• The Journal of Asian Finance, Economics and Business
• /
• 제7권9호
• /
• pp.409-418
• /
• 2020

The human and capital resources from foreign investors are important sources of finance for developing countries. Foreign ownership can help the firm to raise funds for operations and the foreign management can help the firm expand the market and improve management. However, does this really happen to Vietnamese firm? To find the answer to that question, this paper examines the impact of foreign ownership and management on the financial performance of listed firms on Vietnam's stock market. The data collected include 427 listed firms in all fields over five years, from 2014 to 2018. The financial performance is measured by Tobin's Q, ROA and ROE. The study carried out testing of each model by the least squares method of Pool OLS, assessing random effects (REM) and evaluating fixed effects (FEM). The most effective model is the FEM model. The results show that the foreign ownership ratio and the size of the firm have a positive impact on the financial performance. The foreign management, the age of the firms, the liquidity and financial leverage have a negative impact on the financial performance. Based on the research results, the study proposes some recommendations to improve the financial performance of listed firms in Vietnam.

• 기술혁신연구
• /
• 제13권3호
• /
• pp.257-287
• /
• 2005

The purpose of this paper is to develop a desirable government policy for attracting highly skilled professional foreign human resources. To achieve the purpose, following research methods were pursued; 1) a review on the current status of government policy on highly qualified foreign professionals, 2) case studies on foreign governments' policy on the issue, 3) a survey over Korean firms which are employing foreign high-tech professionals. Based on above research results, policy suggestions for the Korean government are recommended as follows: formulating a basic framework of the government policy to attract foreign high-tech professionals, revising the nonimmigrant visa policy for foreign professionals, collecting and distributing personnel data of foreign applicants for jobs In Korea, developing external and internal public relations, revising the method of supporting small and medium-sized firms, taking a systematic approach to attract korean-American scientists, redesigning sponsorship programs for inviting world famous scholars and scientists, increasing global joint research projects, facilitating favorable infrastructure for foreign engineers and scientists.

• Journal of Korea Trade
• /
• 제23권5호
• /
• pp.1-26
• /
• 2019

Purpose - We examine the disclosures on foreign divestment from China by 77 Korean firms between 2007 and 2016 to identify the effects (and their determinants) on parent firm value. Design/methodology - We analyze how divestment affects firm value by examining the disclosure of divestment from China by Korean firms. Then, we examine the determinants of these disclosure effects using cross-sectional regression analyses. Findings - We find negative effects on parent firm value in the short and medium term, and both the KOSPI and KOSDAQ stock markets show negative correlations between foreign divestment and firm value. The parent firm's financial condition and profitability and the reason for divesting are statistically significant determinants. Practical implications - Most Korean firms in China belong to the manufacturing industry. As a result, divestment signifies a loss of important manufacturing bases and assets. Originality/value - We analyze foreign direct divestment, which has not been studied in detail previously owing to a lack of data. In addition, this research is the first to compare the disclosure effects in the KOSPI market with those in the KOSDAQ market for the same period.

• 한국산학기술학회논문지
• /
• 제12권1호
• /
• pp.216-221
• /
• 2011

우리나라는 2000년도부터 외국인투자 한도의 전면폐지로 외국인투자가 크게 증가하였다. 국내기업들의 소유구조가 급격히 변모하면서 외국인투자자가 주식시장 시가총액에서 차지하는 비중을 보면 40%를 상회하고 있고, 외국인지분율이 50%를 넘는 기업들도 상당수 나타나고 있다. 국내투자자들 사이에서는 외국인투자자가 선호하는 국내기업의 재무적 특성 또는 주식의 종류들에 대한 관심이 지대하다. 구미의 연구들에 따르면, 미국과 유럽시장에서의 외국인투자자들은 잘 알려져 있거나 지리적으로 가까운 지역의 기업주식 또는 투명하고 유동성이 높은 주식을 선호한다고 알려져 있다. 본 연구는 국내시장에서 외국인투자자가 투자종목으로 선호하는 국내주식의 종류 또는 국내기업의 재무적 특성을 분석하였다. 연구결과, 한국시장에서의 외국인투자자들은 자본의 시가총액이 큰 기업과 배당수익률이 높은 기업을 매우 선호하는 것으로 나타났다. 한국시장에서 활동하는 외국인투자자들은 또한 장부가-시장가 비율이 높은 가치주(value firms)를 보다 선호하고 있는 반면, 부채비율과 최대주주 1인 지분비율이 높은 기업에 대하여는 투자를 회피하고 있는 것으로 나타났다.

