Purpose - This study was aimed to investigate whether the outcomes of green innovation brought positive effects to Chinese firms' ESG performance. Design/methodology/approach - Green innovation patents and ESG performance data of Chinese listed firms were empirically analyzed using panel data fix-effect linear estimations. Findings - The study found that green innovation performance enhanced Chinese firms' ESG performance. Also, the results showed that corporate social responsibility decoupling weakened this relationship and state ownership positively moderated this relationship, whereas corporate philanthropic giving did not have significant impact. Research implications or Originality - The findings indicated that green innovation was beneficial to enhancing corporate sustainability performance. In addition, the study highlighted the role of CSR communications and state ownership in interacting the positive effect that green innovation performance brings to corporate ESG performance.

Purpose - Previous studies tried to find antecedents of innovative behavior. However, research on knowledge hiding behavior, psychological mechanism, and perception of organizational justice has been relatively limited. In this sense, this study has investigated the impact of organizational justice on employees' innovative behavior and explored the factors that affect the above relationship. Especially, this study tested the direct effect of organizational justice on innovative behavior. This study also examines the mediating roles of knowledge hiding behavior in this causal relationship. Moreover, the process of organizational justice to innovative behavior is assumed to be influenced by leadership style. Therefore, we examined the moderating effect of authentic leadership on the relationship between organizational justice and knowledge hiding behavior. Design/methodology/approach - For the empirical test, we collected data via a questionnaire survey of a sample of 252 employees from Korean firms. We conducted a hierarchical regression analysis to test hypotheses. Results - The results of the empirical analysis revealed that organizational justice was positively related to innovative behavior and negatively related to knowledge hiding behavior. The results also showed that knowledge hiding behavior negatively mediated the relationship between organizational justice and innovative behavior. In addition, we found the moderating role of authentic leadership. More importantly, we found that the conditional indirect effect of organizational justice on innovative behavior via knowledge hiding behavior was depending on authentic leadership. Uncovering the relationship between organizational justice and innovative behavior through the mediating role of knowledge hiding behavior and the moderated mediating role of authentic leadership has useful theoretical and practical implications. We also suggest directions for future research by providing several limitations.

Purpose - The objective of this study is to investigate what motivates global FDI inflows in the different economic development level and to clarify the FDI motivation type in the level of qualitative economic growth. Design/methodology/approach - Major macroscopic social·economic factors induced FDI inflows were analyzed using fixed-effect panel regression with 30-year panel data of 28 countries from 1985 to 2014. For analysis in the stage of economic growth, two category of developed and developing countries was used. And to analyze FDI motivation type in the level of qualitative economic growth, 4 shares of GDP; consumption·government·investment expenditure and export, was used as explanatory variable. Findings - In developed country, TFP(total factor productivity) and GDP have a great influence on FDI inflows, and consumption and labor compensation have a slight effect. This result indicates that the market seeking-driven, horizontal type investment is shown along with efficiency seeking investment. In developing country, human capital and TFP is shown to have greater impact on FDI inflows and labor compensation, exports, investment and government expenditures also have impacts. Thus it has confirmed that not only efficiency-seeking vertical investment for using low cost well educated laborer, but also government-driven economic growth and export policies could affect the FDI inflows. Research implications or Originality - The FDI investment decision making of multinational companies is decided by their own purpose. But, in the concept of as follows; 1) FDI is a long-term capital flowing for maximization of economic utility with limited global resource, 2) Thus FDI could be affected by macro socio·economic factors of host country. 3) Also such macro factors is different by each economic growth qualitative level. Therefore macro socio·economic factors of each country could be affected by the qualitative level of their own economic growth. To attract FDI inflows, it is desirable to implement differentiated incentive policies in the qualitative level of economic growth. Furthermore in developing countries it is recommended to implement government driven economic growth policies as follows; fostering well educated human resources, improving technology productivity in the relative lower cost labor market compared to developed countries and boosting international export volume.

