• Journal of Distribution Science
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• v.12 no.8
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• pp.113-121
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• 2014

Purpose - Recently, the number of corporations that practice environmental and social responsibility, besides engaging in traditional profit-seeking activities, has been growing steadily, as interest in Corporate Social Responsibility (CSR) is increasing. Recent research on CSR practices has identified the relationship between CSR activities and corporate value as one of the main issues in this respect. Considering that donations constitute a large proportion of a company's charitable activities, we considered the extent of donation expenses as a charitable activity in order to mitigate sample selection bias. Specifically, we analyzed the impact of donation expenses on firm value, while investigating if this impact varied in response to the level of corporate governance of firms. Research design, data, and methodology - We used non-financial firms listed on the Korean Stock Exchange, having their fiscal year end in December, and the sample period was 2006-2013. For the dependent variable, Tobin's q was used as the corporate value, and for the independent variable, donations were measured as the donation-expense-to-sales ratio. Corporate governance scores, as rated by the Korea Corporate Governance Service, were used to measure corporate governance levels because they consider the overall aspects of governance, including ownership structure, the board of directors, and the audit mechanism of individual companies. To examine the impact of donations on a company in relation to the level of corporate governance, we estimated regression models using the interaction terms of the governance dummy and donation variables. Then, we further estimated the regression models of two sub-samples that were classified according to the level of corporate governance. Similar to previous studies, the study uses variables that affect firm value, such as R&D expenditure, advertising expenses, EBITDA, debt-to-equity ratio, sales growth, company age, and company size as control variables. Results - The empirical results show that firm value significantly increased in response to an increase in donation expenses. Upon including the interaction terms of governance level dummy variables and donations, the coefficients of the interaction terms show significant positive values, while those of donation variables show significant negative values. In the strong governance sub-sample, the relationship between the donation expenses and corporate value was statistically positive (+) and significant. However, in the weak governance sub-sample, the relationship between the donation expenses and corporate value was statistically insignificant and negative (-). Conclusions - The empirical results suggest that donation expenses are significantly linked to an enhanced corporate value if firms have a good corporate governance structure. However, if the corporate governance structure is weak, the same relationship is not necessarily observed. The results of this study show that if a firm has high corporate governance, CSR practices enhance the company's reputation such that it has a positive (+) relationship with corporate value. If a firm has weak corporate governance, on the other hand, CSR practices are recognized as an agency cost and do not increase corporate value.

• The Journal of the Korean life insurance medical association
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• v.4 no.1
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• pp.110-132
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• 1987

A study on hepatomegaly detected by abdominal palpation, and facial telangiectasia in a total of 3,418 insured persons medically examined at the Honam Medical Room of Dong Bang Life Insurance Company Ltd. from February, 1984 to August, 1985 was undertaken. The results were as follows: 1) Hepatomegaly was found in 383 cases(27.5%) among the 1,395 insureds of male and in 163 cases(8.1%) among the 2,023 insureds of female. The difference of incidence of hepatomegaly between all males and females showed statistical significance(p<0.001). In each age group, the incidence of hepatomegaly in :nale was higher than that in female. The incidence of hepatomegaly in each age group in male increased cnosiderably with age; it showed 11.6%,16.2%, 42.6% and 52.9% from second to sixth decade in order, thereafter in seventh decade it decreased to 26.7%, While the incidence of hepatomegaly in female increased slightly in each age group. 2) Facial telangiectasia was found in 318 cases(22.8%) among all males and in 157 cases(7.8%) among all females. The difference of incidence of telangiectasia between all males and females showed statistical significance(p<0.001). In each age group, the incidence of telangiectasia in male was higher than that in female, except of second decade. The incidence of facial telangiectasia in each age group in male increased considerably with age; while it increased slightly in female. 3) Facial telangiectasia accompanied by hepatomegaly was found in 235 cases(61.4%) among 383 cases of hepatomegaly in male and in 69 cases(42.3%) among 163 cases of hepatomegaly in female. The difference of incidence of telangiectasia between males and females show ed statistical significance(p<0.001). 4) Facial telangiectasia without spider angiomata accompanied by hepatomegaly was found in 201 cases(52.5%) among 383 cases of hepatomegaly in all males and in 67 casgs(41.4%) among 163 cases of hepatomegaly in all females; facial spider angiomata accompanied by hepatomegaly was found in 34 cases(8.9%) among 383 cases of hepatomegaly in all males and in 2 cases(1.2%) among 163 cases of hepatomegaly in all females. 5) Abnormal SGOT activity was found in 19 cases(7.9%) among 242 cases of hepatomegaly in all males and in one case(1.5%) among 67 cases of hepatomegaly in all females. The difference of incidence of abnormal SGOT activity showed statistical significance(p<0.001). The incidence of abnormal SGOT activity by the size of hepatomegaly, that is, palpated <1 finger's breadth, <2 fingers' breadth and ${\geqq}2$ fingers' breadth, revealed 2.2%, 6.0% and 60.0% respectively in all males, while abnormal SGOT activity was found only one case in fifth decade among 67 cases of hepatomegaly in all females. 6) In ordinary medical examination(the insured amount is low) abnormal SGOT activity was found in 7 cases(4.8%) among 146 cases of hepatomegaly palpated $1\frac{1}{2}$ fingers' breadth and under, while it was not found in 37 cases of the same sized hepatomegaly in all females. Above mentioned 7 cases are thought to be very significant because 7 cases occupy 35% in 20 cases of abnormal SGOT activity with hepatomegaly. 7) Abnormal SGOT activity was found in 12 cases(4.4%) among 273 cases of hepatomegaly of "not firm" consistency, while it was found in 8 cases(22.2%) among 36 cases of hepatomegaly of "firm" consistency. The difference of incidence of abnormal SGOT activity showed statistical significance(p<0.05). 8) Abnormal SGOT activity was found in 5 cases(17.9%) among 28 cases of spider angiomata with hepatomegaly, while it was found in 10 cases(7.3%) among 166 cases of telangiectasia without spider angiomata with hepatomegaly. Owing to a small number of cases, statistical significance was not recognized, but the incidence of abnormal SGOT activity in spider angiomata cases with hepatomegaly is apt to be higher than that in telangiectasia cases without spider angiomata with hepatomegaly. 9) The incidence of abnormal SGOT activity is apt to be higher with age in male group; abnormal SGOT activity was not found among 4 cases of hepatomegaly in second decade and it was 3.8% in third decade, 4.5% in fourth decade, 9.3% in fifth decade, 17.5% in sixth decade and 33.3% in seventh decade, while the incidence of it was only one case among 67 cases in all females. 10) It is believed that the performance of liver function test to the subjects with hepatomegaly even in ordinary medical examination(the insured amount is low) will give considerable contribution for medical selection of hepatomegaly risk. 11) Age of the insured(young or old), presence of facial telangiectasia or spider angiomata especially and their severity, and consistency of enlarged liver(firm or not) should be considered to increase accuracy in evaluating hepatomegaly risk.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.35 no.4
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• pp.202-210
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• 2012

