Browsing by Author "Chen, Yan-Shing"

Now showing 1 - 2 of 2

Employee treatment and its implications for bondholders
(2019-09-01)
Chen, Tsung-Kang
;
Chen, Yan-Shing
;
Yang, Hsiao-Lin
;
管理科學系
;
Department of Management Science
We examine the various channels through which the quality of a firm's employee relations can affect the welfare of bondholders. Our evidence suggests that better employee treatment benefits bondholders and leads to a lower bond spread by enhancing a firm's productivity, and by reducing the likelihood of product failures, labor strife, and employee turnover. However, a higher level of satisfaction is costlier for bondholders in firms facing more severe financial constraints or agency problems.
R&D Spillover Effects and Firm Performance Following R&D Increases
(2013-10-01)
Chen, Sheng-Syan
;
Chen, Yan-Shing
;
Liang, Woan-lih
;
Wang, Yanzhi
;
資訊管理與財務金融系註：原資管所+財金所
We examine how research and development (R&D) incoming spillovers affect long-run firm performance following firms\' R&D increases. We use a stochastic frontier production method to capture R&D incoming spillover effects. Firms reaping more benefits from R&D investment made by other firms experience more improvement in profitability and more favorable long-run stock performance in the post-R&D-increase period. Firms with higher levels of R&D incoming spillovers recruit more key employees from other firms, suggesting that obtaining know-how through hiring is an important source of incoming spillovers. The evidence also shows that firms experiencing more R&D outgoing spillover effects tend to underinvest in R&D.