• The Journal of Asian Finance, Economics and Business
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• 제10권1호
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• pp.67-77
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• 2023

This study investigates the impact of corporate governance (defined as companies' ownership structure and board of directors' characteristics) on cash holdings in the context of Oman. This study leverages a quantitative panel pooled regression on a dataset of Omani non-financial firms from 2009-2015. The findings of this study are generally in line with the predictions of Agency Theory and Mentoring and Busyness Hypotheses. The analysis demonstrates that a large stockholder size has a significant positive relationship with cash holding. Meanwhile, a positive (but insignificant) relationship was also found between institutional ownership and cash holding. Furthermore, state ownership was found to exhibit a significant negative relationship with cash holding. In terms of the board of directors' traits, this study's findings suggest that board sizes have a positive (but insignificant) relationship with cash holding. Furthermore, busy and independent boards were found to have a significant positive relationship with cash holding. The above findings suggest that boards with such traits are less effective in providing oversight on managers' actions, which would then increase Omani non-financial firms' cash holdings.

• The Journal of Asian Finance, Economics and Business
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• 제9권5호
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• pp.443-453
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• 2022

This study examines the effect of board structure and audit committee structure on financial reporting timeliness among Malaysia's top 100 public listed companies. Specifically, this study examines whether board independence, CEO duality, board ownership, audit committee independence, audit committee competence, and audit committee diligence influence the financial reporting timeliness of the public listed companies. This study selects the top 100 public listed companies by market capitalization listed on the Main Market of Bursa Malaysia as the sample since the main board has more public reprimands on financial reporting timeliness compared to other boards. The content analysis on annual reports for five years from 2015 to 2019 is utilized. The results show that audit committee competence and audit committee diligence significantly affect financial reporting timeliness. In contrast, board independence, CEO duality, board ownership, and audit committee independence have insignificant relationships with financial reporting timeliness. The findings in this study are helpful for compliance analysis and strategy formation in enhancing financial reporting timeliness. This study contributes to the agency theory by providing a new perspective on how different sections of corporate governance features interact together to influence financial reporting timeliness. In addition, the findings can assist the regulators in establishing quality corporate governance.

• 한국항만경제학회지
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• 제29권3호
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• pp.135-158
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• 2013

평택당진항은 매립지 관할권, 국제여객터미널 건립, 연육교 건설 등 주요 사안에서 해양수산부, 경기도, 충청남도, 평택시, 당진시, 아산시 등의 의견이 갈려 갈등이 일어나고, 심각한 경우에는 법적 분쟁으로까지 이어지고 있다. 이와 같은 갈등의 원인을 거버넌스 차원에서 해석하면 2가지 문제점이 지적될 수 있다. 첫째, 현행 평택당진항의 거버넌스 구조는 참여주체 간, 이해관계자 간 충돌 및 분쟁 가능성이 높은 구조로 되어 있다. 둘째, 현행 평택 당진항의 거버넌스 구조는 평택당진항의 미래 발전을 책임지고 이끌어갈 수 있는 주도기관의 부재가 중요한 문제점으로 거론된다. 이에 따라 충돌가능성을 저하하고, 주도기관이 존재하는 거버넌스를 설립하는 것이 무엇보다 중요하다. 충돌가능성을 저하하는 방안으로는 갈등조정기구의 설치, 항만개발 및 운영에 관한 사실관계 및 관련 법규의 명확화, 이해관계자 간 교류의 활성화 등이 제시되었다. 주도기관을 설립하기 위한 거버넌스 도입 방안은 단일 거버넌스의 도입, 평택당진항 항만공사(PA)의 신설, 중앙-지방 연합형 거버넌스의 도입, PA에 대한 실질적인 권한의 전면 부여 등이 검토되었다.

• 한국습지학회지
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• 제10권2호
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• pp.97-103
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• 2008

본 연구에서는 국내 수자원과 관련된 분쟁 및 갈등을 해결하기 위한 방안으로 적응형 거버넌스 시스템의 구조 및 역할을 제시하였고 분쟁의 원활한 합의 조정방안 및 문제점을 제시하기 위한 다양한 형태의 시민참여모델에 대하여 특징 및 특성을 분석하였다. 또한, 분쟁해결을 위한 공학적 도구로서 공영시각모형, 게임이론, 제도설계이론 등의 공학적 모형을 바탕으로 하는 과학적 접근 방안을 제시하여 물 분쟁의 해결 및 조정을 위한 대안을 모색할 수 있는 토대를 마련하였다. 본 연구에서 제시된 다양한 형태의 물분쟁 해결을 위한 대안은 물 관련 당사자들이 어떤 합의점을 찾을 때 추측과 가정에 의한 결정보다는 참여와 과학적 해결방법에 의해서 보다 합리적인 대안과 합의점을 도출할 수 있을 것으로 판단된다.

• 응용통계연구
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• 제27권5호
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• pp.797-808
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• 2014

건전성과 신뢰성이 높은 기업에 선별 투자가 이루어지면 이는 기업의 가치 상승으로 이어지므로 상위 등급의 기업 가치 변동 간 상관성 및 동적 특성에 대한 연구의 필요성이 증대하게 되었다. 본 연구에서는 증권거래소 분류 기업지배구조 등급별 주식수익의 중장기 변동성향을 분석하기 위한 연립방정식 통계모형을 설정하였다. 외생적 충격에 의해 등급별 주식수익에 일어난 변화는 시간이 흐르면서 완만히 조정되어 가는 구조적 특징을 공통적으로 가지고 있으며, 변동 과정이나 성향도 등급 간에 별다른 차이가 없는 것으로 판명되었다.

