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CSR Practices and Corporate Financial Performance: Evidence from China

  • Meng, Lamei;Byun, Hae-Young
    • Asia-Pacific Journal of Business
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    • v.13 no.3
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    • pp.73-92
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    • 2022
  • Purpose - The purpose of this paper is to explore the relationship between corporate social responsibility (CSR) and corporate present and future value. Design/methodology/approach - This paper intends to prove the relationship between CSR and corporate value once again by selecting A-share companies listed on the China Shenzhen Stock Exchange and Shanghai Stock Exchange from 2010 2017. This paper also examines the effect of five dimensions of CSR on corporate value in China. Findings - Empirical evidence shows that CSR is conducive to corporate value. The fulfillment of social responsibilities improves firm value in the future. Further, the regression results show that the social responsibility of the non-state-owned enterprise (Non-SOEs) group has a more significant effect on corporate financial performance than on the state-owned enterprise (SOEs) group. Research implications or Originality - This study has limitations. First, the grouping is only divided into two groups of SOEs and non-SOEs, and we did not consider foreign investments, that is, foreign-funded enterprises, for the comparative analysis. Second, only the linear relationship between CSR and corporate value was tested. In the future, we must determine whether there exists a nonlinear relationship between the two key concepts. Finally, there exists no research on CSR and corporate value by specific industries. Thus, the relationship between the five dimensions of CSR and corporate value should be investigated by specific industries.

Relatoinship between Sarcoplasmic Reticular Calcium Release and $Na^+-Ca^{2+}$ Exchange in the Rat Myocardial Contraction

  • Kim, Eun-Gi;Kim, Soon-Jin;Ko, Chang-Mann
    • The Korean Journal of Physiology and Pharmacology
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    • v.4 no.3
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    • pp.197-210
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    • 2000
  • Suppressive role of $Na^+-Ca^{2+}$ exchange in myocardial tension generation was examined in the negative frequency-force relationship (FFR) of electric field stimulated left atria (LA) from postnatal developing rat heart and in the whole-cell clamped adult rat ventricular myocytes with high concentration of intracellular $Ca^{2+}$ buffer (14 mM EGTA). LA twitch amplitudes, which were suppressed by cyclopiazonic acid in a postnatal age-dependent manner, elicited frequency-dependent and postnatal age-dependent enhancements after $Na^+-reduced,\;Ca^{2+}-depleted$ (26 Na-0 Ca) buffer application. These enhancements were blocked by caffeine pretreatment with postnatal age-dependent intensities. In the isolated rat ventricular myocytes, stimulation with the voltage protocol roughly mimicked action potential generated a large inward current which was partially blocked by nifedipine or $Na^+$ current inhibition. 0 Ca application suppressed the inward current by $39{\pm}4%$ while the current was further suppressed after 0 Na-0 Ca application by $53{\pm}3%.$ Caffeine increased this inward current by $44{\pm}3%$ in spite of 14 mM EGTA. Finally, the $Na^+$ current-dependent fraction of the inward current was increased in a stimulation frequency-dependent manner. From these results, it is concluded that the $Ca^{2+}$ exit-mode (forward-mode) $Na^+-Ca^{2+}$ exchange suppresses the LA tension by extruding $Ca^{2+}$ out of the cell right after its release from sarcoplasmic reticulum (SR) in a frequency-dependent manner during contraction, resulting in the negative frequency-force relationship in the rat LA.

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The effect of techno-overload and techno-invasion on work-family conflict: mediating effect of psychological detachment and moderating effect of leader-member exchange (테크노 과중과 테크노 침해가 일-가정 갈등에 미치는 영향: 일로부터의 심리적 분리의 매개 효과 및 상사-부하 교환관계의 조절 효과를 중심으로)

  • Se-Hwan An ;Dong-Gun Park
    • Korean Journal of Culture and Social Issue
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    • v.23 no.2
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    • pp.97-129
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    • 2017
  • The purpose of this study was to investigate the influence of techno-overload and techno-invasion on work-family conflict and the mediating role of psychological detachment from work to techno-overload and techno-invasion. In addition, this study examined the moderating role of leader-member exchange in the relationship between techno-overload, techno-invasion and psychological detachment from work. The results from 306 participants provided evidence that (1) techono-invasion was negatively related to psychological detachment from work, (2) psychological detachment from work was negatively related to work-family conflict, (3) psychological detachment from work partially mediated the relationship between techno-invasion and work-family conflict (4) leader-member exchange moderated the relationship between techno-invasion and psychological detachment from work. Based on the results, implications of these findings, limitations, and future research were dicussed in general discussion.

