Purpose - We aim to verify whether CSM activities increase investment efficiency, and to verify whether the influence of CSM activities on investment efficiency is discriminatory depending on whether or not they belong to chaebol. Design/methodology/approach - Using 4,701 Korean firm-year observations over the 2011-2017 period, we used multiple regression analysis. CSM is measured by the evaluation score of the Korea Corporate Governance Service (KCGS). Findings - Our study confirms that CSM is a significantly positive relationship with investment efficiency. This shows that, as a result of CSM, the increased earnings quality acts as an incentive to increase investment efficiency. Next, in analysis of a dataset into two groups (a chaebol, non-chaebol), the results show that the relationship between CSM and investment efficiency differs among detailed indicator activities depending on whether or not they belong to chaebol. Research implications or Originality - It is significant that this study focused on and analyzed CSM as a determinant of investment efficiency, and examined the effects of whether or not it belongs to chaebol in the relationship between CSM and investment efficiency. Our results, which suggested that CSM can increase investment efficiency, are expected to provide important implications not only for managers but also for investors and supervisors.

Purpose - This study analyzes the situational relationship between the components of job crafting and innovation performance, and based on this, suggests practical alternatives to the effect of the control variables of organizational support. Design/methodology/approach - For this survey, 350 questionnaires were distributed to Korean SME workers from October 5, 2020 to March 20, 2021, and 230 questionnaires were collected. In order to check the validity of the questionnaire, the questionnaire judged to be inappropriate in response was excluded. The recovery rate was 65.7%, and the effectiveness of the questionnaire was 82%. Structural equation model and hierarchical regression analysis are used to analyze those data. Findings - First, job enhancement through job redesign as well as organizational support is a key task in order to expect innovative results from field members. Innovative performance is not created by individual jobs, but is created between jobs and jobs, tasks and tasks, teams and teams, and departments and departments. This is why it is worth paying attention not to the functional approach, but to the interconnection structure of the process. Research implications or Originality - In this study, it was analyzed that structural job resource increase and social job resource increase, which are components of job crafting, had a positive effect on innovation performance, and that challenging job will had no significant effect. Challenging work will itself does not negatively affect innovation performance. Combining the survey and interview, field members who make up the majority of respondents say that they do not lack the will to work. They claim that there is no channel or opportunity to express or practice a challenging will.

Purpose - The purpose of this paper is exploring whether the characteristics and heterogeneity of the TMT play a moderating role in CSR and corporate value or not. Design/methodology/approach - The literature research method includes collecting, organizing, and analyzing the literature on the characteristics and heterogeneity of the TMT, the effect of corporate social responsibility (CSR), and corporate value. We analyze the contributions and limitations in existing research, grasp the current research status, and develop the research content of this article. The empirical analysis method is based on the data of Chinese A-share listed companies from 2001 to 2017. This allows us to study the moderating effect of the characteristics and heterogeneity of the TMT on CSR and corporate value. Findings - The TMT age, education degree, overseas background, and compensation have a positive moderating effect on CSR and corporate market value. The comprehensive heterogeneity of the TMT also has a positive effect on CSR and financial performance. Research implications or Originality - The research on the relationship between CSR and corporate value is still inconclusive. Some results have found a positive relationship, while others show a negative relationship. Studies exist that report mixed findings as well. This study has attempted to clarify this problem by adding potentially missing variables related on the TMT characteristics and heterogeneity, investigating causality effects.

Purpose - The purpose of this study was to analyze the impact of a company's competitive strategy on corporate performance in the highly competitive Chinese automotive industry. Design/methodology/approach - This study collected 14 survey data from automotive companies in China which be listed more than one year. We chosen the exploratory study with deriving research assignments, and the final research results are presented as propositions to proceed with the study. Findings - First, in the Chinese automobile industry, a company's competition strategy has a positive impact on corporate performance. and also the Differentiation strategy and the Low-cost strategy both have a positive impact on corporate performance. In addition, a company pursuing the Differentiation strategy that it would achieve better corporate performance than a company pursuing the Low-cost strategy. Second, it has been shown that the hybrid strategy rather than the pure strategy in the Chinese automobile industry can achieve higher corporate performance. Research implications or Originality - First, the type of competitive strategy in Chinese automotive industry were identified through the original strategies presented by Porter and Murray, and the impact of the Low-cost and the Differentiation strategies on corporate performance was analyzed. Second, contributing to the study of pure and hybrid strategies that are still under discussion now. Third, it also suggested practical implications that companies in China's automotive industry should pursue cost or differentiation advantages to secure competitive advantage.

Purpose - The purpose of this paper is to examine the impact of holding period of IPOs on BHAR(CAR) of IPOs in IPO process, especially focused on business relationship of underwriters and institutional investors. Design/methodology/approach - This paper collected monthly IPO fund data in KOSDAQ during 2004 to 2012 and OLS(Ordinary Least Square) was hired to analyze the data. Findings - Underwriters do allocate IPOs with high BHAR(CAR) to business-related institutional investors holding IPOs longer to make the price of IPOs stable (market-making) for underewriters. Research implications or Originality - This paper finds the impact of holding period of IPOs on BHAR(CAR) of IPOs in IPO process, especially focused on business relationship of underwriters and institutional investors in Korea.

