• Journal of Korea Trade
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• 제26권4호
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• pp.1-22
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• 2022

Purpose - This paper empirically investigates the effect of a rise in the global value chain (GVC) on the industry-level efficiency of resource allocation (based on plant-level inefficiency measures) in Korea, with a focus on various channels through which a rise in the GVC can increase competition among firms and thus induce resources to be allocated more efficiently across firms. Design/methodology - We empirically investigate the relationship between the industry-specific importance of GVC and the industry-level allocative inefficiency that is measured as the dispersion of the plant-level marginal revenue of capital (MRK) as in Hsieh and Klenow's (2009) influential model. We compute MRK dispersion for industries sorted by various characteristics that are closely related to firm/industry sensitivity to the GVC. In other words, we compute the average industry-level MRK dispersion for industries sorted by industry-specific importance of GVC and compute the difference between the two groups of industries (higher vs. lower than the median GVC); we also calculate the difference between industries sorted by industry-specific export (import) intensity. This is our difference-in-difference estimate of the MRK dispersion associated with the GVC for the export (import)-intensive industry versus the non-export (non-import)-intensive industry. This difference-in-difference estimate of the MRK dispersion conditional vs. unconditional on firm-level productivity is then calculated further (triple-difference estimate). Findings - A rise in GVC is associated with a decrease in the MRK dispersion in the export-intensive industry compared to the non-export-intensive industry. The same is true for industries that rely heavily on imports versus those that do not (i.e., import intensive vs. non-intensive). Furthermore, the reduction in the MRK dispersion in the export-intensive industry associated with an increase in the GVC is disproportionately greater for high-productivity firms. In contrast, the negative relationship between GVC and MRK dispersion in the import-intensive industry is disproportionately smaller for high-productivity firms. Originality/value - Existing studies focus on the relationship between GVC and aggregate output, exports, and imports at the country level. We investigate detailed firm/industry-level mechanisms that determine the relationship between GVC, trade, and productivity. Using the plant-level data in South Korea, we investigate how GVC is related to the cross-firm MRK dispersion, an important measure of allocative inefficiency, based on Hsieh and Klenow's (2009) influential economic theory. This is the first study to provide plant-level evidence of how GVC affects MRK dispersion. Furthermore, we examine how the relationship between GVC and MRK-dispersion varies across export intensity, import intensity, and firm-level productivity, providing insight into how GVC can affect firms' exposure to competition in the global market differently depending on market conditions and thus generate trade-related productivity gains.

• 동아시아경상학회지
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• 제7권4호
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• pp.1-13
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• 2019

Purpose - Based on transaction cost perspective and institution-based perspective, this research attempts to investigate the effect of outsourcing on a firm's performance and how it interacts with institutional context in which the firms operate. Research design, data, and methodology -With a sample of 164 manufacturing firms form South Korea, we examine the direct effects of outsourcing on the a firm's level of product innovation and internationalization and the moderating effects of competitive pressure and property right protection as important external factors that could affect the effectiveness of outsourcing decision. Result - The findings show that outsourcing not only enhance a firm's capability to concentrate on its core competencies, but also to increase a firm's combinative capacity to acquire external knowledge. Furthermore, we finds that in a highly competitive environment, potential knowledge spillovers to other competitors may attenuate the potential benefits of outsourcing. Conclusion - Outsourcing can enhance a firm's innovation activities by providing valuable access to external knowledge and also to complementary resources from the external partners, which in turn enables firms to focus on core competences.

• 유통과학연구
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• 제11권7호
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• pp.23-30
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• 2013

Purpose - The study attempts to investigate the relationship between inventory management and firm performance using a multi-dimensional aspect of inventory management with respect to lean management practices across countries. Research design, data, and methodology - 1643 manufacturing firms from Japan and the US that SIC ranges from 2000 to 3999 were chosen to conduct the empirical test. This study employs hierarchical OLS regression analysis to examine the impact of control variables, ABI, EBI, and the interaction between ABI and EBI on firm performance. Results - The result indicates that in Japan high level of inventory negatively influences the accounting flows of business, while US manufactures exhibit strong positive impact of ELI on firm performance across accounting and market measures. The results show that the complementarity between the amount and the speed of inventory does exist. Except for Tobin's q, the sign of interaction term coefficient is negative, suggesting that when the amount of inventory increases and it stays longer in a firm, market values, ROS, and ROA suffers. Conclusions - The major finding of this study is that there exist some complementarities between the scope and implication of inventory management for lean strategy across countries, particularly in U.S. and Japanese firms.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.987-996
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• 2021

The development of Internet technology can affect firm value through the use of social media by business people. Nowadays, social media affect businesses of all sizes in several different ways. Despite the various benefits obtained by using social media, research at the organizational level and its impact on business performance have not grown as fast as desired. This research aims to examine the effect of social media on oil and gas firms' value. The research sample consists of 9 oil and gas firms listed on the Indonesian Stock Exchange 2013-2018. Social media proxies are firms' social media, other social media mentions, and social media sentiment. Firm value is measured by the market value to assets ratio. Data analysis uses a random-effect regression test. Based on the analysis, the social media account of a firm has a positive effect on firm value. It indicates that social media give advantages for oil and gas firms to give a signal of business prospect, make use of opportunities related to industry alliances, recruit employees globally, and c. On the other hand, the positive sentiment on social media has no effect on oil and gas firms' value.

