• The Journal of Asian Finance, Economics and Business
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• 제7권6호
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• pp.379-385
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• 2020

The effect of research and development (R&D) expenditure on firm output is an interesting topic, but hardly explored in developing countries due to the unavailability of data. This study investigates this topic in the context of Vietnam by utilizing a novel dataset of 343 firms listed on the Vietnam Stock Exchange in the 2010-2018 period. The effect of R&D expenditure is examined under the production function framework. In order to obtain the robustness of the quantitative results, we estimate the production function with two coherent techniques including the OLS and 2-SLS. An instrumental variable regression technique is adopted to avoid the endogeneity problem between R&D expenditure and other variables. In our empirical analysis, we find that R&D expenditure has a positive and significant impact on output growth. The finding is robust in both OLS and 2-SLS frameworks. Besides, the output elasticity to R&D expenditure of our result is much higher than the estimated elasticity of other countries. The results imply that a 1% increase in R&D expenditure in Vietnam will help to expand the output more than a 1% increase in R&D investment in other countries. The findings from our paper provide important implications for firm managers, investors, and policymakers in Vietnam.

• Asia pacific journal of information systems
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• 제32권3호
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• pp.564-579
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• 2022

The use of on-premises technology in the business environment to create a competitive advantage is ushering in a new era known as digital transformation. As the foundation of digital transformation of enterprises, information technology still has a paradoxical effect on enterprises. This paper documents the effect of investments in IT on a firm's long-term profitability performance measures as return on assets (ROA), as well as tests whether the earlier entrant and the later entrant are different in IT investment performance. Using a sample of China's public firms IT investment data between 2016 and 2019, the result indicates that IT investment in firms have a positive effect on firm performance in full sample, but not in the financial industry firms. When it comes to the different investment time, the result shows no significant difference between the earlier entrant firm and the later entrant firm in the full sample, but not in the case of software industry sample. This should help alleviate the concerns that some have expressed about the viability of digital transformation given the highly publicized IT investment and implementation problems at some firms.

• 한국콘텐츠학회논문지
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• 제17권6호
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• pp.319-328
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• 2017

이익조정이란 실제 기업성과대로 이익을 보고하지 않는 경영자의 의사결정에서 비롯된다. 많은 선행연구들은 이익조정이 경영자의 사적 이득을 얻기 위한 기회주의적 행위뿐만 아니라 기업의 미래전망에 대한 경영자의 사적 정보를 전달하는 수단이 될 수 있다고 주장하였다. 본 연구에서는 국내 공공기관의 이익조정과 미래 경영성과와의 관계를 분석함으로써 이익조정의 함축의미를 실증적으로 분석하고자 하였다. 만약 재량적 발생액으로 측정된 당기의 이익조정이 경영자의 사적 정보를 반영하고 있다면 미래 경영성과를 견인하게 되므로 차후기간의 경영성과와 양(+)의 관계를 나타낼 것으로 예상된다. 반대로, 재량적 발생액이 경영자의 기회주의적 이익조정 의사를 반영한다면 이는 차후기간의 경영성과에 부정적인 영향을 줄 것으로 예상된다. 분석결과, 당기의 이익조정은 미래 경영성과와 음(-)의 관계를 나타내었으며, 이러한 관계는 차기 이후 모든 분석기간 지속적으로 나타났다. 위의 결과는 국내 공공기관의 이익조정이 평균적으로는 경영자의 기회주의적 조정동기를 반영하고 있음을 밝히는 실증적 증거라 할 수 있다.

• 대한환경공학회지
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• 제29권2호
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• pp.138-143
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• 2007

• 지식경영연구
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• 제13권5호
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• pp.1-13
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• 2012

This study investigates whether firm-specifics affect forecast accuracy using a sample of IPO firms in Korea. The forecasts accuracy can be differentiated depending on firm specifics. This study uses the foreign investor, intangible asset and patents as firm specifics. The analysts are divided into two groups by firm-specifies(foreign investors ratio of low and high, intangible asset ratio of low and high, patents of acquisition) and also examine the degree of analysts's forecast accuracy over the two groups. and examined the degree of the analysts' forecast accuracy over the two groups. The sample is composed of 460 IPO (Initial Public Offering) firms listed on the KOSDAQ (Korean Securities Dealers Automated Quotations) for the period from 2001 to 2009. The analysts' forecast accuracy is much higher in the group of high foreign investor but is lower in the group of high intangible assets and patents. Also, the group of high foreign investors respectively interacts with group of high intangible assets ratio and group of patents of acquisition. In result, The analysts' forecast accuracy is higher because foreign investor is decreased information asymmetry. This study compares suggests that patents may be helpful for predicting forecast accuracy.

• 아태비즈니스연구
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• 제14권1호
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• pp.59-71
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• 2023

Purpose - The purpose of this study is to investigate the effect of corporate social responsibility (CSR) on firm performance in China, plus the moderating effects of advertising intensity and environmental pollution. Design/methodology/approach - We analyzed our dataset that consists of 188 public Chinese firms drawn from the Shanghai and Shenzhen exchanges during 2010-2020. Findings - Based on the stakeholder theory and signaling theory, we proposed the positive relationship between the CSR level and the firm performance. Further, we configured consumers and the government as major stakeholders in China, suggesting positive moderating effects of advertising intensity and environmental pollution, respectively. Research implications or originality - The results show that the CSR level increases the firm performance. The advertising intensity positively moderates the relationship between the CSR level and the firm performance, but there was no significant moderating effects of environmental pollution. The findings confirm the importance of consumers for the CSR stakeholders. While the Chinese government strongly reinforces environmental regulation, CSR itself does not seem to be the fine-aligned action prioritized for mitigating environmental pollution.

