• The Journal of Asian Finance, Economics and Business
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• 제8권12호
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• pp.261-269
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• 2021

This study examines the effect of block diversity on the risk of firms listed on the Korean Stock Exchange between 2010 and 2017. To examine the effect of block diversity on corporate risk, we measure block diversity in terms of a single component, portfolio size, by referring to prior literature. This diversity component accounts for the differences in portfolio size across corporate blocks. In line with existing research on corporate risk, we consider several variables to measure corporate risk: volatility, beta, and idiosyncratic risk. The results show a negative relationship between the size of a block shareholder's portfolio and corporate risk. We also show no difference in the effect of block diversity on the corporate risk between KOSPI and KOSDAQ. This implies that the difference in portfolio size among corporate blocks reduces corporate risk. This may be due to the effect of inter-block monitoring activities in the Korean securities market, which benefits from block diversity. This empirical result supports previous studies that predicted that block diversity would have beneficial influences on firm monitoring in general. This study is significant in that it analyzes the relationship between block diversity and firm risk and provides relevant information to business practitioners and investors.

• The Journal of Asian Finance, Economics and Business
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• 제8권7호
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• pp.423-431
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• 2021

This research (1) examines the effect of stock ownership structure on capital structure; (2) explains the effect of stock ownership structure on corporate value; and (3) investigates the influence of capital structure on corporate value. This research is categorized as a quantitative research, which is directed to test various theories. In this study, the population of all consumption companies listed on the Indonesia Stock Exchange (IDX) consist of 38 companies. Population data in this study are all consumption companies, which have gone public in the period from 2010 to 2015. In this study, given the objectives and problem formulation and hypothesis, the analysis method used is Generalized Structural Component Analysis (GSCA). Ownership structure has a significant effect on capital structure; ownership structure has no significant effect on corporate value; capital structure has a significant effect on corporate value; corporate value has a significant effect on capital structure. Previous research found different results. Some researchers found a positive relationship and other researchers found a negative relationship, and there are studies that found both significant and non-significant effects. The inconsistency of previous research results prompted the researchers to examine the effect of ownership structure on capital structure and corporate value.

• The Journal of Asian Finance, Economics and Business
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• 제9권7호
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• pp.273-280
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• 2022

The study aimed to determine the impact of societal participation on the customer loyalty of Saudi banks and identify the statistical differences in customer loyalty according to sex, age, education level, and occupation type. The independent variable is corporate societal participation, and the dependent represents customer loyalty. Corporate societal programs have two dimensions: social participation and philanthropic participation. The research population consists of Saudi workers in three sectors: government, military, and private reached 3.58 million people in 2021. The unit of analysis is the Saudi employee in one formal industry and dealing with the Saudi banks that offered corporate societal participation programs. The research used the appropriate stratified sampling method, and the recommended sample size reached 387 respondents. A fully structured questionnaire is used. The study concluded that corporate social programs have not impacted customer loyalty, while corporate philanthropy programs strongly affected customer loyalty. On the other hand, there are no differences in customer loyalty according to demographics (sex, age, education, and occupation type). Finally, the study presents a set of recommendations in the field of corporate social responsibility and develops the local communities.

• The Journal of Asian Finance, Economics and Business
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• 제10권2호
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• pp.321-331
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• 2023

The radical Coronavirus (COVID-19) has swiftly unfolded everywhere globally; it continues to unfold uncontrollably and critically, affecting all economies. The pandemic is not only a health issue but also has distinct effects on the global economy and enterprises. The impact of this novel Coronavirus is also well-documented in the financial sector. This study aims to investigate the impact of COVID-19 on corporate governance and banks' financial performance. Moreover, this study also examines the impact of corporate governance on banks' performance in Bangladesh. The study uses return on equity, return on assets, non-performing loans, return on investment, and earnings per share to measure the performance of the banks. And characteristics of corporate governance are measured by board size, number of independent directors on the board, number of female directors on the board, number of board meetings, and number of members in the audit committee. The study uses descriptive statistics, correlation analysis, t-test, and panel regression analysis. The study finds that COVID-19 significantly impacts the banks' performance and some corporate governance characteristics. The study also reveals that corporate governance significantly impacts the financial performance of commercial banks. The findings of this study suggest that banks should concentrate more on corporate governance.

• 무역학회지
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• 제46권3호
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• pp.65-79
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• 2021

This paper investigates how corporate governance characteristics are related to long-term corporate survival in an emerging economy. We used the data of 311 companies listed on the Korean Stock Exchange (KSE) in 1979 and examined the survival chances of those companies through the IMF crisis in 1998, upon governance characteristics that are expected to increase long-term strategic orientations. We utilized Cox regression model for the analysis. The results indicate that firms with particular governance characteristics that may be tied to CEO's long-term orientations show higher long-term survivability. Specifically, the probability of a firm's long-term survival is increased when founding family ownership is sustained, the company ownership is concentrated, and the CEO is the largest shareholder. This study has significance in that it is one of initial tries to examine the impact of corporate governance on long-term corporate survival with large scale statistical analysis. Also, the study findings provide some clues as to why the portion of family firms in emerging economies is continuously increased, thus providing meaningful insights to corporate governance literature.