Purpose - The purpose of this study was to examine the effects of privatization of Chinese state-owned enterprises (SOEs) on their initial returns and long-term performance after initial public offering(IPO). Design/methodology/approach - This study used 1,599 Chinese IPO firms, some of which were SOEs. The multivariate regression analyses were implemented to analyze their effects. Findings - First, the privatization of SOEs does not have any statistically significant effect on the initial return of IPO firms. Second, the shareholdings of government prior to IPOs for both privatizing of SOEs and non-privatizing firms and for both exchanges of Shanghai and Shenzhen have a statistically significant positive effect on the initial return of IPO firms. Third, the privatization of SOEs has statistically significant negative effect on the long-term returns of IPO firms. Fourth, the state-shareholdings prior to IPOs have statistically significant negative effects on the long-term return of IPO firms. Fifth, the state-shareholdings of the privatizing SOEs prior to IPOs have statistically significant positive effects on the long-term return of IPO firms. Research implications or Originality - The results imply that the higher shareholdings and ownership of the Chinese government on SOEs reduce the information asymmetry for the investors of IPO shares or maybe due to inefficiency of SOEs prior to IPOs lead to lower offer prices or higher opening prices leading to severe underpricing and relatively lower stock market returns in the long-run both for the privatizing firms and for the higher state-shareholding firms, while both factors interactively improve their long-term stock market returns.

Purpose - This study aimed to clarify the effects of tax investigation probability on accounting transparency in KOSDAQ firms by using financial statement. In particular, it was analyzed whether the characteristics of a firm's listed market have a discriminatory effect on the relationship between the tax investigation selection rate (or detection rate) and earnings management. Design/methodology/approach - This paper examines analyzed the effect of tax investigation of the National Tax Service on the earnings management. The sample includes 9,603 firms listed on KOSPI and KOSDAQ from 2011 to 2018, all of which are manufacturing firms. This study conducted correlation and multiple regression analyses to verify the relationship between tax investigation probability and earnings management. The possibility of a tax investigation is the selection rate and the detection rate, and the profit adjustment was estimated at discretionary amount. Findings - As a result of empirical analysis, both firms listed on KOSPI and KOSDAQ markets showed that the higher the tax investigation rates, the more significant the possibility of reducing the earnings management of discretionary accruals. Additionally it was found that in KOSDAQ markets firms, the tax investigation detection rates had a signigicant nagative effect on discretionary accruals. Research implications or Originality - It can be interpreted that firms with a high rates of receiving a tax investigation decrease earnings management consideration of expenses such as additional tax amount due to the tax audit or a decline in corporate image.

Purpose - The main purpose of this study is to investigate service industry employee' perceptions of Work-Life-Balance (WLB) and the influences of these perceptions on their overall Quality of Life (QOL). The study hypothesizes that employees' overall Quality of Life is influenced by Work-Life-Balance. Design/methodology/approach - The target population for this research consisted of service industry employees. The data was collected using the online-survey method and 449 usable responses were analyzed using AMOS program. Findings - The results indicated that psychological environment and family environment positively affected overall quality of life each, and work environment negatively influenced on overall quality of life. Research implications or Originality - Despite the importance of Work-Life-Balance (WLB), most of previous studies have investigated WLB from company perspective while limited research has examined employees' WLB perceptions. The findings of this study enrich knowledge of WLB from employee perspective especially in service industry.

Purpose - The purpose of this study is to identify the preceding factors that form pro-social tourism behavior intent in a pendemic situation and to present theoretical and practical implications for the role of individuals for a safe tourism environment. Design/methodology/approach - This study conducted an analysis by collecting 420 valid questionnaires targeting citizens who have lived in Korea continuously for more than one year. For the analysis, a confirmatory factor analysis (CFA) and a structural equation model (SEM) were used, and a multi-group confirmatory factor analysis (MCFA) and a multi-group structural equation model (MSEM) were used to verify the difference by age group. Findings - First, cognitive and affective risk perception for Covid-19 had a significant (+) effect on the ascription of responsibility to tourists, and affective risk perception and ascription of responsibility had a significant (+) effect on personal norms. Second, personal norms have been shown to have a significant (+) influence on prosocial tourism behavior intention, and prosocial tourism behavior intention has a significant (+) influence on WTP on safety tourism. Research implications or Originality - Tourism behavior in a pendemic situation can affect the spread of infection. In this respect, this study attempted to confirm how moral norms affect pro-social tourism behavior from a personal point of view. In addition, we tried to present practical implications by identifying the impact of personal norms on willing to pay for a safe tourism environment.

