• Journal of East Asia Management
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• 제3권1호
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• pp.41-55
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• 2022

This study investigates whether foreign investors' behavior is involved in firm-specific investor sentiment. Because the mixed role of foreign investors on investor sentiment formation seems to exist in the Korean stock market, it needs to examine the moderate or incremental effect of foreign investors on the stock price crash risk which is due to investor sentiment. The analysis results using Korea Stock Exchanges - listed firms for the period of 2011-2019 show the increased future stock price crash risk which is attributable to high investor sentiment is mitigated for firms with the high foreign ownership, indicating the moderate effect. This study expands the literature on the foreign investors' behavior in the Korean stock market, by showing foreign investors are not involved in firm-specific investor sentiment, which improves market's efficiency in the Korean stock market. Also, the paper is valuable to the academic and practice field in that the findings shed light on the foreign investors' mitigating role in stock price crashes in the behavioral finance perspective.

• 산업진흥연구
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• 제9권3호
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• pp.41-55
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• 2024

본 연구는 사회적 자본 이론을 기반으로 디지털 전략이 기업의 관계적 행동, 인지 차원, 지속적인 디지털 전환을 통해 기업 성과에 미치는 영향을 분석하였다. 연구모형은 1년 이상 근무한 국내 기업 종사자 300명을 대상으로 2024년 2월 20일부터 2월 23일 설문으로 수집한 자료를 이용해 테스트하였으며, Smart PLS 4.0을 사용하였다. 주요 연구 결과는 다음과 같다. 첫째, 디지털 전략이 조직 내 협력과 상호작용을 촉진하고 구성원들의 디지털 기술 이해와 인식을 향상시키며, 지속적인 변화와 혁신을 통해 기업의 경쟁력을 강화하는 데 중요한 역할을 한다는 것이 확인되었다. 둘째, 지속적인 디지털 전환과 인지 차원이 기업 성과에 긍정적인 영향을 미치는 반면, 관계적 행동 차원의 영향은 유의미하지 않은 것으로 나타났다. 이러한 연구결과는 디지털 전략이 단순한 기술 도입을 넘어 조직 내 상호작용과 인식 변화를 촉진함으로써 기업성과에 중요한 영향을 미칠 수 있음을 시사하며, 한국 기업들이 디지털 전환을 효과적으로 추진할 수 있는 전략적 시사점을 제공한다.

• The Journal of Asian Finance, Economics and Business
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• 제8권4호
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• pp.193-200
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• 2021

This study investigates the impact of managerial ability and managerial incentives on firm performance. In particular, it studies how managerial ability factor can exert significant influence on the profitability and the risk of firms. By doing this, the study can provide several policy implications about how managerial ability can influence firm decisions and its corresponding business policies. Data of the study was collected from the Annual Enterprises Survey (AES), which is conducted by the General Statistics Office of Vietnam (GSO) during the 2009-2013 period. After removing firms with insufficient financial information, our final dataset includes over 50,000 firms in Vietnam. The main result of the study shows that there is a significant and positive relationship between managerial ability and firm leverage. This finding indicates that managerial ability significantly plays an important role in making financial decisions. In addition, our study provides empirical evidence about the causal relationship between managerial compensation and firm risk-taking behavior. Specifically, we find that firm risks are significantly associated with compensation schemes including lower delta and higher vega. In other words, our study implies that the sensitivity of CEO wealth to stock volatility can positively affect both delta and vega or managerial incentives schemes.

• Journal of Information Technology Applications and Management
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• 제29권3호
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• pp.25-41
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• 2022

While there exists voluminous literature on the internationalization of the firms, it has focused on mature firms or born-global firms. There is still a lack of research on firm that is in the growth stage between venture and mature firm. To fill this gap, this paper focuses on the newly public firm which is enter the stock market through initial public offerings (IPO). Specifically, I examine the relationship between the early listing and internationalization. In the venture firm aspect, the decision of the IPO necessary to allow to change organization structure, ownership and take a risk from environmental movements. This paper suggests early listing is a behavior of entrepreneur orientation. According to empirical results, there is a positive relationship between early listing and internationalization. It implies that early listing may help international expansion by sourcing finance, reputations from market. Furthermore, this study emphasizes the importance of financial slack resources to international expansion. I conclude that ventures need not only early entering in stock market but also securing sufficient financial slack resources to achieve sustainable growth in the international market.

• 한국지능정보시스템학회:학술대회논문집
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• 한국지능정보시스템학회 2003년도 춘계학술대회
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• pp.255-263
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• 2003

A multi-agent system designed to represent newly deregulated electricity markets in the USA is aimed at testing the capability of the multi-agent model to replicate the observed price behavior in the wholesale market and developing a smart business intelligence which quickly searches the optimum offer strategy responding to the change in market environments. Simulation results show that the optimum offer strategy is to withhold expensive generating units and submit relatively low offers when demand is low, regardless of firm size; the optimum offer strategy during a period of high demand is either to withhold capacity or speculate for a large firm, while it is to be a price taker a small firm: all in all, the offer pattern observed in the market is close to the optimum strategy. From the firm's perspective, the demand-side participation as well as the intense competition dramatically reduces the chance of high excess profit.

