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Article
Publication date: 10 October 2016

Ming-Hui Wang, Mei-Chu Ke, Feng-Yu Lin and Yen-Sheng Huang

The purpose of this paper is to examine the dividend policy for firms listed on the Taiwan Stock Exchange. The results are consistent with the prediction of the catering theory in…

2056

Abstract

Purpose

The purpose of this paper is to examine the dividend policy for firms listed on the Taiwan Stock Exchange. The results are consistent with the prediction of the catering theory in that managers choose a dividend policy to cater to the demand of investors.

Design/methodology/approach

Logistic regressions are used to test the catering theory hypothesis.

Findings

The results find that the firms distribute more stock dividends than other types of dividends when the dividend premium (DP) for stock dividends is positive. In contrast, firms shift from stock dividends to other types of dividends such as mixed dividends and cash dividends when the DP for stock dividends is negative.

Originality/value

The marginal contribution of this paper is that the firms change their dividend policy via DP to cater to the demand of investors.

Details

Managerial Finance, vol. 42 no. 10
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 1 November 2006

Ching‐Hai Jiang, Hsiang‐Lan Chen and Yen‐Sheng Huang

The purpose of this paper is to examine the relationship between capital expenditures and corporate earnings for 357 manufacturing firms listed on the Taiwan Stock Exchange over…

1928

Abstract

Purpose

The purpose of this paper is to examine the relationship between capital expenditures and corporate earnings for 357 manufacturing firms listed on the Taiwan Stock Exchange over the sample period 1992‐2002.

Design/methodology/approach

The sample period of 11 years is divided into capital investment period and performance period. The sample firms are first grouped into eight portfolios ranked by capital investment ratio estimated from the investment period. Corporate earnings in the performance period for the eight portfolios are examined to see if any positive association exists. Regressions are then estimated to test the relationship between capital expenditures and corporate earnings.

Findings

The results indicate a significantly positive association between capital expenditures and future corporate earnings even after controlling for current corporate earnings.

Practical implications

The results indicate that the unexpected announcements of capital expenditures are good news for investors in the investment practice.

Originality/value

Previous studies on the relationship between capital expenditures and corporate earnings are based mainly on developed countries. Empirical evidence from the manufacturing firms listed on the Taiwan Stock Exchange would provide further insights regarding this important issue.

Details

Managerial Finance, vol. 32 no. 11
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 1 June 1991

Chris Parkinson and Matthew Ian Shaw

The content of this paper is adapted from two studies of contested takeover bids. These studies, and this paper, are attempts to add to the limited research conducted in the UK…

Abstract

The content of this paper is adapted from two studies of contested takeover bids. These studies, and this paper, are attempts to add to the limited research conducted in the UK into the share price performance of companies involved in mergers and acquisitions. Research directed specifically at defended takeover bids is even more limited and only one piece of research (Holl and Taffler, 1988) to date has addressed this particular topic in the UK.

Details

Managerial Finance, vol. 17 no. 6
Type: Research Article
ISSN: 0307-4358

Article
Publication date: 8 January 2018

Sheng Yen Lee

The purpose of this paper is to study the effects of relationship marketing factors of sports centers on commitment to relationship and intention to recommend.

1193

Abstract

Purpose

The purpose of this paper is to study the effects of relationship marketing factors of sports centers on commitment to relationship and intention to recommend.

Design/methodology/approach

A statistical survey was conducted for quantitative research, and in-depth interviews, for qualitative research, according to the mixed methods research.

Findings

The results of the quantitative research show that the relationship marketing factors of bonding, facility, and price positively influence commitment to relationship. Expertise and facility positively influence intention to recommend. Finally, commitment to relationship positively influences intention to recommend.

Practical implications

Sports centers could build relationships based on polite and hospitable service, and host monthly events for building rapport among members. Instructors’ expertise promotes bonding and serves as the most essential factor for intention to recommend. Sports centers must adequately introduce promotions related to rational consumption and specialized promotion. Centers that are managed too carelessly or frugally will have a highly negative impact on customer relationship and intention to recommend.

Originality/value

This study aims to empirically analyze customer needs by comparing the results of in-depth interviews with customers based on the results of quantitative studies through mixed methods research. It determines the relationships between the aforementioned variables, providing practical implications through analysis of the customers’ subjective consciousness by focusing on sports facilities in order to secure competitive advantage, and thus, overcome financial difficulties.

Details

Asia Pacific Journal of Marketing and Logistics, vol. 30 no. 1
Type: Research Article
ISSN: 1355-5855

Keywords

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