• The Journal of Asian Finance, Economics and Business
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• v.9 no.5
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• pp.63-73
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• 2022

In today's financial economics literature, the impact of innovative family ownership and management on firm performance is a prominent concern. In this study, the existence of family firms in the listed sector of Pakistan's economy is investigated. The objective of this study is to examine the performance-oriented relationship of family ownership and active involvement of family member at the CEO position. The theoretical perspectives that underpin this research are agency and stewardship. This analysis used a sample of 315 publicly traded companies from 2009 to 2019. The study's primary independent variables include family influence on ownership and family CEO. Financial performance is the dependent variable that is divided into accounting and market measures. The proxy for accounting measure is return on asset and proxy for market measure is Tobin's Q. This study employs univariate and balanced panel data analysis. For robustness of the analysis random-effects GLS regression is carried out. The empirical results show that that Family Firms outperform Non-Family Firms both in terms of accounting and market measures. In the later part family CEOs firms outperform the firms that have either insider or outsider non-family CEOs. This superior performance is subjected to the positive and statistically significant association between family ownership, management, and financial performance.

• East Asian Economic Review
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• v.26 no.4
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• pp.257-277
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• 2022

Does servitization improve manufacturing firms' performance, and in what condition? Following the seminal work of Crozet and Milet (2017), this study analyzes disaggregated firm-level data that covers 40,000 South Korean manufacturing firms surveyed by the Survey of Business Activities of Korea. We compute firm-level servitization intensity with available sales data of each firm by two-digit SIC sub-sectors. We find two novel empirical regularities: Korean servitization intensity distribution shows a very different shape from the French benchmark; Servitized firms tend to perform higher profitability and higher productivity than non-servitized firms.

• Journal of the Korea Society of Computer and Information
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• v.12 no.1 s.45
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• pp.219-229
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• 2007

The results of the research in M&A firms in the KOSDAQ market are as follows. First, the effect of the M&A disclosure at the time of disclosure was that the positive (+) cumulative abnormal return (CAR) can be interpreted as an increase in the value of the firm; however, in the long run, firms which used the KOSDAQ index and the control firm, which did not use the index were found to have conflicting results. Second, the findings show that the rise in value of general firms resulting from a M&A were higher that those of venture firms. Third, in testing the performance extrapolation hypothesis, it was shown that the performance of "value" firms (firms with a high B/M ratio but poor performance in the past) was better after a M&A than those of the "glamour" firms and that the performance extrapolation hypothesis was substantiated. Fourth, it can be construed that a size effect in a merger exists. The CAR of the small firms surpasses those of large firms. Fifth, in verifying operating performance, most variables showed a positive (+) value at the time of M&A but showed a negative (-) value after a M&A. These results show that because on the Korean KOSDAQ market, M&A are approached from a financial rather than an economic aspect, it can be inferred that it lowers the firms value.

• International conference on construction engineering and project management
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• 2009.05a
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• pp.1023-1029
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• 2009

Intellectual capital is one of the most valuable assets of any enterprise. This empirical investigation examines the causal relationship between intellectual capital and the performance of architecture firms. More than 100 architecture firms across Taiwan have each been assessed for the levels of human capital, structural capital, relational capital, and business performance. The results suggest that the architecture firms exhibit higher levels of relational capital. However, the firms indicate relatively low levels of human capital. Additionally, the results from the correlation analysis suggest that all the four measures (human capital, structural capital, relational capital, and business performance) are highly correlated. The findings from the path analysis also indicate that human capital may influence the performance of architecture firms via structural capital and relational capital.

• Journal of Distribution Science
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• v.16 no.9
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• pp.53-58
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• 2018

Purpose - This study aims to examine how the time variations of customer satisfaction influence retail firms' performance. Research design, data, and methodology - The study employs yearly time series customer satisfaction data of Korean retail secured from the National Customer Satisfaction Index(NCSI) for the 2011~2016 period. Our data includes a total of 90 observations of 15 retail firms in 5 different sector(department store, filling station, large discount store, open market, TV home shopping). We obtained the firm performance data from the KIS Value database. The variables for financial performance include sales and net profit. Results - The results show that customer satisfaction has dynamic effects on retail firms' performance. More specifically, the time variation of customer satisfaction has the moderating effect on the linkage between customer satisfaction and financial performance as well as direct effects on the firms' financial performance. Conclusions - Customer satisfaction has the current effect lasting over time on firm performance and changes of customer satisfaction in positive direction also impact on firm performance. Retail firms need to not only focus on improving customer satisfaction in the current term, but make efforts to continuously enhance customer satisfaction in the long term.

