• The Southeast Asian review
• /
• v.23 no.3
• /
• pp.49-92
• /
• 2013

In May 2010, Indonesia and Norway signed a Letter of Intent on "Cooperation on Reducing Greenhouse Gas Emissions from Deforestation and Forest Degradation(REDD)." In the LoI, Norway agreed to offer Indonesia a sum of USD 1 billion with a view to encourage Indonesia to significantly contribute to the successful implementation of REDD+. On 20 May 2011, correspondingly, Indonesia announced the 2011 'Forest Moratorium' (the Presidential Instruction No. 10/2011) which was valid for the following consecutive two years. By means of the 2011 'Forest Moratorium', Indonesia aimed at significant reductions in greenhouse gas emissions from deforestation, forest degradation and peatland conversion. In so doing, it also sought to improve forest governance. Meanwhile, concerned stakeholders also raised various questions about the effectiveness of the 'Forest Moratorium'. As an extension of the 2011 'Forest Moratorium', Indonesia announced the 2013 'Forest Moratorium'(the Presidential Instruction No. 6/2013) for another two-year period on 13 May 2013. Indonesia's 'Forest Moratorium' is concerned with stakeholders at various levels, who may play a role of significant 'agent' in the process of implementing the 'Forest Moratorium'. This mechanism of the 'Forest Moratorium' should be understood in the light of forest governance. Employing stakeholder approach, therefore, this article attempts to analyze Indonesia's 'Forest Moratorium' in the light of forest governance. In this regard, it analyzes the detailed contents of the 'Forest Moratorium', the process of making the 'Forest Moratorium', current development of the Indicative Moratorium Map for suspension of new concessions on forest land, and contesting views of various stakeholders. At the same time, it also talks about how 'weak' forest governance had influence upon Indonesia's 'Forest Moratorium'. In so doing, this article consequently attempts to evaluate Indonesia's 'Forest Moratorium' and also put it into perspective in terms of improving forest governance. The 2013 'Forest Moratorium' fundamentally represents a radical policy that is designed to suspend new concessions on forest conversion for another two-year period and its detailed contents attempt to reflect on various stakeholders from related industries and environmental NGOs. However, there are challenging factors in the process of implementing the 'Forest Moratorium', that is, 'weak' forest governance and also a discrepancy between forest planning maps designated by central and regional governments. The announcement of the 2013 'Forest Moratorium', as an extension of the 2011 'Forest Moratorium', may functionally strengthen and improve Indonesia's forest governance. However, at the same time, there is a practical limit due to the fact that it is merely a Presidential Instruction that lacks legal binding.

• 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.

• Asia Marketing Journal
• /
• v.25 no.4
• /
• pp.207-218
• /
• 2024

Considering the rising interest in environmental, social, and governance (ESG) globally, various studies have shown that ESG practice increases firm value; however, there is still much debate. This study focuses on the relationship between ESG practice and firm value. Further, we identify the mechanisms constituting this relationship to address relevant research gaps. Specifically, this study examines the connection between ESG practice and corporate valuation, emphasizing the mediating role of a company's reputation. Using panel analysis of data from 145 Korean firms (2014-2021), the study reveals that ESG practices notably enhance firm value, signaling their significance to stakeholders. Corporate reputation acts as a bridge between ESG efforts and value, with corporate reputation's influence varying across industries. This research presents broad implications for both academic and industrial fields, highlighting the strategic importance of ESG in enhancing firm value.

• Journal of Environmental Science International
• /
• v.31 no.12
• /
• pp.1117-1126
• /
• 2022

This study analyzed the effect of Corporate Social Responsibility and ESG (Environmental, Social and Governance) score on information asymmetry from the perspective of investors, who are important stakeholders of the company. For KOSPI-listed companies from 2017 to 2020, the effect of ESG overall score and each item score (E, S, G) on the bid-ask spread, which is a proxy for information asymmetry, was confirmed. The results are as follows. First, the increase in corporate CSR activities resulted in lowering information asymmetry of investors. It was found that the higher the ESG score, an indicator of CSR activity, the lower the bid-ask spread, which is a proxy variable for information asymmetry. Second, as a result of analysis using ESG scores for each section, information asymmetry decreased as companies with higher scores in the environmental (E) and social (S) aspects, while the governance (G) score did not have a statistically significant effect. The analysis confirmed that corporate CSR activities can contribute to improving market efficiency by resolving information asymmetry of investors and convergence of the stock market into a state of equilibrium. This means that the company's CSR activities are reflected in the investment decision-making, which suggests that the company should consider the investor as a stakeholder in decision-making related to CSR activities.