The Relationship between Customer-Employee Exchange and Organizational Commitment: the moderating effects of Big 5 character-types (고객-종업원 교환관계와 조직몰입 간의 관계: Big 5 성격유형의 조절효과)

  • Baek, You-Sung
    • Management & Information Systems Review
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    • v.33 no.2
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    • pp.155-170
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    • 2014
  • The purpose of this study is to inquire into the relationship between customer-employee exchange and organizational commitment. To achieve the purpose of this study, preliminary studies on customer-employee exchange, Big 5 character-types and organizational commitment after an overview of these variables were examined to design research models and set up research issues. To verify the research issues, a survey was carried out on employees at beauty shops located in Seoul, Gyeonggi, Busan and Ulsan areas. Questionnaires of collected 374 copies were used for a statistical analysis. The results of empirical analysis disclosed in this study are summarized as follows. First, customer-employee exchange had a positive effect on organizational commitment. Second, conscientiousness and openness of Big 5 character-types had a moderating effect on the relationship between customer-employee exchange and organizational commitment. But extraversion, neuroticism and agreeableness of Big 5 character-types had no moderating effect. The implications available through findings stated above are as follows. First, this study confirmed that good customer-employee exchange improves members' emotional commitment to organization. Second, in practical perspective, it may be effective to select employees with high openness and conscientiousness of character traits.

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Study on the causality between call rate and exchange rate under global economic crisis (글로벌경제위기에서 콜금리와 환율의 인과관계에 관한 연구)

  • Shin, Yang-Gyu
    • Journal of the Korean Data and Information Science Society
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    • v.20 no.4
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    • pp.655-660
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    • 2009
  • As the global economic crisis, the Korean foreign exchange market appears unstable with large fluctuations in exchange rate. Inevitably, there is growing attention on price variables such as exchange rate and interest rates and also on corelation between the factors. This is an empirical study on the causality of fluctuation between exchange rate and interest rate in the Korean market under global economic crisis. The fluctuations in won/dollar exchange rate and call rate are described and followed by analysis of lead-lag relationship between the two variables using Cross-correlation function and Granger causality test.

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A Study on the Impact of China's Monetary Policy on South Korea's Exchange Rate

  • He, Yugang
    • The Journal of Industrial Distribution & Business
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    • v.9 no.6
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    • pp.15-24
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    • 2018
  • Purpose - The adjustment of one country's monetary policy can cause the macroeconomic change of other countries. Due to this, this paper attempts to analyze the impact of China's monetary policy on South Korea's exchange rate. Research design, data, and methodology - Based on the flexible-price monetary model, sets of annual time series from 1980 to 2017 are employed to perform an empirical estimation. The vector error correction model is also used to exploit the short-run relationship between both of them. Of course, the South Korea's real GDP, the China's real GDP, South Korea's interest rate, the South Korea's interest rate and the South Korea's monetary supply are treated as independent variables in this paper. Result - The long-run findings reveal that the China's money supply has a negative effect on South Korea's exchange rate. Respectively, the short-run findings depicts that the China's money supply has negative a effect on South Korea's exchange rate. Of course, other variables selected in this paper also have an effect on South Korea's exchange rate whatever positive or negative. Conclusions - As the empirical evidence shows, the China's monetary policy has a negative effect on South Korea's exchange rate whenever in the long run or in the short run.

The Relationship Between Renminbi Exchange Rate Fluctuations and China's Import and Export Trade

  • Renhong WU;Yuantao FANG;Md. Alamgir HOSSAIN
    • The Journal of Industrial Distribution & Business
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    • v.15 no.5
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    • pp.17-27
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    • 2024
  • Purpose: The renminbi (RMB) has appreciated alongside the elevation of China's economic status, leading to increased exchange rate volatility. Moreover, China's medical industry saw a surge in import and export trade volume, with trade related to epidemic prevention and control in the medical sector significantly increasing its share. The medical device trade, in particular, occupies a substantial portion of this trade. Research design, data and methodology: This paper focuses on the import and export value of medical devices in the medical industry as a case study to explore the impact of RMB exchange rate fluctuations on the import and export trade of the medical industry during the pandemic. Additionally, it investigates whether the import and export trade of the medical industry can be a contributing factor to the fluctuations in the RMB exchange rate. Results: Through an empirical study on the import and export values of medical devices in the medical industry over the past three years, as well as the RMB exchange rate, this paper establishes a VAR model and conducts a series of tests including stationarity tests and cointegration tests. Conclusions: The conclusion is that fluctuations in the RMB exchange rate have a long-term impact on China's medical industry's import and export trade.

