• The Journal of Asian Finance, Economics and Business
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• 제7권9호
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• pp.283-291
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• 2020

Although the corporate governance plays a crucial role in protecting shareholder wealth, the effect of corporate governance on cost of debt is unclear. On one hand, the corporate governance reduces asymmetric information between corporate and external investor including debtholder leading to a decreasing in cost of debt financing. On the other hand, bondholders require higher rate of return for an improvement corporate governance. Hence, this study aims to investigate the relationship between the mechanism to improve corporate governance namely board effectiveness and the cost of debt in an emerging market. As we aim to explore the relationship between cost of debt and board effectiveness, we select corporation in Thailand as our sample because the businesses in Thailand are major debt-financing. Hence, our sample include listed firm in Stock Exchange of Thailand between 2007 and 2016. Our main findings support the sub-optimal investment hypothesis in that improved board effectiveness is associated with higher cost of borrowing. In addition, we find that the number of board member-board size, the number of board meeting, and the percentage of non-executive on audit committee play are positively associated with the cost of debt financing. Furthermore, we perform two-stage-least square (2SLS) to ensure that our results are far from endogeneity issue.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.675-685
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• 2020

The main purpose of this study is to investigate the potential effect of ownership concentration on the relationship between board composition and bank performance. The study employs a sample of Saudi banks listed on Saudi stock exchange (TADAUWL) over the period from 2011 to 2018. To test the study hypotheses and control for endogeneity issues, the Ordinary Least Square (OLS) and the Two-Stage Least Squares (2SLS) techniques are used. The empirical results reveal a significant negative moderating effect of ownership concentration on the association between board composition and bank performance, which confirms the study argument and supports hypotheses. The results indicate that board composition in terms of independent board members, executive board members, and non-executive board members in banks with higher ownership concentration have a weaker positive influence on bank performance. For control variables, the results are almost consistent with theoretical perspectives and previous empirical evidence. The results of this study have important implications for regulatory authorities, companies, and market participants in Saudi Arabia and countries with high concentrated ownership to understand how ownership concentration could affect corporate governance and firm performance and to identify appropriate actions to protect board composition from the influence of ownership concentration.

• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.749-759
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• 2021

We investigate the relationship between ownership control disparity and future firm value in high-technology industries, and whether the effect of ownership control disparity on future firm value is differentiated when high-tech industry firms belong to chaebol groups. Using 11,848 firm-year observations of Korean firms listed on the stock market from 2006 to 2019, we employ univariate analysis and Heckman 2 stage analysis to test our hypotheses. We define high-technology industries as ICT industries based on the Korean Standard Industrial Classification. We measure future firm value using average Tobin's q for the next three years and ownership control disparity using the shareholding ratio of affiliated companies. Our univariate test results show that mean of Tobin's q is higher in ICT firms than non-ICT firms and firms largely owned by affiliates. In multivariate test, we find that the ICT firms with higher ownership control disparity are positively associated with future firm value. However, this association is lessened when firms belong to a chaebol group. Based on our findings, we suggest ownership control disparity has an additional positive effect on future firm in high-technology industries. The negative impact of chaebol groups on the association suggests the possibility of diversification discount in business group.

• 아태비즈니스연구
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• 제14권3호
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• pp.205-219
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• 2023

Purpose - This study examines the effect of corporate debt characteristics on the relationship between anti-takeover provision and the cost of debt. Design/methodology/approach - The study analyzes a sample of non-financial firms listed on the stock market with December fiscal year-end from 2011 to 2018. Debt default risk (debt size, liquidity ratio, interest coverage ratio, loss occurrence) and the issuance of bonds are utilized as measures of corporate debt characteristics. Findings - First, it is observed that creditors of firms with anti-takeover provision demand higher returns as the debt default risk of these firms increases. Second, for firms issuing bonds, it is found that bondholders in companies with anti-takeover provision also seek higher returns. Research implications or Originality - This study contributes by demonstrating that the effect of anti-takeover provision on creditors can vary depending on corporate debt characteristics. Particularly, the study highlights the importance of a firm's debt default risk and creditor distinction (bondholders vs. regular creditors) as significant factors that may influence perceptions of anti-takeover provision.

• 품질경영학회지
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• 제35권2호
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• pp.63-83
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• 2007

As the mobile internet service market is rapidly growing, measuring and managing the service quality become a more critical issue to the service providers. Thus the purpose of this study is to compare SERVQUAL, SERVPERF, and non-difference score measures and to determine which one is superior to measure the service quality of the mobile internet service. This study also aims to analyze the structural relationship between the service quality, customer satisfaction and behavioral intentions (repurchase intention and word-of-mouth). For the purpose, survey data were gathered from the respondents who have used the mobile internet services and an empirical test was conducted. As the first research result, it was revealed that the non-difference score measure showed a much better model than other service measuring models (SERVQUAL, SERVPERF). And the second result was that two service quality factors (tangibles and empathy) among the mobile internet service quality factors significantly influenced the customer satisfaction and also the customer satisfaction had a significant effect on the repurchase and word-of-mouth.

