• Title/Summary/Keyword: Market Governance

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Governance Leadership for Hydrogen Economy Revitalization (수소경제 활성화를 위한 거버넌스 리더십)

  • YIM, DONG WOOK
    • Journal of Hydrogen and New Energy
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    • v.31 no.3
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    • pp.265-275
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    • 2020
  • The hydrogen economy is still a niche market and a new system. If we believe in the optimism and the hope of human history of technological progress, the hydrogen economy will be a new paradigm to replace the carbon economy. The research question is what kind of leadership the government should show in order to revitalize the hydrogen economy. In response to the research question, this study highlights the governance leadership. The new economy must be newly recognized before they can find a solution. This research can be the first step in finding the way.

Accounting Earnings Response Coefficient: Is the Earning Response Coefficient Better or Not

  • PARAMITA, Ratna Wijayanti Daniar;FADAH, Isti;TOBING, Diana Sulianti K.;SUROSO, Imam
    • The Journal of Asian Finance, Economics and Business
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    • v.7 no.10
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    • pp.51-61
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    • 2020
  • The study aims to compare whether using Earnings Response Coefficient (ERC) is better than using the new concept of Accounting Earnings Response Coefficient (AERC) in determining the earnings quality response coefficient value. Also, the study seeks to explain the effect of company characteristics and corporate governance on AERC through voluntary disclosure and information asymmetry. Research samples include 69 manufacturing companies listed on the Indonesian Stock Exchange over the period 2014-2017. The data come from annual reports, stock market prices, CSPI, EPS, stock returns and market returns. The research model is tested using the structural equation model (SEM) with partial least square (PLS). The results showed the value of the earnings response coefficient produced by AERC and ERC was different. Earnings quality resulting from AERC regression by adding CFO values better reflects the actual earnings quality. These results are consistent with the concept built from the proposition about earnings quality at AERC, that quality earnings are informative accounting earnings. The theoretical findings of this study provide an explanation that operational cash flow plays a role in evaluating earnings quality, while providing reinforcement that the ERC regression model fails to detect stock market reactions to information relevant to the aggregated values of accounting earnings.

The Effects of ESG on Returns : Focusing on Chinese IT Companies

  • Jun-Chen Lin;Ji-Young Kwak
    • International journal of advanced smart convergence
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    • v.12 no.2
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    • pp.193-200
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    • 2023
  • This paper selects 100 IT companies listed on the Shenzhen Stock Exchange from 2016 to 2020, and the public announcement in Hwajung collects ESG integrated ratings and grades for each sector and empirically verifies the relationship between ESG ratings and stock returns. Huazheng ESG level data and QIANZHAN database Using corporate financial data, a total of 500 samples were selected through correlation analysis and linear regression analysis with SPSS23 to analyze the effect of ESG on Return. As a result of the analysis, first, the impact on stock returns was found to be a significant positive (+) value for ESG integrated ratings and ratings by E (environment), S (social), and G (governance) sectors, confirming that ESG ratings have a positive mold of corporate stock returns. Currently, the world's major economies have proposed sustainable development strategies and "carbon neutral" goals. Development strategies are very consistent with ESG concepts, and companies that agree and execute ESG concepts may have higher ratings than other companies in the same industry, resulting in certain evaluation premiums. In addition, capital market performance in recent years shows that companies with ESG concepts or "carbon neutrality" concepts are generally considered to have higher growth potential and stronger anti-risk capabilities in the market. For listed companies, they should focus on ESG investment, improve ESG performance, and actively disclose related information to investors. Improving ESG performance should deliver positive information to society, enhance corporate image, increase market confidence in the future development of listed companies, and positively improve corporate value to actively increase financial, financial, trading, and other aspects of negotiation.

