臺灣博碩士論文加值系統

摘要

本文旨在探討亞洲上市櫃電信公司輕資產營運策略對公司績效之影響，進一步運用管理能力作為調節變數，探究其在輕資產營運策略與公司績效間之調節效果。本研究首先利用輕資產價值評估模式，估算出公司採用輕資產策略之營運程度；再整合資料包絡分析法與Tobit回歸建構出公司的管理能力。本研究亦採用OLS模型進行多變量分析，藉以探討輕資產策略對公司績效之影響，以及管理能力在此兩者間之調節效果。研究樣本為2007-2012年的74家亞洲上市櫃電信公司。實證結果顯示，公司採用輕資產策略的程度顯著地影響公司績效，當採用輕資產營運的程度愈高，其績效愈好。本文亦發現公司的管理能力在輕資產策略與公司績效間，具有顯著地調節效果。

ABSTRACT

The aim of this study is to explore the effects of the asset-light strategy on the corporate performance of Asia listed telecommunications corporations. Further, this paper aims to investigate how managerial ability affects the relationship between the asset-light strategy and corporate performance. The asset-light valuation model is employed to evaluate the degree of asset-light operation. Then, this study develops and integrates the dynamic slacks-based measure (DSBM) model and Tobit regression to measure managerial ability. The empirical results show that the asset-light strategy positively affects corporate performance. Moreover, the results also reveal that managerial ability has a significant moderating effect on the relationship between the degree of asset-lightness and corporate performance.

Table of Contents
Title Page i
Abstract in Chinese ii
Abstract in English iii
Acknowledgements iv
Table of Contents v
List of Tables vi
List of Figures vii
CHAPTER 1 INTRODUCTION 1
CHAPTER 2 LITERATURE REVIEW AND HYPOTHESES 4
2.1 Asset-Light Strategy 4
2.2 Managerial Ability 5
2.3 Firm Performance 6
2.4 Hypotheses Development 7
2.4.1 Telecommunications and Performance 7
2.4.2 Effects of Asset-Light Strategy 8
2.4.3 The Moderating Role of Managerial Ability 9
CHAPTER 3 RESEARCH DESIGN 10
3.1 Research Framework 10
3.2 Samples and Data Collection 10
3.3 Measures of Asset-Light Strategy 11
3.4 Measures of Managerial Ability 13
3.5 Measures of Firm Performance – Market Value Added 17
CHAPTER 4 EMPIRICAL RESULTS 19
4.1 Descriptive Statistic 19
4.2 Regression Results 20
4.2.1 The Main Effect of DAL 21
4.2.2 The Moderating Effect of MA 22
4.3 Discussion and Managerial Implication 24
CHAPTER 5 CONCLUSIONS 27
REFERENCE 28
APPENDIX 33

