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系統識別號 U0026-2007202014285700
論文名稱(中文) Corporate Investment and Stock Liquidity: A Comparison Between Technology Firms from the US and Taiwan
論文名稱(英文) Corporate Investment and Stock Liquidity: A Comparison Between Technology Firms from the US and Taiwan
校院名稱 成功大學
系所名稱(中) 國際經營管理研究所
系所名稱(英) Institute of International Management
學年度 108
學期 2
出版年 109
研究生(中文) 武美玲
研究生(英文) My-Linh Vu
學號 RA6077264
學位類別 碩士
語文別 英文
論文頁數 85頁
口試委員 指導教授-楊曉瑩
召集委員-林彣珊
口試委員-謝惠璟
中文關鍵字 none 
英文關鍵字 Corporate investment  Corporate decision making  Stock liquidity  Technology firms  Financial constraint  Market development  Financial crisis. 
學科別分類
中文摘要 none
英文摘要 This study contributes to the academic works regarding the role of stock liquidity in corporate decision making. The aim of this research is to examine how corporate investment is affected by firm stock liquidity. Using a sample data of 296 firms from the technology sector listed in the US and Taiwan Stock Markets in the period of ten years (2007 – 2018), we find a positive linkage between firm investment and stock liquidity. Furthermore, our findings suggest that this association can be affected by the level of financial constraint, or other external factors like market development and financial crisis period.
論文目次 TABLE OF CONTENTS
ABSTRACT .....................................I
ACKNOWLEDGEMENTS ................................II
TABLE OF CONTENTS ................................. III
LIST OF TABLES ................................... V
CHAPTER ONE INTRODUCTION ......................... 1
1.1 Research Background........................... 1
1.2 Research Objectives and Motivation.............. 3
1.3 Research Gaps and Contributions............... 5
1.4 Research Structures. ........................ 5
CHAPTER TWO LITERATURE REVIEW.................... 6
2.1 Corporate Investment. ......................... 6
2.2 Stock Liquidity. ........................... 8
2.3 Stock Liquidity and Corporate Decision. ............. 9
2.4 Stock Liquidity and Corporate Investment............. 10
CHAPTER THREE RESEARCH DESIGN AND METHODOLOGY...................... 15
3.1 Research Design and Sample Selection............... 15
3.2 Variables. .................................. 25
3.2.1 Stock Liquidity Measurement.................. 25
3.2.2 Firm Investment Measurement....................... 26
3.2.3 Control Variables. ......................... 26
3.3 Methodology and Regression Model................... 28
CHAPTER FOUR RESEARCH RESULTS....................... 32
4.1 Descriptive Statistics. .......................... 32
4.2 Correlation Analysis. ......................... 45
4.3 Multicollinearity Test......................... 65
4.4 Hausman Test................................... 66
4.5 Panel Data Regression Analysis. ................... 66
4.4.1 Fundamental Regression..................... 67
4.4.2 Extended Model Including Interactive Variables for Financial Constraints. .. 71
4.4.3 Individual Country Regression Analysis............. 72
4.4.4 Additional Model Addressing the role of Firm Age. . 77
CHAPTER FIVE CONCLUSION AND SUGGESTIONS ................ 79
5.1 Research Conclusion. .............................. 79
5.2 Research Contribution. .............................. 81
5.3 Research Limitation and Suggestion. ........... 82
REFERENCES........................................... 83
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