• The Journal of Asian Finance, Economics and Business
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• v.9 no.4
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• pp.73-81
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• 2022

The focus of the research is to determine the amount of financial information disclosure and the factors that influence it for non-financial enterprises listed on Vietnam's stock exchange. To evaluate the level of financial information disclosure, the study uses a set of disclosure indexes from the world's leading credit rating agency, Standard and Poor's (S&P). It makes some revisions in compliance with regulations for information disclosure on the Vietnam stock market. The study collects data in the form of annual reports for the year 2017-2020 from 350 non-financial firms listed on Vietnam's stock exchange and then uses a multivariate regression model to assess the effects of factors on the amount of financial information disclosure. The findings show that the size of the firm, the size of the board of directors, and foreign ownership all have a positive impact on financial transparency; however, the number of years the company has a negative impact. According to the findings of this study, companies with more total assets, a larger board of directors, and a higher rate of foreign ownership publish more financial information. Still, long-term listed companies on the stock exchange tend to disclose less.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.13 no.4
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• pp.99-116
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• 2018

The purpose of this study is to suggest the integrated entrepreneurial competency models that reflect critical entrepreneurial competencies that entrepreneurs should have at different stages, thereby enhancing the success rate of ventures. To accomplish the purpose, this study developed the hypotheses about the positive effects of entrepreneurial competencies on business performance, and the moderating effect of learning competency to strengthen the relationship between entrepreneurial competencies and business performance. The results of this study are as follows. First, the technological functional competency of entrepreneurial teams, the resource utilization and business planning competency of entrepreneurs in the early stage of business development were found to significantly affect both non-financial and technological performance. The opportunity recognition competency has a significantly positive effect on non-financial performance. In addition, it is analyzed that learning competency significantly moderated the relationship between entrepreneurial competencies(technological functional, resource utilization) and non-financial performance. The moderating effect of learning competency between business planning competency and technological performance was also found to be significant. Second, leadership and resource acquisition competency of entrepreneurs in the late stage of ventures have significantly positive effects on both non-financial and technological performance. The strategic competency has a significantly positive effect on non-financial performance. It was also found that the moderating effect of learning competency between strategic competency and non-financial performance was significant. Finally, the results show that both non-financial and technical performance of NTBVs are significant determinants of financial performance.

• Journal of Venture Innovation
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• v.2 no.2
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• pp.47-64
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• 2019

This study analyzed the effects of small business CEO's competencies type on business performance. For this purpose, 4 independent variables(strategic, marketing, management and network competencies) and 2 dependent variables(financial and non-financial performance) were used. 220 data were collected from the field survey questionnaires administered to a convenience sample of small business CEO. For hypothesis testing, the IBM SPSS Statistics 24.0 was used. Frequency analysis, exploratory factor analysis, correlation analysis, and hierarchical regression analysis were conducted. Empirical studies showed as follows. First, this study showed that the four competencies were significant to financial performance and the three competencies(except management competencies) were significant to non-financial performance. The higher small business CEO's competencies, the more likely it affects both the financial and non-financial performance of the company. Second, effects of small business CEO's competencies on financial performance were analyzed in order of network competencies > management competencies > strategic competencies > marketing competencies. Third, effects of small business CEO's competencies on non-financial performance were analyzed in order of network competencies > marketing competencies > strategic competencies. These findings had some implications. In academia, the impact forces of 4 small business CEO's competencies were analyzed for the first time. In practices, successful start-ups or sustainable management requires an interest in the active enhancement of small business CEO's competencies.

• Journal of Distribution Science
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• v.16 no.3
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• pp.59-68
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• 2018

