DSpace community: 財務金融學系暨研究所

The impact of trading mechanism reforms on behavioral biases Evidence from Taiwan stock market

Thu, 28 May 2026 04:05:12 GMT

title: The impact of trading mechanism reforms on behavioral biases Evidence from Taiwan stock market abstract: This paper analyzes the impact of the Taiwan Stock Exchange's shift to a continuous trading mechanism in March 2020 on two significant retail investor biases: the disposition effect and overconfidence. We use daily margin trading data from 768 listed companies to make stock-level behavioral measures that show how things changed after the reform. The findings indicate that both biases experienced a substantial increase subsequent to the implementation of continuous trading. Difference-in-differences analyses further show that this behavioral amplification is stronger in stocks that were traded more heavily by retail investors before the reform. Robustness checks employing alternative, return-based bias metrics validate a consistent market-wide impact of continuous trading. In general, the results show that changes to trading mechanisms can unintentionally make behavioral biases worse in markets where retail investors are in charge. This has important effects on how markets are designed and regulated.

運用長文本BERT情感分析探討ESG事件對台灣股市的影響

Thu, 30 Apr 2026 04:05:44 GMT

title: 運用長文本BERT情感分析探討ESG事件對台灣股市的影響 abstract: 本研究運用事件研究法和長文本 BERT 情感分析模型，探討 2014至 2023 年間台灣上市公司 ESG 負面事件對股價異常報酬的影響。首先，本研究確認採用長文本 BERT 模型與台灣 CKIP Lab 中文詞知識庫進行情感分析，能提高 ESG 負面事件內容的理解和分類準確性。其次，ESG 負面事件確實會導致短期股價下跌，每日異常報酬在第 3 天後減弱，但累積異常報酬持續至第5天。社會責任和公司治理事件對股價的影響比環境保護事件更為顯著。此外，大型公司 (台灣 50 指數成分股) 與其他公司面對 ESG 事件時，其股價異常報酬表現並不相同。大型公司可能有更大幅度的短期異常報酬變化，這可能是因為大公司受市場關注，因此其負面 ESG 事件可能易引發更強烈的短期市場反應

2025年中共中央經濟工作會議重點剖析及展望

Tue, 28 Apr 2026 04:06:19 GMT

title: 2025年中共中央經濟工作會議重點剖析及展望

台灣因應穩定幣時代的策略與建議

Tue, 28 Apr 2026 04:06:17 GMT

title: 台灣因應穩定幣時代的策略與建議

臺美對等關稅協定對產業影響

Tue, 28 Apr 2026 04:06:14 GMT

title: 臺美對等關稅協定對產業影響

Does family engagement influence loan diversification and tax behavior in banks? Evidence from the Taiwanese market

Thu, 16 Apr 2026 04:05:54 GMT

title: Does family engagement influence loan diversification and tax behavior in banks? Evidence from the Taiwanese market abstract: This study examines whether family engagement in banks leads to different operational practices, with a focus on loan portfolio diversification and tax aggressiveness. Using data from Taiwanese banks, we manually assess the family member data by identifying the number of key related parties disclosed, and apply the approach of Parise (2024) to identify potential family links within banks. Our findings show that family-run banks exhibit significantly greater loan diversification and have more conservative tax strategies compared to non-family banks. These results suggest that family engagement fosters long-term stability rather than short-term profit maximization in the banking industry.

