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This study integrated multiple objective decision-making approaches including data envelopment analysis (DEA), rough set theory and TOPSIS method for exploring the competitiveness of pharmaceutical multinational enterprises. Firstly, this study applied an advanced two-stage network DEA to measure the R&D efficiency and business performance of pharmaceutical multinational enterprises (PMNEs) listed in the Forbes Global 2000 and ranked these PMNEs by using rough set theory, DEA and TOPSIS method. In addition, differences in environmental, social, and governance (ESG) performance across three continents were investigated. Findings show that North America is significantly the best (worst) region in terms of business performance (R&D efficiency) while Europe is significantly the best (worst) region in terms of R&D efficiency (business performance). Alfresa Holdings Corporation, a PMNE from Japan, is the only PMNE that is efficient from both an R&D and business performance perspective. European PMNEs have significantly better environmental and social performance than other regions, however, they have the worst governance performance. Overall, this study provides insights to managers and investors into the application of various methods for accurately measuring performance and ranking multinational enterprises. [ABSTRACT FROM AUTHOR]

This study explores the impact of environmental, social, and governance (ESG) factors on corporations by investigating how board gender diversity moderates the relationship between ESG practices and corporate performance across different regions. Using traditional data envelopment analysis (DEA) and chance‐constrained DEA models, the study analyzes 225 financial service firms over an 11‐year period (2011–2021). Results indicate that high (low) board gender diversity levels significantly influence the connection between the environmental (social) aspects of ESG practices and corporate performance. Thus, the roles of stakeholder engagement and regional distinctions are highlighted in achieving sustainable development goals. [ABSTRACT FROM AUTHOR]

Generic data envelopment analysis (DEA) models are based on deterministic input and output. However, input and output vectors are often interrupted by random factors, such as measurement errors and data noise, in real economic situations. This study proposes a new chance-constrained network DEA model based on the modified directional distance function (DDF) and enhanced Russell measure (ERM) model for assessing government management and culture-led urban regeneration. In addition to exploring the randomness of data, this study integrates the advantages of both ERM and DDF and considers the inefficiency level from a non-oriented viewpoint, the direction vector, and each input and output simultaneously. Each input and output of the two production stages can use non-radials to measure efficiency. Results show that the urban-rural gap has gradually widened since 2015. To validate the legitimacy of the model, this study utilizes the bootstrapping method to verify the results of the stochastic network DEA model and the conventional two-stage network DEA approach. This study also considers different alpha values as basis for comparison to confirm whether the results obtained differ by uncertainty level. [ABSTRACT FROM AUTHOR]

This study investigates the link between semiconductors and sustainability, focusing on their role in advancing energy sustainability from 1999 to 2023. Key research trends, collaboration patterns, and the evolving role of semiconductors in addressing energy sustainability challenges are identified. Semiconductor research significantly contributes to the United Nations' sustainability goals, particularly in improving energy efficiency and promoting clean energy. The analysis reveals the predominance of primary research articles, highlighting the field's interdisciplinary nature with major contributions from engineering and physics. Network visualization illustrates extensive global collaboration among institutions, with key players like the Chinese Academy of Sciences, MIT, and Stanford University. Clustering analysis identifies critical themes in semiconductor research, including manufacturing improvements, advanced materials, and sensing technologies. This study underscores the necessity for interdisciplinary and global collaboration to address sustainability challenges, paving the way for future innovations and sustainable practices in the semiconductor industry. [ABSTRACT FROM AUTHOR]

We examine whether and how research and development (R&D) mediates the association between environmental, social, and governance (ESG) pillars and corporate efficiency among companies within the supply chain of Microsoft Corporation from 2012 to 2020. An estimation of corporate efficiency using data envelopment analysis (DEA) indicates that companies should first improve their innovational efficiency (mean DEA score = 0.371), then operational efficiency (mean DEA score = 0.659), and finally profitability efficiency (mean DEA score = 0.695). Moreover, a mediation analysis confirms the mediating role of R&D intensity. Overall, R&D should be one of the spotlights in the supply chain amidst the highlights on ESG in this dynamic and challenging business world for companies to achieve sustainable development goals. [ABSTRACT FROM AUTHOR]

This paper utilizes network data envelopment analysis and the second-order cone programming approach to evaluate the performance of 20 Taiwanese local governments (which consist of 6 municipal governments and 14 non-municipal governments). We first explore the fiscal policies in local governments using non-parametric methods. Second, this study develops an innovative two-stage process to measure the effects of fiscal policies to economic efficiency and fiscal effectiveness of 20 local governments for from 2010 to 2016. Several findings are summarized as follows. (1) Non-parametric results reveal that current and capital expenditures, as well as tax and non-tax revenue of municipal governments, were higher than non-municipal governments. (2) The municipal governments have a higher economic efficiency level and fiscal effectiveness yearly and on average based on the two-stage efficiency scores. Overall, empirical results provide insights to local governments on the efforts to integrate resources that will exert a synergistic effect on governance performance. To mitigate economic problems arising from increasing fiscal deficits, it is recommended to implement forward-looking policies and allocate government funds wisely during the early expansion stage. This can be achieved by analyzing tax systems and adopting fiscal policies that boost tax revenue and enhance overall fiscal effectiveness. [ABSTRACT FROM AUTHOR]

Sustainable tourism is the idea of managing the negative impacts or potential for serious harm to the economic, environmental, or social elements of a destination, and thus reaching the goals of sustainable development. This research benchmarks the sustainability of 111 tourist destinations throughout the world, using an advanced integration of a two-stage network DEA under the meta-frontier concept, directional distance function, and network-based ranking methods. The empirical outcomes of these analyses clarify that the sources of sustainable inefficiencies are the self-production process and the technology gap among the tourism regions, rather than the capacity of utilizing the input resources or maintaining the production outcomes. The network-based ranking emphasizes the sufficiency and deficiency of each place, and provides a map of reference among destinations. Based on these, the article reports some managerial suggestions, theoretical implications, and future research directions. [ABSTRACT FROM AUTHOR]

