• Journal of Korea Trade
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• v.24 no.4
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• pp.71-94
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• 2020

Purpose - Multi-National Enterprises (MNEs) tend to face a high level of institutional pressures in regions with high institutional development level. When complying with institutional pressures, firms try to make decisions to maximize profit while minimizing the risks to them. The purpose of this study is to investigate the influence of the institutional development level on institutional compliance timing by MNEs and the relationship between compliance speed and corporate performance. Design/methodology - The research focuses on three main variables, which are the institutional development level (as a determination of the institutional pressure level), the firm's compliance speed (as a determination of the compliance timing), and the firm's financial performance (as a determination of the corporate performance). We collected 19,869 firm-level data from CSMAR (the China Stock Market and Accounting Research), 6,922 CSR data from RKS (the Rankins CSR Ratings), and province and city-level data from the NERIM (National Economic Research Institute Index of Marketization) and NBSC (National Bureau of Statistics of China). The firms in China were chosen for analysis, and the analysis period was from 2008 to 2017. Random Effects GLS Regression was used to test the relationships among the variables. Findings - This study examined the effect of the institutional development level on the firm's compliance speed, together with the effect of compliance speed on the firm's financial performance of the MNEs in China. We found that the institutional development level positively influenced firms' financial performances, which means the firms' financial performances are better in the region with a high institutional development level. The compliance speed of institutional practice by firms was faster in the higher level of institutional development. However, the firm's delayed compliance led to better financial performance. Originality/value - Studies in the resource dependence view of Institutional Theory often fall short in understanding the theory by overlooking the firm's active decision-making. Thus, the findings do not present a full scope of corporate performance in this regard. This study not only found a way to test the role of a firm's independent decision-making (i.e., compliance timing) when facing the institutional pressure but also prove the significant role of the compliance timing on corporate performance. Also, we were able to test the effect of institutional development level, controlling location-specific variables because we used CSR performance data for MNEs operating in China. Lastly, by doing the above, the findings of this study suggest practical implications to the industry practitioners in MNEs.

• Information Systems Review
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• v.25 no.4
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• pp.291-314
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• 2023

The concept of Mydata emerged with the expansion of the data economy. MyData aims to empower individuals by enhancing their right to self-determination over their personal data. The use of MyData is expected to enable the provision of innovative service in various fields. Since 2022, MyData has been introduced and actively used in the financial sector. In the future, not only financial institutions but also Bigtech and Fintech companies are expected to actively join and demonstrate rapid expansion. To ensure steady growth for MyData in the financial sector, it is necessary to assess acceptance behaviors from multiple perspectives. However, the majority of existing research solely focuses on positive acceptance. This study analyzed the impact of users' personal characteristics and innovation characteristics on both innovation resistance and acceptance resistance. The analysis revealed that personal and innovation characteristics contribute to an increase in distrust and innovation resistance in the MyData service. In addition, it has been confirmed that it can lead to actions such as delayed acceptance and refusal to accept. The results of this study offer both theoretical and practical insights into user behavior within the MyData service market.

• Korean Association of Arts Management
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• no.50
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• pp.33-63
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• 2019

This study examines financial performance of nonprofit performing arts organizations to provide concrete suggestions and improve their financial performance so that they can build strategies to continue organizational activities. This study investigates empirical data of IRS 990 tax form of top 73 US orchestras and analyzed GLS pannel. Dependent variables are measured as contributions and ticket sales, and independent variables are measured as economic environment, cultural capital, orchestra characters, government grants, and social capital. Based on the finding from the research, determination of contribution outcomes is positively affected by state employment and orchestra's internal characteristics including age, size and conductor's US nationality, government grants, and volunteer. Ticket sales are affected by employment, education level, orchestra's resources, government grants, and volunteer. However, a size of cultural market negatively influences on financial outcomes and cultural capital doesn't influence on results. Interesting finding is a relationship between volunteers and organizations is vital of their fiscal achievement. This is significant in empirical analysis on nonprofit performing arts organizations from an economic view point, and will contribute on organizations to improve their strategic plan to sustain a business.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.6
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• pp.147-157
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• 2023

This paper investigates the financial factors affecting angel investors' investment decisions for 818 firms from 2009 to 2018 in the Korean venture investment market. We construct a quasi-experimental design using propensity scoring matching and compare the investment determinants between investment firms and matching firms. The main empirical findings are as follows. First, we find that angel investors are more likely to choose firms based on a firm's growth such as profit and assets rather than profitability or financial stability. In addition, we identify that they prefer the firm not only higher intangible assets but also higher R&D expenditures. Second, we find that angel investors consider both growth and activity ratios in the firms for over three years and have entered the mid-stage of startups. Overall, we confirm that the investment decision of angel investors mainly focuses on the venture startups' growth trend or future growth potential rather than the realized profitability or financial stability. We also infer that the possibility of performance creation is an important investment factor along with growth for the mid-stage startup.