廠商經營效率決定因素的歸納與再訪視：規模、廠齡與預測演算

Wed, 15 Apr 2026 06:58:26 GMT

title: 廠商經營效率決定因素的歸納與再訪視：規模、廠齡與預測演算 abstract: This dissertation comprises three thematically related papers that collectively examine how firm size, firm age, and artificial intelligence integration influence the operational efficiency of manufacturing firms in the context of Industry 4.0. Grounded in production economics, the dissertation uses data from Taiwan's 2016 Industrial and Commercial Census and applies a synergistic approach that combines stochastic frontier analysis (SFA) with an eXtreme Gradient Boosting (XGBoost) algorithm to evaluate and predict efficiency. The findings reveal several critical insights. First, firm size shows a U-shaped or inverse U-shaped relationship with efficiency, depending on whether the firm is a small or medium-sized enterprise or a large enterprise. Second, firm age exhibits an inverted U-shaped pattern with respect to efficiency, indicating that younger firms initially lag in efficiency, gradually catch up during mid-term stages, and may experience diminishing gains in the long run. Third, AI integration exerts uneven effects across industries: Commerce, Construction, Transportation and Storage, and Finance and Insurance show stronger efficiency improvements, whereas Manufacturing does not demonstrate significant benefits. Moreover, by combining SFA's ability to distinguish inefficiency from random disturbances with XGBoost's robust predictive capabilities, this dissertation identifies firm-level and industry-level conditions under which firms can achieve full efficiency. From a policy perspective, the findings underscore the necessity of designing differentiated strategies for firms varying in size and age, alongside fostering AI-friendly ecosystems across industries. Methodologically, this dissertation introduces an innovative fusion of conventional econometric models and advanced machine learning techniques, illustrating the potential of a synergistic approach for research in operational efficiency and industrial economics. Finally, the dissertation addresses endogeneity concerns, data privacy restrictions, and future directions for moderation analysis, providing actionable insights for efficiency enhancement under Industry 4.0.

The Impact of Foreign Aid and Foreign Direct Investment on Economic Growth: The Case of Taiwan's Caribbean Allies

Thu, 09 Apr 2026 04:05:32 GMT

title: The Impact of Foreign Aid and Foreign Direct Investment on Economic Growth: The Case of Taiwan's Caribbean Allies

Mitigating food insecurity through sustainable livelihoods framework (SLF): fresh global evidence

Tue, 10 Mar 2026 04:08:04 GMT

title: Mitigating food insecurity through sustainable livelihoods framework (SLF): fresh global evidence abstract: The shocks experienced between 2020 and 2022, specifically the COVID-19 epidemic and the surge in commodity prices, have highlighted a precarious scenario for the resilience of the global food system. This paper examines the determinants of global food security using the Sustainable Livelihoods Framework (SLF) across a panel of 74 developing and developed countries from 2011 to 2022. The study employs Fully Modified Ordinary Least Squares (FMOLS) and Generalized Method of Moments (GMM) to analyze the impact of SLF’s vulnerability context (internal conflicts, inflation), livelihood assets (credit to agriculture, social globalization), transforming structures and processes (regulatory quality), and livelihood strategies (labor force participation) on the global food security (livelihood outcome). Credit to agriculture, social globalization, and labor force participation were found to be the strong positive determinants of food security across countries. The study’s findings reveal important interactions between the components of the SLF, highlighting the complex interplay between livelihood assets and transforming structures and processes. Based on these findings, the study recommends policies to enhance agricultural credit access, improve regulatory frameworks, and promote social globalization to achieve food security.

Panel data insights into adoption of green technology and its economic role in shaping sustainability goals

Tue, 10 Mar 2026 04:07:57 GMT

title: Panel data insights into adoption of green technology and its economic role in shaping sustainability goals abstract: The expansion in economic activities, coupled with irreparable damage to the environmental sector, reinforces the rising need for sustainability. Consequently, the notion of green technology has become a vital policy variable at the global level for achieving this sustainability, more specifically in the environmental domain. This study addresses a gap in the literature by analyzing role of the green technology using novel environmental sustainability indicators (waste reduction, water productivity, energy efficiency) and focusing on the 10 advanced European economies an underexplored regional context. For this purpose, the study considered advanced European nations using the data from 2001 to 2023 and provided empirical evidence based on the various econometric tools, including Driscoll and Kraay estimators and panel causality tests. The study utilizes waste reduction, water productivity, and energy efficiency as environmental sustainability measures. The outcomes highlighted the contributing role of green technology in environmental sustainability. The analysis reports the positive role of green technology in waste reduction and water productivity while the negative role of green technology in energy efficiency in case of advanced European nations, while a negative effect was observed on the energy efficiency, possibly due to the initial energy demands of green infrastructure or the rebound effect. Policy suggestions are given based on empirical outcomes and causality analysis. Policy suggestions are given based on the empirical outcomes and causality analysis. These include enhancing the green R&D investment, strengthening regulatory frameworks to support the eco-innovation, and promoting circular economy practices to improve waste management and resource efficiency.

