Vol 11, No 4, Nov 2008

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This is issue 4 of volume 11 (2008). This issue includes ten articles covering a variety of areas, such as benefit strategies, investment models, corporate governance, e-marketing and finance.

The first article, by Kan and Li, proposes a model to analyse employee's needs in terms of benefit issues according to the Delphi and AHP methods. By integrating Kano's model and the relevant concepts of decision models, the authors establish a satisfaction decision diagram as well as principles to assist companies determine appropriate benefit strategies. Through case studies of four enterprises, the authors argue that the proposed model can be used to effectively understand the changes needed by employees as well as maximizing their satisfaction in terms of benefit issues.

In the second article, by Pan et al., apply genetic programming to forecast the investment return and the net value of domestic mutual funds. Data envelopment analysis is first employed to evaluate the performance of 71 balanced funds. Funds with an efficiency ratio of one are selected for genetic programming to establish the prediction model. Empirical results show that the proposed method outperforms both grey prediction and multiple regression models.

In the third article, Xie and Li examine how electronic commerce can be applied to the culture and art industries in the Taitung area of Taiwan. The emergence of e-galleries offers a new marketing channel to the industry and enhances the efficiency and effectiveness of marketing activities and communications. Other novel information technologies such as database marketing and customized marketing are also studied in the paper.

Wang et al., in the fourth article, study how the ethics codes is perceived by distributors of member companies of the Taiwan Direct Selling Association (TDSA). Based on the study from 401 distributors of TDSA members, the paper discusses how ethics codes perception, job satisfaction and organization commitment are related to each other. The study results could be used to help direct-selling industries promote their distributor's organization commitment and job satisfaction.

The fifth article, by Cai et al., investigates whether corporate governance plays an effective monitoring role in reducing agency costs and enhancing intangible investments. Using a sample of Taiwanese listed firms between 2001 and 2002, the authors conclude that management ownership has a significant effect on reducing agency cost and in enhancing intangible investments. In addition, a large board size in traditional listed firms has a positive effect on investment in intangible assets and outside block ownership in high technology firms is positively related to asset utilization and intangible assets. Finally, institutional shareholding is positively related to asset utilization, but has a negative effect on intangible assets.

Xu et al., in the sixth article, discuss whether an overreaction effect existed in the Taiwan stock market during the period of January 1997 to March 2003. The paper also explores the explanatory factors to excess returns of the contrarian strategy through the monthly data of 117 stocks. The results indicate that overreaction existed for the portfolio of two to 48 months and contrarian investment strategy will obtain positive abnormal returns. The authors also claim that the proposed model has the highest explanatory power to excess returns and the explanatory factors.

By utilizing envelopment analysis, Malmquist Index and Tobit regression, Chen et al., in the seventh article, evaluate the performance of 279 credit unions between 2002 and 2003 with respect to their efficiency and effectiveness. The authors report that while credit unions in Taiwan present a positive growth in general, there is still room for improvement in terms of operation efficiency. They also recommend that credit unions revise their existing business so as to reduce overdue loans and enhance the overall performance by referring to the managerial experience of headquarters of unions.

Zhu, in the eighth article, explores the influence on the antecedent, mediator and moderator factors of online purchasing intention, and attempts to compensate the insufficiency regarding online purchasing behavior by developing a complete online purchasing model. Not only can information-richness environment and message framing increase the communication effect in terms of Internet advertisement, they also help improve the enterprise image. The investigation also finds that Internet information-richness environment and customer's product involvement degree affect each other, and negative message framing is more efficient than positive message framing.

Li et al., in the ninth article, attempt to quantify the values of enterprises in the communication industry of fine works award in Taiwan by utilizing a key performance index to classify seven major dimensions and thirty measured indexes. Fuzzy AHP is then applied to set up an assessment model and find that the most important key factors are research, development and innovation respectively.

The last article, by Jiang and Fang, investigates the exchange rate exposure of 18 Taiwan industrial sectors between 1995 and 2005. The study modifies the asymmetric model proposed by Koutmos and Martin by adding the asymmetric effort from the magnitude of exchange rate. The relationship between exchange rate exposure and appreciation/depreciation is then reported.




A Satisfaction Decision Model of Employee Benefits: Take Hsinchu Science Park as an Example (in Chinese)


Te-King Chien
Department of Information Management, National Formosa University
Yu-Ting Lee
Department of International Trade, Ta Hwa Institute of Technology

Prediction on the Net Value of the Mutual Fund by Using Genetic Programming (in Chinese)


Wen-Tsao Pan 
Department of Industrial Management, China University of Technology
Zue-Ching Huang 
Department of Accounting Information, Kun Shan University
Wei-Yuan Lin 
Department of Economics, Soochow University

Employing Resource Integration and Information Technology into the Culture and Art Industry at Taitung Area in Taiwan (in Chinese)   Kun-Lin Hsieh 
Department of Information Science and Management System, National Taitung University
Jun-Hong Lee
Department of Information Management, National Chung Cheng University

A Study of the Relation Between Ethic Codes, Job Satisfaction and Organization Commitment: Take Direct-selling Industry as an Example (in Chinese)


Jau-Shyong Wang 
Department of Business Administration, Shu-Te University
Der-Fa Chen 
Research Center for Direct Selling at Peking University
Huey-Cherng Tsai
Department of Finance, Southern Taiwan University
Yen-Fen Cheng 
Department of Business Administration, Cheng Shiu University

The Effects of Corporate Governance on Agency Costs and Intangible Assets (in Chinese)


Liu-Ching Tsai
Department of Business Administration, National Chiayi University
Pei-Wen Shao
HSBC Global Asset Management (Taiwan) Limited
Yi-Fang Yang
Doctoral Program of Graduate School of Management National Yunlin University of Science and Technology

Performance and Explanatory Factors of the Contrarian Investment Strategy: Evidence from the Taiwan Stock Market (in Chinese)


Hsinan Hsu
Department of Finance, Feng Chia University
Wen-Hsiu Kuo
Department of Finance, Tainan University of Technology
Yi-Ching Lee
Department of Business Administration, National Cheng Kung University

A Study of Technology Efficiency and Productivity Change of Non-Profit-Organization: Credit Unions (in Chinese)


Hsueh-ju Chen
Department of Accounting, National Chung Hsing University
Shaio-Yan Huang
Department of Accounting & Information Technology, National Chung Cheng University
Chi-Chen Lin
Department of Accounting & Information Technology, National Chung Cheng University
Jia-Xian Lin
Department of Accounting, Chaoyang University of Technology

A Study into the Antecedent and Consequence of Online Shopping Behavior's Model from Information Richness and Message Framing (in Chinese)


Kuo-Ming Chu
Department of Business Administration, Cheng Shiu University

Measure Index of Enterprise Value: A Study of Taiwanese Communication Industry of Fine Works Award (in Chinese)


I-Chao Lee
Department of Business Administration, Kao Yuan University
Pei-Fu Hong
Kao Yuan University
Kuei-Hsiang Cheng
Department of Civil Engineering, Kao Yuan University

Exchange Rate Exposure of Taiwanese Industries: Evidence from an Asymmetric Model (in Chinese)


Yi-Chein Chiang
Department of International Trade, Feng Chia University
Kuan-Ting Fang
Department of International Trade, Feng Chia University