Purpose - This study aims to examine the relationship between flexible Human Resource Management (HRM) and individual ambidexterity and the moderating effect of trust in management. Design/methodology/approach - This study collected 971 survey data from employees in Korea. The Confimatory Factor Analysis (CFA) and the multiple regression analysis were used to analyze the data. Findings - First, the flexible human resource management have a positive effect on individual ambidexterity. Second, trust in management positively moderate the relationship between flexible human resource management and individual ambidexterity. Research implications or Originality - First, this study is critical that it examines individual ambidexterity and antecedent factor, which have not been relatively researched in Korea. This study is meaningful in that it revealed that the individual ambidexterity can be increased through flexible human resource management. Second, individual ambidexterity may vary depending on the characteristics of the human resource management system. Third, it is important to find the boundary condition of trust in management. By finding conditions that enhance the effect of flexible human resource management on individual ambidexterity, it also provides practical implications applicable to companies.

Purpose - This study investigates the effects of going public on the innovation of KOSDAQ firms. Design/methodology/approach - This study uses firms that go public from 2007 to 2011 in Korea. We compare a firm's innovation performance over five years before and after IPO. Findings - We find that firm's innovation declines after an IPO. After going public, both the quality and the quantity of patents are decreased. However, this decrease is alleviated in high-tech industries or concentrated industries where innovation is expected to be more valuable. When comparing firms with venture capital(VC), which are more likely to window dress, to firms without VC, VC backing has no meaningful impact on changes of innovation. Research implications or Originality - As the KOSDAQ market was established to provide small and medium enterprises(SMEs) with funds for firm's investments and growth, it is necessary to verify whether the capital raised at the IPO encourages innovation. Thus, our study contributes to the literature by examining empirically whether an IPO boosts a firm's innovation.

Purpose - We examine empirically the relationship between the board of directors and the corporate performance using board characteristics related variables. Design/methodology/approach - We empirically test the hypotheses using fixed effects models (FEM), using data of 3,703 listed non-financial companies in China from 2010 to 2019. Findings - First, the ownership of board of directors is positively related to ROA. Second, the size of the board of directors is positively related to ROA. Third, there is no evidence that interaction between characteristic variables related to the board of directors affect the corporate performance. Research implications or Originality - These results show that as the board of directors has larger ownership, the degree of identity of interest between stock holders and the board becomes bigger to reduce agency cost, then it lets the board make decisions to improve the corporate performance. In addition, as the board of directors becomes bigger, the board has strong independence to play the role of monitoring and advising, then it leads to improvement of corporate performance.

Purpose - This study investigates the effects of earnings management, related party transactions between chaebol affiliates on earnings management and ESG score on their profitability using return on assets (ROA). Design/Methodology/Approach - We use data including ESG (Environmental, Social, and Corporate Governance) score of the Korea Corporate Governance Service(KCGS), and financial data of 10,145 firm-year observations from the Total Solution 2000 (TS 2000) and Korea Companies-Information Service (KOKOInfo), and apply the finite lagged models to investigate the long-term effects of related party transactions between chaebol affiliates of earnings management on ESG scores and corporate performance. Furthermore, to take into consideration the simultaneous mutual effects on each other of main variables, we introduce finite distributed lags of five years. Findings - First, ESG-rated firms have a higher total asset return than non-ESG-rated firms. Second, chaebol firms have a higher profitability than non-chaebol firms. Third, profit management of related party transactions between affiliates within a chaebol has a positive effect on the short-term profitability and a negative effect on the long-term profitability. Fourth, chaebol ESG firms have a lower impact on profitability due to rating up (down) than non-chaebol ESG firms. Research Implications or Originality - Based on the above results, it can be concluded that firms used related party transactions for earnings management, the effects of related party transactions change over time, and chaebol firms manipulate earnings through related party transactions and ESG scores.

Purpose - This study examines how employees' perception of HR department expertise affect their satisfaction of education and training. Moreover, this study explores that the HR department's communication activities moderate the main effects between satisfaction of education and training opportunities. Design/methodology/approach - This study predicts the positive relationship between employees' perceptions of HR department expertise and their satisfaction of education and training. Furthermore, the HR department's communication activities will strengthen this positive relationship. To test these hypotheses, this study used the Human Capital Corporate Panel (HCCP) datasets, especially individual-level 2017 data. The final number of samples is 1,947 for the analyses. In addition, this study utilized a hierarchical regression model with SPSS program. Finding - The results analyzed with the hierarchical regression model showed that the perceptions of HR department expertise had a positive relationship with satisfaction of provided educational and training. In addition, the HR department's communication activities moderated the relationship between perception of HR department expertise and satisfaction of education and training opportunities. Research implications or Originality - This study suggests academic and practical implications for future research in the human resource development filed by clarifying the critical factors to increase employees' satisfaction and transferability of education and training.