• 경영과정보연구
• /
• 제37권2호
• /
• pp.259-281
• /
• 2018

본 연구는 해외 기업과 비교가능성이 높은 정보를 제공하는 우리나라 기업을 외국인 투자자가 선호하는지 분석함으로써 IFRS의 도입효과를 살펴보고자 착수되었다. IFRS 의무도입 지지자들은 국제자본시장에서 단일의 회계기준에 대한 요구가 증가하고 있는 상황에서 IFRS 의무도입의 확산이 중요한 대안이 되고 있다고 주장한다. 그들은 IFRS가 확산되면 서로 다른 국가의 기업들이 동일한 회계기준을 사용하게 되고 단일 회계기준에 의해 생산되는 회계정보의 비교가능성이 향상으로 이어질 것이라 주장한다. 나아가 비교가능성이 향상은 외국인 투자자의 'home-bias'를 약화시켜 해외에 대한 투자를 증가시킬 수 있으며, 궁극적으로 국제자본시장의 자원배분 효율화를 가능하게 할 것이라고 주장하고 있다. 이에 본 연구는 IFRS 도입 이후 국내 기업의 국제적 비교가능성과 외국인 지분 사이에 어떠한 관계가 존재하는지 분석하여 IFRS 의무도입 지지자들의 주장을 검증하는 한편, IFRS의 도입이 국내 자본시장에 어떠한 영향을 주고 있는지 분석하였다. 연구목적의 달성을 위해 Barth et al.(2012)이 제시한 모형을 통해 해외 기업과 국내 기업 사이의 비교가능성을 측정하였으며, 주요 가설검증모형의 종속변수로는 기말 시점의 외국인 지분율과 기중 외국인 지분율의 평균을 모두 사용하여 연구결과에 초래될 수 있는 편의를 완화하고자 하였다. 2011년부터 2015년까지 우리나라 유가증권시장에 상장된 기업 1,817개 기업-연도 표본을 이용하여 분석을 실시한 결과, 외국인 투자자들은 해외 기업과의 비교가능성이 높은 우리나라 기업을 상대적으로 선호하는 것으로 나타났다. 또한, 비교 가능성과 외국인 지분율 사이의 관계는 IFRS 도입 이전에 비해 도입 이후 기간에 더욱 강화된 것으로 관찰되었다. 이러한 분석결과는 IFRS를 도입하며 회계의 국제적 정합성을 확보하고 국제자본시장에서 우리나라 기업이 상대적으로 저평가되고 있는 Korea Discount를 해소하고자 한 금융당국의 IFRS 도입 취지에 긍정적인 영향을 주고 있음을 실증적으로 보여주는 것이다.

• Asia Marketing Journal
• /
• 제11권2호
• /
• pp.97-119
• /
• 2009

The growth of international trade and the formation of supranational economic and political trading blocks have noticeably widened the presence on the market of products of different national origins. This has stimulated interest in explaining the Country-of-Origin (COO) role in domestic and international markets and its consequences on consumer behaviour. Since the consumer purchasing decisions can be decisive to the success of a company's strategy in domestic and foreign markets, the objective of this study is to present empirical evidence on the extent to which reputation of firms associated to a certain COO are related to consumer purchase intention. Additionally our study considers ethnocentrism as a variable that partially explains the rejection of imports products based on its foreign origin. The empirical application of the proposed model is related to the purchase of Korean automobiles which represents 5.7% of the national market share in Spain. Structural equation modelling was used to analyse the data collected from 202 personal interviews carried out in a large Spanish region. The results show that reputation of firms associated to a certain COO in an important factor to establish business relationships involving consumers and firms from different countries and increase intentions to purchase Korean products. Additionally, ethnocentric consumers prefer to purchase domestic products rather than foreign imports as an attempt to protect national economy however the negative effect of ethnocentrism is weaker than positive effect of firms reputation of a COO.

• 복식문화연구
• /
• 제13권5호
• /
• pp.844-855
• /
• 2005

The purpose of this paper is to examine which fashion brands are most likely to be investigated by Korean textile firms when they conduct their market trend analyses. The result shows that for the domestic sales, textile firms are most likely to collect and analyze information on the Cheil Textil Co. It is followed by Bean Pole, Chanel, Buberry, Tomboy. For the future domestic sales, textile firms prefers referring foreign fashion brands such as Burberry, ZARA, MaxMara, Missoni, and Chanel. Textile firms majoring exports prefers collecting and analyzing information on D&G followed by Chanel, Gucci, and DKNY. This preference, however, differs when considering exporting areas. Textile firms targeting the French market considers Gucci, followed by Ferragamo, Dior, Louisvuitton. Textile firms targeting the Italian market prefer Chanel, followed by Valentine, ZARA, Gucci, and Armani. Chanel is also top brand for the North American and Japanese markets, and followed by GAP, ZARA, OZOC, Missoni, Munshing Wear. The information content collected and analyzed by textile firms is style, pattern, color, and textile materials for textile firms targeting the domestic sales, while the exporting firms prefer information on color and textile materials proposed and presented by the fashion brands to which they prefer to make reference. The result of this study can be used to effectively and efficiently collect and analyze market information on fashion brands for textile firms majoring the domestic and foreign sales.

