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Year2023 Volume 16 Issue 1


The Determinants of Financial Holding Company’s Profitability in Taiwan

Chanthalasy Vaenthong

Department of Finance, National Kaohsiung University of Science and Technology, Kaohsiung, Taiwan, R.O.C

Jian-Hsin Chou*

Professor of Department of Finance, National Kaohsiung University of Science and Technology, Kaohsiung, Taiwan, R.O.C.
* Corresponding author: jian@ nkust.edu.tw

Chao-Hui Yeh

Associate Professor of Department of Business Administration, I-SHOU University, Taiwan, R.O.C.

Keywords: Micro-determinants, Macro-determinants, Financial Holding Companies.


This paper aims to investigate the determinants of profitability of Financial Holding Company’s (FHC) based on the panel data of thirteen listed firms in Taiwan Stock Exchange. This study uses the data for the period from 2007 to 2017. To verify the efficiency of empirical results, the ordinary least squares (OLS) method in SPSS software is used to examine the relationship between internal and external factors and FHC’s profitability, which is measured by Return on Asset (ROA) in this study.
The empirical results indicate that all variables in micro and macro-determinants in this study will significantly affect FHCs’ profitability. More precisely, in micro-determinants, there is a significantly positive relationship between the asset size, the total deposit to liability ratio and ROA. However, the relationship between total debt ratio, operation expenses to net sales ratio and ROA are significantly negative. In addition, in macro-determinants, the study concludes that the USD to NTD exchange rate, Gross Domestic Product, and money supply will have a significantly positive relationship with ROA.


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Theoretical Framework for Board Structure and Its Relationship with the Performance of Commercial Banks in Vietnam

Huy Hoang PHAM*

PhD candidate of Off-Campus Division, University of Bolton, United Kingdom.
* Corresponding author: hoangcpv@gmail.com


PhD, Off-Campus Division, University of Bolton, United Kingdom.

Keywords: Corporate Governance, Agency Theory, Board Structure, Commercial Banks, Vietnam Banking Sector


In order to build up the theoretical framework to examine the relationship between board structure and the performance of commercial banks in Vietnam, this paper examines the wide range of literature reviews on corporate governance factors, agency theory, and board structure attributes. This framework is served as an academic premise for further studies in the corporate governance and banking sector in the Vietnam context.


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Research on the Correlation between Industry 4.0 and Sustainable Development in the Machine Tool industry – Application of QFD and Fuzzy MADM methods

An-Yuan Chang

Professor of Department of Industrial Management & Institute of Industrial Engineering and Management, National Formosa University, Taiwan, R.O.C.

Po-Yen Lai*

PhD student of Smart Industry Technology R&D Doctoral Program, National Formosa University, Taiwan, R.O.C.
* Corresponding author: 10379101@gm.nfu.edu.tw

Keywords: Machine Tool Industry, Industry 4.0, Sustainable Development, Quality Function Deployment, Multiple Attribute Decision Making


Starting in 2025, Taiwan will introduce a requirement that listed companies with a paid-in capital of less than 2 billion NTD need to prepare a sustainability report. Most of the actual income scale of Taiwan’s machine tool industry falls within this range. In response to the requirement, the machine tool industry must reduce its impact on the environment and society and strike a balance while increasing economic returns. This is undoubtedly a major challenge for the machine tool industry, which is one of the most internationally competitive industries in Taiwan. If sustainable development (SD) can be successfully implemented, it will set a benchmark for Taiwan’s traditional industries.
The machine tool industry has continued to improve its industrial competitiveness in recent years, especially after Germany proposed the concept of Industry 4.0 in 2013, which accelerated the pace of industrial upgrading and transformation. Studies have shown that the adoption of Industry 4.0 technology can effectively enhance the sustainable performance of enterprises. Additionally, in the literature on SD, it has been confirmed that there is a significant positive relationship between corporate social responsibility and profitability.
This study will propose a reasonable and feasible model framework to demonstrate the relationship between SD factors and Industry 4.0 technical indicators, aiming to identify the key Industry 4.0 technologies to improve SD. This study uses the Quality Function Deployment (QFD) method as the basic structure and adopts the Fuzzy Delphi Method (FDM) of the Multiple Attribute Decision Making (MADM), the improved Fuzzy Extended Analytic Hierarchy Process (FEAHP), and the Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) for prioritizing performance index factors.


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