The Effects of ESG on Returns : Focusing on Chinese IT Companies

  • Jun-Chen Lin;Ji-Young Kwak
    • International Journal of Advanced Culture Technology
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    • v.11 no.2
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    • pp.389-396
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    • 2023
  • This paper selects 100 IT companies listed on the Shenzhen Stock Exchange from 2016 to 2020, and the public announcement in Hwajung collects ESG integrated ratings and grades for each sector and empirically verifies the relationship between ESG ratings and stock returns. Huazheng ESG level data and QIANZHAN database Using corporate financial data, a total of 500 samples were selected through correlation analysis and linear regression analysis with SPSS23 to analyze the effect of ESG on Return. As a result of the analysis, first, the impact on stock returns was found to be a significant positive (+) value for ESG integrated ratings and ratings by E (environment), S (social), and G (governance) sectors, confirming that ESG ratings have a positive mold of corporate stock returns. Currently, the world's major economies have proposed sustainable development strategies and "carbon neutral" goals. Development strategies are very consistent with ESG concepts, and companies that agree and execute ESG concepts may have higher ratings than other companies in the same industry, resulting in certain evaluation premiums. In addition, capital market performance in recent years shows that companies with ESG concepts or "carbon neutrality" concepts are generally considered to have higher growth potential and stronger anti-risk capabilities in the market. For listed companies, they should focus on ESG investment, improve ESG performance, and actively disclose related information to investors. Improving ESG performance should deliver positive information to society, enhance corporate image, increase market confidence in the future development of listed companies, and positively improve corporate value to actively increase financial, financial, trading, and other aspects of negotiation.

Collaborative Governance and Development of the Yeongnam Region : a Conceptual Reconsideration (협력적 거버넌스와 영남권 지역 발전: 개념적 재고찰)

  • Choi, Byung-Doo
    • Journal of the Korean association of regional geographers
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    • v.21 no.3
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    • pp.427-449
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    • 2015
  • Network governance can be defined as collaborative process to develop a new socio-political order through civil society centered networking with government and market, and the term 'collaborative governance' can be used in a sense that the basis of governance is collaborative process. In particular, it can be stressed that collaborative governance between regions need double collaborative processes, that is, collaboration between local governments and collaboration between local government and local civil society within a region. Yet, the collaboration as a core element of collaborative governance should not be seen as a pure normativity presupposing confidence and reciprocity, but as a strategy based on competition and antagonism. The normativity implied in the concept of collaborative governance may not realized in actual process, and tends to be mobilized as a rationale for justifying neoliberal strategies. In order to overcome such limits of collaborative governance, the concept of collaborative governance should be reconstructed. This paper suggests that collaborative governance can be seen as hegemonic governing process in a Gramcian sense operating in the government plus civil society, and that, radicalizing Ostrom's concept, it also can be seen as a governing process producing polycentricity by self-regulating subjects. Finally, collaborative governance between regions needs expansion of material basis for economic complementarity and construction of infrastructure as well as a discursive process in order to enhance connectivity between them.

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Effects of Corporate Governance and Earning Quality on Listed Vietnamese Firm Value

  • DANG, Hung Ngoc;PHAM, Cuong Duc;NGUYEN, Thang Xuan;NGUYEN, Hoa Thi Thanh
    • The Journal of Asian Finance, Economics and Business
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    • v.7 no.4
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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.

Protection of Minority Shareholder Investment in the Small and Medium-sized Enterprises

  • KANTHAPANIT, Chinnapat;KANTHAPANIT, Chutiya
    • The Journal of Asian Finance, Economics and Business
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    • v.7 no.8
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    • pp.451-459
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    • 2020
  • This study aims to examine the relationship of the four factors that increase the protection of minority shareholder investment. The factors are non-controlling shareholders, corporate governance, free cash flow, and shareholder wealth. The data for this study is obtained from the 2017 annual reports of 136 Thai public companies listed in the Market of Alternative Investment of Thailand (MAI). The analysis uses a multiple regression model to determine which factors encourage and which inhibit the protection of minority shareholder investment. The study tests four hypotheses. The results rejected H1 because non-controlling shareholders have negatively correlated with minority shareholder investment protection (beta -0.155 and p-value 0.050). The results accepted H2, H3 and H4 as follows. H2: corporate governance has positively correlated with minority shareholder investment protection (beta 0.17 and p-value 0.031). H3: free cash flow has positively correlated with minority shareholder investment protection (beta 0.214 and p-value 0.007). H4: shareholder wealth has positively correlated with minority shareholder investment protection (beta 0.318 and p-value 0.000). The major findings suggest strong minority shareholder investment protection was enhanced by increasing corporate governance, free cash flow and shareholder wealth. The protection of minority shareholder investment needs to reduce non-controlling shareholding pattern.

