• Journal of information and communication convergence engineering
• /
• v.10 no.2
• /
• pp.129-134
• /
• 2012

As application-specific requirements for wireless sensor networks emerge, both real-time and reliable communications become major research challenges in wireless sensor networks due to the many constraints on nodes and wireless links. To support these services, several protocols have been proposed. However, since most of them were designed as well as developed for general purpose applications, it is not recommended that they be directly adapted to applications with special requirements. In this paper, we propose a way to extend the current reliable transport protocol to cover a special real-time service, the (m,k)-firm deadline stream, in wireless sensor networks. While the proposed scheme is basically built on the PSFQ protocol for reliability, some features have been newly developed to support the (m,k)-firm stream efficiently. Finally, simulation results are given to demonstrate the feasibility of the proposed scheme in high traffic and with failed links.

• Asia pacific journal of information systems
• /
• v.30 no.4
• /
• pp.758-784
• /
• 2020

In today's dynamic and hypercompetitive business environment, knowledge and innovation have emerged as bases for sustained competitive advantage. This paper addresses two specific research questions. First, we ask, "What is the effect that firm interactivity has on various types of innovation?" As we address this question, we explain that interactivity helps firms create knowledge, which then promotes and enables innovation. Second, we ask, "How do the various types of innovation impact firm performance?" We develop a research model and a set of hypotheses from the basis of organizational knowledge creation theory and the knowledge-based view of the firm. We test this model using survey data, and find that interactivity is positively associated with innovation. We also find that several types of innovation, including service innovation, process innovation, and organizational innovation have a positive impact on firm performance.

• Journal of the Korea Institute of Information and Communication Engineering
• /
• v.16 no.9
• /
• pp.2050-2055
• /
• 2012

Since the wireless sensor networks become pervasive, various application-specific requirement have been emerged and suggested. Among them, reliability and real-time service are ones of big research challenges since sensed information is useless if a packet is lost and delivered later than deadline. Even though many research works have been proposed, they was designed to meet one of both requirements. To solve above problem, in this paper, we propose how to extend current protocol to meet two requirements together. More detailed, Mint Route protocol is revised to meet specific real-time requirement, (m,k)-firm stream in wireless sensor networks. Since the main operations in MintRoute are very similar to definition of (m,k)-firm stream, extension is achieved by modifying some parts of procedure. Finally, the simulation results are given and analyzed to validate the its suitability for reliable and real-time requirement.

• Journal of Internet Computing and Services
• /
• v.19 no.2
• /
• pp.89-98
• /
• 2018

Media industry is attempting various types of strategic innovation in the content and organization as they enter transition period. However, previous research has casually treated the organizational culture from the management and realized that cognitive/cultural differences between the specific departments yield conflicts. This means the researchers explored less on the decision-making process with the conflict between sub-groups and constituent in the organization. Our study reviewed the most positive method to achieve the innovation outcome through the conflict management within the organization based on the behavioral theory of the firm and applied computer simulation model for analysis to construct the quantitative scenario and infer the result. Conflict always found while media organization experiences innovation within the groups. However, in the long term, securing the independence through the certain state of 'anarchy' which possibly lead consensus implies significance rather to comprise collegiate system for unilateral control. In specific, this study explored the issues in 'conflict management' that has been evaded in media organization research through NK simulation model.

• Asia-Pacific Journal of Business
• /
• v.14 no.1
• /
• pp.327-340
• /
• 2023

Purpose - The purpose of this study is to examine the information effect of securities firm's net operating capital, securities firm's regulatory purposes capital, by analyzing the value relevance of net operating capital. Design/methodology/approach - This study was empirically analyzed using samples of domestic listed securities firms in the past 12 years, and multiple regression analysis and Vuong (1989) test were used together as specific research methods. Findings - First, it was found that the net operating capital of securities firms has an incremental value relevance that is added to basic accounting information (equity book value, profit or loss information). Second, after classifying equity capital on the books into net operating capital and the rest of equity capital, the value relevance of net operating capital was significantly higher than that of other equity capital. Research implications or Originality - The results of this study indicate that the level of regulatory capital in the securities industry can be used in the process of evaluating firm value in the capital market, and it is significant in that capital market evaluation can be stratified according to regulatory purposes.

• The Korean Journal of Financial Studies
• /
• v.6 no.1
• /
• pp.289-312
• /
• 2000

This paper proposes a pricing model for IPOs which can reconcile the average underpricing phenomenon with the expected wealth maximizing behaviors of market participants. Under the usual informational asymmetry, the optimal offer price for best efforts IPOs is derived as a function of the uncertainty about market's valuation, the expected return on proposed projects and the size of offerings relative to the firm's market value. Depending on these firm-specific characteristics, best efforts IPOs can be underpriced, fairly priced, or overpriced. Introducing the investment banker as an outside information producer, the model is extended to provide empirical implications for pricing and underwriting contract choice decisions which are consistent with the existing empirical evidences. The model predicts that the issuers with greater uncertainty about market's valuation choose best efforts contract over firm commitment contract and the dispersion of initial returns would be greater for best efforts IPOs than for firm commitment IPOs.

