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The Extent of Intellectual Capital Disclosure and Corporate Governance Mechanism to Increase Market Value

  • SOLIKHAH, Badingatus;WAHYUDIN, Agus;RAHMAYANTI, Anggraeni Anisa Wara
    • The Journal of Asian Finance, Economics and Business
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    • v.7 no.10
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    • pp.119-128
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    • 2020
  • The aim of this paper is to investigate the level of intellectual capital disclosure (ICD) in commercial banks listed on the Indonesian Stock Exchange. This paper also observed the effects of ICD and corporate governance mechanism on market value. This study uses content analysis techniques to measure ICD. The paper provides a novel approach to measure the ICD quality in developing countries using a four-numerical coding system. Secondary data were obtained from the financial statements and annual reports of the banks for the period 2011-2014. The data from 31 banks were analyzed using ordinary least square regression. The study reports that the quality of intellectual capital disclosure in Indonesian commercial banks increase steadily. Narrative disclosure dominates the report of intellectual capital in Indonesian banks. The results indicate that the size of audit committee, frequency of audit committee meeting, and intellectual capital disclosure affect positively the market value. Overall, the results indicate intellectual capital disclosure is associated with the market capitalization; these findings indicate that the ICD is a consideration in a stock investment decision. While regulations in Indonesia regarding intellectual capital reporting are not conclusive yet, the information needs of stakeholders have encouraged companies to expand voluntary disclosure.

The Effects of Logistics Equipments Standardization on Business Performance (국내물류기기 표준화가 기업성과에 미치는 영향에 관한 연구)

  • 박형남;김원중
    • Journal of Korean Society of Industrial and Systems Engineering
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    • v.22 no.52
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    • pp.155-170
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    • 1999
  • I think that there are few domestic enterprises that recognize standardization of logistics equipments is necessary, which causes a lot of waste in costs and also reduces their business competitiveness. The purpose of this paper is to make the companies be aware of this situation, to exactly analyze where the Korean logistics equipments status are, and further to provide practical directions of methods and activities for effective standardization. Through analysis in the study, there were some findings, as listed below. First, the standardization level of each company varies depending on its own corporate characteristics. Second, if a company adopted standardization process in logistics equipments, it would accelerate process of work efficiency or productivity. Third, when logistics equipment are standardized, it would boost efficiency in storage utilization. Fourth, the delivery services through this standardized logistics would be implemented at a higher speed than before due to the accelerated flow of materials. According to the above findings, it is confirmed that logistics standardization would greatly affect on business performance positively. For the domestic manufactures to facilitate logistics system more easily, as an easiest way, it is required to build logistics standardization teams and surveys. Then afterwards, to achieve it earlier than expected, the company-wide education and training for workers have to be followed to let them be aware of necessity and inevitability about standardized logistics.

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A Research on the Core Functions and Management Level of the PMO to Improve IS Project Performance (정보시스템 개발 프로젝트 성과 향상을 위한 PMO 핵심 기능과 관리수준에 관한 연구: 금융권 차세대 프로젝트 사례를 중심으로)

  • Kim, Sang-Yeoul;Chang, Yun-Hi
    • The Journal of Information Systems
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    • v.15 no.4
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    • pp.1-22
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    • 2006
  • Nowadays, IS projects are getting more complicated and large-scaled. Therefore, many researchers and practitioners have been interested in the IS development methodologies, automated tools, techniques, and TQM to improve IS performance. Latest Standish Group's research reported that after the PMO introduction, project scale became bulkier than 1 or 2 year ago, and that IS development project success probability was increased sharply by 62 percents from 37. The previous researches listed just various PMO functions. This research is to seize the core functions and management level of the PMO affecting on the IS project performance with banks which are the leading industry to accept the PMO in Korea. The activities in the categories of implementation management technology support management infrastructure management are the core functions of the PMO to affect the IS performance including schedule management quality management user and stakeholders' satisfaction. Also, the PMO management level is important for IS project success. Among the 5 levels PMI suggested, PMO can implement the project effectively at least at the third level. Korean companies which are about to introduce the PMO have to consider the PMO core functions and management level to increase the IS maturity.

