Chih-Hsiung Chang

This study examined information asymmetry comprising adverse selection and moral hazard and the role of fair-trade mechanisms in promoting sustainability in Taiwan’s used car market. Using a qualitative document analysis of literature, reports, and statistical data, the research found that adverse selection prevented buyers from distinguishing between high- and low-quality vehicles, driving higher-quality cars out of the market. Consequently, moral hazard intensified as sellers concealed defects for profit. However, enhanced information technology and greater market transparency helped mitigate asymmetry by enabling buyers to better assess product quality and strengthening regulatory oversight. The findings underscored key policy implications for market governance, fair-trade regulation, and sustainability accounting. Improved information disclosure and accountability enhanced consumer protection, reduced unethical behavior, and supported market efficiency and stability. As adverse selection and moral hazard diminished, the market evolved toward fairness and sustainability. Overall, the study connected information asymmetry with fair-trade policy, offering insights for regulators to strengthen disclosure standards and market transparency. It also emphasized the importance of sustainability accounting in reinforcing consumer trust, accountability, and long-term market resilience, providing valuable guidance for policymakers in designing balanced and transparent governance frameworks.

The purpose of the article was to explore the impact of the cash cards on Taiwan’s dual-card crisis under the information asymmetry. Accordingly, the article was based on the quality analysis primarily combined with the method of the document analysis and constructed the information asymmetry model ,including the two criteria of the adverse selections and the moral hazards. The results of the article showed that the impact of the cash cards on Taiwan’s dual-card crisis was no less than that of the credit cards even if the issuing scale of the cash cards was much smaller . The findings revealed the significant management implication for the financial authorities that the cash cards shouldn’t be ignored if the dual-card crisis needed to be solved. JEL classification: G01, G21, G28. Keywords: Cash card, Information asymmetry, Adverse selections, Moral hazards, Dual-card crisis.

This article explores the interactive effect of advertising investment and corporate social responsibility (CSR) on financial performance by selecting 2431 listed companies that participated in the professional evaluation of Hexun.com as the research sample, with a total of 12,471 observed values. The panel regression, analysis and hypotheses tests were conducted to examine the interactive effect of advertising investment and CSR on financial performance. There are four empirical findings. First, an advertising investment plays a significant role in improving corporate financial performance. Second, actively fulfilling CSR can effectively upgrade the financial performance of an enterprise. Third, different functional mechanisms will not change the positive impact of CSR on financial performance. Fourth, the interaction between advertising investment and CSR has a significant positive correction on financial performance. Combining the advertising investment with CSR they have a remarkable complementary effect on financial performance. Based on these findings, this article claims that to maximize the advertising effect, company managers should actively carry out business activities and conduct appropriate advertising investments from the perspective of CSR. In other words, to enhance the return on marketing activities and strengthen the promotion of financial performance by advertising investment, company managers should pay more attention to fulfilling CSR and take advantage of the reputational and social images generated by CSR to bring greater market value and financial growth.

This study seeks to find an alternative strategy to cope with the impact of COVID-19. Though various measures have been adopted to respond to the threat of the pandemic, the problem remains unchanged. Undoubtedly, COVID-19 is also a crisis of knowledge, so this study explores whether the banking industry in Taiwan can apply knowledge management (KM) and fight the catastrophe of the century successfully and effectively. This study adopts an actual case to analyze the relationship between KM implementation and the banking industry; applies consistent fuzzy preference relations (CFPRs) to evaluate influential criteria including computational simplicity and guarantee the consistency of decision matrices; illustrates a decision-making model with seven criteria; and conducts pairwise comparisons, which are utilized to determine the priority weights of influential criteria amongst the outcome rankings and to formulate accurate KM strategies. The results show that predictions of success probabilities are higher than those of failure probabilities among the seven influential criteria and, in particular, the headquarters system and human resources are the most important priority indicators for implementing KM successfully during the pandemic or post-pandemic. The conclusion suggests significant policy implications for policymakers within other industries or countries in coping with COVID-19.

