By using the cross-sectional data from the World Bank Enterprise Survey, this dissertation selects a sample of over 3000 firms from 16 Central and Eastern European countries during the 2008 financial crisis, to assess (1) How effective priori classifications are to identify financially constrained and unconstrained firms in times of economic recession (2) What the main robust determinants are at the firm and country-level that affect SMEs' degree of financing obstacles (3) What experiences and lessons we can learn from 2008 crisis to combat with 2020 and future emerging recession. Our evidence indicates that during the economic crisis happened in 2008, size, industry, ownership and EU dummy are useful priori classifications while distinguishing firms' different degree to financing troubles, although some of other priori classifications appeared on other literature are ineffective. Smaller firms, foreign-owned and firms in manufacturing are more likely to report the financing trouble and have less access to formal sources of finance. However, government-owned firms and firms with adequate educated workers are less likely to be financially constraint. The result confirms that economic freedom, financial market and trade integration all have a significant relationship with SMEs' access to finance. For...

Although the development of small businesses is generally considered important for income generation and job creation, there has been relatively little research in developing countries such as Ghana on understanding why some small firms succeed and grow rapidly while others do not in. This thesis investigates the influences on small firm growth rates in Ghana using data from a random sample of 252 manufacturing and services firms from the database of the Association of Ghana Industries. The general hypothesis is that, growth is a function of the characteristics of the entrepreneur; characteristics of the firm; strategic factors; environmental factors; and cultural factors. Consequently, the research tests 36 hypotheses drawn from the five main categories of variables using the turnover and the employment growth measures. It also uses logistic regression analysis to isolate significant factors differentiating rapid-growth firms from slow-growth firms. Overall, the research finds strong evidence which suggests that, perception of a market opportunity; university education; multiple founders; entrepreneurs with marketing skills; workforce training; new product development; presence of a clear vision and mission statement; majority non-family members in management and membership of professional or business associations were associated with rapid-growth firms. iv Factors which were significant in discriminating between rapid-growth and slow-growth firms but were more likely to be associated with slow-growth firms included threat of unemployment or actual unemployment as a motivation for starting a business; production skills; legal form (limited liability companies); access to external equity (post-formation); exporting; access to public or external aid; unionization and frequent management meetings.

本研究主要探討我國上市櫃公司的董監薪酬影響因素，採用新制董監薪酬揭露制度，將董監事兼任經理人、兼任員工的薪酬與分紅排除後，以董監薪酬合計和平均董監薪酬作為研究對象。本研究以2005年至2013年所有上市上櫃(含下市下櫃)的公司為研究樣本，並使用普通最小平方法則和固定效果模型進行檢測影響董監薪酬因子。 研究結果發現我國上市櫃公司的董監薪酬確實受到董事會特性、公司特性以及公司經營績效影響。董事會特性中以董事會規模、董監事持股比例和董事兼任經理人比例具有顯著之影響；公司特性以公司規模、負債比例、股價日報酬波動度和投資機會均對董監薪酬具顯著影響；最後，公司經營績效指標中以Tobin's Q、資產報酬率、營業收入淨額與股利殖利率與董監薪酬呈顯著正向影響。這表示我國公司在制定公司董監薪酬時，確實會考量其董事會特性、公司特性以及公司之經營績效。 最後，本研究使用迴歸式的殘差項由大至小組合投資組合以觀察其績效表現，殘差項最大(小)投資組合表示支付過高(低)董監薪酬的公司，研究發現並無法從投資組合的績效表現看出支付過高(低)董監薪酬對公司股價報酬表現之影響，本研究認為這可能是因為支付過高董監薪酬可能同時包含因為該公司的董監事之能力佳而支付較高的薪酬亦可能該公司的董監事僅為坐領高薪的肥貓。 / This study empirically examines variables that influence director compensation of Taiwanese companies. With new disclosure rule for board compensation, we exclude the salaries and bonus of concurrently serving as managers or employees, and divide board compensation as total director compensation and average director compensation. We collect 2005 to 2013 listed companies on Taiwan Stock Exchange and Taipei Exchange as research samples. In our regression analysis, we distinguish three types of determinants: board characteristics, firm characteristics and corporate performance. Using ordinary least squares estimator method and fixed effect method, our results show that board characteristics, firm characteristics and corporate performance do affect board compensation. We find board size, directors’ equity holding ratio and the ratio of director concurrently serving as manager that significant influence director compensation. From the aspect of firm characteristics, results show that firm size, leverage ratio, daily stock returns volatility and investment opportunity also significant influence director compensation. We also provide evidence that higher Tobin’s Q, ROA, sales and dividend yield, higher director compensation. Finally, we use residuals from the regression to construct portfolios and observe their performance. The portfolio with highest (lowest) residuals considers as companies overpaying (underpaying) their directors. However, from performance of portfolios, we cannot conclude that directors are overpaid or underpaid can reflect companies future performance, since directors are overpaid may because of their extraordinary ability or simply because they are fat cats.

本研究目的為探討突破性創新之影響因素，採用兩階段法進行實證分析，第一階段探討產業特性、廠商特性與產品創新之關係；第二階段則探討廠商進行突破性創新之影響因素，包括產業特性、廠商特性與廠商創新策略，希望透過兩階段的比較，釐清外在環境與內在條件如何分別影響廠商進行產品創新與突破性創新之決策。本研究利用國科會企劃處2007年「台灣地區第二次產業創新活動調查研究」資料庫，選擇台灣地區製造業廠商為研究對象，第一階段採用Logit迴歸模型進行實證分析，第二階段則以Logit模型以及Heckman模型進行實證，希望透過Heckman二階段模型修正「樣本自我選擇偏誤」(self-selection bias)發生之可能性，實證結果發現： 一、產品加值鏈區段、廠商規模、市場廣度對廠商進行產品創新有正向影響，B2C型態廠商對廠商進行產品創新有負向影響。廠齡與高科技產業廠商對於廠商進行產品創新則無顯著影響。 二、產品加值鏈區段、廠商規模對廠商進行突破性創新有正向影響 三、具有以下創新策略的廠商較可能進行突破性創新：1.自有品牌廠商 2.有新產品的行銷活動 3.追求拓展產品線 4.與供應商協同創新 5.追求先行者優勢 四、與顧客協同創新、追求既有市場佔有率的廠商對於突破性創新有負向影響 / The main purpose of this research is to explore the factors or determinants of product innovation and disruptive innovation for the manufacturer firms in Taiwan. In this empirical studies, we use Logit model and Heckman selection model to demonstrate the factors affect a firm adopting product innovation and disruptive innovation separately. By analyzing the data from 2007 Taiwan Technological Innovation Survey, it shows： 1.The position of value added chain, firm size, market scope have positive correlation with product innovation. B2C firms has negative correlation with product innovation. Firm age and Hi-tech industry firms don’t have significant correlation with product innovation. 2. The position of value added chain, firm size have positive correlation with disruptive innovation. 3.Firms have innovation strategy as followed tend to adopt disruptive innovation：(i)Brand manufacturer (ii)Engage in marketing activity of the innovative product (iii)Pursue the extension of product line (iv)Collaborative innovation with suppliers (v)Pursue first mover advantage 4. Firms have innovation strategy as followed tend not to adopt disruptive innovation：(i)Collaborative with customers (ii)Pursue the market share of existing product