臺灣博碩士論文加值系統

The research is an event study about the impact of cobranding announcement on firm risk by evaluating separately its two components: systematic risk and idiosyncratic risk. More importantly, the study sheds light on the importance of brand value in cobranding and the relationship between cobranding announcement and firm risk.
The study framework was based on literature review and empirical data from the US in the latest decade. Firstly, the empirical results demonstrate the significant impact of cobranding announcement on systematic risk while show little influence on idiosyncratic risk. Secondly, the cobranding between firms with equal brand values may not be as successful as those between a high and a low brand in achieving risk reduction effect. Thirdly, in the cobranding between a high and a low brand, the firms with high brand enjoy greater effect of risk reduction through cobranding announcement. Last but not least, the data analysis and developed models lay the groundwork for further cobranding and firm value study.

TABLE OF CONTENTS
ACKNOWLEDGEMENTS I
ABSTRACT II
TABLE OF CONTENTS III
LIST OF TABLES V
LIST OF FIGURES VI
CHAPTER ONE INTRODUCTION 1
1.1 Research Background and Motivation. 1
1.2 Research Objective and Contribution. 4
CHAPTER TWO LITERATURE REVIEW 5
2.1 Perspective of Cobranding and Equity Risk. 5
2.2 Variable Definitions. 7
2.2.1 Systematic Risk 7
2.2.2 Idiosyncratic Risk. 7
2.2.3 Brand Value. 7
2.3 Hypotheses. 8
2.3.1 Cobranding, Systematic Risk, and Brand Value 8
2.3.2 Cobranding, Idiosyncratic Risk and Brand Value 9
2.3.3 High-high cobranding, low-low cobranding and risk. 10
2.3.4 High-low cobranding, risk, and brand value 11
CHAPTER THREE RESEARCH DESIGN AND METHODOLOGY 14
3.1 Sample and Data Collection. 14
3.2 Summary of Hypotheses. 15
3.3 Measures. 16
3.4.1 Equity Risk 16
3.4.2 Systematic Risk 16
3.4.3 Idiosyncratic Risk 17
3.4.4 Independent Variables 18
3.4.5 Control Variables 20
3.4 Data Analysis Procedure. 23
CHAPTER FOUR RESEARCH ANALYSIS AND RESULTS 25
4.1 Paired Sample T-Tests 25
4.1.1 Total Sample 25
4.1.2 Low-Low Pair Sample 27
4.1.3 With-high-brand Pair Sample 28
4.1.4 High-Low Pair Sample 30
4.1.5 High-High Pair Sample 31
4.1.6 Pairwise Difference Summary 32
4.2 Multiple Regression Analysis. 34
4.2.1 Equity Risk 37
4.2.2 Systematic Risk 38
4.2.3 Idiosyncratic Risk 41
CHAPTER FIVE CONCLUSION 45
REFERENCES 48

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