• The Journal of Industrial Distribution & Business
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• v.11 no.12
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• pp.39-45
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• 2020

Purpose: The stock price delay phenomenon refers to a phenomenon in which stock prices do not immediately reflect corporate information and the reflection is delayed. A prior study reported that the stock price delay phenomenon appears strongly when the quality of corporate information is low (Callen, Khan, & Lu, 2013). The purpose of the internal accounting control system is to improve the reliability of accounting information. Specifically, the more professionals such as certified public accountants are placed in the internal accounting control system, the more information is prevented from being distorted, so the occurrence of stock price delay will decrease. Research design, data and methodology: In this study, companies listed on the securities market from 2012 to 2016 were selected as a sample to analyze whether the stock price delay phenomenon is alleviated as accounting experts are assigned to the internal accounting control system. The internal control personnel data were collected in the "Internal Accounting Control System Operation Report" attached to the business report of each company of the Financial Supervisory Service's Electronic Disclosure System(DART). The measurement method of the stock price delay phenomenon was referred to the study of Hou and Moskowitz (2005). The final sample used in the study is 2,641 firm-years. Results: It was found that companies with certified accountants in the internal accounting control system alleviate the stock price delay phenomenon. This result can be interpreted as increasing the speed at which corporate information is reflected in the stock price by improving the reliability of information disclosed in the market by the placement of experts in the system. Conclusions: The results of this study suggest that accounting professionals assigned to the internal accounting control system are playing a positive role in providing high-quality information to the market. In this study, focusing on the fact that the speed at which corporate information is reflected in the stock price is very important for the stakeholders in the capital market, we find that having a certified public accountant in the internal accounting control system alleviates the stock price delay phenomenon.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.5
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• pp.443-453
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• 2022

This study examines the effect of board structure and audit committee structure on financial reporting timeliness among Malaysia's top 100 public listed companies. Specifically, this study examines whether board independence, CEO duality, board ownership, audit committee independence, audit committee competence, and audit committee diligence influence the financial reporting timeliness of the public listed companies. This study selects the top 100 public listed companies by market capitalization listed on the Main Market of Bursa Malaysia as the sample since the main board has more public reprimands on financial reporting timeliness compared to other boards. The content analysis on annual reports for five years from 2015 to 2019 is utilized. The results show that audit committee competence and audit committee diligence significantly affect financial reporting timeliness. In contrast, board independence, CEO duality, board ownership, and audit committee independence have insignificant relationships with financial reporting timeliness. The findings in this study are helpful for compliance analysis and strategy formation in enhancing financial reporting timeliness. This study contributes to the agency theory by providing a new perspective on how different sections of corporate governance features interact together to influence financial reporting timeliness. In addition, the findings can assist the regulators in establishing quality corporate governance.

• 한국사회복지학회:학술대회논문집
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• 1995.12a
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• pp.147-155
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• 1995

• The Research Journal of the Costume Culture
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• v.14 no.4
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• pp.684-697
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• 2006

The purpose of this study was to exam the effect of fashion social responsibility of fashion corporate brand on brand attachment and equity. A total of 217 female college students in Seoul and its suburb responded for this study. For data analysis, descriptive statistics, factor analysis, and multiple regression were used for this study. As the result, first, corporate social responsibility was classified into five factors such as social service, public local facility, economic responsibility, consumer protection and environmental protection factors. Second, brand attachment was classified into four factors such as love, interest, perception and trust factors. Third, brand equity was classified into four factors such as loyalty, quality-image, marketing and recognition factors. Generally, fashion social responsibility factors was correlated with higher scores on brand attachment and brand equity. Finally, the results revealed that corporate social responsibility accounted for 12% of the explained variance brand attachment, also brand attachment accounted for 32% of the explained variance brand equity, while Corporate social responsibility accounted for 14% of the explained variance brand equity. Based on these results, fashion brand marketing strategies would be suggested.

• The Journal of Asian Finance, Economics and Business
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• v.5 no.4
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• pp.73-83
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• 2018

The purpose of this paper is to examine the relationship between regional financial development and corporate investment efficiency as well as the relationship between firm-level characteristics and corporate investment efficiency. Using a large sample of A-listed companies in China from CSMAR database between 2003 and 2016, this paper explores corporate investment efficiency and its influencing factors in emerging market on the basis of heterogeneous stochastic frontier model. The results show that: (1) the average investment efficiency of Chinese listed companies is 74.5%, and the investment efficiency of large enterprises, state-owned enterprises and enterprises with relatively high financial development level is significantly higher; (2) compared with average corporate investment efficiency in the year 2003, the investment efficiency of different types of enterprises in 2016 is significantly higher, and the gap is gradually widening; (3) enterprise heterogeneity namely firm size, nature of property right, and institutional environment reflected by the level of regional financial development indirectly affects corporate investment efficiency by influencing the financing constraints and uncertainty. The findings suggest that to improve corporate investment efficiency in emerging market, financial market should be accelerated, regional balance should be restored and the differences among regions, industries and differences between public and private sectors should be eliminated.

