• International Commerce and Information Review
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• v.8 no.4
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• pp.343-368
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• 2006

The rapid expansion of regionalism has resulted in the creation of blocs of the global economy, so that those countries not belonging to one or more blocs can be discriminated. The purpose of this paper is to examine the competition policy theoretically, international background with issues, and discussion trend of global enterprise. By doing them, this paper suggests the responsive plan, future prospects, and policy directions for the competition policy by distribution service. There is not a statistically significant relationship between international diversification strategy and firm performance. However, we observed some tendency that the larger the firm size, the higher the firm performance, assuming the degree of international diversification or multinationality to be constant. However, the export productivity increase after 1~2 years, and there exits a clear evidence that the innovation investment increases a firm's export competitiveness as time goes on.

• Journal of Distribution Science
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• v.17 no.9
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• pp.117-125
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• 2019

Purpose - We investigate how to increase consumer incentives to buy public offering funds, resulting in activating the public offering fund market. In particular, this study aims to find ways to expand diversity and to improve efficiency of public offering fund. The public fund market of Korea has been stagnant in recent years. However, the public offering fund market plays a very significant role in terms of consumer welfare. Since only a few wealthy investors can participate in the private equity market, the stagnation in the public offering fund market usually reduces the opportunity of consumer's buying funds thus ultimately affecting their future wealth. Research design, data, and methodology - To attain our purpose, the 'factor-based portfolio strategy' has been considered. It is an alternative portfolio strategy, which composites the advantages of the passive management and active management. For our empirical anaylsis, we used global stock distribution market data over the period of 1991 and 2016. Then we constructed portfolios based on firm-size, firm-value, and momentum. Finally, a regression model was set, then hypotheses were tested, analyzing the performances. Results - First, among the 15 factor-based portfolios of global, Europe, Asia-Pacific(ex Japan), US and Japan, in eight portfolios, positive excess returns are observed at 5% significance level. Further, there is another portfolio with positive excess return at 10% significance level. Second, most of the portfolios with significant excess performance show positive relationship with the market portfolio. However, the firm-value based portfolio in Asia-Pacific region shows no relationship, and the firm-value based portfolio in US shows negative relationship. Third, we confirmed that the two firm-value factor portfolios in Asia-Pacific region and US, not having positive relationship with market portfolio, provide significant excess returns. Conclusions - In this paper, we provide empirical evidences supporting that the factor-based portfolios expand the diversity of funds and improve the efficiency of investment performance. However, there is no guarantee that the efficiency will continue in the future. In addition, various constraints and costs must be considered. Nevertheless, our novel findings in the advanced financial market such as US and Asia-Pacific are very interesting and offers important implications.

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

• Journal of Distribution Science
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• v.20 no.4
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• pp.51-63
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• 2022

Purposes: The purpose of this study is to develop and test a possible model that investigates the relationships between green investment, CSR disclosure, social collaboration initiatives, and firm distribution performance to deal with environmental change because it's become the major stakeholder since it affects increasingly global company performance index. Research methodology: In this study a quantitative method was adopted. The 220 respondents were owners and managers of manufacturing enterprises from Indonesia. The structural equation model (SEM) was used to test the hypotheses, and the Partial Least Square (SmartPLS) was used as the data analysis tool. Findings: The study's finding shows that green investment has a significant effect on CSR disclosure, and CSR disclosure has a positive relationship with social collaborative initiatives and the firm's distribution performance. Similarly, social collaborative initiatives also significantly impact a firm's distribution performance. Limitations: This study uses variables that are still abstract and have not been able to regress the dimensions contained there into conclusion variables for each antecedent variable. In addition, this study only used a sample with a small scope, namely Central Java Province, Indonesia. Contribution: The findings of this study contribute to the body of literature in the field of organizational management and support the agency and stakeholder theories. For the practical contribution, this study provides the way to build and implement green-based investment strategies as a competitive edge and improve firm's distribution performance.

• Journal of Distribution Science
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• v.21 no.1
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• pp.53-63
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• 2023

Purpose: Big Data analytics (BDA) has been recognized to improve firm performance because it can efficiently manage and process large-scale, wide variety, and complex data structures. This study examines the determinants of Big Data analytics adoption toward marketing and financial performance of global logistic companies in Thailand. The research framework is adopted from the technology-organization-environment (TOE) model, including technological factors (relative advantages), organizational factors (technological infrastructure and absorptive capability), environmental factors (industry competition and government support), Big Data analytics adoption, marketing performance, and financial performance. Research design, data, and methodology: A quantitative method is applied by distributing the survey to 450 employees at the manager's level and above. The sampling methods include judgmental, stratified random, and convenience sampling. The data were analyzed by Confirmatory Factor Analysis (CFA) and Structural Equation Model (SEM). Results: The results showed that all factors significantly influence Big Data analytics adoption, except technological infrastructure. In addition, Big Data analytics adoption significantly influences marketing and financial performance. Conversely, marketing performance has no significant influence on financial performance. Conclusions: The findings of this study can contribute to the strategic improvement of firm performance through Big Data analytics adoption in the logistics, distribution, and supply chain industries.

