• 제목/요약/키워드: Corporate-Value

검색결과 783건 처리시간 0.027초

Analysis of the Corporate Life Cycle using the Gompertz Model Focused on Korean Pharmaceutical Longevity Companies

  • Kyu-Jin, CHOI;Kang-Sun, LEE;Sung-Wook, KANG;Dae-Myeong, CHO
    • 융합경영연구
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    • 제11권1호
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    • pp.31-44
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    • 2023
  • Purpose: This study aims to figure out the characteristics of corporate life cycle and resource input in terms of the sustainability diagnosis of pharmaceutical companies in Korea. Research design, data, and methodology: Using the Gompertz model under the assumption that companies have finite resources, this study tries quantitative interpretation of life cycle and resource input pattern for longevity companies with 25 years of experience among 158 pharmaceutical companies listed on Korean stock market based on maturity of revenue. Results: The study found revenue maturity through Gompertz model was statistically correlated with enterprise value. According to the life cycle analysis, more than 95% of 59 pharmaceutical companies were in the growth and maturity phase and have an average life cycle of 88 years and an average remaining life of 52 years. Regarding maturity profile of resource input, maturity of employees was generally high more than 60% and this meant there was jobless growth in Korean pharmaceutical industry. Conclusion: This study demonstrated there is a high statistical correlation between the maturity of a company's resource input and its revenue and enterprise value. It is believed that these results could be utilized as a basis for high fidelity function that predict revenue and enterprise value based on resource input information.

A Global Perspective on Green Sustainability, Corporate Reputation, and Technological Strength for Firm Performance Across Countries

  • Lee, Jooh
    • 유통과학연구
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    • 제10권8호
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    • pp.15-23
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    • 2012
  • This study is an attempt to explore the nature and characteristics of strategic impact of green strategy by environmental capital, corporate reputation, and technology strengths on the firm's performance across countries. The main question addressed in this paper relates to how corporate sustainability, corporate reputation, technology strength, and capabilities influence the firm's economic performance with respect to diverse dimensions of performance measures including sustained growth through the leading firms across countries in the United States, Canada, Europe, and Asia-Pacific countries. Particularly, this study attempts to empirically explore the directions and magnitudes of the operational links between new emerging strategic core competencies (e.g., sustainability green strategy by environmental focus for more sustainable path, corporate reputation by corporate social responsibility and image enhancement, and technology strengths to develop a new product and market) and the firm's economic performance with respect to diverse dimensions of performance such as accounting (ROE and EOA) - and market-based performance (Market value and Tobin's q). Considering all possible limitations that might exist with regard to selected samples and methods, this study demonstrates that environmental sustainability, corporate reputation, technological capabilities and competencies through R&D intensity and patent are most likely to be significantly associated with most market-based performance measures, but the strategic significance of other variables such as capital intensity, leverage, and administrative cost efficiency on performance tends to be different depending on which performance measure is used across different countries with diverse economic and business contexts.

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기업 지배구조 통제장치와경영자 유인보상제도의 상호관련성 (Interdependence of Corporate Governance Mechanisms and Managers' incentive-compensation system)

  • 신성욱
    • 경영과정보연구
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    • 제35권1호
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    • pp.287-305
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    • 2016
  • 본 연구는 기업 지배구조 개선을 위한 핵심 통제장치임에도 불구하고 지금까지 지배구조 개선과 관련하여 중요하게 여겨지지 않았던 경영자 유인보상제도가 다른 기업 지배구조 통제장치와 어떠한 상호관련성을 가지는지를 확인해 보고 기업 지배구조 통제장치가 기업가치에 어떠한 영향을 미치는지를 확인해보고자 하였다. 이를 위해 경영자 유인보상제도에 대한 대리변수로 보상위원회 도입을 고려하였고 기업 지배구조 통제 장치로 외부 대주주의 감시통제(외부 대주주 지분율), 외국인 투자자의 감시통제(외국인 지분율), 소유-경영의 결합을 통한 지배구조 개선(경영자 지분율), 사외이사 제도(사외이사 비율), 채권자의 감시 통제(부채비율), 기업이 속한 산업에서의 경쟁강도(경쟁강도) 등을 고려하여 보상위원회 도입과의 상호관련성과 기업 가치에 미치는 영향을 분석하였다. 금융업을 제외한 유가증권 시장에 상장된 기업을 대상으로 회귀분석을 통해 실증분석한 결과를 요약하면, 먼저 보상위원회 도입과 기업 지배구조 통제장치 사이의 상호관련성을 확인한 결과 상호관련성이 거의 없는 것으로 나타났고, 일부 변수에서 기업 지배구조 통제장치와 보상위원회 도입 사이에 상호관련성 보다는 인과관계가 확인되었다. 또한 기업 지배구조 통제장치가 기업가치에 미치는 영향을 분석한 결과 보상위원회 도입 여부와 외국인 지분율만이 기업가치에 긍정적인 영향을 미치는 것으로 분석되었다. 이런 결과는 아직까지 국내 대부분의 기업에서 기업 지배구조 개선을 위한 유용한 통제장치로 경영자 유인보상제도를 적극적으로 활용하고 있지 않고, 기업 지배구조 개선을 위해 도입한 사외이사 제도 등이 기업가치 증대에 긍정적인 역할을 수행할 수 있도록 하는 제도적 개선 등이 필요하다고 결론지을 수 있겠다.