• International Commerce and Information Review
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• v.11 no.4
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• pp.313-344
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• 2009

Corporate Social Responsibility(CSR) is considered recently a key factor for the firm's success and sustainable growth in today's changing business environments. Discussions on CSR are extensively unfolding in various sectors, public, civil society and business organizations, across the world. Consumer in foreign markets have been insisted that multinational corporations and foreign supplier need to adapt their business activities to not only the economic, but also social needs of the consumer. Therefore Korean companies operating in global markets need their global CSR strategy, which will contribute to the improvement of their international competitiveness and long term growth. Thus, the purpose of this study is to report on the strategy of corporate social responsibility through the literature review and illustration of CSR activities of the leading companies in global market. In addition, this paper is aimed to provide Korean firms the insight in reinforcement of global competitiveness in relation of strategic CSR.

• KDI Journal of Economic Policy
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• v.38 no.4
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• pp.1-21
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• 2016

This paper documents how the net profit margin of private firms improves when the CEOs of the companies relocate their primary residence to be closer to the corporate headquarters. By reviewing 127 Korean non-public companies belonging to 66 private business groups, we find that the top managers move closer to the headquarters when the profitability of the firms has recently deteriorated. A one basis point decline in the margin causes CEOs to relocate their homes approximately two kilometers closer to their corporate headquarters. The profit margin rebounds after their relocation. This finding implies that physical proximity can serve as a proxy for personal commitment.

• Asia Marketing Journal
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• v.20 no.1
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• pp.1-21
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• 2018

An increasing number of studies have examined the effects of corporate social responsibility (CSR) activities on corporate financial performance (CFP) in the service industry. However, the extant literature does not provide comprehensive insights into the conditions on which the CSR-CFP link relies. In this study, firms' marketing communication capability (MCC) is introduced as an important contingency variable, which determines the effects of CSR on the corporate financial performance, in the context of restaurant businesses. Multiple year data on the spending of public restaurant chains on different media are collected, and MCC is subsequently measured using the data envelope analysis. Then, a test is conducted to prove whether MCC moderates the relationship between CSR and firm financial performance. The empirical results support the hypothesis that MCC strengthens the effect of CSR on CFP. Through the findings, this research provides several interesting and important implications to the literature and managers of service firms.

• Journal of Digital Convergence
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• v.13 no.8
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• pp.113-121
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• 2015

This study is to identify that the efforts of business ethics build customer loyalty, and it makes customers lead to purchase behavior in the viewpoint of grasping convergence effect. The survey has proved that ethical management influences consumers' purchase behaviors, and consumers' image perception and trust on corporate play parameter role in that process. This results imply that corporate's ethical management gives increase in revenue and reputation to corporate. So managers must recognize business goes on when the social legitimacy is approved by the public, and make efforts to arrange systems and programs to foster ethical management. In the future study, it is required that an analysis to differentiate target range and level of implementation of ethical management and research associated with ethical issue of high public interest.

• Journal of Navigation and Port Research
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• v.39 no.5
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• pp.401-408
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• 2015

This research seeks to improve the understanding of corporate social responsibility (CSR) and its advantages in the shipping sector. Recently, an improved emphasis on CSR, which incorporates environmental and social concerns into economic considerations of firms, can be found in business management and marketing literature. This is mainly because of people's increased awareness in regards to the negative consequences of corporate activities such as increased environmental pollution and gaps between the rich and the poor. According to the previous literature, it has been revealed that responsible actions by companies can generate positive outcomes in terms of financial and time aspects, but more importantly, intangible equity of the company, including improved corporate reputation, image as well as brand. As the regulation is intensifying in regards to environmental and social responsibility in the shipping sector, shipping companies are trying to engage in CSR to gain competitive advantages. While the reputation and image of shipping companies play essential roles for developing sustainable maritime transport, few studies have been conducted for how the CSR of shipping companies influence the shipping companies' reputation and image relative to other industries. In this regard, this study aims to investigate the effect of the corporate social responsibility on corporate reputation and image of shipping companies on the basis of an exploratory study in the Republic of Korea. This research would be beneficial to both academics and practitioners for developing useful CSR strategies which could promote the public's recognition of the shipping sector.