• The Journal of Asian Finance, Economics and Business
• /
• v.3 no.4
• /
• pp.5-16
• /
• 2016

Prior literature expects a lower marginal cash value for weaker governance firms. We test this empirical hypothesis by using the sample of publicly traded Korean firms from 2005 to 2013. To measure the quality of governance structures, we employ the corporate governance scores provided by Korean Corporate Governance Services. The empirical model of Faulkender and Wang (2006) is adopted to estimate the marginal value of cash. Our empirical analysis shows a higher marginal value of cash for the good governance firms in the examination of the total governance score. This finding is consistent to the agency view of cash policy predicting a larger marginal value of cash for the firms with higher governance scores. However, this positive relationship is not robust for a subset of detailed governance scores; a lower marginal cash value is observed for the firms with better qualities of board structure, auditing, dividend policies. Moreover, our empirical analysis verifies a quite low level of marginal cash value for Korean firms, which supports the existence of severe agency conflicts in Korean corporations. Our results verify the significant role of agency conflicts between a manager and shareholders in the determination of marginal cash values in the Korean firms.

• The Journal of Asian Finance, Economics and Business
• /
• v.3 no.4
• /
• pp.67-79
• /
• 2016

Prior literature expects a lower marginal cash value for weaker governance firms. We test this empirical hypothesis by using the sample of publicly traded Korean firms from 2005 to 2013. To measure the quality of governance structures, we employ the corporate governance scores provided by Korean Corporate Governance Services. The empirical model of Faulkender and Wang (2006) is adopted to estimate the marginal value of cash. Our empirical analysis shows a higher marginal value of cash for the good governance firms in the examination of the total governance score. This finding is consistent to the agency view of cash policy predicting a larger marginal value of cash for the firms with higher governance scores. However, this positive relationship is not robust for a subset of detailed governance scores; a lower marginal cash value is observed for the firms with better qualities of board structure, auditing, dividend policies. Moreover, our empirical analysis verifies a quite low level of marginal cash value for Korean firms, which supports the existence of severe agency conflicts in Korean corporations. Our results verify the significant role of agency conflicts between a manager and shareholders in the determination of marginal cash values in the Korean firms.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.5
• /
• pp.679-688
• /
• 2021

This study aims to verify family ownership's effect on earnings management by using corporate governance as the moderation variable. This study uses data panel regression with the period of 2011-2017. Corporate governance consisted of three dimensions, namely the board of commissioners, share ownership and transparency, and disclosure and auditing. Discretionary accruals measure earnings management with a model that controls company performance. Samples are manufacturing companies listed on Indonesia Stock Exchange. Observations were conducted on 198 firms throughout the year. The results indicated that corporate governance significantly affected earnings management. However, it declined the significance of family ownership toward earnings management. Hence, corporate governance can reduce earnings management. Furthermore, of the three components of corporate governance: the board of commissioners, shareholding, and transparency, the term shareholding precisely encouraged managers to conduct earnings management. Besides, the three core bodies of corporate governance lowered the significance of shareholding toward earnings management. This study's findings suggest that in family firms in Indonesia, earnings management is becoming more intensive than in non-family firms. Additional tests show that there is an entrenchment effect on family firms in Indonesia. Furthermore, corporate governance leads to earnings management.

• Asian Journal of Business Environment
• /
• v.5 no.2
• /
• pp.15-22
• /
• 2015

Purpose - Following globalization, Kazakh companies are considered to be among the main economic agents of the country. The influence of Limited Liability Partnerships (LLPs) on Kazakhstan's economic development is becoming increasingly pronounced. Therefore, limitations and backwardness of legislation regarding regulation of corporate governance must be overcome at the earliest. Research design, data, and methodology - We considered the basis for legislation of corporate governance in Kazakhstan, and the corporate governance models that better describe the situation of being in the organization. Results - Earlier studies have identified several problems, including "transparency" of issuers and markets, and the consequent lack of (undeveloped) external control of managers of the former state-owned enterprises; lack of traditional corporate ethics and culture; and corruption, and other criminal aspects of the problem. This article describes several proposals to improve corporate governance in Kazakhstan to solve these problems. Conclusions - Domestic reformers acting without consideration of local features is a common occurrence today. They often ignore that these features are recommended for reputable international organizations, and therefore should be used carefully.

• Journal of Advanced Navigation Technology
• /
• v.14 no.6
• /
• pp.935-950
• /
• 2010

The purpose of this study is to try to find out the relationship between the perception and behavior of employees and the Information Security Governance (ISG) which consists of leadership and governance, security management and organization, security policies, security program management, user security management, and technology protection and operations. Some effective suggestions from the verification of research hypotheses and the analysis of the most appropriate model were drawn out.

