• The Journal of Asian Finance, Economics and Business
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• v.8 no.8
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• pp.453-463
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• 2021

The current study aims to investigate the relationship between CSRD and firm performance, as an indicator for corporate socially responsible behavior, and corporate market performance of listed companies on the Amman stock exchange (ASE). The study adopts a quantitative methodology and utilizes pooled data sets that was collected following content analysis approach of the annual reports for the period 2014 to 2019. The study sample consists of 42 listed companies. The study ran a multiple regression model in order to capture the relationship between the independent variable CSRD and the dependent variable that is Firm performance which was measured using Tobin's Q. The study also utilized five control variables in order to control the hypothesized relationship between CSRD and Firm Performance. The results indicate a negative but significant relationship between CSRD and corporate market performance measured by Tobin's Q. The results stand against the notion of the business case for CSR, and indicate the opposite position, so, the higher CSRD, the lower will be Tobin's Q. Such results support the notion of the institutional theory, and provide an initial evidence for legitimacy seeking behavior in Jordanian companies. However, the results indicate a lower level of awareness of CSR across investors and market players, which support arguments of the difference in market perceptions towards CSR.

• Journal of Science and Technology Studies
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• v.19 no.2
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• pp.1-40
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• 2019

Built upon ethnographic method such as participant observation and in-depth interview, this study analyzes the material culture of electronic flower auctions at Yangjae Flower Market. From the viewpoint of Actor-Network Theory(ANT), this research examines how human actors like dealers and auctioneers interact with nonhuman actors such as market devices and these interactions form networks called "agencement." This research is focused on three main objectives: first, to study how the performance of auctions - i.e. the interactions between auctioneers and dealers - change in the wake of new market devices in the auctions; secondly, to look into what changes artifacts bring to the social relationships between auctioneers and dealers; lastly, to analyze the influence of new market devices on auction price in the market. The results of this research are as follows. First, the appearance of new market devices generates changes in the performance of auctions, which means the change of 'agencement' of flower auctions. Direct interactions between auctioneers and dealers turned into indirect interactions through new market devices. Moreover, the changes in the agencement brought changes to the identity of auctioneers and dealers. Secondly, the new agencement caused by the inflow of new market devices formed the trust between the devices and human actors, which gave rise to the trust in electronic auction and in counterpart actors as well. In addition, new market devices lowered direct interactions between auctioneers and dealers and thus made more equal relationships between the two than before. Lastly, market devices like trading screen reduced the leverage of auctioneers by providing dealers with bidding information previously possessed by auctioneers much openly and dealers were able to decide auction prices in more reasonable and dispassionate manner. Economic agency, power, trust, price, and information in the market is material and sensory.

• The Transactions of the Korean Institute of Electrical Engineers A
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• v.55 no.5
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• pp.214-219
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• 2006

Oligopoly differs from perfect competition and monopoly in that a firm must consider rival firms' behavior to determine its own best policy. This interrelationship among firms is the issue examined in this paper. In the oligopoly market, the complete information market means that each producer has full information about itself, the market, and its rivals. That is, each producer knows the market demand function, its own cost function and the cost functions of rivals. On the other hand, the incomplete information market means that in general each producer lacks full information about the market or its rivals. Here, we assume that each firm doesn't know the cost functions and the strategic biddings of its rivals. The main purpose of this paper is to analyze firm' strategic behaviors and equilibrium in an electricity market with incomplete information. In the case study, the complete information market and the incomplete market are compared at the Nash Equilibrium from the viewpoints of market price, transaction quantities, consumer benefits, and Social Welfare.

• Journal of Distribution Science
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• v.13 no.3
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• pp.61-67
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• 2015

