• Journal of Digital Convergence
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• v.9 no.1
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• pp.107-114
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• 2011

In order to have the highest level of a certain society's technology be evaluated as digital contents technology the value concept of such technology's social utilization must be established while active investment on the technology takes place and makes it the subject of social capitalization. This study wishes to discuss the strategies and methods of establishing and managing IP holding company which requires business activation with digital contents technology at its base, research ways of vitalizing IP holding company to expand social utility values of contents technology, suggest necessary systemic improvements and investment activation methods, management structure, and governance structure by investigating ways to stimulate the industrialization of contents technology through the establishment and management of this IP holding company, and finally come up with a realistic measure to establish and manage a IP holding company. Strategies on commercialization of digital contents technology and acceleration of technology development, as well as activation of venture business set-ups will be analyzed and suggested based on such suggestions while IP holding company's digital contents technology investment activation model will be established to produce means to realize discovering superior contents companies and activation of investment, and activating high quality contents production for the global market.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.241-250
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• 2020

This study examines the relationship between the attributes of board structure and the likelihood of financial distress for the non-financial sector of an emerging market characterized by concentrated ownership and family-controlled business. The present study utilized panel logistic regression to estimate the relationship between board structure attributes and the likelihood of financial distress. We used Altman Z-Score as a proxy for firm financial distress, as this tool measures the financial distress inversely. The study finds a significant relationship between board size and the likelihood of financial distress. The results show that a one-unit increase in board size would decrease the probability of financial distress by 3.4%. Further, we observe that a greater level of board independence is associated with a lower likelihood of financial distress. A one-unit increase in board independence would decrease the probability of financial distress by 20.4%. We also find a significant positive impact of leverage on the likelihood of financial distress. The present study contributes to the body of literature on board structure attributes and likelihood of financial distress in emerging markets, like Pakistan. Furthermore, the findings would be beneficial for corporate policymakers and investors in formulating corporate financial strategy and predicting business failure.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.217-227
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• 2021

This study aims to examine the effect of institutional ownership, independent board of commissioners, audit committee, and profitability (RNOA) on tax avoidance in banking companies listed on the Indonesia Stock Exchange over the 2014-2018 period. The sampling method employed in this study was the cluster sampling method. The population was all banking companies listed on the Indonesia Stock Exchange for the period 2014-2018. The sample selection results using the purposive sampling method during the observation includes 209 companies that published complete annual reports and their financial report notes as of December 31, 2018. The results revealed that institutional ownership and independent board of commissioners did not affect profitability. Profitability also did not affect tax avoidance. Further findings showed that institutional ownership and audit committee positively affect tax avoidance. From the result of Sobel test, this study indicated that profitability cannot mediate the effect of institutional ownership, independent board of commissioners, and audit committee on tax avoidance. This study has succeeded in proving empirically that there was a significant effect of the audit committee on profitability, institutional ownership on tax avoidance, and the audit committee on tax avoidance. Therefore, this study supports the agency theory and the research model from previous studies.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.1
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• pp.179-185
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• 2021

The aim of this study is to examine the impact of board of directors' activity on the audit committee's effectiveness score among manufactured listed companies on Saudi Stock Exchange (Tadawul) for the period 2015-2017. The final sample of this study consists of 195 firm-year observations that represent manufactured companies listed on Saudi Stock Exchange (Tadawul) for the years 2015-2017. The data of this study in terms of board of directors' meetings, audit committee size and meetings, firm leverage, firm performance, and firm age were hand-collected from the annual reports of the considered companies. The Pooled OLS regression's result indicate that audit committee's effectiveness score is influenced by the board of directors' activity. This result gives support to the agency theory prediction. This result is also consistent with the complementary function of corporate governance mechanisms in which board of directors' activity complements the function of audit committee's effectiveness score. The result of this study should be useful for manufacturing companies, Saudi Stock Exchange, auditors, and regulators which relates to the association between board of directors' activity and audit committee's effectiveness score. This study provides a new empirical evidence on the impact of board activity on the audit committee's effectiveness score in an interesting context which is Saudi Arabia.

• Asia-Pacific Journal of Business
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• v.10 no.4
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• pp.77-86
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• 2019

The purpose of this study is to examine how the characteristics of family firms affect stock price crash risk. Prior studies argued that the opacity of information due to agency problem causes a plunge in stock prices. The governance characteristics of family firms can increase information opacity which leads to crash risk. Therefore, this study verifies whether family firms have a high possibility of stock price crash risk. We use a logistic regression model to test the relationship between family firms and stock price crash risk using listed firms listed on the Korean Stock Exchange during the fiscal years 2011 through 2017. The family firm is defined as the case where the controlling shareholder is the chief executive officer or the registered executive. If the controlling shareholder's share is less than 5%, it is not considered a family business. We found that family firms are more likely to experience a plunge in stock prices. This supports the hypothesis of this study that passive information disclosure behavior and information opacity of family firms increase stock price crash risk.

