• Journal of Distribution Science
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• v.20 no.12
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• pp.117-123
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• 2022

Purpose: This study investigates the relationship between earnings forecasts estimated from a cross-sectional earnings forecast model and firm characteristics such as firm size, sales volatility, and earnings volatility. Research design, data and methodology: The association between earnings forecasts and the aforementioned firm characteristics is examined using 214 firm-year observations with analyst following and 848 firm-year observations without analyst following for the period of 2011-2019. I estimate future earnings using a cross-sectional earnings forecast model, and then compare these model-based earnings forecasts with analysts' earnings forecasts in terms of forecast bias and forecast accuracy. The earnings forecast bias and accuracy are regressed on firm size, sales volatility, and earnings volatility. Results: For a sample with analyst following, I find that the model-based earnings forecasts are more accurate as the firm size is larger, whereas the analysts' earnings forecasts are less biased and more accurate as the firm size is larger. However, for a sample without analyst following, I find that the model-based earnings forecasts are more pessimistic and less accurate as firms' past earnings are more volatile. Conclusions: Although model-based earnings forecasts are useful for evaluating firms without analyst following, their accuracy depends on the firms' earnings volatility.

• Management & Information Systems Review
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• v.22
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• pp.1-23
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• 2007

This paper investigates the relationships between exports, firm size, and firm dynamics. It is based on a longitudinal data covering listed firms in the Korean manufacturing industry. We found the stylized fact that the probability that a firm is exporter increases with firm size. A regression model for the determinant of export/sales ratio including dynamic adjustment process is tested on a cross-section sample for the year 2001. Empirical findings suggest that there is a positive and inversely U-shaped relationship between firm size and export/sales ratio, just for basic material and capital good industry. Except for firm size, the hypotheses concerning human capital intensity, physical capital intensity, R&D intensity, and patent are rejected. Using Granger causality test, we found that the rate of growth of total sales influences the change of the export/sales ratio with time lag for medium-sized firms. Finally, some policy implications are presented.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.801-808
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• 2020

The purpose of the study is to find the factors that influence the financial leverage of Vietnam firms. The dependent variable is the financial leverage and the independent variables are firm size, asset structure, liquidity, growth opportunities, profitability, and firm age. The data are collected from Vietnam firms' annual financial reports in the period from 2010 to 2019. The study uses a sample of 448 Vietnam listed firms in the period. We also employ a panel regression model with pooled OLS and fixed effect to analyze the firms' financial data. The results of the model showed that financial leverage (FL) has a negative relationship with some factors such as asset structure (AS), liquidity (LQ), growth opportunities (GRW), profitability (ROA), and firm age (AGE) in the fixed effect regression. It means that when liquidity, profitability, and firm age increase, firms' financial leverage will decrease. While firms' financial leverage has still a positive relationship with the firm size (SIZE) in the model. As a result, when firm size increases, financial leverage will increase, too. The results showed that models are fit for the research and can be used to predict future findings. It is also useful for enterprises, financial advisors, investors, as well as the financial managers.

• Journal of Technology Innovation
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• v.13 no.3
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• pp.77-100
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• 2005

This paper analyzes the determinants of firm's innovative activity, using Korean Innovation Survey (KIS) dataset. Especially, we focused on the role of external networks by partners(other firms or research institutions) in performing innovative activities. The product innovation, product improvement, and process innovation are used as proxies for innovative activity. The explanatory variables such as market concentration ratio, lagged profitability, foreign ownership, export ratio, firm's age, formal R&D activity, and industrial R&D intensity are also considered. With data from 1,124 firms for the two years (2000-2001), we estimated the logistic regression model. The finding is that the determinants of firm's innovative activities differ by type of innovations. We also found that the innovative behavior of SMEs differs from that of large firms. The result confirms that external networks have a strong positive effect on innovative activity. However, the network effects by partners vary across both firm size and type of innovations.

• Journal of Korea Trade
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• v.27 no.5
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• pp.63-90
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• 2023

Purpose - This study aims to identify the relationship between logistics companies' Logistics 4.0 technology adoption with logistics innovation capability and logistics performance, and analyze the mediating effect of logistics innovation capability and the mediated moderation effect of firm size through logistics innovation capability. Design/methodology - Research models and hypotheses were established based on prior research related to Industry 4.0, Logistics 4.0, logistics technology, logistics performance, and firm size. The survey was conducted on the employees of logistics companies, and exploratory factor analysis, reliability analysis, confirmatory factor analysis, discriminant validity analysis, structural equation model analysis, mediation effect, moderation effect, and the mediated moderation effect analysis were performed. Findings - The adoption of Logistics 4.0 technology was found to significantly affect logistics innovation capability and logistics performance. Logistics innovation capability was found to significantly affect logistics performance. Moreover, logistics innovation capability was found to have a significant mediation effect on the relationship between Logistics 4.0 technology adoption and logistics performance. The moderation effect based on firm size was found to have a partial effect on logistics innovation capability and logistics performance, but the mediated moderation effect was not significant. Originality/value - This study is meaningful in that it empirically analyzed the relationship of Logistics 4.0 technology adoption with logistics innovation capability and logistics performance, the mediating effect of logistics innovation capability, the moderation effect of firm size, and the mediated moderation effect of firm size, which were not addressed in previous studies.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.1
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• pp.59-69
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• 2019

