• 유통과학연구
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• 제22권6호
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• pp.1-10
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• 2024

Purpose: This study's objective is to examine the impact of firm-specific and macroeconomic factors on the business performance of non-cyclical and cyclical sectors in Indonesian listed firms. The evaluation of business performance holds paramount importance for the achievement and long-term viability of a company. Research Design Data and Methodology: The data for 61 non-cyclicals sector companies and 57 cyclicals sector companies was gathered over a 4-year period from 2018-2021. The model integrates firm size, leverage, and sales growth as firm-specific factors, with real GDP growth and inflation rate as macroeconomic variables. ROA and ROE are indicators of a firm's business performance. The regression models are estimated using the distribution of a dynamic approach with Arellano-Bond Panel Generalized Method of Moments (GMM) estimation. Results: The results of the pooled sample indicate that the historical ROA and ROE have a positive relationship with the business performance of all sectors, including both non-cyclical and cyclical industries. The ROE of non-cyclical enterprises is primarily influenced by firm-specific characteristics and macroeconomic influences. Conclusion: To ensure the successful implementation of the distribution of a dynamic approach towards enhancing corporate business performance, organizations need to take into account a combination of firm-specific factors and macroeconomic factors.

• 기술혁신연구
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• 제18권1호
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• pp.1-20
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• 2010

본 연구는 바이오기업의 외부 네트워크 전략을 공동연구 협력, 제조/마케팅/판매 제휴, 자금지원, M&A 등 4가지로 구분하고, 이와 같은 바이오기업의 외부네트워크 전략이 기업의 성과에 미친 영향을 살펴보기 위하여 미국 바이오기업 패널자료를 사용하여 분석한다. 첫째, 기술개발 이후의 제조/판매/마케팅 제휴는 단기간에도 모든 기업성과를 증진시키는 역할을 하였다. 둘째, 기술개발단계에서의 연구개발협력 중 제약회사와의 협력은1~2년 이후의 기업성과에, 그리고 타 바이오기업과의 연구개발협력은 2년 이후의 기업성과에 정의효과를 가져왔다. 셋째, 가장 장기적이며 기초연구에 주목적을 두고 있는 공공기관 및 대학과의 공동연구 협력은 단기적인 기업성과에 부정적으로 작용하여 향후 2~3년이 아닌 보다 장기적인 관점에서 재조명되어야 하는 것으로 나타났다. 이러한 실증분석결과는 국내 바이오산업의 발전을 위하여 외부 네트워크전략을 통하여 기술혁신을 경주하는 노력이 필요하며, 또한 주로 기초기술에 집중된 공공기관과 대학과의 공동연구를 지원하는 정책적 고려가 필요함을 시사한다.

• Asian Journal of Innovation and Policy
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• 제3권1호
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• pp.94-116
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• 2014

The technological innovation is considered as an important factor and there is a positive externality in developing technology in the form of technology spillover. In this context, it is argued that government should play an active role in advancing technology development and several means have been introduced. This study attempts to analyze manufacturing firms' evaluation for the performance of government assistance programs to their R&D activities. Considering that the performance evaluation takes the form of a count outcome, we apply several kinds of count data models. Some interesting findings emerge from the analysis. For example, we found that a firm's sales amount, dummy for the firm's having an R&D department, dummy for the firm's being a venture one, and the number of the firm's innovative activities have positive relationships with the degree that the firm evaluates government assistance as being useful.

• Asia pacific journal of information systems
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• 제32권3호
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• pp.564-579
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• 2022

The use of on-premises technology in the business environment to create a competitive advantage is ushering in a new era known as digital transformation. As the foundation of digital transformation of enterprises, information technology still has a paradoxical effect on enterprises. This paper documents the effect of investments in IT on a firm's long-term profitability performance measures as return on assets (ROA), as well as tests whether the earlier entrant and the later entrant are different in IT investment performance. Using a sample of China's public firms IT investment data between 2016 and 2019, the result indicates that IT investment in firms have a positive effect on firm performance in full sample, but not in the financial industry firms. When it comes to the different investment time, the result shows no significant difference between the earlier entrant firm and the later entrant firm in the full sample, but not in the case of software industry sample. This should help alleviate the concerns that some have expressed about the viability of digital transformation given the highly publicized IT investment and implementation problems at some firms.

• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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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.

