• The Journal of Asian Finance, Economics and Business
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• v.8 no.10
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• pp.361-371
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• 2021

This research aims to analyze the effects of managerial overconfidence and corporate governance on investment decisions. Besides, it also tries to discover the effect of internal financing mediation between managerial overconfidence and corporate governance on investment decisions. This study employed panel data from 44 manufacturing companies from 2014 to 2019, out of a total of 117, thus the total observations are 264. The hypothesis was verified through structural equation modeling (Smart PLS 2). The study revealed as follows: 1) Managerial overconfidence has a positive and significant effect on internal financing, while corporate governance has a negative and significant effect on internal financing, 2) managerial overconfidence, internal financing, and corporate governance have a positive and significant effect on investment decisions, 3) internal financing partially mediated the effect of managerial overconfidence on investment decisions, However, internal financing does not mediate the effect of corporate governance on investment decisions. The findings in this study will help company managers implement good corporate governance to improve investment efficiency. In addition, managers can reduce the proportion of retained earnings and increase the proportion of dividend payout ratios, and increase the use of external sources of funds in making investments to minimize agency costs and manager's opportunistic behavior.

• Journal of the Korea Convergence Society
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• v.12 no.7
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• pp.181-191
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• 2021

Unlike in the past, successful global companies are striving to create a horizontal organizational structure and autonomous corporate culture by empowering their members with autonomy and responsibility. The purpose of this study is to conduct an empirical analysis on the effect of job stress and managerial coaching behavior on the effect of psychological empowerment on organizational commitment and turnover intention. Negative situational factors (job stress) and positive situational factors (managerial coaching behavior) were considered and presented at the same time, and their effectiveness was verified. As a result of the analysis, it was found that psychological empowerment had a positive effect on organizational commitment, but did not to affect turnover intention. Also, it was found that job stress and managerial coaching behavior had a mediating effect. The results of this study can be used as a effective guideline on creating an autonomous organizational climate and creating a successful corporate culture through this.

• Journal of Korea Trade
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• v.25 no.2
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• pp.196-219
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• 2021

Purpose - We attempted to empirically verify the effects of managerial attributes on cost stickiness in exporters. Exporters are often affected not only by external factors such as exchange rate but also by internal factors such as managerial attributes regarding their business activities. Because cost stickiness is the product of a manager's decision-making, it has been considered that managerial attributes have a great influence on the behavior. Therefore, our study was intended to find out whether cost stickiness shows differentiated aspects depending on managerial attributes in exporters. Design/methodology - We considered two managerial attributes: CEO power and managerial overconfidence. First, CEO power was measured as CEO pay slice. In addition, managerial overconfidence was measured based on three methodologies presented by previous studies. To measure cost stickiness, we used multiple methodologies presented by prior research. Findings - The results of our empirical analysis are as follows. First, in export firms, the greater CEO power is, the greater cost stickiness is. This result suggested that export managers with great influence little respond to temporary sales decrease promptly, little reduce related production costs flexibly in preparation for future sales recovery, but leave room to endure costs for idle resources. Second, the greater managerial overconfidence is, the greater cost stickiness is. This result indicated that export managers with great overconfidence on their decision-making often view the prospect for sales recovery positively; therefore, they little respond to temporary sales decrease immediately, little reduce related production costs flexibly for future sales recovery, but leave room to endure costs for idle resources. Third, export managers with great influence in their businesses and great overconfidence in their decision-making tend to show relatively great cost stickiness. The results proposed that the combination of the two factors functions to make cost stickiness greater. Originality/value - Our study is differentiated from extant studies in that we provided empirical evidence of the effects of managerial attributes on their business activities in exporters. Specifically, we verified the effects of managerial attributes on cost stickiness in Korean exporters. The results of our study are expected to contribute to providing useful information for exporters and start-ups.

• Korean Journal of Rural Living Science
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• v.6 no.2
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• pp.137-149
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• 1995

The first objective of this study is to examine the finanacial management practices of rural housewives. The second objective is to determine the effects of sociodemographic characteristics on financial management practices. The Deacon & Firebaugh's model of family resource management framework and previous studies were used to determine the effects, regarding a9e, income, number of family, education level, and farming/nonfarming as independent/input variables, and monthly saving and managerial behavior index as dependent/throughput variables. A sample of 179 rural housewives aged less than 60 was selected from Shihung-Si Gyonggi-Do Province. Results showed that rural housewives more frequently did keeping bills, making purchase-list and verifying purchase need than recording where money spent making financial plan, and evaluating spending. With regard to household debt use, 60% of the sample had debt the most borrower used debt for farming, 73% of borrowers paid for their debt behind the schedule, and the main source of borrowing was NACF (NongHyup). Using installment credit, the rural housewives mainly bought cosmetics. 25% of the sample had credit cards. Average debt was 6, 070, 000 won, and 81% of annual income. In terms of saving, 85% of the sample saved, and 23% of the sample lived with the money after save. The main reasons of saving were for education and marriage of children and emergency. The main saving institutions were NACF and NLCF (ChukHyup). The regression showed that income was negatively associated with monthly saving, and age was identified as the positive determinants of managerial behavior index.

• Journal of Families and Better Life
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• v.10 no.1 s.19
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• pp.43-51
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• 1992

The purpose of this study was to investigate the impacts of managerial behaviors on the satisfaction with management. The data were collected by means of questionnaire distributed to a stratified sample of 560 housewives in Seoul. The questionnaire consisted of 107 items was developed by the researchers. Frequency, percentile, mean, and stepwise multiple regression were used to analyze the data. The results of stepwise multiple regression analyses indicate that the wives who had more reality in planning and higher standards tended to more satisfy with managerial behaviors. The elements of inplementing such as facilitating conditions and checking behaviors were positively related with managerial satisfaction. The recommendations for the ways to increase satisfaction with management and future research were suggested.

