• The Journal of Asian Finance, Economics and Business
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• v.8 no.9
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• pp.235-247
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• 2021

The objective of this paper is to clarify the relationship between ICT application and labor productivity in Vietnamese manufacturing firms and connect it with the context of economic restructuring in Vietnam. The study uses data of 3,428 manufacturing firms from the General Statistics Office of Vietnam and regression models. In addition to the general model, the study also runs the models for sub-samples of firms of different production technology levels. Research results show two main points. First, information technology can enhance the labor productivity of Vietnamese manufacturing firms. This is true for both ICT hardware applications, ICT services, ICT software solutions, and employees' ICT skills in firms. Second, manufacturing firms with higher levels of production technology use ICT more effectively and achieve a higher impact on labor productivity. The results confirm that the Vietnamese government can stimulate ICT application and digital transformation in firms, thereby increasing labor productivity and promoting economic restructuring in the direction of shifting from agriculture to industry and from low-tech industries to high-tech ones. The results also provide implications for business managers and policymakers in other developing countries who are adopting the digital economy as a development strategy.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.5
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• pp.63-73
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• 2022

In today's financial economics literature, the impact of innovative family ownership and management on firm performance is a prominent concern. In this study, the existence of family firms in the listed sector of Pakistan's economy is investigated. The objective of this study is to examine the performance-oriented relationship of family ownership and active involvement of family member at the CEO position. The theoretical perspectives that underpin this research are agency and stewardship. This analysis used a sample of 315 publicly traded companies from 2009 to 2019. The study's primary independent variables include family influence on ownership and family CEO. Financial performance is the dependent variable that is divided into accounting and market measures. The proxy for accounting measure is return on asset and proxy for market measure is Tobin's Q. This study employs univariate and balanced panel data analysis. For robustness of the analysis random-effects GLS regression is carried out. The empirical results show that that Family Firms outperform Non-Family Firms both in terms of accounting and market measures. In the later part family CEOs firms outperform the firms that have either insider or outsider non-family CEOs. This superior performance is subjected to the positive and statistically significant association between family ownership, management, and financial performance.

• Korean journal of food and cookery science
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• v.22 no.2 s.92
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• pp.250-257
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• 2006

Foodservice industry and distribution business could make mutual prpgress when they join forces in responding to environmental uncertainty in an efficient manner. The purpose of this study was to examine the relational characteristics of domestic food service businesses and distribution firms in conjunction with the distribution channels and ensuing conflicts between them, to present possible alternatives on and how they should communicate with each other to achieve a satisfactory result. The relational characteristics and ensuing conflicts of food service businesses and distribution firms appeared to be significantly characterized by incongruities of target, role and perception. The types of relational characteristics that were triggered by the disagreement of roles and perception combined to decrease the intensity of the relational commitment. A satisfactory transactional relationship served to ease their conflicts caused by perceptual disagreement, and the soos of conflicts that were rooted in the discord of roles and of perception that increased the degree of relational commitment. As for relational performance, relational commitment, satisfaction with distribution channel and satisfaction with suppliers allowed them to maintain their relationship on a long-term basis.

• Journal of Distribution Science
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• v.13 no.9
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• pp.47-57
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• 2015

Purpose - The aim of this paper is to investigate the explanatory power of the Pecking-order theory (the cost of financing increases with asymmetric information) among Korean retail firms from the perspective of debt capacity. According to the Pecking-order theory, a firm's first preference is to use internal funds for its capital needs, its next preference is the issuance of debt, and its last preference is the issuance of equity; this is due to the information asymmetry problem between existing shareholders and investors. However, prior empirical studies, such as Lemmon and Zender (2010), argue that the entire sample test for the Pecking-order theory could be misleading due to the different levels of debt issuance capability of each of the individual firms; in fact, they confirm that the explanatory power of the Pecking-order theory improves after taking into account the differences in debt capacity of the U.S. firms they examined. This paper implements a case study approach among Korean retail firms to examine the relationship between debt capacity and the explanatory power of the Pecking-order theory in Korea. Research design, data, and methodology - This study uses the sample of public retail firms on the Korea Composite Stock Price Index (KOSPI) from the time period of 1990 to 2013. We gather related financial and accounting statements from the financial information firm WISEfn. Credit rating information is provided by the Korea Investor Service. We employ the models of Lemmon and Zender (2010) and Son and Kim (2013) to measure a firm's debt capacity. Their logit models use the rating dummy variable as a dependent variable and incorporate other firm characteristics as independent variables to estimate debt capacity. To test the Pecking-order theory, we adopt variants of the financing deficit model of Shyam-Sunder and Myers (1999). In the test of the Pecking-order theory, we consider all of the changes in total debt obligations, current debt obligations, and long-term debt obligations. Results - Our main contribution to the literature is our confirmation of the predicted relationship between debt capacity and the explanatory power of the Pecking-order theory among Korean retail firms. The coefficients on financing deficits become greater as a firm's debt capacity improves. This is consistent with the results of Lemmon and Zender (2010). The coefficients on the square of the financing deficits are also negative for the firms in the largest debt capacity group, which is also consistent with the predictions in prior literature. Conclusions - This study takes a case study approach by examining Korean retail firms. We confirm that the Pecking-order theory explains the capital structure of retail firms more appropriately, after taking into account the debt capacity of each firm. This result suggests the importance of debt capacity consideration in the testing of the Pecking-order theory. Our result also implies that there has been a potential underestimation of the explanatory power of the Pecking-order theory in existing studies.

