• The Journal of Asian Finance, Economics and Business
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• v.4 no.3
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• pp.5-17
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• 2017

This study extends research into whether disclosure of corporate and financial information is associated with firms' costs of equity capital. This study sets out to examine empirically the determinants of corporate disclosure in the annual reports of 37 largest and most liquid firms listed on Kazakhstan Stock Exchange (KASE) in Kazakhstan. It also reports the results of the association between company-specific characteristics and disclosure of the sample companies. Based on the analysis of existing empirical research, the disclosure index has been constructed and regression analysis of the influence of the disclosure index on the cost of equity capital has been conducted. The obtained results show that the received findings correlate with foreign empirical studies, and the disclosure index in this sample has a negative impact on the cost of equity capital. Using cost of equity capital estimates derived from capital asset pricing model, we find that firms with higher levels of financial transparency are associated with significantly lower costs of equity capital. Economic theory assumes that by increasing the level of corporate reporting, firms not only increase their stock market liquidity, but also decrease the investors' estimation risk, arising from uncertainty about future returns and payout distributions. The results show that firms on the Kazakhstan market can reduce their cost of equity capital by increasing the level of their voluntary corporate disclosures.

• The Journal of Fisheries Business Administration
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• v.41 no.3
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• pp.103-127
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• 2010

The FAO reports that IUU fishing activities have widespread economic, social, and management consequences, including depriving legitimate fishers of harvest opportunities. It affects all fisheries from small scale to industrial. It also affects the ability of governments to support sustainable livelihoods for fishers and, more broadly, to achieve food security. The complexity of IUU requires various measures to combat IUU fishing such as adoption of IUU vessel lists; stronger port State controls; improved monitoring, control and surveillance (MCS); implementation of market-related measures to help ensure compliance; and capacity-building assistance. Trade and market measures reduce opportunities for IUU fishing activities by precluding or impeding access to markets for IUU product in a manner consistent with international law. ICCAT, CCAMLR, and IATTC, have put in place trade tracking programs or catch documentation schemes, and WCPFC is considering such a program. Vessel lists assist enforcement authorities in determining which vessels are or are not authorized to be fishing or conducting fishing support activities in specified areas. A number of RFMOs maintain records of IUU vessels: CCAMLR, IATTC, ICCAT, NAFO, NASCO, NPAFC, WCPFC. Section 608 of the US MSRA calling on the Secretary of Commerce, in consultation with the Secretary of State, and in cooperation with relevant regional fishery management councils and any relevant advisory committees, to take actions to improve the effectiveness of international fishery management organizations in conserving and managing stocks under their jurisdiction. EU IUU Regulation entered into force on 1 January 2010, was intended to regulate the highly complex multi-channel fisheries supply system of the European Community (EC) in an effort to improve global fisheries sustainability.

• International Area Studies Review
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• v.20 no.3
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• pp.101-121
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• 2016

This research is purposed to analyze the effect of firms' current socially responsible management on the future corporate financial performance with specified areas of socially responsible management according to the beneficiaries. Tobin's Q statistic and return on assets are calculated and exploited as measures of corporate financial performance. as of empirical analysis results, we found that the social contributions in the consumer area and external social contribution at time t influence the Tobin's Q statistic at time (t+1) in the aggregate analysis. as it is revealed that there is no effect in the firms with the outstanding social performance to the future corporate financial performance, we understand that the capital market is very sensitive to the external social contribution including consumers of firms with the weak social performance rather than the social contribution of socially outstanding firms. This sensitivity of capital market can effectively enhance the social contribution of firms, in particular listed firms with the weak social performance.

• Journal of the Korea Society of Computer and Information
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• v.27 no.11
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• pp.231-239
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• 2022

The labor director system to be introduced into the company law, the labor director must be explained in the Korean company law and the inevitability of its introduction must be persuaded. Conflicts with shareholders' right to appoint institutions are also a task that must be resolved. Management has absolute meaning for shareholders who receive dividends from operating profit. On the other hand, for workers who are guaranteed the right to collective action and are paid for their labor according to the contract law and the labor law, the management must be considered as a partner in labor-management cooperation, so the labor director system may cause confusion. There are growing calls to create a system that can form a 'relationship of understanding, participation, and cooperation', away from the existing 'control and command'-centered manpower management that causes labor-management confrontation and the system can also serve as an opportunity to reduce harmful effects of high-handed personnel administration in public institutions.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.895-907
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• 2020

Information transparency ensures that market players all have the opportunity to access the same information to come up with their assessment of the banks' financial situation, performance and risks to reach effective investment decisions. This research is conducted to investigate the levels of impact of determinants on information transparency by examining the case studies of Vietnamese commercial banks. This study combines both qualitative and quantitative research methods, based on interviews of 32 specialists in banking, accounting and auditing fields, which were conducted to explore determinants influencing information transparency and to develop measurement scales. Then, a survey of 160 managers of commercial banks, audit firms, and accounting managers of firms who frequently had transactions with banks was carried out to investigate the statistical significance of these determinants. The results show that, out of seven determinants that have significant impacts on the banks' information transparency, commitment from banks' senior management regarding transparency in information disclosure has the highest impact, followed by state governance, auditing, information infrastructure, credit rating agencies, personnel and bank performance. Accordingly, we provide some recommendations for improving information transparency in the Vietnamese banking industry context as a case study and in emerging countries context in general.

