• The Journal of Asian Finance, Economics and Business
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• 제7권8호
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• pp.1-13
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• 2020

This study examines the effect of managerial ownership on firm value in capital markets where outside governance mechanisms to discipline managers are weak or non-existent. We hypothesize that strong market forces in the U.S. confound the effect of managerial ownership on firm value, i.e., the convergence of interest argument. We test the hypothesis using data from 112 firms from Singapore Stock Exchange and 205 firms from the Stock Exchange of Thailand prior to the Asian financial crisis in 1997 when the market forces were weak, yet the investor protection was sufficient to prevent outright appropriation from management. For ease of comparison, we use methodologies from studies done on the U.S. sample firms during the same study period as ours. We find that, both in Singapore and Thailand, firm value is a function of managerial ownership, and the relation is of the famous inverted U-shaped. Moreover, the relation is robust under different model specifications. The results from Thai sample, with weaker market forces than in Singapore, lend support to many agency cost hypotheses advanced in the U.S. Our results provide useful implication for investors in emerging and frontier markets where outside governance mechanisms are yet to be fully developed.

• The Journal of Asian Finance, Economics and Business
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• 제6권1호
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• pp.289-301
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• 2019

This paper explores community-based flood disaster risk governance by applying a sensemaking approach. The conceptual sensemaking framework consists of individual experience, dialogue, and socialization components, which together comprise an interconnected system. This study presents a method for applying this framework by using a concerns table and a SWOT analysis to examine the concerns of residents living in a flood plain. A series of community-based workshops on flood risk reduction was conducted with residents of the flood-prone Muraida community in Shiga Prefecture, Japan. During the workshops, residents' concerns regarding flood risk surfaced. This study used an idiographic approach to examine the proceedings of the workshops. SWOT issue analysis was used to examine the strengths and weaknesses in the Muraida community's internal capacities, and examine the opportunities and threats in the external capacities (e.g., local government). Additionally, a SWOT strategy analysis was conducted to identify strategies for knowledge sharing and development of cooperative countermeasures that can be undertaken between the Muraida community and the local government. The results show that the concerns table can not only summarize the main concerns of all workshops, but also provide an understanding of alternative flood risk countermeasures that can be carried out.

• 한국경제지리학회지
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• 제9권2호
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• pp.167-180
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• 2006

1980년대 중반부터 유럽을 중심으로 지역혁신체제란 개념이 지역정책에 도입되기 시작하여 1990년대 중반 이후부터는 그 체제가 세계적으로 확산되고 있다. 우리나라의 경우에도 교육인적자원부, 산업자원부, 과학기술부, 정보통신부 등 정부부처들은 2003년부터 각종 정책의 수립과정에 지역혁신체제를 적극적으로 도입하고 있다. 이러한 맥락에서 본 연구는 1970년대부터 산업구조 조정의 압력을 받으면서 지역혁신정책을 추진해 온 독일 루르지역을 대상으로 지역혁신정책상의 거버넌스 구조를 분석하고자 한다. 이를 위해 지역혁신체제론에 입각한 분석 틀에 기초하여 루르지역의 지역정책과 거버넌스 구조를 조사 연구하였다. 이러한 연구결과에 의하면 루르지역은 탈 산업화로 인해 발생하는 고질적인 문제를 해결하기 위해 정부와 기업, 민간단체 등의 혁신주체들이 상호 협력적으로 지역혁신정책을 추진하고 있는 것으로 파악된다. 비록 정부형태는 다층적인 구조를 갖고 있지만 계층별로 역할이 구분되어 있는 가운데, 종적(정부간), 횡적(지역간) 협력이 비교적 잘 이루어지고 있는 것으로 판단된다.