During the 2008 financial crisis, central banks (such as the Fed) adopted a quantitative easing (QE) policy to stimulate their countries' economies and overcome severe economic and financial recessions. However, apart from stimulating the economy by issuing a substantial amount of currency to purchase long-term bonds and suppress interest rates, QE policy also contributed to a boom in the real estate and construction sectors. Therefore, this study employs data envelopment analysis to measure the business performance (BP) of construction companies, and explore the impact of QE policy on the BP of construction companies, between 2004 and 2015, using hierarchical regression. We also examine the moderating role of the debt ratio on the relationship. Focused on publicly listed construction companies in Taiwan, this research reveals three encouraging findings. Firstly, QE policy indeed enhanced the BP of Taiwanese construction companies. Secondly, performance improvements in construction companies due to QE policy show a time-diminishing trend, suggesting the importance of seizing the initial policy benefits of QE implementation. Lastly, construction companies with appropriate financial leverage may exhibit better BP. These findings can provide valuable insights for relevant government entities and decision-makers in the industry for policy and investment decisions. [ABSTRACT FROM AUTHOR]

The central concept of strategic benchmarking is resource management efficiency, which ultimately results in profitability. However, little is known about performance measurement from resource-based perspectives. This study uses the data envelopment analysis (DEA) model with a dynamic network structure to measure the resource management and profitability efficiencies of 287 US commercial banks from 2010 to 2020. Furthermore, we provide frontier projections and incorporate five variables, namely capital adequacy, asset quality, management quality, earning ability, and liquidity (i.e., the CAMEL ratings). The results revealed that the room for improvement in bank performance is 55.4%. In addition, we found that the CAMEL ratings of efficient banks are generally higher than those of inefficient banks, and management quality, earnings quality, and liquidity ratios positively contribute to bank performance. Moreover, big banks are generally more efficient than small banks. Overall, this study continues the current heated debate on performance measurement in the banking industry, with a particular focus on the DEA application to answer the fundamental question of why resource management efficiency reflects benchmark firms and provides insights into how efficient management of CAMEL ratings would help in improving their performance. [ABSTRACT FROM AUTHOR]

Green supply chain management (GSCM) has been applied by semiconductor firms to ameliorate environmental problems. This study aims to evaluate the green performance of semiconductor supply chains to examine the effect of GSCM. Using the meta‐frontier Malmquist productivity index as the research method, and a sample of global semiconductor firms consisting of three groups, design, manufacturing, and assembling, as research objects, this study evaluates variation in performance while considering environmental variables and disregarding environmental variables respectively, and compares the differences between those two conditions for the whole supply chain and each group in the supply chain. This study discovers no significant differences in both considering and disregarding environmental variables scenarios, productivity of the whole supply chain shows progress. This study found the investment in enhancing technology development as a more important factor in productivity improvement and identifies design as the global leading sub‐industry in the semiconductor supply chain. [ABSTRACT FROM AUTHOR]

In an era marked by rapid technological advancements and the pervasive presence of the electronics industry, electronic waste (E-waste) has become a prominent global concern. This study utilizes a rigorous bibliometric analysis to thoroughly investigate the extensive body of literature in this field, shedding light on the current state of research and development in E-waste recycling. The study dissects and visualizes research trends, trajectories, and advancements. It meticulously examines a dataset comprising 3267 records extracted from the Web of Science Core Collection, specifically the Science Citation Index Expanded. The analysis highlights China's pivotal role in E-waste recycling research, contributing 41% of the total research papers in this field. Additionally, the British journal 'Waste Management' emerges as a standout among academic publications, with an impressive count of 241 articles, constituting 7.38% of the entire corpus. Notably, Zeng, X.L., emerges as the most co-cited author, underscoring their significant influence and contributions to the scholarly discourse. Tracing the evolution of E-waste recycling research from 1990 to 2022, the study uncovers the field's inception in 1993 when the first research paper on this subject was published. This nascent domain has since experienced exponential growth, culminating in an impressive 408 papers published in 2022. The research identifies and distills three compelling research trends that have captured significant attention within the E-waste recycling domain. Firstly, it highlights the paramount concern regarding the environmental impact of organic pollutants from E-waste, emphasizing the urgent need for sustainable solutions. Secondly, it delves into the intricate issue of managing and recycling E-waste in developing countries, where unique challenges necessitate innovative approaches. Lastly, the analysis underscores the growing interest in recovering and recycling materials from discarded electronic devices, highlighting the imperative necessity of harnessing the valuable resources within E-waste. In synthesis, this research not only provides an overview of the current landscape of E-waste recycling but also offers a clear path forward for future studies and interventions. It serves as a critical guide for addressing the environmental and socio-economic repercussions of E-waste, ultimately fostering a more sustainable and economically viable future. [ABSTRACT FROM AUTHOR]

This study examines (1) how corporate social responsibility (CSR) or the three pillars of sustainable investing, viz., the environmental (E), social (S), and governance (G) pillars, individually affect innovation performance (IP) and business performance (BP) and (2) how power distance (PD) moderates the impact of the ESG pillars on IP and BP. Our findings of studying 116 multinational enterprises (MNEs) in the technology industry from 2013 to 2018 suggest that not all indicators significantly affect the performance of the MNEs. That is, the G pillar has a positive influence on IP, whereas the E and S pillars are negatively related to BP. Moreover, we find that PD significantly moderates the relationship between two pillars of ESG (E and S) and BP. Specifically, the E and S pillars are negatively related to BP when PD is low, but the relationship is significantly and statistically positive when PD is high. The results can provide technology MNE managers with references for their CSR implementation strategy choices. [ABSTRACT FROM AUTHOR]