The negative consequences of avoiding health information on health risk behaviors: An SOR perspective

Tue, 10 Mar 2026 04:07:50 GMT

title: The negative consequences of avoiding health information on health risk behaviors: An SOR perspective abstract: The study aims at measuring and validating the stimulus organism response (SOR) theory among health consumers, as well as identifying the factors that predict health information avoidance behavior and its relationship to risk behaviors. A cross-sectional survey design was employed to collect the data from health consumers, who have either recently used health services or are likely to do so in the future. An eight-factor (information overload, risk perception, social stigma, health information anxiety, sadness, cognitive dissonance, health information avoidance, and health risk behavior) measurement model was used to measure the health information avoidance behavior. The model was tested using the structural equation modelling (SEM). The findings show that health information avoidance behavior is associated with engaging in risky health behaviors. Information overload and risk perception are both found to increase health information anxiety significantly, which, in turn, drives health consumers to avoid seeking and processing health information. Our study suggests that health literacy sessions can play an important role in helping consumers navigate information overload, manage health anxiety, and effectively seek out reliable health information. This study extends the SOR theory by demonstrating its applicability to public health information avoidance and its consequences for health. By identifying the factors contributing to avoidance, this research can inform the development of more effective health communication strategies.

To sell the cow and drink the milk: How could China harmonize its growth and risk?

Tue, 10 Mar 2026 04:07:41 GMT

title: To sell the cow and drink the milk: How could China harmonize its growth and risk?

Are family firms more efficient? Revisiting the U-shaped curve of scale and efficiency

Tue, 10 Mar 2026 04:07:35 GMT

title: Are family firms more efficient? Revisiting the U-shaped curve of scale and efficiency

Environmental, social, and governance (ESG) initiative scores and firm performance: the importance and role of firm size

Tue, 10 Mar 2026 04:07:28 GMT

title: Environmental, social, and governance (ESG) initiative scores and firm performance: the importance and role of firm size

Acceptance sampling plan under step stress accelerated life test for one-shot devices

Tue, 10 Mar 2026 04:07:21 GMT

title: Acceptance sampling plan under step stress accelerated life test for one-shot devices abstract: Acceptance sampling plans are essential in many manufacturing industries, serving as a statistical method to decide whether to accept or reject a batch of products based on the quality of a sample. The demand for reliable assessment methodologies has grown increasingly important as devices become more reliable under normal operating conditions. This trend poses challenges for reliability assessments, especially when there is limited failure data from tests. To address this, accelerated life testing (ALT) is widely employed to induce rapid failures for reliability analysis. This paper presents a comprehensive study of acceptance sampling plans under step-stress ALT (SSALT) for one-shot devices. We propose a tailored acceptance sampling plan that incorporates SSALT principles to enhance decision-making regarding product acceptance. Our methodology enables the determination of acceptable quality thresholds while evaluating the associated producer’s and consumer’s risks. Moreover, it can determine the minimum sample size required to ensure that both risks are adequately addressed, as well as to identify the optimal percentage of test items to examine at various testing stages. Two illustrative examples are provided to demonstrate the developed optimal acceptance sampling plans. This research highlights the significant impact of the choice of reliability index and stress pattern on inspection allocation.