• Journal of the Korea Convergence Society
• /
• v.11 no.1
• /
• pp.247-257
• /
• 2020

The purpose of this paper is to review the performance of the Green Village Project during the last 10 years, and examine the possibility of the institutionalization of a local governance. The Green Village Project was first initiated by an environmental movement group in Cheongju City, and now various actors, including Cheongju City and City Council members, public organizations, professionals etc, are participating. The project has been continuously and stably carried out for 10 years, and the participants now recognize that the project should be carried out every year. According to the analysis, the participants recognized the project as beneficial project for them on the basis of the rational choice. And the participants recognized the project as having legitimacy, and accumulating 'trust' between participants, accumulating the experiences of success. In conclusion, the sustainability and stability of the project has been strengthened, and the institutionalization possibility of the governance of the Green Village Project has been increased continuously.

• Clean Technology
• /
• v.28 no.2
• /
• pp.193-200
• /
• 2022

The term environmental, social and governance (ESG) was first used in the 2003 United Nations Environmental Programme Finance Initiative (UNEP FI). Among the three areas of ESG, environment refers to the impact of companies on the environment. Environmental factors address climate change policies and attempts to reduce emissions, waste and natural resource consumption. Social factors refer to the direction in which a company can improve the social impact of stakeholder includes employees, customers, communities, and governments involved in direct or indirect interaction with the organization itself and the company. Governance factors refer to stakeholders who make major decisions, the composition of the board of directors, their diversity and independence, and the internal policies that set limits and expectations for decision-making. Research related to ESG management is part of corporate social responsibility, sustainability, corporate or financial performance, and social responsibility investment. Through case studies and data-based empirical studies, it was confirmed that ESG management companies had positive results for most of the ESG related fields. Through literature analysis of domestic and international ESG history, introduction background, and management performance, this paper presents theoretical, practical implications by confirming that ESG's introduction and operation strategies are strong competitive strategies that directly affect corporate growth by creating attractive factors.

• Journal of the Korean Institute of Landscape Architecture
• /
• v.44 no.6
• /
• pp.60-72
• /
• 2016

This study aims to suggest strategies of development and management for large parks by examining experimental cases of park governance models related to a shift away from public administration. The shifts towards governance as well as public-private partnership in city parks have involved the need for new public management. This study has analyzed two exemplary cases of Presidio Park and Sydney Harbour National Park in the aspects of planning process and management strategies, as the results derived the meaning and effect of park governance management and is also an essential prerequisite for the achievement of the model. There are six dimensions of research frames--namely policy, governance, partnership, finances and funds, design and maintenance-management, and evaluation-monitoring-taken as the basis for this study. Through the analysis, several key characteristics of these cases were elicited. First, the park planning process must be consistent in carrying a policy from planning to implementation, and furthermore, an independent operation body which can properly authorize an execution and uphold its responsibility from the public could serve in adaptable park services. Second, it has been suggested to build various partnerships with PAs and NGOs, private corporations, community groups, and academic institutes that allow it to expand the diversity of the park activities. Third, there has been experimental exploration to achieve a financially self-sufficient model by establishing internal revenue models and hence allow the reduction of reliance on public finances. The result of this type of park management would allow for improving park quality and make the park space a vital part of the local economy. Fourth, the strategies for a local community's participation are needed to allow the community to become a producer as well as a consumer. This study shows that the direction and significance of the park governance model regarding the fact that the plans sought by the two parks are extending the layout of public-centered discussion to the private sector and the third non-governmental sector including to the local community group. This shows both implications and limitations, such as the risk of privatization through non-governmental activities at the park or the violation of essential functions as a public good due to a profit-generating management policy for securing financial self-sufficiency. At the current point in which plans are under way for the development and management of large parks, a park governance model requires continuous study and expansion of discussion in the future.