Purpose - This study attempts to explore the factors that affect the consumer's response to the influencer's "backdoor advertisement" which has been a social media controversy recently. Accordingly, this study focuses on the importance of the information source's characteristics in influencer marketing, and demonstrates the impact of influencer credibility, attractiveness, and expertise on consumer responses after the influencer's sponsorship controversy. Design/methodology/approach - To this end, a study was conducted on adults who subscribed to one or more channels of influencers, and a virtual newspaper article was used in the survey. 196 sample data were collected and SPSS PROCESS Macro was used for data analysis. Findings - As a result, there was a negative impact on the credibility of the influencer which carried over to a negative reception of their shared content, while the attractiveness of the influencer had a positive impact on the reception of their shared content, even after the controversy over the influencer's backdoor advertisement. Research implications or Originality - This study contributes to the expansion of research on influencer marketing. Also, it provides insight into understanding and interpreting the phenomenon of influencers' backdoor advertisements and consumer reactions.

Purpose - ESG(Environmental, Social and Governance) rating is an indicator to predict the sustainable development and long-term value creation of enterprises, which is becoming more and more important. This study divided the ESG rating into each sector(E, S and G) to identify which ESG elements are effective in enhancing enterprise value according to the characteristics of the enterprise, which is different from previous studies. Design/methodology/approach - In this study, Bloomberg ESG Disclosure Score was used to empirically analyze the relationship between ESG ratings and corporate value by taking the listed companies of China's Shanghai Composite Index from 2017 to 2020 as the object. Findings - First, the relationship between ESG ratings and enterprise value shows a statistically significant positive correlation, which supports the results of previous studies. Second, the analysis results from the classification of ownership structure of enterprises (state-owned enterprises and non-state-owned enterprises) show that compared with state-owned enterprises, the ESG ratings of non-state-owned enterprises is more closely related to enterprise value. Third, the analysis of various industries (manufacturing and non-manufacturing) shows that compared with manufacturing, ESG scores of non-manufacturing has a more positive effect on enterprise value. Lastly, the analysis by industry type (heavy-contaminated companies, non-contaminated companies) confirmed that ESG scores of non-contaminated companies has a positive effect on corporate value than heavy-contaminated companies. Research implications or Originality - This study classified ESG evaluation grades(E, S and G) for listed companies in China and analyzed in detail how they affect corporate value according to corporate characteristics, drawing implications for what ESG indicators should be focused on to increase corporate value.

Purpose - The purpose of this study is to show the need to use the past long-term returns for investment decisions in U.S. equity funds and to suggest an investment strategy using long-term returns. Design/methodology/approach - This study solves the problem of high return volatility in long-term returns and proposes new investment portfolios based on the behavior of fund investors according to past returns. For the investment portfolio of this study, 60 months are divided into several periods and the average of the performance ranks for each period is used. Findings - First, funds with high average returns over multiple periods have lower future outflows and higher future returns than funds with high 60-month cumulative returns. Second, funds with low average returns over multiple periods have lower future inflows and lower future returns than funds with low 60-month cumulative returns. The findings mean that when making decisions based on past long-term returns, it is a smarter investment choice to buy funds with high average returns over multiple periods and sell funds with low average returns over multiple periods. Research implications or Originality - This study shows that it is necessary to use long-term returns in fund investment by analyzing the characteristics of the portfolio based on past returns. In addition, the study is meaningful in that it suggests a way to use long-term returns more efficiently based on the behavior of fund investors and shows that such investments lead to higher returns in the future.

Purpose - This study attempts to analyze the determinants of inventory turnover by applying quantile regression analysis. Design/methodology/approach - By selecting the gross margin, capital intensity, and sale surprise as the determinants of inventory turnover, we investigate their effects on inventory turnover at the several quartiles (10%, 25%, 50%, 75%, 90%) of inventory turnover with quantile regression analysis. Findings - The effects of gross margin and capital intensity on inventory turnover are different for each quartile. But the effects of sale surprise on inventory turnover are not different for each quartile. Research implications or Originality -This study is the first attempt to examine the effects of inventory turnover determinants on inventory turnover by applying quantile regression analysis was not employed in the prior studies. Thus, this study is meaningful in that it shows the possible way to review inventory management strategies that can be applied differently to the firms with different inventory turnover levels.

