• Asia-Pacific Journal of Business
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• v.14 no.1
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• pp.73-91
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• 2023

Purpose - The purpose of this study is to re-examine the disclosure effect of stock splits and long-term performance after stock splits using stock split data over the past 10 years, and infer the motivation (signal or opportunism) of stock splits. In addition, we focus on exploring the determinants of the short- and long-term market response to stock splits. Design/methodology/approach - We measure the short-term market response to a stock split and the long-term stock performance after the stock split announcement using the event study method. We analyze whether there is a difference in the long-term and short-term market response to a stock split according to various company characteristics through univariate analysis and regression analysis. Findings - In the case of the entire sample, a statistically significant positive excess return is observed on the stock split announcement date, and the excess return during the 24-month holding period after the stock split do not show a difference from zero. In particular, the difference between short-term and long-term returns on stock splits is larger in companies with a large stock split ratio, small companies, large growth potential, and companies with a combination of financial events after a stock split. Research implications or Originality - The results of this study suggest that at least the signal hypothesis for a stock split does not hold in the Korean stock market. On the other hand, it suggests that there is a possibility that a stock split can be abused by the manager's opportunistic motive, and that this opportunism can be discriminated depending on the size of the stock split, corporate characteristics, and financing plan.

• Asia-Pacific Journal of Business
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• v.14 no.1
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• pp.131-148
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• 2023

Purpose - Since the 2020s, the management philosophy of Chinese firms' ESG has been rapidly established under the leadership of the Chinese government. We empirically analyze the ESG characteristics and effects on corporate value of Chinese firms. Design/methodology/approach - Using OLS and random effect panel regression analysis, we identify ESG determinants. In analyzing the impact on corporate value, likewise a large number of literatures, we adopt a 2SLS methodology using instrumental variables in the reason of endogeneity between ESG and firm value. We analyze using the G2SLS methodology, which is improving the efficiency of the estimation coefficients along with 2SLS. Findings - We find that ESG ratings are high in state-owned and foreign capital invested companies, ESG ratings are low in companies with a high proportion of non-floating stocks which implies information asymmetry. However, there are no significance in the institutional investor's, the major 10 largest shareholders' and manager's ownership. Furthermore, we can support most of the hypotheses that ESG ratings will be high in companies with high management performance. ESG ratings are significantly higher in companies with high ROA, rich in cash asset, low debt ratio, and large size. we strongly support the hypothesis that the higher the ESG rating, the higher the firm value, and ESG has a moderating effect on state-owned companies, non-floating shares, the ownership of institutional investors, manager, and the 10 major shareholder. In particular, state-owned companies, the proportion of non-floating shares, and the ownership of the 10 major shareholders have a negative impact on firm value, however, ESG attenuates this negative effect. Research implications or Originality - This study looks forward to enhancing our understanding of ESG characteristics in East Asia.

• Journal of the Korean Society of Physical Medicine
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• v.17 no.2
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• pp.41-51
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• 2022

PURPOSE: The functional limitations in stroke survivors promote sedentary lifestyles and quality of life inadequacies, but there is increasing evidence that this could be minimized by physical exercise. Therefore, this study examined the effects of physical exercise on the quality of life (QoL) and functional capacity (ability to stand up from a sitting position) among stroke survivors drafted from two tertiary hospitals in Osogbo, Nigeria. METHODS: A purposive sampling technique was used to select 21 registered right or left outpatient hemiplegic stroke survivors in a pre- and post-test experimental research design. The research questions were presented using descriptive statistics of frequency, percentage, mean and standard deviation, while an Analysis of Variance (ANOVA) was used to test the study hypothesis at the .05 alpha level for significance. RESULTS: Compared to the baseline (week 0), there were significant increases in the general quality of life, healthy well-being, physical exercise, pain perception, and environmental domains of QOL among the survivors in week four. Moreover, a significant increase was observed in these indices in week eight, compared to week four, except for the pain perception domain. Compared to the baseline, there was a significant decrease in the time it took the stroke survivors to stand up from a sitting position in week four. A significant decrease was observed in this index in week eight compared to week four. CONCLUSION: Marked corridor 20 meters brief walking exercise for eight weeks significantly improved the quality of life and ability to stand up from a sitting position in stroke survivors in Osogbo, Nigeria.

