• 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.

• The Journal of Asian Finance, Economics and Business
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• 제8권12호
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• pp.95-105
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• 2021

A prerequisite of a sound financial system is effective channeling of financial resources to efficient users; hence maximizing economic and societal welfare. To that end, the prevalence of bad loans in banks in emerging economies is a major policy concern. In an attempt to add to the growing body of literature explaining the interrelationship between macroeconomic and firm-specific factors, and non-performing loans (NPL), this paper examines data from 24 scheduled commercial banks in Bangladesh from 2008 to 2019. Macroeconomic factors as well as firm-specific factors related to profitability, capital strength, and efficiency are considered. Panel data regression analysis is performed to estimate pooled OLS, fixed effects, and random effects models. Following the necessary testing, it was found that the fixed effects model with robust standard error is appropriate. Results show that return on assets and inflation have a negative influence on NPL, but GDP growth has a favorable impact. The paper concludes by asserting that the evidence supports similar findings from studies both in Bangladesh and elsewhere and it is noted that a combination of these macroeconomic and firm-specific factors explains only a small portion of the total variation in NPL.

• 지식경영연구
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• 제21권2호
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• pp.59-75
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• 2020

In this paper, we investigate the influence of factors on the firm, industry, and country levels on the new product development performance (NPD) of manufacturing firms in advanced economies. The resource-based view, industrial organization theory and institutional theory have established that firm-, industry- and country-level factors are all relevant for the NPD of firms. However, little is known about the relative importance of factors at the three different levels across countries, as prior studies on firms' NPD have focused on specific countries and levels of analysis. Our analysis of survey data from 1,437 manufacturing firms in nine advanced OECD countries shows that while firm-level factors are generally better predictors of firms' innovativeness than either industry- or country-level factors, the results strongly differ across countries, indicating that the relative importance of antecedents of innovativeness is country-specific rather than universal.

• 경영과학
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• 제31권2호
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• pp.15-32
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• 2014

This research empirically investigated the influence factors on the adoption of environmental management systems (EMS) in Korean manufacturing firms. In this study, the external factors (cause factors), the internal factors (facilitating factors) and the firm specific characteristics were integrally considered. In the factor analysis, the third item (regional society) of the external factors and the first item (environmental law) of government regulation were confounded with the items of the other factors. Thus, the confounded items were removed. In the second factor analysis, no items were replicated. The results of a multiple regression analysis showed that the influence factors such as government regulation, normative pressure, top management support, environmental strategy and employees' recognition, and ratio of large shareholders have a significant impact on the construction of EMS. However, the effects of the other firm specific characteristics were not statistically significant. We also examined whether both the number of environmental personnel and the allocation of environmental resources, which are directly related with the adoption of EMS, have a moderating impact on the relationships between other internal factors and the construction of EMS. With a subgroup analysis, the moderating roles of the number of environmental personnel were empirically confirmed. Through a multiple regression analysis, the direct effects of the external factors on the adoption or construction of the internal factors were demonstrated. The effects of government regulation, normative pressure and imitative pressure on the internal factors were significant and positive. Finally, in this study, the fact that the adoption of EMS can improve the environmental performance of a firm was also empirically found.

• 무역상무연구
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• 제24권
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• pp.107-125
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• 2004

This study is based on the survey data of 74 Korean multinational corporations, which undertook foreign direct investments from 1980 to 1996. The study examined the firm-specific as well as the host country-specific factors affecting the decision between shared and full ownership. According to the results of this study, as for the firm-specific factors, Korean firms entering foreign markets in order to penetrate local markets prefer shared ownership while those pursuing core business diversification prefer full ownership. As for the host country factors, the more advanced the host country(such as OECD countries) is, the more preference is given to full ownership.

• Asia Marketing Journal
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• 제16권4호
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• pp.19-37
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• 2015

Forming interfirm collaborative relationships has become a key aspect of a firm's marketing strategies to create value for customers and achieve greater firm performance. While empirical findings are mixed in previous studies, this study is an effort to identify boundary conditions for the benefits of marketing alliances. We investigate internal and environmental factors that may magnify or constrain the effect of marketing alliances on firm profitability. Given the complementary relationship between marketing and R&D activities, we focus on a firm's R&D intensity as an internal factor that may magnify the value of marketing alliances for firm performance. For environmental factors, we focus on industry turbulence and industry competitiveness. Industry turbulence refers to the degree to which industry market conditions change quickly and unpredictably, whereas industry competitiveness refers to the degree to which a firm faces competition in the industry. By testing these factors, we are intended to reveal boundary conditions that determine the value of marketing alliances for firm profitability. The analysis of firms in the diverse industries shows that while the main effect of marketing alliances on firm profitability is not significant, it becomes more positive when R&D investment is more intensive or when industry environment is more turbulent. The results of this study imply that just forming more marketing alliances may not be enough to increase firm profitability. Our findings imply that marketing alliances become more effective in a dynamically changing industry environment. That is, firms can cope with industry uncertainties more effectively by forming marketing alliances. At the same time, the moderating effect of R&D intensity implies that the internal investments in R&D magnify the effect of marketing alliances on firm profitability. The findings of this study contributes to the existing alliance literature in three aspects. First, this study enhances our understanding of the contingent value of marketing alliances by testing both internal and external factors that may influence the effectiveness of marketing alliances. Second, this study responds to the need for research that investigates actual performance resulting from interfirm relationships. Third, while previous studies primarily focused on a specific industry, this study extend previous findings of the boundary conditions for the benefits of marketing alliances in a broader context.

