• Journal of the Korean Society of Industry Convergence
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• v.7 no.4
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• pp.363-368
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• 2004

The stocks of listed S&M sized firms in the KoreaStock Exchange(KSE) have been neglected to investors for long time in site of their good performences. The word "Neglected" means that the stocks of listed S&M sized firms in the KSE have fail to acquried liquidity. In the result, Listed S&M sized firms in the KSE have not financed equity by issuing stocks timely in the primary market. This problem has resulted in poor investment to their listed S&M sized firms in the KSE. The possible key to sovlve this problem is in the Institutional Investors, especially to the Pension fund. Korean Institutional Investors have lost their basic roles, that is, final supports to prevent the markets not to demolish. The Acts prventing Pension to invest to the stocks is to change to allowing to invest them in soon. this opportunity is good chance to solve the problems of poor liquidity of stocks of listed S&M sized firms in the KSE.

• Asia-Pacific Journal of Business
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• v.13 no.3
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• pp.281-291
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• 2022

Purpose - We study whether the bullwhip effect is prevalent among Korean firms and how the characteristics of it differ from the ones in other countries. Design/methodology/approach - We obtained quarterly financial and operational information on KOSPI-listed firms in manufacturing, wholesale, and retail industries from 2013 to 2019. We explore the variation of the bullwhip effect across firms and validate hypotheses. Findings - First, we find that for the KOSPI-listed firms, the bullwhip effect is more prevalent compared with the production smoothing. We provide additional findings by using sub-samples of manufacturing firms, wholesaling and retailing firms, big-sized firms, small- and medium-sized firms, domestic-sales intensive firms, and export intensive firms. Second, we show that in general, the bullwhip effect of Korean firms increases with the days in inventory or the demand seasonality ratio. However, the persistence of demand shock does not affect the bullwhip effect of Korean firms. Research implications or Originality - We compare our results with those in other studies that use information on the U.S. and Chinese firms. Our findings show that factors explaining the bullwhip effect across Korean firms have similarities and differences compared with firms in the U.S. and Chinese firms.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.195-204
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• 2020

The aim of this study is to estimate the impact of ownership structure on the performance of listed firms in transition economy. Buiding upon agency theory, hypotheses on such relationship are proposed. A detailed panel data of 502 non-financial companies listed on Ho Chi Minh Stock Exchange and Hanoi Stock Exchange over the period from 2013 to 2018, and the system generalized method of moment estimation are employed to test the proposed hypotheses. To ensure the reliability of data, this study excludes companies that violate information disclosure regulations or that are subject to special supervision by the State Securities Commission of Vietnam. Some firms with inadequate information, firms that lack the financial data required for creating variable or firms that have inconsistent construction are also re-screened. We only collect the data of enterprises that have ownership structure of two or more components. Estimation results reveal that state ownership has an U-shaped relationship with the performance of Vietnamese listed firms, while foreign ownership and the degree of ownership concentration have an inverted U-shaped relationship with listed firms' performance. The article provides governance implications that Vietnamese listed firms should decrease state ownership and foreign ownership to improve firm performance in order to boost investors' confidence.

• The Journal of the Korea Contents Association
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• v.22 no.8
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• pp.318-328
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• 2022

The purpose of this study is to analyze the impact of ownership concentration and R&D investment on earnings growth of listed companies in China. For this purpose, this study utilized 14,196 samples from 2,366 Chinese listed companies using the WIND database and conducted empirical analysis by Python. The results of the analysis are as follows. First, the data shows that ownership concentration has a positive (+) impact on revenue growth of Chinese listed firms. Second, ownership concentration has a postive(+) impact on R&D investment of Chinese listed firms. Third, the survey shows that R&D investment has a positive (+) impact on revenue growth of Chinese listed firms. Fourth, the impact of R&D investment on earnings growth of Chinese listed firms has time lag effect. Fifth, R&D investment has a partial mediating effect in ownership concentration and earnings growth of Chinese listed firms. Based on these analytical results, this study proposes measures to promote firms' earnings increase by optimizing ownership concentration and increasing R&D investment in Chinese listed firms.

• Journal of the Korea Convergence Society
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• v.9 no.4
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• pp.169-177
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• 2018

The purpose of this study is to make an empirical analysis of how voluntary disclosure level has an impact on auditor's audit fees and audit hours and additionally identify if the relationship between the twos depends on the accounting quality. As final sample for analysis, this study targeted the KOSPI listed firms from 2007 to 2013, and as for audit fees(audit hours), 4,572 (4,460) corporate/annual data were used. The results from the empirical analysis in this study are as follows. First, auditor's audit fees appeared higher in KOSPI listed firms compared to the non-KOSPI listed firms, and when targeting the KOSPI listed firms only, the results were the same. Second, auditor's audit hours increased significantly in the KOSPI listed firms compared to the non-KOSPI listed firms, and this result appeared consistently even when analyzing the KOSPI listed firms only. Third, when the accounting quality was not good in the KOSPI listed firms, auditor's audit fees got significantly lower, whereas when targeting the KOSPI listed firms only, no relevance was found. Fourth, when the accounting quality was bad in the KOSPI listed firms, auditor's audit hours were found to have been spent less, but when analyzing the KOSPI listed firms only, such a fact was not identified. This study is significant in that it examined the fact that auditor's audit risk depends on voluntary disclosure level in terms of audit fees and audit hours.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.5
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• pp.61-72
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• 2020

