• 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.

• 산업경영시스템학회지
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• 제45권3호
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• pp.150-162
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• 2022

This study investigated the impact of the latest developments in big data analytics capabilities (BDAC) on firm performance. The BDAC have the power to innovate existing management practices. Nevertheless, their impact on firm performance has not been fully is not yet fully elucidated. The BDAC relates to the flexibility of infrastructure as well as the skills of management and firm's personnel. Most studies have explored the phenomena from a theoretical perspective or based on factors such as organizational characteristics. However, this study extends the flow of previous research by proposing and testing a model which examines whether organizational exploration, exploitation and market agility mediate the relationship between the BDAC and firm performance. The proposed model was tested using survey data collected from the long-term employees over 10 years in 250 companies. The results analyzed through structural equation modeling show that a strong BDAC can help improve firm performance. An organization's ability to analyze big data affects its exploration and exploitation thereby affecting market agility, and, consequently, firm performance. These results also confirm the powerful mediating role of exploration, exploitation, and market agility in improving insights into big data utilization and improving firm performance.

• 유통과학연구
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• 제22권6호
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• pp.1-10
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• 2024

Purpose: This study's objective is to examine the impact of firm-specific and macroeconomic factors on the business performance of non-cyclical and cyclical sectors in Indonesian listed firms. The evaluation of business performance holds paramount importance for the achievement and long-term viability of a company. Research Design Data and Methodology: The data for 61 non-cyclicals sector companies and 57 cyclicals sector companies was gathered over a 4-year period from 2018-2021. The model integrates firm size, leverage, and sales growth as firm-specific factors, with real GDP growth and inflation rate as macroeconomic variables. ROA and ROE are indicators of a firm's business performance. The regression models are estimated using the distribution of a dynamic approach with Arellano-Bond Panel Generalized Method of Moments (GMM) estimation. Results: The results of the pooled sample indicate that the historical ROA and ROE have a positive relationship with the business performance of all sectors, including both non-cyclical and cyclical industries. The ROE of non-cyclical enterprises is primarily influenced by firm-specific characteristics and macroeconomic influences. Conclusion: To ensure the successful implementation of the distribution of a dynamic approach towards enhancing corporate business performance, organizations need to take into account a combination of firm-specific factors and macroeconomic factors.

• 벤처창업연구
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• 제7권1호
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• pp.7-18
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• 2012

본 연구는 기술창업기업의 성과에 영향을 미치는 요인을 탐색하고자 하였다. 이는 기술창업기업의 성과 향상을 위하여 기업가는 물론 정책적 차원에서 어떤 노력을 하여야 하는가를 제시하고자 하는데 목적이 있다. 이를 위해 우리나라 창업보육센터 입주기업을 대상으로 기술창업기업의 기업가 특성, 기술능력 및 네트워크 특성이 기업성과에 미치는 영향을 검증하였다. 검증 결과 기업가 특성 중 성취욕구, 사회적 역량 및 관련 산업경험은 성과에 영향을 미치는 요인으로 확인되었다. 기술능력은 기술창업 기업의 핵심 자원으로 확인되고 있으나 객관적인 기술을 많이 보유 한다고 높은 성과를 예측할 수는 없다. 네트워크 특성이 성과에 유의미한 긍정적이 효과를 보이고 있으나 활용에는 효율적인 접근의 필요성이 보인다. 기업가 특성 중 기술과 네트워크 특성을 통해 기업성과에 영향을 미치는 매개효과는 매개경로의 차이와 영향의 차이를 확인할 수 있었다.

• The Journal of Asian Finance, Economics and Business
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• 제7권5호
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• pp.61-72
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• 2020

The purpose of this study is to investigate the determinants of the capital structure of firms operating in a developing economy, Pakistan. The quantile regression method is applied on a sample of 183 non-financial companies listed on the Pakistan Stock Exchange during the period of 2008-2017. Specifically, the empirical analysis focuses on changes in the coefficients of the determinants according to the leverage ratio quantiles of the examined listed firms. The findings show that the capital structure of Pakistan listed firms differs between firms in different quantiles of leverage. These differences are significant with the sign of explanatory variables changes with the level of leverage. The research result found tangibility, profitability and age to be positively related to leverage among listed firms in Pakistan. However, size, liquidity and non-debt tax shield (NDTS) are negatively related to leverage. A firm's growth and risk are found to be insignificant predictors of capital structure in Pakistan listed firms. Moreover, the study also found a significant impact of industry characteristic on leverage. The findings of this study indicate that an individual firm's finance policy needs to be responsive to the firm's characteristics and should match with the different borrowing requirements of listed firms.