• The Journal of Asian Finance, Economics and Business
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• v.10 no.1
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• pp.31-40
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• 2023

This paper investigates the effect of independent directorship on the firm performance of Chinese listed companies under the impact of the global COVID-19 epidemic. The study starts by assessing the relationship between independent director-related characteristics and firm performance, then mines independent director characteristics variables, collects variable data, proposes reasonable hypotheses, and constructs a data model. 1597 companies listed on Shanghai and Shenzhen stock index, China, from 2020 to 2021 has been selected as the research sample. An empirical study on the relationship between independent directors' characteristics and firm performance was conducted using SPSS25. The results show that under the impact of the global COVID-19 epidemic, the proportion of independent directors on the board of directors, the age of independent directors, the remuneration of independent directors, and the overseas background of independent directors in Chinese listed companies have a negative relationship with the current firm performance, while the proportion of female independent directors and the part-time rate of independent directors do not have a positive effect on firm performance. The findings of this study strongly imply that independent directors' characteristics play a significant role in corporate governance and firm performance in Chinese listed companies and that the external environment has an impact on how well independent directors can carry out their duties.

• Journal of Distribution Science
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• v.18 no.6
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• pp.47-55
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• 2020

Purpose: The issue of access to credit for private enterprises has been given an increased amount of attention given their crucial role in fueling economic growth. Vietnamese small and medium-sized businesses, however, face many obstacles in accessing financing for profitable investment opportunities, with up to 70% unable to access or obtain bank loans. This paper aims to address the factors affecting the credit accessibility of Vietnamese enterprises, and provide further insights of this issue under the new context of Basel II. Research design, data and methodology: We adopt a pooled sections approach to construct a sample of 155 firm observations before and after the implementation of Basel II accord in Vietnam and employing binary logistic regression and interaction terms for data analysis. Results: We find that firm characteristics (export participation, female ownership) and proxies for bank-borrower relationship (deposit, overdraft facility) have significant and positive effects on firm's access to credit. Notably, the sign of interaction coefficient shows that the implementation of Basel II tends to benefit small-sized firms in terms of credit accessibility. Conclusions: The finding further emphasizes the important role of relationship lending in Vietnam's credit market, which is even more critical for small firms when Basel II is universally applied as the new banking standards in the coming years.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.223-231
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• 2020

This research aims to examine (1) the effect of carbon emission disclosure on firm value, (2) the effect of good corporate governance on firm value, (3) the mediating role of financial performance between carbon emission disclosure and firm value, and (4) the mediating role of financial performance between good corporate governance and firm value. The research sample includes 43 mining, agro, and manufacturing firms listed in the Indonesian Stock Exchange over the 2015-2017 period. Carbon emission disclosure is measured by an indicator of the Global Reporting Initiative Series of Environmental Aspect. Good corporate governance is measured by the corporate governance score of shareholder rights, boards of directors, outside directors, audit committee and internal auditor, and disclosure to investors. Financial performance is measured by return on assets, while firm value is measured by Tobin's Q. Data analysis uses the structural equation modeling. The result shows carbon emission disclosure and good corporate governance have no direct effect on firm value. On the other hand, financial performance mediates the effect of carbon emission disclosure and good corporate governance on firm value. It shows that higher carbon emission disclosure and good corporate governance are meaningless for the investor if they do not give any financial performance improvement.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.1
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• pp.61-69
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• 2021

The aim of this paper is to empirically investigate whether and how domestic currency valuation is related to firm-level export competitiveness and profitability by using the unique firm-specific dataset on Bangladeshi nonfinancial firms which have been listed continuously from 2010 to 2018. To achieve the aim of this paper, 63 exporting firms are extracted from a total of 125 firms which have been continuously listed during 2010-2018 and used as the final sample firms. The Pedroni cointegration test reveals that export and import prices of the exporting firms are cointegrated in the short-run as well as long-run. The panel dynamic ordinary least square (DOLS) analysis finds that a firm's export competitiveness is maintained by high import inputs even in the presence of depreciation of Bangladeshi currency against the US dollar. Finally, the DuPont analysis finds that the depreciated Bangladeshi currency enhances an exporter's profitability. Conclusions based on the findings are consistent regardless of exchange rate types, such as, real bilateral exchange rate and nominal or real effective exchange rate indexes. Consequently, the firm-level findings of this investigation suggest that undervalution of home currency is essential for Bangaldesh which is one of the frontier markets in South Asia whose exporting firms are mostly price followers in global markets.

• Journal of Distribution Science
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• v.10 no.8
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• pp.15-23
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• 2012

This study is an attempt to explore the nature and characteristics of strategic impact of green strategy by environmental capital, corporate reputation, and technology strengths on the firm's performance across countries. The main question addressed in this paper relates to how corporate sustainability, corporate reputation, technology strength, and capabilities influence the firm's economic performance with respect to diverse dimensions of performance measures including sustained growth through the leading firms across countries in the United States, Canada, Europe, and Asia-Pacific countries. Particularly, this study attempts to empirically explore the directions and magnitudes of the operational links between new emerging strategic core competencies (e.g., sustainability green strategy by environmental focus for more sustainable path, corporate reputation by corporate social responsibility and image enhancement, and technology strengths to develop a new product and market) and the firm's economic performance with respect to diverse dimensions of performance such as accounting (ROE and EOA) - and market-based performance (Market value and Tobin's q). Considering all possible limitations that might exist with regard to selected samples and methods, this study demonstrates that environmental sustainability, corporate reputation, technological capabilities and competencies through R&D intensity and patent are most likely to be significantly associated with most market-based performance measures, but the strategic significance of other variables such as capital intensity, leverage, and administrative cost efficiency on performance tends to be different depending on which performance measure is used across different countries with diverse economic and business contexts.