This paper examines whether the percentage of cash holdings affects firm value in the tourism industry in Taiwan. Before the percentage of cash holdings reaches the threshold value, an increase in after-tax earnings boosts the firm's value. However, when the percentage of the cash holdings exceeds the threshold value, an increase in aftertax earnings decreases the firm's value. There is a non-linear relationship between after-tax earnings and firm value and between interest expenses and firm value. There are also smooth transition effects.
Social media is a major channel used for communication by professional and social groups. The text posted on social media contains extremely rich information. To capture the development of social enterprises (SEs), this paper examines the tweets posted on Twitter and searches the hashtags on the Twitter Application Programming Interface (API) that SEs deem to be the most important. The results suggest that these tweets can be divided into three content groups (strategy, impact and business). This paper expands this into four dimensions (strategy, impact, business and people) and six indicators (social, opportunity, change, enterprise, network and team) and establishes a conceptual framework of SEs. This paper aims to enhance the understanding of the pertinent issues recently affecting SEs and extract findings that can act as a reference for follow-up studies.
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