Purpose - This study empirically examines the effects of environmental dynamics(dynamics of one's own company, dynamics of competitors, and dynamics of customers), within the franchise industry, on the dependence and conflict(dysfunctional conflict and functional conflicts) and the business performances(financial and non-financial). Furthermore, we empirically examined the effects of the dependence of franchise on the conflicts(dysfunctional conflict and functional conflict) and business performances(financial and non-financial). Finally, we empirically examined the effects of the conflicts of franchise (dysfunctional conflict and functional conflict) on the business performances(financial and non-financial). Research design, data, and methodology - Our study conducted a survey on the managers and owners of the franchises located in Seoul, Gyeonggi, and Incheon. The total number of valid samples was 230, and the structural equation model was analyzed by using AMOS program. Results - First, the environmental dynamics(dynamics of one's own company, dynamics of competitors, and dynamics of customers) in the franchise industry were shown to have statistically significant positive effect on the dependence of franchise. Second, among the environmental dynamics in the franchise industry, the dynamics of one's own company and the dynamics of the customers were shown to have a statistically significant positive effect on the dysfunctional conflicts of franchisees. However, in the franchise industry, the dynamics of competitors did not have a statistically significant effect on the dysfunctional conflict of the franchise. Third, in the franchise industry, the environmental dynamics(dynamics of one's own company, dynamics of competitors, and dynamics of customers) did not have a statistically significant effect on the functional conflicts of the franchises. Fourth, the dependence of franchise was shown to have a statistically significant positive effect on the conflicts(dysfunctional conflict and functional conflict). Fifth, the dysfunctional conflict of franchisees was shown to have a statistically significant negative effect on the business performances(financial and non-financial). Sixth, the functional conflicts of franchises was shown to have a statistically significant positive effect on business performances(financial and non-financial). Conclusions - From the franchise industry researches, the environmental dynamics were selected as the preceding factors and the relationship leading to dependence, conflict, and business performance were constructed into model.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.43 no.3
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• pp.167-178
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• 2020

The purpose of this study is to examine the relationship between internal corporate, supplier, and customer integrations for domestic SMEs on non-financial and financial performance through SCM performance such as flexibility and reduction of uncertainties. To this end, data was collected on 286 SMEs in Korea, and the structural relationships between SCM integration level, SCM performances, and management performance were analyzed. As a result of the analysis, first, it was found that the SCM integration level had a significant positive effect on the flexibility and reduction of uncertainties, which are SCM performances. Second, the flexibility and reduction of uncertainties showed significantly positive effects on the non-financial performance of the companies, but did not directly affect the financial performance positively. Third, the non-financial performance was found to have a positive effect on the financial performance. In addition, the SCM integration level did not have a direct effect on the financial and non-financial performance, but it was found that it affected management performance by mediating the flexibility and reduction of uncertainties, which are SCM performances. That is, although the SCM integration level did not directly affect financial and non-financial performance, it was confirmed that it affects management performance by mediating SCM performances, flexibility and uncertainty reduction. In other words, it was confirmed that the SCM integration level directly or indirectly affects SCM performances and overall management performance. These results imply the necessity to focus on competency in the supply chain management area according to the SCM performance expected by SMEs, and the step by step approaches to the expected effects. In a situation where prior SCM related studies have not been able to present SCM performances and management performance of SMEs that are relatively lacking in their capital and SCM construction capabilities, the findings of this study could suggest the importance of SCM integration from the perspective of SMEs. In addition, from the viewpoint of SMEs, this study suggested that a sequential approach for performance measurement is required (SCM performance → management performance) in relation to the performance factors to be established through SCM.

• Journal of Distribution Science
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• v.16 no.5
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• pp.17-29
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• 2018

Purpose - This study analyzed the success strategy of Korean small & medium cosmetics exporting companies to enter the Southeast Asian market. Research design, data, and methodology - The independent factors are classified into firm capacity, financial factor, institutional factor, and operational factor. The results of the selection of distributor partners of cosmetics related export companies as a were classified as financial performance and non - financial performance. In order to analyze this, 65 Korean small and medium export companies were recruited through structured online questionnaire for 44 days from September 18, 2017 to October 31, 2017. These data were analyzed by frequency analysis, correlation analysis, factor analysis and regression analysis using SPSS. Results - The Cronbach's alpha coefficient was found to be 0.846. Factor analysis between variables revealed that the eigen value exceeded 1 and was considered valid. As a result of the correlation analysis between the variables, the financial factor and the corporate's competence showed the highest correlation with 0.774. Conclusions - Among the factors influencing the financial performance of the exporting firms, the factors influencing the financial performance of the exporting companies are the factors that influence the non - financial performance rather than the financial performance.