The purpose of this study is to investigate the determinants of the capital structure of firms operating in a developing economy, Pakistan. The quantile regression method is applied on a sample of 183 non-financial companies listed on the Pakistan Stock Exchange during the period of 2008-2017. Specifically, the empirical analysis focuses on changes in the coefficients of the determinants according to the leverage ratio quantiles of the examined listed firms. The findings show that the capital structure of Pakistan listed firms differs between firms in different quantiles of leverage. These differences are significant with the sign of explanatory variables changes with the level of leverage. The research result found tangibility, profitability and age to be positively related to leverage among listed firms in Pakistan. However, size, liquidity and non-debt tax shield (NDTS) are negatively related to leverage. A firm's growth and risk are found to be insignificant predictors of capital structure in Pakistan listed firms. Moreover, the study also found a significant impact of industry characteristic on leverage. The findings of this study indicate that an individual firm's finance policy needs to be responsive to the firm's characteristics and should match with the different borrowing requirements of listed firms.

• Journal of Wellbeing Management and Applied Psychology
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• v.2 no.2
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• pp.1-11
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• 2019

This study empirically examined the effect of female director on tax aggressiveness of listed insurance firms in Nigeria. The main objective of this research was to empirically investigate the effect of female board members on tax aggressiveness, determine the composition and representation of female directors on the board of insurance companies, find out how tax aggressive are listed insurance firms and apply the BLAU (1977) index method to measure female director representation as a departure from conventional approaches specifically in the Nigerian context in the reference period, 2014 to 2018. The population of the study consists of all the quoted insurance firms as at 31st December, 2016. A sample of twenty eight (28) quoted insurance firms was selected and data were collected over the period. Inferential statistic consisting of the General Method of Moment was used for the data analysis. The results obtained reveal that board size is negative and exerts significant impact on tax aggressiveness in insurance firms in Nigeria. The study therefore recommends that the Federal government has to come up with a policy to respond to the marginalization of female on the insurance firm corporate board in Nigeria. The aim of this policy thrust should be targeted at reducing politics and biasness against women on the corporate boards of listed insurance firms.

• Knowledge Management Research
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• v.5 no.1
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• pp.39-56
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• 2004

Mergers and Acquisitions(M&A) have long played an important role in the growth of firm. M&A has been considered a effective strategy for Korean government to restructure industry. Previous studies provided mixed results on the synergy effect of M&A This study provides investigation on 39 mergers occurred over the sample period from 2000 to 2001. In this study, event study methodology arc used to calculate abnormal return(AR) and cumulative abnormal return(CAR) based on mean-adjusted model. The testing period of this study from date -30 through date +30, where date zero is the date of the first public announcement of the merger. The empirical results in this study can be summarized as follows. First, the return rates of KOSDAQ registered firms with M&A appears higher than that of KSE listed firms. This means that public announcement of M&A is more influential on stock price for KOSDAQ registered firms than KSE listed firms. Second, The difference between actual merging price and fair value is significant in KSE listed firms and KOSDAQ registered firms. This means that the investors take M&A of KOSDAQ registered firms as a good news. Third, the impact on the market prices of merging firms take place after the first public announcement of the merger in KSE registered firms. But the impact on the market prices take place not only merging firms but also merged firms in KOSDAQ registered firms. This result shows that the investors recognize a M&A is a strategy of technology transfer in small & venture business.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.8
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• pp.137-148
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• 2021

The study investigates the existence of an optimal level of cash and the firm characteristics influencing the decision to hold cash, and the adjusting speed of the cash holdings to the target level. It highlights the heterogeneity of cash adjustment speed in the Vietnam market. The research employs the 417 samples of Vietnamese non - financial listed firms in the period of 2010 to 2019. The study uses the Pool OLS model, Fixed effect model (FEM), Random effect model (REM), and GMM model. According to the research findings, there is an optimal amount of cash at which the firm's value is maximized in Vietnamese listed firms, and the majority of the firms in the sample retain cash over the target level. Furthermore, the study demonstrates that firms actively modify their cash holdings to the optimal level with an adjustment speed of less than one owing to adjustment cost constraints. This speed varies between groupings of enterprises with different characteristics, underlining the heterogeneity of the adjustment speed even more. Small deviation firms adjust more rapidly than large deviation firms. Large free cash flow (FCF) firms adjust more readily than small FCF firms, and fiscal deficit firms modify more rapidly than firms with a financial surplus.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.2
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• pp.255-262
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• 2021

The paper examines the influence of ownership type on environmental performance of Chinese listed enterprises. China's environmental problems are attributed to the collusion between enterprises and economy-oriented local governments, which has allowed many companies to skirt environmental regulations. Especially, local state-owned enterprises (SOEs) tend to have worse environmental performance than private firms, under the wing of local governments, with whom they have a closer political connection. According to the report of the Environmental Protection Agency, currently the unacceptably poor environmental performance of local SOEs has severely hampered the realization of green economy in China. After examining the dataset of 15,996 firm-year observations from 2,688 listed firms, this paper found that, in the presence of central government supervision and personnel intervention, listed local SOEs will be forced to improve their environmental performance in accordance with standards set by the central government, which leads to better environmental performance than that of listed private firms (private firms). The result of two-stage regression also supports the conclusion. This shows increased supervision and personnel intervention from the central government can significantly improve the environmental performance of local SOEs. The research in this paper expects to make a contribution to attaining the goal of green economy in China.