Solving the ally-versus-acquire dilemma through the dual lenses of subjective and objective views

Nowadays many firms seek hard-to-imitate assets via allying with or acquiring other firms that own desired resources. As such, how to choose between alliances and acquisitions becomes a critical decision, and one important determinant is interfirm factors. This study probes three crucial yet underexplored interfirm differences, and develops scales to capture managers’ perceptions of the differences that, based on managerial cognition literature, dictate the ally-versus-acquire choice. Further, we argue that managers adjust their judgement across varying objective conditions. Each perceived difference is thus paired with a moderator identified respectively from the resource-based view, competitive dynamics, and collaborative capability literature. Evidences on Taiwanese firms show that a larger resource-deployment difference enhances acquisition likelihood, while greater differences in marketing praxis and human resource management increase alliance formation. Moreover, the resource-deployment difference leads to alliances for relatively younger partners, and the difference in human resource management favors acquisitions when focal firms have more interfirm governance experience

Hypolipidemic Effects of Three Purgative Decoctions

In traditional Chinese medicine (TCM), purgation is indicated when a person suffers an illness due to the accumulation of evil internal heat. Obese individuals with a large belly, red face, thick and yellow tongue fur, constipation, and avoidance of heat are thought accumulates of evil internal heat, and they are also treated with purgatives such as Ta-Cheng-Chi-Tang (TCCT), Xiao-Chen-Chi-Tang (XCCT), and Tiao-Wei-Chen-Chi-Tang (TWCCT) by TCM doctors. In previous studies, our group found that TCCT has potent anti-inflammatory activity, and that XCCT is an effective antioxidant. Since rhubarb is the principle herb in these three prescriptions, we will first present a thorough review of the literature on the demonstrated effect (or lack of effect) of rhubarb and rhubarb-containing polyherbal preparations on lipid and weight control. We will then continue our research with an investigation of the anti-obesity and lipid-lowering effect of TCCT, XCCT, TWCCT, and rhubarb extracts using two animal models. TWCCT lowered the serum triglyceride concentration as much as fenofibrate in Triton WR-1339-treated mice. Daily supplementation with XCCT and TWCCT significantly attenuated the high-fat-diet-induced hypercholesterolemia in rats. In addition, TWCCT also significantly lowered the high-fat-diet-induced hypertriglycemia. Although feeding high-fat diet rats with these extracts did not cause loose stools or diarrhea or other deleterious effects on renal or hepatic function. None of these extracts lowered the body weight of rats fed on high-fat diet. In conclusion, the results suggest that XCCT and TWCCT might exert beneficial effects in the treatment of hyperlipidemia

Interpartner Differences and Governance Mode Dilemma: The Role of Alliance Scope

It is generally recognized that the governance structure of an alliance, equity versus nonequity, is an important strategic choice. Since an alliance teams up companies that are inevitably divergent in upstream resource endowment and/or downstream market coverage, it is necessary to select an appropriate governance form to manage the interpartner differences and thus facilitate cooperation. Nevertheless, prior studies have suggested conflicting governance modes despite their adherence to the rationale of transaction cost economics. To address this gap in extant literature, the current study takes into account the moderation of alliance scope in the interfirm difference-governance choice linkage. In sum, this paper argues that, to determine a suitable governance structure, there is a need to concurrently examine how different the partnering firms are from each other and what range the collective activities cover. Hierarchical logistic regression analysis was used to test hypotheses in a sample of 125 bilateral alliances. The empirical findings indicate that nonequity modes will be preferred for the alliances that have less interfirm resource disparity and narrower alliance scopes, while equity-based forms will be chosen for the alliances that have less interfirm market divergence and narrower alliance scopes

[[alternative]]Multi-Scale Analysis and Discussion Research on The Orientation of B&B--Take Xiao Liuqiu Area Bed and Breakfast as an Example

