Value Relevance of Tobin's Q and Corporate Governance for the Taiwanese Tourism Industry

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Please use this identifier to cite or link to this item: https://irlib.pccu.edu.tw/handle/987654321/30578

Title:	Value Relevance of Tobin's Q and Corporate Governance for the Taiwanese Tourism Industry
Authors:	Wang, Mao-Chang
Contributors:	Dept Accounting
Keywords:	Tobin's Q Intellectual capital Corporate governance Firm valuation Tourism industry
Date:	2015-08
Issue Date:	2015-10-20 16:03:07 (UTC+8)
Abstract:	For knowledge- and invention-based industries, scholars have introduced the firm value, which is composed of traditional financial capital and intangible intellectual capital, and Tobin's Q, which is the commonly used approach for intellectual capital valuation. Scholars have thus evaluated firm valuation appropriately by considering corporate governance. This study applies the multi-regression model to present a discussion on the value relevance of intellectual capital and corporate governance concerning the tourism industry in Taiwan. The results show that intellectual capital is positively related to firm valuation, and that corporate governance influences the positive relationship between intellectual capital and firm valuation. The tourism industry must focus on intellectual capital and corporate governance.
Relation:	JOURNAL OF BUSINESS ETHICS 卷: 130 期: 1 頁碼: 223-230
Appears in Collections:	[Department of Accounting & Graduate Institute of Accounting] periodical articles

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