• Journal of Industrial Convergence
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• v.19 no.5
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• pp.13-19
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• 2021

In this study, the relationship between R&D investment and firm value was approached from ESG's G(governance) perspective to verify the moderating effect of the corporate governance and ownership structure. To this end, a panel analysis was conducted on a total of 2,825 samples of 405 manufacturing companies listed on the KOSPI market during 2013~2020. The main analysis results are as follows. First of all, we found that R&D investment has a negative impact on firm value, at least in the short term, and that these relationships are moderated by corporate governance and ownership structure. When professional CEO with high level of expertise in business and management does lead R&D investment, the negative impact of R&D investment on firm value is mitigated compared to owner-manager. Also, the stronger the power of outside blockholders, the more transparent the management and disclosure of information, alleviating the information asymmetry between internal and external shareholders, which mitigates the negative impact of R&D investment on firm value. The findings suggest that the factors of ESG may not only have a direct impact on firm value, but also have a moderating effect on firm value.

• Journal of the Korea Convergence Society
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• v.11 no.12
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• pp.233-242
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• 2020

We posit that employee ownership through defined contribution (DC) plans results in managerial entrenchment, and then examine the effect of the enactment of the Pension Protection Act of 2006 on the relation between the employee ownership and firm performance. By conducting Ordinary Least Square regression with the data from Form 5500 over the period of 1999-2014, we find that firms with large employee ownership increase their firm value measured by Tobin's Q after the adoption of the Act. These findings suggest that the adoption of the Act has been effective to mitigate the negative effect of managerial entrenchment by decreasing the employee ownership and reinforcing the fiduciary duty of plan trustees. Given the fact that we test the effects of the diversification rule on employee ownership using firm performance, further research could aim to examine the effects of the rule on employee ownership using stock return or market reaction.

• 산림경영
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• s.54
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• pp.6-7
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• 1990

• 산림경영
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• s.81
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• pp.10-11
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• 1992

• 산림경영
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• s.45
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• pp.9-11
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• 1989

• Knowledge Management Research
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• v.21 no.3
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• pp.161-176
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• 2020

Numerous products have been created in a digital format in the era of digitization. At an early stage, such products were provided in the format of individual digital file, requiring the individuals to own products by downloading them on the personal devices. With the development of Internet network, people began to consume digital goods in a new mode called 'streaming.' Streaming is a service provided through access-based consumption mode based on Internet network. Rather than downloading each file, individuals can utilize such product and services by connecting the network to their own devices. Access-based digital goods are distinguished from traditional ownership-based digital goods such as downloaded contents, in that permanent ownership is not allowed. Taken this into account, this study attempts to investigate how individuals' perception toward digital goods, the psychological ownership, differs according to the consumption mode. The results show that individuals feel less psychological ownership toward access-based digital goods than ownership-based digital goods. Our study provides several avenues to both theory and practice.

• International Area Studies Review
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• v.17 no.4
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• pp.23-42
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• 2013

This paper examines the effects of corporate governance on internationalization in Korean firms. Using the data from 454 Korean manufacturing firms listed in the Korean Stock ExchanFge (KSE) from 1999-2006, we analyzed the role of corporate governance on internationalization in Korean firms, including Chaebols (Korean business groups) and family firms. In addition, we investigated the moderating effect of concentration of ownership on internationalization. The results of the analysis showed a positive association between corporate governance in Chaebols and family firms and internationalization. Interestingly, the influence of ownership concentration overpowered the ambivalent behaviors of Chaebols, leading to less internationalization. We conclude that corporate governance in Chaebols and family firms is important to internationalization strategy.

• The Korean Journal of Financial Studies
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• v.4 no.1
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• pp.151-176
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• 1998

우리 나라 기업의 지배구조의 문제점은 대체로 이사회와 감사의 경영감시기능 부족, 기업인수시장의 활성화 미흡, 채권자로서의 은행의 경영감시역할 미흡 등이 지적되고 있다. 그러나 우리 나라의 기업지배체제는 오너체제로 대표되며, 여러 가지 폐해에도 불구하고 신속한 의사결정과 과감한 투자가 가능하다는 장점도 갖고 있다. 따라서 본 고에서는 우리 나라에서 바람직한 지배구조를 모색해 보기 위해 미국과 일본의 지배구조를 참고하여 다음과 같은 몇 가지를 제시하고자 한다. 첫째, 이사회와 감사의 기능을 활성화하는 것이다. 둘째, 기업인수시장의 활성화가 필요하다. 한편 차입경영이라는 특징을 가진 우리 나라 기업의 현실에서 은행이 적극 개입함으로서 경영감시의 효율성이 높아질 수 있다고도 한다. 그러나 금융기관의 소유구조와 자율성 및 독립성이 선결과제로 해결되어야 할 것이다. 기업의 지배구조에 대한 논의는 기업의 효율성을 높일 수 있고, 기업의 경쟁력을 높일 수 있는 방향으로 이루어져야 한다. 기업지배의 개념은 소유와 경영의 분리를 전제로 정의된 것이기 때문에 소유자경영이 보편화되어 있는 우리 나라의 기업 현실에 외국의 기업지배제도를 그대로 적용하는 것은 바람직하지 않다. 따라서 지배구조의 개선 노력은 점진적으로 그리고 전반적으로 추진되어야겠지만 선택은 기업의 자율에 맡기는 것이 바람직하다.

• Management & Information Systems Review
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• v.31 no.1
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• pp.221-246
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• 2012

The study examines the effects that non-audit service and firm's ownership structure might have on the value relevance directly or indirectly. This investigation is based on prior research which suggests that the audit firms' non-audit services is likely to adversely affect investors' perceptions of the credibility of financial reporting and that corporate governance are likely to mitigate the adverse this kind of non-audit services effects. The sample consists of non-banking firms listed on the Korea Exchange that reported annual financial statements over the period from 2004 to 2008. In the setting, stock returns as proxy for capital market response, auditor quality(measured as the discretionary accruals) is endogenously determined. This study employs a structural equation model to take into account the endogenous variables under study. The analysis influences through the path analysis that ownership structure suppress the market response through audit quality and also the non-audit service have influence on the market response through audit quality. The results of this study contribute to the literature in the following ways. First, this provides direct evidence that there is a negative association between audit firms' client importance and the value relevance. Second, the findings that the negative association is attenuated for audit quality support the findings of prior studies which present that corporate governance provide higher credibility of financial reports.

• The Journal of the Convergence on Culture Technology
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• v.9 no.2
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• pp.319-325
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• 2023

This study investigates the impact of over-investment on the market value of cash holdings. In addition, this paper examines whether the effect of over-investment on the value of cash holdings differs depending on firms' ownership structure. The results show that increase in over-investment reduces the market value of cash holdings. This suggests that investors perceive that over-investment deteriorates future business performance and generates excessive burdens on future cash flows. As a result, they provide negative evaluation on the market value of cash holdings. In addition, the negative impact of over-investment on the market value of cash holdings is more significant for owner manager firms where managers hold a high level of equity. Such empirical results imply that owner manager firms are more likely to use their cash holdings for private interest, therefore, over-investment reduces the cash value to a greater extent. This study provides empirical evidence that the effect of over-investment on the market value of cash holdings varies depending on the characteristics of firms' ownership structure.