• 한국경제지리학회지
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• 제9권1호
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• pp.81-96
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• 2006

프랑스의 로렌지역은 전통산업의 쇠퇴로 인하여 어려움을 겪은 유럽의 핵심 지역의 하나이다. 1970년대부터 정부는 탈산업화로 인한 경제적, 사회적 문제를 해결하기 위하여 지역혁신정책을 도입하였다. 지역혁신체제라는 개념은 1980년대 중반부터 유럽을 중심으로 지역정책에 도입되기 시작하여 1990년대 중반 이후부터 세계적으로 확산되고 있다. 우리나라는 교육인적자원부, 산업자원부, 과학기술부, 정보통신부 등과 같은 부처들이 2003년부터 각종 정책의 수립과정에 지역혁신체제를 도입하고 있다. 이러한 맥락에서 이 연구는 1970년대부터 산업구조 조정의 압력을 받으면서 지역혁신정책을 추진해온 프랑스 로렌지역을 대상으로 지역혁신정책상의 거버넌스 구조를 분석한다. 이를 위해 지역혁신체제론에 입각한 분석 틀에 기초하여 로렌지역의 지역정책과 거버넌스 구조를 조사 연구하였다. 연구결과에 의하면 로렌지역은 탈산업화로 인한 문제와 경제위기를 극복하기 위하여 정부와 기업, 민간단체 등의 혁신주체들이 상호 협력적으로 지역혁신정책을 추진하고 있는 것으로 파악된다. 로렌지역의 정부 형태는 다층적인 구조로 되어 있는데 이러한 구조에도 불구하고 협력이 잘 되고 있다.

• 한국산업정보학회논문지
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• 제29권3호
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• pp.89-105
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• 2024

본 연구는 ESG 활동의 효과성을 마케팅 관점에서 접근하여, ESG 활동이 기업의 브랜드 가치에 미치는 영향을 실증적으로 살펴보는 데 목적이 있다. 본 연구는 2016년부터 2022년까지 코스피와 코스닥에 상장된 기업을 대상으로 실증 분석을 실시하였다. 본 연구의 실증 분석 결과를 보면, 첫 번째, ESG 활동 개별 분석에서 E(환경)와 G(지배구조)는 브랜드 가치에 유의한 정(+)의 영향을 미치는 것을 확인하였다. 두 번째, 환경 분야에서는 이해관계자 대응이 브랜드 가치와 유의한 정(+)의 관계가 나타났고 지배구조 분야에서는 이사회가 브랜드 가치와 유의한 정(+)의 관계가 있었다. 본 연구를 통해 ESG 활동이 브랜드 가치를 올리는 데 선행적으로 행해져야 할 중요한 활동임을 증명하는 논리적 근거를 제시할 수 있다. ESG 활동 중에서도 환경 분야의 이해관계자 대응 활동과 지배구조 분야의 이사회 관련 사항이 브랜드 가치를 올리는 데 중요한 역할을 하다는 것을 밝혀내었다. 또한 마케팅 분야에서도 ESG 활동의 중요성을 연구하는데 마중물 역할을 할 것으로 기대한다.

• The Journal of Asian Finance, Economics and Business
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• 제7권3호
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• pp.265-276
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• 2020

The study aims to explore the problems of the existing Shariah Governance Framework (SGF) and its concerned authorities in the context of Bangladesh. Thus, according to responses from 17 respondents, this study outlines that Bangladesh has an absence of a shortage of experts, experienced, knowledgeable, and qualified Shariah people at all levels (i.e., the central bank, Islamic banks, Shariah Supervisory Boards (SSBs), and regulators). Therefore, Bangladesh does not have a separate Islamic banking act, Shariah audit firm, Shariah index institutions, and comprehensive SGF. The existing guideline has a limitation concerning its comprehensiveness, accountability, responsibility, and structure of SSBs. Islamic banks do not follow the instruction of the central bank in the formation of SSBs. As a result, there is an absence of competent and qualified SSB, which also results in the functions of Shariah departments as well as Shariah applications. Usually, the Board of Directors (BOD), management, executives, customers, and the public also have the conceptual gap about Islamic banks, SGF, and banking system compared to the regular prayers, faith, and belief. Concisely, Bangladesh requisites a comprehensive SGF, Islamic banking act, a standard accounting system, and a robust Shariah audit system for the overall development of Islamic banks and SGF.

