• The Journal of Asian Finance, Economics and Business
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• 제8권8호
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• pp.75-83
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• 2021

For many years, many academics and practitioners have paid attention to the increasing popularity of corporate social responsibility (CSR) and its relationship with financial performance. They have shown that creating social and sustainable responsibility can strengthen the organization's financial performance as the organization can achieve its current needs without compromising the ability to meet future needs. While much theoretical and empirical evidence has been provided to support this argument in developed countries, this topic is under-researched, and the outcomes are controversial in developing countries. Therefore, this paper aims to examine and investigate the relationship between corporate social responsibility and financial performance in Vietnamese organizations. The dataset includes 27 firms listed on the stock market exchanges in Ho Chi Minh city (HOSE) and Hanoi (HNX) from 2015 to 2019. The disclosure approach is adopted to measure corporate social activities; four areas were developed: environment, community, employee and product, customer, and supplier practices. Return on average equity (ROE) and return on average assets (ROA) are two proxies for measuring financial performance. The research results confirm the existing literature with a strong correlation between employees and returns on average assets.

• 융합경영연구
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• 제8권2호
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• pp.27-38
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• 2020

Purpose: Strategic management scholars have investigated the effects of corporate social responsibility (CSR) on firm financial performance, identifying various impacts of CSR activities showing conflicting results. Meanwhile, relatively less attention has been paid to the antecedents of CSR activities. According to upper echelons theory, organizational outcomes are predicted by characteristics of CEOs and top management team members. Corporate social responsibility is a type of organizational outcome influenced by such top leader characteristics and choices. Recognizing the importance of exploring new antecedents of CSR activities, I examine whether CEO humility affects CSR outcomes. Research design, data and methodology: The KEJI index was set as a dependent variable to measure CSR activities. Among the 200 sample companies registered in the KEJI database in 2014, 85 companies were finally selected and analyzed to measure CEO humility, as independent variable. I also examine the moderating effects of firm slack on the relationship between CEO humility and CSR activities. Results: There is a positive relationship between CEO humility and corporate social responsibility activities and this relationship is negatively moderated by firm slack. Conclusions: This paper contributes to understanding positive impacts of having humble CEOs on corporate social responsibility outcomes and recognizes the role of firm slack.

• The Journal of Asian Finance, Economics and Business
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• 제9권6호
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• pp.183-194
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• 2022

The objective of this article is to assess the impact of corporate social responsibility (CSR) implementation on Corporate Brand Value (CBV) and Corporate Financial Performance (CFP). At the same time, the article examines the mediated role of CBV on the relationship between CSR implementation and CFP. In-depth interviews and observation techniques were used in this article on 4 experts to collect qualitative information. Quantitative analysis was based on primary data obtained from 454 employees working at enterprises providing Bancassurance services. The article uses various models of Cronbach's Alpha coefficient, Exploratory Factor Analysis (EFA), Confirmatory Factor Analysis (CFA), and Structural Equation Analysis (SEM) using SPSS 22.0 and AMOS 20.0 software. In addition, a 5-point Likert scale is used to measure observed variables. Research results show that CBV plays an intermediate role in the relationship between CSR implementation and CFP. At the same time, the implementation of CSR toward communities, customers, and workers directly impacts CBV and CFP. The article draws a new conclusion; there is no relationship found between the implementation of CSR and CFP. The result proposes implications for the state and Bancassurance service providers to develop and implement CSR-related policies and activities to enhance their brand value and financial performance.

• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.697-706
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• 2021

This quantitative study aims to examine the effect of family ownership on company performance empirically. Specifically, this study examines the moderating effect of corporate governance on the relationship between family ownership and company performance which has never been explored in the previous studies. This study's main target population was all listed companies in the Indonesian Capital Market Directory (ICMD) for 2008-2018. The study used criteria, namely data completeness, to measure research variables and obtained 2996 data or firm-year observations. The research contingency model to test the proposed hypothesis was the General Moment Method (GMM). The study presents the results of data descriptions shows the average, median, maximum, minimum, and standard deviation values for each variable. The descriptive data shows that family ownership is common in Indonesia: 64% of 244 companies in the sample. The inferential analysis results using a multiple regression model test show that family ownership significantly reduces company performance. However, corporate governance proxied by the board of directors, managerial risk profile, and independent commissioners significantly moderate the relationship between family ownership and company performance. Besides, the managerial risk profile and independent commissioners strengthened while the board of commissioners' presence weakened the effect of family ownership on performance.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.69-77
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• 2021