Purpose - The current paper not only investigates the intermediating process of the association between job insecurity and organizational performance, but also tries to find a factor which mitigates the negative influence of job insecurity. Design/methodology/approach - By conducting structural equation modeling(SEM) analysis with survey data from 351 employees, this study tried to identify the mediating effect of organizational trust, as well as the moderating influence of ethical leadership in the job insecurity-organizational trust link. This paper built hypotheses that job insecurity decreases the level of employee's organizational trust, then the level of the employee's organizational trust would influence organizational performance. In addition, ethical leadership would function as a buffering factor between the association between job insecurity and organizational trust. Findings - This paper found that job insecurity had a negative influence on employee's organizational trust, and the employee's organizational trust had a positive influence on organizational performance. The ethical leadership mitigated the negative impact of job insecurity on organizational trust. Research implications or Originality - By empirically delving into the importance of ethical leadership and organizational trust to increase organizational performance, this paper may provide top management and leaders in an organization with important insights that they should adequately monitor and manage the level of ethical leadership and organizational trust.

Purpose - The purpose of this study is to find out any potential factors for explanatory variables when calculating the virtual successful bid rate in case of no collusion. Design/methodology/approach - An empirical analysis was conducted in this study with a regression analysis that included 725 bid samples under the public construction technical type bidding. Findings - The result of the basic analysis showed that there are several factors affecting the successful bid rate. First, collusion variable; second, government variable; third, successful bidder design score variable and the number of bidder variable among bidding features; fourth, turnkey variable based on the alternative method; fifth, civil works variable and plant works variable based on building work; sixth, asset variable and the fourth-quarter performance difference variable. However, the technical proposal method variable among bidding features was found to be statistically insignificant in column(4). Research implications or Originality - The significance of this research is that new variable such as the government variable and the fourth-quarter performance difference variable were added in the regression model, which showed statistically significant research results.

Purpose - The purpose of this study is to examine the effect of book-tax conformity on conforming tax avoidance and non-conforming tax avoidance. Design/methodology/approach - This study uses financial data from 1996 to 2019 of 34 countries. We regress conforming or non-conforming tax avoidance on book-tax conformity. We use the book-tax conformity measure developed by Atwood et al. (2010), the non-conforming tax avoidance measure developed by Desai and Dharmapala (2006), and the conforming tax avoidance measure developed by Badertscher et al. (2019). Findings - First, book-tax conformity has a significant positive relationship with non-conforming tax avoidance. Second, book-tax conformity is not statistically related to conforming tax avoidance. Research implications or Originality - While prior research focuses on the effect of book-tax conformity on earnings quality, we examine on the effect on tax avoidance. Furthermore, this study is expected to provide important policy implications regarding the types of tax avoidance strategies that tax authorities should pay attention to. Our results imply that tax authorities in countries with high book-tax conformity should pay more attention to non-conforming tax avoidance than to conforming tax avoidance.

Purpose - The purpose of this study is to examine the impact of the Pandamic Declaration on 'untact firms' listed in KOSPI and KOSDAQ market in order to verify Investor Mania Hypothesis. Design/methodology/approach - This study collected financial data for 44 untact firms in KOSPI and KOSDAQ market. Then, we employed ESM(Event Study Methodology), EGARCH model and DID(Difference-In-Difference) for analysis. Findings - First, in contrast with the benchmarking index, KOSPI 200 which shows a negative (-) abnormal return trend, the untact firms have positive abnormal return trend consistently. Second, after the Pandemic Declaration, the variability of abnormal return for the untact firms is found to be significantly positive. Third, we find that the cumulative abnormal return and volatility of the untact firms significantly increase after the Pandemic Declaration. Research implications or Originality - Based on the Investor Mania Hypothesis, we confirm that the market potential of untact firms after the Pandemic Declaration is observed when compared with the KOSPI 200.

Purpose - This study estimated the non-market value of pumped storage power generation using the contingent valuation method(CVM). Design/methodology/approach - CVM, a non-market value estimation method, was used. The perception of pumped storage power generation and the willingness to pay(WTP) for pumped storage power generation were investigated among 612 randomly selected households. Findings - It was analyzed that the average value per household was 7309.99 won/month, and the sources of these benefits were 1819.37 won due to the improvement of power generation efficiency, 1320.48 won due to the improvement of power system reliability, 2359.24 won due to the stabilization of electricity rates, 2110.89 won due to water resource management It was assumed that a circle occurred. If the average monthly benefit per household is expanded to cover countries across the country, it is estimated that the annual value to our society from pumped storage power generation will be KRW 1.796.6 trillion. Research implications or Originality - It is necessary to consider the operation of pumped-water power generation by reflecting the value of pumped-up power generation that is not evaluated in the market. Since Korea's electricity market is isolated in a state where it is impossible to connect with other countries, it may be vulnerable to a stable electricity operation system. Therefore, there is a need for a facility that can stably secure reserve power and produce power quickly when necessary. If pumped-water power generation is actively used for power operation, a more stable power system can be secured.

