• International Journal of Advanced Culture Technology
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• v.11 no.2
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• pp.389-396
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• 2023

This paper selects 100 IT companies listed on the Shenzhen Stock Exchange from 2016 to 2020, and the public announcement in Hwajung collects ESG integrated ratings and grades for each sector and empirically verifies the relationship between ESG ratings and stock returns. Huazheng ESG level data and QIANZHAN database Using corporate financial data, a total of 500 samples were selected through correlation analysis and linear regression analysis with SPSS23 to analyze the effect of ESG on Return. As a result of the analysis, first, the impact on stock returns was found to be a significant positive (+) value for ESG integrated ratings and ratings by E (environment), S (social), and G (governance) sectors, confirming that ESG ratings have a positive mold of corporate stock returns. Currently, the world's major economies have proposed sustainable development strategies and "carbon neutral" goals. Development strategies are very consistent with ESG concepts, and companies that agree and execute ESG concepts may have higher ratings than other companies in the same industry, resulting in certain evaluation premiums. In addition, capital market performance in recent years shows that companies with ESG concepts or "carbon neutrality" concepts are generally considered to have higher growth potential and stronger anti-risk capabilities in the market. For listed companies, they should focus on ESG investment, improve ESG performance, and actively disclose related information to investors. Improving ESG performance should deliver positive information to society, enhance corporate image, increase market confidence in the future development of listed companies, and positively improve corporate value to actively increase financial, financial, trading, and other aspects of negotiation.

• Journal of Digital Convergence
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• v.18 no.6
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• pp.217-223
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• 2020

The purpose of this study is to examine the restructuring strategies that are selected according to the corporate life cycle and to provide evidence that restructuring strategies that are chosen when firms face financial difficulties can have a positive impact on corporate restructuring. This study is logistic regression analysis of 3,593 samples of companies listed on Korea Exchange from 2001 to 2016. The results of this study show that a company that is growing through the expansion of its size and investment can overcome the financial difficulties of the company. And this study finds evidence that the declining firms use the capital increase or debt issuance to revive the corporate regeneration. The results of this study suggest that it is important to consider the life cycle at the time of corporate restructuring and select the appropriate strategy accordingly.

• The Journal of the Korea Contents Association
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• v.16 no.4
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• pp.313-323
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• 2016

Companies are investing in CSR activities as a way to fulfill their societal obligations. It is expected that companies' CSR activities would be an effective investment to enhance corporate image, leading to consumers' purchase behavior. However, sometimes, CSR activities have a null or negative effect on the evaluation of company. The purpose of this research is to find ways to solve these problems and it reviews some research concerning donation and introduce these research into CSR. Specifically, this study examines the effect of CSR beneficiary appeals on the attractiveness of corporate identity and the mediating role of the inferred motives of CSR. The results show that consumers evaluate the corporate identity less attractive which employ the self-benefit CSR appeal. In addition, the findings also suggest that the effect of the CSR beneficiary appeal on the attractiveness of corporate identity is mediated by the inferred motives. These results suggest some managerial implications concerning communication guidelines of CSR. Specifically, companies need to communicate sincere motives of CSR rather than business.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.45 no.3
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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.

• The Journal of the Convergence on Culture Technology
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• v.9 no.6
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• pp.715-720
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• 2023

This study aims to select ESG items from a consumer perspective and examine the influence of these factors on corporate image and corporate reputation. ESG-related research tends to be conducted from a corporate or investment perspective. However, based on their evaluation of ESG activities, consumers form corporate image and corporate reputation. Accordingly, the E, S, and G evaluation items were applied from the consumer's perspective to analyze the impact of each item. As a result of the study, the impact on corporate image was found to be in the order of transparent management, support for small and medium-sized businesses, and response to climate change. The results of corporate reputation analysis showed transparent management, response to climate change, and support for small businesses. From the consumer's perspective, activities related to a company's response to climate change are considered a corporate obligation, and demands for coexistence and transparent corporate management of small and medium-sized businesses are growing. The significance of this study is that ESG requires environmental management, symbiotic management, and transparent management from a consumer point of view, suggesting that transparent corporate management is the most important factor. In addition, it suggests that communication with consumers of companies requires communication not only in the environmental area, but also in the social and governance areas.