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특허의 질적 가치가 기업의 시장가치에 미치는 영향에 관한 연구 (A Study on the Impact of Patent Quality on the Firm's Market Value)

  • 정재관;김병근
    • 기술혁신연구
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    • 제25권3호
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    • pp.265-297
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    • 2017
  • 본 연구는 연구개발스톡과 6개의 지식스톡(특허의 질적 가치)이 기업의 시장가치에 미치는 영향을 포함하는 연구모형을 설정하여 기업의 시장가치와의 상관관계를 분석하였다. 구체적으로 토빈Q 모형을 사용하여 우리나라 402개 기업의 미국특허등록 108,851건(연도관측치 2,795건)의 특허를 분석하였다. Hall모형의 확장 모형 분석결과, 연구개발스톡/자산, 청구항스톡/특허스톡, 인용스톡/특허스톡 등이 기업의 시장가치에 긍정적인 영향을 미치는 것으로 나타났으며, 유의수준이 높진 않지만 피인용스톡/특허스톡, 발명자스톡/특허스톡 등도 기업의 시장가치에 긍정적인 영향을 미칠 수 있는 것으로 분석되었다. 이러한 결과에 따라 특허경영시대에 특허의 질적 수준 고도화와 특허의 가치 제고를 위한 정책 방안이 마련되어야 할 것으로 보인다.

A study on Ethics Management of Distributive Markets

  • Kim, Taek
    • International Journal of Advanced Culture Technology
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    • 제8권4호
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    • pp.8-17
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    • 2020
  • This study aims to draw up comprehensive ethical management practices so that companies can be reborn as high-quality companies not only at the level of management efficiency but also at the level of corporate integrity. -The main focus of in this study is as follows: To curb corrupt practices in the corporate sector, it is necessary to strengthen the monitoring function and accountability system of audits (internal audits, full-time audits, audit committees, external audits). In order for these system improvements to be made reliably, it is necessary to periodically measure and evaluate employee satisfaction with the overall personnel system.

고객만족과 고객충성도의 결정요인에 관한 연구 : 고객지식수준과 산업형태를 조절변수로 한 비교연구 (An Investigation into Determinants of Customer Satisfaction and Loyalty : The Moderating Effect of Customers' Knowledge Level & Industry Types)

  • 임준영;임재영
    • Asia Marketing Journal
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    • 제4권2호
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    • pp.1-25
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    • 2002
  • This study tested major determinants of customer satisfaction and loyalty by varying degrees of customers' knowledge level. Also, authors investigated the degrees of those impacts by classifying industries into two groups(service/manufacturing). Based on 4,000 completed surveys from five major cities, authors found the relationship among perceived quality, perceived value, and corporate image with customer satisfaction and customer loyalty. As a result, corporate image(extrinsic cue) was a major determinant to customers who are low knowledgeable and impacts of corporate image on customer satisfaction was stronger in service industry than manufacturing industry.

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The Effect of Corporate CSV Activities on Prosocial Consumer Behavior through Emotional Factors

  • Hong, Seong-Sil;Song, In-Am;Kim, Gyu-Bae
    • 동아시아경상학회지
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    • 제5권3호
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    • pp.48-63
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    • 2017
  • Purpose - The objective of this research is to investigate not only the effect of a company creating shared value (CSV) influencing consumers' emotions that lead to prosocial consumer behavior but also the moderating effect of Companies' authenticity in the causal relationship between economic or social value of CSV and either gratitude or pride of consumers. Research design, data, methodology - The 9 hypotheses presenting the relationship among CSV, consumer's emotion and prosocial consumer behavior were proposed and tested in this study. Research data were collected from the surveying of 350 respondents over 20 years and the 340 samples were used to test the proposed hypotheses. SPSS 20.0 and AMOS 20.0 were used for statistical analysis such as reliability test, validity test and path analysis. Results - The results show that the economic or social value of corporate CSV activities affects positively consumer's gratitude or pride except for the relationship between social value of CSV and consumer's pride. The results also show that gratitude or pride of consumers affects positively consumers' prosocial behavior. We also found that there is a moderating effect of Companies' authenticity in the causal relationship between economic or social value of CSV and either gratitude or pride of consumers. Conclusions - Company's activities in creating shared value influences consumer emotions and pride, and although these activities induce gratitude, this does not apply to pride. In addition, when these shared value activities influence consumer emotions, the authenticity of the company has shown to have a moderating effect.

