• International Journal of Computer Science & Network Security
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• 제21권6호
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• pp.29-34
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• 2021

The article formulates the key characteristics and features of country models of corporate governance. It was revealed that all countries are characterized by a fairly high concentration of ownership, insider control; Key gaps in the implementation of corporate governance principles were found: transparency and disclosure of information, protection of shareholders' rights, gender diversity of boards of directors, implementation of recommendations on the share of independent directors; The criterion of countries' efficiency (total investments) was identified and recommendations for their improvement were developed.

• The Journal of Asian Finance, Economics and Business
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• 제5권2호
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• pp.53-61
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• 2018

Corporate governance has received massive attention in academic research nowadays due to several recent corporate failures. Inefficiency of corporate governance mechanisms have driven the minds of the researchers and the policy makers to look with more insights into this area. Board composition, as part of corporate governance mechanism, plays a significant role to achieve company's goals or objectives and ensure transparency and accountability. The objective of this study is to find out the efficiency of board composition through board size, independent directors and female directors on firm performance in the listed manufacturing firms of Bangladesh. In this study, a sample of 162 firm years are considered as the sample during the period of 2011 to 2016. This study finds that large board is the significant explanatory variable in improving firm performance. This study also shows that board independence and female directors have no significant association with firm performance which implies that instrument of corporate governance mechanism particularly board composition is very weak. This study recommends that code of corporate governance, specially the role of independent directors and female directors, should be reformed in the light of cultural and institutional context along with the effective enforcement.

• The Journal of Asian Finance, Economics and Business
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• 제7권8호
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• pp.15-23
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• 2020

Based on the theoretical underpinnings of the agency theory and liquidity theory, the purpose of this study is to show how managers who want to enhance the performance of Pakistan's non-financial sector can use liquidity policy in relation to corporate governance. Nowadays, Pakistan is facing a severe liquidity crisis; this study contributes by examining the mediating role of liquidity on the link of corporate governance-performance. We use data from 63 firms from 2010 to 2018, excluding 17 outliers. To analyze the data, we use the Seemingly Unrelated Regression (SURE) model and nlcom-Stata test. Our findings support the mediating role of liquidity on the link between corporate governance and performance. In addition, the results show that corporate governance improves performance. Furthermore, the study supports a significant positive association of liquidity and performance. For robustness, we use two performance variables - return on assets (ROA) and Tobin's q (TQ) - where ROA represents full mediation and TQ indicates partial mediation. This study helps to use liquidity policy to strengthen the inside and outside dimensions of corporate governance mechanisms that improve the performance of firms. Overall, these findings suggest better disclosure, transparency, and solutions to auditing issues that add value to the firms.

• 한국프랜차이즈경영연구
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• 제9권1호
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• pp.7-15
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• 2018

Purpose - The purpose of this study was to establish self sustainable win-win growth model for Korea franchise corporate sustainability and to suggest theoretical and practical implications for franchise management. Research design, data, and methodology - This study is based on literature review methodology. Result - The study suggested the ways of self sustainable win-win growth model for Korea franchise corporate sustainability. First, franchiors should strengthen requisite & specify in the contract, share information & strengthen transparency, and establish win-win management support system for control & autonomy balance. Second, franchises should develop CEO management competency & employee work competency, and establish recognition for Intellectual Property Rights Use. Third, franchisors and franchises should implement contract sincerely, strengthen Organizational Citizenship Behavior, and solve moral laxity. Forth, franchisors and franchises should establish trust and value with communication to make Creating Social Value. Fifth, franchisors and franchises should realize self sustainable social value for corporation and social community. To make this, franchsors and franchise should establish self sustainable win-win growth ecosystem with people, system, culture, innovation. Conclusions - First, Franchisors and franchises should distribute 'Self sustainable win-win growth 2025 for Korea franchise corporate sustainability' and 'Self sustainable win-win growth model for Korea franchise corporate sustainability'. Second, Franchisors and franchises should change their perspective about franchise industry. Third, Franchisors and franchises should develop various training and development plans for franchise industry. Fourth, Franchisors and franchises should establish franchise performance certificate system.

• 디지털융복합연구
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• 제12권10호
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• pp.121-134
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• 2014

본 연구에서는 기업의 지배구조가 지주회사 체제로 전환되는 과정에서 지배구조의 투명성이 높아지고 전략적 사업집중의 효과가 높아져 기업가치가 제고될 것으로 예상하였다. 지주체제로의 전환 효과를 알아보기 위해 지주회사로 전환하여 상장된 지주회사와 자회사들 56개 표본의 누적 초과수익률을 조사해 본 결과, -1~+1일에서 +1일에 비정상수익률이 양(+)으로 나타나면서 전환효과가 단기적으로 나타났다. 즉, 지주회사체제로의 전환은 전환의 공시효과로 주주의 부에 긍정적으로 영향을 미치는 사건으로 나타났다. 그러나 장기적으로는 시장 반응에 커다란 변화가 없이 누적 초과 수익률이 음(-)의 값으로 나타나 지주회사전환에 따른 주주 부의 가치가 사건 후에 반영되지는 않는 것으로 나타났다. 또한 지주회사체제 이후 시장가치, 기업지배구조지수와 사업집중도의 변화를 분석한 결과 주주권리 보호와 경영과실배분의 부문지배구조지수가 지주회사 전환 이전 시점보다 통계적으로 유의하게 증가되었음을 확인하였다.

