• The Journal of Asian Finance, Economics and Business
• /
• v.6 no.4
• /
• pp.37-43
• /
• 2019

The research aims to study the relationship between export performance and stock return of Vietnamese fishery companies. To conduct this study, quarterly data was collected for period from 2010-2018 of 13 fishery companies listing in Ho Chi Minh Stock Exchange (HOSE) and Ha Noi Stock Exchange (HNX). The export performance was measured by export intensity, export growth and export market coverage. In addition, interest rate, exchange rate, GDP, firm size, profitability, and financial leverage were considered as the control variables in the research model. Panel data analysis with Generalized Least Squares model was employed to estimate the predictive regression. The findings indicated that export intensity and export growth have a significant and positive relationship with stock returns. However, export market coverage has not a significant relationship with stock return at the 0.05 level. Profitability, financial leverage, and exchange rate have a positive relationship, while interest rate and GDP have no relation to stock return at the 0.05 significance level. The findings imply that investors should consider the export intensity instead of export growth and export market coverage as selecting stock of fishery exports firms to invest; managers should increase export intensity to increase company's stock price or firm market value.

• Asia-Pacific Journal of Business
• /
• v.3 no.2
• /
• pp.42-48
• /
• 2012

This paper examined structural changes in export specialization of Japan, South Korea, Taiwan, and China at different levels of technological intensity. The study found significant differences across these Asian economies, with most pronounced changes for exports with high technological intensity. To account for the changing export specialization, the study applied the classical Ricardian model of comparative advantages to export patterns of Japan and South Korea. We found that the export specialization of Japan was mainly determined by differences in fixed effects across industrial sectors, with changes in relative labor productivity much less important. In contrast, changes in productivity turned out an essential factor for explaining the recent export specialization of South Korea.

• International Area Studies Review
• /
• v.20 no.2
• /
• pp.63-83
• /
• 2016

This paper examines the determinants of efficiency in a KOSDAQ-listed manufacturing firm. We use Data Envelopment Analysis (DEA) to estimate the efficiency of the export manufacturing firm. We employ two inputs (number of employees, equity) and one output (sales) in the DEA. The determinants of export manufacturing firm efficiency are estimated using the panel Tobit model. An analysis of 369 export manufacturing firms from 2013 to 2015 indicates the following results: First, the R&D intensity, the wage and salary intensity, total asset, and equity ratio each had a negative impact on both the CCR and BCC efficiency scores. However, export intensity had a negative impact on CCR efficiency scores in a KOSDAQ-listed total export manufacturing firm. Second, the R&D intensity had a positive impact on both the CCR and BCC efficiency scores, but export intensity, the wage and salary intensity, and equity ratio each had a negative impact on the CCR and BCC efficiency scores in a KOSDAQ-listed large export manufacturing firm. Third, the R&D intensity, the wage and salary intensity, total asset, and equity ratio each had a negative impact on both the CCR and BCC efficiency scores; respectively, in a KOSDAQ-listed small and medium export manufacturing firm.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.10 no.2
• /
• pp.1-10
• /
• 2015

This study examines the relationships between export intensity and knowledge search activities of Korea SME manufacturers. Using 2,145 firm data from the 2011 SME Technology Statistics Survey, we focused on the nonlinear relationships of export intensity and internal and external knowledge search activities. The results show that there are U-shaped relationships between export intensity and both of internal and external knowledge search activities. Local market-oriented or global market-oriented SMEs than the middle-level of exporters have more search activities both internally and externally. This study extends our understandings on the relationships between export intensity and knowledge search activities. There are some policy implications to develop supporting programs differing in knowledge search activities according to the acceleration of export or globalization of Korean SME manufacturers.

• Journal of Korea Trade
• /
• v.26 no.5
• /
• pp.23-38
• /
• 2022

Purpose - This research intends to find out whether R&D cost stickiness shows differentiated aspects depending on exports in Korea. A cost behavior that indicates a lower rate of costs decrease when sales decrease than the rate of costs increase when sales increase is called cost stickiness. This sticky cost behavior is caused by considering the adjusting costs. This study aims to empirically verify that R&D cost stickiness is greater in export firms than in non-export firms. We also investigate the effect of exports on R&D cost stickiness is nonlinear. Design/methodology - We obtain data for the analysis from Kis-Value and TS2000 from 2012 to 2020. This study tests for R&D cost stickiness of exports using the cost stickiness model developed by Anderson et al. (2003) that is used in a lot of prior literature. To explore the nonlinear behavior of R&D cost stickiness we include a quadratic term of exports in our model. Findings - The results of our analysis are as follows. First, we observed that R&D costs of export firms are more sticky than that of non-export firms. Our result indicated that export firms are less likely to reduce R&D costs in decreasing sales periods in preparation for future sales recovery. Second, our empirical evidence shows that export firms view R&D costs much favorably. However, we hypothesize that the effect of export intensity on R&D costs may not necessarily be linear. Our result shows the effect of exports intensity on R&D stickiness is thus nonlinear, forming a reverse U-shaped curve. When export intensity exceeds a certain threshold, the growth rate of R&D costs appears to be viewed negatively. Firms with relatively high export intensity do not support R&D costs, viewing them as taking away firms' resources from other more productive costs. On the contrary, those with export intensity under the threshold view R&D costs as beneficial and therefore promote further R&D costs when revenue decreases. Originality/value - The results of this research can contribute academically to the expansion of empirical research on R&D cost stickiness. R&D cost stickiness varies by industry. As a result of our research, the managers of export firms recognize the importance of R&D to lead innovation. We expected that this research contributes to further studies on R&D costs and cost stickiness. Second, this research has implications from a business perspectives. Our findings of export firms' R&D stickiness suggest that export firms' managers should consider keeping the stickiness of R&D when revenue decreases because it is essential for exporting firms to maintain their R&D stickiness to secure long-term competitiveness. R&D stickiness can be used on a practical basis to emphasize the need for continuous investment in exporting firms' R&D activities.