Purpose - Exports have long been regarded as significant drivers of sustainable competitive advantage and growth among small and medium enterprises (SMEs). The export activities of SMEs are particularly important in the context of export-oriented economies such as Korea. Although many studies have examined the determinants of exports, it is difficult to find empirical studies about the determinants of the export performance of regional SMEs. This study investigates the determinants of export performance in the regional SME context based on an integrated approach that combines the environment factor of industrial organization theory, competitive strategy theory, and the competences of the resource-based view. Research design, data, and methodology - To empirically analyze the determinants of export performance in the regional SMEs, data were collected from firms in the Daegu metropolitan area. Data were collected directly through questionnaire surveys; in addition, secondary financial data were also taken from the KIS-VALUE database. Out of the 175 responses that were received, 143 were considered to be worth examining. After testing the reliability and validity of the variables through multiple items such as environmental turbulence and competitive strategy, hypotheses were verified by using five multi-regression models. These models were: a control model with organizational size and age, an environmental model with technology and market turbulence, a competency model with R&D and foreign distribution channels, a strategy model with product and market differentiation, and an integrated model including all of these variables. Results - First, as a control variable, the organization size has significant positive effects on export performance. Second, technology turbulence based on industrial organization theory has significant positive effects on export performance, but market turbulence does not affect export performance. Third, the foreign market distribution competency of the resource-based view has strong positive effects on export performance, but the R&D competency does not affect export performance. Fourth, the product differentiation strategy from competitive strategy theory positively impacts export performance, but market differentiation does not affect export performance. Finally, in the integrated model, only the foreign distribution competency of the resource-based view has a significant effect on export performance. Conclusions - The empirical results of this study verified the usefulness of the rationales behind the three theories to explain the export performance of the regional SMEs, especially the importance of the foreign market distribution competency from the resource-based view. With regard to practical considerations, this study's implications suggest that the use of technological environmental changes by industries is better than the use of market changes. Further, the use of the product differentiation strategy is more effective than the use of the market-driving strategy, and the distribution channel competency plays a stronger role than the technology-oriented competency with regard to the export performance position of regional SMEs. Future studies should examine relational perspectives, such as trust among channel partners. Therefore, the configuration approach is more useful in enhancing pragmatism by comparing high- and low-export companies.

• The Journal of the Korea Contents Association
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• v.10 no.5
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• pp.229-240
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• 2010

Most of all researchs and analyses in the field of television industry of Korea were related to Cable Television SO(System Operator), but few about PP(Program Provider) from the viewpoint of Industrial Theory in Korea. However, there wasn't a comprehensive research analysis in terms of the co-relationship of the market structure, market conduct and market performance of PP. This research analyzes co-relationship and dynamics of the market structure of PP, its market conduct and market performance in a comprehensive way in Cable TV industry. Especially this paper focuses on the analysis of 1)relationship and its influence between market structure and market conduct, 2) relationship and its influence between their market conducts and market performances and 3) relationship and its influence between market structure and market performance among 40 commercial PPs in terms of the theory of Industrial Organization in Korea. This paper is delated and reported as follows in conclusion : 1)the type of horizontal integration has an effect on the price and scale in the relationship between the structure and its conduct. 2)the price has effect on the revenue and viewing rate between the conduct and performance. And high dependency of the Cable TV license fee has an effect on viewing rate and revenue per subscribers(ARPU) between the conduct and performance. 3)The horizontal integration between the structure and performance had a positive effect on viewing rate and its product differentiation has an effect on the revenue per subscribers. Net cost of the product had a negative effect on the rate of profit.

• The Korean Journal of Financial Management
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• v.2 no.1
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• pp.55-75
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• 1986

This article is to analyse the economic efficiency of capital market, which plays a role of resource allocation in terms of financial claims such as stock and bond. It provides various contributions to the welfare theoretical aspects of modern capital market theory. The key feature that distinguishes the theory described here from traditional welfare theory is the presence of uncertainty. Securities has time dimensions and the state and outcome of the future are really uncertain. This problem resulting from this uncertainty can be solved by complete market, but it has a weak power to explain real stock market. Capital Market is faced with the uncertainity because it is a kind of incomplete market. Individuals and firms in capital market made their consumption-investment decision by their own criteria, i. e. the maximization of expected utility form intertemporal consumption and the maximization of the market value of firm. We noted that allocative decisions that had to be made in the economy could be naturally subdivided into two groups. One set of decisions concerned the allocation of first-period resources among consumption $C_i$, investment in risky firms $I_j$, and riskless investment M. The other decisions concern the distribution among individuals of income available in the second period $Y_i(\theta)$. Corresponing to this grouping, the theoretical analysis of efficiency has also been dichotomized. The optimality of the distribution of output in the second period is distributive efficiency" and the optimality of the allocation of first-period resources is 'the efficiency of investment'. We have found in the distributive efficiency that the conditions for attainability is the same as the conditions for market optimality. The necessary and sufficient conditions for attainability or market optimality is that (1) all utility functions are such that -$\frac{{U_i}^'(Y_i)}{{U_i}^"(Y_i)}={\mu}_i+{\lambda}Y_i$-linear risk tolerance function where the coefficients ${\mu}_i$ and $\lambda$ are independent of $Y_i$, and (2) there are homogeneous expectations, i. e. ${\Large f}_i(\theta)={\Large f}(\theta)$ for every i. On the other hand, the efficiency of investment has disagreement about optimal investment level. The investment level for market rule will not generally lead to Pareto-optimal allocation of investment. This suboptimality is caused by (1)the difference of Diamond's decomposable production function and mean-variance valuation model and (2) the selection of exelusive investment or competitive investment. In conclusion, this article has made an analysis of conditions and processes of Pareto-optimal allocation of resources in capital marker and tried to connect with significant issues in modern finance.