• Journal of Intelligence and Information Systems
• /
• v.21 no.3
• /
• pp.117-129
• /
• 2015

As the Internet becomes ubiquitous, a large volume of information is posted on the Internet with exponential growth every day. Accordingly, it is not unusual that investors in stock markets gather and compile firm-specific or market-wide information through online searches. Importantly, it becomes easier for investors to acquire value-relevant information for their investment decision with the help of powerful search tools on the Internet. Our study examines whether or not the Internet helps investors assess a firm's value better by using firm-level data over long periods spanning from January 2004 to December 2013. To this end, we construct weekly-based search volume for information technology (IT) services firms on the Internet. We limit our focus to IT firms since they are often equipped with intangible assets and relatively less recognized to the public which makes them hard-to measure. To obtain the information on those firms, investors are more likely to consult the Internet and use the information to appreciate the firms more accurately and eventually improve their investment decisions. Prior studies have shown that changes in search volumes can reflect the various aspects of the complex human behaviors and forecast near-term values of economic indicators, including automobile sales, unemployment claims, and etc. Moreover, search volume of firm names or stock ticker symbols has been used as a direct proxy of individual investors' attention in financial markets since, different from indirect measures such as turnover and extreme returns, they can reveal and quantify the interest of investors in an objective way. Following this line of research, this study aims to gauge whether the information retrieved from the Internet is value relevant in assessing a firm. We also use search volume for analysis but, distinguished from prior studies, explore its impact on return comovements with market returns. Given that a firm's returns tend to comove with market returns excessively when investors are less informed about the firm, we empirically test the value of information by examining the association between Internet searches and the extent to which a firm's returns comove. Our results show that Internet searches are negatively associated with return comovements as expected. When sample is split by the size of firms, the impact of Internet searches on return comovements is shown to be greater for large firms than small ones. Interestingly, we find a greater impact of Internet searches on return comovements for years from 2009 to 2013 than earlier years possibly due to more aggressive and informative exploit of Internet searches in obtaining financial information. We also complement our analyses by examining the association between return volatility and Internet search volumes. If Internet searches capture investors' attention associated with a change in firm-specific fundamentals such as new product releases, stock splits and so on, a firm's return volatility is likely to increase while search results can provide value-relevant information to investors. Our results suggest that in general, an increase in the volume of Internet searches is not positively associated with return volatility. However, we find a positive association between Internet searches and return volatility when the sample is limited to larger firms. A stronger result from larger firms implies that investors still pay less attention to the information obtained from Internet searches for small firms while the information is value relevant in assessing stock values. However, we do find any systematic differences in the magnitude of Internet searches impact on return volatility by time periods. Taken together, our results shed new light on the value of information searched from the Internet in assessing stock values. Given the informational role of the Internet in stock markets, we believe the results would guide investors to exploit Internet search tools to be better informed, as a result improving their investment decisions.

• The Journal of Industrial Distribution & Business
• /
• v.9 no.5
• /
• pp.37-46
• /
• 2018

Purpose - This paper explores the determinants of bank lending to firms during and after the global financial crisis using firm- and bank-level data to answer the questions what caused the contraction of lending to firms despite the loosening monetary policy during this crisis period. Research design, data, and methodology - We investigate the effects of the monetary policy that followed the global financial crisis on firms borrowing. We use a dynamic panel model to address how firms lending respond to monetary policy. The data are obtained from CRETOP and we consider the manufacturing sector for the analysis to control for unobserved heterogeneity such as industry-specific shocks. Results - The findings from the empirical analysis suggest that both bank- and firm-level characteristics are significant determinants of bank lending. Especially, we find that corporate risk, measured by default risk, is one of the key factors that led to a decline in lending during the crisis. Conclusions - This paper shows that companies borrow more from liquid banks, and high bank capital can also contribute to an increase in a firm's borrowing from banks. Especially, the results confirm that the default rate measured at the firm level has increased during and after the global financial crisis, which implies that default risk interplays with other firm and bank-level characteristics.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.11
• /
• pp.827-834
• /
• 2020

The use of different proxies to measure good corporate governance (GCG) may be a probable cause of the mixed results. Therefore, the application of a new single measure to enhance comparable empirical studies is required. The purpose of this study is to examine the relationship between corporate governance and firm's performance. This study involved all manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2014 to 2016 through purposive sampling with specific criteria. out of 144 qualified companies, 110 companies could be processed because of completed data in the form of financial information from their financial statements during the research period. The data were obtained from the official websites of IDX. This study applies a new measure of the corporate governance: the efficiency of the GCG. The corporate governance is calculated by relating inputs of components of the corporate governance and outputs of sales, assets and firm equity capital. By using financial data from firms listed on the Indonesian Capital Market, this study finds that the corporate governance significantly improved firm's performance. More importantly, the study confirms and supports the new single measure of the GCG. This result is very important to avoid dealing with different indicators of the corporate governance.

• Journal of Distribution Science
• /
• v.19 no.1
• /
• pp.27-35
• /
• 2021

Purpose: This study is to investigate the effect of managerial ownership level in distribution and service companies on the stock price crash. The managerial ownership level affects the firm's information disclosure policy. If managers conceal or withholds business-related unfavorable factors over a long period, the firm's stock price is likely to plummet. In a similar vein, management's equity affects information opacity, and information asymmetry affects stock price collapse. Research design, data, and methodology: A regression analysis is conducted using the data on companies listed on the Korea Composite Stock Price Index (KOSPI) between 2012-2017 to examine the effect of the managerial ownership level on stock price crash risks. Results: Logistic and regression results indicate that the stock price crash risk was reduced as managerial ownership levels are increased. The managerial ownership level has a significant negative coefficient on stock price crash risk, negative conditional return skewness of firm-specific weekly return distribution, and asymmetric volatility between positive and negative price-to-earnings ratios. Conclusions: As the ownership and management align, the likeliness of withholding business-related information is reduced. This study's results imply that the stock price crash risk reduces as the managerial ownership level increases because shareholder and manager interests coincide, thereby reducing information asymmetry.