• The Journal of Industrial Distribution & Business
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• v.6 no.4
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• pp.27-37
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• 2015

Purpose - This study first explores the possible dynamic relationship between ownership structure and firm performance using a panel of 4,900 Chinese-listed small- and medium-sized enterprises (SMEs) from 1999 to 2012. Research design, data, and methodology - We address this issue through a dynamic panel model using a method of moments (GMM) technique and dynamic simultaneous equations to alleviate the potential endogenous problem: unobserved heterogeneity, simultaneity, and dynamic endogeneity. Results - Under the framework of dynamic endogeneity, firm performance has a significantly positive influence on ownership, but not vice versa. Ownership and performance can be explained by their owned lagged values, respectively. Moreover, intertemporal endogeneity exists among ownership, investment, and performance through the application of system dynamic equations, which implies that the relationship among ownership structure, investment, and firm performance is dynamic by nature. Conclusions - This study also significantly contributes to a better understanding of dynamic corporate governance by providing further empirical evidence from the largest capital market in the Asian region.

• Asia-Pacific Journal of Business
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• v.10 no.1
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• pp.25-38
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• 2019

This study investigated the relationship between psychological ownership and the innovative behavior of Korean employees. This paper also examined whether job satisfaction positively mediates the above relationship. In addition, we address the moderating role and moderated mediation role of job engagement in the relationship between job satisfaction and innovative behavior. By using cross-sectional data, with questionnaires administered to 289 employees working in Korean hospitals, the main hypotheses were tested. The result of empirical analysis has shown that psychological ownership was significantly positively related to both employee innovative behavior. The results also found that job satisfaction positively mediated the relationship between psychological ownership and innovative behavior of employees. In addition, there was significant moderating effect of job engagement on the relationship between psychological ownership and job satisfaction and the moderating mediating role of job engagement was found.

• Management & Information Systems Review
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• v.34 no.4
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• pp.15-29
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• 2015

This study aims to empirically analyze the relationship between management ownership and corporate performance and stock returns indicates the ownership structure of the company to target the listed companies in China over the past five years from 2010 to 2014. The empirical results are as follows: Management ownership gave an impact on stock returns, especially high-stakes management ownership showed significant positive effect with the stock returns. But management ownership don't have significant positive effect with ROA. The contribution of this study is as follows. Chinese companies have the efficiency of the management through the separation of ownership and management in accordance with the changes realized in capitalism. And this study is reflecting the fact of China using the Chinese data. This study has limitations of that. Management ownership measurement of governance structure don't expand the range, and measurement of governance structure is just one. The following studies are expected to be more sophisticated by comparison of countries.

• The Research Journal of the Costume Culture
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• v.24 no.2
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• pp.248-262
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• 2016

Most Korean companies in the fashion industry are SMEs, and the role of the CEO and management ownership is important for enhancing the firm's competence and developing strategies. The study aims to examine the effect of management ownership on company financial growth. In particular, the study focuses on the moderating effect of company age and size on Korean fashion SMEs' financial outcomes. Financial data based on company financial statements from 2012 to 2014 was collected by the Data Analysis, Retrieval and Transfer System of Korea's Financial Supervisory Service. A total of 295 companies' (domestic fashion businesses) data was analyzed by the bootstrap method. The median sales value in the financial year 2014 was 47,492,403,958 KRW, and the company size was divided by it. The companies were in business for an average of 20 years. According to the results, the management ownership had a negative effect on Compound Annual Growth Rate (CAGR) for the three-years, and the relationship between the two variables was moderated by company age. Additionally, the interaction effect of management ownership and company age on 3-CAGR was also moderated by company size. When the companies had spent only a few years in business, a negative effect of management ownership for small firms and a positive effect of management ownership on financial growth for medium firms were found. These results suggest that small companies starting business need to manage their company governance structure to make flexible decisions, and after retaining financial growth, the companies can expand their businesses based on strong ownership.

• The Journal of Information Systems
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• v.24 no.3
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• pp.47-74
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• 2015

Purpose By participating in the business ecosystems, customers make both positive and negative impacts in the ecosystem. In particular, users of platform businesses participate in the business ecosystem as partial employees who voluntarily create and manage content. According to the organizational behavior literature, employees' psychological ownership toward the organization has an influence on the organizational competitiveness. Thus, with an assumption that customers gain psychological ownership toward the business that they participate in, it is important to analyze the process and the factors that influence their psychological ownership. This study proposes a research model that describes the process: customers undertake customer socialization, which then lead them to participate in the business-level and the business ecosystem-level activities. Through the participation, customers gain psychological ownership toward the business. Design/methodology/approach Based on a structural equation model, this study analyzes the data regarding the factors in the research model. Data was collected by surveying college students who represent themselves as Facebook and DaumKakao users. By analyzing the collected data, the relationships are validated between customer socialization and customer participations (i.e., both business-level and business ecosystem-level participation), and between the participations and customers' psychological ownership. Findings Based on the validation, this study confirms the importance of managing customers' psychological ownership and offers customers' participation by their socialization as a solution for increasing customers' psychological ownership. Also, this study proposes the business ecosystem research model as the general research framework for future research and expands the scope of strategic management from the individual level strategy to the business ecosystem wide perspective.

