This paper examined the factors influencing Chinese auto demand from 2001 to 2013, using multi-regression analysis. This study also investigated the effects of the recent global financial crisis on Chinese automobile demand, and compared the results with those found for three different periods of time. According to the empicral results, the main factors influencing the quantity of Chinese automobile demand before the global financial crisis were the price of automobiles, the price of gasoline, the lending rate and the personal disposable income. The main factors of influencing the Chinese auto demand during the global financial crisis were the price of automobiles, the lending rate and the personal disposable income. Only one main factor influenced Chinese auto demand after the global financial crisis, and this was the personal disposable income. The income elasticity of the demand was 0.270, 0.928 and 0.243 before, during and after the global financial crisis, respectively. The results show that automobiles are a normal good and that the personal disposable income is a very important factor in people's decisions whether or not to purchase an automobile in China. Moreover, automobiles were almost a luxury good during the global financial crisis, with the influence of personal income rising more three-fold during this period. Furthermore, the effects of the global financial crisis on Chinese automobile demand has been very significant.

This study examines the long-term, dynamic equilibrium relationship for strategy variables of firms in strategic groups by conducting a cointegration analysis. Replicating the Nair and Filer (Strateg. Manage. J., 24: 145–159, 2003 ) methodology and extending it to four industries listed on the Taiwan Stock Exchange, we find that not all of non-stationary strategy variables have the cointegration relationships, and that only the strategy variables of strategic groups in our traditional industries (as compared to our high-tech industries) should have a long-term competitive equilibrium (cointegration relationship). In other words, we can proceed with an error correction model in some traditional industries to map out the relative positions of rival firm strategies and subsequently implement appropriate reactions. Copyright Springer Science+Business Media, LLC 2007Cointegration analysis, Dynamic equilibrium relationships, Error correction model, Strategy variables, Taiwan Stock Exchange,

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The purpose of this paper is to investigate the relationships that banks' managerial ownership has with financial performance and firm value. We use a sample of 35 Taiwan domestic banks for the period 2005-2014. In the pooled OLS regression analysis, we find that the banks' performance and market value fall as the level of management ownership rises, supporting the managerial entrenchment hypothesis. Moreover, the results show that when the ratio of managerial ownership pledge increases, then financial performance decreases while firm value increases. We conjecture that the positive effect of managerial ownership pledge on market value may be caused by the price maintenance effect of stock pledges. In addition, the evidence shows that there is a higher nonperforming loan ratio in family-dominated banks, and this hints that their loan decisions may have more severe agency problems relative to non-family ones.