• The Journal of Asian Finance, Economics and Business
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• 제6권1호
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• pp.59-69
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• 2019

The auditor, an important instrument of corporate governance, ensures the transparency and accountability of the firm to the stakeholders. The objective of this paper is to explore the impact of audit characteristics on firm performance. In this study, external audit quality (BIG4), frequencies of audit committee meetings, and audit committee size are used as the proxies of audit characteristics and firm performance is measured through ROA, profit margin and EPS. A total of 503 firm years are considered as sample size from the listed manufacturing firms of Dhaka Stock Exchange (DSE) during the period of 2013 to 2017 to find out the impact of audit characteristics on firm performance. In this study, multivariate regression analysis is conducted using the pooled OLS method. Moreover, time dummy and lag model of multivariate analysis are also analyzed as robust check. The multivariate regression results find that external audit quality (BIG4) and audit committee size are significantly positively associated with firm performance. This study also finds that there is a significant negative relationship between audit committee meeting and firm performance. This study recommends that the regulatory authority and audit committee should review the frequencies of audit committee meeting to make it more effective to ensure better firm performance.

• 무역상무연구
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• 제69권
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• pp.389-406
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• 2016

The Purpose of this study is to analyze the financial statements of ocean-going shipping companies that have experienced financial difficulties since the global financial crisis. Specifically, the study conducts comparing major firm with small and medium-sized firm from fianancial point of view, analyzes the different trends of two groups. As a result, this paper finds the different characteristics between two groups. There were known many financial difficulties in ocean-going shipping companies, but this is not applied to small and medium-sized firm group. Small and medium-sized firm group grew soundly and slowly during research period. But major firm group experienced the deficit and their management condition has deteriorated considerably during that period. To cope with this difficulties, major firm group should take self-effort to improve fianacial structure and establish the risk management system.

• 경영과학
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• 제6권2호
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• pp.73-88
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• 1989

This paper presents a model for analyzing a firm's competitive position. The model utilizes M. Porter's Value Chain concept and develops a framework for analyzing a firm's cost structure and identifying the sources of a firm's competitive advantage. The paper first discusses the nature of a firm's competitive advantage and identifies different types of competitive advantage a firm can pursue. The paper then introduces the concepts of cost driver and its linkage as a new way of examining organizations, and develops a model for analyzng a firm's competitive advantage. Next, it illustrates detailed procedures of the model by applying it into a real world organization, and draws some strategic implications for the organization. Finally, the paper discusses the limitations of the research and suggest future related research.

• East Asian Economic Review
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• 제16권4호
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• pp.315-331
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• 2012

Previous studies of location choice have focused on country-level data more than firm-level data and been more concerned with host countries' distinctive features than with firm heterogeneity. Therefore, they do not answer the question of who will go where in terms of location choice. To analyze the role of firm heterogeneity in determining location choice, we develop a theoretical model and analyze data on 3,644 Korean manufacturing multinationals operating in 87 countries between 1982 and 2006. The results of our conditional logit analysis indicate that not only host country characteristics but also firm heterogeneous factors such as productivity, labor intensity, and size have considerable influence on the decision of where to locate FDI.

• 경영과학
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• 제28권2호
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• pp.63-74
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• 2011

As business environment has become more competitive, the R&D strategies of firms have been regarded more important. Patent has information about technology which affects a firm's profit and it is considered as resources which have provided appropriate data for research of innovations and trends in technology. And patent indicators are known as qualitative representation of technology quality in an objective view. Also, they are available for the continuous and systematic analysis. However, most previous studies have focused on developing patent indicators to investigate patent value and characteristics. Furthermore they have limitations that most results is not significant that patent indicators have effect on firm performance-Tobin's q, Intangible assets based on balance sheet, sales and etc. Thus, the purpose of this paper is to propose proper a factor to represent a firm performance and to analyze causal relationship between patent indicators and firm performance. Intangible assets based on market value are employed as one of most significant firm performance indicator. The results indicate that intangible assets are appropriate for analyzing causal relation between patent and a firm performance with 7 significant indicators among 10 patent indicators. Considering firm's exogenous factors, regression analysis of each data for five years is performed. This result is similar to regression analysis of full data for all years.

