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| Title | 組織資本與公司價值之探討：台灣市場之實證 Exploring the Relationship Between Organizational Capital and Firm Value: An Empirical Study of the Taiwan Market |
| Creator | 羅瑋翔 Lo, Wei-Hsiang |
| Contributor | 楊曉文 Yang, Sharon S. 羅瑋翔 Lo, Wei-Hsiang |
| Key Words | 公司價值 組織資本 ESG 企業創新 產品品質 利害關係人 TOBINSQ Organizational Capital ESG Corporate Innovation Product Quality Stakeholders |
| Date | 2024 |
| Date Issued | 1-Apr-2025 11:43:47 (UTC+8) |
| Summary | 本文採用2016年至2022年台灣上市櫃公司作為樣本，利用台灣經濟新報（TEJ）的財務會計、ESG資料及SASB準則所提及之行業屬性分類，參考先前文獻進行組織資本及人力資本之計算。本研究利用縱橫資料迴歸及固定效果模型探討組織資本因子與TOBINSQ之解釋能力。實證證據支持本研究的假設，即組織資本與企業價值存在正相關。本研究通過將樣本分為（a）高組織資本和低組織資本公司以及（b）市值型公司和（c）成長型公司進行了進一步的分析。研究發現組織資本在不同的樣本群當中透過與員工平均專利數、產品品質與安全性及公平對待利害關係人產生之交互作用影響企業價值。本研究採用前一期解釋變數來替換當期解釋變數進行模型估計，同時採用兩階段最小平方法迴歸以應對內生性問題。研究結果在不同子樣本分析、額外控制變量和內生性問題方面尚屬穩健。組織資本作為企業追求永續發展之儲備庫，可促使企業改善企業價值、亦可透過ESG因子途徑完善投資人的資訊需求，也利於企業向投資者展現公司長期價值、達成永續經營目標。 This study utilizes data from publicly listed companies in Taiwan from 2016 to 2022, drawing from the Taiwan Economic Journal (TEJ) for financial accounting and ESG data, alongside industry classifications mentioned in the SASB standards. The calculations for organizational and human capital, based on prior literature, are conducted to examine the explanatory power of organizational capital factors on Tobin’s Q using panel data regression and fixed effects models. Empirical evidence supports the hypothesis that there is a positive correlation between organizational capital and corporate value. The study further categorizes the sample into companies with high and low organizational capital, market-oriented, and growth-oriented companies. It finds that organizational capital impacts corporate value through interactions with average employee patent numbers, product quality and safety, and fair treatment of stakeholders. To address endogeneity issues, the model estimates replace current explanatory variables with lagged ones and employ two-stage least squares regression. The results are robust across different sub-samples, additional control variables, and tests for endogeneity. Organizational capital serves as a reservoir for sustainable development, enhancing corporate value and fulfilling investor information needs through ESG factors. It also aids companies in demonstrating long-term value to investors, achieving sustainable business objectives. |
| 參考文獻 | Adizes, I. (1979). Organizational passages: Diagnosing and treating lifecycle problems of organizations. Organizational Dynamics, 8(1), 3-25. Atkeson, A., & Kehoe, P. J. (2005). Modeling and measuring organizational capital. Journal of Political Economy, 113(5), 1026-1053. Attig, N., & Cleary, S. (2014). Organizational capital and investment-cash flow sensitivity: The role of management quality and structures. Journal of Corporate Finance, 27, 164-178. Bae, J., & Kang, J. (2023). Human capital quality and stock returns. Journal of Banking & Finance, 152, 106857. Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120. Bettinazzi, E. L. M., & Zollo, M. (2017). Stakeholder orientation and acquisition performance. Strategic Management Journal, 38(6), 1236-1256. Black, S. E., & Lynch, L. M. (2005). Measuring organizational capital in the new economy. Industrial and Labor Relations Review, 58(3), 450-467. Bueno, E., Morcillo, P., & Rodríguez, A. (2014). Organizational capital as competitive advantage of the firm. Journal of Intellectual Capital, 15(4), 667-681. Canbay, S., & Akman, V. (2023). Enhancing product quality through digitized quality management processes. Journal of Quality Management, 28(1), 15-29. Choi, J., & Luo, Y. (2021). Organizational capital and greenhouse gas emission reduction strategies: A stakeholder perspective. Journal of Environmental Management, 280, 111675. Cui, P., Sun, J., & Yu, H. (2021). The role of organizational capital in fostering innovation and firm performance. Journal of Corporate Finance, 67, 101871. Eisfeldt, A. L., & Papanikolaou, D. (2013). Organization capital and the cross‐section of expected returns. The Journal of Finance, 68(4), 1365-1406. Enache, L., & Srivastava, A. (2018). Organizational