期刊論文
| 學年 | 110 |
|---|---|
| 學期 | 2 |
| 出版（發表）日期 | 2022-05-19 |
| 作品名稱 | Concave effect of financial flexibility on semiconductor industry performance: Quantile regression approach |
| 作品名稱（其他語言） | |
| 著者 | Bao-Guang Chang; Kun-Shan Wu |
| 單位 | |
| 出版者 | |
| 著錄名稱、卷期、頁數 | Technological and Economic Development of Economy 28(4), pp.948-978 |
| 摘要 | To survive increasingly uncertain and competitive markets, technology and capitalintensive semiconductor companies need to be more agile, responsive and flexible than ever before. This study investigates the impact financial flexibility on firm performance within Taiwan’s semiconductor industry and whether the impact on FP differs depending on the semiconductor industry characteristics. Using quantile regression analysis, data from semiconductor companies listed on the Taiwan Stock Exchange during the COVID-19 shock was investigated. The results evidence an inverted U-shaped relationship between FF and FP in the lower and median return on equity quantiles of the semiconductor industry. For the asset heavy business model companies, FF has a concave impact on FP for IC-design and IC-manufacturing companies but not the semiconductor companies. For the asset light business model companies, FF has a concave impact on FP in the lower and median quantiles for semiconductor companies, in the upper quantiles for IC-design companies and in all except the 90th quantile for IC-manufacturing companies. The results of this research significantly contribute to extant literature as with such specific knowledge regarding the impact of FF on FP, managers are able to make decisions based on a firm’s individual FF-FP relationship and identify the most lucrative business trajectory. |
| 關鍵字 | financial flexibility;firm performance;return on equity;semiconductor industry;quantile regression;COVID-19 |
| 語言 | en_US |
| ISSN | 2029-4921 |
| 期刊性質 | 國外 |
| 收錄於 | SSCI Scopus |
| 產學合作 | |
| 通訊作者 | Kun-Shan Wu |
| 審稿制度 | 是 |
| 國別 | LTU |
| 公開徵稿 | |
| 出版型式 | ,電子版 |
| 相關連結 |
機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/122765 ) |