• 아태비즈니스연구
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• 제11권1호
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• pp.93-114
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• 2020

Purpose -The purpose of this study is to analyze how the accreditation system affect the selection of business strategies in social enterprises, which create social value rather than maximize profits. Design/methodology/approach - This study collected survey data from 40 accredited and 53 non-accredited social enterprises. This research employs a Fuzzy-set/qualitative comparative analysis to compare the combinations of factors that affect a social enterprise's performance Findings - The results show that for accredited enterprises organizational capabilities are significantly more important than networking capabilities, whereas for non-accredited enterprises internal communication, governance capacities and networking competencies are most important capabilities to improving their social performance. And also The accreditation systems for social enterprises would entice social enterprise away from business strategies based on with local society, which is differentiated with commonly accepted social enterprise model. Research implications or Originality - This research suggests that the accreditation system for social enterprises should be redesigned for enticing social enterprises in Korea to be more localized to meet local needs in terms of positive changes of local society.

• 아태비즈니스연구
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• 제13권3호
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• pp.227-243
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• 2022

Purpose - This study surveyed real estate financial consumers and financial company staff regarding the components of the financial consumer protection system to seek detailed improvement plans for the Financial Consumer Protection Act. Design/methodology/approach - The Analytic Hierarchy Process (AHP) technique is applied. Findings - Both consumers and staff highly evaluated the importance of the preventive measures in the main classification factors. Regarding the sub-classification factors of preventive measures, consumers emphasized the responsible management of investment staff and financial institutions; however, the staff stressed the principle of effectiveness and efficiency. Regarding the elements of ex-post remedies, consumers answered that fast remedy would have a significant effect. At the same time, staff believed that punitive measures hinder free trading and investment activities. Regarding the sub-sub classification factors of prevention measures, the consumers value responsible management of staff and financial companies, while the staff tend to prefer the importance of the self-regulatory governance. Research implications or Originality - Based on the above results, financial regulatory authorities should find a balance between preventive and ex-post components once focusing on preventative measures. Our paper is one of the first research findings in this field of financial consumer protection system in Korea.

• 아태비즈니스연구
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• 제13권3호
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• pp.59-71
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• 2022

Purpose - We investigate how firms transfer financial risks to employees in a form of flexible employment contracts and layoffs. Design/methodology/approach - Based on the literature on the prevalence of shareholder value ideology and the associated 'risk shift', we examined how stock price volatility is associated with a firm's use and hiring of nonstandard employees, and the number of employees lay-offed. We test our hypotheses using a longitudinal, multi-source, dataset of Korean firms from 2003 to 2011. Findings - We found support for the relationship between stock price volatility and flexible employment contracts and layoffs after controlling for actual risks such as increased debt or decreased sales. However, we found that the relationship is moderated by the power of professional CEOs relative to that of shareholders, in that powerful CEOs are more likely to transfer the external risks, i.e. stock price volatility, to employees. Research implications or Originality - This study contributes the emerging stream of literature that explore the effect of stock market pressures and governance structures on human resource management.

• Asian Journal of Business Environment
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• 제12권4호
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• pp.35-44
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• 2022

Purpose: The main purpose of this study is to find out the impact of ownership structure on firm performance in the pharmaceutical and chemical industry of Bangladesh. Research design, data and methodology: The study has been conducted on 28 listed pharmaceutical and chemical companies from 2012 to 2020. Return on Assets (ROA) and Tobin's Q are selected as indicators of internal and market performance of the firms respectively whereas institutional ownership, directors' ownership and foreign ownership are selected as proxies of ownership structure. Panel analysis using random effects, lag method and time dummy method is used to analyse the relationship. Results: The study has found the existence of highly concentrated directors' ownership, a low percentage of institutional ownership and a very insignificant proportion of foreign ownership in the industry. The regression results show that directors' ownership has a positive and significant impact on firm performance, supporting the concept of agency theory. The study has also found a positive and significant impact of foreign ownership on firm performance. Unfortunately, the impact of institutional ownership is found to be insignificant. Conclusions: Directors' ownership and foreign ownership decreases agency cost that ultimately increases firm performance. However, the role of institutional investors is not significant enough to improve firm performance. It is suggested that institutional investors should be more active and involved in monitoring the activities of the organisations to improve performance.

• Journal of Korea Trade
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• 제23권7호
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• pp.83-95
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• 2019

Purpose - This study analyzed the effect of the Trump Government's protectionist trade policies on foreign ownership. Specifically, this study empirically analyzes the hypothesis that foreign ownership will decrease after the Trump Government rather than before the Trump Government. Design/methodology - The hypothesis of this study is based on the expectation that US protection trade policy will negatively affect the profitability of Korean companies. The dependent variable in this study is the foreign ownership ratio, and the independent variable is a dummy variable representing before and after the Trump Government. Multiple regression analysis was performed, including the control variables suggested in previous studies related to foreign ownership. Findings - As a result, foreign ownership increased after the Trump Government rather than before the Trump Government. This study further analyzes whether the main variables affecting foreign investor's decision-making are differences before and after Trump Government. The export ratio, profitability and dividends did not differ before and after Trump Government. However, the level of information asymmetry decreased after the Trump Government than before the Trump Government. This suggests that US protection trade policies do not adversely affect the profitability of Korean companies. However, Korean firms are improving their information environment because US protectionist trade policies can lower profitability and negatively impact capital raising. In this regard, the foreign ownership ratio seems to differ before and after the Trump Government. Originality/value - This study contributes in that it presents data that US protectionist policies can affect Korean corporate governance. This study has implications from the short-term analysis of US protection trade policy.