• 재무관리연구
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• 제21권1호
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• pp.183-204
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• 2004

본 연구는 한국주식시장에서 관찰 가능한 주식간 동적 연결구조를 도출하고, 관찰된 연결구조가 어떤 방식으로 형성되는지에 대한 기존연구의 결과를 보다 심층적으로 검증하고자 하였다. 즉, 주식간 동적 연결구조가 Power Law분포를 따른다는 기존 연구결과에서, 왜 대부분의 주식은 다른 주식과 2개이하의 연결개수를 갖고, 왜 일부 주식이 다른 주식들과 많은 연결개수를 갖는지에 대한 원인을 규명하고자 하였다. 그리고, 검증결과의 신뢰성을 높이기 위하여 다양한 각도의 검증방법을 채택하여 분석하였다. 검증결과에 의하면, Mantegna의 검증방법에 의하여 도출된 주식간 동적 연결구조에서 관찰된 주식간 연결개수는 기본적으로 해당주식이 개별주식의 고유속성을 많이 갖는가 아니면 시장지수와의 공통속성이 높은가에 기인한다는 것을 확인할 수 있었다. 즉, 다른 주식과 많은 연결개수를 갖는 주식일수록 시장지수와의 공통속성이 높은 경향이 있고, 다른 주식과 작은 연결개수를 갖는 주식일수록 개별주식의 고유속성이 높은 경향이 있다는 것을 관찰할 수 있었다. 그리고, 이러한 결론은 다양한 각도의 분석에서도 일관된 결과를 관찰하였다.

• 한국경제지리학회지
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• 제11권3호
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• pp.375-388
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• 2008

The early studies on the cultural industries had mainly emphasized the viewpoint of "efficiency" based on the "flexible specialization" theory, but they have gradually shed light on the viewpoint of "creativity": creative human resources and various networks generating creative energies. Despite the importance of these studies, it is impossible to explain every cultural industrial agglomeration phenomena from specific and few viewpoints due to the diversity of each cultural industry. This study describes the dissimilarity of agglomeration factors between the Japanese animation and home video game industries which form salient agglomeration in the same region. Both industries share similar characteristics with industrial agglomeration of SMEs in Tokyo and close inter-firm relationships. However, they differ in their historical development paths and each firm's behavior and strategy because of their own distribution systems and production processes. In particular, the difference in distribution systems clearly affects whether a company values "efficiency" factors of agglomeration advantage or "creativity" factors of that in case of locational choice. The distribution sector of the cultural industry, compared with the production sector, has a tendency to value profitability rather than creation itself. Therefore, a cultural industry with the strong distribution sector tends to form the industrial system emphasizing profitability. The Japanese animation firm is apt to choose its location from the perspective of efficiency, which easily contributes to profitability, because television broadcasting stations are strong distribution sector. Conversely, the Japanese game firm chooses its location from the perspective of creativity due to the absence of strong distribution sector.

• 기술혁신연구
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• 제14권3호
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• pp.43-69
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• 2006

In this study, we examine the effect of TRIPS on the relationship between R&D expenditures and patent applications in manufacturing firms. The first set of tests examines the association between patent applications and R&D expenditures and firm specific factors such as firm size and capital intensity. The next set of tests adds environmental factors including R&D intensity of the industry and development of TRIPS. We divide the sample period into three subperiods according to the progress of TRIPS subperiod 1(1984-1988) before TRIPS, subperiod 2(1989-1994) after negotiation of TRIPS and subperiod 3(1995-2000) after agreement on TRIPS. Regression model reveals that the coefficient on firm size is significantly positive over the all sample Period, while that of R&D expenditures of R&D intensive firms is significantly positive in subperiod 2 and 3(1989-2000) and that of capital intensity is significantly negative only in subperiod 3(1995-2000). The findings suggest that the efficient intellectual property system promotes the patent application of R&D intensive firms.

• 한국경영과학회지
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• 제36권1호
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• pp.57-68
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• 2011

This paper examines how multiple performance feedbacks influence firm's technological search, using two types of indicators : accounting-based performance and market-based performance. Also we investigate how CEO's attention shift depends on firm specific factors such as firm size and outsider ownership. For empirical analysis, we utilized financial data on 675 manufacturing firms in Korea during the period between 1998 and 2009. The results show that technological search based on accounting-based performance feedback is moderated by focal firm's size. However, as outsider ownership increases, technological search increases in response to market-based performance feedback.