• 유통과학연구
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• 제12권10호
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• pp.47-56
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• 2014

Purpose - This study aims to eradicate and halt the continuous life cycle of corruption. Only when ethical management policies are implemented can the business ethics system be effective and transparent. Research design, data, and methodology - The analyses and legislative measures designed by these organizations and countries were based on solid research, uncovered during my visits and interviews conducted with businessmen in those countries. Results - The main focus of in this study is as follows: First, to introduce the programs of UN, OECD, OAS, USA, and Asian countries noted for business ethics and transparency policies; Second, to define each function and problem of these countries' anti-corruption systems, including the U.S. federal government, and to examine Chinese trends. Conclusions - Ethical managements are necessary to improve business ethics. This study suggests four related areas for the purpose of discouraging bribery and corruption; these are improving global corporate governance standards, increasing financial transparency, improving good governance in the public service of the OECD member countries, and focusing on not only the supply side but also the demand side of the corruption market.

• The Journal of Asian Finance, Economics and Business
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• 제7권4호
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• pp.51-58
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• 2020

The study aims to investigate the relationship between hedging with derivatives and subsequent firm-level stock price crash risk. Our sample consists of KOSPI- and KOSDAQ-listed companies from 2004 to 2014. The total firm-year observation is 4,886. We find that hedging with derivatives is related to greater possibilities of crash risk. The results suggest that the complexity of economic and financial reporting for derivatives may aggravate the company's information opacity, ultimately increasing the crash risk. We contribute to the growing body of literature on hedging with derivatives. Academics and practitioners have debated on whether or not hedging enhances transparency or rather makes the information environment more opaque. Theoretical research on the role of corporate hedging on information environment shows that hedging enhances earnings informativeness. Meanwhile, pieces of anecdotal and empirical evidence show that the economic and financial reporting complexity of derivatives can harm information transparency. Our results shed light on the question of whether and how hedging with derivatives affects information environment by examining the relationship between hedging with derivatives and crash risk. Furthermore, our findings provide useful insights for policymakers and practitioners. Specifically, our results raise a need for a more transparent disclosure on corporate hedging activities with derivatives.

• The Journal of Asian Finance, Economics and Business
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• 제6권1호
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• pp.47-58
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• 2019

The purpose of this paper is to examine the relationship between the nature of controlling shareholders and corporate anti-corruption practice disclosure (ACPD) as well as the mediating role of political background of the chairman or CEO of the firm on the relationship between the two. The content analysis was conducted to extract ACPD from standalone corporate social responsibility reports (CSRR) of 703 China's A-share listed companies. A dummy variable was constructed according to whether a firm disclosed ACPD or not. Logistic regression analysis was used then. Results show that the nature of controlling shareholders has a significant impact on corporate ACPD, with central enterprises disclosing the most frequently, local state-owned enterprises the second and private enterprises the least. Political background of the chairman or CEO has a negative impact on corporate ACPD of state-owned enterprises. These findings have some useful insights in understanding the rent-seeking behavior and information disclosure behavior of corporates in emerging markets. In order to curb the serious corruption problem which is commonplace in developing countries like China, the government should exert certain pressure to strengthen the supervision of information disclosure of listed firms and improve information transparency.

• 한국의류학회지
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• 제44권3호
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• pp.385-399
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• 2020

Corporate social responsibility is a consistently discussed theme in many industries. Most corporations engage in CSR activities and now inform consumers in detail on what they have been doing for society. It has become a critical tool of consumer communication; however, little is known regarding the role of information transparency in the context of the fashion industry. This study discusses information transparency of fashion corporations which means revealing information regarding cost and garment making processes. The research proved that the higher consumers perceive a fashion brand's CSR performance (CSP), the more they think the provided CSR information is substantial; consequently, there is a favorable evaluation of the brand. The result provides insight regarding the relationship between CSP perception, perceived information substantiality, and brand evaluation. There was a significant partial mediation effect of perceived information substantiality. Moreover, the moderated mediation effect of information transparency appeared significant on the impact of CSP perception for brand evaluation via CSR information substantiality. The process model 7 was used as an analytical tool. The results of this study implies the importance of information transparency in the fashion industry context in the digital era.

• 한국컴퓨터정보학회논문지
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• 제26권11호
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• pp.233-236
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• 2021

최근 정의당에서 이른바 '알고리즘 투명화법'이라 불리는 법안의 입법을 추진하고 있다. 이 법안은 류호정 의원이 2021년 6월 25일 대표발의한 「정보통신망법」 개정안으로서 방송통신위원회 산하에 별도 위원회를 구성하여 누구든 영리 목적으로 운영되는 조직에 알고리즘 검색과 배열 원리의 설명을 요구할 권리를 갖도록 하는 것이 골자이며, 해당 법안은 알고리즘에 관한 최소주의적 규제를 통해 공정경쟁과 노동자의 안전을 도모하고자 한다. 현재 우리나라는 알고리즘을 기업비밀로 취급하여 공개하지 않으나 반면, 유럽연합(EU)에서는 알고리즘 규제와 관련하여 개인정보보호규정(GDPR)을 시행하고 있다. 이에 본 연구에서는 현재 국회에 발의되어 있는 '알고리즘 투명화법안'의 주요 내용을 정리하고, 유럽연합(EU)의 알고리즘 관련 법·제도 현황과 알고리즘 투명성 제고에 대한 내용을 검토해 보고자 한다.