• The Journal of Asian Finance, Economics and Business
• /
• 제9권5호
• /
• pp.365-376
• /
• 2022

This study aims to look into the causal relationships between corporate social responsibility and firm value, corporate social responsibility and institutional ownership, and firm value and institutional ownership. This study develops a triangle model of causal relationships among the three endogenous variables. Samples for this study are manufacturing companies listed on the Indonesia Stock Exchange for the period 2014-2018. The model is operated in the system of simultaneous equation models using the generalized method of moments technique to estimate parameter coefficients. After controlling the effects of trade-off/balancing capital structure and managerial ownership, the research findings show a positive causal relationship between CSR and firm value and firm value and institutional ownership. Institutional ownership has a positive effect on CSR, while the effect of CSR on institutional ownership is negative in the firms without managerial ownership and positive in the firms with managerial ownership. This study finds that the causal relationship between CSR and firm value is stronger after the trade-off/balancing of capital structure is included in the model. Capital structure has a convex effect on firm value and positively impacts institutional ownership. In addition, an independent commissioner has a negative impact on CSR but has no direct impact on firm value.

• 분석과 대안
• /
• 제5권2호
• /
• pp.39-76
• /
• 2021

本研究通过高层梯队理论和人力资本理论探究中国民营企业首席执行官的政治关系为企业所带来的影响。首席执行官的个人特征对企业的战略决策产生直接或间接的影响,同时可作为企业特有的优势,为企业的可持续发展发挥着人力资本的作用。对此,本研究通过实证探究中国民营企业的首席执行官所拥有的政治关系是否对企业的人力资本企业绩效产生积极影响。另外,本研究将政治关系的直接对象-- 中国地方政府分为不同阶层,考察政治关系的人力资本价值和影响力的差异,而且预测政府补贴可以在这一关系中起到中介的作用。为了验证这一论点,以2008年至2016年间在中国上海和深圳证券交易所上市的1,451个企业的共9,849个观测值为对象进行分析,结果确认首席执行官的政治关系对企业绩效产生正向(+)的影响。另外,从各阶层的地方政府来看,只有与作为最高层地方政府的省级地方政府有政治关系时,才能对企业绩效产生积极影响；同时,只有在首席执行官拥有的人力资本的价值和影响力与省级地方政府有关联时才能发挥上述的积极影响。另外,政府补贴的中介效应在与地级地方政府有政治关系时,会具备完全中介的属性,进而对企业经营成果产生积极影响。可以说,地方政府在政府补贴支付中起到核心作用,因此经营者的政治关系常被运用为企业的非市场战略。

• 아태비즈니스연구
• /
• 제11권4호
• /
• pp.225-241
• /
• 2020

Purpose - The purpose of this study was to examine the effect of the ratio of outside directors, especially the ratio of outside directors according to their tenure, on firm value. Design/methodology/approach - This study collected total 3,861 firm-year data about companies listed KRX KOSPI market in Korea. The Pooled Ordinary Least Square Model and Panel Fixed Effects Model were hired in order to analyze the data. Findings - First, it was found that the ratio of outside directors for total sample had no significant effect on firm value, and the estimation coefficient of dummy variable for the average tenure less than 3 years had a significant positive(+) effect on firm value. Second, the ratio of outside directors corresponding to the tenure of less than 3 years had a significant positive(+) effect on the firm value. On the contrary, the ratio of outside directors corresponding to the tenure of 3 years or more had a significant negative(-) effect on firm value. Third, the ratio of outside directors corresponding to the tenure for more than 6 years did not show any significant influence on firm value. Research implications or Originality - First, if other matters are not additionally considered, keeping the tenure of outside directors shortly on average could help to increase firm value. Second, in the case of firms facing the decision to reappoint outside directors for the first time, it is highly likely that the firm value would decrease on average, so careful decisionmaking considering various aspects is required. However, this study does not take into account the legal standards for the appointment of outside directors, diversity of outside directors, and the actual independence of outside directors according to other criteria in the analysis. Therefore, if these factors are considered, there is a possibility that the empirical analysis results of this study may show different patterns.

• Asia Marketing Journal
• /
• 제16권4호
• /
• pp.19-37
• /
• 2015

Forming interfirm collaborative relationships has become a key aspect of a firm's marketing strategies to create value for customers and achieve greater firm performance. While empirical findings are mixed in previous studies, this study is an effort to identify boundary conditions for the benefits of marketing alliances. We investigate internal and environmental factors that may magnify or constrain the effect of marketing alliances on firm profitability. Given the complementary relationship between marketing and R&D activities, we focus on a firm's R&D intensity as an internal factor that may magnify the value of marketing alliances for firm performance. For environmental factors, we focus on industry turbulence and industry competitiveness. Industry turbulence refers to the degree to which industry market conditions change quickly and unpredictably, whereas industry competitiveness refers to the degree to which a firm faces competition in the industry. By testing these factors, we are intended to reveal boundary conditions that determine the value of marketing alliances for firm profitability. The analysis of firms in the diverse industries shows that while the main effect of marketing alliances on firm profitability is not significant, it becomes more positive when R&D investment is more intensive or when industry environment is more turbulent. The results of this study imply that just forming more marketing alliances may not be enough to increase firm profitability. Our findings imply that marketing alliances become more effective in a dynamically changing industry environment. That is, firms can cope with industry uncertainties more effectively by forming marketing alliances. At the same time, the moderating effect of R&D intensity implies that the internal investments in R&D magnify the effect of marketing alliances on firm profitability. The findings of this study contributes to the existing alliance literature in three aspects. First, this study enhances our understanding of the contingent value of marketing alliances by testing both internal and external factors that may influence the effectiveness of marketing alliances. Second, this study responds to the need for research that investigates actual performance resulting from interfirm relationships. Third, while previous studies primarily focused on a specific industry, this study extend previous findings of the boundary conditions for the benefits of marketing alliances in a broader context.