Achterbergh, J., Beeres, R., & Vreiens, D. (2003). Does the balance scorecard support organizational viability? Kybernetes, 32(9/10), 1387-1401.
Adner, R. & Helfat, C. E. (2003).Corporate effects and dynamic managerial capabilities. Strategic Management Journal, 24(10), 1011-1025.
Ahuja, I. P. S. (2011).Managing Research and Development for Core Competence Building in an Organization. Journal of technology management & innovation, 6(1), 58-65.
Amit, R., & Schoemaker, P. J. (1993).Strategic assets and organizational rent. Strategic Management Journal, 14(1), 33-46.
Barczak, G. (1995). New product strategy, structure, process, and performance in the telecommunications industry. Journal of Product Innovation Management,12(3), 224-234.
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120.
Bertrand, M., & Schoar, A. (2003).Managing with style: The effect of managers on firm policies. The Quarterly Journal of Economics, 118(4), 1169-1208.
Boylaud, O., & Nicoletti, G. (2000).Regulation, market structure and performance in telecommunications.
Contractor, F. J., Kundu, S. K., & Hsu, C. C. (2002). A three-stage theory of international expansion: The link between multinationality and performance in the service sector. Journal of International Business Studies, 34(1), 5-18.
Demerjian, P. R., Lev, B., Lewis, M. F., & McVay, S. E. (2013).Managerial ability and earnings quality. The Accounting Review, 88(2), 463-498.
Demerjian, P., Lev, B., & McVay, S. (2012). Quantifying managerial ability: A new measure and validity tests. Management Science, 58(7), 1229-1248.
Dyreng, S., Hanlon, M., & Maydew, E. (2010).The effects of executives on corporate tax avoidance.The Accounting Review, 85(4), 1163-1189.
Eisenhardt, K. M. & Martin, J. A. (2000). Dynamic capabilities: What are they? Strategic Management Journal, 21(10-11), 1105-1121.
Färe, R. & Grosskopf, S. (1996). Intertemporal production frontiers: With dynamic DEA. Norwell, Kluwer
Fee, C. E., & Hadlock, C. J. (2003).Raids, rewards, and reputations in the market for managerial talent. Review of Financial Studies, 16(4), 1315-1357.
Francis, J., Huang, A., Rajgopal, S., & Zang, A. (2008).CEO reputation and earnings quality. Contemporary Accounting Research, 25(1), 109-147.
Gannon, J., Roper, A., & Doherty, L. (2010). The impact of hotel management contracting on IHRM practices. International Journal of Contemporary Hospitality Management, 22(5), 638-658.
Ge, W., Matsumoto, D., & Zhang, J. L. (2011). Do CFOs Have Style? An Empirical Investigation of the Effect of Individual CFOs on Accounting Practices*. Contemporary Accounting Research, 28(4), 1141-1179.
Geringer, J. M., Tallman, S., & Olsen, D. M. (2000). Product and international diversification among Japanese multinational firms. Strategic Management Journal, 21(1), 51-80.
Global Insight. 2006. World: Global telecoms predictions for 2007. http://www.gei.it/UserFiles/pubblicazioni/rossi/ Telecoms_2007.doc. (accessed January 7, 2011).
Hawawini, G., Subramanian, V., & Verdin, P. (2003). Is performance driven by industry‐or firm‐specific factors? A new look at the evidence. Strategic Management Journal, 24(1), 1-16.
Hsu, C. C. (2006). Internationalization and performance: The S-curve hypothesis and product diversity effect. Multinational Business Review, 14(2), 29-46.
Hwang, H., Jung, T., & Suh, E. (2004). An LTV model and customer segmentation based on customer value: a case study on the wireless telecommunication industry. Expert Systems with Applications, 26(2), 181-188.
Jaccard, J., Turrisi, R., & Wan, C. 1990.Interaction effects in multiple regression. Newbury Park, CA: Sage.
Kaplan, R.S. & Norton, D.P. (1992). The balance scorecard – measures that drive performance. Harvard Business Review, 70(1), 71-79.
Kotabe, M., Srinivasan, S. S., & Aulakh, P. S. (2002).Multinationality and firm performance: The moderating role of R&D and marketing capabilities. Journal of International Business Studies, 33(1), 79-97.
Krivogorsky, V., Grudnitski, G., & Joh, G-H. (2013). Institutional passivity and ‘shadow’ corporate governance: European evidence. Journal of Contemporary Accounting, 14(1), 1-31.
Lahiri, N., & Narayanan, S. (2013). Vertical integration, innovation, and alliance portfolio size: Implications for firm performance. Strategic Management Journal, 34(9), 1042-1064.
Lee, Y. C. (2011). Competitive relationships between traditional and contemporary telecommunication services in Taiwan. Telecommunications Policy, 35(6), 543-554.
Leverty, T. & Grace, M. (2012).Dupes or incompetents?An examination of management’s impact on firm distress. Journal of Risk and Insurance, 79(3), 751-783.
Liou, F. M. (2011). The effects of asset-light strategy on competitive advantage in the telephone communications industry. Technology Analysis & Strategic Management, 23(9), 951-967.
Lu, W. M., Wang, W. K., & Kweh, Q. L. (2014).Intellectual capital and performance in the Chinese life insurance industry. Omega, 42, 65-74.
Lu, W. M., Wang, W. K., & Lee, H. L. (2013). The relationship between corporate social responsibility and corporate performance: Evidence from the U.S. semiconductor industry. International Journal of Production Research, 51(19), 5683-5695.
McGahan, A. M. (1999). The performance of US corporations: 1981–1994. The Journal of Industrial Economics, 47(4), 373-398.
Rajgopal, S., Shevlin, T., & Zamora, V. (2006).CEOs' outside employment opportunities and the lack of relative performance evaluation in compensation contracts. The Journal of Finance, 61(4), 1813-1844.
Reeve, J. M., Warren, C. S., Duchac, J. E., & Wang, W. (2011).Principles of financial accounting with conceptual emphasis on IFRS. Taiwan: Cengage Learning.
Tan, H. C.,& Jamal, K. (2006). Effect of accounting discretion on ability of managers to smooth earnings. Journal of Accounting and Public Policy, 25(5), 554-573.
Tang, Y. C., & Liou, F. M. (2010). Does firm performance reveal its own causes? The role of Bayesian inference. Strategic Management Journal, 31(1), 39-57.
Tervio, M. (2008). The difference that CEOs make: An assignment model approach. The American Economic Review, 98(3), 642-668.
Tone, K., & Tsutsui, M. (2010). Dynamic DEA: a slacks-based measure approach. Omega, 38(3), 145-156.
Tripsas, M. & Gavetti, G. (2000). Capabilities, cognition, and inertia: Evidence from digital imaging. Strategic Management Journal, 21(10-11), 1147-1161.
Wan, C. C. (1998). International diversification, industrial diversification and firm performance of Hong Kong MNCs. Asia Pacific Journal of Management, 15(2), 205-217.
Wen, H. C., Huang, J. H., & Cheng, Y. L. (2012). What Japanese semiconductor enterprises can learn from the asset-light business model for sustainable competitive advantage. Asian Business & Management, 11(5), 615-649.
Wernerfelt, B. (1984). A resource‐based view of the firm. Strategic Management Journal, 5(2), 171-180.