• Economic and Environmental Geology
• /
• v.54 no.1
• /
• pp.127-136
• /
• 2021

This study was carried out to understand China's earthquake governance and role-sharing, and to strategically use it for research cooperation in related fields with China. The characteristics of China's national earthquake governance and role-sharing are detailed in this study. First, unlike Korea, China's geoscience and earthquake research fields are separate, and are clearly distinguished from other fields of science and technology. They hold a higher status compared to other fields in China. Second, China's provincial earthquake agencies simultaneously carry out related tasks under the dual supervisory management system of the central and provincial governments. Third, the China Earthquake Administration (CEA) has the authority to do research and development, manpower training, and degree conferment, which are centered on directly affiliated institutions. Fourth, China carries out similar functions in directly affiliated institutions of the CEA and the China Geological Survey (CGS), and affiliated institutions of the Chinese Academy of Sciences (CAS), respectively. Fifth, the CEA is continuously expanding the seismic observation network that connects the vast land of the country. Sixth, China is considered to have detailed structures of earthquake-related laws and regulations. Given China's earthquake governance and role-sharing, it is considered that the possibility of success in research cooperation is high if Korea first determines whether it is under the jurisdiction of the CGS, CEA, and CAS, depending on the specific field.

• Journal of Distribution Science
• /
• v.20 no.3
• /
• pp.83-93
• /
• 2022

Purpose: This study aims to investigate the relationship between ESG activities (Environment, Social, Governance) of coffee shops and their brand image, purchase intention. Research design, data and methodology: To test the hypothesis, a survey was conducted for about one month from May to June, 2021, and a total of 311 people responded to the survey, and the responses from 311 copies were used for the analysis. Validity and reliability analysis were performed, and the relationship between latent variables was empirically analyzed using the structural equation modelling. Results: The results of the study are as follows. First, among the ESG activities of coffee shops, the environmental and social sectors had a significant positive (+) effect on the brand image, but the governance aspect showed no significant effect on the brand image. Second, it was found that the symbolic image and the empirical image had a significant positive (+) effect on the purchase intention, but the functional image did not have a significant effect on the purchase intention. Conclusions: The results of this study suggest that as the number of coffee shops and the heated competition are increasing, it is possible to build a differentiated brand image through ESG activities rather than relying on the functions and services of competing products.

• Journal of Korea Port Economic Association
• /
• v.39 no.2
• /
• pp.143-163
• /
• 2023

This study aims to analyze the impact of ESG activities on the corporate performance of logistics companies in Korea. To achieve this, the study examines the factors influencing the adoption and implementation of ESG activities, assesses the extent to which ESG activities enhance corporate trust and image, and empirically analyzes the effect of ESG implementation on the corporate performance of logistics companies. An online survey was conducted using Google Forms for Korean logistics companies, and a total of 463 data sets were utilized for PLS structural equation analysis using the SmartPLS 4.0 software tools. The findings of the study are as follows: Firstly, external pressure, specifically government pressure, significantly influences environmental responsibility activities, while investor pressure significantly affects social responsibility activities and governance responsibility activities. Additionally, internal management pressures significantly impact environmental responsibility activities, and employees have a significant influence on all ESG responsibility activities. Secondly, environmental responsibility activities positively affect corporate image, whereas social and governance responsibility activities influence trust and corporate image. Thirdly, trust and corporate image demonstrate significant effects on both financial and non-financial performance. Fourthly, trust significantly mediates the relationship between social responsibility, governance responsibility, and non-financial performance, while image mediates the connection between ESG responsibility and both financial and non-financial performance. The contribution of this study lies in providing practical insights for logistics companies to actively promote ESG activities, thereby establishing a reputation for being environmentally, socially, and governance responsible and gaining customer trust. By doing so, this study aims to raise awareness of the importance of ESG activities in the logistics industry and help companies recognize their significance for sustainable management