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Year2020 Volume 13 Issue 1


Duality in Finance

Alex Kung-Hsiung CHANG

Professor, College of Management, Pingtung University of Sci. & Tech. TAIWAN. R.O.C.

Keywords: Duality, Finance, Quantum Entanglement, Chinese Taiji, Yin-Yang, Profit, Risk.


From the implication of the book of Way, or the book of Daodejing by Laozi, what appears to be misfortune may pave the way for fortune? What appears to be fortune may pave the way for misfortune? The quantum entanglement between the fortune and misfortune can be described by Yin-Yang Taiji. Profit and risk existed in the financial market as a duality. Duality denotes the relationship and entanglement between the profit and risk in the financial market.


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Construct Value Investment Portfolio Based on Financial Indicators

Chen-Yu Chen*

Assistant Professor, Department of Finance, Chang Jung Christian University, Tainan Taiwan, R.O.C.

Shao-you Chen

Master, Chang Jung Christian University, Tainan Taiwan, R.O.C.

Keywords:  Financial Index, Portfolio, PE Ratio


This study constructs investment portfolio based on firm’s financial and value performances and goes further to see if it performs better than the market return. We use profitability, financial risks, and growth as financial performance indicators and apply P/E ratio as price performance indicator. Using Taiwanese data, we create portfolio by the sorted top 50 samples year by year and test their long-term buy-and-hold performance in the period of 2006 to 2015. Empirical evidence shows such value investment portfolio perform better in the two- and three-year holding period.


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An Empirical Study of Corporate Social Performance on the Organizational Attractiveness & Applicant intentions

Yi-Mei Huang

Massey University, New Zealand

Steven C.H. Lin

Associate Professor, Southern Taiwan University of Science and Technology, Taiwan, R.O.C.

Tsung-Hao Chen*

Associate Professor, Department of Business Administration, Shu-Te University, Kaohsiung city, Taiwan, R.O.C.

Keywords: Corporate social performance, organizational attractiveness, applicants’intention, Vietnam


Corporate social performance (CSP) is a new force to improve organizations’ holistic performance. Previous studies suggested that CSP may provide a competitive advantage to firms by attracting a larger pool of candidates and firms with higher CSP are perceived as more attractive to employers than firms with low CSP. Based on social identity theory and signalling theory, we investigate the influence of CSP’s dimensions with regard to employee relations, quality products, services, treatment of women as well as the environment and community relations on organizational attractiveness and applicant intentions. Specifically, our focus is one of the processes of the larger CSP model, the process of how firms attempt to attract stakeholders, and potential employees. We conduct the experiment in Vietnam in which we manipulate CSP and findings show that job applicants are more likely to pursue jobs from socially responsible firms than from firms with poor social performance reputations. This paper provides contributions to Vietnamese enterprises in establishing an effective social policy, and improving company equity in general and attracting more potential employees.


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The Impacts of the Raised Low-cost Airlines on Taiwan’s Airlines Industry

Yung-Pin Chen

Association professor, Department of Leisure and Recreation Management, National Kaohsiung University of Hospitality and Tourism.

Keyword: Low-cost airlines, Case study, Comparative research method


Increasing popularity in low-cost airlines has been witnessed over the last two decades worldwide because of its unique business model, value proposition, and the growing demand of international travelers for both leisure and business purpose. However, the travel restrictions under COVID-19 pandemic make airline industry struggling to survive. As many believe that tourism sector will rebound after the pandemic, low-cost airlines then will receive a high degree of attention. Therefore, taking a closer look at the management of low-cost airlines is valuable. This paper aims to provide an implementable operating business model by analyzing the historic development, business model, rationales behind the success and failures, and the core operating strategy of the Taiwan low-cost airline industry.


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