• Journal of the Korean Society of Clothing and Textiles
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• v.27 no.9_10
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• pp.1124-1133
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• 2003

The purpose of this study was to investigate relationships among partnership variables and sourcing performance. Partnership variables were included as: contract conditions, information sharing, communication, conflict, job understanding, monitoring, culture understanding, trust and commitment. Sourcing performance included perceived benefits and sourcing satisfaction. The survey research design was employed with the structured questionnaire. A sample of 104 Korean apparel firms' managers participated in this survey. Apparel firms selected for this study were casual, sports, children's wear firms doing actively international sourcing. For the data analysis, descriptive statistics (i.e., frequency, percent), factor analysis, correlation, and multiple regression analysis were used. Information sharing and job understanding were positively related with trust. That is to say, the better information sharing and the better job understanding apparel firms had higher scores of trust than others. Contract conditions, communication, conflict, and culture understanding were known as predictions of commitment to international outsourcing. The more trust firms had with their vendors, the more commitment the firms had in the international sourcing. This result showed that trust is the essential factor of commitment. Trust and commitment were significantly related with outsourcing performance (i.e., perceived benefits, satisfaction of the international sourcing). Partnership information of international sourcing assembled in the review of literature and the results from this empirical study may assist the domestic apparel firms to make better decision in the adoption process of international sourcing.

• Asia pacific journal of information systems
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• v.25 no.1
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• pp.61-81
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• 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.

• Korean Management Science Review
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• v.30 no.2
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• pp.79-95
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• 2013

In this study, we empirically examine the impact of win-win growth effort of domestic large firms on their financial performance. Specifically, we classify the financial performance into three aspects such as profitability, stability and efficiency, select corresponding financial ratios to each aspect, and analyze the causal relationship between the firms' win-win growth effort and each of the financial ratios. In addition, we figure out the impact of the firms' win-win growth effort on their stock rate of return. From the analysis, we show that the win-win growth effort has a positive impact on the firms' profitability, stability and stock prices; however, it does not give statistically significant impact on the firms' efficiency with even negative impact on it. These results imply that the firms' win-win growth effort could bring about inefficiency in their business operations, but the effort could increase the firms' profitability and make their financial structure more stable. Furthermore, the effort could enhance the firms' image of leading CSR (corporate social responsibility), which in turn increase their stock values.

• Journal of Korean Society for Quality Management
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• v.40 no.4
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• pp.631-640
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• 2012

Purpose: This empirical study is focused on the relationship between innovation capability (R&D and Human Resource innovation) and performance in knowledge-based service firms. Methods: We build research model to test how each of innovation capability on technology and human resource is influenced on their financial and non-financial performance in the knowledge-based service industries. Based on the previous research, we hypothesized the factors are regarded innovation capabilities of the firms as the scale of R&D and human resources. Because this study is especially targeted to the performance of knowledge-based service firms. With the survey on 424 main knowledge-based service firms, the multi-regression analysis was performed. Results: The result showed that the scale of R&D and human resources capabilities are main factors for knowledge-based service firms' performance, which reflects the current industrial structure. Conclusion: This study empirically demonstrated that human resources are most important to the growth of knowledge-based service firms.

• Journal of the Korean Operations Research and Management Science Society
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• v.28 no.4
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• pp.61-84
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• 2003

This study empirically examined the impact of national culture on the amount of information provided by management accounting information systems (MAIS). Two very different cultures, the Korean and Australian cultures, were considered in our study The results showed that the much more flexibility performance information is provided in Korean firms, while the amount of quality performance information and traditional cost control information (TCCI) produced in Australian firms is much more than in Korean firms. However, it was found that in the amount of financial performance information and advanced cost control information (ACCI), there exist no significant differences between Korean firms and Australian firms. We also investigated the effect of the three-way interactions among national culture, level of advanced manufacturing technology (AMT), and information on production performance. The results of this study revealed a significant impact of three-way interactions on the improvement of production performance. In conclusion, we suggest that under high levels of AMT, Korean firms need a large amount of information-based MAIS, while Australian firms require the ACCI and nonfinancial performance information-oriented MAIS.