Scale and Scope Economies of Futures Commission Merchants in Taiwan

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Title:	Scale and Scope Economies of Futures Commission Merchants in Taiwan
Authors:	Chih-Chiang Weng;Kuo-Liang Wang
Contributors:	Department of Accounting,Shih Chien University;Department of Economics,National Chengchi University
Keywords:	Scale economies;Scope economies;Seemingly unrelated regression
Date:	2010-12-01
Issue Date:	2011-04-07 17:12:08 (UTC+8)
Publisher:	南華大學企業管理學系暨管理科學研究所
Abstract:	Based on the survey data of Taiwan's futures commission merchants (FCMs) in 2004, this paper applies Zellner's seemingly unrelated regression technique to a simultaneous system of a translog multi-product cost function and its corresponding factor share equations to investigate the extents of scale and scope economies of Taiwan's FCMs. The empirical results show that product-specific scale economies exist for brokerage service, as well as proprietary and other services. Ray scale economies are significantly present. The degrees of ray scale economies and the scale economies specific to the brokerage service rise as firm sizes increase for relatively larger FCMs. Economies of scope exist especially for small-sized FCMs.
Relation:	經營管理論叢 6卷2期
Appears in Collections:	[The Journals of Nanhua University ] Operation management reviews [Department of Business Administration, Master/Ph.D Program in Management Sciences] Operation management reviews

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