• Journal of the Korean Institute of Illuminating and Electrical Installation Engineers
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• v.23 no.9
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• pp.31-39
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• 2009

This paper shows prioritization process for equipment investment plans considering reliability indices and economical efficiency. To decide prioritization of distribution investment projects, we made a distribution system model using system configuration, it's component and load information and designed several investment alternatives to improve reliability of present system. Lastly, we proposed a evaluation model of economical efficiency assessment on distribution investment alternative projects. To analyze influence by reliability and economical efficiency, we produced economical effects with applying time-varying failure rate of KEPCO's main equipments of distribution system and interruption cost of electric power affected by investment. Finally, in order to insure the validity of this proposed methodology, we compared investment prioritization by economical evaluation with that of real investment alternatives of KEPCO's branch office. In conclusion, this paper shows what and how to interpret the reliability effects of distribution system investments into financial indicators beneficial for power utilities's managers to make decision on the perspective of corporate value.

• Journal of Digital Convergence
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• v.17 no.3
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• pp.153-160
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• 2019

This paper analyzes the impact of investment tendency of foreign investor on accounting conservatism. We use the sample of 1,527 firm-year Korea listed companies belonging to non-financial corporate sector during 2014-2016. The results of empirical analyses show that investment horizons of foreign investors has a positive relevance with accounting conservatism. This result indicates that the firm have a long-term foreign investors has a good quality of accounting earning than the firm have a short-term foreign investors. This study that verified the relevance between investment tendency of foreign investor and accounting conservatism is expected to provide useful information by suggesting the need for more incentive for the long-term foreign investors. And we expect a follow-up study focused on the discriminative effect of investment tendency of foreign investor on accounting policy.

• Journal of Korea Technology Innovation Society
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• v.12 no.2
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• pp.291-311
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• 2009

Intellectual Property(IP) investment and its management are an key driver to create corporate value and intangible asset value through corporate's competitiveness. The purposes of this study are to survey capability of IP management and assess the effects of IP investment and its management on the separation into groups of intangible asset value. In order to attain those purposes of this study, sample companies were taken and categorized into three groups by the level of intangible asset value ratio, and data for IP investment such as R&D expenditure and advertising expenditure were collected from 90 manufacturing companies, and data for IP management capability about patent, design and brand were taken through survey. The final results showed as followed: First, IP management capability were generally not sufficient in the results of survey. Second, mean vector for the four variables were significantly different among three groups in multivariate analysis variance. Third, the order of their contribution to separating the groups were R&D expenditure, advertising expenditure, patent management, management of design and brand in canonical variate analysis. Fourth, R&D and patent management capability were significantly related to the separation of three groups, while advertising expenditure were not significant and management of design and brand were not sure of Significance in multinomial logit discriminant analysis. Fifth, exploratory power of the discriminant model were estimated by 53% in classification analysis. Finally, strategic policy for IP investment and its management should be taken urgently to create intangible asset value and to improve the capability of its management.

• The Journal of Society for e-Business Studies
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• v.11 no.1
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• pp.91-112
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• 2006

Unlike typical corporate investments, IT expenditures have direct impact on many aspects of a business, including those that are difficult to quantify. Therefore, financial indicators alone do not do justice to the full effect of an If investment. Proposed in this paper is a methodology to measure the return on IT investments, including non-financial impacts expressed in terms of monetary values. This methodology shows tangible cost as well as hidden cost by analyzing total cost of ownership. The methodology also produces ROI by performing cost benefit analysis including financial and non-financial factors. This paper suggests a more objective validation of If's impact on the business activities. It rationalizes investment priorities and provides a systematic approach to effective IT investment.

• The Journal of Industrial Distribution & Business
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• v.13 no.1
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• pp.23-32
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• 2022

Purpose: This study used ESG grade, but defined AESG, adjusted to the size of a company and examines whether it can be used as an investment strategy. Research design, data and methodology: The analysis sample in this study is a company that has given an ESG rating among companies listed on the Korea Stock Exchange. We examine the results through portfolio analysis and Fama-macbeth regression analysis. Results: As result of examining the long-only performance and the long-short performance by constructing quintile portfolios, it was observed that a significant positive return was shown. It was observed that there was an alpha that could not be explained in asset pricing models. Also, AESG had a return prediction effect in the result of a Fama-Macbeth regression that controlled corporate characteristic variables in individual stocks. Next, we confirmed AESG's usage through various portfolio composition. In the portfolio optimization, the Risk Efficient method was the most superior in terms of sharpe ratio and the construct multi-factor model with Value, Momentum and Low Vol showed statistically significant performance improvement. Conclusions: The results of this study suggest that it can be helpful in ESG investment to reflect the ESG rating of relatively small companies more through the scale adjustment of the ESG rating (i.e.AESG).