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

• Proceedings of the Korean Society of Crop Science Conference
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• 1998.10a
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• pp.41-67
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• 1998

This study aimed at examining the investment and economic analysis of greenhouse horticultural project area by governmental subsidy project. There were only 5 project areas that economic efficiency of investment is recognized in 30 project area in Kyungsangnam-do. And there are 7 project areas to gain farm firm revenue. These were possible area to develop to farm firm. There are 4 project areas to gain farm firm revenue in 18 project areas of glass greenhouse area, and 8 project areas to gain farm firm revenue in 12 project areas-vinyl greenhouse area. The rate of return of the fixed capital is higher in the vinyl greenhouse area than in the glass greenhouse area by type of greenhouse. There were cultivated tomatoes, cucumbers, peppers, etc. in the greenhouse area. The investment efficiency of the fixed capital is higher in cucumber and pepper than in other vegetables. Flowers a re lower than the vegetable in investment efficiency.

• International Journal of Advanced Culture Technology
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• v.11 no.1
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• pp.103-109
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• 2023

This study examines the association between ownership structure and labor investment efficiency. Specifically, this study investigates whether owner-manager firms, where managers own a large percentage of shares in the firm, involve in more efficient labor investment. Based on the management entrenchment hypothesis, managers are more likely to make labor investment decisions to maximize their private benefits rather than creating value for shareholders, resulting in lower efficiency in labor investment. On the other hand, according to the incentive alignment hypothesis, managers tend to make labor investment decisions that will improve future firm performance as their interests are aligned with those of shareholders. In this situation, owner-manager firms are expected to have higher efficiency in labor investment. Our empirical results show that owner-manager firms engage in more efficient labor investment, which contributes to long-term firm value. This study provides empirical evidence that firms' labor investment behavior can vary depending on the characteristics of the ownership structure.

• Journal of Korean Society for Quality Management
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• v.46 no.3
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• pp.551-568
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• 2018

Purpose: This study addressed the relationship between technological innovation activity and management efficiency of Korean automobile firms. We tested the hypothesis of non-liner relationship of innovation activity in relation to management efficiency. Methods: We discussed prior literature in the firm innovation strategy and management efficiency studies to provide better understanding of relationships between technological innovation activity and management efficiency. As a result, we developed develop and tested a model (Inverted-U shaped) capturing the non-linear impact of technological innovation activity. While we used R&D expenditure and patent registration data for measuring firms' innovation activity, management efficiency was evaluated by using DEA(Data Envelopment Analysis). Results: Main findings of our empirical analysis indicated that the relationships between technological innovation activity and management efficiency was inverted U shaped. This implied that the relationship between technological innovation and management efficiency is inverted U-shaped non-linear, with management efficiency increasing up to a point, beyond which higher levels of R&D and patent registration activities led to a decrease in management efficiency. Conclusion: This study empirically assessed the inconclusive findings of previous research in the area of effects of innovation activities in relation to firm performance. The paper also provided theoretical and practical implications for firms who explore efficient strategy to promote the management performance through technological innovation activities. Future research directions with the limitation of the study was discussed.

• The Journal of Asian Finance, Economics and Business
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• v.5 no.4
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• pp.73-83
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• 2018

The purpose of this paper is to examine the relationship between regional financial development and corporate investment efficiency as well as the relationship between firm-level characteristics and corporate investment efficiency. Using a large sample of A-listed companies in China from CSMAR database between 2003 and 2016, this paper explores corporate investment efficiency and its influencing factors in emerging market on the basis of heterogeneous stochastic frontier model. The results show that: (1) the average investment efficiency of Chinese listed companies is 74.5%, and the investment efficiency of large enterprises, state-owned enterprises and enterprises with relatively high financial development level is significantly higher; (2) compared with average corporate investment efficiency in the year 2003, the investment efficiency of different types of enterprises in 2016 is significantly higher, and the gap is gradually widening; (3) enterprise heterogeneity namely firm size, nature of property right, and institutional environment reflected by the level of regional financial development indirectly affects corporate investment efficiency by influencing the financing constraints and uncertainty. The findings suggest that to improve corporate investment efficiency in emerging market, financial market should be accelerated, regional balance should be restored and the differences among regions, industries and differences between public and private sectors should be eliminated.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.1
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• pp.295-304
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• 2021

This study aims to identify and analyze the impact of internal factors on business efficiency of steel firms in Vietnam. The article uses data collected from the financial statements of 26 steel firms operating in Vietnam between 2012 and 2019. With the application of E-view software in quantitative analysis to build regression models on the table data (panel data), and the study has built a regression model identifying the relationship and impact level of internal factors affecting business efficiency of steel firms in Vietnam. In the study, the dependent variable is business efficiency, determined by the profit after tax on the firm's assets. The independent variables are firm size, growth rate, capital structure, ratio of long-term assets, receivables management, and solvency. The research results show that the four factors of firm size, growth rate of assets, receivables management, and solvency have a positive impact on business efficiency, while two factors including capital structure and ratio of long-term assets do not affect business efficiency of enterprises. The results of this article are very useful for corporate executives in general and for financial managers in particular, helping managers make the right financial decisions for the company to promote business efficiency of the company.