Purpose: This study examines the effect of value-added (VA) intellectual capital on business performance from the perspective of productive efficiency, which is derived from its main contributors, namely, profitability and marketability efficiencies in two stages. Design/methodology/approach: First, this study applies a dynamic network slacks-based measure in a data envelopment analysis (DEA) approach to estimate productive efficiency and its components of 766 Taiwan listed electronics companies over the period of 2010–2018. Second, this study performs regression analyses of the association between intellectual capital (IC), which is proxied by VA intellectual coefficient (VAICTM) and estimated DEA efficiency scores through various regression techniques. Findings: Empirical evidence shows a significantly positive association between VAICTM and productive efficiency. This study finds the same result from the IC components after splitting VAICTM into (1) IC efficiency, which comprises human capital efficiency (HCE) and structural capital efficiency and (2) capital employed efficiency. Further examination reveals that HCE is the sole main contributor of the productive efficiency, and profitability and marketability efficiencies of a company. Practical implications: The findings of this study highlight the need to discuss the values of intellectual coefficient (IC) from the perspective of productive efficiency for better comprehensiveness. Originality/value: Although previous studies have shown that IC is a contributor of business performance, this study further zooms in VAIC and examines its effect on the efficiency of a company in transforming its inputs into outputs. [ABSTRACT FROM AUTHOR]

To develop a better way of assessing the sustainability efficiency (SE) and profitability efficiency (PE) of mining multinational enterprises (MNEs), the two‐stage data envelopment analysis (DEA) network model is proposed. The study shows that slack‐based models (SBM) can strengthen the previous and present measurements of the mining industry. When we assess the SE and PE of 53 mining MNEs from 2016 to 2019, the overall efficiencies of both the sustainability and profitability of mining MNEs are not higher than 70%. Such results are shown to be helpful for suggesting that global mining companies need to improve their efficiencies. This study addresses filling the research gap in the literature review about SE positively and significantly influencing PE with the moderating effect of corporate social responsibility (CSR) in mining MNEs. The result reveals that higher sustainability yields higher returns to the companies. In other words, MNEs have improved their SE to achieve a higher PE. Furthermore, the value of SE significantly influences PE regardless of whether the moderating effect, CSR, is higher or lower. The results show that a higher governance pillar score (GPS) and social pillar score (SPS) lead them to have greater profitability. However, a higher Environmental Pillar Score (EPS) tends to create a weaker relationship between SE and PE. We addressed a few interpretations of why higher EPS negatively influences profitability. Nevertheless, our study strongly recommends companies to increase their CSR score. Last, this study proves that all hypotheses are supported. [ABSTRACT FROM AUTHOR]

Sustainable development strategies are necessary to ensure sustainable performance even though resources are scarce in a firm. In this study, a two-stage production process is designed to analyze a firm's performance, including sustainability and marketability, using a two-stage network data envelopment analysis. This process will help managers of a firm understand how to improve sustainability and marketability efficiency. The relationship between environmental investment and firm performance is also investigated using truncated regression. The results show that the environmental innovation score (EIS) and resource use score (RUS) have significant negative relationships with firm performance in the short term due to the fact of additional expenses incurred during the innovative research and development of new products and services. Moreover, the study reveals that the emission score positively affects both sustainability efficiency and marketability efficiency, while EIS and RUS have no effects on the efficiencies. These empirical findings are meant to assist managers in better comprehending the characteristics of business sustainability across industries with varying scales and performance levels, offer better business strategies for resource allocation, and enhance a firm's performance in the post-pandemic era. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to examine the relationships among International Financial Reporting Standards (IFRS) adoption, earnings management, and corporate efficiency. Design/methodology/approach: First, the authors employ the epsilon-based measure (EBM) of the data envelopment analysis to measure the corporate performance of the Taiwanese electronics industry from 2011 to 2014. Second, the authors regress the IFRS adoption and earnings management on corporate efficiency. Findings: The findings show that the corporate efficiency deteriorated after IFRS adoption. Although the regression analysis shows that the relationship between earnings management and corporate efficiency is significantly positive, the authors find that IFRS adoption is effective in unveiling earnings management. Moreover, IFRS adoption moderates the impact earnings management and corporate efficiency. Research limitations/implications: This study provides reference for decision-makers in the application of accounting principles and in the understanding of the IFRS impact adoption. Practical implications: IFRS adoption can either facilitate or limit the earnings management that would affect corporate efficiency significantly and help the electronics industry as well as investors to know the changes in accounting principles and their effects on corporate efficiency. Originality/value: The authors use the EBM of efficiency model to measure corporate efficiency and employ the modified Jones model to measure earnings management. [ABSTRACT FROM AUTHOR]

This study aims to investigate the effects of corporate social responsibility (CSR) on corporate performance in the global retail industry. We adopt the modified data envelopment analysis (DEA) game cross-efficiency approach in assessing the longitudinal efficiency of a sample of 414 listed retail firm-year observations given by Forbes 2000 between 2013 and 2018. The performance result indicates that the Americas retail industry is growing steadily and continues to dominate other regions. Not only the retail industry but all industries in Europe have severe environmental safety rules and management requirements in business operations, hence, Europe also scored high in both the overall environmental index in CSR and all their component indices. Additionally, panel regression revealed that the environmental dimension in CSR is significantly and directly correlated to firm performance. This study's findings will provide practitioners and policymakers with managerial and strategic implications to enhance their efficiency by applying the CSR dimension in the retail industry. [ABSTRACT FROM AUTHOR]

