• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.551-559
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• 2021

The maturity structure of corporate debt is one of the significant financing choices that a firm must make simultaneously while deciding how to finance its operational and investment decisions. Even though the capital structure is one of the scrutinized topics of interest in the corporate finance literature, scarce studies have investigated corporate debt maturity, even less so in the context of emerging markets. The choice of a suitable debt maturity structure is exceptionally relevant for firms. It can enable them to avoid mismatch by aligning assets in line with liabilities, addressing agency-related problems, sidestep the ill effects of cost of capital, and signaling the firms' earning quality and value. The study investigates the firm-specific and macroeconomic determinants significant for the debt maturity structure of Vietnamese corporate firms. A sample of 722 non-financial firms listed on the Ho Chi Minh and Hanoi Stock Exchange in Vietnam from 2007 to 2018 was taken to test the hypothesis. The study's methods fixed effects panel data analysis provides empirical evidence that firm size, firms' quality, liquidity, leverage, asset maturity, tax impact, and macro variables are significantly related to the debt maturity structure.

• The Journal of Economics, Marketing and Management
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• v.9 no.4
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• pp.1-8
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• 2021

Purpose: This study empirically investigates what factors contribute to corporate value in the Korea New Exchange (KONEX) market and determines whether financial constraints contribute any effect on it. Research design, data and methodology: A fixed-effect panel regression model was utilized to analyze financial constraints on firm value for KONEX listed firms through the fiscal period from 2013 to 2020. Results: we find that firms' research and development, volatility, size, and sales growth give significant impacts to firm value, but the significance and direction are different. In addition, no significant relationship exists between the largest shareholder's equity ratio and firm value in all models. The debt-to-equity ratio did not show a significant relationship with corporate value. A significant negative relationship was found between R&D and corporate value in the entire sample. Volitility exhibited a positive relationship with corporate value in the entire sample and financially unconstrained companies. Firm size presented a significant negative relationship with company value in all models. Sales growth showed a significant negative relationship with corporate value in financially constrained companies. Conclusions: No difference is found between financially constrained and unconstrained companies in the KONEX market. We can infer that KONEX companies have a large difference with KOSPI or KOSDAQ. Further analysis is needed on the differences among these markets.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.8
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• pp.453-463
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• 2021

The current study aims to investigate the relationship between CSRD and firm performance, as an indicator for corporate socially responsible behavior, and corporate market performance of listed companies on the Amman stock exchange (ASE). The study adopts a quantitative methodology and utilizes pooled data sets that was collected following content analysis approach of the annual reports for the period 2014 to 2019. The study sample consists of 42 listed companies. The study ran a multiple regression model in order to capture the relationship between the independent variable CSRD and the dependent variable that is Firm performance which was measured using Tobin's Q. The study also utilized five control variables in order to control the hypothesized relationship between CSRD and Firm Performance. The results indicate a negative but significant relationship between CSRD and corporate market performance measured by Tobin's Q. The results stand against the notion of the business case for CSR, and indicate the opposite position, so, the higher CSRD, the lower will be Tobin's Q. Such results support the notion of the institutional theory, and provide an initial evidence for legitimacy seeking behavior in Jordanian companies. However, the results indicate a lower level of awareness of CSR across investors and market players, which support arguments of the difference in market perceptions towards CSR.

• Asia-Pacific Journal of Business
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• v.11 no.2
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• pp.207-233
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• 2020

Purpose - The purpose of this paper analyzes the relationship between the Corporate Social Responsibility(CSR) and Corporate Value to estimate whether the characteristics of Firm can change this relationship. Design/methodology/approach - This paper utilizes the total 776 firms' data over the period 2014-2018, and develops a new ESG index which was estimated by PCA. Findings - First, the estimated ESG index implies that Large company has the highest value of CSR, while Medium sized and Small company have the relatively low one. And comparing to the case of 2014, the trend of ESG index in Large company does not decrease in 2018. Second, there is a clear and significant non linear relationship between CSR and corporate value, it implies that the U-shaped exists in the Korean Firms. Such a tendency is mush stronger in the Large company. Third, the new ESG index indicates that it takes more time to increase Firm value in the Medium sized and Small company while there is a high possibility of increasing value in Large company from the little gab between the threshold points and mean value of ESG. Research implications or Originality - The non linear tendency between the Corporate Social Responsibility and Corporate Value is strongly affected by Firm size and the relative high quintile of ESG, but it is less affected by Firm history.