Exchange Rate Volatility and Bilateral Trade Flow: Evidence from China (환율 변동성과 양자 무역 흐름: 중국을 중심으로)

  • Li Qing;Sang-Whi Lee
    • Korea Trade Review
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    • v.48 no.4
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    • pp.47-66
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    • 2023
  • Our study aims to explore the impact of China's foreign trade policy measures on the real exchange rate movement. We seek to provide specific references for the formulation of exchange rate and trade-related strategies. Our results indicate that China's bilateral trade is significantly influenced by movements in the Real Effective Exchange Rate (RER). When analyzing the relationship between aggregated trade flow and exchange rate movements, this paper finds that the depreciation of the real exchange rate leads to an increase in China's export volume and a slight decrease in its import volume. Moreover, China's export volume exhibits higher sensitivity to exchange rate volatility compared to the exchange rate level. Furthermore, the empirical findings regarding disaggregated trade flow suggest that different goods are affected differently by exchange rate movements. Capital goods and consumer goods, being in different stages of processing, show no negative impact on their import and export due to exchange rate depreciation. Consequently, we recommend deepening the industry's reform by improving production efficiency and transitioning the industrial structure to a higher processing stage. This approach can effectively reduce the negative impact of exchange rate depreciation.

Conceptual Relationship between Elements of Spatial Expression and Proxemics - Focused on the Case of Total Healing Environment of Children's Hospital - (공간표현요소와 프로세믹스 개념 간의 연관성 - 어린이 병원의 총체적치유환경사례 중심으로 -)

  • Woo, Jung-Hoon;Kim, Kwang-Ho
    • Korean Institute of Interior Design Journal
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    • v.23 no.4
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    • pp.111-119
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    • 2014
  • This papers is to find out the design theory of total healing environment through the studies on the mutually complementary roles of proxemics, which is the objective and numerical design indicator in the analysis of space and the spacial expression theory, which is the subjective and intuitive design indicator. 3 factors in the elements of total healing environment have the following relationship. And 8 behavioral affordance factors in the elements of spatial expression have the following mutual relationships; The physical factor of total healing environment has the relation with the work&study(+) and circulation(+), the psychological factor has the relationship with the rest(-),visual sequence(-),social exchange(+),refreshment(-) and meditation(-). In addition, the social factor of total healing environment has the relation with the circulation(+),social exchange(+) and community(+). And the work&study(+) and rest(-) of the refuge have the relation with the intimate distance and personal distance, the circulation (+) and visual sequence (-) of the flow has the relationship with the social distance. In addition, the social exchange (+) and the refreshment (-) of the prospect have the relation with the near public distance and the community (+) and meditation (-) of the void have the relation with the far public distance. According to the analysis, the cases in 5 children hospital were studied and the characteristics of total healing environment was evaluated for the spatial proxemics.

The Effect of Issue Leadership on Sales Team Performance : Mediating Effect of Team Adaptive Sales Behavior and Moderating Effect of Team Member Exchange (영업 관리자의 이슈 리더십이 팀 영업성과에 미치는 영향 : 팀 적응적 판매행동의 매개효과와 TMX의 조절효과)

  • Joo, Kyoung-jin;Chung, Byoung-gyu
    • Journal of Venture Innovation
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    • v.6 no.2
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    • pp.101-121
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    • 2023
  • The purpose of this study was to investigate the impact of issue leadership by sales managers on sales team performance, while examining the mediating role of team adaptive sales behavior and the moderating effect of team-member exchange (TMX). Data was collected from 125 sales teams, and both independent and dependent variables were measured with a time difference of two months using responses from sales managers and team members. The empirical analysis revealed several important findings. Firstly, the study found that issue leadership had a significant positive effect on sales team performance. Secondly, team adaptive sales behavior was found to partially mediate the relationship between issue leadership and sales team performance. Lastly, the study revealed that TMX moderated the relationship between issue leadership and sales team performance. These findings have significant academic and practical implications. Firstly, the study demonstrates the effectiveness of issue leadership as a sales leadership style in the B2C industry. Secondly, it highlights the importance of team adaptive sales behavior as a mechanism that mediates the relationship between issue leadership and sales team performance. Lastly, it underscores the significance of TMX as a situational factor that moderates the relationship between issue leadership and sales team performance. In practice, the results suggest that organizations should focus on developing issue leaders, fostering creative sales behavior at the team level, and activating social exchange within sales teams to enhance sales team performance.