• The Journal of Asian Finance, Economics and Business
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• 제9권6호
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• pp.45-52
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• 2022

This research has the purposes of analyzing and proving empirically, such as: To investigate the effect of good corporate governance (GCG) on financial performance at banks in Indonesia through the mediating role of corporate asset growth. Theoretically, the study's results were expected to enrich and complete the repertoire of understanding in the financial management area, specifically with those phenomena related to banking financial performance and factors which influenced it. The population of this research was a bank that had a Corporate Governance Perception Index (CGPI) rating from 2011 to 2020. The type of sampling used was saturated sampling; thus, the whole population is sample members. Current data analysis used SEM. GCG has a direct or indirect impact on banking financial performance, according to the findings of this study. Improved GCG results in increased public confidence, which is reflected in an increase in total assets, as well as improved banks' financial performance. As a result, it can be stated that corporate asset increase largely mitigated the impact of GCG on bank financial performance in Indonesia. Through this rapid growth from corporate assets, Bank can maximize the market expansion which is ultimately able to improve banking financial performance.

• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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• pp.223-231
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• 2020

This research aims to examine (1) the effect of carbon emission disclosure on firm value, (2) the effect of good corporate governance on firm value, (3) the mediating role of financial performance between carbon emission disclosure and firm value, and (4) the mediating role of financial performance between good corporate governance and firm value. The research sample includes 43 mining, agro, and manufacturing firms listed in the Indonesian Stock Exchange over the 2015-2017 period. Carbon emission disclosure is measured by an indicator of the Global Reporting Initiative Series of Environmental Aspect. Good corporate governance is measured by the corporate governance score of shareholder rights, boards of directors, outside directors, audit committee and internal auditor, and disclosure to investors. Financial performance is measured by return on assets, while firm value is measured by Tobin's Q. Data analysis uses the structural equation modeling. The result shows carbon emission disclosure and good corporate governance have no direct effect on firm value. On the other hand, financial performance mediates the effect of carbon emission disclosure and good corporate governance on firm value. It shows that higher carbon emission disclosure and good corporate governance are meaningless for the investor if they do not give any financial performance improvement.

• The Journal of Asian Finance, Economics and Business
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• 제8권4호
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• pp.391-402
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• 2021

This study aims to analyze the impact of the company's financial performance in mediating the relationship between Intellectual Capital and GCG on Corporate Value in banking companies listed on the Indonesia Stock Exchange (IDX). Also, this study analyzes the direct effect of intellectual capital and GCG on corporate value and the indirect effect through the company's financial performance. This study develops research of Chen et al. (2005) and measures Intellectual Capital with VAIC (Pulic, 1998). VAIC model is more accurate to measure Intellectual Capital because it can show potential intellectual use efficiently. The data used are banking companies listed on the IDX in 2014-2016 with purposive sampling technique and Data Analysis Technique used are path analysis. The results showed that the financial performance of banking companies was proven to mediate the relationship between intellectual capital and GCG. The role of GCG that can improve financial performance and corporate value is only GCG as measured by the ratio of independent commissioners and audit quality. Meanwhile, the financial performance and corporate value audited by the Big 4 will be greater than the financial performance and corporate value of the banking companies listed on the Indonesia Stock Exchange that are not audited by the Big 4.

• Journal of East Asia Management
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• 제5권1호
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• pp.1-31
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• 2024

Based on the perspective of consumers and the method of value engineering, this paper uses "CSR expectation deviate level" to measure corporate social responsibility, and discusses the influence of corporate social responsibility on financial performance and its action path. This paper collected the questionnaire survey data of 878 consumers and the panel data of 98 listed companies from 2009 to 2012. The empirical results show that: (1) Consumers pay more attention to products and services, charity, environmental protection and their responsibilities to employees, and less attention to their responsibilities to shareholders or creditors and partners; (2) Corporate social responsibility is negatively correlated with financial performance, and corporate marketing ability plays a moderating role in it. That is, the smaller the gap between the level of corporate social responsibility fulfilled by enterprises and consumers' expectations, the better the financial performance of enterprises, which also reminds enterprises that they need to rationally allocate corporate social responsibility resources and constantly cultivate their own marketing capabilities, so as to better meet the level of corporate social responsibility expected by consumers. The value engineering method quantifies consumers' value perception of corporate social responsibility, which has a certain practical guiding role. Of course, there are some limitations in this paper, and future research can further explore the potential impact mechanism.