• International conference on construction engineering and project management
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• 2011.02a
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• pp.241-248
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• 2011

Past theories on construction price formation have been shown to be inadequate in terms of their ability to represent real-life industry practice and price formation predictability. In this paper, we develop a theoretical framework on construction price formation that integrates four theories within the domains of marketing, learning, resource management and economics. These are: (i) marketing pricing theory; (ii) experiential and organisational learning theory; (iii) resourced based theory and (iv) microeconomic theory. Utilising pricing theory from marketing, a foundation is able to be created for the procedure of construction price formation, namely: (i) identifying the objectives; (ii) assessing the tendering environment; and (iii) formation of the price. However, understanding contractors' decision making process in tender pricing as such can be attributed to theories of experiential learning and consequently organisational learning. It is argued that contractors do learn from past experience and history and are able to adapt to different market conditions. In formation of the price, neoclassical microeconomics is able to provide additional insight in terms of the supply and demand model and consideration of the market conditions. Interrelated with the microeconomic concept of scarcity, we appreciate that contractors do have limited resources that affect their tender pricing decisions and resource based theory is used to substantiate this. Integrating the various theories as a unity allows the broader reality to be visualised and add to our theoretical understanding of construction price formation.

• Journal of Digital Convergence
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• v.18 no.2
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• pp.205-211
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• 2020

The method of predicting the future may be predicted by technical characteristics or technical performance. Therefore, technology prediction is used in the field of strategic research that can produce economic and social benefits. In this study, we predicted the future market through the study of how to predict the future with these technical characteristics. The future prediction method was studied through the prediction of the time when the market occupied according to the demand of special product. For forecasting market demand, we proposed the future forecasting model through comparison of representative quantitative analysis methods such as CAGR model, BASS model, Logistic model and Gompertz Growth Curve. This study combines Rogers' theory of innovation diffusion to predict when products will spread to the market. As a result of the research, we developed a methodology to predict when a particular product will mature in the future market through the spread of various factors for the special product to occupy the market. However, there are limitations in reducing errors in expert judgment to predict the market.

• The Transactions of the Korean Institute of Electrical Engineers A
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• v.52 no.10
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• pp.616-623
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• 2003

Competition among electric generation companies is a major goal of restructuring in the electricity industry, The trading system in an electricity market has been one of the most important issues in deregulated electricity market. This paper deals with comparisons of the major two types of the trading system: compulsory pool market and bilateral contract market. The two trading systems are compared quantitatively from the viewpoint of consumer's surplus and social welfare, This paper, also, proposes a unified model of Cournot and Bertrand for analyzing the mixed trading system of pool market and bilateral contract market. Nash equilibrium of the unified model is derived by criteria for participating in bilateral contract market. Numerical results from a sample case show that a mixed trading system of pool market and price-competitive bilateral market is beneficial to consumer from the view points of consumer's surplus.

• Korean Journal of Labor Studies
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• v.23 no.2
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• pp.277-306
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• 2017

This article empirically explores the impact of minijobs in the wake of the Hartz reform in Germany on women's employment relationship. Theoretically it is of great significance to examine whether the minijobs play an active role as a bridge in leading the minijobbers to regular, socially secured jobs or not. Several interviews as well as secondary data I could get during my sabbatical in 2015 were used to test the theory. One of the main findings was the fact that the minijob labor market opened doors wide for women in Germany, particularly for career-interrupted women, students or pensioners. However, the minijob can easily become a trap of lowest income and poverty for women. Most women minjobbers cannot go over to regular, socially secured jobs. Especially in terms of collective industrial relations, it considerably damages the power of industrial unions and the legal binding force of collective agreement. In conclusion, this study makes it clear that the labor market segmentation theory rather than the transitional labor market theory is valid in accounting for the reality of minijob in Germany. In other words, the minijob in Germany has a Toijan Horse Effect. It also suggests, from a practical viewpoint, that German industrial unions or works councils organize the minijobbers and that the coverage of collective agreements be extended to the minijobbers. Consequently, the time-selective part-timer model put into practice in Korea in 2014 is not only invalid but also undesirable.