capital and firm performance: An empirical analysis. The Accounting Review, 93(4), 183-202. Francis, B., Hasan, I., & Sharma, Z. (2021). Organizational capital and innovation: Implications for firm performance. Journal of Financial Economics, 139(3), 752-770. Grant, R. M. (1996). Toward a knowledge-based theory of the firm. Strategic Management Journal, 17(Winter Special Issue), 109-122. Gu, J., Lee, S. C., & Suh, Y. (2017). Information integration for quality improvement: Effects on interdepartmental collaboration and the supply chain. Information & Management, 54(3), 358-368. Hasan, I., & Cheung, A. (2018). Organizational capital and the duration of IPOs to acquisitions. Journal of Financial Management, 47(1), 153-178. Hasan, I., & Uddin, S. (2022). The impact of organizational capital on financial structure and market positioning. Journal of Business Research, 122, 341-356. Ilhan, B., Grant, K., & Thompson, D. (2023). The role of organizational capital in stakeholder engagement and corporate reputation. Corporate Social Responsibility and Environmental Management, 30(1), 23-37. Jun, W., Shiyong, Z., & Yi, T. (2022). Does ESG disclosure help improve intangible capital? Evidence from A-share listed companies. Frontiers in Environmental Science, 10, 858548. Kalyani, A. (2024). The Innovation Puzzle: Patents and Productivity Growth. Economic Synopses, (7). Krueger, P., Metzger, D., & Sautner, Z. (2020). The importance of stakeholder engagement in the corporate governance of sustainable enterprises. Journal of Business Ethics, 162(2), 291-308. Leung, T. Y., Lee, S., & Wong, K. A. (2018). Organizational capital and firm performance: Evidence from the banking sector. Journal of Banking & Finance, 92, 168-176. Lev, B., & Radhakrishnan, S. (2005). The valuation of organization capital. In C. Corrado, J. Haltiwanger, & D. Sichel (Eds.), Measuring Capital in the New Economy (pp. 73-110). University of Chicago Press. Li, X., Roberts, R., & An, B. (2018). The role of organizational capital in firm performance: A sectoral analysis. Journal of Economic Dynamics & Control, 90, 324-345. Marwick, N., Groves, K., LaRoche, L., & Recardo, R. (2020). The impact of organizational capital on cash holdings and financial efficiency. Journal of Business Research, 116, 165-177. Menon, A., Jaworski, B. J., & Kohli, A. K. (1997). Product quality: Impact of interdepartmental interactions. Journal of the Academy of Marketing Science, 25, 187-200. Peters, R. H., & Taylor, C. L. (2017). The market's valuation of organizational capital. Journal of Economic Behavior and Organization, 134, 314-331. Provaty, S. S., Hasan, M. M., & Luo, L. (2024). Organization capital and GHG emissions. Energy Economics, 131, 107372. Sethi, R. (2000). New product quality and product development teams. Journal of Marketing, 64, 1-14. Shambaugh, J., Nunn, R., & Portman, B. (2017). Eleven facts about innovation and patents. Economic facts-The Hamilton Project, 1, 112. Snoeren, P. M. (2017). A Stakeholder Based View of Firm Growth: Stakeholder Orientation and Limits to Value Creation from Growth (Doctoral dissertation, Università Commerciale Luigi Bocconi). Squicciarini, M., & Le Mouel, M. (2012). The use of patents and informal intellectual property mechanisms in services: Implications for the patterns of innovation and production. Research Policy, 41(9), 1683-1693. |
| Description | 碩士 國立政治大學 金融學系 111352038 |
| 資料來源 | http://thesis.lib.nccu.edu.tw/record/#G0111352038 |
| Type | thesis |
| dc.contributor.advisor | 楊曉文 | zh_TW |
| dc.contributor.advisor | Yang, Sharon S. | en_US |
| dc.contributor.author (Authors) | 羅瑋翔 | zh_TW |
| dc.contributor.author (Authors) | Lo, Wei-Hsiang | en_US |
| dc.creator (作者) | 羅瑋翔 | zh_TW |
| dc.creator (作者) | Lo, Wei-Hsiang | en_US |
| dc.date (日期) | 2024 | en_US |
| dc.date.accessioned | 1-Apr-2025 11:43:47 (UTC+8) | - |
| dc.date.available | 1-Apr-2025 11:43:47 (UTC+8) | - |
| dc.date.issued (上傳時間) | 1-Apr-2025 11:43:47 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0111352038 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/156465 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 金融學系 | zh_TW |