• Asia Marketing Journal
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• v.22 no.2
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• pp.19-57
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• 2020

A rapidly shifting, hyper-sensitive modern fashion industry, coupled with an increasingly developing global environmental concern, has seen to an ever-imperative role for corporate social responsibility (CSR) to play in the successful operation of fashion companies. This study primarily investigates effective measures for successful CSR implementation in both corporate and consumer domains, looking at Patagonia, an exemplar company with an environmental mission, to understand the central contributions of active consumer engagement to the success of CSR initiatives. We explore consumer admiration as a concept necessary to elevate CSR practices from image maintenance to genuine engagement and advocacy, and how such admiration could be cultivated on the consumer-side, investigating perceived CSR authenticity and corporate self-sacrifice as primary determinants. Specifically, we speculate the asymmetric role of consumers' moral identity, revealing that moral identity symbolization positively interacts with both determinants while negatively moderating the relationship of these intentions and consumer admiration. We derive our analysis from diverse international and Korean data, concluding with theoretical and managerial implications for domestic and international companies in pursuit of environmental CSR campaigns that bridge consumer and company, as well as limitations and future research directions.

• Journal of Distribution Science
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• v.22 no.2
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• pp.115-123
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• 2024

Purpose: Using the association concept as a basis, businesses offer association cues-trademarks and logos, for example-to support consumers' associative memories. These stimuli can be connected to anything, including a product's unique personality or the advantages it offers the company that made it. The purpose of this study is to comprehend how hypermarkets' business affiliation, relationship commitment, and trust affect consumers' attitudes and behaviors. Data, methodology, and research design: Regression analysis was used in this study to confirm the relationship between the independent and dependent variables, as well as to forecast how the changes in the independent variable would affect the changes in the dependent variable. Results: These are the findings of the research. First, it was discovered that trust and relationship commitment were significantly impacted by the hypermarket product association, corporate management-related associations, and social responsibility associations. Second, it was discovered that both behavioral and attitudinal loyalty were impacted by hypermarkets' level of trust. Third, it was discovered that both behavioral and attitudinal loyalty were impacted by a hypermarket's relationship commitment. Conclusions: Corporate associations with the hypermarket play an important role in shaping and maintaining consumers' awareness of the company or brand. Since this is affected by various factors such quality of products and services, and corporate social activities, companies need to positively induce awareness of products or services.

• Korean journal of food and cookery science
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• v.25 no.1
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• pp.16-24
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• 2009

This study suggested a theoretical research system on the effects of corporate social responsibility in the foodservice industry upon perceived service quality. Self-administered questionnaires were completed by 509 customers and the data were analysed by frequency, factor analysis, reliability analysis, correlation analysis and multiple regression analysis. The primary results are as follows - Three corporate social responsibility (CSR) factors were obtained - economic responsibility, legal.ethical responsibility and philanthropic responsibility. In addition, five factors were obtained from the factor analysis of perceived service quality - tangibility, reliability, responsiveness, assurance and empathy. Correlation analysis showed a significant correlation between the CSR factors and the customers' perceived service quality factors. Multiple regression analysis, to verify the hypothesis, showed that CSR in the foodservice industry had a significant influence upon customers' perceived service quality; therefore, the research hypothesis was adopted. CSR, which had an effect on tangibility out of the minutely-perceived service quality factors, was indicated in the order of economic responsibility, legal ethical responsibility and philanthropic responsibility. Responsiveness, reliability, and assurance were influenced by legal ethical responsibility, economic responsibility and philanthropic responsibility, respectively, in order. Also, empathy was surveyed to be influenced by legal ethical responsibility, philanthropic responsibility and economic responsibility in order. Consequently, customers' evaluations of perceived service quality may be inferred to have positive effects when the customer recognizes whether the foodservice company performs social responsibility.

