集團效果與事業單位效果在新興市場中之比較
Date Issued
2004
Date
2004
Author(s)
DOI
922416H002038
Abstract
Traditional studies in developed economies found that the major source of
profitability is the business unit effect; the industry effect is minor; while the business
group effect is negligible. However, recent studies on the emerging markets see business
groups as firms’ attempt to eliminate high transaction costs and to imitate institutions in
less developed economies. Their common finding is that: group effect matters a lot in
emerging markets. This line of research implies that the relative significance of group and
business unit effect is influenced by the level of market efficiencies in economic systems.
When an economic system evolves from under-developed to well-developed, the group
effect is expected to decline while the business unit effect dominates.
This research project uses Taiwanese firms publicly listed in the TSE and OTC
Markets as the research sample. Data were mainly collected through the TEJ database.
Data cover two periods of time: 1991-93, and 1997-99. Through the variance
decomposition analysis, this research finds that, different from other emerging economies,
group effect did not decline with the evolution of contextual environments in Taiwan. It
became even more significant with an explanatory power increased from 8.7% to 28.4%.
Also it is found that the business unit effect dropped from 25.7% to 14.7%.
Subjects
Group Effect
Business Unit Effect
Emerging Market
Institution
Publisher
臺北市：國立臺灣大學工商管理學系
Type
report
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