• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.433-444
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• 2020

The purpose of this study is to analyze integrated reporting disclosure and its implications on investor reactions. The population in this study is all manufacturing companies listed on the Indonesia stock exchange from 2017 to 2019, totaling 171 companies, and the sampling technique used is purposive sampling method. The method used in this research is a quantitative description using the financial statements of manufacturing companies listed on the Indonesia stock exchange. The data analysis method used is multiple regression analysis with intervening variables using AMOS 24 software. The results of this study show a positive and significant effect of profitability (X1) and company size (X2) on integrated reporting (IR); a positive and insignificant effect of stakeholder pressure (X3) on integrated reporting (IR); a positive and significant effect of profitability (X1) and stakeholder pressure (X3) on investor reactions (Y); a positive and insignificant effect of firm size (X2) and integrated reporting (IR) on investor reactions (Y). Suggestions are that in further studies, we can increase the sample size by including other industries, and in addition to using annual reporting, we can also use other sources such as websites, press releases, and prospectuses to improve the robustness of this study by relying on other data sources.

• Journal of the Korea Society of Computer and Information
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• v.12 no.1 s.45
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• pp.219-229
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• 2007

The results of the research in M&A firms in the KOSDAQ market are as follows. First, the effect of the M&A disclosure at the time of disclosure was that the positive (+) cumulative abnormal return (CAR) can be interpreted as an increase in the value of the firm; however, in the long run, firms which used the KOSDAQ index and the control firm, which did not use the index were found to have conflicting results. Second, the findings show that the rise in value of general firms resulting from a M&A were higher that those of venture firms. Third, in testing the performance extrapolation hypothesis, it was shown that the performance of "value" firms (firms with a high B/M ratio but poor performance in the past) was better after a M&A than those of the "glamour" firms and that the performance extrapolation hypothesis was substantiated. Fourth, it can be construed that a size effect in a merger exists. The CAR of the small firms surpasses those of large firms. Fifth, in verifying operating performance, most variables showed a positive (+) value at the time of M&A but showed a negative (-) value after a M&A. These results show that because on the Korean KOSDAQ market, M&A are approached from a financial rather than an economic aspect, it can be inferred that it lowers the firms value.

• Asia-Pacific Journal of Business
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• v.14 no.1
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• pp.73-91
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• 2023

Purpose - The purpose of this study is to re-examine the disclosure effect of stock splits and long-term performance after stock splits using stock split data over the past 10 years, and infer the motivation (signal or opportunism) of stock splits. In addition, we focus on exploring the determinants of the short- and long-term market response to stock splits. Design/methodology/approach - We measure the short-term market response to a stock split and the long-term stock performance after the stock split announcement using the event study method. We analyze whether there is a difference in the long-term and short-term market response to a stock split according to various company characteristics through univariate analysis and regression analysis. Findings - In the case of the entire sample, a statistically significant positive excess return is observed on the stock split announcement date, and the excess return during the 24-month holding period after the stock split do not show a difference from zero. In particular, the difference between short-term and long-term returns on stock splits is larger in companies with a large stock split ratio, small companies, large growth potential, and companies with a combination of financial events after a stock split. Research implications or Originality - The results of this study suggest that at least the signal hypothesis for a stock split does not hold in the Korean stock market. On the other hand, it suggests that there is a possibility that a stock split can be abused by the manager's opportunistic motive, and that this opportunism can be discriminated depending on the size of the stock split, corporate characteristics, and financing plan.

• Information Systems Review
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• v.25 no.4
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• pp.205-231
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• 2023

The Information Security Management System (ISMS) is a protection procedure and process that keeps information assets confidential, flawless, and available at any time. ISMS-P in Korea and ISO/IEC 27001 overseas are the most representative ISMS certification systems. In this paper, in order to understand the relationship between ISMS certification and organizational characteristics, data were collected from Korea Internet & Security Agency (KISA), Ministry of Science and ICT, Information Security Disclosure System (ISDS), Financial Supervisory Service, Data Analysis, Retrieval and Transfer System (DART), and probit regression analysis was performed. In the probit analysis, the relationship with four independent variables was confirmed for three cases: ISMS-P acquisition, ISO/IEC 27001 acquisition, and both ISMS-P and ISO/IEC 27001 acquisition. As a result of the analysis, it was found that companies that acquired both ISMS-P and ISO/IEC 27001 had a positive correlation with the total number of employees and a negative correlation with business history. In addition, the improvement direction of the ISMS-P certification system and information security disclosure system could also be confirmed.