• Journal of Distribution Science
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• v.12 no.8
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• pp.17-29
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• 2014

Purpose - The use of corporate social activities to implement the concept of corporate social responsibility enhances brand equity and attitude, and strengthens economic competitiveness. In areas such as mobile communications, companies take the responsibility of protecting customers and enhance the quality of the mobile communication service, helping to make an effort to obey the regulations of the public trade order and fair trade agreement, enabling a healthy society through communication with elderly living alone or youths without parents, and enhancing marketing strategies. Research design, data, and methodology - To test the hypothesis, a survey was conducted. The surveyed population includes people who use the big three mobile communication services. The survey was conducted from October 4th to October 14th, 2013. A total of 500 survey questionnaires were circulated and 483 were collected; out of these, 32 were excluded due to missing or incomprehensible information. The data was analyzed with SPSS 18.0 via frequency analysis, trust analysis, search factor analysis, relationship analysis, confirmation factor analysis using AMOS 18.0, and structural equation model analysis. Results - Research on corporate social responsibility has been frequently conducted recently. Companies are perceived as social constituents satisfying the social desires of people in addition to customer needs. Further, companies are returning profits to society to satisfy community needs, because there is greater emphasis on the social responsibilities of companies. Companies' social responsibilities should include marketing strategies and the identification of customer needs. This study shows that social service activities influence brand value, which influences customer attitudes; therefore, social service activities indirectly influence customer attitudes. In order to increase customers' purchasing intention, it is essential to improve brand image via social services and provide a distinctive quality of service. Conclusions - This research has used the purposive selection method in the empirical analysis to identify the effect of social services on brand value and customer attitude. Therefore, this study revealed that businesses, whose ultimate objective is to improve customers' purchasing intention, should promote their brand equity through corporate social responsibility activities and offer a distinct service quality. Limitations in the progress of research were found and future indications to overcome these limitations are suggested as follows. First, survey responders had a limited understanding of social responsibilities; therefore, this concept needs to be explained to people first. Second, the research was done on people who live in Daejeon; thus, it is not representative of the entire country. The research has to be repeated with people in other cities. Third, there is a limitation in the study because the purposive selection method was used on Daejeon customers. In the future, a more precise selection of the population is needed. Fourth, Daejeon has unique geographical and size characteristics. Thus, customers in Seoul and other areas may display different characteristics and research on them may reveal different findings. Therefore, again, this study has to be repeated in other areas.

• Journal of Digital Convergence
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• v.17 no.9
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• pp.399-406
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• 2019

The purpose of this study is to examine the relationship between corporate reputation and the profitability. In this study, Big Data Analysis was conducted for Hyundai Motor, Shinsegae Department Store, SK Telecom, and Amorepacific to solve research problems. The results of this study show that the effect of each corporate reputation on the profitability is different according to the company. For products such as Hyundai Motor and Amorepacific that are used directly by consumers, the corporate reputation formed by the comments was more influential. In addition, distribution Service company such as Shinsegae Department Store showed more influence by online news. On the other hand, SK Telecom did not have a significant effect on profitability. Based on the results, this study emphasizes the importance of online news and comments on corporate reputation management, and aims to contribute to establishing an efficient reputation management strategy by examining the relationship between corporate reputation and profitability.

• Communications for Statistical Applications and Methods
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• v.20 no.2
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• pp.115-127
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• 2013

This paper provides an effective stock portfolio screening tool for socially responsible investment (SRI) based upon corporate social responsibility (CSR) and financial performance. The proposed approach utilizes nonparametric frontier models. Data envelopment analysis (DEA) has been used to build SRI portfolios in a few previous works; however, we show that free disposal hull (FDH), a similar model that does not assume the convexity of the technology, yields superior results when applied to a stock universe of 253 Korean companies. Over a four-year time span (from 2006 to 2009) the portfolios selected by the proposed method consistently outperform those selected by DEA as well as the benchmark.