Volume 10, No.1, October 2017 第十卷．第二期 Volume 13, No.1, October , 2020

A Note from the editor’s board

Duality in Finance ...... Alex Kung-Hsiung Chang

Honour Editor-in-Chief：Alex- Kung-Hsiung CHANG Editor-in-Chief：WANG, Li-Hsun Construct Value Investment Por�olio Based on Financial Indicators Edit Directors：CHEN, Roger C.Y. / HUANG, Ing-Chung / JAW, Bih-Shiaw / ...... Chen-Yu Chen & Shao-you Chen JIANG, Ge-Fu / KUO, Hsien-Chang / LIN, Chin-Tsai / LIN, Grier / An Empirical Study of Corporate Social Performance on the LIN, Tsai-Yuan / LIU, Victor Wei-Chi / Organiza�onal A�rac�veness & Applicant Inten�ons LIU Chang Yung / SHYU, So-De / WANG, Leonard Fong-Sheng / ...... Yi-Mei Huang, Steven C.H. Lin, & Tsung-Hao Chen WU, Chin-Shun / Editors：CHANG, Ruey-Dang / CHOU, Jian-Hsin CHOU, Pai-Lung / CHUNG, Pao-Tiao FANG, Wen-Chang / HORNG, Chuen-Jyi The Impacts of the Raised Low-cost Airlines on 's Airlines Industry HUNG, Chen-Chien / LEE, Chia-Ling LEE, Wen-Chih / LIN, Chu-Hsiung LIN, Ying-Fen / LIU, Yu-Jane ...... Yung-Pin Chen ROCA, Eduardo / VENEZIAN, Emilio YU, Te-Cheng / ZHU, Hong-Chung Editor-in-Executive：CHEN, Chia-Yi / KUO, Su-Hui A Note for Submission

Publisher: YMC Management Association Phone: +886-8-7740374 E-mail: [email protected] Website:www.ymcmr.org ISSN 2073-0888 The YMC Management Review www.ymcmr.org