• International Commerce and Information Review
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• v.14 no.4
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• pp.253-273
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• 2012

The purpose of this study was to examine the impact of the uncertainty of competitive environments on the commitment of manufacturing firms with distribution firms, their trust and long-term orientation in Korea, the United States and Japan. This study is of great significance in that it attempted to make a comparative analysis of the uncertainty of competitive environments among the three nations by selecting subjects not only from Korea but from the United States and Japan. A survey was conducted on the selected manufacturing firms, and the data from 105 Korean firms, 103 American companies and 83 Japanese firms were gathered. A structural equation was utilized to analyze the collected data. The findings of the study were as follows: Hypothesis 1 was rejected in Korea and Japan and was accepted in the United States. Hypothesis 2 was accepted in Korea yet not in the United States and Japan. Hypothesis 3 was accepted in all the nations. Hypothesis 4 was rejected in Korea and the United States and was accepted in Japan. Hypothesis 5 was accepted in all the nations, and Hypothesis 6 was accepted in every nation as well. In the future, the commitment, trust and long-term orientation of manufacturing and distribution firms should be investigated from a mutual perspective, and additional data should be obtained by selecting more subjects. As for environmental uncertainty, the uncertainty of distribution environments as well as competitive environments should equally be investigated by making a comparative analysis.

• Journal of Fashion Business
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• v.12 no.3
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• pp.153-166
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• 2008

The purpose of this research is to analyze the overall process of the wedding industry - arranging domestic wedding firms and formulating a database related to the business. Simultaneously, with all the data in hand the research attempts to seek flaws within the wedding industry and tries to offer solutions to revitalize the industrial section. Because the list of articles is enormously expansive, for the purpose of basic research, objects have been selected according to the process presented below. Wedding-product firms have been classified within the boundaries of dresses, studios, and makeup firms; distributing channels are mainly focused on wedding planners and related-consulting firms; related departments of universities and wedding organizations are illustrated as well. Due to the unorganized system of this particular field, the research process has been conducted with materials from personal experiences, newspapers, magazines, Internet websites, documents, and interviews with wedding-related firms and organizations, and professors. As a result, over 13 subjects which formulate a market structure of over 30 trillion won. However, due to lack of systemization of the industry, as it expands, numerous problems occur. Excessive competition between wedding-consulting firms and the lack of reliable education for wedding planners, unnecessary external investment and the lack of product research, false Information from the Internet puts the entire industry in a inefficient position. Organizations such as Korea Traditional clothes Industrial Union, Korea Wedding Consulting Association, Korea Martial Industrial Promotion Association(KOMIPA) etc, are made to seek for solutions. For the wedding industry to revitalize, wedding-product firms, wedding planners and consulting firms must maintain an organic relationship every season. They must systemize a proper distribution system, with wedding-product companies enhancing the quality of products, wedding planners organizing wedding plans with responsibility, and consulting firms focusing not only on profits. In order to make high-valued products, wedding-product companies must put their greatest effort in producing talented minds, and universities with related departments must do so as well. In other words, the industrial and educational section of our society must cooperate through a sophisticated system. In addition, related organizations must act to receive governmental support in order to support the industry.