• 아태비즈니스연구
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• 제12권1호
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• pp.195-208
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• 2021

Purpose - The primary objective of this paper is to empirically examine whether the engagement of socially responsible activities in corporations affect the tendency of tax-avoidance by using the sample of Korean companies. We are particularly interested in Chaebol-affiliated firms, which are a special type of Korean conglomerates. Design/methodology/approach - This study is based on a sample of 5,496 firm-year observation data from 2011 to 2017 by using the ESG ratings from the Korea Corporate Governance Service(KCGS), a ESG rating agency in Korea. For our analysis, the firms were separated into 1,547 Chaebol-affiliated firms and other 3,949 firms. All financial and firm data were extracted from Fn-guide, which provides financial information for Korean listed firms. Findings - We find that CSR is generally positively related to the effective tax rate, which indicates a lower level of tax avoidance for more socially responsible firms. In particular, a positive relationship of social score with GAAP ETR was observed. Research implications or Originality - We find that the positive relationship is robust to the group of chaebol and non-chaebol affiliates unlike extant literature.

• International Journal of Computer Science & Network Security
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• 제21권12spc호
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• pp.399-408
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• 2021

Information security reports four types of basic attacks on information. One of the attacks is named as fabrication. Even though mobile devices and applications are showing its maturity in terms of performance, security and ubiquity, location-based applications still faces challenges of quality of service, privacy, integrity, authentication among mobile devices and hence mobile users associated with the devices. There is always a continued fear as how location information of users or IoT appliances is used by third party LB Service providers. Even adversary or malicious attackers get hold of location information in transit or fraudulently hold this information. In this paper, location information fabrication scenarios are presented after knowing basic model of information attacks. Peer-to-Peer broadcast model of location privacy is proposed. This document contains introduction to fabrication, solutions to such threats, management of fabrication mitigation in collaborative or peer to peer location privacy and its cost analysis. There are various infrastructure components in Location Based Services such as Governance Server, Point of interest POI repository, POI service, End users, Intruders etc. Various algorithms are presented and analyzed for fabrication management, integrity, and authentication. Moreover, anti-fabrication mechanism is devised in the presence of trust. Over cost analysis is done for anti-fabrication management due to nature of various cryptographic combinations.

• 아태비즈니스연구
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• 제12권2호
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• pp.1-24
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• 2021

Purpose - We aim to verify whether CSM activities increase investment efficiency, and to verify whether the influence of CSM activities on investment efficiency is discriminatory depending on whether or not they belong to chaebol. Design/methodology/approach - Using 4,701 Korean firm-year observations over the 2011-2017 period, we used multiple regression analysis. CSM is measured by the evaluation score of the Korea Corporate Governance Service (KCGS). Findings - Our study confirms that CSM is a significantly positive relationship with investment efficiency. This shows that, as a result of CSM, the increased earnings quality acts as an incentive to increase investment efficiency. Next, in analysis of a dataset into two groups (a chaebol, non-chaebol), the results show that the relationship between CSM and investment efficiency differs among detailed indicator activities depending on whether or not they belong to chaebol. Research implications or Originality - It is significant that this study focused on and analyzed CSM as a determinant of investment efficiency, and examined the effects of whether or not it belongs to chaebol in the relationship between CSM and investment efficiency. Our results, which suggested that CSM can increase investment efficiency, are expected to provide important implications not only for managers but also for investors and supervisors.

• 아태비즈니스연구
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• 제12권4호
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• pp.179-192
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• 2021

Purpose - This study is aim to stimulate ESG management of SMEs in Korea with SWOT analysis. Presently, ESG is also affecting a company's supply chain and sales. We tried to make the complementary point of Korea SMEs through domestic and foreign cases. Design/methodology/approach - We divide foreign cases into three countries, and in Korea, also divide into three groups of government, major companies, SMEs to conduct SWOT analysis. Findings - We confirmed that ESG activities were delayed in Korea compared to overseas, but the government and major companies were responding quickly. However, SMEs are complaining of difficulties in ESG activities due to cost issues and limited information. Nevertheless, some SMEs companies show the possibility by carrying out ESG activities based on their own strengths. Research implications or Originality - We suggested the need for SMEs' ESG management. The SMEs are inevitably vulnerable to ESG management compared to other groups. Therefore, We suggested the direction of SMEs ESG management expansion, that are R&D and distribution of eco-friendly activities through collaboration with universities(E), social program to improve working places(S), and expansion of governance that guarantees autonomy(G).

• 아태비즈니스연구
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• 제12권3호
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• pp.71-85
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• 2021

Purpose - Prior studies have found that the characteristics of managers, corporate governance structure, corporate social responsibility and so on affect firm value. This study explores whether managerial overconfidence affects firm value through empirical analysis. Design/methodology/approach - Korean-listed non-financial companies from 2011 - 2017 are collected as the research sample. Firm value is measured by Tobin's Q, and managerial overconfidence is measured using a composite index encompassing various financial data. OLS and fixed effect model are used to investigate the relationship between managerial overconfidence and firm value. Findings - Managerial overconfidence is positively associated with firm value. Additional analysis reveals the following: (1) In the three subsamples of large, backbone, and small- and medium-sized enterprises, managerial overconfidence is beneficial to firm values. (2) Managerial overconfidence increases firm value on the t+1 year. Research implications or Originality - We use a comprehensive index with higher trust and feasibility to measure manager overconfidence and empirically confirm that managerial overconfidence can become a factor to improve firm value. Thus, it is necessary for shareholders to adopt an objective and neutral attitude and reasonably understand the psychological characteristics of managers when selecting CEOs. In addition, it is necessary to continue to optimize the measurement method of managerial overconfidence.