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In this paper, we exploit the impacts of extreme asset prices (high-low ranges) on multiple horizons and use a conditional value-at-risk (CoVaR) model to evaluate the degree of risk contagion between stock markets and carry-trade markets. We associate the systemic risk of a financial market with conditions in related markets during periods of crisis. The model can be empirically applied to diversified portfolio strategies, but the systemic risk involved is conditional on closely related financial markets. Most notably, our evidence shows that this propagating effect was significant during the 2000-2001 tech bubble and 2007-2009 global financial crisis periods and not reveal negligible risk spillover effect during the 2015-2016 Brexit (British exit from European Union) and potential possible Grexit (Greece’s potential exit from European Union) periods. Moreover, the CoVaR value is shown to be a strong alternative indicator of risk management and asset allocation, especially for investments in carry-trade and stock markets.

By constructing beneficial partnership quality (PQ), a firm could access external and complementary resources to improve its coordination capability (CC) and enhance organisational agility (OA) for...

Purpose The purpose of this paper is to propose that a firm could exploit the ties of interfirm network to access external network resources (NR) to assist its sensing and responding capabilities for the variability of business environment, thereby leading to superior organizational performance. Design/methodology/approach This study uses the survey data collected from 260 small- and medium-sized enterprises (SMEs) in Taiwan to examine the causal effects of hypotheses testing. By adopting structural equation modeling technology, the direct and mediating effects among the NR, sensing capability (SC), responding capability (RC) and firm performance (FP) are explored. Findings The result of this paper shows that a firm’s NR and its organizational capabilities are critical antecedents of FP. Moreover, the mediating testing identifies NR and FP as being mediated by a firm’s organizational agility (OA) and RC. Practical implications The findings of this paper provide practical evidence that a SME could gain benefits and advantages from the joint effect of integrating NR and OA to compete with global conglomerates. Thus, a SME must put more effort into developing and maintaining its interfirm network and then figuring out its effect with its internal agility process in order to surmount unexpected changes, create advantages of the first-mover and innovation activities and boost the FP. Originality/value This paper combines external NR and internal OA and offers a practical strategy to a SME, creating a unique competitive advantage for further development in a dynamic business environment.

By considering embedded opportunities and threats in today's dynamic business environment, this study proposes that small‐ and medium‐sized enterprises (SMEs) can exploit the ties of interfirm netw...

The purpose of this paper is to explore the relationships among customer satisfaction of the 7Ps marketing mix, loyalty, customer retention, and market competitive status. This paper applies structural equation modelling to measure the satisfaction level of service quality by analysing the 7Ps service marketing mix to include the variables of product, pricing, place, promotion, physical evidence, process, and people in the Taiwan mobile market. The data are assessed and analysed based on 620 valid questionnaires via face-to-face interviews with subscribers of five operators. The results indicate that customer loyalty mediates the relationship between customer satisfaction and retention. The competitive status of market first-movers or followers moderates the relationships among customer satisfaction, loyalty, and retention. A firm’s competitive status moderates the direct effect of customer satisfaction on retention, and the first-mover group is superior to the follower group for this effect. A firm’s com...

This study explores whether managerial ability (MA) promotes firms’ competitive advantages (CAs). By combining data collected through a questionnaire survey and a secondary database from 181 public firms in Taiwan, the results show that superior MA enhances CAs. Moreover, this research presents the mechanisms of value and rareness and offers evidence that MA promotes CAs through these mechanisms. More importantly, this research further finds that entrepreneurial strategy making (ESM) positively strengthens these mediated effects such that the indirect effects are stronger when ESM is strong rather than weak.

Taiwan's banking industry remains highly fragmented and competitive after a series of financial liberalization and restructuring. With the enforcement of these fiscal policies, domestic banking institutions face a more dynamic, increasingly intense and highly competitive environment even as the banking industry's overall efficiency has gradually been enhanced. This structural change has further forced individual banking institutions, especially state-owned banks, to inspect the performance of their branches and identify improvement directions so as to gain further competitive advantages. To conduct a valid, fair and reliable evaluation on Taiwan's bank branches, we integrate a two-stage series performance model and fuzzy multiobjective model. A new scheme that considers the complementation of production and intermediation activities within a branch and overcomes the shortage of the traditional network DEA methodology about DMUs cannot be assessed on a common base. The results indicate that the overall performances of mixed ownership bank branches are superior to those of state-owned bank branches, representing that the advantages of banking privatization have some remedial effects for improving the managerial inefficiency of state-owned banks. In addition, the sensitivity analysis and decision-making matrix herein help bank management to identify branches' efficiency, weakness, and directions for improvement.

This study was conducted to explore how smartphone addicts decide to adopt a smartphone brand with the related variables of product attributes, brand image, customer perceived value and purchase intension, and find out whether there exists a mediation and moderated mediation effect. The factors to influence the purchase decision of smartphone brands were investigated in order to measure the satisfaction levels of eight product attributes and to verify the indirect and moderated mediation effects by path analytic methods. This research collected 600 valid questionnaires through face-to-face market surveys with a total of 420 usable responded data. The empirical results proved that the satisfaction of product attributes is positively related to purchase intention, and brand image positively mediates the relationship between the satisfaction of product attributes and purchase intention. The perceived value positively moderates the relationship between the satisfaction of product attributes and purchase intention through brand image. Moreover, when the value of the perceived value is higher, the positive relevance between product attributes and brand image will be strengthened. The findings for strategic implications and how to enhance the purchase intention are provided for the addicts, mobile operators, smartphone manufacturers and the academia for further study.

The purpose of this paper tries to explore what are the key factors to influence customers to choose an airline. The research assesses the service quality, brand image, perceived value and customer loyalty on Taiwan-based airlines. The study analyzes the data by applying structure equation modeling (SEM) from valid 560 questionnaires surveyed in the airports. To validate the measurement model, this study checks scale reliability, overall model fit, and validity using the CFA technology. Moreover, the two major indicators including convergence validity and discriminate validity were employed to assess scale validity. Many prior studies had proved that brand image has a positive influence on perceived value, this study had validated that perceived value has also a positive influence on brand image. The brand image assists in the relation between service quality and loyalty, and perceived value strengthens their relationship. Furthermore, brand image and perceived value mediate the effect of service quality on customer loyalty to display a distal effect. The strategic implications for the effects of service quality lead to repurchase intention and loyalty inclination, which are contributed to both scholarly advancement of knowledge and the state of managerial practice.