As global ecological degradation intensifies, a trade‐off has arisen between environmental protection and production efficiency to achieve sustainable development for the environment, society, and the company itself. However, the potential reverse causality relationship between environmental, social, and governance (ESG) and corporate efficiency may lead to confusion. This study estimates the eco‐efficiency of Apple Incorporated's value‐chain counterparts in the first stage and creates values and profitability in the second stage of efficiency evaluation. Results obtained from the (i) directional distance function in the two‐stage data envelopment analysis (DEA), (ii) additive efficiency decomposition two‐stage network DEA model, and (iii) network slacks‐based measure model are consistent. That is, Apple counterparts manage more efficient eco‐efficiency than profitability efficiency, implying that eco‐efficiency is their competitive advantage. We thus also run a regression analysis to examine how the ESG ratings of Apple counterparts explain their eco‐efficiency and profitability efficiency. Although the overall ESG rating positively explains the efficiencies, we found that the individual governance rating shows no statistically significant effect. The regression results provide insight for practitioners on the importance of investing in the three aspects of a firm's collective conscientiousness for societal and environmental governance. This paper integrates companies' eco‐efficiency and profitability efficiency to resolve the conflict between environmental issues and production efficiency. It also analyzes in depth the effects of ESG and its three individual factors on eco‐, profitability, and average efficiencies. The diversity of research methods also provides new ideas for future research related to firm efficiency. [ABSTRACT FROM AUTHOR]

Purpose: Consensus on how intellectual capital (IC) affects corporate performance is limited because of various measurement models of IC and corporate performance. This study thus aims to further the debate on the relationship between IC and corporate performance from the perspectives of nonlinearity, the capital values of IC and the use of a holistic measure of corporate performance. Design/methodology/approach: Using 1,395 firm-year observations derived from Vietnamese listed companies from 2010 to 2018, this study focuses on (1) presenting an IC model benchmarked on value-creating expenses; (2) using a directional distance function (DDF)-based stochastic nonparametric envelopment of data (StoNED) framework to scrutinize multiple performance indicators and the capital values of people, structures and relationships simultaneously; and (3) adopting firm-year cluster-robust regressions to analyze the nonlinear association between IC and corporate performance empirically with an appropriate U test. Findings: Results suggest that human capital (HC), structural capital (SC) and relational capital (RC) are the main contributors of high corporate efficiency, whereas only HC and RC contribute to high corporate profitability. These results are absent when this study employs the conventional data envelopment analysis (DEA), which is also a multidimensional framework, as the dependent variable. More importantly, IC and its components can improve corporate performance, namely, both corporate efficiency and corporate profitability up to a critical point, after which the effects would drop. Practical implications: Overall, this study highlights not only the need to invest in IC but also its associated costs. That is, policymakers also need to note the marginal cost of investing in IC, which may in the end outweigh the benefits from IC. Originality/value: This study extends IC-related studies by investigating the nonlinear relationship between IC and corporate performance. Moreover, the value of this study also lies in the multidimensional DDF-based StoNED framework. [ABSTRACT FROM AUTHOR]

Purpose: The main purpose of this study is to empirically investigate the impact of intellectual capital efficiency on US multinational software companies' performance from 2012 to 2016 by applying data envelopment analysis (DEA). Design/methodology/approach: It adopts a new slacks-based measure (SBM) to obtain a more accurate performance estimation and rank between companies. Regression analysis is used to test the overall IC and each of its elements (Human Capital, Innovation Capital, Process Capital and Customer Capital). Findings: The univariate result shows that multinational companies are more efficient than non-multinational companies. However, the regression result shows that multinationality can hardly explain the firm efficiency of software firms. Another interesting finding is that intellectual capital has a positive and significant impact on software firm performance in the US human capital influences firm efficiency directly. However, when human capital is combined with the other elements of IC, the contribution of human capital becomes less significant. This is because people may think that innovation capital, process capital and customer capital can replace human capital, but it is not. In short, human capital may affect firm efficiency through other elements of IC (innovation capital, process capital and customer capital) as it is the base of other elements. Research limitations/implications: The results show that multinational companies have higher efficiency scores than non-multinational companies. In addition, Intellectual capital has a positive and significant impact on software firm performance in the US human capital influences firm efficiency directly. However, when human capital is combined with the other elements of IC, the contribution of human capital becomes less significant. This is because people may think that innovation capital, process capital and customer capital can replace human capital, but it is not. In short, human capital may affect firm efficiency through other elements of IC (innovation capital, process capital and customer capital) as it is the base of other elements. Practical implications: Overall, the study highlights the needs of having intellectual capital and its elements (Human Capital, Innovation Capital, Process Capital and Customer Capital) to increase firm efficiency. Originality/value: First, the authors use a more comprehensive elements of IC, which are human capital, innovation capital, process capital and customer capital for a better IC measurement. Second, this study makes the first attempt using the DSBM model via DEA to examine the operating efficiency of US multinational software firms. [ABSTRACT FROM AUTHOR]

Data envelopment analysis (DEA) is extensively adopted to evaluate the relative efficiencies of a group of insurance companies from a multidimensional perspective. Selecting an appropriate DEA framework for insurance businesses, however, remains ambiguous. We use the slack-based measure (SBM) models in DEA to evaluate insurance efficiencies from four perspectives, namely, SBM, network SBM (NSBM), dynamic SBM (DSBM), and dynamic network SBM (DNSBM) frameworks. We present the applicability of DEA to 32 unique companies operating in the Chinese insurance industry over the sample period 2014–2018. Through analyses, we highlight key DEA results and related constraints in reaching the most appropriate performance benchmarks for evaluating insurance companies' efficiencies. We find that building a network structure for insurance efficiency evaluation is necessary because of the superiority of NSBM and DNSBM results over those of the conventional SBM and DSBM models. After including dynamic effects, we find consistent results in the divisional and overall efficiencies. Overall, this study provides insight for insurance companies to implement more efficient and effective ways to evaluate their performances in terms of profitability and investment in a challenging business environment. [ABSTRACT FROM AUTHOR]