• The Journal of Asian Finance, Economics and Business
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• 제8권10호
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• pp.373-383
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• 2021

This article aims to examine the one-way relationship between corporate social responsibility (CSR) and the financial performance of Vietnamese commercial banks, mainly focusing on the moderating role of ownership structure. Net interest margin (NIM), return on assets (ROA), and return on equity (ROE) are selected to represent the financial performance of the bank. CSR was measured using a multi-method approach that included both quantitative and qualitative methods. Corporate Social Responsibility Expenditure (CSRE) was estimated using financial data. The Corporate Social Responsibility Disclosure (CSRD) index was created using the content analysis method. Using a sample of Vietnamese commercial banks from 2012 to 2019 to perform regressions in the dynamic panel models with the two-step system generalized method of moments (GMM) estimator, the results show a positive effect of both CSRE and CSRD on the financial performance of the bank. Empirical evidence shows that the positive relationship between CSRE and financial performance is more robust in statecontrolled banks than non-state-controlled banks. In contrast, the positive impact of CSRD on the financial performance of state-owned commercial banks is weaker than that of private banks. Finally, the paper points out the limitations and proposes future research directions.

• 산업경영시스템학회지
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• 제45권3호
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• pp.186-196
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• 2022

In recent years, ESG activities (Environment, Social and Governance) have been paid more and more attention by enterprises and their stakeholders in various countries. China is the largest developing country in the world. The ESG performance of Chinese listed enterprises helps to understand the shortcomings of their sustainable development ability and further enhance the firm value. Moreover, the interaction effect between green innovation investment and ESG activities is of great significance for enterprises to balance the resource allocation between the two factors in the future. Taking listed Chinese manufacturing companies from 2011 to 2020 as an example, this study investigates the influence of ESG activities on financial performance and non-financial performance, and tests the moderating role of green innovation. Our results show that: (1) ESG performance has a negative impact on financial performance; (2) ESG performance has a positive impact on non-financial performance; (3) Green innovation can positively adjust the negative impact of environmental activities on financial performance. However, it will enhance the negative impact of governance activities on financial performance. The interaction effect between green innovation and social activities on corporate financial performance is a substitution effect; (4) With the improvement of green innovation level, the positive impact of ESG overall performance and environmental performance on corporate reputation will also be suppressed.

• 사회복지연구
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• 제47권1호
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• pp.205-232
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• 2016

본 연구는 우리나라 기업의 사회공헌과 재무성과의 관계에 대해 종합적으로 파악해 보는 것을 목적으로 한다. 이를 위하여 고정효과방식(fixed effect method)에 기반한 동적패널모형(dynamic panel model)에 의한 분석을 활용하여 기업사회공헌과 재무성과의 쌍방향적 관계와 자기상관관계를 검증해 보았다. 2008년부터 2013년까지 국내 1,000대 기업의 기업사회공헌과 재무성과에 대한 자료를 구축하면서 6년간 결측치를 갖지 않는 430개 기업을 분석에 활용하였다. 분석에 따른 주요결과는 다음과 같다. 첫째, 이전 시점의 재무성과는 다음 시점의 기업사회공헌에 정적인 방향에서 영향을 미친다. 둘째, 이전 시점의 기업사회공헌은 다음 시점의 재무성과에 영향을 미치지 않는다. 셋째, 이전 시점의 기업사회공헌은 다음 시점의 기업사회공헌에 정적인 방향에서 영향을 미친다. 넷째, 이전 시점의 재무성과는 다음 시점의 재무성과에 정적인 영향을 미친다. 본 연구는 기업사회공헌과 재무성과에 대한 분석을 통하여 이 둘 간의 다양한 관계에 대한 기존 논의와 관련해서 실증적으로 관계의 방향성을 확인할 수 있었다. 특히 주목할 것은 기업은 재무성과가 높아 여유자원을 가질수록 사회공헌에의 투여가 높은 경향성을 갖고, 또한 이전 시점의 사회공헌은 다음 시점의 사회공헌에 정적인 영향을 미치는 경향성이 있다는 것이다. 본 연구는 기존 연구의 제한성을 극복하며 국내 1,000대 기업의 사회공헌과 재무성과의 관계를 종단적으로 검증하며 다양한 관계를 보다 체계적으로 검증한다는 점에서 연구의 의의를 갖는다.