The auditor, an important instrument of corporate governance, ensures the transparency and accountability of the firm to the stakeholders. The objective of this paper is to explore the impact of audit characteristics on firm performance. In this study, external audit quality (BIG4), frequencies of audit committee meetings, and audit committee size are used as the proxies of audit characteristics and firm performance is measured through ROA, profit margin and EPS. A total of 503 firm years are considered as sample size from the listed manufacturing firms of Dhaka Stock Exchange (DSE) during the period of 2013 to 2017 to find out the impact of audit characteristics on firm performance. In this study, multivariate regression analysis is conducted using the pooled OLS method. Moreover, time dummy and lag model of multivariate analysis are also analyzed as robust check. The multivariate regression results find that external audit quality (BIG4) and audit committee size are significantly positively associated with firm performance. This study also finds that there is a significant negative relationship between audit committee meeting and firm performance. This study recommends that the regulatory authority and audit committee should review the frequencies of audit committee meeting to make it more effective to ensure better firm performance.

• Journal of Fashion Business
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• v.4 no.3
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• pp.103-114
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• 2000

The purpose of this study was to test the discriminant analysis model of Quick Response system and to examine the detailed relationship between each discriminant factor and Quick Response adoption. In this discriminant analysis model of Quick Response system, firm size, strategic type, product category, fashion trend, selling time and the Quick Response benefits were included as discriminant factors. Onehundred and two subjects were randomly selected for the survey study and discriminant analysis, descriptive analysis, t-test, and x square test were used for the data analysis. The results of this study were: 1. Wilks Lambda and F value support the discriminant analysis model that, taken together firm size, strategic type, product category, fashion trend, selling time and the Quick Response benefits significantly help to explain Quick Response adoption. 2. The importance of discriminant ability was, in order, firm size, the Quick Response benefits, women's wear, fashion trend, analyzer, selling time, reactor, defender and men's wear. 3. The discriminant function had the high hit ratio, so this can be well used for the classification of Quick Response adoption/nonadoption.

• Korean Journal of Social Welfare
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• v.66 no.1
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• pp.251-276
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• 2014

This study scrutinizes the common sense in the field of disability employment that the bigger the size of a firm, the lower the employment rate of people with disabilities. This common sense has been established by conventional cross-tabulation and multiple regression analyses without taking into account possible interactions between the sizes of firms and the industries in which they operate. This study shows that the distribution of the disability employment rate violates the linearity and homoscedasticity assumptions of the OLS. In an effort to find models that explain the data better, this study fits the OLS model, the weighted linear regression model, and the multinomial logit model as well as the path analysis which is meant to examine the relationships between firm size and other variables relevant to disability employment. The result shows that, when an interaction term between firm size and industry is added to the model, firm size does not have any significant effect on disability employment rate for those firms with 100 or more regular employees, to the contrary of the findings of prior studies. It also demonstrates that other factors such as job setting, the extent of helpfulness of disability employment employers perceive, employers' care for disability, and employers' awareness of disability policies may matter more than does firm size. This study proposes that future research and policy implementation for disability employment should pay no less attention to industry and other factors mentioned above than to firm size.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.287-292
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• 2021

The article analyzes the impact of capital structure on the firm value of chemical companies listed on the stock market of Vietnam. Data was collected from the financial statements of 23 chemical firms listed on the Vietnam stock market from 2012 to 2019. Quantitative research method with regression model according to OLS, FEM, REM method is used; FGLS method is used to overcome the model's defects. In this research, firm value (Tobin's Q) is a dependent variable. Capital structure (DA), Return on assets (ROA), Asset turnover (AT), fixed assets (TANG), Solvency (CR), Firm size (SZ), Firm Age (AGE), and revenue growth rate (GR) are independent variables in the study. The analysis results show that the capital structure of firms in the chemical industry listed on the Vietnam stock market has an inverse correlation with firm value. Besides, firms with greater asset turnover, business size, and number of years of operation have lower firm value. This article helps corporate executives improve corporate value by adjusting their capital structure properly. Chemical firms adjusted their capital structure in the direction of gradually decreasing the debt ratio and gradually increasing equity. Firms use high debt, which has the effect of reducing the firm value of firms in the chemical industry.

• Journal of Korea Society of Digital Industry and Information Management
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• v.5 no.4
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• pp.273-293
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• 2009

The purpose of this study is to identify the organizational characteristics that enhance CRM performances of a company dipend on firm's size. Based on a review of diverse definitions of CRM performance, this study examines the relationships among CRM performance measures and organizational characteristics. A questionnaire survey of 140 CRM managers of Korean companies was conducted to test the proposed research model, and a series of structural equation modeling identified the strong effects of organizational characteristics on CRM performance. This study confirmed that firm's size is very important element of CRM performance. And organizational members' resistance to change was found to have no effects on CRM performance.