Non-Governmental Organizations' Perception on Housing Welfare Policy and Local Governance (비영리민간단체를 대상으로 한 주거복지 의식조사 연구)

  • Kim, Young-Tae;Kim, Young-Joo
    • Journal of the Korean housing association
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    • v.18 no.4
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    • pp.97-104
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    • 2007
  • Today, Non-Governmental Organizations (NGOs) are considered to be an important actor in the policy process. Based on this fact, this study aims to analyze the perception of the housing-related NGOs in Korea. Questions were prepared around two main themes: housing welfare policy and local governance. The data were collected in 11 cities where multi-party talks on housing welfare were held in April and in May 2007. The results are as follows. When it comes to housing welfare policy, housing supply should be combined with rehabilitation policy of low-income households. The roles of local government are strongly emphasized. Stabilization of housing market is important, but concrete measures should be necessary to help those who cannot participate in housing transaction. Concerning local governance issues, local government is expected to play a great role in setting up a productive policy network; NGOs are inclined to rely on public aid; An emphasis is put on professional and academic education which can make housing welfare delivery system more effective. With the questionnaire survey results, evolution and characteristics of the NGO movements in the Korean housing sector and the recent change of housing policy orientations are explained. And, strengthening communication channel between central and local actors, participation of NGOs in the various housing surveys, establishing a regular forum on the local level, and so on, are proposed in the conclusion.

The Effect of Family Ownership and Corporate Governance on Firm Performance: A Case Study in Indonesia

  • MUNTAHANAH, Siti;KUSUMA, Hadri;HARJITO, D. Agus;ARIFIN, Zaenal
    • The Journal of Asian Finance, Economics and Business
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    • v.8 no.5
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    • pp.697-706
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    • 2021
  • This quantitative study aims to examine the effect of family ownership on company performance empirically. Specifically, this study examines the moderating effect of corporate governance on the relationship between family ownership and company performance which has never been explored in the previous studies. This study's main target population was all listed companies in the Indonesian Capital Market Directory (ICMD) for 2008-2018. The study used criteria, namely data completeness, to measure research variables and obtained 2996 data or firm-year observations. The research contingency model to test the proposed hypothesis was the General Moment Method (GMM). The study presents the results of data descriptions shows the average, median, maximum, minimum, and standard deviation values for each variable. The descriptive data shows that family ownership is common in Indonesia: 64% of 244 companies in the sample. The inferential analysis results using a multiple regression model test show that family ownership significantly reduces company performance. However, corporate governance proxied by the board of directors, managerial risk profile, and independent commissioners significantly moderate the relationship between family ownership and company performance. Besides, the managerial risk profile and independent commissioners strengthened while the board of commissioners' presence weakened the effect of family ownership on performance.

The Impact of Good Corporate Governance on Financial Performance: Evidence from Commercial Banks in Indonesia

  • MARKONAH, Markonah;PRASETYO, Johan Hendri
    • The Journal of Asian Finance, Economics and Business
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    • v.9 no.6
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    • pp.45-52
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    • 2022
  • This research has the purposes of analyzing and proving empirically, such as: To investigate the effect of good corporate governance (GCG) on financial performance at banks in Indonesia through the mediating role of corporate asset growth. Theoretically, the study's results were expected to enrich and complete the repertoire of understanding in the financial management area, specifically with those phenomena related to banking financial performance and factors which influenced it. The population of this research was a bank that had a Corporate Governance Perception Index (CGPI) rating from 2011 to 2020. The type of sampling used was saturated sampling; thus, the whole population is sample members. Current data analysis used SEM. GCG has a direct or indirect impact on banking financial performance, according to the findings of this study. Improved GCG results in increased public confidence, which is reflected in an increase in total assets, as well as improved banks' financial performance. As a result, it can be stated that corporate asset increase largely mitigated the impact of GCG on bank financial performance in Indonesia. Through this rapid growth from corporate assets, Bank can maximize the market expansion which is ultimately able to improve banking financial performance.