• The Korean Journal of Archival Studies
• /
• no.38
• /
• pp.225-264
• /
• 2013

The Purpose of this study is to analyze an active discussion in North America about the issue of community archives governance which mainly focused on 'participatory archives' model and from it, draws implications for the present stage of domestic community archives development. Traditionally in the United States and Canada, local community archives have been built mostly by mainstream cultural institutions such as public archives, public libraries, museums, and historical societies as a part of comprehensive documentation of the society at large. At the same time, they have been processed and managed in accordance with the institution's collection development policy. As a result, most community archives in North America are characterized as top-down community archives model (in contrast with down-up model of 'independent' community archives as a part of grass roots movement in the UK). Recently, the community archives in North America with these characteristics try to overcome their limitations, which result in 'the others' of community archives, through governance, that is, community-institution partnership. Participatory archives model which assumes active community participation in all archives processes is being suggested by archival communities as the effective alternative of governance model of top-down community archives. This discussion of community archives governance suggests progressive direction for the present stage of domestic community archives, which has been built mostly by various mainstream cultural institutions and still has been stayed in 'about the community' stage. Particularly, community outreach strategies that participatory archives model concretely suggests are useful as a conceptual framework in building community archives based on community-institution partnership in reality.

• Review of Korean Society for Internet Information
• /
• v.14 no.3
• /
• pp.21-34
• /
• 2013

The multistakeholder model of Internet governance is based on the belief that the stakeholder groups should be able to agree on the rules and principles in governing the Internet space. The global expansion of the sweeping influence of the Internet has heightened the awareness of international governments on the importance of Internet governance, but since the Internet has developed mostly through voluntary participation by various groups, the organization with the greatest ability to manage the Internet space currently is ICANN(Internet Corporation for Assigned Names and Numbers), the U.S. based organization that manages the assignment of Internet domain names and IP addresses. Although ICANN has attempted to globalize its operation, governments in some nations are voicing dissatisfaction over the fact that the voice of the governments are not adequately represented within ICANN. This paper examines how the concept of multistakeholderissm has been used in WSIS(World Summit on Information Society), ICANN(Internet Corporation for Assigned Names and Numbers) and the ITU(International Telecommunication Union) as an important principle in emphasizing their roles in Internet governance.

• Journal of Wetlands Research
• /
• v.10 no.2
• /
• pp.97-103
• /
• 2008

In this study, the structure and role of governance system, which can be adapted as a effective way to negotiate the water resources related conflicts, was presented and the features and a characteristics of the various types of citizen participation model was analyzed. Also, the scientific approach based on Shared vision model, Game theory and Institutional design theory was introduced and applied to current conflict issues in Korea. The governance system with engineering negotiation model, which is presented in this study, can be used effectively in the field of water resources related conflicts to provide the scientific alternatives by participation of water related stakeholders.

• Convergence Security Journal
• /
• v.17 no.1
• /
• pp.39-44
• /
• 2017

The existing enterprise information security activities were centered on the information security organization, and the top management considers information security and enterprise management to be separate. However, various kinds of security incidents are constantly occurring. In order to cope with such incidents, it is necessary to protect information in terms of business management, not just information security organization. In this study, we examine the existing corporate governance and IT governance, and present an information security governance model that can reflect the business goals of the enterprise and the goals of the management. The information security governance model proposed in this paper induces the participation of top management from the planning stage and establishes information security goals. We can strengthen information security activities by establishing an information security plan, establishing and operating an information security system, and reporting the results to top management through compliance audit, vulnerability analysis and risk management.

• Journal of Information Technology Services
• /
• v.6 no.2
• /
• pp.63-80
• /
• 2007

In this paper, the function factors contributing to ITA/EA functions in their organizations, are suggested. Also the reasons to the construction of IT governance system and their effects on the their organizations are discussed and the relationships are verified by empirical model. From the survey, the data of the 227 respondents were collected and regression analysis was performed for validating the research model. ITA/EA functions consist of the IT infrastructure systemization, ITA/EA business process support, IT investment efficiency factors. And the factors of IT resource and performance management, IT process management, IT service management are included to IT governance. The main analysis results described significantly are shows as follows. At first, IT resource and performance management factor is effected by the ITA/EA business process support factor and IT investment efficiency factor. In similarly, IT service management factor is also affected by the factors such as ITA/EA business process support, IT investment efficiency, and IT infrastructure systemization. In additional analysis, IT investment efficiency factor in official sectors, ITA/EA business process support factor in private sectors respectively are described as the significant factors on the IT governance.