政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/146279
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113656/144643 (79%)
Visitors : 51755144      Online Users : 436
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
    •  Adv. Search
    Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer Goto mobile version
    政大典藏 > College of Commerce > Department of Finance > Theses >  Item 140.119/146279


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/146279


    Title: 災難經驗與女性賦權對疫情後創新的影響
    The Impact of Disaster Experience and Women Empowerment on Post-Covid Innovation
    Authors: 許鏸尹
    Xu, Hui-Yin
    Contributors: 陳嬿如
    Chen, Yenn-Ru
    許鏸尹
    Xu, Hui-Yin
    Keywords: 災難經驗
    女性賦權
    創新
    併購
    COVID-19
    Disaster Experience
    Women Empowerment
    Innovation
    Mergers and Acquisitions
    COVID-19
    Date: 2023
    Issue Date: 2023-08-02 12:57:52 (UTC+8)
    Abstract: COVID-19造成生活的巨大改變，也增加了全球產業創新與轉型的需求。近期的研究指出，過去的SARS經驗將成為國家面對疫情不確定的助力，使得這些國家能夠有更迅速、更適當的回應。新聞媒體也發現女性賦權在COVID-19期間發揮關鍵作用，女性領導者能夠更有效的控制疫情所帶來的負面影響、並降低疫情的傳播。本研究使用2017至2022年間14個亞洲國家的併購樣本，並蒐集總計879篇文本進行分析，探討SARS經驗及女性賦權對COVID-19後企業創新併購的影響。本研究發現具有重大SARS經驗的國家在COVID-19後有更多以創新為目的之併購交易，此結果在控制了國家及產業的固定效果後依然穩健。此外，若女性賦權較高，則該國企業進行以創新為目的之併購交易量也會提升。整體而言，SARS經驗、女性賦權對COVID-19後企業的創新併購具有顯著的正向作用。
    The emergence of COVID-19 causes consideration alterations to our lives and boosts up the need for industrial innovation and digital transformation worldwide. Recent studies suggest that the experiences with SARS help countries cope with the unpredictability of the virus, allowing them to react faster and more effectively. On top of that, many news also address that women`s empowerment is critical during this pandemic. Female leaders possess a greater ability to control the negative impact of COVID-19 and restrict its spread.
    This study uses merger and acquisition examples from fourteen Asian nations from 2017 to 2022. 879 texts are collected to examine the effects of the SARS experience and female empowerment on corporate innovation M&A during the COVID-19 pandemic. The findings indicate that countries with heavily SARS exposure have more innovation-oriented mergers and acquisitions following the appearance of COVID-19. This result remains strong even after controlling for country and industry factors. Furthermore, if women`s empowerment is greater, the number of mergers and acquisitions for innovative purposes will also increase. Overall, the experience of SARS and the advancement of women have had a considerable positive outcome on post-COVID-19 businesses` creative combinations and purchases.
    Reference: Ahir, H., Bloom, N., & Furceri, D. (2022). The world uncertainty index (No. w29763). National Bureau of Economic Research.
    Ahuja, G., & Katila, R. (2001). Technological acquisitions and the innovation performance of acquiring firms: A longitudinal study. Strategic Management Journal, 22(3), 197-220.
    Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance, 23(4), 589-609.
    Amihud, Yakov, Baruch Lev, and Nickolaos G. Travlos, 1990, Corporate control and the choice of investment financing: The case of corporate acquisitions, The Journal of Finance, 45, 603–616
    Archibugi, D., Filippetti, A., & Frenz, M. (2013). Economic crisis and innovation: is destruction prevailing over accumulation?. Research Policy, 42(2), 303-314.
    Ashraf, B. N., & Shen, Y. (2019). Economic policy uncertainty and banks’ loan pricing. Journal of Financial Stability, 44, 100695.
    Baker, S. R., Bloom, N., & Davis, S. J. (2016). Measuring economic policy uncertainty. The Quarterly Journal of Economics, 131(4), 1593-1636.
    Barber, B. M., & Odean, T. (2001). Boys will be boys: Gender, overconfidence, and common stock investment. The Quarterly Journal of Economics, 116(1), 261-292.
    Bass, B. M. (1998).Transformational leadership: Industrial, military, and educational impact. Mahwah, NJ: Erlbaum.