• Asian Journal of Business Environment
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• v.9 no.1
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• pp.21-28
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• 2019

Purpose - The purpose of this paper is to investigate the relationship between corporate social responsibility disclosure (CSRD) and investment-cash flow sensitivity, which is a surrogate for financing constraints. Research design, data, and methodology - Taking China's A-share listed companies between 2009 and 2016 as a sample, this paper empirically tests the relationship between CSRD and investment-cash flow sensitivity by Panel VAR model. By introducing the orthogonal impulse response function, this paper distinguishes the fundamental factors and financial ones that affect corporate investment behavior. Results - Findings indicate that: (1) investment-cash flow sensitivity of firms with low level of CSRD is significantly lower than that of firms with high level of CSRD; (2) the orthogonal impulse response of corporate investment to cash flow in firms with high level of CSRD is significantly different from zero, but it is not significant in firms with low level of CSRD; (3) for firms with low level of CSRD, 0.7% of corporate investment volatility can be explained by the change in cash flow, which is lower than that of firms with high level of CSRD (1.1%). Conclusions - Corporations disclosing more and higher quality CSRD are often those faced with financing constraints. Voluntary disclosure can help them alleviate information asymmetry and financing constraints.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.3
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• pp.67-79
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• 2019

This study examines the impact of corporate governance on capital structure decisions based on a large panel of Chinese listed firms. Using the system Generalized Method of Moments (GMM) estimator to control for unobserved heterogeneity, endogeneity, and persistency in capital structure decisions, we document that the ownership structure plays a significant role in determining leverage ratios. More specially, we find that managerial ownership has a positive and significant impact on firms' leverage, consistent with the incentive alignment hypothesis. We also find that managerial ownership only affects the leverage decisions of private firms in the post-2005 split share reform period. State ownership negatively influence leverage decisions implying that SOEs may face fewer restrictions in equity issuance and may receive favourable treatments when applying for seasoned equity ¿nancing, thus use less debt. Furthermore, our results show that while foreign ownership negatively influences leverage decisions, legal person shareholding positively influences firms' leverage decisions only for state controlled firms. We also find that the board structure variables (board size and the proportion of independent directors) do not influence firms' capital structure decisions. Our findings suggest that recent ownership reforms have been successful in terms of providing incentive to managers through managerial shareholdings to take risky financial choices.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.3
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• pp.235-243
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• 2020

The research aims to examine the impact of leadership style on accountants' commitment with FDI firms in Vietnam based on theory of Bass and Avolio (2004). A survey with 110 accountants in FDI firms was conducted. The total of 110 respondents with full information were used for data entry and analysis. Through quantity methodology, we used Cronbach's Alpha, EFA and correlation analysis to determine the relationship between leadership style and three dependent variables including affective, normative and continuance commitment. The results showed that the leadership style had positive relationships with accountants' commitments. In particular, normative commitment with FDI firms of accountants is the most strongest. In addition, there is no statistically difference in the level of three commitments with FDI firms of accountants for three groups of job description. From the findings, this study suggests several recommendations to improve accountants' commitments such as intellectually stimulating, individualized consideration, inspirational motivation, idealized influence, and idealized influence behavior. The results are considered as a useful reference for establishing policies to attract talent personnel toward to sustainable development of firms. Commitment with the organization is a crucial factor to gain a competitive advantage and guide the success of organizations by satisfying customers, maintaining productivity and efficiency.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.3
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• pp.17-27
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• 2020

The research aims to investigate the impact levels of determinants on the conversion of financial statements from Vietnamese accounting standards (VAS) to International financial reporting standards (IFRS) in the multinational firms in Vietnam. The method of data collection was done through the survey and subjects are accountants in Multinational Firms doing business in Hanoi and ten neighboring provinces. After checking the information on the votes, there are 170 questionnaires with full information for data entry and analysis. We use Cronbach's Alpha, EFA analysis and run regression model to investigate the impact levels of each independent variable on dependent variable of the conversion of VAS financial statements to IFRS. The results show that five determinants including Economic, Politics, Law, Culture, and Conditions for implementation have positive relationships with the conversion of VAS financial statements to IFRS. In particular, Economic determinant is the most strongest. Based on the findings, some recommendations are given for improving the conversion of VAS financial statements to IFRS of multinational firms doing business in the context of Vietnam. The results are considered a useful reference for firms when making financial statements to transparently change the financial statement information and improve the quality of financial statement information.