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Value Creation.” Through in-depth investigation into issues that either enterprises or non-
profit organizations are confronting with respect to implementing digital transformation,
scholars may untangle the complexities of this ongoing trend, and help cultivate
knowledge and power for long-term studies on digital transformation and value creation.
NTU Management Review welcomes submissions of case study research papers tackling
original topics with rigorous approaches and contributing to analytical developments
or practical impactions. A conference under the same title is tentatively scheduled in
February, 2023.
As always, our appreciation goes out to the Research Institute for the Humanities and
Social Science, Ministry of Science and Technology, Executive Yuan（行政院科技部人
文社會科學研究中心）for sponsoring our editorial personnel, who have been providing
invaluable assistance to both the conferences and the publication, and subsidy of open
access and digital spread.
Last but not the least, we would like to thank T. N. Soong Foundation for their

continuous strong support. To encourage research efforts in accounting, auditing, finance,
taxation, ESG, and accounting information management in Taiwan, the Foundation has
been sponsoring the Best Master’s Thesis Award since 1996. NTU Management Review
has been publishing quite a few awarded research papers ever since.

Introduction of this Edition
This edition of NTU Management Review contains six articles covering fields
including finance, accounting, marketing, operations management, information
management, and healthcare management. The following is a brief introduction to them.
The first article “The Effect of Information Opacity on the Weighting of Performance
Measures in the Compensation Contracts of CEOs: Evidence from U.S. Firms” by Wang,
Liu, and Chen investigates the influence of opacity of stock related information and
accounting numbers on the weighting of accounting-based versus stock-based performance
measures in CEOs’ compensation contracts. The empirical result indicates that when the

bid-ask spread of the stock increases and the number of analysts covering a corporation
decreases, the weighting of the accounting-based performance measure significantly
increases and that the weighting of the stock-based performance measure significantly
decreases. Moreover, if the quality of the information of financial statements worsens,
the weighting of the accounting-based performance measure significantly decreases but
the weighting of the stock-based performance measure does not increase significantly