• 지식경영연구
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• 제13권4호
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• pp.31-54
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• 2012

This study examines whether employees' legitimacy perceptions of corporate social responsibility (CSR) affect their organizational citizenship behavior (OCB). It also investigates whether CEO's visionary leadership can moderate this causal relationship. CSR legitimacy is defined in the current study as employees' personal beliefs about the appropriateness of corporate CSR activities. In fact, employees evaluate the appropriateness of CSR activity based on its consistency with corporate philosophy (e.g. corporate mission, vision, and values) which functions as employees' referencial belief structure. If CSR activity is perceived as one of firm's effort to fulfill its mission, vision, and values, which means that espoused theory and theory-in-use of CSR activity are congruent, employees will consider firm's CSR activity as legitimate. If, however, employees think that CSR activity is not congruent with firm's mission, vision, and values, which means that espoused theory and theory-in-use of CSR activity are inconsistent, they will perceive that CSR activity of their firm is not legitimate. In the current study, we propose that employees who perceive that the CSR activity of their firm is legitimate are more likely to engage in OCB. In addition, we hypothesize that CEO's visionary leadership can strengthen the positive effect of employees' perception of CSR legitimacy on their OCB. We tested these hypotheses with the sample of 383 employees from 32 companies listed on DJSI (Dow Jones Sustainability Index) Korea 2009. We employed the HLM (hierarchical linear modeling) program to decompose the multi-level random effects. We found that CSR legitimacy perceptions of employees increase employees' OCB and that CEO's visionary leadership moderates this relationship. We discussed implications of these findings in more detail.

• 디지털융복합연구
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• 제12권3호
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• pp.177-187
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• 2014

본 연구에서는 경영자의 투자의사결정을 중심으로 하여 조세전략과 투자효율성 간의 관계를 분석하고자 한다. 구체적으로, 경영자의 조세회피 행태가 기업의 투자수준에 미치는 효과를 살펴보고자 한다. 분석 결과, 경영자의 조세회피 수준이 높아질수록 기업의 과잉투자가 증가하는 결과를 보였다. 이는 조세회피로 인하여 증가한 기업의 가용자금이 과잉투자로 이어진다는 것을 의미하며, 조세회피를 통한 가용자금의 증가분이 경영자의 기회주의적인 목적을 위해 이용되어지는 것으로 해석된다. 지금까지의 선행연구를 살펴보면, 기업의 조세전략이 기업가치에 미치는 영향에 대한 분석에 앞서 그 메커니즘에 대한 연구가 선행되어야 함에도 불구하고 기업가치에 영향을 주는 경영자의 의사결정들과 조세전략과의 관련성을 본 연구는 드물다. 따라서 본 연구는 경영자의 핵심적인 행태 중 하나인 조세전략이 기업의 실제 투자의사결정에 미치는 영향에 대한 구체적인 결과를 제시하였다는 점에서 공헌점이 존재한다. 즉, 투자자와 세수를 확보하고자 하는 정부는 경영자의 조세회피 행태가 투자행태에 미치는 영향을 감안하고, 경영자의 조세회피 행위에 보다 경각심을 기울이게 할 것이라고 기대된다.

• 복식문화연구
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• 제32권2호
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• pp.148-163
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• 2024

With the digitalization of production and consumption environments, consumers are no longer merely targets of marketing, but key players in creating value jointly with companies by participating in various decision-making processes. Much virtual content in particular, such as fashion shows, exhibitions, games, social activities, and shopping, which fashion brands implement in virtual worlds, cannot be completed without consumers' active engagement and interaction. Thus, this study considers consumers' participation in virtual content provided by fashion brands as value co-creation in virtual worlds. This study aims to examine how consumer (i.e., consumer smartness) and fashion firm (i.e., perceived intellectual capital) factors influence value co-creation behavior intention in virtual worlds. Data were collected from 410 consumers in their 20s nationwide through an online survey, and a higher-order structural equation modeling analysis was conducted to test the research model. The results showed that both consumer smartness and perceived intellectual capital positively influenced customer participation behavior and citizenship behavior intentions. Specifically, perceived intellectual capital had a greater impact on value co-creation behavior in the virtual world than consumer smartness. The findings provide empirical evidence that the fashion firms' intangible assets and consumers' competence in the digital shopping environment encourage their intentions to co-create value in virtual worlds.

• 노동경제논집
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• 제17권2호
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• pp.353-384
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• 1995

• Journal of Korea Trade
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• 제24권1호
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• pp.1-34
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• 2020

Purpose - In this study, we investigate determinants of hedging with derivatives and its effect on firm value and firm risk for Korean firms. Design/methodology - To avoid the endogeneity problem pointed out in previous studies, we use a two-stage analysis by using gains and losses from derivatives as instrument variable for hedging with derivatives. Findings - Our analysis on the determinants of hedging shows that firms that are more leveraged and less profitable, and with more growth opportunities are likely to hedge through derivatives. Additionally, large firms, firms less diversified into industry, and firms more diversified geographically are likely to use derivatives. Our two-stage analysis shows that indicators of hedging with derivatives have an insignificant effect on firm value, and the indicator of futures/forwards use and of swaps use have significant negative effect on firm value. Whereas, the extent of hedging with derivatives has positive effect on firm value for all types of foreign currency derivatives, which suggests that moderately low hedgers use derivatives inefficiently, but extensive hedgers use derivatives properly. With regard to firm risk, hedging with derivatives increases market-based risk, but decreases accounting-based risk. Thus, we conclude that Korean firms use derivatives to manage operational volatility rather than to manage market risk, and accounting-based risk reduction through hedging is not directly translated into higher firm value. Originality/value - This is not the first study to investigate hedging behavior of Korean firms, but the sample period that that this study analyzed is the longest and various method are used to control the endogeneity problem. We investigate not only total foreign currency derivatives but also by types of derivatives, including futures/forwards, options, and swaps.