115 NTU Management Review Vol. 31 No. 1 Apr. 2021 Author Biography *Yu-Lin Huang Yu-Lin Huang is an Assistant Professor in the Department of Finance at National Taichung University of Science and Technology. She received her Ph.D. in Finance from the Graduate Institute of Finance and Banking at National Cheng Kung University. Dr. Huang’s research is in the field of corporate finance, with special interests in mergers and acquisitions and corporate cash holdings. Yenn-Ru Chen Yenn-Ru Chen is an Associate Professor in the Department of Finance at National Chengchi University. She received her Ph.D. in Finance from the University of Houston, U.S.A. Dr. Chen’s research is in the field of empirical corporate finance, with special interests in executive compensation, corporate governance, CSR, and corporate strategies in financing and investment, including M&As. She has published her research works in Journal of Corporate Finance, Financial Management, Pacific Basin Finance Journal, Review of Quantitative Finance and Accounting, Asia-Pacific Journal of Financial Studies, Journal of Business Research, Corporate Governance: An International Review, Journal of Financial Studies, Review of Securities and Futures Markets, International Journal of Accounting Studies, Asia Pacific Management Review, Journal of Management and Business Research, etc. Bai-Sian Chen Bai-Sian Chen is a doctoral student in the Department of Finance at National Chengchi University, where he earlier received his master degree. *E-mail: ylhuang@nutc.edu.tw The authors would like to express the appreciation to an anonymous referee and the participants of the 2018 TFAAnnual Meeting for their helpful comments and suggestions. 本文榮獲財團法人宋作楠先生紀念教育基金會一零六年度碩士論文獎，作者們感謝財團法人宋作楠 先生紀念教育基金會及匿名評審人之寶貴意見。
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