This study examines how the (i) overall environmental, social, and governance (OESG) performance; (ii) three individual E, S, and G (IESG) performance; and (iii) subcomponents of the three individual E, S, and G (SIESG) performance affect 29 Apple Incorporation partners' energy‐adjusted firm efficiency from a nonlinear perspective. Our truncated regression findings from 145 firm‐year observations for the period of 2016–2020 indicate that the association between OESG performance and energy‐adjusted firm efficiency is U‐shaped. However, this nonlinear U‐shape exists in the individual S and G but not E of the IESG performance. Moreover, only certain subcomponents of the SIESG performance are nonlinearly related to energy‐adjusted firm efficiency. Overall, we highlight both the costs and benefits of the ESG performance for maintaining sustainable development and stakeholder engagement. The energy‐adjusted firm efficiency estimated through the multidimensional data envelopment analysis approach is also noteworthy for policy and decision‐making purposes. [ABSTRACT FROM AUTHOR]

Purpose: First, this study assesses firms' efficiency of transforming intellectual capital (IC) components into firm performance. Second, this study examines (1) cubic S-curve relationship between board independence and IC efficiency and (2) how firm size moderates the cubic S-curve relationship. Design/methodology/approach: This study employs a stochastic nonparametric envelopment of data (StoNED) framework to estimate IC efficiency, which is derived from the estimation process of transforming structural, relational and human capitals into accounting- and market-based performance indicators. This study conducts regression analyses on 1,104 firm-year observations of Taiwanese semiconductor firms over the period of 2011–2018. Findings: StoNED results suggest that sample firms' IC efficiency can be relatively improved by approximately 80%. Regression results indicate that a cubic S-curve relationship between board independence and IC efficiency exists, and firm size moderates the nonlinear effects. Practical implications: Overall, this study highlights the importance of examining the nonlinear effect of board independence on IC efficiency from the perspective of agency theory, and the moderating effect from firm size, which may suggest availability of resources from the resource-based view of the firm. Originality/value: This study contributes to the literature through the innovative application of an efficiency-based tool for evaluating IC efficiency. The cubic S-curve relationship between board independence and IC efficiency also points to the policy concerning the appropriate number of independent directors on board. [ABSTRACT FROM AUTHOR]

This study examines the efficiency of investment trust companies (ITCs) from 2011 to 2020 using a meta-frontier two-stage network data envelopment analysis (DEA) based on the directional distance function (DDF). We improved the accuracy of the efficiency measurement and added a network-based ranking component to rank the top-performing entities. In the group-specific technology assessment, foreign ITCs excel in investment efficiency. Meanwhile, in the meta-technology assessment, domestic ITCs outperform foreign ITCs in terms of both investment and operational efficiencies. Group-specific technology efficiency scores were found to be lower than or equal to the meta-technology efficiency scores for both the operational and investment stages. Based on the network-based ranking approach, Yuan Ta, a domestic ITC that ranked fourth in the operational stage and first in the investment stage, can be used as a reliable benchmark. This study will enable practitioners to gain a better understanding of the performance of ITCs operating under heterogeneous technologies. [ABSTRACT FROM AUTHOR]

Following the emergence of the Internet, the Internet of things (IOT) brought about another wave of technological and economic revolutions. Through the lens of the production process, this study utilises the dynamic network slack-based measure model in data envelopment analysis to evaluate 32 IOT companies in Taiwan in terms of their innovation efficiency, operational efficiency and overall efficiency for the period of 2007–2017. Empirical results reveal that the average operational and overall efficiencies of IOT companies in Taiwan have been decreasing considerably since 2008. However, their average innovation efficiency remains stable over the sample period owing to government reductions in enterprise research and development (R&D) tax credit incentives. Through the impulse response function method, this study further confirms that the Statute for Industrial Innovation, which was implemented in 2010 and revised and reimplemented in 2016, specifically, policies concerning enterprise R&D tax credits, affect the efficiencies of IOT companies in Taiwan. Overall, this study reveals the performance evaluation process of IOT companies by showing that their innovation capability affects their operational efficiency. Thus, the government is advised to incorporate innovation measures into relevant industrial policies to achieve policy effectiveness. [ABSTRACT FROM AUTHOR]

This study evaluates the management efficiency and quality effectiveness of Taiwanese local auditing institutions (LAIs), whereby two outputs leave the first stage without being inputted to the second stage under the assumption of variable returns to scale. To address these considerations, this study integrates multiplicative efficiency aggregation (MEA) in a two-stage network data envelopment analysis (DEA) model into the form of second order cone programming (SOCP). Under a cone structure, our DEA findings indicate that management efficiency increased, and quality effectiveness decreased over the sample period 2013–2015. Besides, a truncated regression analysis indicates that differences in operating environments, particularly urbanization level and LAIs' attributes, have significant impacts on the management efficiency of LAIs. The potential applications and strengths of SOCP and MEA-based two-stage network DEA in assessing the LAIs are highlighted. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this study is twofold. First, this research estimates banks' efficiencies from the perspectives of resource utilization and investment after incorporating risk measures as an exogenous input in the investment-efficiency stage. Second, the current study examines the relationship between intellectual capital (IC) and banks' efficiencies. Design/methodology/approach: First, this study uses a dynamic network data envelopment analysis approach in investigating the efficiencies of 24 Taiwanese banks in 2007–2018 from two perspectives. Second, this research utilizes various regression techniques, namely, ordinary least squares (OLS), robust least squares and truncated regression, to gauge the impact of IC on banks' efficiencies. Typically, IC is determined based on a monetary value-based measure and value-added intellectual coefficient (VAICTM). Findings: Resource-utilization (investment) efficiencies were observed as 0.941 (0.964), thereby contributing to the mean overall efficiency of the sample banks at 0.952. However, the related efficiency changes decline over the sample period, thereby suggesting that the average banks' efficiencies hardly increase. Regression analyses show a significantly positive relationship between IC and banks' overall resource-utilization and investment efficiencies. Research limitations/implications: Overall, this study suggests that researchers should consider risks when estimating banks' efficiencies owing to their connection to banks' investment performance. From banks' dynamic two-stage efficiencies, this study demonstrated that investments in IC will bring improved future economic benefits. Originality/value: Different from prior studies, this study improves banks' efficiency evaluation models by incorporating risk measures and assuming weighted periods for the 2007–2008 global financial crisis. Moreover, the use of monetary value-based measure of IC provides consistent results as the commonly-used VAICTM does. [ABSTRACT FROM AUTHOR]

