This study aims to propose approaches for improving long-term annualized rate of return in investment. In response to the widely used Dollar-Cost Averaging (DCA) strategy, we use three modified Dollar-Cost Averaging approaches as the Return-based Dollar-Cost Averaging, the Z-score Dollar-Cost Averaging, and the LOHAS Staff Notation as comparisons. Taking the Yuanta Taiwan 50 ETF (ticker symbol: 0050) as target, covering the period from July 2008 to July 2023, we find that all three modified DCA strategies contribute higher annualized returns than the conventional DCA. The optimal parameter combination is the Return-Based Cost Averaging method without a double-investment limit. The LOHAS Staff Notation approach achieves the highest annualized return under a 4-year calculation period.
To verify the long-term robustness of these strategies, the study conducted a rolling 10-year return analysis. The empirical results show that these modified investment amount strategies have more than an 87.13% probability of outperforming conventional DCA in terms of annualized returns. This demonstrates the significant long-term profitability and strong robustness of the proposed models across different market conditions.

This study investigates the relationship between a firm’s ESG (Environmental, Social, and Governance) rating and its firm value. Using data from Taiwanese companies over the period 2016 to 2024, the analysis finds no significant association between ESG ratings and firm value, as measured by Tobin’s Q. Furthermore, the study explores whether the pursuit of overseas income incentivizes firms to engage in ESG activities, within the framework of sustainable supply chain management (SSCM). The empirical results indicate that governance ratings are positively related to overseas dependency, while environmental ratings show a negative association. These findings suggest that ESG ratings may not be widely recognized by the market, possibly due to limited access to relevant information or the inability of ESG ratings to accurately reflect a firm’s actual ESG strategies. It is also plausible that firms prioritize specific goals, such as carbon footprint reduction or net-zero commitments, rather than broader environmental performance, in alignment with SSCM objectives. We find firm’s governance quality and foreign directors on board matter to its international development.

This study adopts the Triadic Efficacy Model as its theoretical foundation to explore the interaction dynamics between aerobic instructors and participants within group fitness classes, as well as to examine the dimensions of three efficacy beliefs. Employing a qualitative research design, the study conducted in-depth interviews with eight participants from a fitness club who regularly attended group classes. The objective was to uncover how interpersonal interactions shape efficacy beliefs in this setting. Findings revealed three primary efficacy dimensions:1. Self-efficacy: (1) Effort investment – Participants reported choosing class formats, closely observing the instructor’s movements, maintaining enthusiasm, overcoming difficulties, and striving to complete routines. (2) Enjoyment – They described staying in optimal mental and physical states to actively engage in the sessions. (3) Exercise during leisure – Many continued to practice after class, progressing steadily toward personal goals. 2.Other-efficacy: (1) Effort investment – In addition to instructors’ personalities and pedagogical traits, participants evaluated teaching approaches, motivational strategies, attentiveness, feedback mechanisms, and instructional diversity. (2) Enjoyment – Participants expressed emotional satisfaction when instructors maintained a positive atmosphere during teaching. (3) Exercise during leisure – Some pursued further learning or certifications to enhance their own competencies. 3.Relation-inferred efficacy: (1) Effort investment – Participants recognized tailored instruction and goal-oriented guidance as key drivers of effort. (2) Enjoyment – When instructors demonstrated genuine care and shared their passion for dance, participants reported higher engagement and satisfaction. (3) Exercise during leisure – Continued practice outside class was often aimed at improving performance and sustaining progress. The analysis further indicates that both other-efficacy and relation-inferred efficacy serve as critical sources of self-efficacy, especially when embedded in meaningful interpersonal interactions. Participants noted that perceiving instructors as competent and socially attuned contributed significantly to strengthening their own efficacy beliefs.