The Influence of Taiwan Electronic Production Company's Proprietary Data Products on the Interaction of Company Effectiveness

Email: linlw1982@gmail.com Abstract Purpose: The purpose of this study is to explore the unique interaction of companies in Taiwan from 1998 to 2017 and the influence of the degree of international industry on the effectiveness of the company. Approach/Methodology/Design: We used time series methods to investigate and research. This study only has a significant impact on the upstream industry of the electronics industry, and there is no significant development in the middle and lower reaches of the industry. This is a very strange situation in Taiwan. Findings: At the same time, the interaction of the three attributes of the midstream computer industry can also produce the multiplication effect. In this study, it has been found that the degree of international internationalization has a higher impact on the effectiveness of companies, but no matter how high it is, it seems that increasing the degree of international internationalization at about 10% or 50% and more than 80% of the international level can produce and increase the effectiveness of the company. Practical Implications: This is a very strange situation in Taiwan. However, because the research strength has the effect of prolonging the effect, it may not play a significant role in the middle and lower reaches of the research and development of the product extension effect, so that the research intensity does not play a significant role in the first year of the development of the Taiwan electronics industry. Originality/value: Our value is mainly to solve the problems of internationalization and performance of Taiwanese electronics industry companies.


Introduction
Taiwan is one of the most important scientific and technological towns in the world, and its technology industry is more than half of the listed companies, so this study focuses on the listed companies in Taiwan. However, the position of enterprises in the industrial chain is different, and the investment and emphasis on the management factors will also be different. In this study, you focus on the electronic industrial chain to explore the impact of (firm-specific advantages), a proprietary attribute of the company, on the performance of the company. The exclusive advantage of the company is considered to be one of the important factors affecting the operating performance of the enterprise, and the research generally supports that the advantage of the manufacturer has a positive impact on the performance of the manufacturer (Delios andBeamish, 1999 (Morck andYeung, 1991). Other scholars believe that the factors that help to improve the performance of manufacturers are the advantages of manufacturers (such as R & D, advertising and capital-intensive) (Jung, 1991). The proprietary assets (Firm-Specific Asset) owned by manufacturers are the most important. The resource (Dess, Gupta, Hennart, and Hitt, 1995). According to the resource base perspective (Resource-Based View, RBV) (Barney, companies can use their innovative products to generate additional revenue, or further reduce production costs, use their manufacturing processes and achieve economies of scale to profit.The past studies have used R & D strength to measure innovation and believe that innovation or process innovation (Kotoabe et al., 2002), whether it is a product, can improve the operating efficiency of the manufacturer (Supt et al.,1994), so, The study also found that the relationship between R & D strength and the manufacturer's performance has a positive regulation of internationalization and the company's performance (Delios and Beamish,1999;Kotabe et al.,2002;Lu and Beamish,2004;Ba et al., 2008). Hirschey and Connolly (2005) found that research and development expenditure of US vendors had a positive impact on their market value(measured by TobinsQ); Compared with small companies, the R&D investment of large companies has great influence on TobinsQ.
While international corporate literature generally supports the positive relationship between R & D and vendor performance, some scholars have found a reverse relationship between R & D activities and corporate performance (Chan, Martin, and Kenser, 1990;Mank and Nystrom, 2001). The investment return to challenge R & D activities may thus be rather low (Rouse and Boff, 1998). Franzen and Radhiakrishnan (2009) Using the COMPUSTAT database 1 From 982 to 2002, a total of 47167 annual data were collected to explore the influence of research development expenditure on the stock value of profitable companies (profit firms) and lossmaking companies (loss firms). The empirical results show that the investment of research and development has a negative correlation with the stock price of profitable companies, that is to say, the investment of research and development has a negative impact on the value of profitable companies.
In addition to the R & D and innovation ability of the manufacturer, the unique marketing ability, such as brand management or trademark, is one of the important advantages of the manufacturer in the "proprietary asset" (proprietary assets) referred to in Caves (1996). As the market becomes more globalized across national boundaries, manufacturers with more marketing capabilities can produce better performance than those with less investment (Caves, 1996/ Hennart, 1991Lall, 1980). Therefore, manufacturers expect higher advertising and marketing costs to be able to overseas markets generate higher sales (Kotabe et al., 2002). Delios and Beamish (1999) it is found that advertising expenditure has a negative relationship with subsidiary performance. Riram and Sapienza (1991) discuss the impact of marketing ability on the performance of small and medium-sized exporters, but does not find evidence that marketing activities contribute to performance. Qian (2002) puts marketing intensity into the model as a control variable to explore, and also obtains that it has no significant impact on manufacturer performance, so on the whole, Empirical research on how advertising investment affects the performance of international enterprises has not yet been highly consistent.
In terms of capital intensity, by investing in plant and equipment expenditure, the company expands production capacity to achieve economies of scale, reduce unit production costs, and gain a competitive advantage in cost to obtain more orders. And products with lower production costs can be sold to other countries with higher production costs for remuneration. Therefore, it is considered that if the company has a higher capital intensity, it will achieve better performance from the internationalization strategy.
"should" will exist in the resource allocation of the" specific assets", Therefore, this study is to study the situation and compare the change of interaction under the change of time.