This study employs the two-stage dynamic data envelopment analysis model to examine sustainability and corporate performances of the 29 largest multinational enterprises in the transport manufacturing industry from 2015 to 2019. The results show that, on average, sustainability has a positive relation to corporate performance and sustainability performance is better than corporate performance for all multinational enterprises (MNEs). In addition, we also found that corporate social responsibility (CSR) acts as a moderator in the relationship between sustainability and corporate performances. Overall, the American group leads the others in sustainability performance, followed by Asia and Europe. On the other hand, Europe has the highest score in terms of corporate performance. In terms of size, the results show that it is positively related to corporate performance. In contrast, leverage has a negative relationship with corporate performance. The findings of this research can assist inefficient MNEs in identifying areas for advancement by learning from their peers and provide perspective and insights into the plans for MNEs' strategies and decisions in the future. [ABSTRACT FROM AUTHOR]

This study integrates metafrontier with bootstrapping to investigate automobile vehicle efficiency. The results are as follows: (1) general cars exhibited the most favorable performance in terms of price, costs, and mileage. (2) Metafrontier efficiency was the highest for general cars, which may be because this automobile type has the highest prevalence. Sports cars had the most favorable group frontier. (3) General cars had the most favorable performance in terms of miles‐per‐gallon. The conclusions could enhance consumers' green cognition and serve as a reference in purchase decision‐making; they can provide manufacturers with directions regarding future product designs to mitigate technology gaps. [ABSTRACT FROM AUTHOR]

This study utilizes mediation analysis and bootstrapping to analyze the mediating effect of capital structure on the association between managerial ability and firm performance. The dataset consists of 6384 firm-year observations from the Taiwanese electronics industry during 2005–2018. Our results indicate that (1) low (high) levels of debt are likely observed in firms with CEOs with high (low) ability, (2) managerial ability positively affects firm performance, and (3) capital structure mediates the positive relationship between managerial ability and firm performance. Overall, the findings may have limited generalizability due to the specific sample characteristics and provide convincing support for the importance of capital structure as a mediator in the managerial ability-firm performance nexus. Specifically, this study highlights the need for examining the effect of managerial ability on firm performance through a mediator. [ABSTRACT FROM AUTHOR]

The main purpose of this study was to explore the impact of peace dividends on global changes in national productivity. First, this study assessed changes in productivity from 2005 to 2014 in various countries at different stages of technological development by using a dynamic semiparametric variant of the Stochastic Nonparametric Envelopment of Data model. Furthermore, the logarithmic linear function established through the public choice approach model was calculated, and the peace dividend was measured for each country. Finally, this study used a panel data regression model to analyze the impact of peace dividends on national productivity. The empirical results revealed that after World War II, numerous countries reduced their defense spending through the transfer of resources and formation of peace dividends because of the global expectation of a peaceful environment. This study found that the results varied according to national characteristics and regional environmental characteristics. However, peace dividends generally had a significant impact on national productivity. [ABSTRACT FROM AUTHOR]

This study aims to examine the effects of current overproduction on future operating efficiency and inventory write‐downs. Using electronic manufacturing companies listed on NYSE/AMEX/NASDAQ during the period of 2003–2013, this study: (i) employs the interaction term between relative fixed cost levels and excess quantity of inventory produced to measure overproduction, (ii) utilizes the dynamic slacks based measure model to estimate operating efficiency, and (iii) examines inventory write‐downs. Our findings show that overproducing firms experience improved but unsustainable subsequent operating efficiency, as overproduction is a result of optimistic sales forecasting, which leads to higher subsequent inventory write‐downs. Overall, this paper suggests that production managers should be prudent in anticipating future sales demand, as short product life cycle might cause higher inventory obsolescence on excess production. [ABSTRACT FROM AUTHOR]

This paper explores whether the recognition of asset impairments provides an opportunity for earnings management by examining changes in the performance. First, we apply a dynamic data envelopment analysis model to evaluate the operating performance of Taiwanese electronics firms for the period from 2004 to 2013. Statistical tests are next applied to assess the average efficiency variation between the periods before and after firms recognise asset impairments. Several empirical findings are as follows: managers recognise asset impairments when their firms have poor performance as compared to other firms that do not record any asset impairments recognition, and that their performance keeps on improving in both the year of recognising asset impairments and the year after asset impairments recognition. That is, managers tend to recognise asset impairments to improve operating performance, while the firms are performing poorly, supporting the opportunistic behaviour theory. [ABSTRACT FROM AUTHOR]