• The Korean Journal of Franchise Management
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• v.3 no.2
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• pp.20-38
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• 2012

After being introduced into franchises industry, franchise has made a phenomenal growth in a short time and a substantial contribution to job creation and economic revitalization. Nevertheless, franchise business operators failed a business or low profit because of a lack of information and indiscriminate foundation. Therefore the first object of this study is characteristics of franchise's factors on disclosure agreement in franchise associate website. second is examinations about casual relationship between factor and franchise performance with using Excel and SPSS 18.0 versions. The findings of present study were as follows. First, franchises manage small business mostly(financial data, scale so on) and franchise's type focused the food service industry. Specially, a business district select unprotected contract. Second, in franchise's factors, we could find statistically significant effect on annual average sales and annual average net profit. However growth rate of franchise don't have statistically significant effect. Third, we could find statistically significant difference on analysis both franchises' factors and financial data. In conclusion, we must consider of franchise industry environment and success effect on performance in starting one's business. Furthermore franchises plan ways for their sustained growth and protection of rights and interests. Finally business operator draw up their information and upgrade continuously for franchises industry growth. Discussion and theoretical and managerial implications of the results were described along with future franchise research suggestions.

• Asia-Pacific Journal of Business
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• v.11 no.4
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• pp.271-289
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• 2020

Purpose - This paper examined the relation between Correction of Annual Reports and Earnings management. The annual reports are used as key reports for critical decision making by providing useful information to various stakeholders across the firm. Design/methodology/approach - The sequence of this study is analysed that each of the following two cases affects the earning management: 1. that corrections have been made; 2. Where financial information have been modified or non-financial information have been modified during the correction of the annual report. We draw an initial sample of firms listed on the Korea Stock Exchange from 2014 to 2017. Among these, we excluded firms that were not able to obtain the variables needed to measure the correction of Annual Reports and the earnings management. Finally, we use the 7,035 firm-year observations. Findings - Our empirical results of this study are as follows; First, it turned out that the earnings management of companies that report business reports on corrections is larger than those that do not. Second, among the types of annual report corrections, the correction of non-financial information is significantly larger on earnings management than the correction of financial information. Research implications or Originality - The correction disclosure of business reports is a very important issue in terms of accounting information accuracy and reliability. The results of this study will provide policy implications for correction disclosures and regulations due to an important issue as accounting information. An entity that initially prepares accounting information should advanced in such a way that it provides high quality accounting information and then complements and accepts it by various stakeholders.

• Culinary science and hospitality research
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• v.20 no.6
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• pp.175-189
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• 2014

This study was intended to provide fundamental data concerning franchising companies' characteristics and performance in foodservice business by employing financial data from the firms' IDS(Information Disclosure Statements). Multiple regression analysis method was used to identify any correlations among franchising size, marketing competency, operational characteristics, and performance according to technique based upon 169 IDS data as of 2013. In terms of franchisor size and performance, the number of company-operated stores had statistically significant corelation with sales, net income, the total number of stores, and the number of franchisees. With respect to marketing competency and performance, advertising expenses showed statistically significant correlation with sales, the total number of stores, promotion expenses with sales, net income, and the total number of stores. On the other hand, there was no statistically significant correlation with current year's net income. At last, present study found significant correlations among business years, sales, current year's net income, and the total number of stores by regarding operational characteristics and performance, but there was no significant correlation between brands and performance. This study is cross-sectional study which is a limitation to be overcome in further studies. In addition, it is required to review the possibility for franchise management style to contribute to expanding the Korean traditional foods.

• Journal of Information Technology Applications and Management
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• v.17 no.1
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• pp.11-33
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• 2010

The majority of graphs and visuals made publicly available by Thai listed companies tend to be disjointed and minimal. Only a little over fifty percent of the total 478 companies included graphic representations of their business operations and performance in the form of two or three dimensional spreadsheet based graphs in their annual reports, investor relations documents, websites and so on. For novice users, these visual representations are unlikely to give the big picture of what is the company's financial position and performance. Neither will they tell where the company stands in its own operating environment. The existing graphics and visuals, in very rare cases, can provide a sense of the company's future outlook. For boundary users such as audit committees whose duty is to promote good governance through transparency and disclosure, preliminary interview results show that there is some doubt as to whether the inclusion of big-picture visuals can really be of use to minority shareholders. These boundary users expect to see more insightful visuals beyond those produced by traditional spreadsheets which will enable them to learn to cope with the on-going turbulence in today's business environment more quickly. However, the debate is still going on as to where to draw the line between internal or external reporting visuals.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.4
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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.

• Journal of Distribution Science
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• v.13 no.10
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• pp.51-56
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• 2015

Purpose - This study examines Chinese P2P investment decision processes from a behavioral economics approach. Research design, data, and methodology - We analyze the online P2P investment product purchase decisions of 241 respondents in China, March 2015 to May 2015. T-tests were conducted to determine whether the framing effect influenced investor investment preferences. The Association Rule was used to identify the framing effect of respondent demographic characteristics on joint decisions regarding stable or risky investment products. Results - There are significant differences between the two groups (positive framing and negative framing) and their product-choosing behavior. In the positive framing group, female investors, young investors, investors with non-financial occupations and with limited or no experience, preferred stable P2P investment products. In contrast, in the negative framing group, investors with extensive investment experience preferred risky investment products. Conclusions - The framing effect influences investor choices in online P2P investment products. It is necessary to implement comprehensive supervision and full information disclosure regarding P2P investment products. P2P investment websites can also adopt different marketing strategies according to investor gender and age.