• 벤처창업연구
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• 제9권3호
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• pp.13-22
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• 2014

본 연구에서는 연쇄창업자를 대상으로 창업자의 창업경험을 통한 학습, 이전 창업기업의 성과, 산업의 전문성, 재창업을 위한 준비(창업커뮤니티와 교육) 요인이 재창업기업의 성과에 어떠한 영향을 미치는지를 실증적으로 분석하였다. 또한 창업경험과 재창업기업의 성과간의 관계에서 동종산업내 재창업 여부와 창업커뮤니티 또는 교육 프로그램 참여를 통한 효과가 조절역할을 하는지도 함께 분석하였다. 분석결과, 창업경험과 이전 창업기업의 성과는 재창업기업의 매출성과에 유의미한 영향을 미쳤으며 동종산업내 재창업 여부와 창업커뮤니티 또는 교육 프로그램의 효과는 직접적인 유의미한 영향은 없었으나 창업경험에 대한 조절효과를 나타냈다. 이러한 연구결과를 토대로 연쇄창업자가 산업의 전문성을 자산화 시켜 활용하고 재창업을 위한 커뮤니티와 교육프로그램 참여를 통해 재창업에 도전할 수 있으며 궁극적으로 재창업기업의 성과를 향상시킬 수 있다는 시사점을 제시하였다.

• The Journal of Asian Finance, Economics and Business
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• 제9권4호
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• pp.307-314
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• 2022

The construction and real estate industries contribute significantly to each country's economic development. Strong construction and real estate firms will contribute more to the country's GDP by contributing to the industry's development. The purpose of this study is to examine the factors that influence the performance of the construction and real estate sectors in Vietnam. A survey of 200 construction and real estate firms in different areas was conducted from 2020 until the end of 2021. Following the removal of errors, the author got 196 replies, 6 of which were invalid, leaving 190 votes for quantitative analysis. The research findings show that elements such as (1) senior executives' commitment to the organization, and (2) the ability to use technology have a positive and significant impact on firm performance when using advanced econometric analysis. Furthermore, in the case of Hanoi, Vietnam, business relationships have a positive impact on firm performance. Training and development, as well as the working environment and incentives, have little effect on the profitability of construction and real estate firms. Finally, the research also has some recommendations and limitations for the construction and real estate sector.

• 한국정보시스템학회지:정보시스템연구
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• 제17권4호
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• pp.181-206
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• 2008

This study aims to investigate the impacts of managerial and technical IT knowledges on firm's financial performance. Specifically, the study examines the following three effects between IT personnel knowledges and financial performance: (1) direct effect, (2) mediating effect of business process performance, and (3) moderating effect of firm size, between them. An empirical study resulted in the followings. First, both managerial and technical IT knowledges do not have direct influences on financial performance. Second, unlike technical IT knowledge, managerial IT knowledge indirectly affects financial performance through business process performance, confirming the mediating role of business process performance. Third, while technical IT knowledge produce no direct and indirect effect on financial performance regardless of firm size, managerial IT knowledge exerts significant impacts on financial performance although such effects represent some different patterns according to firm size. That is, in the smaller group, the association between managerial IT knowledge and financial performance is partially mediated by business process performance and in the larger group, that relationship fully mediated.

• 유통과학연구
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• 제17권7호
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• pp.45-53
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• 2019

Purpose - The relationship between multinationality and performance has become a hot topic in academic circles and is very important for multinational firms, especially for Chinese multinational firms, who need more experience to enter the international market. Given this background, this paper attempts to figure out the importance of multinationality to China's firm performance and to explore whether the Four-stage Theory can also be applied to China's firms. Research design, data, and methodology - We employ the panel data of 435 multinational firms from 2008 to 2017 chosen from China's A-shares to conduct an empirical analysis by using a fixed-effects model. In the paper, the performance is represented by ROA (return on assets), treated as a dependent variable, and multinationality is represented by FSTS (foreign sales/total sales), treated as an independent variable. Results - We find that the performance first decreases then rises, then falls down, and rises again in the end. Hence there is a W-shaped relationship between the multinationality of the Chinese manufacturing industries and firm performance, proving that the four-stage theory is also applicable to Chinese multinational firms. Conclusions - These empirical results can provide some advice for policymakers to improve the firm performance such as reducing the logistics cost of multinationality.

• The Journal of Asian Finance, Economics and Business
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• 제9권3호
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• pp.365-375
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• 2022

This study examines the relationship between board gender diversity and financial performance. The annual data of Palestinian nonfinancial listed enterprises from 2015 to 2019 was analyzed using a longitudinal panel analysis for the study's purposes. When conditional mean regression methodologies were used in the study, the results indicate that there is an insignificant relation between board gender diversity and firm financial performance. However, when analyzing women directors' effect on a firm's financial performance, endogeneity is always a concern, therefore, we test for endogeneity by employing the Darbin-Wu Housman test and then by using 2SLS. Nevertheless, when looking at the dispersion of a firm's performance using quantile regression, the results show that having women on the board improves financial performance slightly, especially for high-financial-performing firms. The findings indicate that there is a legal significant gap hindering the protection of gender diversity in boardrooms, and limiting the existence and representation of women in leadership positions, specifically, board of directors. The results of this study contribute to corporate governance and business culture literature by shedding the light on the importance of board gender diversity, to improve the firm financial performance, and hence, protect the interests of all shareholders' categories.