• 한국의상디자인학회지
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• 제26권1호
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• pp.99-109
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• 2024

This study focused on analyzing the difference in the impact of non-financial performance, specifically ESG (Environmental, Social, and Governance) activity grade level, on management performance and corporate value among the 25 fashion companies listed on the Korea Exchange that completed their ESG evaluation in 2022. The companies were categorized into three levels based on their ESG evaluations: ESG Integrated Grade (ESG-T), ESG-E (Environmental), ESG-S (Social), and ESG-G (Governance). The study then empirically analyzed how these levels affected management performance and corporate value. The empirical analysis revealed significant differences in the impact on management performance and corporate value depending on the ESG activity grade level. Companies with higher ESG grades exhibited better management performance and higher corporate values across all ESG sub-variables (ESG-T, ESG-E, ESG-S, ESG-G) compared to those with lower grades. This finding demonstrates the influence of ESG activity grade levels on improving management performance and enhancing corporate value in fashion companies. The results of this research provide meaningful insights into the direction of sustainable management through ESG activities in fashion companies.

• 산경연구논집
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• 제15권10호
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• pp.1-8
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• 2024

Purpose: As the government supports the pharmaceutical industry as a next-generation growth industry, there has been a change in the generic-oriented market. The government is trying to lower the price of generic medicines and change the market with rebates. If there is no difference in the marketing methods of pharmaceutical companies, corporate brand image can be an important attribute to consider when doctors prescribe generic drugs. Research design, data, and methodology: The brand image of pharmaceutical companies consists of communication with customers, social responsibility, ethical behavior, and the image of MR. Other factors than the corporate brand image have little effect on doctors' intention to prescribe. The subjects of this study were limited to the generic drug market and clinic doctors with no restrictions on prescribing authority. Results: First, the customer and communication components of corporate brand image influenced prescribing intention. Second, social responsibility, a component of corporate brand image, influenced prescribing intention. Third, ethical behavior as a construct of corporate brand image influenced prescribing intention. Fourth, the effect of MR's image on prescription intention was confirmed. Conclusions: To differentiate from previous studies, this study focused on generic prescriptions in hospitals and confirmed that the corporate brand image of pharmaceutical companies had a positive effect on doctors' prescription.

• 아태비즈니스연구
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• 제15권2호
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• pp.181-205
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• 2024

Purpose - This study aims to examine the direct impact of corporate social responsibility initiatives on firm technological innovation and the moderating effect on the relationship between firm technological innovation and corporate value. Design/methodology/approach - This study collected 13,298 firm-year data by selecting A-share companies listed on the China Shenzhen Stock Exchange and Shanghai Stock Exchange from 2010-2017. This study runs the multivariate regression using random effect generalized least squares (GLS) regression model. Findings - The research results of this study are as follows. First, corporate social responsibility initiatives do not increase the firm technological innovation, but rather reduce it. Second, firm technological innovation generally improves corporate value, whether it is book value or market value. Third, corporate social responsibility initiatives reduce the positive influence of firm technological innovation on corporate value. Research implications or Originality - There may be discussions on whether Chinese patent application data is a good indicator of the innovation of Chinese companies, but previous studies prove that the number of patent applications has a significant correlation with R&D expenditures or financial performance. However, there is a clear limitation in that it is not possible to confirm the result of registration after a patent application, but it is expected that such limitations can be overcome by using patent registration information or detailed citation documents in the future.

• 유통과학연구
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• 제22권12호
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• pp.23-34
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• 2024

Purpose: This study examines the complex relationships between corporate social responsibility (CSR), customer loyalty, and corporate abilities in retail distribution, considering generational differences between Millennials and Generation Z. Research design, data and methodology: Employing a multi-method approach combining PLS-SEM and fsQCA, we analyze data from 388 retail customers in Vietnam across Millennial and Generation Z cohorts. The study utilizes established scales to measure CSR initiatives, customer loyalty, customer satisfaction, and corporate abilities across multiple distribution channels. Results: The findings reveal that CSR positively influences customer satisfaction and loyalty, with an unexpected negative moderating effect of corporate abilities. The fsQCA analysis uncovers distinct configurations leading to high loyalty, including a unique path for Millennials where CSR compensates for lower corporate abilities. Multi-group analysis confirms significant generational differences in CSR perception and loyalty formation. Conclusions: This research contributes to CSR theory by providing a nuanced, configurational perspective on CSR effectiveness in retail distribution and highlighting generational variations in CSR perceptions. The findings offer significant implications for retail strategy, emphasizing the need for tailored CSR approaches that consider the complex interplay between social responsibility, corporate competencies, and generational characteristics in fostering customer loyalty across distribution channels.

• 한국실내디자인학회논문집
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• 제23권6호
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• pp.187-194
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• 2014

Corporate images are created inside the corporate and then peppered throughout the public such as consumers, communities, countries, etc. who are outside the corporate. Therefore, corporations express their corporate images through such visible images as CI, products, brands, advertisements, company buildings, etc. in order to form a favorable corporate image for the public. Therefore, many corporations have begun to express various visual factors in order to form their images. So, the purpose of this study is to determined the connectivities of corporate images and facade design of company buildings, and to elicit the findings of whether corporate images are applied to the facade design of company buildings, and of what expressive factors are applied to the design, if so. The conclusions are as follows: First, an examination of the degree that the characteristics of corporate images and design components of the facade design of company buildings have been expressed showed that corporations preferred the design of company buildings on which a lot of components have been expressed. Second, it also showed that they preferred determinants of the facade design of company buildings in the order of architectural factors > visual factors > decorative factors. Third, it indicated that the corporations on which the design components of the facade design of company buildings have been reflected most were in the order of C > B, D > A, E > G > F, J > H, I. Fourth, it further showed that most of the corporations have used curtain walls as materials of the facade design.