    Beaman, L., Duflo, E., Pande, R., & Topalova, P. (2012). Female leadership raises aspirations and educational attainment for girls: A policy experiment in India. Science, 335(6068), 582-586.
    Bernile, G., Bhagwat, V., & Rau, P. R. (2017). What doesn`t kill you will only make you more risk‐loving: Early‐life disasters and CEO behavior. The Journal of Finance, 72(1), 167-206
    Bhattacharya, U., Hsu, P. H., Tian, X., & Xu, Y. (2017). What affects innovation more: policy or policy uncertainty?. Journal of Financial and Quantitative Analysis, 52(5), 1869-1901.
    Borghesi, R., Houston, J. F., & Naranjo, A. (2014). Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests. Journal of Corporate Finance, 26, 164-181.
    Browne, M. J., & Hoyt, R. E. (2000). The demand for flood insurance: empirical evidence. Journal of Risk and Uncertainty, 20(3), 291-306.
    Bruce, R., Cavgias, A., Meloni, L., & Remígio, M. (2022). Under pressure: Women’s leadership during the COVID-19 crisis. Journal of Development Economics, 154, 102761.
    Cardillo, G., Onali, E., & Torluccio, G. (2021). Does gender diversity on banks` boards matter? Evidence from public bailouts. Journal of Corporate Finance, 71, 101560.
    Cefis, E., & Marsili, O. (2015). Crossing the innovation threshold through mergers and acquisitions. Research Policy, 44(3), 698-710.
    Chen, I. J., Hsu, P. H., Officer, M. S., & Wang, Y. (2020). The Oscar goes to High tech firms’ acquisitions in response to rivals’ technology breakthroughs. Research Policy, 49(7), 104078.
    Chen, J., Leung, W. S., & Evans, K. P. (2018). Female board representation, corporate innovation and firm performance. Journal of Empirical Finance, 48, 236-254.
    Cloodt, G., & Hagedoorn, J. (2000). Core competences and company performance in the world-wide computer industry. The Journal of High Technology Management Research, 11(1), 75-91.
    Cloodt, M., Hagedoorn, J., & Van Kranenburg, H. (2006). Mergers and acquisitions: Their effect on the innovative performance of companies in high-tech industries. Research policy, 35(5), 642-654.
    Clots-Figueras, I. (2011). Women in politics: Evidence from the Indian States. Journal of Public Economics, 95(7-8), 664-690.
    Cohen, W. M., & Levinthal, D. A. (1989). Innovation and learning: the two faces of R & D. The Economic Journal, 99(397), 569-596.
    Cronqvist, H., & Yu, F. (2017). Shaped by their daughters: Executives, female socialization, and corporate social responsibility. Journal of Financial Economics, 126(3), 543-562.
    Desyllas, P., and Hughes, A. (2009). The revealed preferences of high technology acquirers: An analysis of the characteristics of their targets. Cambridge Journal of Economics, 33(6), 1089-1111.
    Devece, C., Peris-Ortiz, M., & Rueda-Armengot, C. (2016). Entrepreneurship during economic crisis: Success factors and paths to failure. Journal of Business Research, 69(11), 5366-5370.
    Dollar, D., Fisman, R., & Gatti, R. (2001). Are women really the “fairer” sex? Corruption and women in government. Journal of Economic Behavior & Organization, 46(4), 423-429.
    Eagly, A. H., & Johannesen‐Schmidt, M. C. (2001). The leadership styles of women and men. Journal of Social Issues, 57(4), 781-797.
    Eagly, A. H., & Steffen, V. J. (1986). Gender and aggressive behavior: a meta-analytic review of the social psychological literature. Psychological Bulletin, 100(3), 309.
    Ebersberger, B., & Kuckertz, A. (2021). Hop to it! The impact of organization type on innovation response time to the COVID-19 crisis. Journal of Business Research, 124, 126-135.
    Eckel, C. C., & Grossman, P. J. (1998). Are women less selfish than men?: Evidence from dictator experiments. The Economic Journal, 108(448), 726-735.
    Erel, I., Liao, R. C., & Weisbach, M. S. (2012). Determinants of cross‐border mergers and acquisitions. The Journal of Finance, 67(3), 1045-1082.
    Faccio, M. & R. Masulis, The Choice of Payment Method in European Mergers and Acquisitions, The Journal of Finance, (60), 2005, pp.1345-1388.
