• The Journal of Industrial Distribution & Business
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• v.7 no.4
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• pp.5-9
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• 2016

Purpose - The purpose of this paper is to get a clear concept about intellectual capital and reports on intellectual capital in different entities based on the literature review. Research design, data, and methodology - This study was mainly written in a way of descriptive research. The current studies deal with the theoretical and reporting aspects on intellectual capital. Thus, this research is developed on the basis of previous descriptive and empirical research papers. Results - This study finds that intellectual capital is the combination of human capital, structural capital and relational capital but there is no unique measurement system or process to define intellectual capital. The findings also indicates that the measurement for intellectual capital varies based on the measurement process, time period, firms, industries and country to country perspectives. It can be also observed that firms have the tendency not to disclose the intellectual capital information. Conclusions - This study recommends that intellectual capital should be presented in a fixed format and human, relational and structural capital should be included as intellectual capital. Additionally, it suggests that mandatory requirement of legislation, effective corporate governance mechanism and stock exchange listing requirement might increase the quality of intellectual reporting.

• Asian Journal of Business Environment
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• v.7 no.2
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• pp.31-38
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• 2017

Purpose - While microfinance institutions(MFIs) from Bangladesh, such as Grameen Bank, received worldwide recognition and the Nobel Peace Prize in 2006, however, there is a paucity of research that provided a comprehensive discussion on the characteristics of the microfinance industry. Hence, the aim of this paper is to discuss some important aspects of the microfinance sector in Bangladesh. Research design, data, and methodology - This study used secondary sources of data, such as annual reports of the Microcredit Regulatory Authority (MRA) and the World Bank database in its descriptive analysis. Results - This study found that Bangladesh has made remarkable progress in her socio-economic and economic development in the last few decades. It is also generally perceived that microfinance has placed significant contribution on such socio-economic development. While microfinance observed unprecedented growth domestically, however, the regulatory framework is still rather weak, and a majority of the MFIs are found to be concentrated in the well-off areas (e.g., Dhaka, Chittagong etc.). Conclusions - The findings are significantly important for the parties who are interested to know the microfinance sector in Bangladesh. To some extent, the findings of this study will provide policy implications that may benefit the industry.

• Journal of Climate Change Research
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• v.6 no.1
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• pp.11-19
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• 2015

This study has aimed to compare an emission trading system (ETS) in the EU and Japan that introduced the scheme prior to Korea and provided the latter with a benchmarking model. Especially, the EU has a reputation for its well-organized and evolving system, and Japan has also successfully established the system despite its similar condition with Korea, such as an industrial structure and the degree of energy dependence. However, there are noticeable differences between the EU and Japan in their ETS. Whereas Japan has focused on securing certifications in CDM as the implementation of Kyoto protocol, EU has shown a tendency to transform the trading market from a parallel structure of EUA and CER transaction to only the EUA transaction after ending of 1st commitment period of the Kyoto Protocol. Since the differences were mainly caused by not only in a design of the system but also in internal governance and their national circumstance, it is meaningful to analyse the Korean case with a similar framework. This study may contribute to designing an appropriate system for emission trading in Korea through the comparison of the EU and Japanese case.

• The Journal of Industrial Distribution & Business
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• v.12 no.8
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• pp.41-52
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• 2021

Purpose: The study aims to analyze effects of wage on FDI inflows based on the threshold of institutional quality in 14 developing economies of Southeast and South Asia over the period from 2000-2017. Research design, data, and methodology: The study applies a fixed effect panel threshold regression. As a proxy for the institutional quality, it uses the six components of Worldwide Governance Indicators or a compound index obtained by an average of the six components. The data were taken from World Bank, the Chinn & Ito Database, and UNCTAD. To the best of our knowledge, no researches so far have considered the threshold of institutional quality in estimating the effect of wage on FDI inflows. Results: The composite index and each component of the six indicators of institutional quality except for voice and accountability, and regulatory quality are found to have nonlinear effects on FDI inflows. When the institutional quality is below the threshold, wage affects FDI inflows negatively. When the institutional quality is above the threshold, however, wage does not significantly affect FDI inflows. Conclusions: The effect of wage on FDI inflows varies depending on whether the institutional quality of the target countries is above or below the threshold.

• The Journal of Industrial Distribution & Business
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• v.12 no.10
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• pp.31-41
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• 2021

Purpose: This study estimates the threshold values of institutional quality through investigating the non-linear effect of six sub-indices of Worldwide Governance Indicators on FDI inflows in 34 developing countries in Asia and Eastern Europe over the period from 2000-2017. Research Design, data and methodology: GMM EGLS is employed which does not include the lagged value of the dependent variable as an independent variable. As a proxy for the institutional quality, either one of the six sub-indices of WGI from World Bank or the composite index obtained through a principal component analysis is used in a separate model. Results: An improvement in institutional quality, when the quality stays below a certain threshold level, does not increase FDI inflows, and only when the quality is above the threshold, it can positively influence FDI inflows. The threshold values of political stability and absence of violence, government effectiveness, and rule of law are relatively higher than those of the other dimensions of WGI. Conclusion: Institutional quality of the developing economies of Asia and Eastern Europe has a non-linear effect on FDI inflows. The target countries need to upgrade their institutional quality above the threshold in order to attract more FDIs.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.8
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• pp.103-115
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• 2021