Independent Variable-Corporate Proprietary Assets
When firms obtain differential benefits from international expansion, they should maximize the benefits of internationalization and minimize the costs of internationalization with their capabilities. Such capabilities could be considered proprietary corporate assets. Proprietary corporate assets include a firm's R&D and its capital strength (Jung, 1991). Therefore, this study believed that a firm's R&D and capital strength could enable the firm to obtain benefits from an internationalization strategy. Kotabe et al. (2002) were of the view that a firm with R&D and marketing capabilities could be able to obtain higher prices for their innovative products or expand overseas markets to reach economies of scale with its R&D and marketing capabilities to reduce production costs. Based on the above discussion, this study proposed the following hypothesis: proprietary corporate assets (including R&D expense ratio, marketing expense ratio, and fixed asset growth rate) could reduce the costs of products, improve the added value of products, and improve firm performance through internationalization activities.
However, some scholars have found that R&D activities are negatively related to firm performance (Chan, Martin, & Kensinger, 1990;Rouse & Boff, 1998;Mank & Nystrom, 2001;Franzen & Radhakrishnan, 2009), and thus stated that the investment incomes of R&D activities may be quite low, that is, R&D investment has negative effects on the value of profitable firms. Scherer (1965) and Lev and Aboody (2001) demonstrated that the benefits of R&D activities have the time lag effect. This research comprehensively discusses the previous research results obtained by scholars and explores the long-term effects of R&D intensity on firm performance. The R&D expense ratio is used as the proxy variable of R&D intensity.
revenues Sale Growth Rate of Fixed Assets (LA) Agrawal and Knoeber (1996), Titman and Wessels (1988), and Shih- Yung Wei et. al. (2017) noted that the higher the growth rate of fixed assets is, the more opportunities for future investment and growth a company has. The growth rate of fixed assets is also an indicator of corporate performance. (2) Morck and Yeung (1991) found that under international M&As of major firms, investors have a positive impact on the market value of firms. Kravis and Lipsey (1992) demonstrated that both firms' R&D investment and advertisement costs could contribute to improving export performance. Kotabe et al. (2002) and Lu and Beamish (2004) demonstrated that higher advertisement and marketing costs could contribute to improving the sales of international firms in overseas markets. Shah, Stark, and Akbar (2009) utilized cross-sectional data from 1990 to 1998 in the UK and 9,752 observed values to research the value relevance of the main media advertisement costs of ACNielsen MEA, and the results showed a positive correlation between advertisement costs and the market value of the firm. The marketing expense ratio refers to the marketing cost of a firm (including costs for publishing advertisements in newspapers and magazines, on television stations, at cinemas and theaters, advertisement designs and productions from advertising agencies, touring propaganda, color advertising boards, electric advertising, and printing of advertising materials, as well as free samples and items) within a certain period (generally one year) divided by operating revenue. This ratio is generally expressed as a percentage: (3)

Dependent variable -Corporate Performance (Tobin's Q )
This study adopts Tobin's Q, the most commonly used indicator to measure a company's market performance. La Porta et al. (2002) employed Tobin's Q, but failed to figure out Tobin's Q, because they could not obtain the replacement cost of company assets. As a result, they replaced Tobin's Q with Proxy Q, and the latter was adopted by Claessens et al. (2000). Proxy Q is measured as follows:

Degree of internationalization (FS)
By measuring the degree of internationalization with the ratio of foreign sales to total sales (FSTS), Kafouros et al. (2008); Hsu and Pereira (2008); Bae et al. (2008); Gaur and Kumar (2009);Filatotchev andPiesse (2009), andBrouthers et al. (2009) believed that a higher degree of internationalization has more positive effects on firm performance.
Degree of internationalization= ratio of foreign sales to total sales (6)

