Will eChannel additions increase the financial performance of the firm?—The evidence from Taiwan

Cheng, Julian Ming Sung; Tsao, Show Ming; Tsai, Wen Hsien; Tu, Hill H.J.

doi:10.1016/j.indmarman.2006.06.011

Cited by 49 publications

(39 citation statements)

References 53 publications

(62 reference statements)

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“…Our short event window [0, +1] implies an instantaneous adjustment in stock prices to the information of Internet channels. This pattern on the size of stock market reaction to Internet channels is consistent with AARs and CAARs reported in other marketing-related event studies (Agrawal & Kamakura, 1995;Cheng, Tsao, Tsai, & Tu, 2007). The magnitudes of the AARs and CAARs are uniformly positive and significant in [-10,+10] windows and thus provide strong support for H 1 .…”

Section: Effect Of Internet Channels On Arsupporting

confidence: 88%

The Effect of Internet Channels on the Market Value: AR and EVA Perspectives

Hou

2011

CMR

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The emergence of the Internet has forced a wealth of firms to explore a new form of channels of distribution, i.e., Internet channels. Nevertheless, empirical studies evaluating the values to firms from the adoption of Internet channels are limited. In order to fill in the literature gap, an empirical study to assess the effect of Internet channels on the market value was conducted in Taiwan. By applying event study methodology, accompanied with Economic Value Added, the research examined firms' market values after adding Internet channels. The results showed that the magnitudes of the CAARs were uniformly positive and significant in [-10,+10] windows; the relationship between EVA before/after introducing Internet channels and abnormal returns were positive; EVA after adding Internet channels dominated EVA before adding Internet channels in explaining abnormal returns. In conclusion, the research has provided insights into the performance implications of Internet channels for firms.

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Section: Effect Of Internet Channels On Arsupporting

confidence: 88%

The Effect of Internet Channels on the Market Value: AR and EVA Perspectives

Hou

2011

CMR

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“…In other words, MVA reflects the cumulative wealth created for shareholders over the existence of the company beyond the capital employed (Yook & McCabe, 2001). From a practitioner's perspective, MVA captures the market's assessment of how effectively a company managers have used the scare resources under its control in addition to how well management has positioned the company (Cheng, Tsao, Tsai, & Tu, 2007). If MVA is negative, then the market does not believe in the company's capacity to create value and the employed capital is eroded.…”

Section: = −mentioning

confidence: 99%

Stock Returns and Fundamentals in the Australian Market

Scrimgeour

2014

AJFA

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This study compares 10 widely used financial performance measures of stock return in the Australian stock market. The five financial measures are calculated on information provided in publicly available financial reports (accounting based financial measures) and the other five are calculated using market information as one of the key variable (market based financial performance). The sample includes companies from all major industries from 2001 to 2010. The panel data analysis shows that market based financial performance measures can better explain stock price variance compare to accounting based measures of financial performance. It has significance for researchers and practitioners seeking to select measures that can empirically explain the performance of company. It has also importance for shareholders tracking performance of companies in order to make profitable investments.

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“…Past research has also examined the relationship among crucial constructs in channel management (Agatz, Fleischmann, & van Nunen, 2008;Kabadayi, 2011;Kim, 2007;Luo, Liu, & Xue, 2009). The results indicate that there exists a complex interdependence relationship among them (Cheng, Tsao, Tsai, & Tu, 2007;Panayides, 2007). These general findings provide insights into multi-channel environments and form the basis for the development of an analytical model that can be used for selecting an optimal mix of distribution channels.…”

Section: Literature Reviewmentioning

confidence: 71%