• 기술혁신학회지
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• 제9권1호
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• pp.1-25
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• 2006

세계화, 다변화 경쟁 속에 연구개발을 통한 기술혁신은 기업의 지속가능한 성장을 위한 경쟁우위의 핵심역량으로 인식되고 있다. 이에 기술혁신과 기업성과의 관계에 대한 관심이 집중되고 있으나, 기존 연구는 이를 개념적이거나 정성적 수준에서 다루어 왔으며, 주로 혁신활동에 집중되어 왔다. 본 연구에서는 기업의 특성에 따라 기술혁신과 기업성과의 관계를 11년간 162개 국내 하이테크 기업을 대상으로 횡단면 시계열자료를 통해 실증적으로 분석하였다. 국내기업의 기술혁신 특성으로 규모효과를 제거한 특허강도, 연구개발강도, 무형자산강도를 대리지표로 사용하였고, 기업성과를 위해 순이익을 대리지표로 사용하였다. 11년간의 장기분석을 위해 변수를 실질가치화하여 분석한 결과 기업성과는 특허강도와 연구개발강도와 양의 관계를 가짐을 확인하였다. 또한 기업의 기술혁신 특성에 따라 분류한 8개 범주별 기업성과의 차이가 나타남을 밝혔다. 이를 통해 높은 특허강도와 연구개발강도를 보이는 기업일수록 높은 기업성과를 향유하고 있음을 알 수 있었다.

• 기술혁신연구
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• 제23권1호
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• pp.37-60
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• 2015

글로벌 경쟁시대로 접어들면서 산업 분야를 막론하고 표준화의 중요성은 날로 증대되고 있다. 세계화가 진척됨에 따라 빠른 속도로 증가하는 국가 간 무역에서도 표준화를 통한 호환성 확보는 수출 경쟁력을 결정하는 필수적인 요소가 되고 있다. 본 연구에서는 이러한 표준 및 표준화에 대한 교육 실태와 표준화 교육이 기업의 성과에 미치는 영향에 대해서 연구하였다. 이를 위해 먼저 우리나라 정보통신 및 전기전자 기업을 샘플로 하여 표준화 교육의 실태를 확인하였다. 또한 기업의 표준 및 표준화 교육에 영향을 미치는 요인을 기업의 특성, 업종, 업력, 그리고 교육에 대한 필요성 인식의 측면에서 확인하였다. 그 결과 기업의 특성과 표준화 교육에 대한 필요성의 인식에 따라서 표준 및 표준화 교육의 수준이 양적으로 달라짐을 확인할 수 있었다. 마지막으로 이러한 표준 및 표준화 교육의 실시 수준이 기업의 성과에 어떻게 영향을 미치는 지를 확인하였다. 연구 결과 표준화 교육의 횟수 및 교육 인원은 기업의 R&D 수행과 생산 및 품질 개선으로 대표되는 기업의 성과에 긍정적인 영향을 미침을 확인하였다. 본 연구의 결과는 글로벌 경쟁에서 경쟁력을 확보하기 위한 방편으로 표준화 교육의 중요성에 대해서 확인하였다는 점에서 그 함의를 가진다.

• The Journal of Asian Finance, Economics and Business
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• 제8권7호
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• pp.129-137
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• 2021

This paper aims to analyze whether company characteristics are potential determinants of human resource accounting (HRA) disclosure practices by Vietnamese listed companies. It examines the human resource disclosure level of 204 companies by content analysis of these companies' annual reports. The study has relied on a multiple linear regression to test the association between a number of corporate attributes and the extent of human resource disclosure in companies' annual reports. The extent of human resource disclosure was measured using unweighted human resource disclosure index. The explanatory variables considered in this study were firm size, firm age, profitability, leverage, industry profile, and auditor type. The results revealed that the most influential variable for explaining firms' variation in human resource disclosure is firm size followed by firm age and profitability. Thus, it can be concluded that firm size, firm age and profitability are major predictors that may affect the variety of HRA disclosure practices on firms listed in the Vietnam Stock Exchange. However, neither industry profile nor auditor type seems to explain differences in human resource disclosure practices between Vietnamese listed firms, indicating that company's industry profile and auditor type are not a matter for the company to disclose HRA information.

• 아태비즈니스연구
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• 제11권2호
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• pp.207-233
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• 2020

Purpose - The purpose of this paper analyzes the relationship between the Corporate Social Responsibility(CSR) and Corporate Value to estimate whether the characteristics of Firm can change this relationship. Design/methodology/approach - This paper utilizes the total 776 firms' data over the period 2014-2018, and develops a new ESG index which was estimated by PCA. Findings - First, the estimated ESG index implies that Large company has the highest value of CSR, while Medium sized and Small company have the relatively low one. And comparing to the case of 2014, the trend of ESG index in Large company does not decrease in 2018. Second, there is a clear and significant non linear relationship between CSR and corporate value, it implies that the U-shaped exists in the Korean Firms. Such a tendency is mush stronger in the Large company. Third, the new ESG index indicates that it takes more time to increase Firm value in the Medium sized and Small company while there is a high possibility of increasing value in Large company from the little gab between the threshold points and mean value of ESG. Research implications or Originality - The non linear tendency between the Corporate Social Responsibility and Corporate Value is strongly affected by Firm size and the relative high quintile of ESG, but it is less affected by Firm history.

• 지식경영연구
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• 제16권3호
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• pp.129-147
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• 2015

Building on previous literature of human resource management and development, this paper investigates the effect of various characteristics of informal education a firm offers on employees' individual creativity. we identify quantity, quality, and variety as three critical components of informal educational and training circumstances. Data from a multi-informant survey conducted to 442 employees in Korean postal service show that a firm's informal educational training has significant effects on its employee creativity. The results indicate that enough high quality of program, various training method have a positive relationship with his/her individual creativity although time and opportunity don't have an critical impact on employee creativity. This study highlights the importance of a firm's informal education in terms of motivation and skills, and helps to explain individual discrepancies in creativity.