• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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• pp.131-138
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• 2020

In accordance with huge demand for capital to meet the expansion of steel production, there are more and more steel companies who have officially listed their stocks in HOSE and HNX. One of the key issues in successful initial public offerings and seasonal offerings for these companies is how to make stocks of steel companies become more attractive in the eyes of investors. The purpose of this research is to analyze the determinants of share prices of listed steel companies in Vietnam. This study utilized macro-economic variables, ratios and indicators representing characteristics of steel industry collected from Quarter 1/2006 to Quarter 4/2019 in association with the panel data and the feasible generalized least square (FGLS) model to evaluate the degree of these factors on the share prices. The results of the research show that ROE, Cons_rate, and CO2_rate are three main factors affecting the share prices of listed steel companies. Among which, ROE and Cons_rate have a positive effect, while CO2_rate has a negative effect on the share prices of listed steel companies. It also confirms the relationship between the environmental factor, construction industry factor and the stock prices. This lays foundations for recommendations for the future policies towards environmental protection and sustainable development.

• 산경연구논집
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• 제4권1호
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• pp.15-21
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• 2013

Purpose - Our goal was to determine whether there is a relationship between actual profits' deviation from the profits expected in earnings per share's adjustment announcements and the degree of apparent earnings management in annual financial statements. Research design, data, and methodology - The samples consisted of 133 companies from ten industries. The companies were selected among those listed in the stock exchange, and their data were examined covering the two-year period from 2008 to 2010. Tests were conducted using a regression model and SPSS statistical software. Results - The findings indicate the following. There is no significantly positive relationship among the last earnings per share's adjustment forecast, the first earnings forecast per share, and earnings management. Moreover, the amount of the latest earnings per share's adjustment forecast relative to its first forecast is not associated with the companies' discretionary accruals items. Finally, the hypothesis that a relationship exists between companies' latest adjustments of their earnings per share and earnings management was tested the results indicate that there is no such relationship. Conclusions - The study's results suggest that the amount of earnings per share's adjustment is not a motivation for earnings management.

• 한국콘텐츠학회논문지
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• 제22권3호
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• pp.369-379
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• 2022

과학기술과 문화산업의 융합이 심화되면서 중국의 디지털 문화산업이 부상하고 있다. 디지털 문화산업은 디지털 경제 시대에 문화소비에 대한 새로운 욕구를 충족시켜 소비자들에게 신선한 경험을 선사하고 있다. 본 논문은 중국 A주 36개 디지털 문화 상장기업의 2018년~2019년의 공개 데이터를 이용하여 중국 디지털 문화산업 상장기업의 기술혁신 효율성 평가지표체계를 구축했다. 자료포락분석(DEA)을 활용하여 36개 중국 디지털 문화산업 상장기업의 기술혁신 효율성을 평가했다. 연구 결과는 다음과 같다. 첫째, 중국 상장기업 36곳은 기술혁신 효율성이 낮다. 둘째, 상장기업의 연구개발 자원의 배치가 불합리하다. 셋째, 상장기업 간 기술혁신 효율성의 차이가 크다. 따라서 연구개발 자금 투입의 확대, 연구개발 자원의 합리적 배치, 연구개발 인력 도입과 육성 확대, 효과적인 동적 인센티브 메커니즘 구축, '정산학연용(政产学研用)'의 긴밀한 결합 촉진 및 정부 정책의 충분한 발휘 등의 조치를 통해 중국 디지털 문화산업 상장기업의 기술혁신 효율성을 제고해야 한다.

• 아태비즈니스연구
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• 제15권3호
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• pp.17-45
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• 2024

Purpose - This paper studies the impact of digital transformation on corporate performance based on the stakeholder and dynamic capability theories. Digital transformation is divided into digital technologies (big data, artificial intelligence, blockchain, and cloud computing) and digital technology practical applications. Corporate performance includes financial performance and non-financial performance. The mechanism of dynamic capabilities (innovation capability, absorptive capacity, and adaptive capacity) is further explored. Design/methodology/approach - A fixed-effects model is used to construct a panel data of China's Shanghai and Shenzhen A-share listed companies from 2011 to 2023, and Stata is used for empirical analysis. Findings - In general, digital transformation directly improves corporate performance and indirectly promotes corporate performance through dynamic capabilities (innovation, absorptive capacity, and adaptive capacity). After robustness and endogeneity tests, the conclusion still support. In terms of subdivision, the two dimensions of digital transformation and the practical application of digital technology have different effects on corporate financial performance and non-financial performance. Research implications or Originality - Theoretically, the mechanism of digital transformation on corporate performance is fully and deeply explored, filling the research gap whiting this study. Additionally, the model is constructed using the innovation, absorption and adaptability of dynamic capabilities, providing a different perspective. Practically, it helps to alleviate the current situation of some companies "not wanting to transform" or "not daring to transform", and also clarifies how digital transformation can help companies use dynamic capabilities to improve performance. It provides a decision-making basis for government departments to promote the integration of digital economy and real economy, so that digital transformation can better empower and release corporate performance, thereby promoting the development of China's economy.

• 산업경영시스템학회지
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• 제28권1호
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• pp.105-113
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• 2005

I investigate whether the efficient ratios used as the proxies of the agency costs maintained by Ang et al.(2000) is significant. Utilizing a sample of 77 manufacturing companies listed on the KOSDAQ from the TS2000 of the KSDA, The results are as follows. Agency costs are found to be decreasing with the ownership share of controlling shareholders and accounting performance becomes higher. But firm value measured by Tobin's Q ratio becomes lower according as the ownership of the controlling shareholders increases. If agency costs decrease in proportion to controlling shareholder's share, firm value should be higher according to the agency theory by Jensen and Meckling(I976). But the results of the empirical test of this study are inconsistent with Jensen and Meckling's(1976). Therefore the following study on the more useful proxies stand for agency costs should be needed.