This study investigates the relationship between family ownership and the stock price crash risk. It believes that this relationship would never be in direct connection. The authors design and then find that family ownership is predisposed, in the first place, to the related party transaction, then the related party transaction causes the future stock price crash. This study infers that employing the power of family ownership creates the Type I agency problem, although this is not relevant for the Type II problem. From the perspective of the hoarding theory, family ownerships produce opaque accounts by blurring financial information. The blurred information is probably hidden in the related party transactions. This study, therefore, splits these transactions into accounts receivable, other accounts receivable and other receivables. Finally, this research concludes that the family ownership affects related party transactions. These then are used as an instrument to influence the leaded related party transaction. The latest, leaded related party transactions influence the future stock price crash. This study infers that related party transactions are abusive practices, especially on the types of receivables. It implies corporate governance's revitalisation.

• The Journal of Economics, Marketing and Management
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• v.7 no.2
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• pp.1-5
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• 2019

Purpose - Along with the rise of foreign investments in the Korean stock market, there has been a variety of studies on their influence. The conflicting findings on the question of information asymmetry of foreign investors among existing literatures appear to be a result of mixture of research method problems, what information is defined as being comparable, individual business levels, or the entire stock market. This paper empirically investigates what factors contribute to foreign investments in firms in the Korean stock market. Research design, data, and Methodology - Samples are constructed by manufacturing firms listed on the stock market of Korea as well as those who settle accounts in December from 2001 to 2018. Financial institutions are excluded from the sample as their accounting procedures, governance and regulations differ. This study adopted the panel regression model to assess the sample construction including yearly and cross-sectional data. Result - This paper find that firms' R&D, dividends, size give significant positive impact to foreign investment, whereas debt gives significant negative impact to foreign investment. This relationship does not change when the samples are divided before and after the 2008 global financial crisis. Conclusion - This results support the literatures that foreign investors favor firms lowering their information asymmetry.

• Asia-Pacific Journal of Business
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• v.11 no.1
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• pp.93-114
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• 2020

Purpose -The purpose of this study is to analyze how the accreditation system affect the selection of business strategies in social enterprises, which create social value rather than maximize profits. Design/methodology/approach - This study collected survey data from 40 accredited and 53 non-accredited social enterprises. This research employs a Fuzzy-set/qualitative comparative analysis to compare the combinations of factors that affect a social enterprise's performance Findings - The results show that for accredited enterprises organizational capabilities are significantly more important than networking capabilities, whereas for non-accredited enterprises internal communication, governance capacities and networking competencies are most important capabilities to improving their social performance. And also The accreditation systems for social enterprises would entice social enterprise away from business strategies based on with local society, which is differentiated with commonly accepted social enterprise model. Research implications or Originality - This research suggests that the accreditation system for social enterprises should be redesigned for enticing social enterprises in Korea to be more localized to meet local needs in terms of positive changes of local society.

• Asia-Pacific Journal of Business
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• v.13 no.3
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• pp.227-243
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• 2022

Purpose - This study surveyed real estate financial consumers and financial company staff regarding the components of the financial consumer protection system to seek detailed improvement plans for the Financial Consumer Protection Act. Design/methodology/approach - The Analytic Hierarchy Process (AHP) technique is applied. Findings - Both consumers and staff highly evaluated the importance of the preventive measures in the main classification factors. Regarding the sub-classification factors of preventive measures, consumers emphasized the responsible management of investment staff and financial institutions; however, the staff stressed the principle of effectiveness and efficiency. Regarding the elements of ex-post remedies, consumers answered that fast remedy would have a significant effect. At the same time, staff believed that punitive measures hinder free trading and investment activities. Regarding the sub-sub classification factors of prevention measures, the consumers value responsible management of staff and financial companies, while the staff tend to prefer the importance of the self-regulatory governance. Research implications or Originality - Based on the above results, financial regulatory authorities should find a balance between preventive and ex-post components once focusing on preventative measures. Our paper is one of the first research findings in this field of financial consumer protection system in Korea.

• Asia-Pacific Journal of Business
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• v.13 no.3
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• pp.59-71
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• 2022

Purpose - We investigate how firms transfer financial risks to employees in a form of flexible employment contracts and layoffs. Design/methodology/approach - Based on the literature on the prevalence of shareholder value ideology and the associated 'risk shift', we examined how stock price volatility is associated with a firm's use and hiring of nonstandard employees, and the number of employees lay-offed. We test our hypotheses using a longitudinal, multi-source, dataset of Korean firms from 2003 to 2011. Findings - We found support for the relationship between stock price volatility and flexible employment contracts and layoffs after controlling for actual risks such as increased debt or decreased sales. However, we found that the relationship is moderated by the power of professional CEOs relative to that of shareholders, in that powerful CEOs are more likely to transfer the external risks, i.e. stock price volatility, to employees. Research implications or Originality - This study contributes the emerging stream of literature that explore the effect of stock market pressures and governance structures on human resource management.