The objective of this research is to explore the inconclusive theoretical and empirical association between institutional ownership and firm performance in the context of emerging Pakistani economy. The data set consists of all the non-financial firms listed on the Pakistan Stock Exchange (PSX). Annual data set covers the period ranging from 2010 to 2015. However, the econometric analysis does not include those firms with incomplete data. Thus the final data set comprised of an unbalanced panel of sample of 276 firms with 1231 firms years observations. Data related to the institutional ownership and other variables taken for the study were extracted through the annual financial reports of the firms. The research used Tobin's Q as a proxy of market measure of firm performance and tested the endogenous relation with institutional ownership through OLS and 2SLS approach. The study also applied Durbin-Wu-Hausman test to determine the endogeneity before analyzing the 2SLS model. The Durbin-Wu-Hausman Test (DWH) conform the endogenous link between institutional ownership and performance and vice versa. The results derived from 2SLS also confirm a highly significant relationship and two way direct proportional relationships between the institutional investment and corporate performance in the studied companies.

• 디지털산업정보학회논문지
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• 제5권1호
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• pp.141-153
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• 2009

There have been a lot of researches about KM(knowledge management) in domestic and foreign countries since 1990. Especially, there have been a lot of researches about enabler of KM, knowledge asset etc. but these are insufficient researches about performance measure of knowledge management considering maturity of KM. In addition, performance measure and maturity considering enabler to manage successful knowledge as well as knowledge asset which can be the following result are not the sufficient situation. Therefore, this study makes developmental levels of the inside and outside of the corporate by observing previous studies about the maturity of knowledge management and classifies enabler of knowledge management and measure item about knowledge asset by level, considering the features of each developmental level. And it is designed to propose maturity measure methods considering maturity level of actual knowledge management item by drawing indicator to measure classified items.

• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.679-688
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• 2021

This study aims to verify family ownership's effect on earnings management by using corporate governance as the moderation variable. This study uses data panel regression with the period of 2011-2017. Corporate governance consisted of three dimensions, namely the board of commissioners, share ownership and transparency, and disclosure and auditing. Discretionary accruals measure earnings management with a model that controls company performance. Samples are manufacturing companies listed on Indonesia Stock Exchange. Observations were conducted on 198 firms throughout the year. The results indicated that corporate governance significantly affected earnings management. However, it declined the significance of family ownership toward earnings management. Hence, corporate governance can reduce earnings management. Furthermore, of the three components of corporate governance: the board of commissioners, shareholding, and transparency, the term shareholding precisely encouraged managers to conduct earnings management. Besides, the three core bodies of corporate governance lowered the significance of shareholding toward earnings management. This study's findings suggest that in family firms in Indonesia, earnings management is becoming more intensive than in non-family firms. Additional tests show that there is an entrenchment effect on family firms in Indonesia. Furthermore, corporate governance leads to earnings management.

• 유통과학연구
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• 제16권5호
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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.

• 산경연구논집
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• 제11권9호
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• pp.25-35
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• 2020

Purpose: The purpose of this study is to investigate how much continuous investment in human capital contributes to increasing labor productivity at not only individual companies but also at the national level, and causes fundamental as well as increases for labor-management conflicts. The current research aimed to empirically demonstrate the importance of human capital investment and furthermore, based on the effect of human resource investment on labor productivity, also re-examine the role of the Labor Commission as well. Research design, data, and methodology: This study was conducted by the Korea Information Service-Financial Accounting System (KIS-FAS) using representative panel data operated by countries to measure whether long-term investment in corporate human resources affects labor productivity. Results: Two distinctive summarized results of the analysis in the Korea Credit Ratings data showed that there was a high positive correlation between corporate human resource investment and economic performance for a ten-year period from 2009 to 2018. Conclusions: The present study concluded that the role of the labor committee should be effectively formed by the labor as a mediation agency and that the role of the mediation committee members should focus more on how to strengthen the human resources management of the union.

• 품질경영학회지
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• 제37권3호
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• pp.94-101
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• 2009

It is important to measure financial effect of six sigma projects accurately for successful implementation of six sigma in a company. However, researches on methods of six sigma financial effect measurement are relatively new. In this study, frequent error patterns of six sigma financial effect measurement are defined and accurate measurement methods are suggested. And a method of connecting six sigma financial effect to corporate income performance is also suggested which not only assures reliability of financial effect measurement but also helps to align with business strategy.