    Faccio, M., Marchica, M. T., & Mura, R. (2016). CEO gender, corporate risk-taking, and the efficiency of capital allocation. Journal of Corporate Finance, 39, 193-209.
    Filip, A., Lobo, G. J., Paugam, L., and Stolowy, H. (2022). Disclosures About Key Value Drivers in M&A Announcement Press Releases: An Exploratory Study. Abacus, 58(1), 62-104
    Filippetti, A., & Archibugi, D. (2011). Innovation in times of crisis: National Systems of Innovation, structure, and demand. Research policy, 40(2), 179-192.
    Flynn, J., Slovic, P., & Mertz, C. K. (1994). Gender, race, and perception of environmental health risks. Risk analysis, 14(6), 1101-1108.
    Gao, M., Liu, Y. J., & Shi, Y. (2020). Do people feel less at risk? Evidence from disaster experience. Journal of Financial Economics, 138(3), 866-888.
    Glynn, A. N., & Sen, M. (2015). Identifying judicial empathy: does having daughters cause judges to rule for women`s issues?. American Journal of Political Science, 59(1), 37-54.
    Gulen, H., & Ion, M. (2016). Policy uncertainty and corporate investment. The Review of Financial Studies, 29(3), 523-564.
    Gunther McGrath, R., & Nerkar, A. (2004). Real options reasoning and a new look at the R&D investment strategies of pharmaceutical firms. Strategic Management Journal, 25(1), 1-21.
    Hale, T., Petherick, A., Phillips, T., and Webster, S. (2020). Variation in Government Responses to COVID-19. Blavatnik School of government working paper, 31.
    Hall, B. H., & Vopel, K. (1996). Innovation, market share, and market value. In Strasbourg, France: Prepared for the International Conference on the Economics and Econometrics of Innovation, The European Parliament.
    Hansen, R., A Theory for The Choice of Exchange Medium in Mergers and Acquisitions, Journal of Business, (60), 1987, pp.75-95.
    Hausman, A., & Johnston, W. J. (2014). The role of innovation in driving the economy: Lessons from the global financial crisis. Journal of Business Research, 67(1), 2720-2726.
    Hitt, M. A., Hoskisson, R. E., Johnson, R. A., & Moesel, D. D. (1996). The market for corporate control and firm innovation. Academy of Management Journal, 39(5), 1084-1119.
    Hoberg, G., & Phillips, G. (2010). Product market synergies and competition in mergers and acquisitions: A text-based analysis. The Review of Financial Studies, 23(10), 3773-3811.
    Huang, J., & Kisgen, D. J. (2013). Gender and corporate finance: Are male executives overconfident relative to female executives?. Journal of Financial Economics, 108(3), 822-839
    Jianakoplos, N. A., & Bernasek, A. (1998). Are women more risk averse?. Economic Inquiry, 36(4), 620-630.
    Julio, B., & Yook, Y. (2012). Political uncertainty and corporate investment cycles. The Journal of Finance, 67(1), 45-83.
    Kim, O. S. (2019). Does political uncertainty increase external financing costs? Measuring the electoral premium in syndicated lending. Journal of Financial and Quantitative Analysis, 54(5), 2141-2178.
    Kindermann, B., Beutel, S., de Lomana, G. G., Strese, S., Bendig, D., & Brettel, M. (2021). Digital orientation: Conceptualization and operationalization of a new strategic orientation. European Management Journal, 39(5), 645-657.
    Kulatilaka, N., & Perotti, E. C. (1998). Strategic growth options. Management Science, 44(8), 1021-1031.
    Levi, M., Li, K., & Zhang, F. (2014). Director gender and mergers and acquisitions. Journal of Corporate Finance, 28, 185-200.
    Li, K., Liu, X., Mai, F., & Zhang, T. (2021). The role of corporate culture in bad times: Evidence from the COVID-19 pandemic. Journal of Financial and Quantitative Analysis, 56(7), 2545-2583.
    Li, K., Mai, F., Shen R., and Yan, X. (2021). Measuring Corporate Culture Using Machine Learning. The Review of Financial Studies, 34(7), 3265-3315.
    Loewenstein, G. F., Weber, E. U., Hsee, C. K., & Welch, N. (2001). Risk as feelings. Psychological Bulletin, 127(2), 267.