This study was analyzed based on the core competencies that Small Giant enterprises to foster the goals of growth of SMEs mid-sized businesses rather than Global Small Giant enterprises of the business model for a causal relationship. As the result, the average age, sales and number of employees of Korean small giants were 20.6 years, 148.8 billion won and 312.1. This research investigated that Korean small giants were realizing the sustainable growth with the firm shares in the target markets, based on added values in groups and technical powers, although their average age is one third younger than global small giants. The further research needs to develop and select small giants more precisely and strictly. It is expected that small giants will be new growth engines to improve global competitiveness of Korea.

• Archives of design research
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• v.9
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• pp.1101-1114
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• 1994

As of today-half a century has passed after 1945, the liberation from Japanese imperialism-it's significant to introspect our culture. On the one hand our culture has succeeded due to the peculiar history, but on the other hand it hasn't. So to speak, it has gained in Quantity but lost in Quality. There are keen, international competition and exchange in the modern culture. So the Qualitive success of modern design depends on if it had an original character or not. According to Korean rapid industrialization, technological extence, and economic growth, the export has increased greatly, but package design hasn't been match for them. Korean expoters have been meeting with cutthroat competition in world market. Under these circumstances it's very important that we have a real understand and interest in our culture, we strengthen the competitive power of home products with good package design. This is our age of not home market but world market. We live in an age when design wins, so that we have to develop the good design native to Korea. Many designers have proposed their opinions with the characteristic designs, but it has been only a fragmentary and passive method. We must seek for the new method more positively. The effective and proper method resolves itself into the following four points. First, to understand Korean history and culture. Second, to have the exact grip of this economic situation. Third, to promote the national emotion. Fourth, in conclusion, to accord the package design with them. We cannot put off this task to overcome the cultural subordination, to place Korea on a firm cultural basis in the world, and to contribute to the cultural exchange of package design. First, to understand Korean history and culture. Second, to have the exact grip of this economic situation. Third, to promote the national emotion. Fourth, in conclusion, to accord the package design with them. We cannot put off this task to overcome the cultural subordination, to place Korea on a firm cultural basis in the world, and to contribute to the cultural exchange of package design.

• Journal of Global Scholars of Marketing Science
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• v.8
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• pp.341-373
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• 2001

Firms are confronting the age of an infinite competition. In order to respond to the rapidly changing business environment and make a success and survival in the international and domestic securities market, firms must take a consideration on the stockholders value-oriented philosophy which has greatly contributed not only to the maximization of corporate profits but also to the stability of financial markets. To pursue stockholders value-oriented philosophy, a firm should build strong relationship with investors by providing exact information of firm's state, financial statement, management policy. Stockholders value-oriented philosophy contributes to long-term growth and development of the firm as well as efficient equity financing and friendship with stockholder. IR is the key factor to attain successful implementation of company's objective. It should be equipped with the most suitable organization and qualified man-power for IR activities. The purpose of this study was to examine the relationship between IR and relationship marketing management. Strategic implications of this study are as follows: First, This study provides a new explanations of IR activities in Relationship Marketing Management. Second, IR activities were key determinants of Trust and Commitment. That means the more a firm does IR activities, the more Trust and Commitment a firm has for their investors. Third, The variables of trust and commitment are highly related to marketing and financial success. IR have a positive effect on a company total value and its cost of capital relative to that of the overall market.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• autumn
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• pp.369-372
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• 2003