Purpose - The purpose of this study was to examine the recent popular consumption trend, the hocance phenomenon, using social media big data. The study intended to present practical directions and marketing measures for the recovery and growth of the hotel industry after COVID-19 pandemic. Design/methodology/approach - Big data analysis has been used in various fields, and in this study, it was used to understand the hocance phenomenon. For three years from January 1, 2018 to December 31, 2020, we collected text data including the keyword 'hocance' from the blog and cafe of NAVER and Daum. TEXTOM and UCINET 6 were used to collect and analyze the data. Findings - According to the results of analysis, the words such as 'hocance', 'hotel', 'Seoul', 'travel', 'swimming pool', 'Incheon', 'breakfast', 'child' and 'friend' were identified with high frequency. The results of CONCOR analysis showed similar results in all three years. It has been confirmed that 'swimming pool', 'breakfast', 'child' and 'friend' are important when deciding on the hocance package. Research implications or Originality - The study was differentiated in that it used social media big data instead of traditional research methods. Furthermore, it reflected social phenomena as a consumption trend so there was practical value in establishing marketing strategies for the tourism and hotel industry.

Purpose - This study intended to identify the effects of varied institutional systems and policies that regulate or define operations of enterprises upon the profitability of private enterprises through case analysis. Design/methodology/approach - The systems and differences in the institution and commodity distribution in Korea and Japan, which define the operation of the "Garak Wholesale Market" and "Ota Wholesale Market". We were examined in the presentthis study, and the statistical data pertinent to the trade volume and profitability of wholesale market corporations that substantially run both markets, were analyzed. Findings - The competition among the corporations that run the "Garak Wholesale Market" substantially is limited due to regulations over the mode of transaction and monopoly of trust thereby significantly higher level of profitability and safety are guaranteed. However, the institutional autonomy that enabled each distributor in the "Ota Wholesale Market" to compete with each other freely caused the distributors therein face difficulties in securing stable profits due to the relatively poor level of profitability resulted from the autonomy. Research implications or Originality - It seems the autonomy in commercial transaction in the "Garak Wholesale Market" in Korea needs to be secured to promote the competition of distributors therein through an amelioration of institutional systems and amendment of relevant laws that prescribe current management of various distributors/operators in the market.

Purpose - The purpose of this study is to analyze the effects of non-tariff barriers on the Free Trade Agreement. Currently, it has achieved significant export effects by signing free trade agreements with many countries in Korea. However, most countries have implemented non-tariff barriers to protect their industries. This study analyzes the effects of non-tariff barriers in counterpart countries that have signed a free trade agreement. Design/methodology/approach - For analysis, first, prior studies were summarized, and second, the current status of free trade agreements and non-tariff barriers were identified. And, based on the current situation, the relationship between non-tariff barriers and export volume was analyzed. The targets of analysis are the United States, China, and Vietnam, which are Korea's three largest exporters. As for non-tariff barriers, anti-dumping tariffs, countervailing tariffs, and emergency import restrictions were analyzed as import regulatory measures. Findings - In the case of the United States, it can be seen that the decline in textiles, steel and electronics sectors is even greater. In the case of China, it can be seen that exports declined after imposing non-tariff barriers in the steel sector. Finally, it can be seen that exports declined after Vietnam implemented a non-tariff barrier on the steel sector. It was found that non-tariff barriers offset the effects of the Free Trade Agreement. Research implications or Originality - Currently, Korea has free trade agreements with numerous countries. However, after the free trade agreement entered into force, the number of annual average import regulation investigations for Korean products is on the rise. In the end, the implementation of non-tariff barriers is offsetting the effects of free trade agreements. Therefore, when signing a free trade agreement, it is necessary to thoroughly prepare for import regulatory measures such as the insertion of provisions of non-tariff barriers.

Purpose - Due to the Covic-19 pandemic, the perceived value of video conferencing platforms has been increased drastically. However, there is little guidance on how service providers can improve video conferencing platforms. The purpose of this study is to investigate the factors that influence the users' perceived value of video conferencing services based on the heuristic-systematic model and the value-based adoption model. Design/Methodology/Approach - In this paper, we theoretically explore the relationship of the antecedents of perceived value(credibility, expertise, attractiveness, economic feasibility, security, and interactivity) and its outcomes (perceived usefulness, perceived risk and perceived value). The outcomes of this research is a conceptualization of antecedents of perceived value supported by research hypothesis based on the existing literature. A total of 100 valid questionnaires were collected to empirically test the research model. Findings - The analysis results showed that credibility, economic feasibility, and interactivity positively influenced perceived usefulness. On the other hand, credibility, professionalism and interactivity negatively influenced perceived risk. Perceived usefulness positively affects perceived value and perceived risk has a negative effect on perceived value. The brand image as a moderating variable was found to decrease the effect of perceived risk on perceived value. Research Implications - The contribution of this study is significant for video conferencing providers as follows. First, a service provider can actively utilize influencers or referees with high credibility and expertise to maximize the perceived usefulness of users. Second, economic feasibility should be ensured in respect of users through various alliance discount strategies. Third, a video conferencing service company needs to build a positive brand image in order to increase users' perceived value.