• 수산경영론집
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• 제31권1호
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• pp.1-12
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• 2000

The experience of many countries strongly suggests that bad governments and institutions have been a serious, if not the most serious, obstacle to economic growth and industry-structural adjustments. All public sectors pursue a mix of both predatory and productive activities-bad governments emphasizing the former, while good governments finding a way of promoting the later. In fishery public policy studies, much confusion exists about the roles of policy illustration and prescription. In general fishery public sectors involve collective actions by numerous individuals under conditions of uncertainty, complexity, bounded rationality, and imperfect information structure. All collective fisheries action organizations consist of a center(e.g., government), which leads fishery group actions, and peripheral participants(e.g., fishermen), which are controlled by the government. A paradigm is developed that gives both theoretical and empirical meaning to the constitutional determination of fisheries political preference function or fishery public sector governance structures. Three relevant spaces are specified: policy instrument, results, and constitutional. The collective-choice rules of the constitutional space structure the tradeoff between public and special fishery interest groups. Fishery public sectors seeking sustainable reductions in wasteful rent-seeking fishing activities should select constitutional principles and institutional structures that tend to promote resource sustainability. In particular, the effects of internal and external events on fisheries may result in a greater or lesser concentration of interest group power. Thus, the structure of the fishereis political power must be assessed in any prescriptive evaluation of alternative fishery governance weights.

• 한국환경과학회지
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• 제31권12호
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• pp.1117-1126
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• 2022

This study analyzed the effect of Corporate Social Responsibility and ESG (Environmental, Social and Governance) score on information asymmetry from the perspective of investors, who are important stakeholders of the company. For KOSPI-listed companies from 2017 to 2020, the effect of ESG overall score and each item score (E, S, G) on the bid-ask spread, which is a proxy for information asymmetry, was confirmed. The results are as follows. First, the increase in corporate CSR activities resulted in lowering information asymmetry of investors. It was found that the higher the ESG score, an indicator of CSR activity, the lower the bid-ask spread, which is a proxy variable for information asymmetry. Second, as a result of analysis using ESG scores for each section, information asymmetry decreased as companies with higher scores in the environmental (E) and social (S) aspects, while the governance (G) score did not have a statistically significant effect. The analysis confirmed that corporate CSR activities can contribute to improving market efficiency by resolving information asymmetry of investors and convergence of the stock market into a state of equilibrium. This means that the company's CSR activities are reflected in the investment decision-making, which suggests that the company should consider the investor as a stakeholder in decision-making related to CSR activities.

• 한국의상디자인학회지
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• 제26권1호
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• pp.99-109
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• 2024

This study focused on analyzing the difference in the impact of non-financial performance, specifically ESG (Environmental, Social, and Governance) activity grade level, on management performance and corporate value among the 25 fashion companies listed on the Korea Exchange that completed their ESG evaluation in 2022. The companies were categorized into three levels based on their ESG evaluations: ESG Integrated Grade (ESG-T), ESG-E (Environmental), ESG-S (Social), and ESG-G (Governance). The study then empirically analyzed how these levels affected management performance and corporate value. The empirical analysis revealed significant differences in the impact on management performance and corporate value depending on the ESG activity grade level. Companies with higher ESG grades exhibited better management performance and higher corporate values across all ESG sub-variables (ESG-T, ESG-E, ESG-S, ESG-G) compared to those with lower grades. This finding demonstrates the influence of ESG activity grade levels on improving management performance and enhancing corporate value in fashion companies. The results of this research provide meaningful insights into the direction of sustainable management through ESG activities in fashion companies.

• Asia pacific journal of information systems
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• 제32권4호
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• pp.830-856
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• 2022

The Digital Government landscape is changing to reflect how governments try to discover innovative digital solutions, and how they transform themselves in the process. In addition, with the advent of information and communication technology (ICT), e-governance became an essential part of the government. Among the services provided by the Korean government, the Minwon24 online portal is the most used one. However, it has some processing limitations, namely: (1) it provides a cumbersome document authenticity service; (2) people cannot know what happened even if the agency handles the documents arbitrarily. To address the issues outlined above, blockchain processing can be a good alternative. It has a tremendous potential in that it has maximum transparency and a low risk of being hacked. Resource management is one of the areas where blockchain is frequently used. The present study suggests a new model based on blockchain for Minwon24; the proposed model is a type of resource management. There are three participants: issuer, owner and receiver. The proposed model has two stages: issuing and exchanging. Issuing is creating civil documents on the database, which is BigchainDB in this study. Exchanging, the next stage, is a transaction between the owner and the receiver. Based on this model, the actual program is built with the programming language Python. To evaluate the model, the study uses various criteria and it shows the excellence of the model in comparison to others in prior research.