Value Drivers to Maximize Stakeholder Worth: The Case of Taiwan High Speed Rail Corporation Customizing

Shu-Hua Rao, Yu-Cheng Lee and Yun-Chung Lee

Asian Economic and Financial Review, 2017, vol. 7, issue 7, 677-684

Abstract: This study determined that the sustainable value of an enterprise involves not only financial performance but also nonfinancial performance. Therefore, intellectual capital (IC) and corporate social responsibility (CSR) were applied to determine value drivers for creating corporate stakeholder value and sustainable competitive advantages. No overall value drivers can be applied to the same enterprise; therefore, we suggest that top managers customize corporate value drivers and leverage priority resources to maximize firm profit. This study reviewed literature regarding IC and CSR to integrate overall value drivers, and applied statistical methods to demonstrate how corporate management teams could apply our methods to identify leverage drivers and create maximum value for stakeholders. We developed an enterprise questionnaire based on the concepts of IC and CSR to conduct data analysis, and used an importance–performance analysis map and regression to rank priorities for value drivers. We implemented a case study of the Taiwan High Speed Rail Corporation (THSRC). The statistical results reveal three concerns. First, there are gaps in our 10-item questions expect for environmental issues regarding noise and vibration. Second, if the THSRC were to improve salaries and welfare, corporate culture and know-how could maximize corporate sustainable value by using charts of the impact-performance of value drivers. Third, regression analysis demonstrated that the degree of importance of customer loyalty has a considerable impact on the degree of importance of financial performance. Finally, the authors suggest that future studies focus on the interdependency of factors to develop an overall index to measure sustainable stakeholder value.

Keywords: Resource-based view theory; Intellectual capital; Corporate social responsibility; Competitive advantage; Maximizing firm profit; Sustainable value. (search for similar items in EconPapers)
Date: 2017
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