• Journal of information and communication convergence engineering
• /
• 제14권2호
• /
• pp.84-88
• /
• 2016

As good example of potential application-specific requirement, (m,k)-firm real-time streams have been recently introduced to deliver multimedia data efficiently in wireless sensor networks. In addition to stream model, communication protocols to meet specific (m,k)-firm real-time streams have been newly developed or extended from existing protocols. However, since the existing schemes for an (m,k)-firm stream have been proposed under typical flat architecture, the scalability problem remains unsolved when the number of real-time flows increases in the networks. To solve this problem, in this paper, we propose a new clustering scheme for an (m,k)-firm stream. The two different clustering algorithms are performed according to either the (m,k)-firm requirement or the deadline. Simulation results are presented to demonstrate the suitability of the proposed scheme under hierarchical architecture by showing that its performance is acceptable irrespective of the increase in the number of flows.

• Asian Journal of Business Environment
• /
• 제6권1호
• /
• pp.5-12
• /
• 2016

Purpose - The purpose of this study is to investigate the effect of corporate governance practices such as (board size, board composition, CEO duality and audit committee) on the performance of selected Pakistani firms. Research design, data, and methodology - This study examines corporate governance structure by using the data of 80 non-financial firms listed on Karachi Stock Exchange Pakistan during 2010-2014. Hypotheses of the study were tested by using both descriptive and inferential statistics. Result - The findings indicate that board size and audit committee is positively related to the firm performance (ROA & ROE). In contrast, board composition and CEO duality are negatively related to the firm performance (ROA & ROE). As far as controlling variables is concerned, leverage is negative, whereas firm size is positively related to all measures of performance. Conclusions - Empirical findings concluded that corporate governance practices affect the firm performance. Therefore, it is suggested that managers should understand the governance mechanisms to work more efficiently in the firm.

• 지식경영연구
• /
• 제12권3호
• /
• pp.59-71
• /
• 2011

This study intends to examine the effect of research and development (R&D) expenditure effects on firm value through patent and earing persistence. The patent is the representative intangible asset which objectively indicates a typical product of research and development activities to external parties. If a firm has acquired the patent, it receives amicable evaluation from the market compared to the firm which has not acquired patent. Empirical analysis is performed for non-banking firms (1,860 firm-years) listed on Korean Stock Exchange with December fiscal year-end over 2004-2009. Research results are as follows. First, the multiple pricing of patent acquiring firm and earing persistence increased group showed that they have higher prices than the other groups. Second, the multiple pricing of R&D expenditures of earing persistence increased group showed that they have higher prices than the other group. Third, the R&D expenditures of earing persistence increased group is receiving more friendly evaluation from the stock market than the other group.

• 디지털산업정보학회논문지
• /
• 제9권2호
• /
• pp.121-137
• /
• 2013

Now days, firm's technology capability is recognized as important factor to forecast and to evaluate firm's business performance. There are many efforts to develop useful indicators by applying patent information that includes concrete description about technology. Many previous studies analyzed relationship between patent indicators and firm's performance. But they didn't consider time gap between a point of firm's invention activity and a point of firm's performance improvement. They didn't considered a character of industrial fields either. To overcome these limitations, we selected IT industry for target analysis industry. Time-series patent data and financial data from 41 American IT firms between 2000 and 2011 were used to analyze. In this study, We empirically analyzed subsequent effect of patent indicators on firm's business performance by using correlation analysis and regression analysis.

• 대한안전경영과학회지
• /
• 제16권2호
• /
• pp.121-129
• /
• 2014

The purpose of this paper is to evaluate the impact of green practice on firm's performances. It focuses on the performance of the firm that already accredited as an excellent green practice firm by the Corporate Governance Service. The regression analysis method was chosen to measure firm performance. This paper also investigate how the performance of green practice are related to some factors such as levels of accredition, R&D cost, and R&D capitalization. This result will give an insight of constructive directions for increasing of firm performance.

• Asia pacific journal of information systems
• /
• 제25권1호
• /
• pp.61-81
• /
• 2015

Investment in research and development (R&D) is critical in the information technology (IT) firms, where newer and better technology is a quintessential goal that directly affects innovation and competitive advantage. This study investigates how R&D investment influences firm performance and value, and how the effect of R&D investment differs between IT hardware and software firms. We also analyze the relationship between firm age and R&D investment in order to identify learning effects on continuous R&D investment. The empirical investigation in this study, based on longitudinal archival data from 2001 to 2010, found a significant effect of R&D investment on firm performance in IT firms. Further, this study demonstrates causal relationship between firm age, and verifies that learning effects are present in R&D investment. Moreover, the results are found to differ between IT hardware and IT software firms.