• The Journal of Asian Finance, Economics and Business
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• 제7권4호
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• pp.71-80
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• 2020

The paper examines the influence of corporate governance (CG) and earning quality (EQ) on corporate value (FV) of Vietnamese enterprises. The study uses GLS regression and linear structure model using data collected from companies listing on the stock market in Vietnam during 2008-2018, with a total of 2,937 observations. The research results indicate that EQ and CG represented by the Integrated Board of Directors and the Integrated Supervisory Board have a positive effect on FV directly and indirectly. The results show that the Integrated Board of Directors has a positive effect on EQ, whereas the Integrated Supervisory Board has a negative effect on EQ. Based on the research results, we suggest that companies need to strictly comply and implement GC, so to bring down the agency cost and consequently to increase performance. The companies also should establish the Board of Director of a proper size, with financial and accounting specialty, and including women board members. The government also needs to improve the management mechanism asking for firms to prepare and publish financial statements with reliable company information, which could be provided to users. These recommendations are a useful basis to help businesses improve FV via changes in the corporate governance factors in each enterprise.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.231-239
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• 2020

The aim of this paper is to review the role of board size as part of the corporate governance system. This paper discusses one aspect of corporate governance, namely, boards, in the Indonesian context. Using the literature review method, this paper explores factors that need to be considered to determine the optimal number of boards, especially in Indonesia. We explore some determinants of board size, such as complexity and leverage, ownership structure, and financial ratio support. The results reveal that an understanding of the differences found in the two-tier board model helps us understand that the different functions of the board of commissioners and the board of directors require different test treatments from countries that adhere to one-tier systems. A review of the relationship between board size and company performance is expected to provide the corporate governance literature with insights into optimizing the sizes of boards that can improve company performance, both in terms of boards of commissioners and boards of directors. This paper proposes the simultaneous testing of board size's relationship with company performance. The results of this study are expected to make a more real contribution about the effect of board size on company performance.

• The Journal of Asian Finance, Economics and Business
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• 제9권10호
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• pp.105-113
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• 2022

The purpose of this paper is to analyze the relationship between the ratio of non-controlling shareholder interests (minority equity ratio, MER) and the measurement error in real activities manipulation (RM) proxy for Japanese firms. Many Japanese firms have practiced stakeholder-oriented corporate governance systems. Previous studies suggest that the higher the MER, the more Japanese businesses tend to employ management techniques for the group's sales growth while also reallocating resources inside the group to reduce principal-principal conflicts. Such differences in management strategies by firms could lead to measurement error in the RM proxy. The analysis uses 16,450 firm-years listed on the Tokyo Stock Exchange. The results of our analysis show that there is a positive relationship between MER and the RM proxy, and high persistence of RM proxies, suggesting that the RM proxies may contain measurement error. We also find that MER is correlated with variables associated with management strategy and that controlling for these variables can reduce the measurement error of RM proxy in firms with large MER. This study extends previous research on measurement error in RM proxy by relating them to ownership structure and corporate governance. This paper would contribute to researchers examining issues related to RM.

• 기술혁신연구
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• 제21권2호
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• pp.225-254
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• 2013

본 연구는 기술제휴 동기의 주요 이론적 배경인 거래비용이론(TCE)과 자원준거이론(RBV)의 기술제휴 파트너 선정기준, 거버넌스, 성과에 대한 설명력을 분석하였다. 기술제휴의 동기인 TCE와 RBV의 통합 분석 관점에서 기술제휴의 각 단계, 즉 기술 제휴 파트너 선정기준, 거버넌스, 성과에 미치는 영향을 측정하였다. 실증연구 결과, 국내 하이테크(High-Tech) 기업의 기술제휴 파트너 선정 시 TCE 관점과 RBV 관점이 복합적으로 영향을 미치는 것으로 나타났으며, 거버넌스 유형 선택에는 TCE 관점이 보다 설명력이 있는 것으로 나타났다. 기술제휴의 성과에는 TCE 관점과 RBV 관점모두 관계가 있지만 RBV 관점의 설명력이 다소 큰 것으로 나타났다. 기술제휴 각 단계에 영향을 미치는 양 이론의 세부 변수를 제시하고, 영향을 미치는 원인을 분석하여 제시하였다. 본 연구의 결론에서는 연구결과에 대한 요약과 시사점 및 한계점에 대하여 기술하였다.

• Asia pacific journal of information systems
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• 제15권2호
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• pp.121-148
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• 2005

This study focuses on MRO e-Marketplace and attempts to research how companies select the structure of e-Marketplace governance and how it influences purchasing performance. Furthermore, a longitudinal study is conducted to analyze the dynamic relationship between variables in our research model. The research gives the following results. First, as the utilization level of e-Marketplace increases, the level of relational exchange between purchasing company and e-Marketplace increases. The increased utilization level enhances purchasing efficiency rather than reducing purchasing price. Secondly, as the level of relational exchange between purchasing companies and e-Marketplace increases, system integration increases, whereas supply externality decreases. Accordingly, system integration improves purchasing efficiency, whereas the low supply externality does not help lower purchasing price. Third, compared to the initial growth stage, the stable stage of e-Marketplace has the significantly increased level of relational exchange and purchasing efficiency through system integration, rather than the reduction of purchasing price by supply externality.