• The Journal of Asian Finance, Economics and Business
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• v.1 no.3
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• pp.29-36
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• 2014

This paper attempts to measure the impact of non-financial factors including analyst practices and broker resources on performance of sell side research. Results reveal that these non-financial factors have a measurable impact on performance of target price forecasts. Number of pages written by an analyst (surrogate for analyst practice) is significantly and directly linked with target price accuracy indicating a more elaborate analyst produces better target price forecasts. Analyst compensation (surrogate for broker resource) is significantly and inversely linked with target price accuracy. Out performance by analysts working with lower paying firms is possibly associated with motivation to migrate to higher paying broking firms. The study finds that employing more number of analysts per research report has no significant impact on target price accuracy -negative coefficient indicates that team work may not result in better target price forecasts. Though insignificant, long term forecast horizon negatively affects target price accuracy while stock volatility improves target price accuracy.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.14 no.3
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• pp.1135-1147
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• 2013

This study is on the empirical results of correlation between start up education and experience before start up of a self employer entrepreneur with store and performance of the entrepreneur's store. Many latent self employers are lacking in education and experiences for start up. According to the result, first, practical education on start up influenced on entrepreneur's start up skill, and theoretical education influenced on entrepreneur's entrepreneurship. Second, entrepreneur's experience before start up influenced on both start up skill and entrepreneurship. Third, start up skill influenced on both financial and non financial performance of the entrepreneur's store. Finally, entrepreneurship influenced on both financial and non financial performance of the store.

• Journal of Digital Convergence
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• v.20 no.3
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• pp.275-281
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• 2022

This paper intends to provide a more effective understanding of the management performance (survival and growth) of startups and to suggest methods that can be applied to empirical research related to startups in the future. Therefore, in this study, the effect of entrepreneurship, trend analysis, and government support on business performance (non-financial and financial) is studied. A total of 220 questionnaires were received, and 215 were adopted except for 5 insincere questionnaires. Therefore, it was evaluated based on statistical data of 215 companies surveyed by startup officials. The questionnaire was analyzed using the SPSS 28.0 statistical program. The results of the study confirmed that all three items of the hypothesis, government support, entrepreneurship, and trend analysis of start-ups all play a positive role regardless of the difference in financial and non-financial management performance.

• Journal of Korea Port Economic Association
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• v.39 no.2
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• pp.143-163
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• 2023

This study aims to analyze the impact of ESG activities on the corporate performance of logistics companies in Korea. To achieve this, the study examines the factors influencing the adoption and implementation of ESG activities, assesses the extent to which ESG activities enhance corporate trust and image, and empirically analyzes the effect of ESG implementation on the corporate performance of logistics companies. An online survey was conducted using Google Forms for Korean logistics companies, and a total of 463 data sets were utilized for PLS structural equation analysis using the SmartPLS 4.0 software tools. The findings of the study are as follows: Firstly, external pressure, specifically government pressure, significantly influences environmental responsibility activities, while investor pressure significantly affects social responsibility activities and governance responsibility activities. Additionally, internal management pressures significantly impact environmental responsibility activities, and employees have a significant influence on all ESG responsibility activities. Secondly, environmental responsibility activities positively affect corporate image, whereas social and governance responsibility activities influence trust and corporate image. Thirdly, trust and corporate image demonstrate significant effects on both financial and non-financial performance. Fourthly, trust significantly mediates the relationship between social responsibility, governance responsibility, and non-financial performance, while image mediates the connection between ESG responsibility and both financial and non-financial performance. The contribution of this study lies in providing practical insights for logistics companies to actively promote ESG activities, thereby establishing a reputation for being environmentally, socially, and governance responsible and gaining customer trust. By doing so, this study aims to raise awareness of the importance of ESG activities in the logistics industry and help companies recognize their significance for sustainable management

• Journal of Korea Trade
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• v.25 no.3
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• pp.65-86
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• 2021

Purpose - This paper empirically investigates the relationship between the corporate value chain and performance of non- financial businesses of South Korean stock market companies. It aims to explore the evidence that can be used to infer the relationship between value chains and corporate performance in the case of firms forming a value chain with other companies with the means of an equity investment or a special business relationship. Design/methodology - Non-financial corporations listed from 2011 to 2017 on the securities market of South Korea are analyzed. The data used for analysis are found for transactions with the related party by year for all the corporations of non-financial industries in the securities market. Multiple analysis attempts are conducted including the relationship between the value chain and productivity, corporate value, risk-adjusted corporate value, and mediation effects of productivity. The empirical model employs sixteen variables including the value chain index which identifies its impact on various aspects of business performances. Findings - The results of this study clearly supports the phenomenon that corporate productivity and value are enhanced when the corporation expands its value chain established with domestic related firms and overseas companies. Such a positive effect is statistically significant even after the possible risk factors that accompany the expansion of value chain were considered, and productivity plays the role as a medicating variable in the effect of the value chain on the corporation values. Originality/value - The findings of this study confirms that domestic companies' expansion of their value chain centered on the related firms overseas that helped them in terms of the maximization of their productivity and corporate values. This study shows that Korean government's policy on expanding the corporate GVC can enhance the productivity and value of firms. The expansion of value chain and its impact on business performance has not been explored thoroughly, although it is getting more and more important in the global trade operation.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.4
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• pp.27-35
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• 2019

The paper examines the level of disclosure on Islamic banks' performance in the United Arab Emirates (UAE). The data was collected through content analysis of annual reports and financial statements of all fully-fledged Islamic banks working in the UAE over the period 2009 to 2013. Return on Assets is used as a proxy for the performance of Islamic banks while disclosure index is used as a proxy for Islamic banks' disclosure. Also, predetermined variables are used in the study like Size, Deposits, Non-Performing Investments and Capital to Risk Weighted Assets Ratio. Two-Stage Least-Square regression method is used to check the interdependence relationships between disclosure and performance of Islamic banks in the UAE. The results show a significant relationship between performance and disclosure in the UAE Islamic banks. Our regression results show that Islamic banks with higher levels of disclosure lead to higher operating performance. Furthermore, the performance has a great impact on the level of disclosure which means Islamic banks with high performance measures will disclose more information for investors and other institutions in order to reduce the cost of equity and increase their values in the market. This study is considered as a battery for further studies in the relationship between disclosure and financial performance of Islamic banks at a global level.