Background: The polymorphisms inside microRNA target sites locating in the 3′-UTR region may introduce the micro-RNA-binding changes, which may regulate the gene expression and correlate with the potential diseases. Objectives: We aimed to investigate whether the polymorphisms in microRNA target sites of transforming growth factor beta (TGF-β) signaling pathway genes are associated with the susceptibility of mite-sensitized allergic rhinitis (AR) in a Han Chinese population. Methods: In this case-control study, 454 AR patients and 448 healthy controls were recruited. Three HapMap single-nucleotide polymorphisms (SNPs) were mapped to putative microRNA recognition sites and genotyped by TaqMan allelic discrimination assay. Results: The genotype and allele frequencies of 3 SNPs (rs1590 in TGFBR1; rs1434536 and rs17023107 in BMPR1B) showed lack of significant association with AR. However, in the subgroup analysis, the TG, GG, and TG/GG genotypes of rs1590 exhibited significantly increased risk of AR in the male subgroup (TG: adjusted OR = 1.57, 95% CI = 1.08–2.31; GG: adjusted OR = 1.76, 95% CI = 1.09–2.86; TG/GG: adjusted OR = 1.62, 95% CI = 1.13–2.33). The CT genotypes of rs17023107 might have potential to protect against AR in the patients age of <15 years (adjusted OR = 0.37, 95% CI = 0.14–0.95) and the males (adjusted OR = 0.48, 95% CI = 0.25–0.95). No significant association was found between SNPs and the total serum IgE level. Conclusions: In a Han Chinese population, stratified by age and gender, susceptibility to mite-sensitized AR may be associated with 2 SNPs (rs1590 and rs17023107) in microRNA target sites of TGF-β signaling pathway genes. [ABSTRACT FROM AUTHOR]

A critical issue for ensuring long-term sustainability of pension funds is how the Public Service Pension Fund Management Board (PSPFMB) makes entrusting decisions to choose investment trust corporations (ITCs). To design a more comprehensive performance measure, this study uses the additive network data envelopment analysis (DEA) approach to measure efficiency scores of 34 ITCs, including operating performance, equity fund performance, and bond fund performance. We further propose a method to effectively forecast the future efficiency scores of each ITC by using a trend analysis technique. Our mechanism for ITC evaluation helps improve the deficiency of old decision-making processes that merely look at ITCs' past performances. Our proposed approach offers a theoretical contribution to the additive DEA literature by through its practicality and by integrating measurement and prediction procedures. For a practical implication with additive network DEA, we provide a more feasible method for selecting ITCs that will run the Public Service Pension Fund. [ABSTRACT FROM AUTHOR]

The purpose of this study is to explore the influence of female directors on the corporate performance of Chinese banks and Taiwanese financial holding companies. The sample consists of 14 Chinese banks and 15 Taiwanese financial holding companies in 2010–2014. The empirical results show that the proportion of non-executive female directors and independent female directors have significant positive influence on corporate performance. The result shows that the higher the proportion of female directors is, the better off the corporate performance would be. There is robust evidence in the data to conclude that female directors in specific posts can influence a firm's corporate performance. [ABSTRACT FROM AUTHOR]

The purpose of this study is to explore the influence of female directors on the corporate performance of Chinese banks and Taiwanese financial holding companies. The sample consists of 14 Chinese banks and 15 Taiwanese financial holding companies in 2010–2014. The empirical results show that the proportion of non-executive female directors and independent female directors have significant positive influence on corporate performance. The result shows that the higher the proportion of female directors is, the better off the corporate performance would be. There is robust evidence in the data to conclude that female directors in specific posts can influence a firm’s corporate performance. [ABSTRACT FROM AUTHOR]

This study investigates how interlocking directorates affect dynamic corporate performance among 187 Taiwanese electronics companies during a 3 year sampling period (2013–2015). This study consists of two stages. First, this study measures the operational efficiency of electronics companies using the dynamic slacks-based measure model of data envelopment analysis. Second, this study adopts a truncated-regression model with bootstrap to examine the impacts of interlocking directorates on dynamic corporate performance. The empirical findings of this study indicate that centrality (direct connections), structural holes (indirect connections), and the number of connections (total connections) related to interlocking directorates have significant positive influences on the dynamic corporate performance of Taiwanese electronics companies. The results suggest that more interlocks at the board level leads to better corporate performance over a long-term period. Overall, this study uses social network analysis to shed light on the role of interlocking directorates and its importance to dynamic corporate performance from the resource dependence perspective. [ABSTRACT FROM AUTHOR]

Several studies employ data envelopment analysis (DEA) in the area of portfolio optimization or stock market efficiency evaluation, however, they have not extended two-stage network DEA to further decompose the efficiency of firms on the stock market and understand the origin of performance. Because of China's rising role in global stock market, the current research utilizes the sample of 140 firms extracted from China CSI 300 Index from 2012 to 2016 and proposes an additive two-stage network DEA model to evaluate the performance of China listed firms derived from production and financial production process with fundamental and technical analysis approaches. Analytic hierarchy process and second order cone programming are developed to determine the weights and to solve the nonlinear problem in the additive efficiency decomposition model. In addition to, future data estimated from regression analysis is applied in the DEA model to predict the performance. The main findings are as follows: The production process is more important in defining the overall efficiency of a firm on the stock market; There are significant differences in the distribution of efficiencies among various group industries; The health care, information technology or energy industry has a predicted outstanding performance in general. [ABSTRACT FROM AUTHOR]

This study examines the association between management characteristics and corporate performance, as well as how it is moderated by managerial ability among 103 Chinese chemical companies for the period 2008–2010. While we measure management characteristics from the perspectives of human quality, team structure, and economic incentives, we employ dynamic data envelopment analysis to gauge managerial ability. Our ordinary least squares regression results show that management characteristics are positively related to corporate performance, which is proxied by Tobin's Q. Furthermore, we find that managerial ability can further strengthen the positive relationship between management characteristics and corporate performance. In addition, we include graphs highlighting the moderating effects of managerial ability on the relationship between management characteristics and corporate performance. Overall, this study provides a greater understanding of the upper‐echelon theory and insights of managerial ability in a dynamic context. [ABSTRACT FROM AUTHOR]