• 농업과학연구
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• 제25권1호
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• pp.41-51
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• 1998

This study not only carried out to grasp about the sununarized characteristics of the relationship between international timber market and production trend of wood products, but also focused on the analysis of korean wood demand and the long-term forecast with econometric analysis. The result of regression analysis for wood demand in Korea is that coniferous roundwood demand(CIWD) is explained by coniferous foreign roundwood price(CWRI), Gross domestic product(GDP), a dummy variable. Non-coniferous roundwood demand(NCIWD)is explained by non-coniferous roundwood price(NCWRI), coniferous roundwood price(CWRI), a dummy variable. As the result of long-term forecast by base case, the total roundwood demand was forecasted $11,107,000m^3$ in the year 2000, $11,781,000m^3$ in 2005, $12,565,000m^3$ in 2010. As the result of scenario 1, total roundwood demand was forecasted $11,027,000m^3$ in 2000, $11,435,000m^3$ in 2005, $11,952,000m^3$ in 2010. And as the result by scenario 2, total roundwood demand was forecasted $11,341,000m^3$ in 2000, $12,208,000m^3$ in 2005 $13,257,000m^3$ in 2010.

• 유통과학연구
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• 제17권9호
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• pp.25-33
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• 2019

Purpose - The purpose of the study was to seek to find out what factors having differences between paid membership customers (Costco membership) and general customers in retail industry. Since Costco operates differently from other conventional retailers, which is expected to have a substantial impact on consumers' preference of retail stores. Research design, data, and methodology - The survey conducted covered 1,000 adults in their 30s~50s living in Goyang and Gwangmyeong where Costco runs stores to determine the effects of Costco's local market-entry from consumer perspectives. 500 respondents were surveyed in each region and those working in the retail sector were excluded to ensure the objectivity of the answers. Results - Costco members in Goyang considered the price, bulk purchasing, and membership benefits as important criteria when choosing their retail store. On the other hand, as for Gwangmyeong, the non-member group's prominent characteristic was that they considered accessibility including travel distance and location and in-store amenities including food court services as important criteria for decision-making. Conclusion - Unique business model of Costco shows a statistically significant difference in terms of consumer awareness. the feature of Costco served as an critical criteria for consumers in their purchasing decision. Moreover, Bulk packaging purchases at Costco results in a strong supplementary relationship with neighborhood supermarkets.

• 국제학술발표논문집
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• The 6th International Conference on Construction Engineering and Project Management
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• pp.728-729
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• 2015

As environmental issues have been increased globally, eco-friendliness in the construction area, which accounts for more than 30% of total GHG gas emission has being urged. In response, the Korean government has implemented G-SEED(Green Standard for Energy and Environmental Design) certification from 2002. However, total number of certified apartment buildings is only around 1% of total number of approved apartment buildings. As a basic research to find out reasons of low rate of the certification, this paper analyzes consumers' decision-making process in G-SEED certified apartment building market comparing to non G-SEED certified one and draw System Dynamics modeling based on causal relationship. As a result, consumers' demand for the certified one is increased by 'Perceived Relative Utility' which is resulted from comparison process with non-certified one. The 'Perceived Relative Utility' is ascended upward steadily by 'Relative Perceived Price' considered as relatively short-term effect and 'Favorable Image of Certified Housing' referred to long-term effect.

• 통상정보연구
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• 제10권3호
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• pp.197-219
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• 2008

The aim of this paper is to review KORUS FTA Rules of Origin. Although there are some differences in terms of structure and contents, KORUS FTA Rules of Origin is not much different from the other FTA's texts that Korea has already concluded. Textile and Apparel chapter is also separately specified. For textile and apparel goods, Korea and the US agreed to adopt 'yam-forward rule', allowing exceptions for certain goods. Both sides also agreed to introduce procedures for permitting to use non-Party's materials when fibers ryarns rfabrics are not available in commercial quantities. Overall evaluation on KORUS FTA is considered to be positive. Economically, KORUS FTA is expected to provide good opportunities for Korean companies to access the US market. Politically, Korea and the US can take advantage of KORUS FTA to reinforce the relationship between the two countries.

• KDI Journal of Economic Policy
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• 제42권3호
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• pp.33-52
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• 2020

Patents are widely used in the literature as a measure of firm-level innovation. It is regarded that patents improve a firm's operational environment and ultimately increase the value of the firm. However, the relationship between patents and firm value in Korea is under-explored in the literature due to the difficulty of constructing datasets. This paper examines whether patents in Korea increase the market value of a firm. To do this, I exploit novel data on firm-level patents and financial information of all listed Korean companies during the period of 1993-2015 and estimate the non-linear production-function type of Tobin's q equations on R&D, patents, and citations. Surprisingly, I find that patents and citations are weakly associated with firm value, while R&D is strongly associated with an increase in firm value. These results direct imply that policymakers in Korea should enhance patenting incentives to encourage firms to innovate.