Decarbonizing East China's energy landscape: The role of geothermal energy in the energy-water-food nexus

Tue, 10 Mar 2026 04:07:10 GMT

title: Decarbonizing East China's energy landscape: The role of geothermal energy in the energy-water-food nexus abstract: This paper seeks to fill this knowledge gap by examining the relationships between economic factors, flexibility modelling and geothermal innovation as a nexus in East China. Energy and water are intensively influencing the production of food, which indicates the utmost significant role of the energy-food-water nexus (EWF) in the current literature. Although de-carbonization is urgently needed due to climate change, the gap in the research regarding the development of the models that improve the EWF nexus and renewable energy production is present. With the help of an extensive evaluation framework and pioneer models, this study explores how geothermal energy can help resolve energy poverty and address the issue of de-carbonization. Moreover, the research paper explores the possibility of hydrogen produced by surplus electricity generated by geothermal energy. The economic perspective of the analysis is to assess the cost-effectiveness, investment, and financial incentives to increase renewable resources, especially geothermal energy, of the EWF nexus. The study provides a strategic implementation plan with specific milestones in 2030, 2040 and 2050, showing the longer-term advantages of combining economic roadmaps with technology to create a sustainable and low-carbon world. The study's findings indicate that harnessing geothermal energy to fulfill energy demands can eliminate energy poverty and enhance the EWF nexus in the region. Based on these results, the study recommends that policymakers in selected countries develop applicable strategies to harness the benefits of geothermal energy sources, achieving the goals of renewable energy generation and EWF nexus enhancement.

Exact inference and prediction for exponential models under general progressive censoring with application to tire wear data

Tue, 10 Mar 2026 04:07:01 GMT

title: Exact inference and prediction for exponential models under general progressive censoring with application to tire wear data abstract: General progressive Type-II censoring is widely applied in life-testing experiments to enhance efficiency by allowing early removal of surviving units, thereby reducing experimental time and cost. This paper develops exact inference and prediction procedures for one- and two-parameter exponential models based on multiple independent general progressively Type-II censored samples. Using the recursive algorithm repeatedly, exact confidence intervals for model parameters and exact prediction intervals for unobserved failure times are constructed. The proposed methods are illustrated with simulated and real (tire wear) data, demonstrating their practical applicability to partially censored reliability experiments.

Cryptocurrency Dependency of Realized Variance and Economic Policy Uncertainty

Fri, 06 Mar 2026 04:06:14 GMT

title: Cryptocurrency Dependency of Realized Variance and Economic Policy Uncertainty abstract: We examine how economic policy uncertainty (EPU) influences realized variance dependency and tail-risk synchronization across major cryptocurrencies. Using 5-min high-frequency returns to construct realized variance and signed jump variance measures, we document that global and Western EPU (the US, UK, France) significantly strengthen both variance dependency (VD) and signed jump variance dependency (SJVD) among the top 15 cryptocurrencies, whereas Asian EPUs exhibit weaker and less consistent effects. The sensitivity of SJVD is particularly pronounced, reflecting the asymmetric transmission of tail risk during uncertainty shocks. These findings remain robust after controlling for Bitcoin’s realized volatility and hold in post-COVID subsample analysis. Our results suggest that cryptocurrency markets exhibit greater systemic interconnectedness and heightened tail-risk co-movements during periods of elevated policy uncertainty, with important implications for risk management and financial stability monitoring.

The Influence of Lottery Effect on the Holding Period Returns of Futures around Expiration Date

Thu, 05 Mar 2026 04:06:25 GMT

title: The Influence of Lottery Effect on the Holding Period Returns of Futures around Expiration Date

ESG, Market Microstructure, and Herding Behavior: Evidence from CSAD Tests in Taiwan

Wed, 04 Mar 2026 04:06:36 GMT

title: ESG, Market Microstructure, and Herding Behavior: Evidence from CSAD Tests in Taiwan abstract: This study examines how ESG transparency and market microstructure reform shape herding behavior in Taiwan's equity markets. Using nonlinear CSAD models, we find that low-ESG firms exhibit stronger herding, especially in the OTC market and during market stress. The 2020 shift to continuous trading further amplifies herding among low-ESG firms. Return-dispersion decomposition shows that this convergence is mainly intentional and driven by noise trading. High-ESG firms display consistently weaker herding, underscoring the informational value of ESG. Overall, ESG transparency helps mitigate behaviorally induced co-movements and enhances market efficiency.

