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Abstract  

This study utilizes neural network to explore the nonlinear relationships between corporate performance and the patent traits measured from Herfindahl-Hirschman Index of patents (HHI of patents), patent citations, and relative patent position in the most important technological field (RPPMIT) in the US pharmaceutical industry. The results show that HHI of patents and RPPMIT have nonlinearly and monotonically positive influences upon corporate performance, while the influence of patent citations is nonlinearly U-shaped. Therefore, pharmaceutical companies should raise the degrees of the leading position in their most important technological fields and the centralization of their technological capabilities to enhance corporate performance.

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The occurrence of Asian Financial Crisis and successive scandals highlight the importance of corporate governance on which the public start to stress. “Pursuing internationalization for sustainable development” has become a trend for corporate development in the future. Nonetheless, the promotion of internationalization enhances multiple operating environments and information complexity. An enterprise therefore has to adjust the existing organizational structure and construct favorable corporate governance mechanisms to timely reflect market demands and have the enterprise acquire the advantage of the economy of scale through overseas extension points. With the approach of globalization era, the extreme dependence of economic activities on import/export hastens Taiwan actively joining in World Trade Organization (WTO) to enhance the circulation of goods and resources among member states. Under such a trend, the industrial structure in Taiwan needs to be adjusted, and industries with competitiveness would present larger development space. Aiming at listed companies in Taiwan Stock Exchange, the research period is set 16 years, from 1999 to 2014. The research results conclude that 1. competition would affect corporate governance, 2. competition would influence corporate performance, and 3. corporate governance would affect corporate performance. The research results are expected to inspire international enterprises with the competition evaluation and corporate governance adjustment to promote the corporate performance.

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Acta Oeconomica
Authors: Péter Gedeon, Evgeni Evgeniev, and Tanel Tang

References Djankov , C. and Xu , L. C. ( 2000 ): Corporate Performance in the East Asian Financial Crisis . The World Bank Research Observer , 15 ( 1 ): 23 – 46

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?). Közgazdasági Szemle , XLIX ( 12 ), 993 – 1014 . Nickell , S. ( 1996 ): Competition and Corporate Performance . Journal of Political Economy , 104 ( 4 ), 724 – 746

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Claessens, S. and Djankov, S. (1999): Ownership Concentration and Corporate Performance in the Czech Republic . CEPR Discussion Paper, No. 2145. Claessens, S., Djankov, S. and Pohl, G. (1996): Ownership and Corporate Governance

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144 162 Chiang, H. (2005): An Empirical Study of Corporate Governance and Corporate Performance. The Journal of American Academy of Business 6(1): 95

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54 1 32 Murphy, K. (1985): Corporate Performance and CEO Remuneration. Journal of Accounting and Economics , 7, pp. 11

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10 Carroll, A. (1979): A Three-Dimensional Conceptual Model of Corporate Performance. Academy of Management Review , 4(4): 497–505. Carroll A

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, T — Radovic , N. ( 2014 ): The Impact of Ownership Structure on Corporate Performance in Transitional Economies . Amfiteatru Economic , 17 ( 38 ): 441 – 454 . Franks , J

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Acta Oeconomica
Authors: Kate Bishop, Igor Filatotchev, and Tomasz Mickiewicz

171 207 Frydman, R., Gray, C., Hessel, M., Rapaczynski, A. (1997): Private Ownership and Corporate Performance: Some Lessons from Transition Economies. European Bank for

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