| dc.description (描述) | 111352038 | zh_TW |
| dc.description.abstract (摘要) | 本文採用2016年至2022年台灣上市櫃公司作為樣本，利用台灣經濟新報（TEJ）的財務會計、ESG資料及SASB準則所提及之行業屬性分類，參考先前文獻進行組織資本及人力資本之計算。本研究利用縱橫資料迴歸及固定效果模型探討組織資本因子與TOBINSQ之解釋能力。實證證據支持本研究的假設，即組織資本與企業價值存在正相關。本研究通過將樣本分為（a）高組織資本和低組織資本公司以及（b）市值型公司和（c）成長型公司進行了進一步的分析。研究發現組織資本在不同的樣本群當中透過與員工平均專利數、產品品質與安全性及公平對待利害關係人產生之交互作用影響企業價值。本研究採用前一期解釋變數來替換當期解釋變數進行模型估計，同時採用兩階段最小平方法迴歸以應對內生性問題。研究結果在不同子樣本分析、額外控制變量和內生性問題方面尚屬穩健。組織資本作為企業追求永續發展之儲備庫，可促使企業改善企業價值、亦可透過ESG因子途徑完善投資人的資訊需求，也利於企業向投資者展現公司長期價值、達成永續經營目標。 | zh_TW |
| dc.description.abstract (摘要) | This study utilizes data from publicly listed companies in Taiwan from 2016 to 2022, drawing from the Taiwan Economic Journal (TEJ) for financial accounting and ESG data, alongside industry classifications mentioned in the SASB standards. The calculations for organizational and human capital, based on prior literature, are conducted to examine the explanatory power of organizational capital factors on Tobin’s Q using panel data regression and fixed effects models. Empirical evidence supports the hypothesis that there is a positive correlation between organizational capital and corporate value. The study further categorizes the sample into companies with high and low organizational capital, market-oriented, and growth-oriented companies. It finds that organizational capital impacts corporate value through interactions with average employee patent numbers, product quality and safety, and fair treatment of stakeholders. To address endogeneity issues, the model estimates replace current explanatory variables with lagged ones and employ two-stage least squares regression. The results are robust across different sub-samples, additional control variables, and tests for endogeneity. Organizational capital serves as a reservoir for sustainable development, enhancing corporate value and fulfilling investor information needs through ESG factors. It also aids companies in demonstrating long-term value to investors, achieving sustainable business objectives. | en_US |
| dc.description.tableofcontents | 第一章 緒論 1 第一節 研究動機 1 第二節 研究概要 3 第二章 文獻回顧與假說建構 4 第一節 文獻回顧 4 第二節 假說建構 7 第三章 研究方法 11 第一節 解釋變數：組織資本 11 第二節 控制變數 12 第三節 樣本與模型 16 第四章 實證結果 21 第一節 敘述統計 21 第二節 迴歸結果 21 第三節 穩健性測試 33 第五章 結論 37 第一節 研究總結 37 第二節 研究限制與未來展望 38 參考文獻 39 | zh_TW |
| dc.format.extent | 1526153 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0111352038 | en_US |
| dc.subject (關鍵詞) | 公司價值 | zh_TW |
| dc.subject (關鍵詞) | 組織資本 | zh_TW |
| dc.subject (關鍵詞) | ESG | zh_TW |
| dc.subject (關鍵詞) | 企業創新 | zh_TW |
| dc.subject (關鍵詞) | 產品品質 | zh_TW |
| dc.subject (關鍵詞) | 利害關係人 | zh_TW |
| dc.subject (關鍵詞) | TOBINSQ | en_US |
| dc.subject (關鍵詞) | Organizational Capital | en_US |
| dc.subject (關鍵詞) | ESG | en_US |
| dc.subject (關鍵詞) | Corporate Innovation | en_US |
| dc.subject (關鍵詞) | Product Quality | en_US |
| dc.subject (關鍵詞) | Stakeholders | en_US |
| dc.title (題名) | 組織資本與公司價值之探討：台灣市場之實證 | zh_TW |
| dc.title (題名) | Exploring the Relationship Between Organizational Capital and Firm Value: An Empirical Study of the Taiwan Market | en_US |
| dc.type (資料類型) | thesis | en_US |
| dc.relation.reference (參考文獻) | Adizes, I. (1979). Organizational passages: Diagnosing and treating lifecycle problems of organizations. Organizational Dynamics, 8(1), 3-25. Atkeson, A., & Kehoe, P. J. (2005). Modeling and measuring organizational capital. Journal of Political Economy, 113(5), 1026-1053. Attig, N., & Cleary, S. (2014). Organizational capital and investment-cash flow sensitivity: The role of management quality and structures. Journal of Corporate Finance, 27, 164-178. Bae, J., & Kang, J. (2023). Human capital quality and stock returns. Journal of Banking & Finance, 152, 106857. Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120. Bettinazzi, E. L. M., & Zollo, M. (2017). Stakeholder orientation and acquisition performance. Strategic Management Journal, 38(6), 1236-1256. Black, S. E., & Lynch, L. M. (2005). Measuring organizational capital in the new economy. Industrial and Labor Relations Review, 58(3), 450-467. Bueno, E., Morcillo, P., & Rodríguez, A. (2014). Organizational capital as competitive advantage of the firm. Journal of Intellectual Capital, 15(4), 667-681. Canbay, S., & Akman, V. (2023). Enhancing product quality through digitized quality management processes. Journal of Quality Management, 28(1), 15-29. Choi, J., & Luo, Y. (2021). Organizational capital and greenhouse gas emission reduction strategies: A stakeholder perspective. Journal of Environmental Management, 280, 111675. Cui, P., Sun, J., & Yu, H. (2021). The role of organizational capital in fostering innovation and firm performance. Journal of Corporate Finance, 67, 101871. Eisfeldt, A. L., & Papanikolaou, D. (2013). Organization capital and the cross‐section of expected returns. The Journal of Finance, 68(4), 1365-1406. Enache, L., & Srivastava, A. (2018). Organizational capital and firm performance: An empirical analysis. The Accounting Review, 93(4), 183-202. Francis, B., Hasan, I., & Sharma, Z. (2021). Organizational capital and innovation: Implications for firm performance. Journal of Financial Economics, 139(3), 752-770. Grant, R. M. (1996). Toward a knowledge-based theory of the firm. Strategic Management Journal, 17(Winter Special Issue), 109-122. Gu, J., Lee, S. C., & Suh, Y. (2017). Information integration for quality improvement: Effects on interdepartmental collaboration and the supply chain. Information & Management, 54(3), 358-368. Hasan, I., & Cheung, A. (2018). Organizational capital and the duration of IPOs to acquisitions. Journal of Financial Management, 47(1), 153-178. Hasan, I., & Uddin, S. (2022). The impact of organizational capital on financial structure and market positioning. Journal of Business Research, 122, 341-356. Ilhan, B., Grant, K., & Thompson, D. (2023). The role of organizational capital in stakeholder engagement and corporate reputation. Corporate Social Responsibility and Environmental Management, 30(1), 23-37. Jun, W., Shiyong, Z., & Yi, T. (2022). Does ESG disclosure help improve intangible capital? Evidence from A-share listed companies. Frontiers in Environmental Science, 10, 858548. Kalyani, A. (2024). The Innovation Puzzle: Patents and Productivity Growth. Economic Synopses, (7). Krueger, P., Metzger, D., & Sautner, Z. (2020). The importance of stakeholder engagement in the corporate governance of sustainable enterprises. Journal of Business Ethics, 162(2), 291-308. Leung, T. Y., Lee, S., & Wong, K. A. (2018). Organizational capital and firm performance: Evidence from the banking sector. Journal of Banking & Finance, 92, 168-176. Lev, B., & Radhakrishnan, S. (2005). The valuation of organization capital. In C. Corrado, J. Haltiwanger, & D. Sichel (Eds.), Measuring Capital in the New Economy (pp. 73-110). University of Chicago Press. Li, X., Roberts, R., & An, B. (2018). The role of organizational capital in firm performance: A sectoral analysis. Journal of Economic Dynamics & Control, 90, 324-345. Marwick, N., Groves, K., LaRoche, L., & Recardo, R. (2020). The impact of organizational capital on cash holdings and financial efficiency. Journal of Business Research, 116, 165-177. Menon, A., Jaworski, B. J., & Kohli, A. K. (1997). Product quality: Impact of interdepartmental interactions. Journal of the Academy of Marketing Science, 25, 187-200. Peters, R. H., & Taylor, C. L. (2017). The market's valuation of organizational capital. Journal of Economic Behavior and Organization, 134, 314-331. Provaty, S. S., Hasan, M. M., & Luo, L. (2024). Organization capital and GHG emissions. Energy Economics, 131, 107372. Sethi, R. (2000). New product quality and product development teams. Journal of Marketing, 64, 1-14. Shambaugh, J., Nunn, R., & Portman, B. (2017). Eleven facts about innovation and patents. Economic facts-The Hamilton Project, 1, 112. Snoeren, P. M. (2017). A Stakeholder Based View of Firm Growth: Stakeholder Orientation and Limits to Value Creation from Growth (Doctoral dissertation, Università Commerciale Luigi Bocconi). Squicciarini, M., & Le Mouel, M. (2012). The use of patents and informal intellectual property mechanisms in services: Implications for the patterns of innovation and production. Research Policy, 41(9), 1683-1693. | zh_TW |