• The Journal of Information Systems
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• v.32 no.1
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• pp.1-21
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• 2023

Purpose The purpose of this study is to investigate the intention of early application users in consideration of the characteristics of digital finance-based MyData service users. It is expected that user characteristics will affect the intention to use MyData service, which has not yet been advanced, and accordingly, it will examine how the characteristics of the initial users of MyData service and the intention to use it are connected. Design/methodology/approach The model used in this study is a value-based adoption model (VAM), and a lot of research has been conducted on information technology and online user acceptance and continuous use intention of online users. VAM has been proven useful through empirical analysis in many studies. The value-based acceptance model is a method of analyzing the intention to use Benefits and Sacrifices as the main elements of perceived value. It can be said to be a model that can analyze the benefits of use and the sacrifices to be made. Findings According to the analysis results of this study, it was found that usefulness, enjoyment, and reliability, which are the benefits of MyData service apps, had a positive effect on perceived value, which is partially consistent with existing research results. However, it was found that complexity, which is the sacrifice of MyData service apps, negatively affects perceived value and security has no negative impact. The results of security are considered to be complementary to financial institutions because MyData service deals with financial data based on personal information, and the research hypothesis is rejected because users' demands are relatively low. Therefore, MyData service apps should do more to increase benefits (usefulness, enjoyment, and reliability) than to reduce sacrifice (complexity) to users.

• The Journal of Information Systems
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• v.32 no.4
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• pp.1-28
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• 2023

Purpose Recently, organizations have been allocating significant financial resources toward the implementation of new technologies and stringent information security (IS) policies in order to enhance IS. However, the potential for IS threats from internal sources within organizations remains high. This study proposes a mechanism whereby the organization's IS environment (organizational justice) enhances employees' perception of IS value congruence and encourages their voice behavior. Furthermore, this study validates that an individual's susceptibility to interpersonal influence can reinforce the relationship between the aforementioned factors and voice behavior. Design/methodology/approach We utilized AMOS 22.0 and Process 3.1 to validate the research model and hypotheses. The data was gathered from 435 employees employed in South Korean firms that implemented IS policies in their work. Structural equation modeling was employed to examine the relationship between organizational justice, value congruence, and voice behavior, and the interaction effect was confirmed by incorporating model 1 of Process 3.1 for the hypothesis pertaining to susceptibility to interpersonal influence. Findings The findings of this study indicate that organizational justice has a positive impact on voice behavior, which is further enhanced by value congruence. Furthermore, the influence of organizational justice and value congruence on voice behavior is moderated by susceptibility to information influence, while susceptibility to normative influence only moderates the effect of organizational justice. These results provide valuable insights for organizations in developing customized information systems strategies that effectively promote employees' voice behaviors.

• Asia-Pacific Journal of Business
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• v.14 no.3
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• pp.167-186
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• 2023

Purpose - The purpose of this study is to empirically investigate whether the auditor accreditation system for IPO firms improves the efficiency of the KOSDAQ IPO market. To verify the effectiveness of the auditor designation system, we time series compare four measures of IPO firms (earnings management, long-term stock performance, change in operating performance, and possibility of delisting). Design/methodology/approach - We test the hypothesis through event research method and regression analysis. Specifically, the dependent variables of the regression model are discretionary accruals in the year of IPO, 36-month holding period excess return after IPO, change in operating performance for 3 years after IPO, and dummy variable for delisting. And the explanatory variable is a dummy variable that separates the period before and after the implementation of the auditor designation system. Findings - We find that earnings management and delisting risks decreased more in the period after the implementation of the auditor accreditation system than in the previous period. In addition, we find that long-term stock performance and operating performance after IPO increase further after the implementation of the auditor accreditation system. Research implications or Originality - Overall, the results of this study suggest that the implementation of the auditor accreditation system for IPO firms contributes to improving market efficiency in the KOSDAQ market, where information asymmetry is high. Our study differs from previous studies in that it demonstrates the effectiveness of the auditor designation system using various measures.

• The Journal of Economics, Marketing and Management
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• v.12 no.2
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• pp.27-36
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• 2024

Purpose: As the number of vegetarians continues to rise in tandem with the development of consumer culture, a novel economic trend named 'Vegenomics' has surfaced. In addition, as interest in social and environmental sustainability such as health, environment, and animal welfare grows due to the COVID-19 pandemic, the alternative protein food market is expanding, focusing on plant-based alternative meat. Research design, data, and methodology: Therefore, this study aims to investigate the impact of the consumption value of alternative protein products on self-efficacy and purchase intention. This study collected a total of 187 questionnaires by conducting an online survey from May 1 to July 10, 2023, to verify the research model and hypothesis. The collected data were subjected to exploratory factor analysis, confirmatory factor analysis, and discriminant validity analysis using SPSS 20.0 and AMOS 20.0 programs for structural equation modeling. Results: The results of analyzing consumers' self-efficacy and purchase intention regarding the functional value, health-oriented value, ethical value, and ecological value of alternative protein products are as follows. First, among the consumption values of alternative protein products, ecological value was found to have a significant positive (+) effect on self-efficacy. Second, consumers' self-efficacy for alternative protein products was found to have a significant positive (+) effect on purchase intention. Conclusion: This study is anticipated to provide valuable insights for the formulation of effective marketing strategies for alternative protein products and the development of products that align with consumer needs.

