• Journal of the Korea Convergence Society
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• v.12 no.8
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• pp.207-214
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• 2021

Existing studies have shown consistent results that a diversification discount phenomenon occurs, which means that the value of the company decreases as the degree of diversification of a company increases. Nevertheless, it is explained by the agency theory as a factor that continues to promote diversification by companies. And in order to solve the agency problem, it is important to form an effective governance structure. In order to solve these problems, this study aims to study how the directors' concurrent information affects the monitoring effect of the board of directors through this affects diversification.To this end, research was conducted on KOSPI companies for 6 years from 2011 to 2016.As a result of the analysis, in the case of the concurrent appointment of the CEO and the inside director, there was a positive (+) effect, but the significance could not be confirmed. In the case of adjunct appointments as outside directors, positive results were confirmed that were significant for diversification.

• Journal of the Korea Society of Computer and Information
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• v.27 no.4
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• pp.161-167
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• 2022

This study aims to analyze the relation between management efficiency and financial performance in public institutions. Based on 135 public institutions published in public business information system from 2017 to 2020, Data Envelopment Analysis(DEA) for estimating management efficiency was performed. This study analyzed the relationship between DEA and financial performance included ROA and ROS using multi-regression analysis. The results of this study are as follows; We find that there is significant positive relation between management efficiency and ROA. We also find this significant relation in model with ROS. This finding implies that management efficiency a factor that improve financial performance in public institutions. The results of this study can provide an important empirical evidence for evaluating the strategy of governance to improve financial performance by enhancing management efficiency.

• Journal of Korean Society for Quality Management
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• v.51 no.2
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• pp.171-184
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• 2023

Purpose: First, this paper suggests an alternative approach to find optimal portfolio (stocks, bonds and ESG stocks) under the maximizing utility of investors. Second, we include ESG stocks in our optimal portfolio, and compare improvement of welfares in the case with and without ESG stocks in portfolio. Methods: Our main method of analysis follows Brennan et al(2002), designed under the continuous time framework. We assume that the dynamics of stock price follow the Geometric Brownian Motion (GBM) while the short rate have the Vasicek model. For the utility function of investors, we use the Power Utility Function, which commonly used in financial studies. The optimal portfolio and welfares are derived in the partial equilibrium. The parameters are estimated by using Kalman filter and ordinary least square method. Results: During the overall analysis period, the portfolio including ESG, did not show clear welfare improvement. In 2017, it has slightly exceeded this benchmark 1, showing the possibility of improvement, but the ESG stocks we selected have not strongly shown statistically significant welfare improvement results. This paper showed that the factors affecting optimal asset allocation and welfare improvement were different each other. We also found that the proportion of optimal asset allocation was affected by factors such as asset return, volatility, and inverse correlation between stocks and bonds, similar to traditional financial theory. Conclusion: The portfolio with ESG investment did not show significant results in welfare improvement is due to that 1) the KRX ESG Leaders 150 selected in our study is an index based on ESG integrated scores, which are designed to affect stability rather than profitability. And 2) Korea has a short history of ESG investment. During the limited analysis period, the performance of stock-related assets was inferior to bond assets at the time of the interest rate drop.

• Korea Trade Review
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• v.47 no.5
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• pp.289-304
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• 2022

Korea's LNG and crude oil are the most important energy and export raw materials, but 100% import resources by overseas. However, tanker shipping companies, which play the most crucial role in energy cargo security, are very small in number and size, which can be a factor in the supply chain crisis. Therefore, this paper studied the policy of expanding tanker transportation necessary for the transport of crude oil and LNG in Korea. In the existing literature, there was no policy study necessary for tanker ships, but referring only to the importance of overseas energy development and transportation, so we tried to derive various demands necessary for expanding the tanker fleet through expert interviews and AHP which was conducted on 89 related energy institutions to derive policies and their priorities. The results of the study are as follows. As for the policy, the financial support policy was the highest priority, followed by the business and the mutual cooperation policy of related agencies. Tax support (22.6%) and ship financing (19.4%) were the highest priorities, followed by the Energy Intermediate Promotion Act (11.9%), Tanker Guarantee Insurance (10.6%), Energy Budget Independence (9.3%), and Korea Trader Development (8.2%). Energy governance (6.3%), information center establishment (6.2%), and energy procurement committee (5.5%) ranked seventh, eighth, and ninth. The research results show that it is necessary to supply sufficient ships to the market through the expansion of ship finance for tankers and to follow business support policies such as guarantee insurance. In addition, it was also possible to derive that the financial resources need to be determined by law and independent budgets for consistency and continuity.

• Journal of Korean Society of Rural Planning
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• v.30 no.1
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• pp.43-55
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• 2024

The purpose of this study is to examine residents' perspectives on factors contributing to rural decline, including population decrease and landscape degradation, with the goal of proposing strategies to revitalize rural spaces in response to these challenges. After exploring rural decline issues in Jinan, a questionnaire was developed based on a review of existing research. Following this, participants were selected, and Focus Group Interviews(FGI) were conducted. Through the analysis of the findings, strategies for local revitalization were suggested in four sectors. Based on the research findings, there is a need to reassess public transportation and vacant property projects. On the social front, preventing the misuse of rural relocation policies and enhancing residential environments through spatial clarity are essential. Environmentally, clustering renewable energy and livestock facilities and attracting educational facilities are necessary to minimize disruption to rural landscapes. From a governance perspective, fostering entrepreneurship in rural tourism and business models utilizing the local landscape is crucial for an increase in regional visits. This study holds significance by emphasizing the practical situation of rural decline, steering away from resource-centric or business-focused policies. It underscores the potential usefulness of integrating this understanding into detailed planning within policies aimed at tackling rural decline.