Approximately 40% of pension funds for military officials, civil servants, and educators in Taiwan are entrusted to international and domestic management funds. However, the average return rate for domestically outsourced funds is not greater than the earnings of self-managed funds. This study establishes a selection mechanism for pension fund outsourcing that conforms to current outsourcing management policies and accounts for both safety and profitability. This study conducts a network data envelopment analysis with considerations of dynamism to gauge the internal management efficiency and investment performance of 37 investment trust companies in Taiwan, thereby accurately measuring the links between internal economic activities and improving overlooked internal productivity activities. The results of this study indicate the internal and external corporate learning benchmarks, which are sequenced to assist the optimal outsourcing measures by applying rough set theory concepts. This study also provides suggestions for the Public Service Pension Fund Management Board in Taiwan in terms of future operations in domestic investment trust companies. [ABSTRACT FROM AUTHOR]

This study aims to evaluate the cargo and eco‐efficiencies of international container shipping companies (CSCs) for the period 2013–2017 for benchmarking purposes. An integration of two‐stage network directional distance function and network‐based approach in data envelopment analysis is utilized to distinguish the efficient operators. Results show that most CSCs are highly ranked in the cargo efficiency stage but lowly ranked in the eco‐efficiency stage and vice versa. This study emphasizes the strengths and weaknesses of each factor of every CSC. Results can help the inefficient CSCs find the areas for improvement by learning from their peers. [ABSTRACT FROM AUTHOR]

This paper examines the effects of asset‐light strategy on the corporate performance of listed Asian telecommunications corporations and the moderating effect of managerial ability on the association between asset‐light strategy and corporate performance. The study applies the dynamic slacks‐based measure (DSBM) model and Tobit regression to measure managerial ability. The empirical results show that asset‐light strategy positively affects corporate performance and that managerial ability has a significant moderating effect on the relationship between the degree of asset‐lightness (DAL) and corporate performance. The findings further show that the greater the managerial ability, the stronger the relationship between DAL and corporate performance. [ABSTRACT FROM AUTHOR]

This study adopts a two-stage approach to explore the relationship between corporate social responsibility (CSR) and semiconductor companies’ performance during 2004–2008. In the first stage, dynamic data envelopment analysis is adopted to explore whether CSR affects US semiconductor firms’ performance, and the difference in performance between CSR firms and non-CSR firms is analysed; in the second stage, panel data regression is used to determine which quantitative indicators of CSR significantly affect the performance of US semiconductor firms. The empirical results show that social responsibility investment by US semiconductor firms has positive effects on their performance. This study thus suggests that the US semiconductor companies should pay more attention to the CSR quantitative indicators, including human rights, employee relationships, and environment issues in order to enhance their corporate efficiency. [ABSTRACT FROM PUBLISHER]

Purpose: This study aims to evaluate cargo and eco-efficiency of global container shipping companies (CSCs) and explore the determinants of the CSCs' efficiencies. While the former is derived from the CSCs' operational perspective, the latter highlights environmental issue related to carbon emission reduction. Design/methodology/approach: In the first stage, a two-stage double bootstrap approach of data envelopment analysis (DEA) is applied to derive bias-corrected cargo and eco-efficiency of the top ten global CSCs under the variable returns to scale assumption. In the second stage, ordinary least squares and truncated regression are applied to examine determinants of the CSCs' efficiencies. Findings: The DEA results reveal that the cargo efficiency of the CSCs is higher than their eco-efficiency by about 2.6% under variable returns to scale in DEA. However, the bias-corrected results show that the difference is 2.9%. The overall average efficiencies suggest that the CSCs can improve their cargo (eco) efficiency by 6.9% (10.8%). In the second stage, the regression results show that the numbers of ship, return on assets and asset turnover ratio are significantly related to both cargo and eco-efficiencies, whereas the total fleet capacity positively affects cargo efficiency. Research limitations/implications: The results of this study can help the inefficient CSCs make strategic decisions to improve their performance. For example, their business experience and capacity may be contributing to their efficiencies. However, this study only focuses on the container market among the three main markets, namely, dry bulk, wet bulk and container. Originality/value: This study highlights an environmental issue in the shipping industry. While CSCs are operating their cargo efficiently in general, they should also put green initiatives into their business operations for the long-term sustainability. [ABSTRACT FROM AUTHOR]

This paper establishes an industrial upgrading model by dividing the industrial upgrading process into two: the foundation–construction and industrial upgrading stages. Eighty‐one sample countries, from 2006 to 2012, were divided into two groups according to their degree of market freedom. The meta‐frontier method was employed to explore technology gaps in the groups caused by the different markets. It was found that emerging economies with a free market have a better upgrading performance than those with a restricted market, and the efficiency gap between the two groups was seen to be continually increasing. [ABSTRACT FROM AUTHOR]

In this study, an epsilon‐based network data envelopment analysis is employed to construct assessment mechanisms for government performance. Moreover, performance indicators of two dimensions of tax collection efficiency and financial effectiveness are measured. We propose a vector autoregression model in which all economic variables are regarded as dependent variables to address the disadvantages of traditional regression model. The conclusions are as follows: (a) measures of tax collection efficiency deteriorated, whereas those of financial effectiveness improved. (b) In an impulse response analysis of the model, an increase in government‐published land values produced significantly increased tax collection efficiency. [ABSTRACT FROM AUTHOR]

This study examined the innovation ability and business performance of global companies in the aerospace and defense (A&D) industry by using dynamic data envelopment analysis and ranking methods with the DuPont model. Results indicated that compared with business performance, A&D companies exhibit lower scores and higher standard deviations in the innovation ability, which signified that they should first work on reducing the gap in the level of innovation ability. DuPont analysis indicated that typical A&D companies exhibit the highest ROE. Finally, this study offers managers and policymakers detailed insights into potential areas of improvements in innovations, business performance, and profitability. [ABSTRACT FROM AUTHOR]