• Journal of Information Technology Services
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• v.9 no.4
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• pp.109-121
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• 2010

Most organizations adopt their own performance measurement systems. Those organizations select performance measures to meet their goals. Organizations can give only limited description of what performance measures are. Kaplan and Norton suggest that the Balanced Scorecard (BSC) to complement the conventional performance measures. The BSC can provide management system with a comprehensive strategic vision and integrates non-financial measures with financial measures. The BSC is widely used for measuring corporate performance. This paper investigates how the BSC-based performance measures can be applied to Learning City. The Learning City's performance measures and strategy map on the basis of the BSC are suggested in this research. This paper adopt the AR(assurance region)-DEA model which could limit the range of weight on performance measures to prevent each viewpoint of BSC from having unlimited elasticity. The proposed model is based on CCR model including a property of unit invariance to use the data without normalization process.

• The Journal of Economics, Marketing and Management
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• v.5 no.4
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• pp.29-38
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• 2017

Organizational commitment (OC) is one of the most important attitudes and/or organizational variables. It is one of the important factors for increasing organizational performance and consequently it has a significant impact on productivity enhancement. Study of behavior in the workplace due to the great importance of manpower compared to other resources within the organization is of great importance too. OC is a psychological state which represents kind of desire, a need and a requirement for continuing employment in an organization. It is considered as one of the most influential factors in getting success and competitive advantage in today's organizations. Investigating effect of financial and non-financial variables on financial performance for a long-term has engaged the minds of researchers. Intensification of competition in markets has increased importance of recognizing competitive advantage patterns and their effect on financial performance (FP).This research conducted to provide a better understanding for people as well as for aggregation of a research subject OC and FP is compared in Indian banking sector by taking sample of 2 public and two private banks the correlation between the OC and FP and the results included a positive and significant correlation. Desired FP to increase wealth is an essential and obvious issue. According to the issued subjects, today, commitments and their impact on FP of companies have become increasingly important. In Indian banks the correlation between the OC & FP were found significant.

• Korean Management Science Review
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• v.34 no.3
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• pp.15-41
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• 2017

The purpose of this study is to analyze the effects of the BSCs of 642 firms excluding the financial and insurance companies listed on KOSPI. The analysis of financial performance through analysis of major financial ratios between BSC and non-BSC firms is compared with the input of human and material resources for business growth. We will promote the spread of BSC and examine the areas differentiated performance improvement. The analytical categories are manufacturing, service, wholesale and retail, and information and communications, which are 2,136 business years out of 2,378 final analytical samples. The results of the analysis are as follows. As a result of the analysis, among the four industries analyzed, the industries that showed the best performance were manufacturing. In the case of service industry, growth and activity were lower than those of non-adoption (NA) companies, but the operating margin was significantly different from manufacturing. However, market value was higher than that of NA companies, and R&D expenditures and advertising expenses were significantly higher than NA firms. On the other hand, there was no significant difference in profitability between the BSC and NA firms, but the market value was very significant. EPS is 5.22 times, BPS is 5.64 times, PBR is 1.3 times, and EVA is 35 times higher. In addition, R&D expenditure and advertising expenditure are more than twice as high as those of NA. In the case of the service industry, there is no significant difference in the growth performance from the NA firms. Activity indicators, BSC introduced companies are three times lower than both the total assets turnover and the capital turnover rate. The operating profit margin was high at 45.8% for introduced companies and 37.2% for non-introduced companies. In market value analysis, only BPS was 1.68 times higher. On the other hand, investment in welfare expenses is 0.2% of total assets, which is relatively low compared to NA firms. However, research and development expenses and advertising expenses are 2.1% and 1.02% of total assets, respectively, but they are relatively lower than those of NA firms. Unlike the manufacturing and service industries, wholesale and retail trade was significantly higher than the NA firms in terms of sales growth and total assets growth rate. In terms of market value, EPS and BPS were significantly higher, but the benefits, R&D expenditures, and advertising expenses were lower than those of NA firms. The information and communication industry showed lower level of performance than the NA firms in all indicators except cash liquidity, BPS, and EVA.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.8
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• pp.525-532
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• 2021

The study investigates the mediating effect of Korean firms' corporate social responsibility (CSR) in the relationship between Korean executives' religiosity, their individual social responsibility (ISR), and corporate financial performance (CFP). As executives lead the firms' strategies and policies, their religiosity or ISR may have a significant influence in attaining the firm's CSR and influencing CFP. The upper echelon theory, agency theory, and stakeholder theory are used to explain the link between individual-level drivers of CSR, a firm's CSR, and CFP. The upper echelon theory, agency theory, and stakeholder theory are integrated into the conceptual model, which explains the relationships between proposed constructs in this study. This study employs survey data of 421 Korean companies. The confirmatory factor analysis (CFA) technique was used to test the proposed hypotheses. The main result shows that Korean executives' religiosity and their ISR positively influence CFP when mediated by CSR. The findings of this study suggest that Korean executives' personal values such as their religiosity and ISR can impact the firm's CSR activities or financial performance. Overall, this paper responds to the recent calls in the CSR literature to examine the individual-level drivers from non-western contexts by shedding more light on the Korean context.