• Journal of Information Technology Applications and Management
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• v.31 no.1
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• pp.123-138
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• 2024

With the increase in online shopping and delivery food consumption since the pandemic, solving environmental problems caused by single-use packaging has become an important issue. 'Upcycling' is a combination of 'Upgrade' and 'Recycle', and it is the rebirth of obsolete or discarded objects by adding new value to them, and there are currently various upcycled products on the market. In order to activate upcycling, consumers' awareness of the environment and their values for consumption are very important. This study aims to investigate the influence of students' environmental concern, environmental experience, and consumption value on their purchase intention of upcycled products. Based on the results of previous studies on environmental concern, environmental experience, and consumption value, hypotheses were set, and a survey was conducted among university students nationwide to test the hypotheses. The results of this study are as follows First, environmental concern has a significant positive effect on purchase intention of upcycled products. It can be seen that the more environmental concerns such as global warming and waste disposal problems increase, the more positive attitudes toward upcycled products increase. Second, the research hypothesis that environmental knowledge will have a positive effect on the purchase intention of upcycled products is rejected. It was found that environmental knowledge is acquired through environmental education and many SNS, but it does not have a direct effect on the purchase intention of upcycled products. Third, it was found that the consumption value of college students has a positive effect on the purchase intention of upcycled products by increasing their positive perception of upcycled products. Fourth, college students' purchase intention of upcycled products has a positive effect on their behavioral intention to purchase upcycled products. The results of the study provide implications for relevant organizations such as universities and companies to effectively design upcycling-related education. It is also expected to have a positive impact on the use of upcycled products by providing basic information on the characteristics of consumers who purchase upcycled products.

• Asia-Pacific Journal of Business
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• v.14 no.4
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• pp.305-318
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• 2023

Purpose - This study analyzed the decoupling phenomenon between energy consumption and economic growth in Korea from 1990 to 2021. The main purpose of this study is to suggest policy implications for achieving a low-carbon society and decoupling that Korea must move forward in the face of the climate change crisis. Design/methodology/approach - This study investigated the relationship between energy consumption and economic growth by energy source and sector using the energy-EKC (EEKC) hypothesis which included the energy consumption on the traditional Environmental Kuznets Curve (EKC), and the impulse response function (IRF) model based on Bayesian vector auto-regression (BVAR). Findings - During the analysis period, the trend of decoupling of energy consumption and economic growth in Korea is confirmed starting from 1996. However, the decoupling tendency appeared differently depending on the differences in energy consumption by sources and fields. The results of the IRF model using data on energy consumption by source showed that the impact of GDP and renewable energy consumption resulted in an increase in energy consumption of bio and waste, but a decrease in energy consumption by sources, and the impact of trade dependence was found to increase the consumption of petroleum products. Research implications or Originality - According to the main results, efficient distribution by existing energy source is required through expansion of development of not only renewable energy but also alternative energy. Additionally, in order to increase the effectiveness of existing energy policies to achieve carbon neutrality, more detailed strategies by source and sector of energy consumption are needed.

• Asia-Pacific Journal of Business
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• v.14 no.4
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• pp.217-231
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• 2023

Purpose - The purpose of this study is to determine the impact of workaholism according to personality on the job satisfaction of organizational members. Design/methodology/approach - Workaholism was defined as excessive working and compulsive work, suggesting a negative impact on job satisfaction, while predicting that conscientiousness would alleviate this effect and presented as a hypothesis. The unbalanced panel data constructed based on 19,283 samples of 6,863 people from the Korea Labor Institute's Korea Labor Panel Survey was used. Findings - Both excessive working and compulsive working were found to have a direct negative effect on job satisfaction. Additionally, as a result of verifying the interaction effect of conscientiousness, it was found that the negative impact of excessive work on job satisfaction was moderated and alleviated by conscientiousness. In other words, for employees with high conscientiousness, the negative impact of excessive work on job satisfaction is alleviated and the negative impact of overworking is offset, whereas for employees with low conscientiousness, the negative impact of overworking on job satisfaction is strengthened. Research implications or Originality - This study shows that the impact of workaholism on job satisfaction varies depending on personality. While existing research has treated personality only as a determinant of workaholism, this study contributes to previous research in that it expands the role of personality. In addition, in practical terms, it is suggested that differential treatment based on individual values or personality is necessary.