Following the Asian Financial Crisis, South Korea, Hong Kong, and Taiwan experienced card debt crisis in 2001, 2002 and 2005, respectively. Various countries have studied and tried to find the factors that lead to the card debt crisis, hoping that the proposed countermeasures can effectively solve the problem. However, these are only practical operations and observations. Therefore, through information asymmetry, this article constructs a model of card debt crisis from adverse selection and moral hazard, and theoretically provides the government or competent authority with a policy basis. This article employs document analysis, combined with qualitative and quantitative data, to test the research hypotheses. The verification result is supported regardless of hypotheses tests for adverse selection, or moral hazard and confirms that information asymmetry and market failure do exist in the Taiwan credit card market. The policy implication of the article is that the government or competent authority should stop the illusion of free market mechanism and have to be responsible for employing countermeasures to face the crisis. JEL classification numbers: G01,G21,G28. Keywords: Card debt crisis, Information asymmetry, Adverse selection, Moral hazard , Document analysis, Market failure.

Thanks to the deregulation of financial regulations since the 1990s, the domestic financial institutions had ever been in excessive amounts for a long time. In order to expand their business scope and market share, they often adopted a looser or simple review mechanism, which led to a decline in the asset quality of financial institutions and an upward trend in overdue loans. As a result, the credit card debt crisis caused by the information asymmetry and the derived serious social problems ensued . Under the pressure of public opinion, the financial authority was forced to promote the debt negotiation mechanism in 2005 and even led passing the Consumer Debt Clearance Regulations in 2007. This article analyzed the statistics of consumer finance related to public and private banks, trying to explain whether the problems related to information asymmetry was reduced and whether financial institution management was effective. The result revealed that the number of valid cards, revolving interest rates, and overdue ratios fell in tandem after the financial authority intervened in the market. Especially when the credit card debt crisis and the social problem were showed under control, it was proven that financial institution management is essential and effective to reduce problems related to information asymmetry in Taiwan. JEL classification numbers: G01,G21,G28. Keywords: Financial Institution Management, Credit Cards, Card Debt Crisis, Information Asymmetry, Adverse Selection, Moral Hazard.

Due to the impact of COVID-19 in 2019, the global hotel industry has been severely impacted by the disconnection of the tourism industry. However, even with the impact of the epidemic, the Japanese hotel industry’s investment in Taiwan has not stopped. What are the factors that drive the Japanese hotel industry to defy the threat of the epidemic and choose Taiwan as its destination for foreign direct investment? This is the research goal of this article. This article intends to adopt Push-Pull-Mooring (PPM)migration theory to construct the possible factors of why the Japanese hotel industry chooses Taiwan as its foreign direct investment destination. These factors consist of three effects to describe Japan Okura hotel’s migration. First, the push effect refers to factors that induce people to leave their place of origin. Second, the pull effect refers to factors that attract people to a destination. Third, the mooring effect refers to intervention variables for push and pull effects that facilitate or inhibit the determination of movement. The finding is that push and pull factors still play an active role in promoting Okura Hotel’s investment in Taiwan, even if the influence of some factors is slightly reduced due to the shift in international conditions. With the development of globalization and high technology, mooring factors are no longer the reason that hinders Japanese Okura’s investment in Taiwan. Combined with push and pull factors, PPM migration model can fully explain why the Japanese hotel industry chooses to conduct foreign direct investment in Taiwan, even if it is affected by COVID-19.It’s just that COVID-19 has not stopped so far, and the unstable situation on both sides of the strait may impact the original PPM model and affect the results of the analysis. It is worth further observation and research by subsequent researchers.

Much of the earth's crust appears to have some degree of elastic anisotropy (Crampin, 1981; Crampin and Lovell, 1991; Helbig, 1993). The phenomena of elastic wave propagation in anisotropic media are more complex than those in isotropic media. Shear-wave propagation in an orthorhombic physical model is most complex when the direction of the wave is close to the neighborhood of the cusp on the group velocity surfaces (Brown et al., 1991). The first identification of singularities in wave propagation through sedimentary basins occurred in the examination of shear-wave splitting in multioffset vertical seismic profiles (VSPs) at a borehole site in the Paris Basin (Bush and Crampin, 1991), where large variations in shear-wave polarizations in propagation directions close to point singularities were observed. Computation of synthetic seismograms for layer sequences showed that the shear-wave polarizations and amplitudes were irregular near point singularities (Crampin, 1991).