• Korea Journal of Hospital Management
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• v.17 no.2
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• pp.52-72
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• 2012

In this study, we examined the effect of customer satisfaction and switching cost on continuous use intention to suggest how organizations can retain their customers when market growth slows down and competition becomes stronger. We carefully developed and modified survey instruments through a pre-test, and subsequently surveyed 432 dental care users in Seoul and Busan areas. As a result of regression analysis, higher procedural learning switching cost, relational switching cost, and customer satisfaction were manifested in the increased continuous use intention. In contrast, higher financial switching cost and customer satisfaction with insufficient effort for information acquisition led to decreased switching intention. In addition, procedural initial switching cost and residents in Seoul led to increased switching intention. Understanding continuous use intention and switching intention is important for healthcare institutions striving to maintain market position. The findings of this study suggest a paradigm shift from conventional transactional marketing to strategic relational marketing to be effective in the healthcare environment today.

• Industrial Engineering and Management Systems
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• v.13 no.3
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• pp.252-257
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• 2014

Global economic recession, global market reduction, and the deteriorating economic recession are forcing the industry to reconsider the business plan and strategy related to supply chain regardless of the size of the companies. During the economic recession caused by financial anxiety, development of international collaborative producer is the key theme for a manufacturing industry to get over the situation. Especially, development of high-skilled people who are capable of handling global manufacturing management is the key factor in China which shifted from a world factory to a world market. In this background, we started the international project of global manufacturing education and training for Chinese company managers from 2009. In this paper, based on the research conducted by the universities and companies in China, a design of global manufacturing education and training is proposed. This presented design is based on the theory of Japanese production strategy and investigation of actual conditions for Chinese companies and the research methodology of business management practice with efficiency and productive for international level management organization. The effectiveness of the education design is evaluated by applying the international education and training project of Aoyama Gakuin Human Innovation Consulting Inc. and Vigor Management Technology Association.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.60
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• pp.79-106
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• 2013

The world is significant increasing investment volume into developing countries from foreign investors. Foreign financial capital is searching in interesting place among the emerging market. However foreign investors put still their experience in the economical and social crisis with political risks in the host countries. MIGA entered into the political risks insurance market which has one of the basic matter of sponsored the private investment guarantee programs. They put guarantee or covering risks of currency inconvertibility, expropriation, breach of contract and political violence. In the case contracts of guarantee concluded between investor and MIGA which are disputes in relation to such MIGA service contract, it should be settled by negotiation, conciliation and arbitration under the convention establishing the Multilateral Investment Guarantee Agency(MIGA). All disputes within the scope to states and investor of MIGA members shall be settled in accordance with the procedure set out in the convention. Recently, MIGA is opening the office in Seoul to strengthen joint efforts between MIGA and Korea. It will be a good chance to consider sustainable improvement and dispute solutions for emerging countries in foreign investment to the korean investors.

• Journal of Korean Institute of Industrial Engineers
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• v.38 no.4
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• pp.254-257
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• 2012

Hedge funds can be established in Korea after the deregulation about setting up private equity funds on September, 2011. Although the variety of asset allocation strategies is the strength of hedge funds, most of Korean hedge funds uses only the equity long/short strategy. Therefore, it is need to introduce other strategies into Korea hedge funds, however all strategies can not be adopted at once because of the infrastructure of Korea financial market. In this paper, we find the optimal introductive order of strategies for Korea hedge fund in view of individual or institutional investors. For this analysis, HFRI data are used for the historical return of each hedge fund strategy and three methods (network visualization, principle component analysis and efficient frontier optimization) are used for finding the optimal order.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.555-564
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• 2020

The purpose of this study is to analyze the efficiency of research institutes of futures companies, and to promote the development of futures market and real economy. This study employs DEA-solver software to conduct super-efficiency data envelopment analysis (SE-DEA), and also selects 40 representative futures research institutes in China as decision-making units (DMUs). For data of input and output indicators, we collect from the China Futures Association, Futures Daily, Hexun.com and Webstock.com respectively, and the time duration is the 103 trading days between from October 2019 to February 2020. Then the indicator for the strategy accuracy rate is calculated separately by analyzing the strategies published by each DMUs in public media. In conclusions, most institutes have excessive investment in human resources, and also have insufficient strategy accuracy rate and insufficient published research reports. The findings of this study suggest that Chinese futures companies need to improve the efficiency of research institutes, and better meet the demand of the financial market. In fact, the analysis of the efficiency of the futures company research institute has not been found in the literature worldwide, Application of DEA model in efficiency analysis of securities and futures research institutions and establishment of indicators are the innovations of this paper.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.293-308
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• 2020

This study aims to investigate the direct relationship between ownership structure, earnings manipulation, and organizational performance, and then examine the mediating effect of earnings manipulation in the relationship between ownership structure and organizational performance. This study collected and analyzed secondary data published in financial reports related to all insurance organizations listed in the Jordanian market during the study period (from 2009 until 2018). A panel data analysis was conducted, giving a total of 200 observations. The findings of this study concluded that ownership concentration, foreign ownership, and organization size affect organizational performance proxied by ROA, ROE, and EPS, more specifically, ownership concentration and organization size have a positive effect, whereas foreign ownership has a negative effect. At the same time, board of director ownership, organizational ownership, and CEO compensation did not affect organizational performance. Next, the board of director ownership, ownership concentration, foreign ownership, and CEO compensation affect earnings manipulation separately. In addition, earnings manipulation positively affects organizational performance proxied by ROA, ROE and EPS. This means that the higher the earnings manipulation is, the higher the organizational performance is. Finally, earnings manipulation mediates the relationship between ownership concentration and foreign ownership of ownership structure, and organizational performance.