• 산경연구논집
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• 제6권2호
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• pp.5-11
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• 2015

Purpose - This research investigates the effect of disclosure quality with two main components, reliability and timeliness, on economic value added in Iran. Research design, data, and methodology - The sampling includes 170 Tehran Stock Exchange listed companies from 2008-12. Multiple regression analysis was applied to test the hypotheses and estimates of the coefficients. Firm size and return on assets were the control variables. Results - The results show that timeliness of information has a positive impact on economic value added. We did not find any significant relationship between disclosure quality and reliability of information and economic value added. The regressed model shows that there is no significant association between firm size and economic value added. The results also show that there is a positive association between return on assets and economic value added. Conclusions - Theoretically, timely information is effective in decision-making. This study shows that timeliness of information has positive effect on the creation of economic value added. However, disclosure quality, reliability, and firm size do not effect on economic value added. Companies with greater return on assets produce greater economic value added.

• 경영과정보연구
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• 제37권3호
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• pp.147-171
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• 2018

본 연구는 기업과 정부출연(연)간 산연협력에 영향을 미치는 요인과 산연협력이 기업의 기술적 성과 및 경제적 성과에 미치는 영향을 분석하였다. 기존 산학간, 산연간, 산산간 및 산학연간 협력에 영향을 미치는 요인에 관한 연구를 고찰하고, 이를 기초로 산연협력에 영향을 미치는 요인을 선정하였다. 본 연구에서 산연협력에 영향을 미치는 요인으로 선정된 요인은 정부출연(연)의 역량, 기업의 연구개발역량과 조직적 특성 그리고 정부 및 지방자치단체의 지원이다. 한편, 기존 연구에 기초하여 산연협력 영향 요인, 산연협력, 기업의 기술적 성과 및 기업의 경제적 성과간 구조적 관계를 7개의 가설로 설정하였다. 본 연구는 산연협력 기업을 대상으로 설문조사를 통해 자료를 수집하였고, 총 116개의 설문지를 회수하여 가설검정에 사용하였다. 가설검정을 위한 방법으로는 PLS-MGA가 사용되었다. 실증분석 결과에서 정부출연(연)의 역량, 기업의 조직적 특성과 정부 및 지방자치단체의 지원이 산연협력에 정의 영향을 미치는 것으로 나타났고, 산연협력은 기업의 기술적 성과에 긍정적 영향을 미치는 것으로 나타났으며, 기업의 기술적 성과는 기업의 경제적 성과에 긍정적인 영향을 미치는 것으로 나타났다. 반면, 기업의 연구개발역량이 산연협력에 유의적인 영향을 미치지 못하는 것으로 나타났다. 또한 기업과 정부출연(연)간 산연협력이 기업의 경제적 성과에 직접적인 영향을 미치지 못하는 것으로 나타났다. 한편, 산연협력과 경제적 성과간의 관계에서 기술적 성과의 매개효과를 확인하였다. 이러한 연구결과는 기업과 정부출연(연)간 협력을 활성화하는데 시사점을 제공할 것이다.

• The Journal of Asian Finance, Economics and Business
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• 제7권2호
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• pp.9-20
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• 2020

The study investigates a recent surge of cash literature by using a sample of hospitality firms to gain a new understanding of corporate cash holdings. Past literature states that there is a substantial variation of liquidity across industry groups. Existing literature predominantly refers to US-listed firms and focus on either hotels or restaurants and not the hospitality industry as a whole. Therefore, we provide a comparative study of cash holdings behaviour between hospitality and non-hospitality firms from an emerging market context. Using a sample of public listed hospitality firms from 2002 to 2013, dynamic panel regression techniques are used to study the relationships between firm characteristics and cash levels. Also, the non-parametric Wilcoxon-Mann-Whitney test was carried out to examine the time and sectoral differences in cash holdings. In addition, the panel regression techniques are used to investigate the relationships between firm characteristics and level of corporate cash holdings. The results reveal that firm characteristics do matter in hospitality firms. We find that firm size, capital expenditures, and liquid assets substitutes are negatively related to cash level. The results support trade-off theory and the pecking order theory. This study incrementally explains the cash holdings behaviour of hospitality firms in emerging market.

• The Journal of Asian Finance, Economics and Business
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• 제8권9호
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• pp.261-272
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• 2021

Rapid economic growth in recent years has caused a surge in energy consumption among Southeast Asian countries and laid a considerable burden on the already inadequate power infrastructure. As a result, frequent blackouts and prolonged outages have become common and weakened firm productive performance in those years. The main objective of this study is to examine the impact of power infrastructure quality on the performance of Southeast Asian manufacturing firms. In this study, the World Bank Enterprise Surveys was employed as the training dataset of 4723 manufacturing firms in the period of 2015-2016. The results of this study reveal that industrial firms that suffered from power outages had consistently lower productivity. As measured by the length of such events, more severe outages tend to be more harmful to the firm. Furthermore, the findings also indicated that most firms relied on self-generated electricity to reduce the negative impact of power outages, but this does not bring many benefits when operating at a small scale in some countries. Consequently, this study contributes to a growing literature that examines the economic impact of public infrastructure and how detrimental the poor state of such services is to a firm's downstream operations, productivity, and growth.