• The Journal of Information Systems
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• v.24 no.2
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• pp.73-96
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• 2015

Purpose Information security industry is rapidly growing, but has been confronted with many challenges in a business environment. One of them is the imbalance between supply and demand of information security manpower, which has caused an insecure market situation. Therefore, this study has derived factors of promoting and hindering information security manpower from governance, academics, corporations, and workforce perspectives, and has analyzed a sequence of cause and effect of each factor. Design/methodology/approach This study is an exploratory research based on the interviews. The causal loop diagram (CLD) was developed to deduce key issues and propose alternatives. Findings The result of this study is expected to help the development of information security manpower in Korea, by minimizing the potential negative effects as well as maximizing the positive effects. This study found out the dynamic causes and effects of the security manpower system in each stakeholder's perspective. The cause-and-effect relationships between the stakeholders will be able to contribute to solve the imbalance of supply and demand in security manpower system.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.3
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• pp.305-313
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• 2019

The study examines whether higher CEO compensation is related to unobserved future firm performance in an emerging market, Pakistan. Further, it extends its scope to analyzing the impact of group affiliation and ownership concentration on the relationship between CEO compensation and future firm performance. The study uses an unbalanced panel data consisting of 1508 firm-year observations from 225 non-financial listed companies in Pakistan Stock Exchange (PSX) for period 2005 to 2012. The multiple regression models adjusted to heteroskedasticity and autocorrelation in error terms are used. The study finds that, in general, CEO compensation is positively associated with future operating performance. However, higher CEO compensation leads to lower operating performance in firms that have lower ownership concentration and are affiliated with business groups. When firms are not affiliated with any group and have high ownership concentration, the relationship between excessive CEO compensation and future operating performance becomes insignificant. Given that efficient compensation packages may lead to long term value creation to shareholders and reduce agency problems, this study highlights an important moderating role of ownership concentration and group affiliation of the firms in emerging markets.

• Journal of Distribution Science
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• v.17 no.6
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• pp.33-42
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• 2019

Purpose - We investigate whether a firm's engagement in socially responsible activity affects the quality of financial reporting within the retail industry of Korean market. Recent studies argue that more socially responsible firms tend to show a better quality of financial reporting. Research design, data, and methodology - We use a variety of proxy variables related to the use of discretionary accruals and real activity manipulation to measure the quality of financial reporting. The total of environmental, social and governance score is used to represent the degree of socially responsible activity in the retail industry. We use regression models to examine whether more socially responsible firms show a higher quality of financial reporting. The sample of publicly traded Korea retail firms is analyzed from 2011 to 2016. Results - Our analysis finds supporting evidence for limited earning management via the use of discretionary accruals. We find, however, no significant relationship between the degree of social responsibility and the quality of financial reporting within chaebol affiliates unlike non-chaebol affiliates. Conclusions - Our results weakly support a better quality of financial reporting for more socially responsible firms. The results highlight the importance of firm characteristics in deciding the effect of socially responsible activity on corporate policies.

• Journal of the Economic Geographical Society of Korea
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• v.11 no.4
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• pp.647-660
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• 2008

The main thrusts of Canadian regional innovation policy lies in the two tract system. Federal government decides only the strategic research and development sectors and priorities, and then researchers and stockholders in the regions decide and implement the specific networking relationships and appropriate governance system. This paper reviewed the decentralized and market-friendly Canadian regional innovation support system and the characteristics of Canadian innovation clusters: Learning, Labour, Location, Leadership, Legislation/ Labs. finally, policy implications for Korean regional innovation system such as networking, formation of social capital, and business support systems are offered.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.7
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• pp.251-260
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• 2020

The purpose of this paper is to investigate the impact of total factor productivity (TFP), institutional quality, and interactive variable between them on economic growth in 13 low-middle income countries in Asia for the period 2000-2018. The paper uses the difference Generalized Method of Moments (GMM) to explore the dataset provided by the World Bank. The empirical results show that TFP and the interactive variable positively impact on the economic growth, while the institutional determinants have a negative influence. The negative effect is explained by the weak institutions in these low-middle income countries. The findings of the study suggest two points. First, the government should continue to improve TFP, which is associated with the application of technical advances, technological innovations, improvement of management methods, and skilled workers. Second, far more important, is that the authorities should pay special attention to implement institutional reform and strengthen the governance in the future. The successful experiences from Japan, Korea and Singapore will help other governments in Asian low-middle income countries to build developmental state. Probably, the developmental state actively interfere in the market to promote and realize the development goals. By doing so, these economies might overcome the so-called "middle-income trap".