기업 경쟁력의 새로운 원천으로서 비즈니스 생태계와 사회적 자본의 역할 (Business Ecosystems as a New Source of Competitiveness and a Role of Social Capital)

  • 주재훈
    • 한국정보시스템학회지:정보시스템연구
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    • 제23권4호
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    • pp.93-117
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    • 2014
  • How can business ecosystems be a source of firm's competitiveness? Is corporate social responsibility (CSR) is an investment activity for building sustainable business ecosystems? The purpose of this research is to identify the relationship between CSR, social value, sustainable business ecosystems, and firm's competitiveness by introducing a mediating role of social capital. We conducted in-depth interviews with seven informants from two domestic firms and four oversea firms. Three propositions were drawn by analyzing qualitative data collected from the interviews and literature review. Various activities creating social value including CSR and CSV (Creating Shared Value) are positively associated with sustainable business ecosystems. Firm accumulates social capital of the business ecosystem through creation of social value. Finally, the social capital of business ecosystem has a positive influence on firm's competitiveness. Implications were suggested for academics and practitioners.

Does CSR Really Enhance Sustainability?: A Perspective of Business Cycle

  • Jeong, Kwang-Hwa;Lee, Sejoong
    • 아태비즈니스연구
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    • 제12권1호
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    • pp.57-69
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    • 2021
  • Purpose - The purpose of this study is to investigate the effect of macroeconomic conditions on the relationship between CSR and firm value. Design/methodology/approach - Employing KEJI index as a proxy for a firm's CSR activities, we investigate whether investors discount the value of CSR activity during the economic recession when a firm's bankruptcy risk is high and thus its future sustainability is suspected. Findings - Our empirical result represents that the value of a firm with high CSR score is undervalued during recession, reflecting investors doubt the sustainability of a firm whose CSR score is high when overall economy is exposed to high downside risk. Research implications or Originality - It implies that investors may not regard the CSR activities as an indicator of corporate sustainability. Also, the result represents that stable macroeconomic condition can be one of the important factors to make the CSR activity increase a firm's value.

사회적경제와 소비자 관점의 공유가치창출(CSV) 연구 (A Study on CSV of Social Economy and Consumer Perspective)

  • 이영일;김영신
    • 유통과학연구
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    • 제13권12호
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    • pp.53-63
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    • 2015
  • Purpose - Recently, creating shared value (CSV) has attracted attention through plan sustainability and the growth of corporate management. Porter and Kramer (2011) defined the core concept of CSV as social value, economic profits, improvements in the economic social condition, and reinforcing competitiveness. The purpose of CSV, which is to pursue economic profits through a social solution to the problem, agrees with managing the objective of a social enterprise that prioritizes the pursuit of profits through the realization of a social purpose. Today, CSV studies focus on CSR and sustainability and reinforce competitiveness. However, few studies focused on the social economy. Precedent studies examined CSV using a company example, and few studies exist from the perspective of consumers and the point of view of a market society. Research design, data, and methodology - Therefore, this study examines CSV in comparison to a background of the social economy. This study also investigates and analyzes the concept of social value from the point of view of consumers, social problems, consumption value, corporate value, and the influence of consumers. This article develops three hypotheses. Hypothesis 1 investigates the correlation with social innovation that consumers thought as being necessary for social innovation by a company. Hypothesis 2 is used to confirm the influence of consumers in CSV. Therefore, this article investigates the influence of consumers on consumption action for companies that are indifferent to social problems. Hypothesis 3 is used to verify the correlation between the value that consumers demand through consumption and the corporate value that companies pursue other than profits. The three hypotheses were adopted and met the standard for suitability. Results - The importance of the CSV study from the consumer perspective was confirmed using the influence of consumers on CSV. Because the objective of company activities is either the consumer or the market, the influence that extends to interactions between the company and consumers to ensure the success of a business is significant. Regarding the CSV study, because it was an initial study, various approaches are subsequently developed. However, conceptual and practical case studies on CSV currently exist that may be used to verify the factors that comprise CSV. Therefore, the company example may enable verification of the factors that influence the composition of CSV through identification from the consumer perspective. In addition, studying CSV as an action result (of consumer satisfaction, of a company's profits and competitiveness, and of society's cancellation of a social problem) may enable the realization of a practice paradigm as opposed to simply thought and faith. Conclusions - First, this study confirms the social value of a business through the feasible and common pursuit of consumers by corporations. Second, customer influence accounts for an important part of CSV. Third, shared value commonly provides a necessary advantage to consumers, corporates, and society, and contributes to the economy and healthy social development. Fourth, corporates can conduct a business, generate profits, and realize value through improvements in social problems and by addressing their competitive strengths and weaknesses.