    Malmendier, U., & Tate, G. (2005). CEO overconfidence and corporate investment. The Journal of Finance, 60(6), 2661-2700.
    Miao, Q., & Popp, D. (2014). Necessity as the mother of invention: Innovative responses to natural disasters. Journal of Environmental Economics and Management, 68(2), 280-295.
    Miller, G. (2008). Women`s suffrage, political responsiveness, and child survival in American history. The Quarterly Journal of Economics, 123(3), 1287-1327.
    Østergaard, C. R., Timmermans, B., & Kristinsson, K. (2011). Does a different view create something new? The effect of employee diversity on innovation. Research policy, 40(3), 500-509.
    Palvia, A., Vähämaa, E., & Vähämaa, S. (2015). Are female CEOs and chairwomen more conservative and risk averse? Evidence from the banking industry during the financial crisis. Journal of Business Ethics, 131, 577-594.
    Pastor, L., & Veronesi, P. (2012). Uncertainty about government policy and stock prices. The Journal of Finance, 67(4), 1219-1264.
    Pastor, O. S. (2019). Does political uncertainty increase external financing costs? Measuring the electoral premium in syndicated lending. Journal of Financial and Quantitative Analysis, 54(5), 2141-2178.
    Pertuze, J. A., Reyes, T., Vassolo, R. S., & Olivares, N. (2019). Political uncertainty and innovation: The relative effects of national leaders’ education levels and regime systems on firm-level patent applications. Research Policy, 48(9), 103808.
    Rabier, M. R. (2017). Acquisition Motives and the Distribution of Acquisition Performance. Strategic Management Journal, 38(13), 2666-2681.
    Ross, S. M., & Offermann, L. R. (1997). Transformational leaders: Measurement of personality attri-butes and work group performance.Personality and Social Psychology Bulletin,23, 1078–1086.
    Ru, H., Yang, E., & Zou, K. (2021). Combating the COVID-19 pandemic: The role of the SARS imprint. Management Science, 67(9), 5606-5615.
    Sloman, S. A. (1996). The empirical case for two systems of reasoning. Psychological Bulletin, 119(1), 3.
    Slovic, P. (1987). Perception of risk. Science, 236(4799), 280-285.
    Spence, A., Poortinga, W., Butler, C., & Pidgeon, N. F. (2011). Perceptions of climate change and willingness to save energy related to flood experience. Nature climate change, 1(1), 46-49.
    Steensma, H. K., & Corley, K. G. (2001). Organizational context as a moderator of theories on firm boundaries for technology sourcing. Academy of Management Journal, 44(2), 271-291.
    Stulz, R. M., & Williamson, R. (2003). Culture, openness, and finance. Journal of Financial Economics, 70(3), 313-349.
    Taalbi, J. (2017). What drives innovation? Evidence from economic history. Research Policy, 46(8), 1437-1453.
    Tonoyan, V., & Boudreaux, C. J. (2023). Gender diversity in firm ownership: Direct and indirect effects on firm-level innovation across 29 emerging economies. Research Policy, 52(4), 104716.
    Weber, E. U. (2010). What shapes perceptions of climate change?. Wiley Interdisciplinary Reviews: Climate Change, 1(3), 332-342.
    Weinstein, N. D. (1989). Effects of personal experience on self-protective behavior. Psychological bulletin, 105(1), 31.
    William, M., & Fengrong, W. (2022). Economic policy uncertainty and industry innovation: Cross country evidence. The Quarterly Review of Economics and Finance, 84, 208-228.
    Xie, L., Zhou, J., Zong, Q., & Lu, Q. (2020). Gender diversity in R&D teams and innovation efficiency: Role of the innovation context. Research Policy, 49(1), 103885.
    Zetterberg, P. (2008). The downside of gender quotas? Institutional constraints on women in Mexican state legislatures. Parliamentary Affairs, 61(3), 442-460.
    Zhang, C., Yang, C., & Liu, C. (2021). Economic policy uncertainty and corporate risk-taking: loss aversion or opportunity expectations. Pacific-Basin Finance Journal, 69, 101640.
    Description: 碩士
    國立政治大學
    財務管理學系
    110357012
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0110357012
    Data Type: thesis
    Appears in Collections:[Department of Finance] Theses

    Files in This Item:

    File Description SizeFormat
    701201.pdf3051KbAdobe PDF20View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback