• Journal of Korean Society for Quality Management
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• v.44 no.3
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• pp.617-638
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• 2016

Purpose: The purpose of this study is to propose useful suggestions by analyzing difference of financial performance between "Excellent Quality Competitiveness Enterprise(EQCE)" awarding companies and all the manufacturing companies during the period 2003-2014 and by testing the moderating effects of performance year. Methods: This paper perform the longitudinal study during the period 2003-2014. The collected data through list of National Quality Award and financial report of CRETOP were analyzed using independent-sample t-test, paired-sample t-test, one way ANOVA and empirical analysis. Results: The results of this study are as follows; EQCE showed higher growth rate than all the companies until 2008, but profitability, stability, and activity are not significantly different between the both. Therefore EQCE have partial influences on growth rate among several financial performance measures until 2008. Since 2009 there are no differences. The effects of EQCE on financial performance are different by the year. Conclusion: EQCE award system was a meaningful promotion method to enhance good financial performance through encouraging quality management for the manufacturing companies until 2008, But since 2009 it is expected to lose its role as a promoting tool for quality management and performance excellence. Therefore new way of thinking for EQCE, as a national quality award system, is necessary; changing awarding system, award criteria, or etc.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.4
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• pp.349-362
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• 2021

This study aims to examine the effect of environmental performance, independent board of commissioners, and firm size on environmental disclosure measured by the Indonesian environmental index. The population in this study is manufacturing and coal mining companies that follow "PROPER" and are listed on the Indonesia Stock Exchange (IDX) from 2017 to 2019. This research was conducted by reviewing annual reports to collect information on environmental disclosures. The sampling used in this study was purposive sampling technique and obtained a sample of 117. Also, the data analysis technique used was multiple linear regression analysis with statistical hypothesis testing. The results showed that environmental performance and firm size had a positive effect on financial performance. Meanwhile, the independent board of commissioners does not affect financial performance. Furthermore, environmental performance, firm size, and financial performance have a positive effect on environmental disclosure. While the independent board of commissioners does not affect environmental disclosure. The findings of this research suggest that environmental performance has a significant positive effect on financial performance. The hypothesis is accepted, meaning that companies that are sensitive to environmental problems and run eco-efficiency operations will strengthen the company's profitability.

• Journal of Distribution Science
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• v.16 no.5
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• pp.17-29
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• 2018

Purpose - This study analyzed the success strategy of Korean small & medium cosmetics exporting companies to enter the Southeast Asian market. Research design, data, and methodology - The independent factors are classified into firm capacity, financial factor, institutional factor, and operational factor. The results of the selection of distributor partners of cosmetics related export companies as a were classified as financial performance and non - financial performance. In order to analyze this, 65 Korean small and medium export companies were recruited through structured online questionnaire for 44 days from September 18, 2017 to October 31, 2017. These data were analyzed by frequency analysis, correlation analysis, factor analysis and regression analysis using SPSS. Results - The Cronbach's alpha coefficient was found to be 0.846. Factor analysis between variables revealed that the eigen value exceeded 1 and was considered valid. As a result of the correlation analysis between the variables, the financial factor and the corporate's competence showed the highest correlation with 0.774. Conclusions - Among the factors influencing the financial performance of the exporting firms, the factors influencing the financial performance of the exporting companies are the factors that influence the non - financial performance rather than the financial performance.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.1
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• pp.225-235
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• 2021

The objective of this study is to identify the effects of ethical values reflected on zakat and Corporate Social Responsibility (CSR) on the financial performance of sharia banking in Indonesia. This study contributes to the Indonesia Financial Service Authority (Otoritas Jasa Keuangan (OJK) policies concerning the need for implementing ethical values in sharia banking and other sharia financial entities based on the philanthropic model, this study posits that firms undertaking zakat and charity are ethical firms. The population of this study is 8 sharia banks listed on the Indonesia Stock Exchange (IDX) in 2014-2018. The result of the study showed that zakat disclosure significantly affected financial performance. Moreover, ethical values that were proxied by CSR disclosure did not significantly affect financial performance. The limitation of the study is the limited number of the sample; therefore, it is expected that the future research adds other sharia financial entities and adds the dimension of management, sustainability, product, and the environment as benchmarks of ethical values. The originality of this study offers an additional explanation of the relationship between ethical values and performance by investigating zakat and CSR disclosure which is a unique factor in Indonesia.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.7
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• pp.231-237
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• 2022

Intellectual Capital, a valuable intangible organizational asset, is primarily linked to a company's financial performance and is divided into three categories: human, structural, and relational capital. This paper investigates the impact of intellectual capital on the financial performance of selected Pakistani companies in the Information and Communication sector, as this sector is heavily reliant on intellectual capital. The data for 11 firms was gathered from the State Bank's Financial Statements Analysis of Companies Listed on the Pakistan Stock Exchange from 2015 to 2020. Pulić's (2004) Value Added Intellectual Coefficient (VAICTM) has been used to assess a company's IC efficiency. VAIC^TM and its components, the efficiency of intellectual capital, and the efficiency of capital employed are calculated. Financial performance is measured through return on assets, return on capital employed, and asset turnover ratio. Multiple regression, fixed-effect, and random-effect Panel Data estimation are used in the empirical study. The findings suggest that intellectual capital efficiency has a large impact on major profitability metrics, but little effect on company productivity. It can be inferred from the results that the companies must invest in advanced technology, the latest machinery, and well-equipped offices to improve financial performance and productivity and gain a competitive advantage.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.201-208
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• 2021

This study aimed to identify the key factors that affect the financial market performance (Price-Earnings Model) through a sample of 35 public shareholding industrial companies on the Amman Stock Exchange for the period 2010-2019, using statistical models and methods, such as the Simple Linear Regression Model, Correlation Coefficient, and dispersion board. The study results showed the nonexistence of a statistically significant effect between the intellectual capital and market value added (MVA) and market performance. Results also showed a statistically significant positive effect between financial leverage (FL) and the market performance, where the interpreted variation reached 64%. It showed from the analysis results that the relationship between (MVA) and market performance (P/E) agrees with the study hypotheses, while the result related to (FL) disagrees with the study hypotheses. The study recommends that public shareholding industrial companies should focus more on intellectual capital and show its value in the annual financial statements and reports, and those companies that have high profitability and the chance to hold gains and profits should rely less on debt and more on retained earnings, due to the high risk of debt and in line with the present unstable circumstances in Jordan, especially in light of the global Covid-19 crisis.

• Journal of Global Scholars of Marketing Science
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• v.18 no.2
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• pp.189-222
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• 2008

This study developed a model to empirically investigate the effects of market orientation and relationship orientation with suppliers on business performance and examine the moderating effects of entrepreneur's characteristics (working tenure) and clinic's location. The data was collected from 200 animal clinics which belong to Korean Animal Hospital Association (KAHA)'s national conference in April, 2007. Descriptive statistic, factor analysis, reliability analysis, and regression analysis were conducted to analyze the data using SPSS/PC+ 12.0. The findings are as follows. First, the market orientation of animal clinics influences significantly both financial and non-financial performance. When the moderating effect of entrepreneur's working tenure is considered, market orientation has significant effect on animal clinic's financial and non-financial performance. However, when the moderating effect of animal clinic's location is considered, market orientation has not significant effect on animal clinic's financial and non-financial performance. Second, animal clinic's relationship orientation with suppliers mostly affects the financial and non-financial performance significantly. When entrepreneur's working tenure in the clinic is longer (above 4 years group), relationship orientation with suppliers significantly affects both financial and non-financial performance. Meanwhile, when the entrepreneur's working tenure in the clinic is shorter (less than 3 years group), relationship orientation with suppliers doesn't affect clinic's financial performance but affect non-financial performance partially. In other words, when entrepreneur's working tenure is shorter (less than 3 years group), market orientation more influences on clinic's financial and non-financial performance while relationship orientation with suppliers does less. It is thought that their relation with suppliers and relationship orientation activities with suppliers are less strongly established and maintained yet. So, they primarily focus on market orientation strategy when entrepreneur's working tenure is shorter. Third, when animal clinics are located in non-metropolitan area, relationship orientation with suppliers significantly affects financial and non-financial performance. However, when animal clinics are located in metropolitan area, it doesn't affect financial and non-financial performance either. It is thought that animal clinics which are located in non-metropolitan area need stronger relationship with suppliers and need support more from them as most of suppliers actively work in metropolitan area not in the non-metropolitan area and animal clinics in metropolitan area can easily get better market information than animal clinics in non-metropolitan area. Lastly, while the effect of the market orientation significantly influences animal clinic's business performance continuously, the effect of the relationship orientation differently influences business performance as it is moderated by entrepreneur's working tenure and animal clinic's location. So, relationship orientation with suppliers can be selectively applied to improve the clinic's financial and no-financial performance. In summary, both of animal clinic's marketing orientation and animal clinic's relationship orientation with suppliers positively influence their business performance. However, entrepreneur's working tenure and animal clinic location moderate the relationship between market orientation and relationship orientation and their business performance differently. This study is quite meaningful to empirically investigate the effects of both of market orientation and relationship orientation with suppliers on business performance and examine the moderating effects of entrepreneur's characteristics (working tenure) and clinic's location. And, as this kind of study has been very few in the context of animal clinic industry, it helps practically understand the effects of market orientation and relationship orientation with suppliers on the financial and non-financial performance in animal clinic industry. Furthermore, as the market conditions in animal clinic industry have been in difficulty for a few years, this study can help improve animal clinic's financial and non-financial business performance together with their suppliers as business partners. Lastly, this study can help find mid-term and long-term cooperation between animal clinics and their suppliers. This study has some limitations. So, care should be taken when generalizing the results of the study. First, our samples were collected from only the animal clinics industry. However, a comparison of the results presented here with those form other marketing contexts (e.g., general hospitals) would be worthwhile. Future comparative research will enhance the generality of our contingency theory cross industry context. Second, this study found that market orientation and relationship orientation affect business performance. However, there may be other antecedents, such as internal market orientation and relationship orientation with customers. Also, this research did not consider other moderators, such as overall market conditions, competitive situations, and power/conflict between suppliers and buyers in the relationship between market and relationship orientation and business performance.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.43 no.3
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• pp.167-178
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• 2020

The purpose of this study is to examine the relationship between internal corporate, supplier, and customer integrations for domestic SMEs on non-financial and financial performance through SCM performance such as flexibility and reduction of uncertainties. To this end, data was collected on 286 SMEs in Korea, and the structural relationships between SCM integration level, SCM performances, and management performance were analyzed. As a result of the analysis, first, it was found that the SCM integration level had a significant positive effect on the flexibility and reduction of uncertainties, which are SCM performances. Second, the flexibility and reduction of uncertainties showed significantly positive effects on the non-financial performance of the companies, but did not directly affect the financial performance positively. Third, the non-financial performance was found to have a positive effect on the financial performance. In addition, the SCM integration level did not have a direct effect on the financial and non-financial performance, but it was found that it affected management performance by mediating the flexibility and reduction of uncertainties, which are SCM performances. That is, although the SCM integration level did not directly affect financial and non-financial performance, it was confirmed that it affects management performance by mediating SCM performances, flexibility and uncertainty reduction. In other words, it was confirmed that the SCM integration level directly or indirectly affects SCM performances and overall management performance. These results imply the necessity to focus on competency in the supply chain management area according to the SCM performance expected by SMEs, and the step by step approaches to the expected effects. In a situation where prior SCM related studies have not been able to present SCM performances and management performance of SMEs that are relatively lacking in their capital and SCM construction capabilities, the findings of this study could suggest the importance of SCM integration from the perspective of SMEs. In addition, from the viewpoint of SMEs, this study suggested that a sequential approach for performance measurement is required (SCM performance → management performance) in relation to the performance factors to be established through SCM.

• Journal of the Korean Operations Research and Management Science Society
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• v.27 no.2
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• pp.123-152
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• 2002

This study establishes key success Predictors of internet venture enterprises in Korea. The five factors are derived from the relevant literature and clarified the concept of entrepreneurship, industrial level, enterprise strategy, organizational capability, and resource procurement by distinguishing between its components and determinants. Organizational performance indicators were derived from the previous studies classifying by financial performance indicator and non-financial performance indicator using by recent evaluation method as BSC (Balanced Scorecard). We then examine the impact of critical success factors on the internet venture performance. Hypotheses on five factors of internet venture were tested for 103 organizations. Results indicate that critical success factors may serve as key predictors. Organizational strategy and resource capability was found to be positively influenced on both financial performance indicator and non-financial performance indicator while entrepreneurship, industrial level and organizational capability positively affected only non-financial performance indicator.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.223-231
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• 2020

This research aims to examine (1) the effect of carbon emission disclosure on firm value, (2) the effect of good corporate governance on firm value, (3) the mediating role of financial performance between carbon emission disclosure and firm value, and (4) the mediating role of financial performance between good corporate governance and firm value. The research sample includes 43 mining, agro, and manufacturing firms listed in the Indonesian Stock Exchange over the 2015-2017 period. Carbon emission disclosure is measured by an indicator of the Global Reporting Initiative Series of Environmental Aspect. Good corporate governance is measured by the corporate governance score of shareholder rights, boards of directors, outside directors, audit committee and internal auditor, and disclosure to investors. Financial performance is measured by return on assets, while firm value is measured by Tobin's Q. Data analysis uses the structural equation modeling. The result shows carbon emission disclosure and good corporate governance have no direct effect on firm value. On the other hand, financial performance mediates the effect of carbon emission disclosure and good corporate governance on firm value. It shows that higher carbon emission disclosure and good corporate governance are meaningless for the investor if they do not give any financial performance improvement.