• Journal of Korea Port Economic Association
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• v.31 no.3
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• pp.41-60
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• 2015

This paper investigates whether managerial ownership and foreign ownership have impacts on firm value, using a sample of logistics firms listed on the Korea Stock Exchange between 2008 and 2014. In the Korean economy, family-controlled business groups, known as chaebol, constitute a unique governance system. To acquire investments from controlling shareholders, a logistics firm is likely to be included in family-controlled business groups. Since reform of the governance structure of logistics firms in the South Korea enables shareholder value to be maximized, we analyzed ownership effects on firm value using pooled ordinary least squares. Empirical results showed that there was a significant positive relation between managerial ownership and firm value. This study also found that there was a significant positive relation between foreign ownership and firm value. We thus show that both managerial ownership and foreign ownership can protect shareholders by positively affecting firm values.

• Journal of KIISE:Computer Systems and Theory
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• v.31 no.8
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• pp.473-486
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• 2004

NUMA systems have remote access caches(RAC) in each local node to reduce the overhead for repeated remote memory accesses. By this RAC, memory latency and network traffic can be reduced and the performance of the multiprocessor system can be improved. Until now, several cache replacement policies have been proposed in recent years, and there also is cache replacement policy for multiprocessor systems. In this paper, we propose a cache replacement policy which is based on cache line coherence information. In this policy, the cache line that does not have an ownership is replaced first with respect to cache line that has an ownership. Like this way, the overhead to transfer ownership is avoided and the memory latency can be decreased. We also propose “Keeping-Ownership replacement policy with MRU (KOM)” and “Keeping-Ownership replacement policy with Reference Bit(KORB)” to reduce the frequent replacement penalty of the ownership-lacking cache line. We compare and analyze these with LRU and Pseudo LRU(PLRU). The simulation shows that KOM outperforms the PLRU by 25%, and KORB outperforms the PLRU by 13%. Although the hardware cost of KOM is very small, the performance of KOM is nearly equal to that of the LRU.

• Korea Trade Review
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• v.42 no.2
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• pp.227-249
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• 2017

This study investigates whether foreign equity ownership is associated with trading volume. This study establishes null hypothesis indicating that foreign equity ownership is not related to trading volume based on prior studies regarding foreign equity ownership. We measured trading volume as proxy of investors' heterogeneous beliefs. To exam The the hypothesis, we collected sample firms listed on the Korean Stock Exchange from the year of 2001 to the year of 2011 inclusively. Controlling for variables related with trading volume as reported in the previous studies, the regression coefficient for the foreign equity ownership showed statistically significant negative sign. These results indicate that the foreign equity ownership is negatively associated with investors' heterogeneous beliefs. This study contributes to extant literature on foreign equity ownership by providing evidence that foreign equity ownership affects investors' trading decisions. The results also help policy makers in their policy development.

• Journal of Distribution Science
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• v.14 no.5
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• pp.5-16
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• 2016

Purpose - This study was to empirically validate the mediating roles of psychological ownership and learning goal orientation in the relationships of managerial coaching behaviors and organizational citizenship behaviors/creative behaviors of employees. Research design, data, and methodology - A total of 270 employees in the Korean distribution industry were surveyed on-line, and the results were analyzed using confirmatory factor analysis and structural equational modeling. Results - The study confirmed prior research results that managerial coaching behaviors were related positively to employees' psychological ownership and learning goal orientation, both of which were associated positively with their organizational citizenship behaviors and creative behaviors respectively. It revealed the complete mediating effect of psychological ownership between managerial coaching and organizational citizenship behaviors and that of learning goal orientation between managerial coaching and creative behaviors. Conclusions - Psychological ownership was found to play an important role in the relationship between managerial coaching behaviors and organizational citizenship behaviors. It gives some practical implication regarding the higher turn-over intention rate of the distribution industry, in that promoting psychological ownership through managerial coaching behaviors could reduce the turn-over intention rate.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.627-637
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• 2021

This research extends the literature on the effect of board characteristics and ownership structure on audit fees; these factors affect the firm's agency costs and how the auditor assesses various risks, hence the audit efforts and fees. The paper introduces political connections as a determinant of audit fees for the first time in Jordan, where the political connection is prevalent and affects decision making on the Jordanian boards. The sample consists of 109 manufacturing and service firms listed on the Amman Stock Exchange (ASE) over the years 2012-2019. Data is obtained from the ASE and the company's annual reports. Board characteristics are measured by board size, independence, leadership duality, meetings frequency, political connections, and audit committee. Ownership structure was measured by concentration, foreign ownership, and Institutional ownership. The study hypotheses were tested by using Generalized Least Squares regression. The Findings showed that larger boards, politically connected firms, and firms with leadership duality are more likely to pay higher fees. Besides, Firms with greater foreign ownership pay less fees, whereas the rest of the variables are insignificant. Results suggest that political connections play a major role in determining audit fees; this provides a recommendation to policymakers in Jordan to reconsider regulations regarding political connections.