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A Study on the Analysis of Issue Items on Negotiation Stage of Build Transfer Lease Project (건축분야 임대형 민자사업 협상단계 쟁점 분석에 관한 연구)

  • Park, Yeong-Cheol;Lee, Gun;Lee, Hyun-Chul;Go, Seong-Seok
    • Korean Journal of Construction Engineering and Management
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    • v.10 no.5
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    • pp.57-66
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    • 2009
  • This study aimed to find major issues on negotiations of the BTL project, to analysis the degree, and to investigate the underlying cause and propose solutions. Data were collected from authorities in charge and the companies which have participated in BTL projects. Also, the weights of major issues were analyzed using Analytic Hierarchy Process method(AHP), which uses pair-wise comparison between variables, and the degree of them were listed in the quantitative way. As a result, 4 part had each 2 reasons and others had one reason among 6 negotiation parts of first step. In addition, the solutions were indicated.

A Portfolio Selection Strategy with Consideration of Growth Potential of Corporations (기업의 성장가능성을 고려한 포트폴리오 선택 전략)

  • Choi, Da-Young;Ahn, Beum-Jun;Shin, Hyun-Joon
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.12 no.9
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    • pp.3849-3855
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    • 2011
  • This study presents an efficient strategy for selecting portfolio by evaluating growth potential of a corporation based on dividend. Through preliminary experiments, we extract 4 categories to sort out prospective stocks and develop a scoring table including criteria and formulas used to calculate scores for each category. In order to show the effectiveness of the portfolio selected by scoring table, we constructed 3 portfolios for every 4 years (2007-2010) out of 927 listed companies in KRX and proved that our portfolios are superior to market portfolio in terms of rate of return.

Impact of Selling, General and Administrative Expenses on Financial Sustainability of IT Companies Listed in S&P 500

  • Seetharaman, Seetharaman;Pitta, Santhikumar;Moorthy, Krishna;Saravanan, Saravanan
    • Journal of Distribution Science
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    • v.14 no.4
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    • pp.13-20
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    • 2016
  • Purpose - This paper attempts to determine the importance of financial sustainability and the impact of Selling, General and Administrative Expenses (SG&A) on the financial sustainability of the IT industry. Research design, data, and methodology - Primarily the impact of SG&A expenditure on the sales revenue, assets, gross margins and profit is ascertained. After that the impact of SG&A expenditure, sales revenue, assets, gross margins and profit on the financial sustainability i.e., return on assets is worked out. Finally the impacts of financial sustainability i.e., return on assets on total enterprise value and market valuation multiples are found out. Results - The empirical result shows that SG&A expenditure most strongly impacted sales revenue, assets, gross margins and profit positively. Financial sustainability impacted in mixed manner with SG&A expenditure, sales revenue, assets, gross margins and profit. Assets and gross margins have weak positive impact on financial sustainability. Sales revenue has no impact on financial sustainability. Finally financial sustainability had moderate positive impact on total enterprise value and had no impact on market valuation multiples. Conclusions - SG&A expense has moderate positive impact on the financial sustainability and magnitude is very low.

The Comparative Financial Performance of Outsourcing and Vertically Integrated Corporations

  • Khudadad, Shamima;Tahir, Muhammad;Jan, Ghulam
    • Asian Journal of Business Environment
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    • v.8 no.3
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    • pp.23-31
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    • 2018
  • Purpose - The purpose of this study is to analyze the comparative financial performance of outsourcing and vertically integrated corporations from Footwear and Apparel industry. Research design, data, and methodology - Secondary data is collected from the published audited annual reports of the footwear and apparel corporations listed on stock exchanges globally. In the current study, 40 footwear firms have been opted that include 20 vertically integrated and 20 outsourcing firms. The sample is distributed into two groups based on threshold up-to 50 percent respectively outsourcing and vertically integrated companies. Sample independent t-test is applied to compare the financial performance of outsourcing and vertically integrated firms. Results - Based on the investigation of 10 years' data of financial ratio, the results of the study show that there is significant difference between outsourcing and vertical integration strategy on return on assets, return on equity while insignificant difference has found with profit margin. Conclusions - The findings of the current study indicates that there is significant difference between the financial performance of outsourcing and vertically integrated firms in terms of return on asset, return on equity and insignificant difference in terms of profit margin.

