臺大管理論叢 NTU Management Review VOL.29 NO.1

on the resource dependence theory, their study argues that firm capabilities could negatively moderate the relation between networks and performance. On the other hand, by drawing on the transaction cost theory, they assert that equity-based governance modes could positively moderate the relation between networks and performance. Using a panel data of public biopharmaceutical companies in Taiwan, their study shows that a firm’s external networks positively affect its performance. Specifically, firms achieve superior performance when they have richer external R&D or supply chain networks. In addition, the weaker the firm’s capabilities, the stronger the positive effect of external networks on firm performance. Finally, their study also indicates that equity-based governance modes positively moderate the relation between networks and performance. There are two articles related to finance and accounting in this issue. The first article by Chen and Chen examines how the recognition of long-lived asset impairment influences the earnings informativeness of current and future earnings for publicly traded firms listed on the Taiwan Stock Exchange or GreTai Securities Market. Based on unbalanced-panel data, the empirical results suggest that the informativeness of current (future) earnings decreases (increases) in firms with a large magnitude of recognized long-lived asset impairment. The authors further examine whether firms with reversed asset impairment show significantly distinctive informativeness patterns of future earnings when compared with non-reversed firms. The result supports the managerial incentives hypothesis of impairment decisions that the increased informativeness of future earnings with asset impairment is alleviated in firms whose impairment was reversed in the following year. Based on the samples of banks from WRDS Compustat Bank file and Call Report for the period 1992 to 2012, the second paper, by Chen and Lin, studies how managerial incentives determine a bank’s liquidity policy. The empirical results suggest that CEO