Analyze firms’ market valuation and operational performance by social network variables

• Main Authors: Hsiang-Ju Li, 李相儒
• Other Authors: Shih-Sian Jhang
• Format: Others
• Language: zh-TW
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/73syvv

碩士 === 國立中山大學 === 財務管理學系研究所 === 107 === This paper investigates how network structural measures─network constraint, information centrality, and integration centrality─affect firms’ market valuation and operational performance. Using major customers and financial data from COMPUSTAT for the period 1998-2013, this study first concludes that network constraint and information centrality are negatively associated with firms’ market valuation. However, firms with high integration centrality can enhance their market valuation. In addition, firms with high network constraint can enhance their operational performance, in which the enhancement of operational performance can be attributed to the improvement of network constraint on assets turnover. Lastly, we find that all three network structure variables play positive impacts on firms’ assets turnover.