• Journal of the military operations research society of Korea
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• v.35 no.2
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• pp.99-117
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• 2009

Energy is essential factor of production for a firm to produce goods and services. If so, what is the condition of maintaining profit of a firm when energy price is going up? In conclusion, the condition is that the rate of productivity improvement should be greater than the rate of energy price increase. To put this concretely, when the elasticity of energy price as to the productivity improvement is greater than the weight of the energy cost on to the total revenue of the firm, the firm can escape the negative effect of energy price increase. This is that, saying that once more, the firm have to reduce the energy cost or promote energy efficiency to maintain appropriate or sufficient profit when energy price is going up fast. Therefore, in this study we will analyze the effect of the oil price increase on the energy saving investment and that of energy saving investment on the energy efficiency in the field of Korean manufacturing industry. In doing so, this study could show that the effect of energy price increase on the energy efficiency of the firm and the factor of that mechanism.

• Journal of the Economic Geographical Society of Korea
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• v.11 no.3
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• pp.375-388
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• 2008

The early studies on the cultural industries had mainly emphasized the viewpoint of "efficiency" based on the "flexible specialization" theory, but they have gradually shed light on the viewpoint of "creativity": creative human resources and various networks generating creative energies. Despite the importance of these studies, it is impossible to explain every cultural industrial agglomeration phenomena from specific and few viewpoints due to the diversity of each cultural industry. This study describes the dissimilarity of agglomeration factors between the Japanese animation and home video game industries which form salient agglomeration in the same region. Both industries share similar characteristics with industrial agglomeration of SMEs in Tokyo and close inter-firm relationships. However, they differ in their historical development paths and each firm's behavior and strategy because of their own distribution systems and production processes. In particular, the difference in distribution systems clearly affects whether a company values "efficiency" factors of agglomeration advantage or "creativity" factors of that in case of locational choice. The distribution sector of the cultural industry, compared with the production sector, has a tendency to value profitability rather than creation itself. Therefore, a cultural industry with the strong distribution sector tends to form the industrial system emphasizing profitability. The Japanese animation firm is apt to choose its location from the perspective of efficiency, which easily contributes to profitability, because television broadcasting stations are strong distribution sector. Conversely, the Japanese game firm chooses its location from the perspective of creativity due to the absence of strong distribution sector.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.10
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• pp.85-96
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• 2022

CEO duality and its impact on firm performance represent one of the most contentious issues in both academia and business. This study, therefore, aims to examine the moderating role of CEO duality in the relationship between intellectual capital Efficiency (human, structural, relational, Capital Employed, and Innovation) and firm performance (earnings per share and Tobin's Q) among Jordanian companies. The study sample consists of services listed companies on Amman Stock Exchange. The study used panel data for the period 2014-2018 with a sample size of 230 observations. SPSS software was used to analyze the collected data. The regression results indicate a significant relationship between, IC and firm performance. When CEO Duality is incorporated into the model as a moderator, there is an increase in the R² by 7.9%. The findings from this study expand the theoretical underpinning of corporate governance research by identifying the performance implications of CEO duality within the Jordanian context. It also contributes significantly to the literature review about the current status of the practices taken in the intellectual capital components efficiency among companies listed on the Amman Stock Exchange. Findings from this study also provide contributions to the concerned policymakers such as the Ministry of Finance, Securities Commission, and Amman Stock Exchange in Jordan, to improve the current policies related to intellectual capital efficiency.

• Journal of Technology Innovation
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• v.16 no.2
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• pp.41-63
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• 2008

Employing firm-level data during the period of 1980-2006, this paper analyzes the R&D efficiency of IT SMEs. We focus on comparing the R&D efficiency of IT SMEs with that of large-sized IT firms and non-IT SMEs. The results are summarized as follows. First, the R&D investment of IT SMEs has not been increased since 2000. In IT manufacturing industry, the portion of the R&D investment of IT SMEs is no more than 10.6% in 2005. Second, we analyze the innovation capacity of SMEs with the number of the patent application. The result is similar with the trend of R&D investment. The portion of the patent application of SMEs has not been increased since 2000. Third, the R&D efficiency of non-IT firms is higher than that of IT SMEs regardless of the firm size. The R&D efficiency of non-IT SMEs is over three times as large as that of IT SMEs. Meanwhile, The R&D efficiency of the large-sized non IT firms is 1.86 times as large as that of IT large-sized firms. Finally, we estimate the R&D elasticity and compare between IT manufacturing and service industry. The result shows that the R&D elasticity of IT service industry is higher than that of IT manufacturing industry, regardless of firm size.