Scale of Company (SC)
Firms with a large scale can generally be regarded as having the capability to acquire a profit margin above the normal level, as compared with general firms. Therefore, such firms are able to operate in an imperfect market and acquire a higher excess profit by leveraging their monopoly or oligopoly strength. Furthermore, firms with a large scale may have access to funds with a low cost in the capital market or operate in the market with a low cost due to risk diversification.
In respect of the impact of the scale of a company on performance, it is easier for firms with a larger scale to utilize the advantage of economies of scale to result in good operating performance. Therefore, scale of company was defined as a control variable. Measurement of the scale of company includes total assets, total operating revenue, and number of employees (Kotabe et al., 2002;Lu & Beamish, 2004;Chari et al., 2007;Bae et al., 2008;Ravichandran et al., 2009). Generally, the total assets or operating cost of a firm at natural logarithms is defined as a proxy variable. Therefore, in this study, the carrying amounts of the total assets of the sample firms at natural logarithms were used as proxy variables. assets) (total log = company of Scale (7) Debt-Asset Ratio (D/A; DA) Myers (1977), Jensen (1986), , Stulz (1990), Shih-Yung Wei et al. (2017) argued that the debt-asset ratio, on the one hand, implies the information of corporate tax shields; on the other hand, according to the Pecking Order Theory, the higher the debt-asset ratio is, the lower the rate on investment is, and the smaller the corporate value will be.

Board Structure
This variable is presented in three forms in this study: board size (BSIZE; BS), ratio of external directors (PE), and concurrent positions of directors (CP). Yermack (1996) and Shih-Yung et al. (2017) studied the relationship between board size and corporate performance. The empirical results of their studies show that board size and performance are negatively correlated -that is, a smaller board of directors can better supervise managers to raise the corporate value. Fich and Shivdasani (2005) found when most of the members of the board of directors are concurrent directors of three or more other companies that corporate performance will be undermined; Core, Holthausen, and Larcker (1999) and Shivdasani and Yermack (1999) proposed when members of the board of directors hold multiple positions concurrently that they cannot effectively supervise the managers. However, the empirical results of some foreign literature hold the opposite view. For example, Ferris, Jagannathan, and Pritchard (2003) found no evidence to indicate when most directors hold three or more positions that they will evade their responsibilities -that is, evading the responsibility of supervising managers. Yermack (2004) noted when most board directors hold three or more positions that they will still fulfill the responsibility of supervising managers.
Regarding a board of directors composed by external and insider directors, from the supervisory point of view, although external directors have less information to supervise managers, they can play a more independent supervisory role, because of their independent status. Internal directors who hold positions within the company will have more information to supervise managers, but their potential conflicts of interest with managers may subject them to the control of managers or make them more inclined to collaborate with managers to adopt strategies that compromise corporate interests. Fama (1980) and Baysinger and Hoskisson (1990) believed that external supervisors, who are independent inside the company and boast know-how, are hired by companies in the hope that they use their professional knowledge to improve corporate performance. Therefore, the higher the ratio of external directors in a company is, the more effective the supervision can be, and the better the corporate performance can be achieved through their professional knowledge.  (11) The concurrent position of directors is a virtual variable. If more than half of the board of directors assume three or more positions (including their position in the sampled company), then the variable is 1 and otherwise 0.
Due to problematic data acquisition, the definition of positions is mainly those directors and managers present in the annual reports of listed companies. (12)

Proportion of Pledged Shares by Directors (Pledge; PL)
This proportion is one of the commonly used indicators for corporate governance. Yeh and Lee (2001) and Shih-Yung Wei et al. (2017) argued that the higher the proportion is of pledged shares by major shareholders, the deeper their involvement in the stock market is, and the worse the corporate performance will be.  (13) The estimated impact of the control variables in this study on corporate performance is shown in Table 2.

Research Method
This study explores the impact of Long-term Effects of Research and Development on corporate performance from 1998 to 2017, and so Panel Data represents the data of this study. Panel Data is a form of data that take cross-section data and time sequence into account simultaneously. As a result, if the data for analysis are heterogeneous, then the traditional analysis method of the least square method (OLS) will cause invalid results in the analysis of Panel Data, in that OLS can only process either cross-section or time sequence data. When cross-section and time sequence both exist in the data, OLS ignores the differences between these two, resulting in inefficient estimation results. However, the Panel Datamodel can process data featuring a mixture of heterogeneity and time sequence and can produce more effective estimation results.