• The Journal of Asian Finance, Economics and Business
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• 제10권2호
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• pp.321-331
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• 2023

The radical Coronavirus (COVID-19) has swiftly unfolded everywhere globally; it continues to unfold uncontrollably and critically, affecting all economies. The pandemic is not only a health issue but also has distinct effects on the global economy and enterprises. The impact of this novel Coronavirus is also well-documented in the financial sector. This study aims to investigate the impact of COVID-19 on corporate governance and banks' financial performance. Moreover, this study also examines the impact of corporate governance on banks' performance in Bangladesh. The study uses return on equity, return on assets, non-performing loans, return on investment, and earnings per share to measure the performance of the banks. And characteristics of corporate governance are measured by board size, number of independent directors on the board, number of female directors on the board, number of board meetings, and number of members in the audit committee. The study uses descriptive statistics, correlation analysis, t-test, and panel regression analysis. The study finds that COVID-19 significantly impacts the banks' performance and some corporate governance characteristics. The study also reveals that corporate governance significantly impacts the financial performance of commercial banks. The findings of this study suggest that banks should concentrate more on corporate governance.

• 대한안전경영과학회지
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• 제15권4호
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• pp.345-356
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• 2013

The purpose of this study includes: the relationships between corporate entrepreneurship(innovation, proactiveness, risk-taking) and firm performance(non-financial performance, financial performance) and the mediating effect of the self-efficacy on the relationship between corporate entrepreneurship and firm performance. In order to verify the relationships and mediating effect, data were collected from 368 individuals in employees working in small and medium-sized firms at Gyeongnam region to test theoretical model and its hypotheses. All data collected from the survey were analyzed using with SPSS 18.0. This study reports findings as follows: first, the relationship between the corporate entrepreneurship(except innovation) and the employee's self-efficacy is positively related. Second, there was also a positive correlation between the employee's self-efficacy and firm performance. Third, the relationship between the corporate entrepreneurship and the non-financial performance is positively related. The relationship between the corporate entrepreneurship(except innovation) and the financial performance is positively related. Finally, the employee's self-efficacy played as a partial mediator on the relationship between risk-taking and firm performance. The employee's self-efficacy played as a fully mediator on the relationship between proactiveness and non-financial performance. The employee's self-efficacy played as a partial mediator on the relationship between proactiveness and financial performance. However, there was no empirical evidence for the mediating effect of employee's self-efficacy on the relationship innovation and firm performance. Based on these findings, the implications and the limitations of the study were presented including some directions for future studies.

• The Journal of Asian Finance, Economics and Business
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• 제8권8호
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• pp.75-83
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• 2021

For many years, many academics and practitioners have paid attention to the increasing popularity of corporate social responsibility (CSR) and its relationship with financial performance. They have shown that creating social and sustainable responsibility can strengthen the organization's financial performance as the organization can achieve its current needs without compromising the ability to meet future needs. While much theoretical and empirical evidence has been provided to support this argument in developed countries, this topic is under-researched, and the outcomes are controversial in developing countries. Therefore, this paper aims to examine and investigate the relationship between corporate social responsibility and financial performance in Vietnamese organizations. The dataset includes 27 firms listed on the stock market exchanges in Ho Chi Minh city (HOSE) and Hanoi (HNX) from 2015 to 2019. The disclosure approach is adopted to measure corporate social activities; four areas were developed: environment, community, employee and product, customer, and supplier practices. Return on average equity (ROE) and return on average assets (ROA) are two proxies for measuring financial performance. The research results confirm the existing literature with a strong correlation between employees and returns on average assets.