• The Journal of Asian Finance, Economics and Business
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• 제9권5호
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• pp.365-376
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• 2022

This study aims to look into the causal relationships between corporate social responsibility and firm value, corporate social responsibility and institutional ownership, and firm value and institutional ownership. This study develops a triangle model of causal relationships among the three endogenous variables. Samples for this study are manufacturing companies listed on the Indonesia Stock Exchange for the period 2014-2018. The model is operated in the system of simultaneous equation models using the generalized method of moments technique to estimate parameter coefficients. After controlling the effects of trade-off/balancing capital structure and managerial ownership, the research findings show a positive causal relationship between CSR and firm value and firm value and institutional ownership. Institutional ownership has a positive effect on CSR, while the effect of CSR on institutional ownership is negative in the firms without managerial ownership and positive in the firms with managerial ownership. This study finds that the causal relationship between CSR and firm value is stronger after the trade-off/balancing of capital structure is included in the model. Capital structure has a convex effect on firm value and positively impacts institutional ownership. In addition, an independent commissioner has a negative impact on CSR but has no direct impact on firm value.

• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.91-97
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• 2021

The disclosure of corporate social responsibility (CSR) is an important part of the company. CSR disclosure (CSRD) is interesting to study because CSRD in the annual reports is very important in terms of attaining company objectives to satisfy the interests of stakeholders; protect employee's interests; clarify the extent of contribution of the company in both CSR activities and CSRD; assist appropriate investment decisions. This study examines the structure of share ownership and company size as determinants of CSRD in the banking industry. We use a quantitative approach in this approach, in which researchers start with hypotheses and then collect data that can be used to determine whether empirical evidence to support that hypothesis exists. The sampling technique used is purposive sampling so that the research sample was 14 banking companies that are listed on the Indonesian Capital Market Directory from 2015-2017. Data analysis techniques using multiple linear regression determined the relationship between research variables. The results of the study state that managerial ownership, institutional ownership, foreign ownership, and company size affect CSRD. This demonstrates that the role of managerial ownership, institutional ownership, and foreign ownership have an impact on CSRD and are deemed necessary for the corporate environment. Besides, company size determines the activities of CSRD so that it can increase public confidence in the company's operational activities.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.851-861
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• 2021

The main objective of this study is to examine the government ownership effect on the United Arab Emirates (UAE) firm's corporate social responsibility (CSR). Government ownership is assumed to affect the CSR either directly or indirectly. That is by moderating the association between corporate governance and CSR. Publicly listed companies on the UAE capital markets (Abu Dhabi and Dubai) from 2010-2013 constituted the study sample. Panel data regression analyses and random effect model is used to examine the effects of board size, board independence, and audit committee characteristics on CSR. Government ownership is used as a moderator variable. The result showed that the existence of government ownership has a moderator effect on the association between corporate governance mechanisms and the CSR. Precisely, the research revealed that the audit committee characteristics become more effective in improving the firm's CSR when the government owns shares in the organization. The main contribution of this study is to examine how firm ownership structure influences good corporate governance and CSR in the UAE. The study contributes to the CSR literature by merging between the existence of governmental ownership and the power to enforce the implementation of corporate governance in an emerging country.

• 정보학연구
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• 제10권2호
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• pp.65-80
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• 2007

The development of social enterprise is rapidly emerging trend in Europe. Social enterprises are businesses with a social purpose working. There is no single legal model for social enterprise. There are many social enterprises operating in a wide range of industries from farmers markets and recycling companies to transport providers and childcare. Common characteristics of Social enterprise are Enterprise Orientation, Social aims, Social ownership.

• 동아시아경상학회지
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• 제11권1호
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• pp.1-19
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• 2023

Purpose - In this study, we aimed to theorize blockchain-based social media platform users' commitment by examining the impact of their perceived justice of the token reward system. In addition, this study applied psychological ownership theory to verify the underlying mechanism between users' perceptions of justice and their commitment to the platforms. Research design, data, and methodology - To empirically test our conceptual framework in the study, we collected data through a web-based survey approach from the responses of 385 users who had experience with blockchain-based social media platforms. We employed a structural equation modeling approach to empirically test our proposed hypotheses. Result - The results indicated that distributive justice and informational justice have positive effects on user commitment. The results also showed that psychological ownership plays an important role in mediating the relationship between users' sense of distributive justice and commitment, and between procedural justice and commitment. The findings provided a better understanding of the sense of justice and user commitment in a blockchain-based social media environment. Conclusion - This study represents a preliminary attempt to theorize and empirically examine blockchain-based social media platform users' commitment. This study provided important contributions to the literature on how the effect of users' sense of justice in a reward system affects their commitment to blockchain-based social media platforms.