Table2.Summary of definitions of variables and expected effect
The Panel Data model is unable to process all kinds of data featuring a mixture of heterogeneity and time sequence. Whether this model can be adopted should be decided by comparing the general regression model with the mixed regression equation model. The Panel Data model can be basically divided into the fixed effect model and random effect model, both of which have their respective characteristics and applicability. The model type can be selected through a simple judgment. Intuitively, cross-sectional units that are selected without sampling should adopt the fixed effect model; conversely, cross-sectional units that are selected after sampling should adopt the random effect model. However, there is no scientific basis for such judgment. Mundlak (1978) believed that errors will occur if the intercept term of the random effect model correlates with the independent variable. In this case the fixed effect model should be adopted; if the intercept term is independent of the independent variable, then the random effect model should be adopted. To decide on which model, the Hausman Test of Hausman (1978) can be used.

Uni-variable Analysis
This unit carries on the narrative statistics analysis, this research sample number is 15098 / year, the upstream (semiconductor) has 2624 / year, the middle reaches (electronic parts, optoelectronics) has 5936 / year, the downstream (computer and its periphery, electronic path, other electronics, communication network, information service) has 6538 / year, the narrative statistics of the research variables can be observed by Table 3、Table4 and Table 5.
It can be found from In terms of bias, the internationalization degree is left-sided, and the rest are all right-sided. The average and median of central trends do not change substantially.

Bi-variable Analysis
From the matrix of correlation coefficients in Table 6 、Table 7 and Table 8, it can be found that most of the correlation coefficients among the explanatory variables are low, and the interaction between them is not significant. Regression analysis will not produce different results from the actual situation, while Scale, Age,D/A ratio and Pledge ratio is negatively correlated with the dependent variable Tobin's Q in the independent variables, and most of these variables are also negatively correlated with other variables. Other variables are positively correlated with Tobin's Q, but the impact of variables and Tobin's Q still needs to be improved.
Step by step econometric analysis can be obtained.

Regression Analysis
Before the panel data analysis is performed, a general regression analysis is performed to determine which model the sample data is suitable, and the general regression analysis model of this study is to explain the specific assets, the degree of internationalization, the structure of the board of directors and the regression analysis of other variables. After the analysis of the whole variable, this study mainly analyzes the situation of the industrial chain of the electronic industry in Taiwan, so that the industrial chain is divided into the upper and the middle, and the results of the downstream analysis are shown in       Table 9~11 and Models 1~3, it is preliminarily determined that the impact of exclusive assets on the company's performance has some interaction. The internationalization degree affects the W-shaped influence on the downstream industry of the company's performance electronics industry, while the upper and middle reaches the middle reaches the higher order, and other control variables have significant influence on the company performance.

Panel Data Analysis
The sample of this study is Panel Data, so it is necessary to judge whether the time series and cross-section data of the sample data have influence. In this study, the mixed regression model (Pooled Regression Model) is used to judge, and the correlation analysis results are as follows: table 12 / 14.     The study samples are then determined to be suitable for Panel Data Analysis, followed by the selection of the fixed effect and the random effect model. The results of the analysis are shown in Table 15-17. The results of the analysis on the upstream of the electronic industry are shown in Table 15, and the four groups of analysis are suitable for analysis with a fixed-effect model, such as model 4-8. (4.08) (38.34) (148.12) (272.12) (236.85) (78.59) *** *** *** *** *** ** +0.02BS +0.77BO -0.04BP-0.67PL +0.10SC -1.58DA -0.03AG (0.01) (0.18) (0.07) (0.19) (0.02) (0.14) (0.00) *** *** *** *** *** The analysis of the upstream of the electronic industry is based on the results of the analysis of each group of the models 4 to 6, and it can be found that the effect of the interaction effect (RD * MI, MI * LA and RD * MI * LA of RD * MI, MI * LA and RD * MI * LA in both RD * MI, MI * LA and RD * MI * LA is not 0), and the degree of internationalization has been shown to be a six-power relationship. That is, the situation of the W-type on the bottom of the board and the effect of other control variables on the performance of the company, and the structure of the board of directors has found that the scale of the board of directors and the part-time status of the board of directors are not significant, and the other variables have been the same as those of the past scholars. However, the effect of the whole on the performance of the company still needs to be obtained through the complete regression model.