• 경영과정보연구
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• 제27권
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• pp.31-52
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• 2008

Intangible Assets are more important determinants of firm value than others in a digital information-based economy(Lev, 2001). Prior research reveals that investments in intangible assets such as R&D and advertising expenditures are associated with firm value. This paper examines the effects of the corporate investments in the information technologies(IT) on stock return and economic goodwill. The sample consists of 152 firms listed on the Korean stock market in 2002. To test hypothesis We employed multiple regression models. Results are as follows; First, IT environment, IT process, and IT human resource are positively associated with firm's IT value. Second, firm's IT value is positively correlated with firm's economic goodwill. Third, firm's IT value is positively correlated with firm's stock return. These results suggest that the investments related with IT are effective in cultivating firm's value and Stock investors can make the best use of firm's announcements related with IT value. Thus the authorities concerned need to expand the public announcements related IT value.

• 통상정보연구
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• 제12권4호
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• pp.25-45
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• 2010

The objective of this paper is to review the mechanics of how global e-trade practices can affect a firm's performance. It is well known that the introduction of global e-trade systems can save transaction costs at the macro level. However this study is extended at micro level by determining whether global trade transaction costs influence positively or negatively in exporting firms performances at firm level. A theoretical framework is suggested for determining the usage and performance of global e-trade with the global e-trade barriers. An empirical analysis of South Korean exporting firms has been undertaken. This paper concludes that the global e-trade has yet to overcome the barriers resulting from the transaction costs and asset specificity. In this regard, appropriate action like intensive education and training program should be implemented in order to make South Korea's global e-trade more matured.

• 산업융합연구
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• 제14권1호
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• pp.39-45
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• 2016

This paper deals with the consideration of mathematical models with regards to growth of cluster and firms by reviewing the Metcalf and Breuner's articles. prior studies have been argued the phenomenon of local industrial clusters and districts. Several concepts have been adopted to support the success of and changes to these clusters and firm growth. Through the review of two papers, evolution of both cluster and firm growth may be achieved in terms of utilizations of the different local aspects and mechanisms. This paper supports the theoretical back bone with regards to the regional cluster policy implementing in Korea for the purpose of regional developments. In particular, a mathematical model that, on a more abstract level, captures the fundamental dynamic structure of all the observed mechanisms. On the basis of this model, the emergence and evolution of local clusters can be described. Also this model has given that the knowledge sharing between firms has an important role to firms and cluster' growth.

• East Asian Economic Review
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• 제24권3호
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• pp.237-252
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• 2020

This paper characterizes the optimal reciprocal trade policy in the environment of Melitz (2003) with firm productivity heterogeneity. In particular, without making parametric assumptions on firm productivity distribution, this paper derives the optimal degree of reciprocal tariff reductions that maximize the world welfare. A reciprocal import subsidy raises the industry productivity, lowering aggregate price; a reciprocal import tariff helps correct the markup distortion, increasing nominal income. With all the conflicting effects of import tariffs on welfare considered, the optimal degree of reciprocity in multilateral tariff reduction is shown to be free trade.

• The Journal of Asian Finance, Economics and Business
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• 제9권5호
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• pp.135-145
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• 2022

To improve audit quality, certain Chinese auditing firms have added a third-level review by an additional signing auditor to the general evaluation by a signing auditor team consisting of an engagement auditor and a partner. Nonetheless, our research-based on 36,033 firm-year observations from 2004 to 2019 reveals that compared to the general review system, auditor teams under the three-level review system are less likely to issue modified audit opinions when abnormal financial conditions arise. This finding suggests that, while larger auditor teams' knowledge, experience, and information advantages can theoretically sharpen their judgment, their performance is more susceptible to interference from divergent opinions, the diffusion of responsibility, and lower energy invested by individual auditors, ultimately impairing their judgment regarding the audited enterprises' abnormal financial conditions. That is, the three-level review system, which aims to improve audit quality, actually worsens audit quality. This conclusion remains valid after the problems of heteroscedasticity and endogeneity are addressed by using firm-level cluster robust standard errors and two-stage regression. We hope that our research will draw the attention of auditing firms, prompting them to reconsider the rationality of the three-level review system.