• 노동경제논집
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• 제32권2호
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• pp.27-60
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• 2009

"사업체패널조사" 자료에 근거하여 노동자참여적 고성과작업관행들이 경영성과를 높이고 노동자들의 임금을 높이는 쪽으로 보상도 증가시켜 왔는지 여부를 분석한 결과 (1) 기업의 경영성과에 대체로 긍정적인 효과를 주었으나 몇몇을 제외하고는 그 효과가 뚜렷하지 않았으며, (2) 임금상승 효과는 좀 더 뚜렷하게 나타났다. 노동조합이 조직된 사업체는 고성과작업관행들의 임금효과가 좀 더 강화 된다는 점이 발견되는데, 이는 노동조합이 없는 기업들의 경우 고성과작업관행들의 지속을 위해서는 그 도입 설계 단계에서부터 노동자대표들의 참여를 유도하고 그 성과가 노동자들에게도 적절하게 배분될 수 있도록 특별한 노력을 경주할 필요가 있다는 함의를 제시하는 것이다.

• The Journal of Asian Finance, Economics and Business
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• 제7권4호
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• pp.309-316
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• 2020

This research aims to revisit the hypothesis that bribery hurts firm performance in the context of a perceptibly corrupt country. Specifically, we use micro-data from Vietnamese small and medium firm surveys in 2013 and 2015 to examine whether bribery impedes firm revenue growth and labor productivity growth. An issue arising in this type of research is the potential endogeneity between firm bribing behaviors and firm performance. To go around the issue, we follow the literature to instrument bribery variable with the average probability of bribery in other provinces. We further employ the Analysis of Variance technique (ANOVA) to unveil if the effect of bribery is dependent on bribing purposes. The regression results show that firm performance is significantly influenced by firm size, firm age and firm bribing behavior. Larger firms are more likely to grow faster while firm performance tends to be negatively related to firm age. Particularly, we find that bribery significantly impedes firm revenue growth and labor productivity growth. The analysis of variance shows that the effect of bribery on firm performance may vary across bribing purposes. Our findings, therefore, support the sand-the-wheels hypothesis that bribery hurts firm performance even in a highly corrupt business environment.

• The Journal of Asian Finance, Economics and Business
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• 제7권9호
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• pp.283-291
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• 2020

Although the corporate governance plays a crucial role in protecting shareholder wealth, the effect of corporate governance on cost of debt is unclear. On one hand, the corporate governance reduces asymmetric information between corporate and external investor including debtholder leading to a decreasing in cost of debt financing. On the other hand, bondholders require higher rate of return for an improvement corporate governance. Hence, this study aims to investigate the relationship between the mechanism to improve corporate governance namely board effectiveness and the cost of debt in an emerging market. As we aim to explore the relationship between cost of debt and board effectiveness, we select corporation in Thailand as our sample because the businesses in Thailand are major debt-financing. Hence, our sample include listed firm in Stock Exchange of Thailand between 2007 and 2016. Our main findings support the sub-optimal investment hypothesis in that improved board effectiveness is associated with higher cost of borrowing. In addition, we find that the number of board member-board size, the number of board meeting, and the percentage of non-executive on audit committee play are positively associated with the cost of debt financing. Furthermore, we perform two-stage-least square (2SLS) to ensure that our results are far from endogeneity issue.

• The Journal of Asian Finance, Economics and Business
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• 제7권5호
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• pp.225-236
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• 2020

This paper examines empirically the net impact of residual state ownership on privatized firm efficiency in the transitional context of Vietnam. Vietnamese privatization has its own characteristics. Instead of mass and full privatization, Vietnam has chosen a partial and gradual path. Thus, it is important to assess the net impact of residual state ownership on privatized firms during the post-privatization period. This study employs stochastic frontier analysis to investigate the association between residual state ownership and the efficiency of privatized firms, using a sample of all privatized firms that are listed on the Vietnamese stock exchanges over the period from 2007 to 2017. Also, two-stage least squares regression is incorporated into the model to deal with potential endogeneity issues. Our study provides evidence that state ownership should not be considered as a pure source of agency problems. Indeed, the net impact of residual state ownership on privatized firm efficiency is non-monotonic, and the relationship between residual state ownership and privatized firm efficiency is under an inverted U-shape. A moderate level (less than 50%) of residual state ownership might be beneficial to privatized firm efficiency whereas too much state ownership is detrimental to the efficiency of privatized firms.

• KDI Journal of Economic Policy
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• 제32권2호
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• pp.27-53
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• 2010

본 논문은 우리나라에서 직업능력 향상을 위한 교육훈련이 개인의 임금에 어떤 영향을 미치는지를 "경제활동인구조사" 자료를 통해 분석한다. 교육훈련의 내생성을 통제하기 위하여 실증분석 방법으로 (1) 고정효과 추정법과 (2) 성향점수 매칭법을 적용한다. 고정효과 추정법(매칭법)의 결과에 따르면, 지난 1년 동안에 이수한 교육훈련으로 인하여 개인의 월평균 임금수준은 평균 2.6~4.7%(7.5~9.8%) 정도 상승한다. 상이한 두 가지 추정방법의 분석 결과를 종합하면, 우리나라에서 직업능력 향상을 위한 교육훈련의 임금 상승효과는 평균 2.6~9.8% 수준인 것으로 추정된다.