• Journal of Distribution Science
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• v.11 no.3
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• pp.49-62
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• 2013

Purpose - The purpose of this paper is has been to identify the information disclosed by Internet website companies listed in Tehran Stock Exchange. Research design, data, methodology - The list was prepared includes 84 attributes for financial information in two parts and 36 non-financial information attributes and with 48 attributes of listed companies in Tehran Stock Exchange. Results - The results show that Internet reporting in Iran has improved compared to previous research. However, the level of financial disclosure and accounting firms with the most important research in this area is weak and these companies are more willing to disclose non-financial information to disclose their financial information. In Iran has been little research on Internet financial reporting. Conclusions - Although this study has been to the best possible information is available on the website of each company covered and fully evaluated but May have some unwanted data hidden from view has been fulfilled and is missing. The attribute relating to support of other languages, in this study, only the presence or absence of links (other languages) and information disclosed is limited to languages have not been studied other than Persian.

• The Journal of Asian Finance, Economics and Business
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• v.5 no.4
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• pp.9-20
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• 2018

Global rating agencies, such as Moody's and S&P, have assigned credit ratings to corporate bonds issued by Japanese firms since 1980s. Local Japanese rating agencies, such as R&I and JCR, have more market share than the global raters. We examine the yield spreads of 1,050 yen-denominated corporate bonds issued by financial firms in Japan from 1998 to 2014 and find no evidence that bonds rated by at least one global agency are associated with a significant reduction in the cost of debt as compared to those rated by only local rating agencies. Unlike non-financial firms, the reputation effect of global rating agencies does not exist for Japanese financial firms. We also observe that firms with less information asymmetry are more likely to acquire ratings from Moody's or S&P. Additionally, the firm's financial profile does not affect its choice to seek out ratings from global raters. Our findings are contradictory to those by Han, Pagano, and Shin (2012), who employ bonds issued by non-financial firms in Japan. Our conjecture is that the asymmetric nature of financial firms makes investors less likely to depend on a credit risk assessment by rating agencies in determining the yields of new bonds.

• East Asian Economic Review
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• v.25 no.3
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• pp.273-309
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• 2021

The development of regulatory systems varies between transition and non-transition economies. This suggests that they provide different incentives for entrepreneurial development and could have varied effects on the economy because they have different methods to deal with market failure. However, limited empirical evidence exists to prove the assumption of dichotomy. Using comprehensive data for institutional quality, labor market and financial market development, this research sought to analyze their effect on employment growth at micro level. The results show that the quality of institutions in transition economies are poorer relative to those in non-transition economies, but their financial and labor markets are more developed than the latter. Further analysis for the transition sample shows that the three variables are individually positively related with employment growth. For the non-transition sample, institutional quality and labor market flexibility bear a positive and significant effect on employment. Financial market development enters the model with a negative coefficient when regressed alone, but a joint test of significance finds that all the variables have a positive effect on employment growth. This result could imply that there is interdependence between institutional quality, labor flexibility and financial market development in firm-employment-growth relationship, or complementarity between regulations and the quality of institutions. Alternatively, this finding suggests that a stringently regulated credit market in non-transition economies have a selection effect-allocating credit only to entrepreneurs who already demonstrate strong growth potential. In sum, despite differences in the evolution of regulatory environment between the two samples, both of them complement employment growth at firm level. The overall implication of these findings is that less rigid regulations and coherent policies that are enforced with impartiality provide incentives for firms to expand.

• The Journal of Society for e-Business Studies
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• v.11 no.1
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• pp.91-112
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• 2006

Unlike typical corporate investments, IT expenditures have direct impact on many aspects of a business, including those that are difficult to quantify. Therefore, financial indicators alone do not do justice to the full effect of an If investment. Proposed in this paper is a methodology to measure the return on IT investments, including non-financial impacts expressed in terms of monetary values. This methodology shows tangible cost as well as hidden cost by analyzing total cost of ownership. The methodology also produces ROI by performing cost benefit analysis including financial and non-financial factors. This paper suggests a more objective validation of If's impact on the business activities. It rationalizes investment priorities and provides a systematic approach to effective IT investment.