R&D Intensity and Regulation Fair Disclosure

  • Park, Jin-Ha;Shim, Hoshik
    • The Journal of Asian Finance, Economics and Business
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    • v.6 no.1
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    • pp.281-288
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    • 2019
  • This study examines the relationship between R&D intensity and disclosure. R&D activities are essential in bringing innovation to companies. However, R&D activities are naturally uncertain and increase information asymmetry. Thus, firms with high R&D activities are more likely to have the incentive to communicate the potential of R&D investment to the market through voluntary disclosure and, concurrently, resolve information asymmetry. Meanwhile, incentives to less voluntary disclosure exist because of the proprietary cost and the risk of competitiveness loss. Furthermore, the uncertainties inherent in R&D activities caused the possible decrease in the information accuracy. For the two opposing views, this study investigates the relationship between R&D intensity and disclosure frequency using the Regulation Fair Disclosure data in Korea. Moreover, the relationship between R&D intensity and usefulness of the information disclosed is also examined. Using firm sample listed in the 2011-2016 Korea Stock Market, results show that firms with high R&D intensity make disclosures more frequent. Subsequently, the analysis using forecast sample shows that management forecast error is higher in firms with high R&D intensity. This research contributes to the existing literature by presenting evidence that R&D intensity is a significant factor affecting manager's disclosure behavior and information usefulness.

Tax Planning, Financial Constraints and Investment Management: Empirical Evidence from Pakistan

  • BUTT, Muhammad Naveed;MALIK, Qaisar Ali;WAHEED, Abdul;TABASSUM, Aftab Hussain
    • The Journal of Asian Finance, Economics and Business
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    • v.8 no.12
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    • pp.129-139
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    • 2021
  • The aim of this study is to provide insight into tax avoidance through planning and management, and its investment consequences in financially constrained and unconstrained firms, as well as to empirically examine the interrelationships between the variables studied. Data was extracted from the financial statement analysis of non-financial companies listed on the Pakistan stock exchange (PSX) published by the State Bank of Pakistan, covering ten major manufacturing sectors. KZ index and WW index are used to identify financially constrained and unconstrained firms. Tax avoidance is measured by using GETR and LETR. All the equations are estimated through panel data regression models using common, fixed, and random effects. The empirical investigation of the role of tax avoidance in all firms collectively and constrained and unconstrained firms separately showed that the tax avoidance behavior of these firms is translated into investments by these firms. The study will help policymakers in strategy formulation and implementation related to tax planning and investment decisions in constrained and unconstrained firms to overcome their financial constraints and to optimize their investment decisions for value maximization. This will substantially increase the investment in the country by providing growth opportunities and lowering the tax rates.

The Effect of Corporate Governance on the Board of Directors' Characteristics and Sustainability Disclosure: An Empirical Study from Thailand

  • JATURAT, Malee;DAMPITAKSE, Kusuma;KUNTONBUTR, Chanongkorn
    • The Journal of Asian Finance, Economics and Business
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    • v.8 no.12
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    • pp.191-201
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    • 2021
  • The objective of this research is to investigate how the board of directors' characteristics influence sustainability disclosures with the mediating effect of corporate governance. The independent variables are the characteristics of the board of directors, which consist of the presence of women on the boards, presence of directors aged over 50 years old, education level, education field, board tenure, and compensation. The dependent variable is sustainability disclosures, which is measured by the GRI standard disclosure, whereas the mediator variable is the CG score. Research samples are 460 companies listed on the Stock Exchange of Thailand (SET). Path Analysis is used to examine the correlation between the board of directors' characteristics, CG score, and GRI standard disclosure. The research findings show that senior boards, the education field, and compensation motivation have an effect on sustainability disclosures, whereas corporate governance is a mediator of the effect of the education field of boards on sustainability disclosures. This finding should help shareholders to choose individuals with suitable characteristics to serve on the board of directors, and, as a result, shareholders should anticipate a profitable result to be generated, while the business of the company is conducted in a sustainable way.