• 산경연구논집
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• 제8권1호
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• pp.5-13
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• 2017

Purpose - In this article, a dynamic model like a VAR is an appropriate choice for estimating the possible interrelationship between ownership structure and firm performance as a dynamic process. Research design, data, and methodology - Data of this work are collected from Chinese stock exchange including 350 Chinese-listed firms during the period of 1999-2012. We hypothesize that this interrelationship dynamically exists between ownership structure and firm performance. To examine the correlation, a panel Vector Auto-regression (PVAR) approach generated by GMM method is utilized to test the possible dynamic relation embedded in corporate governance. Another two dynamic analysis solutions such as orthogonalized impulse-response function and variance decomposition are also used simultaneously. Results - Findings of this study indicate the evidence that dynamically endogenous relationship exists between ownership structure and firm performance. Further, there is a dynamical correlation between investment and performance. Impulse response and variance decomposition illustrate that impact of a shock to variables themselves is the main source for their variability. Conclusions - The conclusion in this study is that there is a bidirectional and inter-temporal effect between proportion of ownership and corporate performance for a long run in accordance with impulse response function. Overall, our results suggest that corporate governance in China is more market oriented.

• The Journal of Asian Finance, Economics and Business
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• 제7권8호
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• pp.1-13
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• 2020

This study examines the effect of managerial ownership on firm value in capital markets where outside governance mechanisms to discipline managers are weak or non-existent. We hypothesize that strong market forces in the U.S. confound the effect of managerial ownership on firm value, i.e., the convergence of interest argument. We test the hypothesis using data from 112 firms from Singapore Stock Exchange and 205 firms from the Stock Exchange of Thailand prior to the Asian financial crisis in 1997 when the market forces were weak, yet the investor protection was sufficient to prevent outright appropriation from management. For ease of comparison, we use methodologies from studies done on the U.S. sample firms during the same study period as ours. We find that, both in Singapore and Thailand, firm value is a function of managerial ownership, and the relation is of the famous inverted U-shaped. Moreover, the relation is robust under different model specifications. The results from Thai sample, with weaker market forces than in Singapore, lend support to many agency cost hypotheses advanced in the U.S. Our results provide useful implication for investors in emerging and frontier markets where outside governance mechanisms are yet to be fully developed.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.707-715
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• 2020

Globalization has led to an increase in foreign banks' penetration. It is argued that the presence of foreign banks may affect the banking sector of the host countries in several ways including their competition level. It is mentioned that the presence of the foreign banks could heightened the level of competition in the banking sector. Nonetheless, the impact of the foreign banks on competition could be influenced by the degree of information sharing in the banking industry. This study investigates the role of information sharing in moderating the impact of foreign bank penetration on host banking sector competition in selected developing countries. We employ panel data samples of 54 developing countries during the period from 1998 to 2016. The estimation is carried out using the two-step system of the Generalized Method of Moments (GMM) regression technique. This technique is adopted due to its robustness to all forms of endogeneity. The findings of this study show that the presence of information sharing could affect the relationship between foreign banks' penetration and competition. They suggest that improvement in information sharing by a host country may help foreign banks to improve monitoring and reduce the moral hazard and adverse selection problem.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.675-685
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• 2020

The main purpose of this study is to investigate the potential effect of ownership concentration on the relationship between board composition and bank performance. The study employs a sample of Saudi banks listed on Saudi stock exchange (TADAUWL) over the period from 2011 to 2018. To test the study hypotheses and control for endogeneity issues, the Ordinary Least Square (OLS) and the Two-Stage Least Squares (2SLS) techniques are used. The empirical results reveal a significant negative moderating effect of ownership concentration on the association between board composition and bank performance, which confirms the study argument and supports hypotheses. The results indicate that board composition in terms of independent board members, executive board members, and non-executive board members in banks with higher ownership concentration have a weaker positive influence on bank performance. For control variables, the results are almost consistent with theoretical perspectives and previous empirical evidence. The results of this study have important implications for regulatory authorities, companies, and market participants in Saudi Arabia and countries with high concentrated ownership to understand how ownership concentration could affect corporate governance and firm performance and to identify appropriate actions to protect board composition from the influence of ownership concentration.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.663-673
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• 2020

To enhance the performance of privatized firms and state-owned enterprises, Vietnamese government set up a specialized monitoring body named State Capital Investment Corporation (SCIC) in 2006 to supervise their performance. This motivated us to conduct this study to investigate the effective control of SCIC on privatized firms' performance. We collected the annual reports of 500 non-financial privatized firms listed on HSX and HNX during the period from 2007 to 2017 from Thomson Reuters. Observations with missing values were removed and trimming outliers were implemented resulting in a dataset comprising of 4146 firm-year observations. We applied a quadratic regression model of state ownership on firms' performance, and applied the method of Baron and Kenny (1986) to test the moderating effect of SCIC control. To fix "selection bias" that may occur and result in endogeneity of moderator (M), we utilized the PSM technique to analyze the marginal effect of the moderator (SCIC) on privatized firms' performance. Our findings indicate a positive moderating role of SCIC on the relationship between the state ownership and firms' performance. This implies that there is a positive effect of liberating the management of the private firms from government control, which also means that lesser the intervention of government in the day to day operational activities of a private firm, better the performance of a privatized firm is.