Being relatively young, the Swedish video game industry has experienced explosive growth in recent years, surpassing several traditional industries. Exemplified by the purchase of King for approximately three times the price of Volvo, and the fact that one in ten people on the planet has played a Swedish video game. This development notwithstanding, the industry remains academically unexplored, suffering high rates of failure among new businesses, and for many companies, access to capital is problematic. In many ways a unique industry; Reversing traditional business models. involving the community, their customers, during pre-, mid- and post-production combined with companies being born global. Therefore, traditional tools for financial analysis, such as profitability ratios, are proving insufficient and the industry is perceived as a risky investment. The study analyzes the underlying variables of such ratios, from the perspectives of uncertainty and risk as well as accounting, considering the unique characteristics of the Swedish video game industry; Providing guidelines for better utilization of the ratios. The authors establish a solid foundation for future studies on the topic and provide investors with useful tools to increase their knowledge of the industry. The findings indicate that due to the abstract nature of the industry, stemming from assets and value creation, financial ratios should be used in tandem with a uncertainty and risk assessment of certain key areas of the industry.

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The purpose of this dissertation is to analyze how managerial discretion is influenced by the environment and, thereby, increase the theoretical knowledge of the concept. Hambrick and Finkelstein (1987) introduced environment as a level affecting managerial discretion. However, the authors only discussed it in an industry context. Moreover, in this dissertation we developed the environmental level by adding two more contexts. Thereby, a theoretical input –and output model were created. These include three environmental sublevels: Industry characteristics, public sector and transition economy. The analysis is under a strategic perspective, which defines top managers’ discretion as the latitude of strategic actions. Hence, managerial discretion varies in the scope of available actions influenced by environmental factors. To fulfill the purpose of this dissertation, the methodical approach is a case-study. Thus, the data consists of interviews, observations and public documents collected in a governmental organization. The findings have shown that a dynamic environment, such as a country undergoing a transition, provides context-specific factors affecting the degree of managerial discretion. Context-specific factors, such as powerful outside forces and quasi-legal constraints can increase and/or decrease the degree of top managers’ degree of discretion. The conclusion summarizesthe findings of how the different factors within each sublevel, affect the degree of managerial discretion. Moreover, the conclusion also contains the contributions of this dissertation. Firstly, the study contributes to the theory of managerial discretion, by introducing context specific factors within the public sector and a transition economy. Secondly, the study enhances the empirical knowledge about the concept, by providing new empirical evidence of managerial discretion. Finally, the results of this dissertation can help policy makers as guidelines when implementing policies. Recommendations for future research include adding the governance perspective, and/or conducting a comparison research with different organizations/contexts.

台灣擁有許多很好很賺錢的企業，這些企業形成高獲利投資的明星產業。為尋找台灣股市波動因素對股價的影響，與股票市場投資正確方法與目標，本研究試圖從高價電子產業股中以企業背景、產業特性、重大事件等依據研究出投資行為是否有跡可尋，進而擬定適當的投資策略，成為高價電子股是否可以追尋與研究之重要課題。爰此，本文旨在探討台灣股市波動因素研究與企業股價波動因素之關連研究，藉由電子相關類股研究以產業因素、大環境景氣循環統計變數及企業經營策略來進行討論研究，並透過次級資料分析及歷史資料事件分析，以高價電子股票來進行市場研究。研究結果顯示台灣股市波動因素可以經由企業經營策略、市場競爭資訊來源、景氣評估準則、重大事件特性與產業循環等方面予以適當解釋。此外，可將高價股企業股價波動因素研究分為三個區隔研究，並對此三個區隔研究目標研擬有效的投資策略。本研究之結果可藉由產業角度來分析股價波動因素有用之資訊，對台灣高價股價高股股價波動因素找尋一些投資策略的蛛絲馬跡亦有一定之對高價電子股之企業股價之參考價值。 / Taiwan and discuss factors affecting stock price fluctuations in quality companies by the corresponding industry structures,The existence of quality companies that are well positioned to benefit from the economic trends in Taiwan has developed into a unique industry for investment choice. In order to search for a proper method and objective for investing in the Taiwanese stock market, this paper attempts to infer a favorable investment behavior from the company background, industry characteristics, and event studies of specific growth stocks, and further proposes appropriate investing strategies. Specifically, the purpose of this paper is to conduct stock market research with quality companies in Taiwan and discuss factors affecting stock price fluctuations in quality companies by the corresponding industry structures, statistical indicators for economic cycle and event studies. The result of this research indicates that stock price fluctuations in quality companies can be justified by company management strategies, information source from the market, evaluation guidance for economic cycle, characteristic of event studies and industry cycle. Moreover, the research in sock price fluctuations in quality companies can be divided into three individual research areas and three effective investment strategies can be proposed accordingly. In conclusion, this paper demonstrates that factors affecting stock price fluctuations can be explained from the perspective of industry analysis and would contribute in providing beneficial reference for proposing the appropriate investment strategies.

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