• 한국산업정보학회논문지
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• 제15권3호
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• pp.77-92
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• 2010

본 연구의 목적은 정보기술 루틴이 기업 성과에 미치는 메커니즘을 검토하는 것이다. 이를 위해 본 연구는 기업성과, 비즈니스 프로세스 성과, 정보기술 인프라스트럭쳐 유연성, 정보기술 인력의 지식, 정보기술 루틴 등으로 구성되는 연구 모델을 제안한다. 연구 모델에서 정보기술 루틴은 다른 정보기술 능력들 (정보기술 인프라스트럭쳐 유연성, 정보기술 인력의 지식)에 일차적으로 영향을 미치고, 이어서 비즈니스 프로세스 성과에 영향을 통해 궁극적으로 기업성과에 간접적으로 영향을 미친다. 연구 모델은 243개의 기업 수준 데이터에 기반하여 검토되었는데, 분석도구로는 PLS를 사용하였다. 연구 결과, 연구 모델에서 제안된 모든 경로가 통계적으로 의미 있는 것으로 나타났다.

• 유통과학연구
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• 제15권9호
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• pp.75-83
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• 2017

Purpose - This study aims to find ways to have CSR efforts lead to a purchase decision. For this purpose, this research examines the influence of the perceived CSR proximity on the purchase intention and studies the moderating role of psychological distance. Research design, data, and methodology - A total of 185 undergraduate students from a university in Korea were recruited and were randomly assigned to the conditions of a 2 (CSR proximity: close vs. far) × 2 (temporal distance: near vs. distant) × 2 (information type: concrete vs. abstract) between-subjects design. ANOVA was conducted to test the hypotheses. Results - When consumers construe a purchase decision at a high level via the far psychological distance, a firm's CSR efforts are considered important for the purchase decision. Conversely, when consumers construe a purchase decision at a low level via the near psychological distance, a firm's CSR efforts are not considered for the purchase decision. Conclusions - This research demonstrates that people have a greater intention to purchase products from a firm whose CSR proximity is perceived as being close rather than far. Furthermore, this study shows that the psychological distance moderates the effect of CSR proximity on the purchase intention.

• The Journal of Asian Finance, Economics and Business
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• 제9권9호
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• pp.25-37
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• 2022

Investment decisions are one of the most fundamental issues in financial management. This study aims to determine the factors that affect investment decisions in the energy industry and to contribute to the companies in this industry to develop strategic policies. The System GMM analyzes were carried out using the data of companies registered on the stock exchange for the period 2000-2015. The findings showed that industrial competition and firm size were important factors influencing the investment decisions of firms in the energy industry. The findings indicated a nonlinear relationship between industrial competition and the rate of investment in the energy sector. Depending on the firm's size, the effect of industrial competitiveness on investment varies. Smaller businesses are more impacted by the level of competition than larger ones. The investment rate decreases depending on the increase in cash holding level and firm risk. When the subgroups in the energy industry are examined, it is determined that they reveal some differences in terms of financial structure. A higher investment rate results from a higher retained earnings ratio. The investment rate of firms falls as a company's risk level and sales revenue variability increase.

• The Journal of Asian Finance, Economics and Business
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• 제7권9호
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• pp.341-350
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• 2020

This study aims to verify the relationship between overseas activities and performance of Korea's SMEs during the last financial crisis. Whether overseas activity performance of enterprises differed was determined based on characteristic variables, including the degree of concentration on R&D and marketing. This study also examined how SMEs' international transactions and their performance differed based on internal variable such as the level of stock holding and firm size. This study developed a model for analyzing the relationship between the level of internationalization and performance of Koran SMEs listed in the KOSDAQ. We used firm-level data, including annual reports and various data sources such as the KISVALUE program. To smooth annual fluctuations in accounting data, we used a three-year average from 2006 to 2009 for each variable in the study. The results showed that proactive overseas activities ultimately had a positive effect on an enterprise's performance, even though it initially had a negative effect. Therefore, enterprises should focus their capacity on R&D and marketing environment. Although numerous studies have focused on the relationship between overseas activities and performance of enterprises, the present study analyzed whether enterprises should continuously engage in overseas activities and what capacities they should strengthen during a global economic recession.

• Asia Pacific Journal of Business Review
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• 제1권1호
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• pp.56-66
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• 2016

This paper analyzes the impact of CSR on the capital market in Korea. Using listed firm data, we found that the creation of a sustainability report that indirectly measures the level of CSR can bring the stock rate of return difference of the capital markets representative market index. First, when a firm that publishes a sustainability report was compared in terms of its market rate of return, it showed a return increase of about 2%. We found that higher returns were gained through the competitive advantage of related business when the firm was actively involved in social responsibility. Second, subdivided by industry, firms belonging to the capital goods industry were found to reach a rate of return higher than that of industry. These firms were noticeable in that they were mainly industries that caused environmental pollution. Third, in an additional analysis, foreign investors were given the sustainability report of financial businesses, which was interpreted as a result of industrial properties. A sustainability report is a comprehensive report on the economic, environmental, and social activities of a firm. Firms must learn that they can gain trust through publishing trustworthy reports while achieving the lasting power of growth from the stakeholders.

• 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.