How students adopt generative artificial intelligence tools: A case study of higher education students

Tue, 03 Mar 2026 04:05:55 GMT

title: How students adopt generative artificial intelligence tools: A case study of higher education students abstract: This study examined higher education students' perceptions of generative AI tools, particularly ChatGPT, and their intention to adopt them for academic use. Using a modified Technology Acceptance Model 2, it focused on perceived benefits, usability, and concerns related to ethics, dependency, and academic integrity, while also considering prior AI experience and technological proficiency as control variables. Data from a survey of 102 students across disciplines were analyzed to assess how factors such as Perceived Usefulness, Ease of Use, Social Influence, Cognitive Behavior, and Risk influenced adoption intentions. The findings offer insights for universities aiming to implement AI tools that support student needs while promoting ethical and responsible use.

The Impact of Shanghai-Hong Kong Stock Connect on Positive feedback trading effect in the Hong Kong and Shanghai stock markets

Fri, 27 Feb 2026 04:06:02 GMT

title: The Impact of Shanghai-Hong Kong Stock Connect on Positive feedback trading effect in the Hong Kong and Shanghai stock markets abstract: This study aims to evaluate whether or not positive feedback trading behavior existed in Hong Kong's Hang Seng Index (HSI) and China's SSE A-share Index(ASI) and whether the Shanghai-Hong Kong Stock Connect program (SHSCP) has had the effect of enhancing positive feedback trading on HSI and ASI. The findings showed that the policy of SHSCP had a significant effect on the increase in the positive feedback trading in Hong Kong's stock market. We also found that the Hong Kong stock market reacted more significantly to the SHSCP than China's A-share stock market.

Voluntary disclosure of environmental, social, and governance information; firm performance; and idiosyncratic risk

Fri, 27 Feb 2026 04:05:58 GMT

title: Voluntary disclosure of environmental, social, and governance information; firm performance; and idiosyncratic risk

The fluctuations in the international reserve currency portfolio of Special Drawing Right

Thu, 26 Feb 2026 04:06:12 GMT

title: The fluctuations in the international reserve currency portfolio of Special Drawing Right abstract: The International Monetary Fund (IMF) created the Special Drawing Rights (SDRs) with 16-currencies in 1969 as a reserve asset and a unit of account. In 1980, the IMF modified the composition of and weights to calculate the exchange rate on 5-currencies. This paper mainly discusses the adjustments to the composition of the SDRs and the corresponding weights in terms of the daily exchange rate from 1981 to 2022, using Markowitz's portfolio theory to calculate the changes in risk under the floating exchange rate system. This study shows that the IMF did indeed reduce the risk of exchange rate fluctuations

Student Perspectives on the Efficacy of Three Teaching Strategies for EMI Learners in Intermediate Microeconomics: Prerecorded Videos, Experiential Learning, and Traditional Approaches

Thu, 26 Feb 2026 04:06:08 GMT

title: Student Perspectives on the Efficacy of Three Teaching Strategies for EMI Learners in Intermediate Microeconomics: Prerecorded Videos, Experiential Learning, and Traditional Approaches

The Impact of a Custom-Published Textbook on Learning and Participation among EMI Freshmen

Thu, 26 Feb 2026 04:06:05 GMT

title: The Impact of a Custom-Published Textbook on Learning and Participation among EMI Freshmen

FDI and the Misery Index in Saint Lucia: Analyzing the Impact on a Tourism-Dependent Economy