Korea companies have been faced with the demand of environmental changes abroad by suffering Economic Crisis at 1997. In fact, these demand that modern firms are in the keen struggles for existence is the essential condition though of the age of Economic Crisis. Coping with these situation. these companies are making desperate efforts, which are reorganization, renovation, improvement, however, the procedure or the result about these efforts of change have to be checked wisely. That is, the firms have to meet requirement that could enhance their values because organization structure that is not efficient to growth of firms produces a quite contrary result. Such phenomenon is applicable to construction firm as well as limited with partial companies. Therefore, before forming a efficient organization structure, comparing and analyzing the strategy or financial statement according to construction firm, this study will try to grasp a characteristic of organization.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.909-917
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• 2020

The research aims to analyze the firm-specific and macroeconomic factors that affect insurance company's financial performance. The research explores the variables that influence the financial performance of the United Arab Emirates (UAE)' insurance companies. The analysis for determining financial performance considers the following variables: the firm's age, retention ratio, capital adequacy, underwriting risk/loss ratio, financial-leverage, reinsurance dependency, and macro-economic factors such as GDP per capita, inflation rate considered as independent factors. The return-on-asset (ROA) is the key measuring indicator; it is regarded as the dependent variable for financial performance measures. The research focuses on secondary information obtained from insurance companies' financial statements. The researcher targeted 18 insurance companies listed on the UAE stock exchanges for study purposes. The research examines the overall factors that influence the financial performance of an insurance company. For analysis of data, software package of social sciences (SPSS version 20) is used. The studies used correlation and multiple linear regression analysis to determine financial performance and their effects. The analysis suggests that there are important and constructive relationships between the size, capital adequacy, and reinsurance dependency, while loss ratio, retention ratio, and financial leverage indicate a major negative relationship. And there's no link between GDP per capita and inflation.

• Journal of Korea Multimedia Society
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• v.18 no.11
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• pp.1408-1418
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• 2015

As the CEO`s of game companies should be ready for the rapid change of technical environment of game industry, highly skilled employees and the social capital become very important factors in doing game business. 2013 Korea Game White Paper shows that many game companies prefer employees with job experience. The social capital and network help game companies get industrial information easily. This study empirically examines the relationship among CEO`s related business experience, corporate performance and social capital based on 134 Korean game companies. CEO`s characteristics are measured by using demographic characteristics including age, amount of education, and prior job experience and psychological characteristics, but this study focuses on related business experience. The results of this study show some significant relationship between the related business experience of CEO and nonfinancial performance of the firm. Secondly, this study verifies the moderating effect of the social capital between the related business experience of CEO and non-financial performance of the firm. The results of the moderating effect of the social capital show that social capital increases the non-financial performance.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.3
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• pp.87-99
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• 2020

The study aims to investigate factors that determine dividend payout policy using 336 non-financial firm year observations covering the period 2005 to 2016 in Malaysia. We found a significant positive relationship between corporate board size, board members average age, board tenure and dividend payout policy. We also found a strong negative effect and statistically insignificant relationship of board diversity, board independence, CEO duality and dividend payout policy. Additional, financial leverage has a negative effect on dividend payout policy. It is also noticed that firms with diverse boards are more likely to pay dividends and tend to pay larger dividends than those with non-diverse boards. Our results suggest that board diversity has a significant impact on dividend payout policy. Impact of board diversity on dividend payout policy is particularly conspicuous for firms with potentially greater agency problems. Our findings are consistent with the argument that corporate board traits enhancement positively affect the dividend payout policy which is beneficial for shareholders. This study offers useful insights into the current global debate on board traits and its implications for firms. The dividend payout policy signals good news to investors. Corporate board traits and firm's financial decision are the factors that disrupt the dividend decision.

• Asian Journal of Business Environment
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• v.10 no.1
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• pp.37-43
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• 2020

Purpose: The purpose of this study was to examine the relationship between portfolio quality and financial sustainability of microfinance institutions in Kenya. Research Design, Data, and Methodology: The analysis was based on a panel dataset of 30 microfinance institutions for the period of 2010 to 2018. Data was obtained from the Microfinance information exchange (MIX) database, and it was analyzed through descriptive and inferential statistics with the aid of STATA. Based on the results of the Hausman test, the study adopted the fixed effect regression model to test the research hypothesis. Results: The study found that portfolio quality had a positive significant effect on financial sustainability of Microfinance institutions in Kenya (β= 0. 211; p-value < 0.05). For the control variables; firm age had a positive effect (β= 0.773; p-value <0.05), while firm size (β= -0. 749; p-value < 0.05) had a negative effect on financial sustainability. Conclusions: The study concluded that portfolio quality has an important influence on the financial sustainability of microfinance institution. The study recommends that managers of microfinance institutions should devise good collection policies to improve portfolio quality while lessening loan default rate. The portfolio quality may improve the overall profitability and enhance investor confidence in their strategic decision-making on refinancing.