Estrutura de Capital na firma e sua utilidade para os Processos Sucessórios como elemento atenuante de conflitos. As conclusões apontam para uma interdependência entre decisões de Estrutura de Capital e Processo Sucessório, e para uma grande importância da forma de financiamento no longo prazo para o sucesso da Sucessão na Empresa Familiar, além de sugerirem pesquisas mais avançadas no sentido de compreender melhor esse contexto. / Experts consider the process of succession in the family business as the most important challenge in their fight for perpetuation. The transition processes encounter various difficulties common to managerial transitions, yet they are made more complicated due to subjective factors present in both the family and management arenas. During succession processes, conflicts often arise out of a difficulty to differentiate between social and business roles in the family. Such conflicts involve issues such as ownership, management styles and family interests. The New Institutional Economics added a series of behavior variables to the theoretical body of corporate finance. Such variables, previously not considered by the Neoclassic Economics, were added so as to bring a higher level of realism to the theoretical analysis. This dissertation investigates the propositions put forward by the Economic Theory of Finance regarding the behavior of managers as far as their choice of Capital Structure for the business and its validity as conflict attenuation in the process of Succession. The conclusions put forward here point toward an interdependency between decisions regarding Capital Structure and Succession in the Family Business. In addition to that, they highlight the importance of long term financing for a successful process, and suggest further investigation that could support and illustrate the conclusions.