Purpose - This study analyzed the determinants of local unemployment rate in Korea using panel data from 16 metropolitan cities and provinces from 2000 to 2018. Design/methodology/approach - We use a dynamic spatial panel model that considers characteristics of the regional unemployment rate such as the common factors effect, spatial dependence, and serial correlations. Findings - The local unemployment rate is affected by the past and present values of the national unemployment rate. And it is significantly affected by the past local unemployment rate and the past neighboring unemployment rate because spatial dependence and serial correlations are clearly present. In addition, when the industrial structure diversity and labor productivity were high, the regional unemployment rate decreased, and when the education level was high, the regional unemployment rate increased. Research implications or Originality - In order to reduce regional unemployment rate, it is necessary to plan and establish regional customized industrial structure policies under the stance of diversification rather than specializing the regional industrial structure and accompany improvement of the quality of education with the number of years of education. In addition, the redistribution of labor from low labor productivity sectors to high labor productivity sectors through technology development will help to reduce the local unemployment rate.

Purpose - This study is a study on China's national flower, the Peony Festival', with a focus on the Heze International Peony Festival, which is called the "City of Peonies, to investigate the difference in the importance and achievement of festival items". Design/methodology/approach - IPA is used to identify items that need to be improved for festival satisfaction attributes, and to suggest the direction of the annual peony festival in the future. Findings - The difference in importance and achievement for each of the 17 items of the Heze International Peony Festival, there was a statistically significant difference between importance and satisfaction, except for the peony admission ticket. It was found that satisfaction was relatively low in these items as it was higher than the average value. Second, the first quadrant showed information on traffic communication, food taste, convenient facilities (parking lot, restroom, shelter), service delivery speed, service provider attitude, natural scenery at the festival site, road signs, and information boards. Third, the diversity of cultural performances appeared in the fourth quadrant. Finally, the second quadrant is an area of high importance but low achievement. Two items were derived: the environment of the entertainment venue and the diversity of the entertainment venue. Research implications or Originality - These are the items that led to the dissatisfaction of visitors to the festival, and seem to be the items that need to be improved the most urgently.

Purpose - The main objective of this study was to investigate tourists behavior by applying protection motivation theory and health belief model during COVID-19 pandemic. Specifically, the study examined how risk perception of COVID-19 affects tourists' protection motivation and travel avoidance intention. Design/methodology/approach - The empirical data was collected by self-administered questionnaires to obtain perception and behavior regarding COVID-19 pandemic situation. A total of 486 questionnaires were used for data analysis and SEM analysis was applied in order to examine seven hypotheses. Findings-The results showed that COVID-19 risk perception is a significant antecedent of threat appraisal, coping appraisal, and cue to action (H1, H2, H6). Moreover, protection motivation is affected by threat appraisal and coping appraisal (H3, H4) and influences on travel avoidance intention (H5). However, cue to action does not affect protection motivation (H7). Research implications or Originality - This study provides insightful implications for tourism industry practitioners who will prepare the post-corona field and the results enrich knowledge of the tourist behavior during pandemic situation.

Purpose - The purpose of this study is to investigate the interrelationships between visitor motivations, attitude, and behavioral intention toward the Harbin International Ice and Snow Festival, China. It is also to test moderating roles of gender and past travel experience between these factors. Design/methodology/approach - Data was collected from potential Chinese visitors, after which 420 usable surveys were processed. Findings - To investigate our hypotheses, we used descriptive, confirmatory factor analysis, and structural equation modeling. We found that aesthetic attractiveness, purchase of local products, and involvement had positive effects on attitude toward the festival. Attitude toward the festival had a significant effect on behavioral intention to visit. Finally, it was also found that gender and past travel experience significantly moderated the interrelationships between these factors. Research implications or Originality - Theoretical and managerial implications, as well as, suggestions for future research are discussed.