• The Journal of Asian Finance, Economics and Business
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• 제8권12호
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• pp.159-167
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• 2021

The objective of this study is to examine the effect of family ownership and family CEO on the dividend policy of family firms by using the demographic characteristics of the CEO as a moderator. Dividend policy is a decision taken by the firm in determining whether the profits earned by the firm will be distributed to shareholders in the form of dividends or will be reinvested in the company as retained earnings for future internal resources. Using samples from non-financial family firms listed on the Indonesian Stock Exchange in 2013-2017, 93 firms were selected based on adequate data. We also used logit regressions to provide robustness. The results show that family ownership and family CEO have a positive effect on the dividend payout ratio. This finding supports the family income hypothesis. Among CEO demographic characters, CEO age significantly strengthens the positive effect of family CEO on dividend payout ratio. While CEO tenure does not significantly strengthen the positive effect of family CEOs on dividend payout ratios. Meanwhile, leverage, ROA, and firm size significantly affect the dividend payout ratio, but firm age does not significantly affect the dividend payout ratio.

• 의정연구
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• 제24권1호
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• pp.171-202
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• 2018

이슈 소유권(issue ownership)은 특정 이슈나 현안을 해결할 수 있는 정당의 능력에 대한 평판이다. 특정 이슈에 대해 다른 정당보다 최상의 해결책을 가지고 있는 것으로 인식되는 정당이 해당 이슈를 소유하고 있다고 말한다. 기존연구에 의하면 유권자는 중요하다고 생각하는 이슈의 소유권자로 인식되는 정당에 투표하는 경향이 있다. 다시 말해 이슈 중요성(salience)은 이슈 소유권 투표(issue ownership voting)에 영향을 미치는 조건이다. 본 연구에서는 이슈 소유권 투표의 또 다른 조건으로 이슈 소유권을 주장하는 정당의 행태에 따라 이슈 소유권에 대한 인식이 투표에 미치는 영향을 살펴본다. 2016년에 실시된 20대 총선 당시 더불어민주당은 경제정당으로서의 면모를 강조하고 새누리당과는 다른 성장 전략을 제시하면서 새누리당이 소유하고 있는 경제 이슈 소유권을 뺏어 오려고 했다. 연구결과, 19대 총선과 비교해 민주당이 경제 이슈 소유권자라는 인식이 정당 지지자 및 이탈자, 무당파 집단에서 모두 증가하면서 민주당의 선거 전략은 유권자에게 어필한 것으로 나타났다. 뿐만 아니라 민주당이 경제 이슈 소유권자라는 인식은 경제 이슈를 가장 중요하게 생각하는 유권자가 민주당을 선택하는 데 영향을 미친 것으로 나타났다. 반면 새누리당이 경제 이슈 소유권자라는 인식이나 국민의당이 경제 이슈 소유권자라는 인식은 경제 이슈를 중시하는 유권자의 해당 정당 투표에 영향을 미치지 않았다. 본 연구는 이슈 중요성 이외에 정당의 행태가 이슈 소유권 투표에 영향을 미치는 조건이라는 것을 밝힘으로써 이슈 소유권 이론에 기여한다.

• 지식경영연구
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• 제19권1호
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• pp.1-18
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• 2018

As the online space becomes more active, interest in protecting personal information is increasing. From this point of view, it is important to prevent personal information from being leaked in advance. As a precaution, it is suggested that users change their password periodically to protect their personal information effectively. Currently, various online services provide a request message that prompts users to periodically change their password. These messages are expressed as positive-centric or negative-centric. This message can be seen as a powerful way to trigger users' behavior. In this context, this study suggests that message framing type can be applied to the password change request message, and to investigate the difference between the positive-centric message and the negative-centric message. In addition, this study concluded that the effect of message type may be different depending on the degree of psychological ownership of the individual on the online service. As a result, users with high psychological ownership in online service were more effective when positive-centric message was presented than negative-centric message. On the other hand, users with low psychological ownership in online service were more effective when negative-centric message was presented than positive-centric message.

• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.679-688
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• 2021

This study aims to verify family ownership's effect on earnings management by using corporate governance as the moderation variable. This study uses data panel regression with the period of 2011-2017. Corporate governance consisted of three dimensions, namely the board of commissioners, share ownership and transparency, and disclosure and auditing. Discretionary accruals measure earnings management with a model that controls company performance. Samples are manufacturing companies listed on Indonesia Stock Exchange. Observations were conducted on 198 firms throughout the year. The results indicated that corporate governance significantly affected earnings management. However, it declined the significance of family ownership toward earnings management. Hence, corporate governance can reduce earnings management. Furthermore, of the three components of corporate governance: the board of commissioners, shareholding, and transparency, the term shareholding precisely encouraged managers to conduct earnings management. Besides, the three core bodies of corporate governance lowered the significance of shareholding toward earnings management. This study's findings suggest that in family firms in Indonesia, earnings management is becoming more intensive than in non-family firms. Additional tests show that there is an entrenchment effect on family firms in Indonesia. Furthermore, corporate governance leads to earnings management.

• The Journal of Asian Finance, Economics and Business
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• 제8권7호
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• pp.195-201
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• 2021

This study aims to assess the impact of ownership structure of commercial banks on bank credit risk in Vietnam. The authors used the unbalanced table data of 28 commercial banks in the period from 2004 to 2020 with 439 observations. The ratio of loan loss provisioning to loans (CR) is selected as a dependent variable representing credit risk at commercial banks. The regression methods used include: least squares method (OLS), fixed-effect model (FEM), random-effect model (REM) and general least squares method (GLS). The results reveal that, with interaction variable between the ratio of equity to total assets and foreign ownership, the national GDP annual growth rate is negatively associated with credit risk. With the ratio of equity to total assets, the interaction variable between equity and state ownership, and bank size have a significant positive impact on credit risk. In addition, inflation has negligible impact on the credit risk of commercial banks in Vietnam over the research period. The findings of this study suggest that, if foreign-owned banks increase equity capital, there will be a stronger impact on reducing credit risk than other banks. On the other hand, when state-owned commercial banks in Vietnam increase equity, they will have higher credit risk.

