• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.733-739
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• 2021

This study investigates the relationships of energy firm-level characteristics, namely; firm size, firm leverage, and firm performance with board diligence among companies listed in Saudi Stock Exchange (Tadawul) for the periods ranging from 2012 to 2019. The final sample of this study consists of 32 firm-year observations. A quantitative approach was adopted to test 3 specific hypotheses developed for the board diligence model. Using the Pooled OLS regression, this study finds that firm size and firm performance are negatively associated with board diligence. The results of this study indicate an insignificant association of firm leverage with board diligence. Besides, firm performance is related negatively to board diligence. This indicates that the board of companies with poor performance increases the number of its meetings because of the increased pressure on the board to improve its oversight operations and address the severe performance challenges. The increased number of board meetings observe the daily management of the company, increase the chances for discussions concerning the performance challenges, and come up with solutions faster. The directors are also likely to encounter heightened pressure to appear more engaged during a company's financial distress since lenders require a meeting of the board or with the board.

• The Journal of Asian Finance, Economics and Business
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• 제9권5호
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• pp.443-453
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• 2022

This study examines the effect of board structure and audit committee structure on financial reporting timeliness among Malaysia's top 100 public listed companies. Specifically, this study examines whether board independence, CEO duality, board ownership, audit committee independence, audit committee competence, and audit committee diligence influence the financial reporting timeliness of the public listed companies. This study selects the top 100 public listed companies by market capitalization listed on the Main Market of Bursa Malaysia as the sample since the main board has more public reprimands on financial reporting timeliness compared to other boards. The content analysis on annual reports for five years from 2015 to 2019 is utilized. The results show that audit committee competence and audit committee diligence significantly affect financial reporting timeliness. In contrast, board independence, CEO duality, board ownership, and audit committee independence have insignificant relationships with financial reporting timeliness. The findings in this study are helpful for compliance analysis and strategy formation in enhancing financial reporting timeliness. This study contributes to the agency theory by providing a new perspective on how different sections of corporate governance features interact together to influence financial reporting timeliness. In addition, the findings can assist the regulators in establishing quality corporate governance.

• 해양안보
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• 제6권1호
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• pp.37-56
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• 2023

정보통신기술(ICT) 및 인공지능(AI) 기술 산업의 급격한 발전에 따라 먼 미래로만 생각했던 자율운항선박의 등장이 최근들어 현실로 다가오고 있다. 이러한 급격한 기술의 발전과 더불어 해양법 분야에서의 해사안전, 해양환경보호, 해양질서유지 등의 공법(公法)분야분만 아니라 책임, 손해배상, 해상보험 등 사법(私法)분야에서의 변화 또한 필수불가결하게 되었다. 특히 선원이 승선하지 않는 자율운항선박이라는 새로운 형태의 선박의 등장으로 해양사고 발생 시 책임, 손해배상, 보험계약 등의 그 유형과 종류 또한 달라질 것이다. 이 논문에서는 먼저 자율운항선박의 개념, 분류, 효과 및 미래에 대한 일반적 이론 및 자율운항선박 논의를 위한 해상법의 개념과 해상법상 각종 의무와 책임에 대한 일반적 이론을 살펴본다. 다음으로 자율운항선박의 해양사고 발생 시 선박으로서 지위, 용선 계약상의 법률관계, 감항능력주의의무, 책임의 주체 및 손해배상책임과 면책에 대한 쟁점 사항을 해상법적 관점에서 검토한다. 아울러 향후 자율운항선박 4단계에서 해양사고 발생 시 책임의 귀속 주체와 기준을 명확히 하기 위한 추가적인 연구의 필요성과 더불어 이를 위한 기술개발·법령정비·자금지원 등 제도적 개선의 필요성을 제시한다.

• 산업경영시스템학회지
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• 제46권1호
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• pp.91-104
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• 2023

The records system is believed to have started in Italy in the 14th century in line with trade developments in Europe. In 1491, Luca Pacioli, a mathematician, and an Italian Franciscan monk wrote the first book that described double-entry accounting processes. In many countries, including Korea, the government accounting standards used single-entry bookkeeping rather than double-entry bookkeeping that can be aggregated by account subject. The cash-based and single-entry bookkeeping used by the government in the past had limitations in providing clear information on financial status and establishing a performance-oriented financial management system. Accordingly, the National Accounting Act (promulgated in October 2007) stipulated the introduction of double-entry bookkeeping and accrual accounting systems in the government sector from January 1, 2009. Furthermore, the Korean government has also introduced International Financial Reporting Standards (IFRS), and the System of National Accounts (SNA). Since 2014, Korea owned five national accounts. In Korea, valuation began with the 1968 National Wealth Statistics Survey. The academic origins of the valuation of national wealth statistics which had been investigated by due diligence every 10 years since 1968 are based on the 'Engineering Valuation' of professor Marston in the Department of Industrial Engineering at Iowa State University in the 1930s. This field has spread to economics, etc. In economics, it became the basis of capital stock estimation for positive economics such as econometrics. The valuation by the National Wealth Statistics Survey contributed greatly to converting the book value of accounting data into vintage data. And in 2000 National Statistical Office collected actual disposal data for the 1-digit asset class and obtained the ASL(average service life) by Iowa curve. Then, with the data on fixed capital formation centered on the National B/S Team of the Bank of Korea, the national wealth statistics were prepared by the Permanent Inventory Method(PIM). The asset classification was also classified into 59 types, including 2 types of residential buildings, 4 types of non-residential buildings, 14 types of structures, 9 types of transportation equipment, 28 types of machinery, and 2 types of intangible fixed assets. Tables of useful lives of tangible fixed assets published by the Korea Appraisal Board in 1999 and 2013 were made by the Iowa curve method. In Korea, the Iowa curve method has been adopted as a method of ASL estimation. There are three types of the Iowa curve method. The retirement rate method of the three types is the best because it is based on the collection and compilation of the data of all properties in service during a period of recent years, both properties retired and that are still in service. We hope the retirement rate method instead of the individual unit method is used in the estimation of ASL. Recently Korean government's accounting system has been developed. When revenue expenditure and capital expenditure were mixed in the past single-entry bookkeeping we would like to suggest that BOK and National Statistical Office have accumulated knowledge of a rational difference between revenue expenditure and capital expenditure. In particular, it is important when it is estimated capital stock by PIM. Korea also needs an empirical study on economic depreciation like Hulten & Wykoff Catalog A of the US BEA.