• 동아시아경상학회지
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• 제9권4호
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• pp.17-28
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• 2021

Purpose - This article aims to explore the mechanism in which environmental regulations have positive effects on corporate competitiveness through technological innovation. This study also attempts to examine the relationship between environmental regulation and corporate competitiveness from a technological innovation perspective and explore a desirable relationship between those two. Research design, data, and methodology - Discourse analysis and SWOT analysis is used in terms of methodology, and this study is based on literature review theoretically. The methodology is employed in various ways to describe a variety of environmental issues. Result - The results support that technological innovation is able to play a role in coordinating relationship between environmental regulations and corporate competitiveness. The uncertainty and time lag problems innate to technological innovation function as disturbing factors for individual companies to actively increase R&D investment in response to environmental regulations. Environmental regulations may be considered to be working as a factor consolidating corporate competitiveness through technological innovation to respond to the environmental regulations including climate change issue. Conclusion - This study proposes that to achieve two goals of environmental protection and corporate competitiveness consolidation, policy support from various aspects is implied to be required. This implies that environmental regulations and technical innovation must be harmoniously balanced for future corporate success.

• The Journal of Asian Finance, Economics and Business
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• 제8권10호
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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.

• 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.

• 한국콘텐츠학회논문지
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• 제9권1호
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• pp.254-269
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• 2009

최근 들어 내부마케팅과 외부마케팅 활동의 일환으로 문화예술을 활용하고자 하는 기업들의 관심이 증대되고 있고, 실제로 문화예술을 활용하는 기업의 문화마케팅 사례도 점차 증가하고 있다. 이에 따라 기업의 문화마케팅에 대한 체계적인 연구도 크게 요청되고 있는 것이 사실이다. 그러나 이러한 필요성에도 불구하고 기업의 문화마케팅에 관한 학술적인 연구는 매우 부족한 상황이다. 한편 기업 문화마케팅의 효과를 측정하고자 하는 몇몇 학술연구들이 이루어졌지만 이들 연구들은 개념적인 수준에서 이루어진 문화마케팅 유형화를 토대로 기업의 문화마케팅 수준을 측정하고 있어 실제 기업의 문화마케팅을 객관적으로 측정했다고 보는 데는 한계가 있다. 이에 본 연구에서는 국내 기업들이 실시하고 있는 문화마케팅 현황을 파악하기 위해 실제 기업들이 문화예술을 활용한 데이터를 이용하여 기업의 문화마케팅을 유형화하고, 각 유형별 특성을 살펴봄과 동시에 각 유형 간 어떠한 차이가 있는지를 살펴보았다. 연구결과, 기업의 문화마케팅은 의무형, 파트너형, 홍보형, 및 반짝형의 네 가지로 유형화할 수 있었다. 또한 네 개 유형 중 가장 전략적이면서 통합적인 효과를 추구하는 파트너형의 문화마케팅 성과가 가장 높은 것으로 나타났다.

• 한국콘텐츠학회논문지
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• 제16권2호
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• pp.580-587
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• 2016

본 논문은 코스닥 제조업 중심으로 2004년부터 2014년까지 11년 동안 기업들의 현금흐름과 그 발생액 및 발생액 요소가 기업 영업이익의 지속성과 기업가치에 미치는 관계를 회귀분석을 통하여 살펴보았다. 이 실증적 관계분석을 통하여 기업운영의 효율성을 제고하였고, 투자자 입장에서는 좀 더 합리적인 투자판단을 하기 위한 기초 정보를 제공하는데 본 연구의 목적을 찾을 수 있다. 본 연구의 결과, 현금흐름과 그 발생액 및 발생액 요소들은 지속적으로 기업 영업이익과 기업가치에 유의미적인 관계를 나타냈다. 이는 기업의 영업활동으로 인한 현금흐름 총액, 발생액 총액과 그 주요 요소인 매출채권의 증감, 재고자산의 증감이 기업이익에 정(+)의 영향을 미치고, 또한 매입채무의 증감은 부(-)의 영향을 미치는 것으로 나타났다. 한편 기업 시장가치에는 영업활동으로 인한 현금흐름과 영업활동관련 발생액 총액인 자산부채변동은 정(+)의 영향을 미치는 것으로 나타났다.

• 한국언론정보학보
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• 제45권
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• pp.496-532
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• 2009

본 연구는 기업의 존폐가 갈리는 위기상황에서 기업이 필요한 것은 기업의 정당성이라 가정하고, 평상 시 기업의 명성 관리와 사회적 책임 활동 수행이 위기 시 기업의 정당성 확보에 어떠한 영향을 미치는가를 알아보기 위한 목적으로 이루어졌다. 이러한 연구 목적을 달성하기 위해서, 삼성중공업의 기름유출 사건과 이 위기를 극복하기 위해 삼성중공업이 발표한 지원대책을 분석사례로 선정하여 성인 320명을 대상으로 실험연구를 진행하였다. 이를 통해 첫째, 기업 명성이 기업의 정당성에 미치는 영향, 둘째, 기업의 사회적 책임 활동의 동기와 적합성이 기업 정당성에 미치는 영향, 그리고 기업 명성과 사회적 책임 활동에 대한 인식 간 상호작용이 기업 정당성에 미치는 영향을 밝히고자 했다. 연구 결과, 삼성중공업의 기업 명성은 위기 시 기업의 제도적 정당성에는 영향을 미치지 않지만 행동적 정당성 인식에 영향을 미치고 있는 것으로 나타났다. 또한 기업의 정당성에 사회적 책임 활동의 적합성은 영향을 미치는 반면, 사회적 책임 활동의 동기는 영향을 미치지 않는 것으로 밝혀졌다. 마지막으로, 변인 간 상호작용 효과를 살펴본 결과, 기업 명성과 사회적 책임 활동의 동기 간의 상호작용 효과는 나타나지 않았고, 명성과 사회적 책임 활동의 적합성 간 상호작용 효과는 유의한 것으로 밝혀졌다. 기업 명성, 사회적 책임 활동의 동기, 사회적 책임 활동의 책임성간의 관계를 살펴본 결과, 기업의 실용적 차원 정당성에 대한 3요인 간의 상호작용효과가 나타났다. 이상의 연구 결과를 통해, 평소 명성 관리와 사회적 책임의 이행으로 공중의 요구를 충족시킨 기업의 경우 위기 상황에서도 기업 자체의 존재와 기업의 행동을 지지하고 인정하는 기업 정당성을 더 쉽게 부여받을 수 있다는 사실을 확인하였다. 즉, 기업이 위기 상황에서 기업 존재가치와 기업행위의 정당성을 확보하여 효과적으로 위기를 극복하기 위해서는 평소 꾸준한 명성 및 관계 관리와 적극적인 사회적 책임 이행이 중요하다는 것을 보여주었다.