Thu, 26 Feb 2026 04:06:00 GMT

title: FDI and the Misery Index in Saint Lucia: Analyzing the Impact on a Tourism-Dependent Economy abstract: This study was conducted to examine the relationship that exists between Foreign Direct Investment (FDI) and the Misery Index (MI) in Saint Lucia. Moreover, other macroeconomic variables were included in order to understand their impact on FDI inflows into a small island developing economy. The research employs the Autoregressive Distributed Lag (ARDL) model to analyze the long-run and short-run relationships between FDI and the Misery Index. In addition, the study explores the influence of macroeconomic variables such as GDP per capita growth, trade openness, money supply, and total debt service on FDI inflows. Stationarity of the variables is confirmed using the Phillips-Perron (PP) and Augmented Dickey-Fuller (ADF) tests. It was found that there exists no significant long-run relationship between FDI and the Misery Index. However, GDP per capita growth, money supply, and total debt service, play a significant positive role in influencing FDI inflows. Moreover, there exists a negative relationship between trade openness and FDI. This relationship between trade openness and FDI can be attributed to Saint Lucia’s heavy reliance on tourism and not the trade- intensive sectors. In the short run, foreign direct investment has a negative relationship with money supply and the Misery Index. By examining the relationship between FDI and the Misery Index from the perspective of a small island developing state (SIDS) that is heavily dependent on tourism, this study contributes significantly to the existing literature.

盈餘動能與盈餘創新高動能

Mon, 19 Jan 2026 04:05:47 GMT

title: 盈餘動能與盈餘創新高動能 abstract: Department of Banking and Finance, Tamkang University In this study, the ratios of monthly sales to the highest monthly sales of listed companies in Taiwan are used to construct the highest monthly sales momentum strategy, which generates significant positive average returns over 1- to 12-month holding periods. The highest monthly sales momentum is a unique effect that persists even after controlling price momentum, 52-week high price momentum, earnings momentum, sales momentum, investor attention, and risk. I also find that investors tend to overreact to good news near the highest sales and underreact to bad news far from the highest sales, so that there is no long-term price reversal in the highest monthly sales momentum.

Announcement Effect of Monthly Revenue Hit Record-High for Taiwan-Listed Companies

Mon, 19 Jan 2026 04:05:41 GMT

title: Announcement Effect of Monthly Revenue Hit Record-High for Taiwan-Listed Companies abstract: This study takes Taiwan-listed common stocks with monthly revenue hit record-high from January 2013 to December 2021 as a sample. The event study method is used to test the announcement effect. The results show that stock prices have significant positive abnormal reactions around the revenue announcement date. That is, stock prices have a significant positive announcement effect on news of monthly revenue hitting a record high. Additionally, there is a positive relationship between the announcement effect and its ratio of monthly revenue to the historically highest monthly revenue and a negative relationship between the announcement effect and its monthly revenue size.

The Impact of Mandatory Sustainability Reporting on Firms’ Carbon Emissions

Mon, 19 Jan 2026 04:05:34 GMT

title: The Impact of Mandatory Sustainability Reporting on Firms’ Carbon Emissions abstract: 本文探討強制揭露永續報告書政策對公司碳排放量之影響，並進一步分析公司治理機制是否能協助企業有效降低碳排放量。實證結果顯示，受強制揭露規範之公司因缺乏事前準備，其碳排放量增加幅度顯著高於未受該政策規範之公司，但良好的公司治理機制可以有效抑制這些公司的碳排放行為。此外，高碳排產業之公司因長期面臨政府監管與社會輿論的雙重壓力，往往會提前部署減碳計畫以因應政策變動，因此在政策實施後，其碳排放量與未受強制揭露規範公司之間並無顯著的差異。整體而言，在缺乏適當激勵與懲罰機制下，強制揭露永續報告書政策可能無法有效抑制企業碳排放量；然而，健全的公司治理機制能提升企業應對政策變動之能力，並回應利害關係人對企業永續發展的期待。

玉山金併購三商壽的效益與挑戰

Wed, 14 Jan 2026 04:05:39 GMT

title: 玉山金併購三商壽的效益與挑戰 abstract: 玉山金控與三商美邦人壽董事會日前通過合意併購，待併購案完成後，玉山金資產規模將突破5.8兆元，躍升為第五大上市金控。本文擬從併購動機與戰略意涵、效益評估與未來挑戰，及長期展望等面向，深入分析玉山金併購三商壽的全貌。