• Asia-Pacific Journal of Business
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• v.15 no.3
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• pp.139-172
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• 2024

Purpose - This study investigates the relationship between corporate ownership structure and technological innovation for Chinese listed firms. Specifically, we analyze four ownership characteristics: concentration, constraints, alignment, and foreign/domestic institutional investor ownership, and use patent applications to measure innovation. Design/methodology/approach - Employing a quantitative research design, this study uses panel data of Chinese listed companies during the period from 2015 to 2021. The empirical analysis relies on multiple regression models, including Tobit models and two-stage least squares estimation, to assess the relationship between corporate ownership structure characteristics and innovation. Robustness checks are conducted using lagged dependent variables and subgroup analyses based on firm age, ownership type, and stock exchange listing. Findings - First, it provides empirical evidence on the non-linear relationship between ownership concentration and innovation, suggesting that there is an optimal level of ownership concentration for promoting innovation. Second, it highlights the importance of equity constraints in influencing innovation, showing that both excessive and insufficient equity constraints can hinder innovation. Third, the study demonstrates the negative impact of aligned ownership and control on innovation, suggesting that separation of ownership and control may be beneficial for fostering innovation. Fourth, it sheds light on the differential impact of domestic and foreign institutional investors on innovation, suggesting that foreign institutional investors may play a more positive role in promoting innovation. Research implications or Originality - The significance of this study's results lies in the fact that we empirically analyze the relationship between corporate ownership characteristics and technological innovation, thereby suggesting the direction of a desirable corporate governance structure that listed companies should pursue depending on their circumstances. This research contributes to a deeper understanding of the ownership characteristics that influence technological innovation and provides valuable insights for policymakers and corporate managers.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.895-907
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• 2020

Information transparency ensures that market players all have the opportunity to access the same information to come up with their assessment of the banks' financial situation, performance and risks to reach effective investment decisions. This research is conducted to investigate the levels of impact of determinants on information transparency by examining the case studies of Vietnamese commercial banks. This study combines both qualitative and quantitative research methods, based on interviews of 32 specialists in banking, accounting and auditing fields, which were conducted to explore determinants influencing information transparency and to develop measurement scales. Then, a survey of 160 managers of commercial banks, audit firms, and accounting managers of firms who frequently had transactions with banks was carried out to investigate the statistical significance of these determinants. The results show that, out of seven determinants that have significant impacts on the banks' information transparency, commitment from banks' senior management regarding transparency in information disclosure has the highest impact, followed by state governance, auditing, information infrastructure, credit rating agencies, personnel and bank performance. Accordingly, we provide some recommendations for improving information transparency in the Vietnamese banking industry context as a case study and in emerging countries context in general.

• The Journal of Information Systems
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• v.24 no.2
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• pp.73-96
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• 2015

Purpose Information security industry is rapidly growing, but has been confronted with many challenges in a business environment. One of them is the imbalance between supply and demand of information security manpower, which has caused an insecure market situation. Therefore, this study has derived factors of promoting and hindering information security manpower from governance, academics, corporations, and workforce perspectives, and has analyzed a sequence of cause and effect of each factor. Design/methodology/approach This study is an exploratory research based on the interviews. The causal loop diagram (CLD) was developed to deduce key issues and propose alternatives. Findings The result of this study is expected to help the development of information security manpower in Korea, by minimizing the potential negative effects as well as maximizing the positive effects. This study found out the dynamic causes and effects of the security manpower system in each stakeholder's perspective. The cause-and-effect relationships between the stakeholders will be able to contribute to solve the imbalance of supply and demand in security manpower system.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.6
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• pp.305-316
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• 2020

This paper aims to examine the application of cost-volume-profit (CVP) analysis by public universities in Vietnam. In the context where Vietnam is gradually transferring financial autonomy to public universities, the conduct of a CVP analysis in relation to these public universities is particularly urgent. Research samples were collected in 2018 and 2019 by surveying Vietnamese public universities. After collection, the data is synthesized by excel file, conformity check, data cleansing and data analysis on SPSS software by tools such as Frequency statistics, price statistics, and means. The results show that: (1) universities used the CVP analysis in decision-making, (2) information related to the CVP analysis used for decision-making by administrators remained simplistic and lacked cost-control details, and (3) the application of the CVP analysis by university administrators for decision-making was neither comprehensive nor coordinated. The findings also show that, given the current conditions in Vietnam, increasing the governance in public universities is essential, as is contributing to reducing costs, increasing universities'income, providing the best service to students, and improving the quality of training. The study calls for the flexible application of the CVP analysis, which will provide information to help managers at Vietnamese public universities make the best decisions.

• Knowledge Management Research
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• v.17 no.4
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• pp.105-127
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• 2016

There is a growing awareness about the role of the board of directors in decision making, which is crucial to vitalize board activities in Korean firms. Given the academic and social needs, the current study is designed to identify the relationship between board independence and the board involvement of directors, highlighting the important aspects of information provision from diverse channels and information sharing among external directors. In this study, I include not only traditional variables to address the structural independence of the board but also the information provision and information sharing variables to explain how external directors, on average, are involved in board decisions. The research results from 136 Korean business samples show positive relationships between board independence and board involvement, but the influence of information provision and sharing proves to be significant in increasing the level of the board involvement of external directors. These findings suggest that active communication and information sharing among external directors, as well as an independent structural design for the board of directors, are important factors to improve the level of board involvement. Based on these results, the current paper provides theoretical and practical implications for corporate governance and knowledge management. Future research directions and limitations are also discussed.