• 경영과학
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• 제25권3호
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• pp.123-133
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• 2008

We investigate the relationship between ownership structure and firm performance. For this paper, we use the 'donation' figure from the income statement of each firm as a measure of firm Performance lather than short-term financial measure that has been wifely used by previous studies. Our results are consistent with the idea that family ownership is both prevalent and substantial in Korea. More importantly, however, non-family firms are found to give more donations than family firms. This suggests that non-family firms more readily recognize the significance of corporate social responsibility and play an active role in philanthropy.

• 경영과학
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• 제32권2호
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• pp.15-35
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• 2015

Large business groups typically have central firms through which their controlling families establish (or acquire) new firms and maintain control over other member firms. Research on corporate governance has developed metrics to identify those central firms and investigated an impact of the centrality on ownership structure and firm's financial performance. This paper introduces centrality metrics used in social network analysis (SNA) to measure how crucial a role each firm plays in the ownership structure of its business group. Then, the SNA centrality metrics are compared with the metrics developed in corporate governance field. Also, we test the relationship between the SNA centrality metrics and firm's value. Experimental results show that the SNA centrality metrics are closely correlated with the centrality metrics used in corporate governance and are significantly correlated with firm's value.

• International journal of advanced smart convergence
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• 제12권3호
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• pp.157-162
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• 2023

This study analyzed the relationship between ESG performance and corporate value using panel data from Chinese equipment manufacturing companies spanning from 2012 to 2021, and it also examined whether ownership structure moderates this relationship. We have contributed to filling the gap in existing research. The main conclusions of this study are as follows: Firstly, similar to previous researches, ESG performance was found to have a positive and statistically significant impact on corporate value. Secondly, when the three dimensions of ESG - Environmental (E), Social (S), and Governance (G) - were analyzed separately, it was observed that E and S have a positive and statistically significant impact on corporate value, while G has a negative and statistically significant impact. Thirdly, ownership concentration emerged as a significant moderating factor in explaining the connection between ESG performance and corporate value. Lastly, when the three dimensions of ESG were analyzed separately, ownership concentration was found to serve as a positive moderating factor in the relationship between corporate value and E and S, but it did not play a statistically significant role for G.

• 한국사회정책
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• 제24권4호
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• pp.3-29
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• 2017

본 연구는 케메니와 캐슬즈 등이 주장한 복지와 공공지출 간 상쇄(역)관계(trade-off) 가설이 현재에도 유효한지를 확인하고, 최근 주택소유율이 가장 크게 변화하고 있는 사민주의 국가들과 반대로 가장 안정된 모습을 보여주는 남부유럽 국가들을 대상으로 주택소유율의 변화와 안정 요인을 분석하였다. 연구결과, 첫째, 자료수집이 가능했던 2014년을 기준으로 보았을 때 주택소유와 공공지출 간 상쇄관계는 자유주의 레짐과 보수주의 레짐에서만 확인되었다. 둘째, 사민주의 국가들은 예상외로 주택담보대출이 크게 증가했으며 주택의 상품화 경향을 보여주었으나 남부유럽 레짐의 경우에는 낮은 주택담보대출과 비교적 온전한 주택소유를 유지하고 있어 前상품화 경향을 보여주었다. 셋째, 사민주의 레짐은 신규주택과 공공임대주택 건설투자 축소, 주택소유에 친화적인 조세와 관대한 대출정책 등으로 주택수요의 증가와 주택가격의 폭등을 유발하였으나 남부유럽 레짐은 풍부한 주택재고, 대가족 제도, 친인척 중심의 직접 건축 및 공급 방식, 가족 간 주택의 상속과 이전(증여) 덕분에 주택수요와 가격의 안정을 유지하고 있었다. 주택소유와 복지의 선후관계는 아직 불분명하지만, 부채를 통해 주택소유를 유도하는 것은 복지 대체제로서 주택의 기능적 유용성 여부를 떠나 장기적으로 합리적 대안이 될 수 없을 것이다.

• 한국정보시스템학회지:정보시스템연구
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• 제27권1호
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• pp.21-42
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• 2018

Purpose This study investigates that the routes of psychological ownership in Fanpage and the effect of psycholoigical ownership on customer loyalty based on psychological ownership theory. Fans are customers who clicked 'Like' on the fan page. These fans have a lot of friends on Facebook, so the word-of-mouth is more effective than other online communities. Therefore, it is necessary for fans to have psychological ownership, actively responding to the fan pages, and recommending them to friends. However, previous social network service studies have overlooked the importance of psychological ownership. In this study, we examine what factors can increase psychological ownership and show that customer loyalty can be enhanced through psychological ownership. Design/methodology/approach This study was designed to investigate the structural relationship between Fanpage Familiarity, Interaction(Customer-Brand interaction and Customer-customer interaction), Psychological Ownerhisp, and Customer Loyalty. Structural equation modeling with SmartPLS2.0 was used to analyze the relationships in the research model. Findings The results showed that Fanpage Familiarity and Customer-customer interaction is positively related with Psychological Ownership. However, Customer-Brand interaction did not influence Psychological Ownership. Psychological Ownership has a positive impact on Intention to Continue Using Fanpage and Recommend.