ESG, Market Microstructure, and Herding Behavior: Evidence from CSAD Tests in Taiwan

Wed, 14 Jan 2026 04:05:36 GMT

title: ESG, Market Microstructure, and Herding Behavior: Evidence from CSAD Tests in Taiwan abstract: This study examines how ESG transparency and market microstructure reform shape herding behavior in Taiwan’s equity markets. Using nonlinear CSAD models, we find that low-ESG firms exhibit stronger herding, especially in the OTC market and during market stress. The 2020 shift to continuous trading further amplifies herding among low-ESG firms. Return-dispersion decomposition shows that this convergence is mainly intentional and driven by noise trading. High-ESG firms display consistently weaker herding, underscoring the informational value of ESG. Overall, ESG transparency helps mitigate behaviorally induced co-movements and enhances market efficiency.

歐盟永續供應鏈「尊嚴工作」之新趨勢

Tue, 16 Dec 2025 04:07:18 GMT

title: 歐盟永續供應鏈「尊嚴工作」之新趨勢

Experiential Learning in Microeconomics

Wed, 19 Nov 2025 06:26:59 GMT

title: Experiential Learning in Microeconomics description: 113教學創新成果獎勵案第2號

歐盟永續供應鏈禁止強制勞動機制之研究

Wed, 08 Oct 2025 04:05:35 GMT

title: 歐盟永續供應鏈禁止強制勞動機制之研究

Impact of Unpleasant Events on the Dynamics of San Francisco’s Housing Market

Wed, 01 Oct 2025 04:06:35 GMT

title: Impact of Unpleasant Events on the Dynamics of San Francisco’s Housing Market

環境未來

Fri, 26 Sep 2025 04:05:55 GMT

title: 環境未來

印太視角下的一帶一路:台灣與東南亞的戰略抉擇與制度競逐

Fri, 26 Sep 2025 04:05:47 GMT

title: 印太視角下的一帶一路:台灣與東南亞的戰略抉擇與制度競逐

The Relationship between Green Bond Issuance and Corporate Performance

Tue, 23 Sep 2025 04:08:30 GMT

title: The Relationship between Green Bond Issuance and Corporate Performance abstract: In recent years, there has been an increasing focus on sustainable development within society. To achieve the sustainability goals set by governments, companies require equipment and capital that differ from their regular operational needs. Green bonds, as a sustainable financial instrument, serve as a crucial funding channel for enterprises. This study uses annual data from Chinese A-share listed companies spanning 11 years, from the beginning of 2012 to the end of 2022, as the sample. The EIV model is employed to estimate the relationship between the company's market performance, financial performance, and various variables. The empirical results show that the expected value of ESG performance, company size, financial leverage, market-to-book ratio, the period during the COVID-19 pandemic, issuance of green bonds, and interaction effect variables related to green bond issuance all have significant impacts on both return on assets and stock price returns. Additionally, if the results of the variables differ greatly under different model estimations, the estimated coefficients and standard errors of the high-order moment method using the EIV model will be smaller than those of the low-order moment method. This indicates that the higher-order moment method has better explanatory power, and its estimates are more accurate and efficient.

高階經理人酬金對避險性衍生性商品使用的影響

Mon, 22 Sep 2025 04:06:52 GMT

title: 高階經理人酬金對避險性衍生性商品使用的影響 abstract: 本文探討高階經理人酬金與激勵性質員工紅利對企業避險衍生性商品使用的影響。本文以2016年至2019年符合證基會公司治理評鑑標準之上市櫃公司為樣本。實證結果顯示，總經理、副總經理酬金對企業避險衍生性商品使用有顯著正向影響，代表高階經理人酬金越高，有助於企業使用避險衍生性商品。但高階經理人現金紅利與股票紅利對企業避險衍生性商品使用則無影響。此外，家族企業高階經理人酬金對企業避險衍生性商品使用有顯著負向影響，存在剝奪效果。