[[abstract]]　　屏東縣琉球鄉（小琉球）地質特殊、生態豐富，2000年小琉球風景區併入大鵬灣國家風景區範圍。本研究主要目的是利用定位理論探討小琉球民宿的屬性認知差異，以遊客角度探討當地民宿的服務品質、與活動行程作為衡量屬性，並以李克特尺度量表探討遊客對於小琉球民宿的評比屬性重視程度、遊客滿意程度，以建構遊客對於小琉球民宿的定位，以作為小琉球民宿市場定位策略之參考。回收問卷經信效度檢測通過後，得到加權評分評分表及知覺定位圖，並進一步進行知覺定位分析。分析之目的在瞭解遊客之想法，並配合知覺定位圖做為輔助分析工具，進而為小琉球各個民宿研擬定位策略的方向。　　研究結果顯示民宿之評比屬性以「服務品質」中的「可靠性」與「保證性」最被重視，再依問卷分析數據，以多元尺度分析描繪知覺圖，由知覺定位圖顯示，民宿B、民宿D與民宿F在各項評比上皆有較高評價，在民宿評比中為領先群；民宿A、C、E為同一競爭群表現較差，在小琉球民宿中為潛力群，在各項屬性表現上雖不及領先群，若能在策略上有所調整，相信仍有急起直追之機會。[[abstract]]　　Ryukyu Township, Pingtung County has special geological, rich in ecology, Ryukyu scenic area into the Dapeng Bay National Scenic Area in 2000. The main purpose of this study is to use the theory of location to explore the differences in the attributes of the small Ryukyu B & B, to explore the service quality of the local B & B from the tourist's point of view, and the activity schedule as a measure of the property, and to explore the visitor's rating on the small Ryukyu B & Attribute the degree of attention, the degree of tourists satisfaction, in order to build tourists positioning for the small Ryukyu B & B, as a small Ryukyu B & B market positioning strategy reference. Recycling questionnaire was tested by the reliability and validity of the questionnaire to obtain a weighted score scale and perceptual location map, and further perceptual location analysis. The purpose of the analysis is to understand the tourist's idea and coordinate the perceptual location map as an auxiliary analysis tool to further develop the orientation strategy for each B & B in Little Ryukyu.　　The results of the research show that the evaluation attributes of B & B are the most important ones in terms of ＂reliability＂ and ＂guarantee＂ in ＂service quality＂. Based on the questionnaire analysis data and the multi-scale analysis and description of perception maps, B & B No. B, D and F have a high rating in all competitions and are the leading group in B & B rating; B & B No. A, C and E are less competitive in the same competition group, potential group in the small Liuqiu B & B, Although the performance is less than the leading group, if the strategy can be adjusted, I believe there is still a catch-up opportunity