• The Journal of Asian Finance, Economics and Business
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• v.10 no.2
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• pp.163-174
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• 2023

This study aims to investigate the effect of the composition of the board and ownership structure on a firm's value in Jordanian firms. Specifically, it aims to determine the effect of board size, (CEO) duality, and family, foreign, institutional, and government ownership on a firm's value. An ordinary least square regression (OLS) was employed to examine the study hypotheses in a sample of 35 Jordanian industrial firms (175 firm-year observation) for a period of five years from 2016-2020. As measured by Tobin's Q (Q ratio) and market-to-book (MB ratio) for Jordanian industrial firms listed on Amman Stock Exchange (ASE). The result found that foreign ownership, institutional ownership, and family ownership have a significant and positive effect on firm value. By contrast, government ownership does not have a significant effect on firm value. With respect to board composition (CEO duality and board size), the study results found no evidence to support the effect of board composition on firm value. The study recommended the concerned authorities with several recommendations, most notably: taking the necessary measures to ensure the continuity and growth of family businesses because of their positive impact on the value of the company and economic growth, spreading awareness about how governance protects the interests of investors.

• East Asian Journal of Business Economics (EAJBE)
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• v.10 no.1
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• pp.123-136
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• 2022

Purpose - Diversity subject is rising globally, as the proportion of women in the workforce increased to a large extent and the variety of resources became greater. Diversity attempts have appealed more awareness to the value of female participation in various areas, notably in the boardroom and corporate governance. This study tests the relationships among gender diversity, openness, and innovation, at the firm level across countries from the MOI Survey. Research design, data, and methodology - In this study the relationships among gender diversity, openness, and innovation were investigated at the firm level across countries from the Management, Organisation, and Innovation (MOI) Survey. A cross-cultural analysis was conducted based on the empirical evidence from six countries: Germany, India, Lithuania, Poland, Romania, and Russia. Result - The results show that gender diversity is positively related to innovation performance, moreover openness is positively associated with the level of firm innovation. In addition, a company's capability to use knowledge from outside and the creation of new combinations positively influence a firm's potential to innovate. Conclusion - This study suggests that the more gender-diverse top management team and the higher openness may bring the firm's innovation with greater possibility. the paper encourages more female participation on top management on the grounds of recommending that firms with greater gender diverse top management teams.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.3
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• pp.365-375
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• 2022

This study examines the relationship between board gender diversity and financial performance. The annual data of Palestinian nonfinancial listed enterprises from 2015 to 2019 was analyzed using a longitudinal panel analysis for the study's purposes. When conditional mean regression methodologies were used in the study, the results indicate that there is an insignificant relation between board gender diversity and firm financial performance. However, when analyzing women directors' effect on a firm's financial performance, endogeneity is always a concern, therefore, we test for endogeneity by employing the Darbin-Wu Housman test and then by using 2SLS. Nevertheless, when looking at the dispersion of a firm's performance using quantile regression, the results show that having women on the board improves financial performance slightly, especially for high-financial-performing firms. The findings indicate that there is a legal significant gap hindering the protection of gender diversity in boardrooms, and limiting the existence and representation of women in leadership positions, specifically, board of directors. The results of this study contribute to corporate governance and business culture literature by shedding the light on the importance of board gender diversity, to improve the firm financial performance, and hence, protect the interests of all shareholders' categories.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.1065-1071
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• 2020

The study aims to analyze the supply chain role of supervision, discipline, work climate, and organizational learning on the performance of community services at the public works. This study took a sample of employees through purposive sampling technique at the Public Works Office and Bina Marga in a regency in East Java. Data through questionnaire was collected through a 5-point Likert scale model. The results show that the application of employee discipline affects the performance of public services, with a contribution of 39.7%, meaning that discipline and organizational learning are implementation factors that have an effect on public service performance. In stepwise regression analysis, the supervisory factor has a correlation with service performance, but it is less relevant, while the work climate is not relevant as a predictor variable to improve public service performance. The study revealed the importance of the supply chain policy of implementing good and clean governance and the enactment of the performance appraisal of the government apparatus established through Good Corporate Governance of the state apparatus. The findings provide a basis to encourage the public sector performance to smooth every step of supply chain management of every government project work, especially in the field of public services.

• Journal of Distribution Science
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• v.16 no.5
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• pp.31-43
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• 2018

Purpose - We examine how a Korean retail firm's social responsibility is related to its financial performances. The traditional view of corporation expects a negative relationship, while the stakeholder theory expects a positive one. Research design, data, and methodology - We adopt the ESG score, published by Korean Corporate Governance Service to measure the level of socially responsible activity for the Korean retail firms. The ordinary least square method is adopted to investigate this relationship. The publicly traded retail firms are examined from 2011 to 2016. Results - We find that the total ESG score is negatively related to ROE but shows no statistically significant relationship with ROA and Tobin's Q value. However, a firm's environmental score is negatively related with both of ROE and ROA. Its social score is no conclusive relationship with the performance measures. The governance score is negatively related to the value of Tobin's Q. Conclusions - This paper generally supports the traditional view of corporate theory, especially in terms of ROE. This evidence is not well aligned with the existing study for Korean corporations generally documenting positive relationships. We find almost no empirical evidence supporting the stakeholder theory of corporation in the Korean retail industry.