Are social, financial, and human capital value enhancing? Evidence from Taiwanese firms

Shuh-Chyi Doong, Hung-Gay Fung and -Ya Wu

International Review of Economics & Finance, 2011, vol. 20, issue 3, 395-405

Abstract: This 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.

Keywords: Social; capital; Financial; capital; Human; capital; Taiwanese; firms (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (19)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:reveco:v:20:y:2011:i:3:p:395-405

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