The Research on Taiwan's Capital Market Development

資本市場對於一國社會經濟的發展，佔有舉足輕重的地位。一方面，企業生產所需之資本，透過股票或債券等證券的發行，在資本市場迅速籌集資金，推動國家經濟不斷成長；另一方面，國民儲蓄認購企業發行之證券，分享企業經營之成果，從而達成「均富」之目標。台灣資本市場的建立，可以民國51年2月9日「台灣證券交易所」成立為里程碑，發展迄今已逾37年，市場規模日益壯大，並朝向國際化的方向發展。臺灣資本市場的發展就如臺灣經濟發展之縮影，二者亦步亦趨，密不可分。藉由對臺灣資本市場深化程度之探究，將能清楚地看出資本市場在臺灣經濟發展歷程中所佔的比重與發揮的功能。所謂「資本深化」（Capital Deepening），係指資本市場中資金累積的速度。民國五O年代是臺灣經濟的黃金時期，此階段之資本深化程度於五十二至五十五年間為最高；民國六O年代經歷兩次能源危機，但我國堅強之因應能力使得資本市場得以順利發展，深化程度維持穩定；到了七O年代，台灣經濟呈現起伏不定的變化，尤其是七O年代末期，資本市場深化程度大幅提升，但這是市場不正常發展的結果；八O年代迄今，資本市場全力朝自由化與國際化發展。在臺灣資本市場的發展歷程中，遭逢七次重大危機。此七次危機是以股票市場之「十年均線」為標的，本文開創性地歸納出六段加權股價指數於十年均線以下的時期，這六個時期分別為民國71年8月至72年1月、民國79年2月至79年10月、民國81年9月至82年1月、民國84年8月至85年3月、民國87年8月至87年9月與民國88年1月至88年2月；此外，民國83年10月，洪福證券公司發生鉅額跳票，造成股市連續暴跌一個星期，股價指數於六個交易日內重挫1059.04點，跌幅達14.75%，資本市場受創程度不亞於前述六個時期。從臺灣資本市場發展的軌跡中，可以發現影響資本市場起伏變化的因素主要有： 經濟循環、政治因素( 國際形勢的變化、 戰爭的影響、 國內重大政治事件、 國家的重大經濟政策)、 貨幣供給與利率、油價、 企業經營狀況與人為操縱等。此六項因素左右資本市場發展過程之盛衰起伏。第一章 緒論 ……………………………………………………1~9第一節 研究背景與目的 …………………………………1~4第二節 研究內容與流程 …………………………………5~7第三節 研究方法與限制 …………………………………8~9第二章 資本市場與國家經濟發展 ……………………………10~29第一節 「資本」概念的論述 ……………………………10~15第二節 資本的形成－儲蓄和投資的相關理論 …………16~26第三節 資本市場在經濟發展中所扮演的角色 …………27~29第三章 臺灣資本市場之發展歷程 ……………………………30~82第一節 臺灣資本市場的建立 ……………………………30~41第二節 臺灣資本市場運作制度之演變歷程 ……………42~62一、 證券市場管理方面 ……………………………42~47二、 證券發行市場方面 ……………………………48~51三、 證券流通市場方面 ……………………………52~55四、 證券服務業方面 ………………………………56~59五、 證券市場國際化方面 …………………………60~62第三節 臺灣資本市場發行與交易之變遷 ………………63~82一、 股票之發行與交易情形 ………………………63~78二、 債券之發行與交易情形 ………………………78~82第四章 臺灣資本市場深化程度之演進 ………………………83~123第一節 衡量「資本深化」程度指標的建立 ……………83~105第二節 民國五o年代 ……………………………………106~109第三節 民國六o年代 ……………………………………110~114第四節 民國七o年代 ……………………………………115~119第五節 民國八o年代 ……………………………………120~123第五章 臺灣資本市場遭逢七次危機之背景、成因、解決政策與借鑒 ………………………124~160第一節 民國71年8月至72年1月 ……………………124~130第二節 民國79年2月至79年10月 ………………… 131~136第三節 民國81年9月至82年1月 ……………………137~143第四節 民國83年10月 ………………………………144~147第五節 民國84年8月至85年3月 ……………………148~152第六節 民國87年8月至87年9月 ……………………153~156第七節 民國88年1月至88年2月 ……………………157~160第六章 結論 ………………………………………………… 161~170第一節 本文主要發現 …………………………………161~164第二節 本文政策性意涵 ………………………………165~169第三節 可進一步研究之方向 …………………………170參考文獻 ……………………………………………………171~180Capital market plays a key role in one country's economic development. On the one hand, enterprises can acquire the capital that they demand through issuing securities in capital market; on other hand, the public can share the profits of enterprises by purchasing securities in capital market. The foundation of "Taiwan Stock Exchange" on February 9, 1962 was a milestone in Taiwan's capital market history. Taiwan's capital market development is a miniature of Taiwan's economic development. The significance and functions of Taiwan's capital market in different stages of Taiwan's economic development can be observed clearly by exploring "Capital Deepening". "Capital Deepening" is the speed of capital accumulation in capital market. From 1962 till now, Taiwan's capital market has encountered seven severe crisives-from August 1982 to January 1983, from February 1990 to October 1990, from September 1992 to January 1993, from August 1995 to March 1996, from August 1998 to September 1998, from January 1999 to February 1999, and October 1994. Overall, there are six main factors which influence Taiwan's capital market deeply. They are business cycles, political factors, money supply and interest rate, oil price, enterprises, and personal manipulation

Effects of firm resources on growth in multinationality

Multinationality refers to the extent to which firms' business activities span across national borders. Moving beyond prior emphasis on the consequences of multinational expansion, this study sheds light on the antecedents by analyzing how firm resources influence changes in multinationality. Building on the resource-based view of the firm, we propose a framework that consists of resource determinants in two categories: knowledge-based and property-based resources. Empirical results obtained from a sample of publicly held US manufacturing companies show that knowledge-based resources generate faster and longer-lasting influences on international growth than property-based resources. Specifically, resources related to technological and marketing knowledge, and property-based resources related to organizational slack and internally generated profits, are found to be significant driving forces behind growth in multinationality. This study not only advances our understanding of the antecedents of multinational expansion, but also provides implications and avenues for future research. Journal of International Business Studies (2007) 38, 961–974. doi:10.1057/palgrave.jibs.8400305