• The Journal of Asian Finance, Economics and Business
• /
• v.4 no.3
• /
• pp.35-43
• /
• 2017

This paper explores the impact of corporate control, measured by ownership structure, on top-executives' compensation in Japan. According to agency theory, the pay-performance link is expected to be affected by the firm's ownership structure. Using a sample of 4,411 firm-year observations (401 firms for the 11-years period from 2001 to 2011) for Japanese non-financial firms publicly traded on the first section and second section of the Tokyo Stock Exchange (TSE), this study demonstrates that institutional ownership (both financial and corporate) is negatively related to the level of executives' compensation. Such finding is in line with efficient monitoring hypothesis which claims that the presence of institutional shareholders provides direct monitoring over managers, limits managerial self-dealing and curves the increase in top-executives pay. On the other hand, the results also show that managerial ownership is positively related to their compensation which supports managerial power theory hypothesis, i.e. management-controlled firms are more likely to extract more compensation from the business than other firms. Overall, this study confirms that corporate control has significant impact on cash compensation paid to Japanese top-executives after controlling the conventional pay-performance relationship.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.5
• /
• pp.551-559
• /
• 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 Industrial Distribution & Business
• /
• v.10 no.3
• /
• pp.7-16
• /
• 2019

Purpose - The purpose of this paper is to investigate the determinants of corporate anti-corruption practice disclosure (ACPD) from the perspective of rent-seeking theory. Research design, data, and methodology - Data are hand-collected from corporate social responsibility reports (CSRR) issued by 724 A-share listed firms in China. This paper provides an empirical analysis of the relationship between ownership structure and corporate ACPD as well as its moderating role in the institutional environment. Results - Our findings indicate that rent-seeking is a key factor in influencing corporate ACPD. State-owned enterprises disclose significantly more anti-corruption information than private ones in order to achieve personal promotion of top executives. Monopoly enterprises reported significantly less anti-corruption information than enterprises in competitive industries due to their rent-seeking behavior. The reduction of government intervention and improvement of legal environment are helpful to curb corporate rent-seeking activities and enhance the level of corporate ACPD. Conclusions - Rent-seeking is an important factor in explaining corporate voluntary disclosure in emerging countries. Institutional environment also plays a moderating role in the relationship between ownership structure and corporate voluntary disclosure. Our results are of interest to policy makers, regulators and market participants that are interested in corporate voluntary disclosure and corruption prevention.

• 한국정보디스플레이학회:학술대회논문집
• /
• 2003.07a
• /
• pp.191-192
• /
• 2003

For the CNT-FED to be cost-effective, many efforts for the lower voltage operation have been made in the under-gate cathode structure. In this study, the effects of the frit proportion in the CNT paste, cathode electrode width, CNT-to-counter electrode gap, and the CNT length in the cathode structure were examined.

• International journal of advanced smart convergence
• /
• v.12 no.3
• /
• pp.157-162
• /
• 2023

This study analyzed the relationship between ESG performance and corporate value using panel data from Chinese equipment manufacturing companies spanning from 2012 to 2021, and it also examined whether ownership structure moderates this relationship. We have contributed to filling the gap in existing research. The main conclusions of this study are as follows: Firstly, similar to previous researches, ESG performance was found to have a positive and statistically significant impact on corporate value. Secondly, when the three dimensions of ESG - Environmental (E), Social (S), and Governance (G) - were analyzed separately, it was observed that E and S have a positive and statistically significant impact on corporate value, while G has a negative and statistically significant impact. Thirdly, ownership concentration emerged as a significant moderating factor in explaining the connection between ESG performance and corporate value. Lastly, when the three dimensions of ESG were analyzed separately, ownership concentration was found to serve as a positive moderating factor in the relationship between corporate value and E and S, but it did not play a statistically significant role for G.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.10
• /
• pp.601-611
• /
• 2020

The study aims to investigate the impact of ownership structure on corporate voluntary disclosure in the listed companies of Bangladesh. While many studies on the impact of ownership structure on voluntary disclosure have looked at developed and developing countries, few studies have been carried out in a transition economy. Using a three-step relative voluntary disclosure index, the study applies a multivariate analysis on the cross-sectional data for the year 2018. The findings indicate that the quality of voluntary disclosure in transition economy is still below average but has improved compared to findings from the previous literature. We found a significant inverse relationship between corporate voluntary disclosure and public ownership, while no significant relationships between voluntary disclosure and institutional ownership, director ownership, and foreign ownership have been found. The empirical findings of the study will provide evidence to promote the voluntary disclosure characterized by the ownership structures. The findings have important implications for both local and foreign investors as they make their investment decisions especially related to a transition economy. Besides, the findings will assist, not only the corporate executives in rearranging their reporting paradigm, but also the regulators and governments in similar transition economy in adopting and formulating their corporate policies and strategies.

• Korean small business review
• /
• v.42 no.3
• /
• pp.245-274
• /
• 2020

The 4th Industrial Revolution is rapidly changing the business environment and enterprises are required to accelerate various innovative activities for sustainable competitiveness. Recently corporate entrepreneurship is widely spread to organization for establishing innovative corporate culture and stimulating corporate ventures. However, many enterprises are not successful and productive due to lack of readiness of corporate entrepreneruship. Therefore, finding the factors influencing corporate entreprensurship, innovative activities and business performance is a very important research issues. A research model and hypothesis are developed by through literature review to analyze positive effects of corporate entrepreneurship to corporate performance and influential effects of factors such as innovation-based efforts at the organizational level, vision and organizational strategies and innovative operating system to corporate entrepreneurship and business performance. The result of Entrepreneurship Survey with Corporates conducted by Korea Entrepreneurship Foundation in 2017 is used for the research sample. Hypothesis test used 1,326 samples and the structural equation modeling is applied. The results show that corporate entrepreneurship improves innovative idea activity performance and business performance. And, establishing innovative vision and strategies and innovative organizational culture enhances corporate entrepreneurship. In addition, it was confirmed that the innovative operational system has a moderating effect that strengthens the positive influence relationship between corporate entrepreneurship and innovative idea performance. The results of this study have implications for previous research on corporate entrepreneurship in Korea by presenting the relationship between corporate entrepreneurship and business performance and the multilateral relationships between innovative organizational structure and corporate entrepreneurship.

• Proceedings of the Korean Magnestics Society Conference
• /
• 2013.12a
• /
• pp.91-91
• /
• 2013

• Korean Management Science Review
• /
• v.32 no.2
• /
• pp.15-35
• /
• 2015

Large business groups typically have central firms through which their controlling families establish (or acquire) new firms and maintain control over other member firms. Research on corporate governance has developed metrics to identify those central firms and investigated an impact of the centrality on ownership structure and firm's financial performance. This paper introduces centrality metrics used in social network analysis (SNA) to measure how crucial a role each firm plays in the ownership structure of its business group. Then, the SNA centrality metrics are compared with the metrics developed in corporate governance field. Also, we test the relationship between the SNA centrality metrics and firm's value. Experimental results show that the SNA centrality metrics are closely correlated with the centrality metrics used in corporate governance and are significantly correlated with firm's value.

• Journal of Korean Society of Industrial and Systems Engineering
• /
• v.19 no.37
• /
• pp.195-199
• /
• 1996

The objectives of this study are to analyze, based upon agency theory, empirically the relevance between ownership structure and corporate performance. In this study, samples are 285 firms listed in Korea stock exchage from 1990 to 1994. The results of this empirical test are summarized as follows : Insider-equity ratio of firm in Korea has been positively correlated with performance of corporate. This study intended to present the desirable implecations for seperation of ownership and management.