• Journal of East Asia Management
• /
• 제3권1호
• /
• pp.41-55
• /
• 2022

This study investigates whether foreign investors' behavior is involved in firm-specific investor sentiment. Because the mixed role of foreign investors on investor sentiment formation seems to exist in the Korean stock market, it needs to examine the moderate or incremental effect of foreign investors on the stock price crash risk which is due to investor sentiment. The analysis results using Korea Stock Exchanges - listed firms for the period of 2011-2019 show the increased future stock price crash risk which is attributable to high investor sentiment is mitigated for firms with the high foreign ownership, indicating the moderate effect. This study expands the literature on the foreign investors' behavior in the Korean stock market, by showing foreign investors are not involved in firm-specific investor sentiment, which improves market's efficiency in the Korean stock market. Also, the paper is valuable to the academic and practice field in that the findings shed light on the foreign investors' mitigating role in stock price crashes in the behavioral finance perspective.

• 아태비즈니스연구
• /
• 제9권1호
• /
• pp.91-106
• /
• 2018

An appreciable number of Chinese firms have successfully expanded their businesses into foreign economics although they have limited resources. Advocating that home country government supports can mitigate firms' resource-disadvantages in international expansions, we attempted to investigate whether and how the Chinese government's support enables Chinese firms to compete in foreign markets. Based heavily on the knowledge-based theory of the firm and the resource-based theory of the firm, we developed a model that explain and predicts the effects of home-country government-supports on superior financial performance. The model was empirically tested using a accounting dataset regarding Chinese firms' 323 international expansion events from 2008 to 2015. Empirical evidence presents that the Chinese government's support has a positive effect on Chinese firms' international success and that these firms' marketing, technological, and managerial resources positively moderate the effect of the government support on the firms' international success. Nonetheless, because we employed an event-study method, the limitations of the method can be applied to the current research. In addition, because of the empirical context, the results of the research might lack generalizability. We, however, provided an understanding how firms from emerging countries can succeed in international expansions specifically when they have lack of resources for international competition.

• 한국지역지리학회지
• /
• 제17권1호
• /
• pp.58-74
• /
• 2011

본 연구는 국내 외국인직접투자기업의 제조업에 적합한 입지결정요인을 추출하여 AHP 분석기법(Analytic Hierarchy Process)을 통해 집단별, 업종별, 기업규모별, 입지유형별로 입지요인의 중요도와 우선순위를 분석하고 시사점을 도출하는데 목적이 있다. 본 연구결과를 요약하면 다음과 같다. 첫째로, 전문가집단이 외국인직접투자기업을 바라보는 관점과 외국인직접투자기업에서 실제로 고려하고 있는 각 입지요인의 중요도와 우선순위에는 상당한 괴리가 있는 것으로 확인되어 전문가집단의 정보 비대칭 문제가 심각한 것으로 나타났다. 둘째로, 외국인직접투자기업에서는 투자동기와 연관되어 있는 경쟁우위요인과 경영전략요인의 중요도를 높게 평가하고 있다. 또한 기업규모별, 업종별, 입지유형별로 입지요인의 중요도와 우선순위에도 많은 차이가 있는 것으로 나타났다. 셋째로, 투자만족도와 입지요인간에는 유의한 상관관계가 있는 것으로 나타나 입지요인들이 긍정적인 영향력을 많이 받을수록 투자의 만족도가 높아진다는 것을 시사하고 있다. 또한 투자기업에서는 노동의 유연성 부족과 우수인력의 확보문제를 가장 큰 경영상의 애로사항으로 인식하고 있었다. 넷째로, 입지의사결정에 필요한 정보의 원천에 관한 조사에서 행정당국보다는 이미 국내에 진출하여 사업을 영위하고 있거나 철수한 경험이 있는 선행의 투자기엽으로부터 입지정보를 수집하는 사례가 많은 것으로 나타났다. 아울러 가장 영향력이 높은 의사결정계층으로는 최고경영자로 확인되어 입지결정과 같은 전략적 정책결정들은 실무책임자보다는 최고경영층과의 관계 마케팅이 더욱 더 중요하다는 것을 확인하였다.