Are social, financial, and human capital value enhancing? Evidence from Taiwanese firms
AbstractThis study examines the effects of social, financial, and human capital on the financial performance (i.e., Tobin's q) of Taiwanese firms in 2007. We find that social capital, as measured by total lending and borrowing among related-party transactions, has a positive effect on a firm's value. Human capital, such as employee productivity and research and development (R&D), also has significant positive effects on financial performance. In addition, a higher firm value is found to be associated with a better credit rating for the firm.
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Bibliographic InfoArticle provided by Elsevier in its journal International Review of Economics & Finance.
Volume (Year): 20 (2011)
Issue (Month): 3 (June)
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Web page: http://www.elsevier.com/locate/inca/620165
Social capital Financial capital Human capital Taiwanese firms;
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