Specialized assets
The upstream sample study of electronic industry found that the R & D intensity was not significant, the marketing intensity and asset intensity showed a positive and significant relationship, while the specific assets focused on the impact of interaction, the interaction of specialized assets was similar to the results of Model 4, and the interaction results are as shown in Table 16. Table16. Table of  The interaction between R & D intensity and marketing intensity is positive and significant, which shows that when the upstream industry makes use of advertising and R & D, it can strengthen the trust of customers and promote the growth of corporate performance, and can offset the mutually exclusive effect of expenses. However, the interaction between R & D and assets and marketing and assets is still positive and significant.

Degree of Internationalization
In the degree of internationalization, it is found that the upstream of the electronics industry produces the W-type at the bottom of 3 (-11.70FS 121.74FS2-448.34FS3 767.38FS4-624.76FS5 196.00FS6), and the power of 1 ≥ 6 is significant, but because the range of internationalization index is between 0% and 100%, the trend diagram of its composition is W-shaped, as shown in figure 1. Further analysis shows that when the enterprise increases the degree of internationalization, the impact on the performance of the company is (-11.70 243.49FS-1345.01FS2 3069.53FS3-3123.82FS4 1176, and the chart is as follows.

Figure 2 impact of increased internationalization of Upstream Industry on corporate performance
It can be found from figure 2 that when the internationalization is 9% ≤ 34% and 89%, the degree of internationalization can increase the performance of the company. (65% ≤ 75% enhancement also results in a positive increase in corporate performance, but the increase is not much.)

Other control variables
On the board structure of other control variables, this study found that the proportion of independent directors (0.77) and corporate performance (0.02) had a positive and significant effect on corporate performance, while the ratio of director stock pledge (0.19), debt ratio (-1.08) and company age (-0.01) showed significant negative effects, while other variables showed no significant negative effects on the performance of the company, while the proportion of independent directors (0.77) and corporate performance (0.02) showed significant negative effects on the performance of the board of directors (0.19), debt ratio (-1.08) and age of the company (-0.01).
The analysis results of Midstream Industry can be seen from  According to the results of model 8 / 11, we can find that the R & D intensity of specialized asset variable (1.31), marketing intensity (7.73) and capital intensity (0.31) are positive and significant, and the interaction effect of cross-specific asset variables (RD*LA, RD*MI and MI*LA is significantly not 0), but the interaction of three variables is not significant. The degree of internationalization showed a nonlinear five-power significant situation, while other control variables found that the part-time status of board supervisors was not significant in the structure of the board of directors, and the other two managers were found to have no significant part-time status in the board structure of the board of directors. The size of the board of directors (0.02) and the proportion of independent supervisors (0.36) were significantly positive, while other variables found that the size of the company was not significant, and the debt ratio (-0.86) and the age of the company (-0.00) showed significant negative effects. However, the overall impact on corporate performance still needs a complete regression model to get the most real answer.
The results of model 11 are as follows:

Specialized assets
In this study, the effect of interaction on specific assets is studied, and the results of the interaction are shown in Table 18.
Table18. The analysis results show that all of the three attributes have a positive and significant impact on corporate performance, but in the interaction, it is found that the capital intensity has a negative effect with the other two attributes. And the interaction between the three attributes did not occur significantly.

Degree of internationalization
In the degree of internationalization, it is found that the fifth power is significant in the whole period (-4.00FS 25.97FS2-62.55FS3 64.19FS4-23.73FS5), but since the scope of internationalization index is between 0% and 100%, the composition of the index is shown in figure 3. Further analysis shows that the impact on corporate performance is-4.00 51.95FS1-187.64FS2 256.74FS3 / 118.64FS4 when the enterprise increases the degree of internationalization, and the trend chart is shown in figure 4 below. It can be found from figure 4 that when the internationalization is 13% ≤ 43% and 71% ≤ 91%, the performance of the company can be increased only by strengthening the degree of internationalization. In the structure of the board of directors, this study found that there was no significant effect on the performance of the company and (0.72) showed a significant positive effect on the performance of the company, but the part-time situation of the supervisor (-0.16) had a negative and significant effect on the performance of the company.

Other control variables
The size of board of directors (0.02) and the proportion of independent directors (0.34) on other control variables have positive significance on corporate performance, while debt ratio (-0.86) and company age (-0.00) have significant negative effects, while other variables have no significant effect.
The downstream analysis results of the electronic industry can be seen from Table 19. The four groups of analysis are suitable for the analysis of fixed effect models, such as model 12 ≤ 15.      (0.57) (2.57) (3.92) (1.91) ** ** ** ** -0.01BS +0.75BO -0.15BP-0.13PL +0.05SC -1.30DA -0.01AG (0.01) (0.08) (0.03) (0.08) (0.01) (0.06) (0.00) * *** *** * *** *** *** The analysis of the downstream of the electronic industry shows that the variables of specialized assets have a positive effect on the performance of the company (but the R & D intensity is not significant), but the effect of the interaction is not significant, and the degree of internationalization shows the condition of W type, the results of the downstream analysis of the electronic industry show that the variables of specialized assets have a positive effect on the performance of the company (but the intensity of R & D is not significant). The influence of other control variables on corporate performance is about the same as that of previous scholars (only the board size is negative and significant). However, the overall impact on corporate performance still needs a complete regression model (model 15) to get the most real answer. The results of model 15 are as follows:

Specificity Assets
Only the marketing intensity (3.93) and the capital strength (0.08) of the specific assets have a significant positive effect. And the R & D strength is not significant. And the interaction is not significant.

Degree of internationalization
In the international level, it was found that there was a W-type in the full-time period (1.33 , and the 1-to-4 th power was significant, but since the range of the internationalization index was between 0% and 100%, the trend chart constituted by it presented the W-type, as shown in Figure 5. Further analysis shows that the impact on corporate performance is 1.33 -11.51FS1 +26.25FS2 -17.16FS3 when the enterprise increases the degree of internationalization, and the chart is shown in figure 6 below.

Figure 6 impact of increased internationalization of Downstream Industry on corporate performance
It can be found from FIG.6 that when the enterprise is engaged in the enhancement of the internationalization between 0% ~ 18% and 51% ~ 84%, the degree of internationalization will be strengthened to increase the company's performance.

Other control variables
In other control variables, the proportion of independent directors (0.75) and the size of the company (-0.03) showed positive significance with the performance of the company. The size of the board of directors (-0.01), the part-time status of the board of directors (-0.15), the ratio of board of directors' stock pledge (-0.13), the proportion of liabilities (-1.30) and the age of the company (-0.01) showed negative significance with the company performance.

Conclusion and Suggestion
The purpose of this study is to explore the interaction of corporate proprietary attributes in Taiwan's electronics industry chain and the impact of internationalization on corporate performance. The electronic industrial chain is divided into upstream, CNOOC and downstream, upstream industry is semiconductor industry, middle reaches is electronic component level optoelectronics industry, computer and periphery, communication network road industry, electronic communication industry, information service industry and other electronic industries, the research period is 15098 in the 20 years from 1998 to 2017.
This study found that the R & D intensity has a significant impact only in the upstream industry of the electronics industry, and there is no significant occurrence in the middle and lower reaches of the electronics industry, which is a very strange situation in Taiwan's electronics industry. However, because many scholars studied the R & D intensity has a deferred effect in the past, it may have a deferred effect in the middle and lower reaches of the R & D intensity, so that the R & D intensity does not have a significant effect in the "first year". However, the interaction of company proprietary attributes did not occur downstream, and the two interactions upstream showed negative results, which showed that the company cost was limited and produced mutually exclusive effect, but in the middle reaches, the asset intensity increased. It can make the R & D intensity have a bonus effect on the performance of the company. And the interaction of the three attributes of the midstream electronics industry can also produce multiplication effect.
The second is the international situation, the research internationalization of the past scholars has almost positive, negative, positive U, reverse U or W type. The research has found that the degree of internationalization has a higher effect on the performance of the company, but no matter how high it is connected, It seems that the internationalization in the stage of 10% ~ 50% and more than 80% increase the degree of internationalization can increase the company's performance.
In other variables, this study also found that no matter how the industry is classified, the proportion of debt and the age of the company have a negative impact, especially the age of the company, which seems to be different from that of other scholars. If we cooperate with the size of the company (some of which are not significant), it should be possible to use Taiwan, most of which belong to small and medium-sized enterprises, and small and medium-sized enterprises are more flexible, which results in a negative and significant situation of the age of the company. The fact that the size of the company is not significant can be explained.