• The Journal of Asian Finance, Economics and Business
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• 제7권5호
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• pp.249-258
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• 2020

This study examines and analyzes the effect of innovation on the price to book value mediated by managerial ownership in Indonesian companies. In order to achieve the goals and objectives, the company increases its value by increasing shareholders. Improving the welfare of shareholders can be done through investment and financial policies, and is reflected in share prices in the capital market. The higher the share price, the better the owner's welfare, and the company's value will also increase. The population of this study is the manufacturing companies - as many as 162 - listed on the Indonesia Stock Exchange in 2012-2017. By using a purposive sampling method, 25 companies met the criteria for the sample. The data comes from the companies' annual report taken from the Indonesia Stock Exchange website. The data is further analyzed using partial least square (PLS). The results of the study showed that innovation has a significant effect on price to book value. The companies with high marketing innovation produce high company performance as well. The companies get a commensurate reward from marketing innovation activities to carry out continuous marketing innovations. In addition, managerial ownership does not mediate the relationship between innovation and price to book value.

• 융합경영연구
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• 제4권3호
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• pp.1-6
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• 2016

The purpose of the present study is to investigate the relationship between Managerial overconfidence and vehicle and parts manufacturing firm value of the listed companies on the Tehran Stock Exchange (TSE). The population includes 25 firms selected through systematic sampling. The data is collected from the audited financial statements of the firms provided by TSE's website from 2010 to 2015. In this study the variables, Overconfidence based on earning per share (OEPS), Overconfidence based on capital cost (OCC) has been used to investigate Managerial overconfidence. The results of multiple linear regression analysis show that there is a significant relationship between Overconfidence based on earning per share (OEPS) and firm value. In addition, there is a significant relationship between Overconfidence based on capital cost (OCC) The present research examined the relationship between Managerial overconfidence and vehicle and parts manufacturing firm value of the listed in Tehran Stock Exchange. The results of multivariate regression accepted two the hypotheses of the research. There is a significant relationship between Managerial overconfidence and vehicle and parts manufacturing firm value.

• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.89-97
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• 2021

This research aims to investigate the impact of falling oil prices at the beginning of 2020 on 82 industrial companies listed on the GCC stock markets. The research sample period is divided into two periods pre-COVID and during COVID covering the period starting 1st January 2020 to May 15, 2020. The research uses the Panel Least Square (PLS) method and Panel Generalized Method of Moments (GMM) with fixed and random effects in each country. The results of GMM models reveal a positive relationship between oil prices and the share prices of industrial companies in the Gulf countries, which confirms that the share prices of industrial companies in the Gulf Cooperation Council (GCC) countries have been negatively affected by the decline in oil prices with the beginning of 2020. The findings show that the highest impact of falling oil prices has been recorded in the industrial companies in the kingdom of Saudi Arabia. However, the falling of oil prices does not have a significant effect on industrial companies in the state of Qatar. The research results suggest that GCC economies have to move on the path of non-reliance on Oil and gas-driven economy.

• 아태비즈니스연구
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• 제12권4호
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• pp.63-86
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• 2021

Purpose - The purpose of this study is to explore the impact of the application of accounting conservatism on the investment efficiency of listed companies in China under the background of the current rising environmental uncertainty. Design/methodology/approach - This study collected 14,934 observations of A-share listed companies in Shanghai and Shenzhen from 2013 to 2020, and analyzed the data by means of moderating effect test and multiple regression analysis. Findings - The results show that environmental uncertainty deteriorates the company's investment efficiency. The higher the level of environmental uncertainty, the more prone to over-investment and under-investment. Accounting conservatism plays moderating role between environmental uncertainty and investment efficiency. Among them, the moderating effect of conditional conservatism is to alleviate under-investment of the company under high financing constraints and the over-investment, while it intensifies the under-investment under low financing constraints. The moderating effect of unconditional conservatism is to alleviate the under-investment. Research implications or Originality - This study finds out the internal mechanism of accounting conservatism affecting investment efficiency, which not only helps to understand about the value of accounting conservatism standards, but also helps to improve the investment efficiency of listed companies.

• The Journal of Asian Finance, Economics and Business
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• 제9권10호
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• pp.85-96
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• 2022

CEO duality and its impact on firm performance represent one of the most contentious issues in both academia and business. This study, therefore, aims to examine the moderating role of CEO duality in the relationship between intellectual capital Efficiency (human, structural, relational, Capital Employed, and Innovation) and firm performance (earnings per share and Tobin's Q) among Jordanian companies. The study sample consists of services listed companies on Amman Stock Exchange. The study used panel data for the period 2014-2018 with a sample size of 230 observations. SPSS software was used to analyze the collected data. The regression results indicate a significant relationship between, IC and firm performance. When CEO Duality is incorporated into the model as a moderator, there is an increase in the R² by 7.9%. The findings from this study expand the theoretical underpinning of corporate governance research by identifying the performance implications of CEO duality within the Jordanian context. It also contributes significantly to the literature review about the current status of the practices taken in the intellectual capital components efficiency among companies listed on the Amman Stock Exchange. Findings from this study also provide contributions to the concerned policymakers such as the Ministry of Finance, Securities Commission, and Amman Stock Exchange in Jordan, to improve the current policies related to intellectual capital efficiency.