• The Journal of Asian Finance, Economics and Business
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• 제9권2호
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• pp.363-370
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• 2022

The study aims to probe the impact of foreign ownership on Vietnamese listed firms' capital structure. This study employs panel data of 288 non-financial firms listed on the Ho Chi Minh City stock exchange (HOSE) and Ha Noi stock exchange (HNX) in 2015-2019. In this research, we applied a Bayesian linear regression method to provide probabilistic explanations of the model uncertainty and effect of foreign ownership on the capital structure of non-financial listed enterprises in Vietnam. The findings of experimental analysis by Bayesian linear regression method through Markov chain Monte Carlo (MCMC) technique combined with Gibbs sampler suggest that foreign ownership has substantial adverse effects on the firms' capital structure. Our findings also indicate that a firm's size, age, and growth opportunities all have a strong positive and significant effect on its debt ratio. We found that the firms' profitability, tangible assets, and liquidity negatively and strongly affect firms' capital structure. Meanwhile, there is a low negative impact of dividends and inflation on the debt ratio. This research has ramifications for business managers since it improves a company's financial resources by developing a strong capital structure and considering foreign investment as a source of funding.

• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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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.

• 국제지역연구
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• 제14권3호
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• pp.339-362
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• 2010

본 연구는 1986년부터 2008년까지 해외기업을 인수한 284개 한국의 상장기업들을 대상으로 인수기업의 피인수기업에 대한 통제수준이 국제 인수합병(M&A) 성과에 미치는 영향에 대하여 실증 분석하였다. 본 연구의 분석결과, 인수기업의 피인수기업에 대한 통제수준이 국제 인수합병 성과와 음(-)의 관계가 있음을 보여주었다. 또한 피인수기업에 대한 통제수준과 문화적 거리의 상호작용은 국제 인수합병 성과와 음(-)의 관계가 있으며, 피인수기업에 대한 통제수준과 관련형 인수의 상호작용도 국제 인수합병 성과와 음(-)의 관계가 있는 것으로 나타났다. 즉, 본 연구는 문화적 거리가 클수록 또는 관련형 인수일수록 피인수기업에 대한 통제수준은 국제 인수합병 성과에 더욱 부정적인 영향을 주는 것을 보여주었다. 이러한 결과는 국제 인수합병 성과의 결정요인으로서 피인수기업에 대한 통제수준의 역할에 대한 이해를 높이는 것은 물론, 문화적 거리 및 관련형 인수와 국제 인수합병 성과간의 관계에 대한 설명에 있어서도 피인수기업에 대한 통제수준을 고려함으로써 기존 연구들을 보완해 주고 있다.

• 한국융합학회논문지
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• 제10권4호
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• pp.175-182
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• 2019

본 연구에서는 신용평가기관이 소유구조 형태가 가족지배에 의한 경영 참여와 소유지분율이 회사채신용등급을 높게 평가하는지를 검증하였다. 실증분석을 위한 표본은 2011년부터 2016년까지 한국거래소에 상장된 1,449개 비금융기업의 기업/년 자료를 대상으로 회귀분석을 실시하였다. 실증분석 결과는 다음과 같다. 첫째, 가족기업 여부가 기업의 신용등급 평가에 긍정적인 영향을 미치고 있는 것으로 나타났다. 둘째, 가족기업의 소유지분이 높을수록 기업의 신용등급이 더욱 높게 나타났다. 이러한 결과는 가족기업임과 동시에 그들의 소유지분이 높을수록 해당 기업의 신용등급에 매우 긍정적인 영향을 미치고 있음을 의미하는 것이다. 본 연구는 가족기업의 대리인 문제를 완화시키고 정보비대칭을 감소시키는 효과를 검증하였다는 측면에서 의미가 있으며, 소유구조의 역할에 의한 후속 연구에 기여할 수 있다는 점에서 학문적인 의의도 있다.

• 대한안전경영과학회지
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• 제16권3호
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• pp.399-409
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• 2014

The purpose of this study includes: Firstly, to examine the effects of procedural justice and job significance on value of work, psychological ownership, and job satisfaction. Secondly, to examine the mediating effect of the value of work, psychological ownership on the relationship between procedural justice, job significance and job satisfaction. For the study, the data was collected from convenient sample of 273 nurses at university hospital in a city to test theoretical model and its hypotheses. All data collected from the survey were analyzed using with SPSS 18.0 and AMOS 18.0. This study reports findings as followed: first, the relationship between the procedural justice and the value of work is positively related. Second, there was also a positive correlation between the procedural justice and the psychological ownership. Third, there was also a positive correlation between the job significance and the value of work. Fourth, the relationship between the job significance and the psychological ownership is positively related. Fifth, there was also a positive correlation between the value of work and the psychological ownership. Sixth, there was also a positive correlation between the procedural justice and the job satisfaction. Seventh, the relationship between the job significance and the job satisfaction is positively related. Eighth, there was also a positive correlation between the value of work and the job satisfaction. Ninth, there was also a positive correlation between the psychological ownership and the job satisfaction. Finally, the value of work and psychological ownership played as a partial mediator on the relationship between procedural justice and job satisfaction. Also, the value of work and psychological ownership played as a partial mediator on the relationship between job significance and job satisfaction. Based on these findings, the limitations of the study and some directions for future studies were presented.