Honour Editor-in-Chief CHANG,Honour EditorAlex- K-inung-Chief-Hsiung Professor, National Pingtung University of Science and Technology (TAIWAN) Alex- Kung-Hsiung CHANG Professor, National Pingtung University of Science and Technology (TAIWAN) Editor-in-Chief Editor-in-Chief WANG, Li-Hsun Professor,Wang, LiWenzao-Hsun Ursuline University of Languages (TAIWAN) Professor, Wenzao Ursuline University of Languages (TAIWAN) EditEdit DirectorsDirectors CHEN,CHEN, RogerRoger C.Y.C.Y. ProfessorProfessor && President,President, I I--ShouShou UniversityUniversity (T (TAIWAN)AIWAN) HUANG,HUANG, IngIng--ChungChung Professor,Professor, NationalNational UniversityUniversity ofof KaohsiungKaohsiung (TAIWAN)(TAIWAN) JAW,JAW, Bih Bih--ShiawShiaw ProfessorProfessor && President,President, KaoKao--YuanYuan UniversityUniversity ofof ScienceScience andand Technology Technology (TAIWAN) (TAIWAN) JIANG,JIANG ,Ge Ge--FuFu ProfessorProfessor && ViceVice--President,President, SouthwestSouthwest JiaotongJiaotong UniversityUniversity (CHINA) (CHINA) KUO,KUO, HsHsienien--ChangChang EmeritusEmeritus Professor,Professor, ShihShih ChienChien UniversityUniversity (TAIWAN)(TAIWAN) LIN,LIN, ChinChin--TsaiTsai EmeritusEmeritus Professor,Professor, MingMing ChuanChuan UniversityUniversity (TAIWAN)(TAIWAN) LIN,LIN, Grier Grier ProfessorProfessor && President,President, InternationalInternational LeadershipLeadership InstituteInstitute Australia Australia (AUSTRALIA)(AUSTRALIA) LIN,LIN, TsaiTsai--YuanYuan Chairman,Chairman, Tungfang Tungfang DesiDesigngn UniversityUniversity (TAIWAN) (TAIWAN) LIU,LIU, VictorVictor WeiWei--ChiChi Chairman,Chairman, ChineseChinese ManagementManagement Association Association (TAIWAN)(TAIWAN) LIULIU ChangChang YungYung EmeritusEmeritus Professor,Professor, II--ShouShou UniversityUniversity (TAIWAN)(TAIWAN) SHYU,SHYU, SoSo--DeDe ProfessorProfessor && President,President, Takming Takming UniversityUniversity ofof ScienceScience andand Technology Technology (TAIWAN) (TAIWAN) WANG,WANG, LeonarLeonardd FongFong--ShengSheng Professor,Professor, NationalNational UniversityUniversity ofof KaohsiungKaohsiung (TAIWAN)(TAIWAN) WU,WU, ChinChin--ShunShun ProfessorProfessor && HonourHonour President,President, The The UniversityUniversity ofof thethe WestWest (USA)(USA) Editors EditorsCHANG, Ruey-Dang CHANG,Professor, Ruey Department-Dang of Accounting, National Chung Hsing University (TAIWAN) Professor,CHOU, Jian Department-Hsin of Accounting, National Chung Hsing University (TAIWAN) CHOU,Professor, Jia Nationaln-Hsin University of Science and Technology (TAIWAN) Professor,CHOU, Pai National-Lung Kaohsiung University of Science and Technology (TAIWAN) CHOU,Professor, Pai Department-Lung of Risk Management & Insurance, National Kaohsiung University of Science and Technology (TAIWAN) Professor,CHUNG, DepartmentPao-Tiao of Risk Management & Insurance, National Kaohsiung University of Science and Technology (TAIWAN) CHUNG,Professor, Pao National-Tiao University of Kaohsiung (TAIWAN) Professor,FANG, Wen National-Chang Uni versity of Kaohsiung (TAIWAN) HUNG,Professor Chen & Dean,-Chien College of Business, National University (TAIWAN) Professor,HORNG, NationalChuen-Jyi Pingtung University (TAIWAN) LEE,Professor, Chia -NationalLing Pingtung University of Science and Technology (TAIWAN) Professor,HUNG, Chen Dept.-Chien of Accounting, National Chengchi University (TAIWAN) LEE,Professor, Wen -NationalChih Pingtung University (TAIWAN) Professor,LEE, Chia National-Ling Kaohsiung University of Science and Technology (TAIWAN) LIN,Professor, Chu- HsiungDept. of Accounting, National Chengchi University (TAIWAN) ProfessorLEE, Wen &- ChihDean, College of Finance & Banking, National Kaohsiung University of Science and Technology (TAIWAN) LIN,Professor, Ying- NationalFen Kaohsiung University of Science and Technology (TAIWAN) ProfessorLIN, Chu &-Hsiung Dean, College of Management, National Dong-Hwa University (TAIWAN) LIU,Professor Yu-Jane & Dean, College of Finance & Banking, National Kaohsiung University of Science and Technology (TAIWAN) Professor,LIN, Ying Guanghua-Fen School of Management, Peking University (CHINA) ROCA,Professor Eduardo & Dean, College of Management, National Dong-Hwa University (TAIWAN) Professor,LIU, Yu-Jane Dept. of Economics, Accounting and Finance, Griffith University (AUSTRALIA) VENEZIAN,Professor, Guanghua Emilio School of Management, Peking University (CHINA) EmeritusROCA, Eduardo Professor, Rutgers, the State University of New Jersey (USA) YU,Professor, Te-Cheng Dept. of Economics, Accounting and Finance, Griffith University (AUSTRALIA) ProfessorVENEZIAN, , National Emilio Kaohsiung Marine University (TAIWAN) ZHU,Emeritus Hong Professor,-Chung Rutgers, the State University of New Jersey (USA) ProfessorYU, Te-Cheng & Vice Dean, School of Economics & Management, Southwest Jiaotong University (CHINA) Professor , National Kaohsiung Marine University (TAIWAN) EditorZHU, -Hongin-Executive-Chung CHEN,Professor C h&ia Vice-Yi Dean, School of Economics & Management, Southwest Jiaotong University (CHINA) AssociateEditor-in Professor,-Executive National Pingtung University of Science and Technology (TAIWAN) ------CHEN, Chia-Yi ------3/3FAssociate Lane 1041Professor, Ta-Shuen National 1st Rd. Pingtung Gue-Sun University Dist. Kaohsiung of Science City, and Taiwan Technology 804 (TAIWAN) TEL:Kuo, +886Su-Hui-8- 7740374 E-mail: [email protected] CopyrightAssistant Professor2019 © YMC, National Management Pingtung Association University of Science and Technology (TAIWAN) ------3/3F Lane 1041 Ta-Shuen 1st Rd. Gue-Sun Dist. Kaohsiung City, Taiwan 804 TEL: +886-8-7740374 E-mail: [email protected]

Contents

Contents

 A Note from the Editor’s Board

 Duality in Finance

Alex Kung-Hsiung Chang……………………………………..………………....…….1

 Construct Value Investment Portfolio Based on Financial Indicators

Chen-Yu Chen & Shao-you Chen……...……….…………………………...…....…....9

 An Empirical Study of Corporate Social Performance on the Organizational Attractiveness & Applicant Intentions

Yi-Mei Huang, Steven C.H. Lin, & Tsung-Hao Chen…..……………………..…...…..23

 The Impacts of the Raised Low-cost Airlines on Taiwan's Airlines Industry

Yung-Pin Chen…………………………………..……….……………………..…...…47

 A Note for Submission

A Note from the Editor’s Board

Millions of enterprises face threat from COVID-19 and many cities shot down but that is not to the YMC Management Review. Volume 13 is published following the regular step of honor auditor-in-chief, Professor Alex Kung-Hsiung Chang. Editor’s board thanks all the contributors at this hard time.

The YMC Management Review publishes two numbers each year. The first number publishes in English and the second number discuss mainly in Chinese. We welcome all articles ready for submission, regarding the practical management discussion or management cases study.

This number of the YMC Management Review contains four papers. The first article is based on the Tao Te Ching of Lao Tzu in China, expounding the entangled relationship between risk and reward in financial theory. The second paper stands upon Warren Buffett’s view of value investment, and uses multiple factors to screen out the target of value investment. Both works are practical and suggestive in finance. The third paper uses Vietnamese sample to study the organizational attractiveness and applicant intentions regarding to firm’s CSR performance. Finally, we have a discussion on the popular low-cost airlines issue that is critical especially in the post pandemic period. This issue contains theoretical and practical works.

Once again, we invite you to submit your paper to the YMC Management Review any time, and we are looking forward to seeing you in the iFAIRS conference every year in the future.

Editor-in-Chief Li-Hsun Wang