• Journal of the Korean Operations Research and Management Science Society
• /
• v.34 no.4
• /
• pp.27-42
• /
• 2009

The research aims to identify factors affecting the use of government export marketing assistance programs and future improvements of the programs. 500 Korean exporting firms were used as a sample and research hypotheses were tested by the structural equation modeling using AMOS 7.0. The empirical findings are as follows. First, exporting firms' awareness of export marketing assistance programs showed a positive impact on their use of the programs. Second, small exporters showed higher awareness and use of the programs than large ones. Third, the firms with low export intensity showed higher awareness and use of the programs than those with high export intensity. Fourth, exporters having high orientations for overseas market showed higher awareness and use of the programs than those with low international orientations. Fifth, exporters having high proportion of direct exports showed higher awareness and use of the programs than those with low proportion of direct exports. Also, the effects of these firm-specific characteristics on the use of the programs were found to be done indirectly, in other words, through the awareness of the programs. Therefore, it was concluded that export marketing assistance program would be differentiated and specialized to fit in with exporters' different exporting stages and needs. Also, in order to increase the use of the programs, exporters' awareness and knowledge of the programs have to be increased in advance.

• International Area Studies Review
• /
• v.14 no.3
• /
• pp.312-338
• /
• 2010

This paper investigates the value relevance of advertising activity over the period from 2001 to 2009 in the listed Korean stock markets(KOSPI and KOSDAQ). In addition, this paper divide all sample firm into several subsample, based on R&D intensity and export ratio in total sales. The empirical result of this paper shows following two evidence; First, advertising intensity, which proxies for advertising activity, is significantly related to firm value at the 1% level of significance. Second, advertising activity of high R&D intensity and high export ratio sample firms has more significant value relevance than for firms with low R&D intensity and low export ratio. The empirical results suggest that moderation effect of R&D intensity and export ratio are very important factor in determining the value relevance of advertising activity.

• Korea Trade Review
• /
• v.41 no.4
• /
• pp.61-90
• /
• 2016

This study aims to identify the sources of productivity change in export manufacturing firms. After estimating the Malmquist productivity index, a panel regression was used to calculate the source of productivity change. Upon conducting a literature review of this field, six variables were selected as explanatory variables. The results of an analysis of 355 export manufacturing firms operating from 2009 through 2015 are as follows: First, both innovation activity and total assets had a positive impact on productivity change. However, employment cost intensity, equity ratio, and current ratio had a negative impact on productivity change in export manufacturing firms. Second, innovation activity and intangible assets had a positive impact on productivity change, but employment cost intensity, selling expense intensity, and equity ratio had a negative impact on productivity change in large export manufacturing firms. Third, innovation activity had a positive impact on productivity change, but employment cost intensity and equity ratio had a negative impact on productivity change in small and medium export manufacturing firms. Fourth, intangible assets had a positive impact on productivity change, but employment cost intensity, selling expense intensity, and current ratio had a negative impact on productivity change in export manufacturing firms listed on the Korea Composite Stock Price Index. Fifth, innovation activity and total assets had a positive impact on productivity change, but employment cost intensity and equity ratio had a negative impact on productivity change in manufacturing firms listed on the Korean Securities Dealers Automated Quotations. The managerial implications of this study are also discussed.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.11 no.3
• /
• pp.37-48
• /
• 2016

The purpose of this study is to investigate the factors that affect the degree of export intensity of Korean venture businesses, and to analyze the effect of export intensity on corporate performance. We use 1,970 firm data (from Venture Business Survey by Small & Medium Business Administration) and analyze the possible factors of the CEO characteristics, the corporate characteristics, and the environmental factors. Our analysis shows that Korean venture business' CEO characteristics, such as his/her doctoral degree and marketing work experiences, increase their export intensity statistically significantly, while their age does not. In addition, the companies who outsource their products have a higher export intensity, and, as the firm age increases, the export intensity decreases significantly. It is also analyzed that, as the number of export regions or FDI regions increases, their export intensity goes higher. However, firms' higher level of internationalization does not bring higher performance of the venture firms, while it does significantly for the venture firms that are older than 10 years. The result implies that CEO's education or work experiences and strategic approaches are important for corporate globalization, and that it takes time for globalizing venture firms to be able to garner profits from their global investments.

• Management & Information Systems Review
• /
• v.22
• /
• pp.1-23
• /
• 2007

This paper investigates the relationships between exports, firm size, and firm dynamics. It is based on a longitudinal data covering listed firms in the Korean manufacturing industry. We found the stylized fact that the probability that a firm is exporter increases with firm size. A regression model for the determinant of export/sales ratio including dynamic adjustment process is tested on a cross-section sample for the year 2001. Empirical findings suggest that there is a positive and inversely U-shaped relationship between firm size and export/sales ratio, just for basic material and capital good industry. Except for firm size, the hypotheses concerning human capital intensity, physical capital intensity, R&D intensity, and patent are rejected. Using Granger causality test, we found that the rate of growth of total sales influences the change of the export/sales ratio with time lag for medium-sized firms. Finally, some policy implications are presented.