• The Korean Journal of Financial Studies
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• v.13 no.1
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• pp.19-46
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• 2007

우리나라의 상장기업 중 CGI의 산업별 분석결과 강력한 감독기관의 감독과 규제를 받는 금융업의 지배구조가 가장 높은 점수를 얻었으나, 전통적인 제조업이나 어업광업 등의 업종은 낮은 점수를 얻어 지배구조의 개선이 요구된다. 주식시장에서 신호효과(Signaling effect)에 대한 검증결과, 지배구조 우수기업의 발표가 분명히 시장에서 해당기업에게 호재로 작용했음이 분명한데도 불구하고, 주식수익률이 발표일 전후를 기준으로 유의한 차이가 없으므로 기업지배구조에 따른 기업가치는 시장에서 이미 인지되어 주가에 반영되고 있다는 결론을 도출할 수 있다. 이러한 연구는 우리나라에서 아직 부족한 기업지배구조 연구에 있어 새로운 시도로서 증권시장에서 장기투자를 하는 투자자들에게 지배구조가 하나의 투자지표로서 유용한 도구임을 보임과 동시에 지배구조의 개선은 기업의 입장에서도 기업 가치향상과 주주부의 극대화의 방법으로 타당함을 밝히기 위한 것이다.

• The Korean Journal of Financial Management
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• v.26 no.4
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• pp.1-34
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• 2009

We test the effect of corporate cash holdings on firm value by using the KOSPI listed firms over the period between 2002 and 2007 from the agency theories perspective, which has not been the central interest of prior studies. Unlike existing studies, using the manager's ownership ratio or foreign investor's shareholder ratio as a proxy variable for agency costs, we use the individual firm's corporate governance scores by the KCGS to test the effect of agency costs on the value of firm's cash holdings. We find that a firm value is positively related with its cash holdings. We also find that a firm with good corporate governance tends to experience a higher value of its cash holdings, compared with a firm with bad corporate governance. These results are consistent even after controlling for the endogeneity problems between corporate governance and firm value, strongly supporting the agency theory of cash holdings. Therefore, a firm's cash holdings, even from liquidity or precautionary motives, could increase the firm cash value, as long as its managers' interest is shareholders' wealth maximization rather than their private benefits.

• Journal of Digital Convergence
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• v.13 no.2
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• pp.105-113
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• 2015

If the watchdog role of good corporate governance, corporate executives and reduce agency costs and information asymmetries. Corporate governance score higher because enterprise internal control systems and financial reporting system is well equipped with the company management is enabled and corporate performance is higher because the high financial credit rating. Under these assumptions and hypotheses set up this study corporate governance (CGI) has been studied demonstrated how the financial impact on the credit rating (CFR). Findings,

relevant corporate governance (CGI) and financial credit rating was found to significantly affect the positive (+), Regression coefficient code is expected code of positive (+), the value

indicated by the value of all positive. The results of corporate governance (CGI) has showed excellent results, such as the more predictable will increase the credit score financial rating. The results of this study will have more CGI-credit financial rating the greater good. This study might be expected to provide a useful guide that corporate social responsibility, the company with a good governance and oversight systems enable to to get a higher credit rating in practice and research.

• The Journal of Society for e-Business Studies
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• v.25 no.4
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• pp.155-168
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• 2020

Although many studies have been conducted on the impact of increasing social awareness of corporate social responsibility activities on financial and non-financial performances, the number of studies conducted by financial companies is relatively small compared to those conducted by non-financial companies such as manufacturing and service industries. Accordingly, this study explores the impact of corporate social responsibility activities on the Earnings Persistence of financial companies through a regression analysis that utilizes the conversion score of an ESG rating of a Korean listed company provided by the Korea Corporate Governance Service (KCGS) as a variable for the company's social responsibility activities. Through this analysis, the study found that, among the ESG scores that are variables of social responsibility activities, the ESG governance score was significant in the direction of (+) for the Earnings Persistence. In addition, the same study conducted by classifying the entire sample into six sub-industries shows that the ESG governance score in the banking industry was more significant compared to when the regression analysis was conducted on the entirety of the samples. Therefore, this study concludes that the soundness and reliability of corporate governance have a positive effect on Corporate Earnings Persistence.

• Journal of Service Research and Studies
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• v.14 no.2
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• pp.18-36
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• 2024

As interest in ESG has been increased, it is easy to find papers that empirically study that a company's ESG activities have a positive impact on the company's performance. However, research on what ESG activities companies should actually engage in is relatively lacking. Accordingly, this study systematically classifies ESG activities of companies and seeks to provide insight to companies seeking to plan new ESG activities. This study analyzes how Chinese manufacturing companies perform ESG activities based on their dynamic capabilities in the global economy and how they differ in their activities. This study used the ESG annual reports of 151 Chinese manufacturing listed companies on the Shanghai & Shenzhen Stock Exchange and ESG indicators of China Securities Index Company (CSI) as data. This study focused on the following three research questions. The first is to determine whether there are any differences in ESG activities between companies with high ESG scores (TOP-25) and companies with low ESG scores (BOT-25), and the second is to determine whether there are any changes in ESG activities over a 10-year period (2010-2019), focusing only on companies with high ESG scores. The results showed that there was a significant difference in ESG activities between high and low ESG scorers, while tracking the year-to-year change in activities of the top-25 companies did not show any difference in ESG activities. In the third study, social network analysis was conducted on the keywords of E/S/G. Through the co-concurrence matrix technique, we visualized the ESG activities of companies in a four-quadrant graph and set the direction for ESG activities based on this.

• The Journal of the Korea Contents Association
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• v.13 no.2
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• pp.420-430
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• 2013

In this study, we investigate the current status of family friendly management and determinants of its level. We choose measures about family friendly management and use their results from ESG evaluation model by Korea Corporate Governance Service. We find that firms with larger size, lower leverage and higher firm value are more family friendly. And in contrast to previous studies, firms are more family friendly when they have less women to total employees. But firms with higher largest shareholder holdings are less family friendly. These results show that listed firms in Korea should be more family friendly considering their level of woman employment. Also the interest and support from top management are needed for activating family friendly management, but largest shareholder of korean firms are not active yet.