• The Journal of Industrial Distribution & Business
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• v.8 no.5
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• pp.87-93
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• 2017

Purpose - This paper investigates whether managerial overconfidence is associated with firm-specific crash risk. Overconfidence leads managers to overestimate the returns of their investment projects, and misperceive negative net present value projects as value creating. They even use voluntary disclosures to convey their optimistic beliefs about the firms' long-term prospects to the stock market. Thus, the overconfidence bias can lead to managerial bad news hoarding behavior. When bad news accumulates and crosses some tipping point, it will come out all at once, resulting in a stock price crash. Research design, data and methodology - 7,385 firm-years used for the main analysis are from the KIS Value database between 2006 and 2013. This database covers KOSPI-listed and KOSDAQ-listed firms in Korea. The proxy for overconfidence is based on excess investment in assets. A residual from the regression of total asset growth on sales growth run by industry-year is used as an independent variable. If a firm has at least one crash week during a year, it is referred to as a high crash risk firm. The dependant variable is a dummy variable that equals 1 if a firm is a high crash risk firm, and zero otherwise. After explaining the relationship between managerial overconfidence and crash risk, the total sample was divided into two sub-samples; chaebol firms and non-chaebol firms. The relation between how I overconfidence and crash risk varies with business group affiliation was investigated. Results - The results showed that managerial overconfidence is positively related to crash risk. Specifically, the coefficient of OVERC is significantly positive, supporting the prediction. The results are strong and robust in non-chaebol firms. Conclusions - The results show that firms with overconfident managers are likely to experience stock price crashes. This study is related to past literature that examines the impact of managerial overconfidence on the stock market. This study contributes to the literature by examining whether overconfidence can explain a firm's future crashes.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.3
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• pp.167-175
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• 2020

The study aims to examine the relationships between service quality, experience value, relationship quality and behavior intentions. Validated measurements were identified from a literature review. The total of 309 valid respondents were used in this research. The measurement model and the conceptual model depicting hypothesized relationships were evaluated based on the 309 responses using confirmatory factor analysis and a structural equation modeling, accordingly. In addition, this study systematized the concepts, defined and tested the component scales of the relationship model between service quality, experience value, relationship quality and behavior intentions from the collected data, which helps to adequately identify the relationship between the factors in the model as well as the impact. The findings confirm that service quality influences experience values, relationship quality and purchase intention. Service quality, experience value, relationship quality and behavior intentions altogether are not well understood in current literature despite the important implication for managers, academicians and consumers alike. Contributes to a better fit between relationship marketing models and managerial practice in business markets. This study provides managerial implications regarding service quality and experience value so that firms and marketers can consult and apply. Managers should not only focus on the improvement of service quality but overall strategic planning.

• Journal of Korean Academy of Nursing Administration
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• v.9 no.4
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• pp.625-639
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• 2003

Purpose: The Purpose of this study was to identify the relationship between managerial characteristics of the nursing organization and organizational effectiveness. Method : The data were gathered from the self-reported questionnaires of 717 nurses who work for eight different general hospitals located around Seoul and Kyounggi province. The period of data collection was from December 12 to December 7, 2002. For data analysis, descriptive statistics, Pearson correlation coefficient, t-test, and ANOVA with SAS & SPSS Program were used. Result : 1) Managerial Characteristics of the Nursing Organization were positively related to all of the organizational effectiveness. Transactional leadership were negatively related to all of the organizational effectiveness. 2) 'Shared Value' and 'Communication' showed a significant difference except religion. 'Autonomy' showed a significant difference except religion, major field of practice. 'Job Motivation' showed a significant difference except marital status, religion. 'Transformational leadership' showed a significant difference except marital status, religion, major field of practice. 3) 'Job satisfaction' showed a significant difference except religion, major field of practice. 'Organizational commitment' and 'Organizational citizenship behavior' showed a significant difference except religion. Conclusion : From the above results, the highly perceived with managerial characteristics of the nursing organization is very implicative to enhance the organizational effectiveness.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.647-656
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• 2020

This study empirically examines the effect of ownership structure on bank diversification and risk-taking behavior. The population of this study is based on all commercial banks listed in Bangladesh. Thirty-two conventional commercial banks were randomly selected from thirty-three conventional banks for this study. Data was collected from the annual reports of the concerned banks from 2000 to 2017. To analyze the data, we had applied the two-stage least squares (2SLS) estimator. The results of the analysis show that ownership structure i.e. managerial ownership, institutional ownership, general public ownership, and ownership concentration have a significant negative impact on bank diversification. On the other hand, institutional ownership, managerial ownership, and general public ownership have a significant positive impact on Z-score, and ownership concentration has an insignificant but positive impact on the Z-score of banks in Bangladesh. Therefore, the study opposes the benefits of diversification and promotes ownership structure which is capable of ensuring better financial stability by reducing the probability of risk. The policy-makers especially, Bangladesh banks should evaluate the fact of this study to issue guidelines on corporate governance, bank diversification, and risk-taking behavior of commercial banks.

• Health Policy and Management
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• v.13 no.1
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• pp.46-68
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• 2003

In the model tested here, individual innovative work behavior is considered as the outcome of two antecedent factors-empowerment and organizational supports. The relationships between those variables and innovative work behavior are analyzed form the data collected through a questionnaire survey of 389 employees in five general hospitals. Results of multiple regression analyses show that three dimensions of empowerment-meaning, competence, and impact, and supports from organizational culture have significant effects on innovative work behavior whereas the effects of choice dimension of empowerment and managerial supports are not significant. These results emphasize the importance of empowerment and innovation oriented organizational culture for individual members' innovative work behavior. Theoretical and practical Implications and suggestions for future research are discussed.