• Korean Management Science Review
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• v.32 no.1
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• pp.113-131
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• 2015

We examine the relationship between firms' environmental (E), social (S), and governance (G) factors, with their financial performance in order to provide an empirical rationale for CSV (creating shared value) pursuing both of firms' profitability and CSR (corporate social responsibility). The financial performance is classified into four aspects such as profitability, stability, efficiency, and cash-flow, and each of these aspects is measured by two financial ratios respectively. To measure the firms' ESG performance, we employ the published performance grades by the Korea Corporate Governance Service for a three year span, from 2011 to 2013. Total of eight regression analyses are performed. The results show that firms' non-financial performance in general has statistically significant positive relationships with return on assets, return on net sales, and cash-flow from operating activities ratio, while it has negative relationships with net working capital ratio, asset turnover ratio, and cash-flow from investing activities ratio. It has no significant relationships with debt ratio and equity turnover ratio. The results imply that firms' non-financial performance may have a negative impact on some financial performance such as liquidity and efficiency in a short term, but it would eventually improve the firms' profitability and cash-generating ability, which provides an empirical evidence for the concept of CSV, and motivates the firms to participate in social contribution activities without sacrificing their profitability for their respective sustainablity management.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.1
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• pp.225-235
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• 2021

The objective of this study is to identify the effects of ethical values reflected on zakat and Corporate Social Responsibility (CSR) on the financial performance of sharia banking in Indonesia. This study contributes to the Indonesia Financial Service Authority (Otoritas Jasa Keuangan (OJK) policies concerning the need for implementing ethical values in sharia banking and other sharia financial entities based on the philanthropic model, this study posits that firms undertaking zakat and charity are ethical firms. The population of this study is 8 sharia banks listed on the Indonesia Stock Exchange (IDX) in 2014-2018. The result of the study showed that zakat disclosure significantly affected financial performance. Moreover, ethical values that were proxied by CSR disclosure did not significantly affect financial performance. The limitation of the study is the limited number of the sample; therefore, it is expected that the future research adds other sharia financial entities and adds the dimension of management, sustainability, product, and the environment as benchmarks of ethical values. The originality of this study offers an additional explanation of the relationship between ethical values and performance by investigating zakat and CSR disclosure which is a unique factor in Indonesia.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.5
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• pp.43-59
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• 2019

The promotion of social economy is one of the Korean government's top 100 initiatives. As of August 2019, there are 2,249 certified social enterprises in Korea, showing explosive growth with a 41-fold increase from 2007 when the Social Enterprise Promotion Act was first enacted. Currently, the discussion of the sustainability of social-economic organizations is lively, including the issue of changing the certification system to the registration system. Noting the unusual management structure of social enterprise - seeking both social and economic value, this study identifies factors affecting the performance of social enterprises. The study focuses on an empirical investigation of the relationships between characteristics of entrepreneurs' experiences in social economy, strategic competency, the extent to which they seek social value, and their performance. This study is unique in social enterprise research due to its approach to the hybrid management structure of social enterprise with a focus on entrepreneurs' characteristics. Accordingly, this empirical investigation focuses on how social-value seeking mediates the relationships between strategic competency emphasized in typical for-profit enterprises, the characteristics of experiences stressed in social-economic organizations, and the performance of social enterprises. The study findings suggest that, firstly, social entrepreneurs must seek social value as a top priority and improve economic performance using strategic competency to keep pursuing social value, and secondly, social-value seeking must be founded upon entrepreneurs' understanding and experiences in social economy. Practical implications of the study findings include concrete directions for training in social enterprises offered by relevant agencies and the establishment of competency models for current and future entrepreneurs.

• Journal of Korean Society for Geospatial Information Science
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• v.24 no.2
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• pp.89-94
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• 2016

New urbanism is a school of urban development that combines residential, commercial, and civic land uses in a dense urban fabric of carefully prescribed form. Its advocates claim that New Urbanist developments are superior to prevailing urban development patterns on social and environmental sustainability. Its critics, however, argue that New Urbanism developments do not measure up to the social and environmental ideals and are, in some cases, just another form of urban sprawl. The goal of this study is to evaluate various criticisms of New Urbanist communities. This paper used empirical evidence to determine the performance of New Urbanist developments on the broader spatial and social context as opposed to the internal characteristics of the communities using GIS indicators. The results showed that the communities did not meet conventional criteria for New Urbanist ideals.

• International Journal of Advanced Culture Technology
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• v.11 no.3
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• pp.33-38
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• 2023

This study examined the influence of ESG performance on the firm value of Chinese equipment manufacturing companies over the period from 2011 to 2020. The analysis indicated that while ESG performance exerted a negative influence on firm value, this impact was not statistically significant. These findings substantiate the Institutional Difference Hypothesis (IDH), which posits that country-specfic institutional variations sifnificantly shape the strategic decision-making of organizations. When disaggregating the three components of ESG, variations in the results were observed both for overall ESG performance and for each individual dimension. Of the three dimension elements, the environmental (E) and governance (G) facets had a negative bearing, whereas the social (S) facet had a positive influence. Notably, only the governance dimension (G) demonstrated a statistically significant influence. These outcomes affirm the institutional difference hypothesis, illustrating divergent results across distint ESG dimensions.

• Journal of Intelligence and Information Systems
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• v.20 no.2
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• pp.1-17
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• 2014

The proliferation of using social media and social networking services affects the lifestyles of people. These phenomena are useful to companies that wish to promote and advertise new products or services through these social media; these social media venues also come with large amounts of user data. However, studies that analyze the data of social media within the perspective of information exchanges are hard to find. Much of the previous research in this area is focused on measuring the performance of exhibitions using general statistical approaches and piecemeal measures. Therefore, in this study, we want to analyze the characteristics of information exchanges in social media by using Twitter data sets, which are relating to the Mobile World Congress (MWC). Using this methodology provides exhibition organizers and exhibitors to objectively estimate the effect of social media, and establish strategies with social media use. Through a user network analysis, we additionally found that social attributes are as important as the popular attribute regarding the sustainability of information exchanges. Consequently, this research provides a network analysis using the data derived from the use of social media to communicate information regarding the MWC exhibition, and reveals the significance of social attributes such as the degree and the betweenness centrality regarding the sustainability of information exchanges.

• Journal of Intelligence and Information Systems
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• v.29 no.2
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• pp.85-100
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• 2023

Corporate ESG performance (environmental, social, and corporate governance) reflecting a company's strategic sustainability has emerged as one of the main factors in today's investment decisions. The traditional ESG performance rating process is largely performed in a qualitative and subjective manner based on the institution-specific criteria, entailing limitations in reliability, predictability, and timeliness when making investment decisions. This study attempted to predict the corporate ESG rating through automated machine learning based on quantitative and disclosed corporate financial information. Using 12 types (21,360 cases) of market-disclosed financial information and 1,780 ESG measures available through the Korea Institute of Corporate Governance and Sustainability during 2019 to 2021, we suggested a deep neural network prediction model. Our model yielded about 86% of accurate classification performance in predicting ESG rating, showing better performance than other comparative models. This study contributed the literature in a way that the model achieved relatively accurate ESG rating predictions through an automated process using quantitative and publicly available corporate financial information. In terms of practical implications, the general investors can benefit from the prediction accuracy and time efficiency of our proposed model with nominal cost. In addition, this study can be expanded by accumulating more Korean and international data and by developing a more robust and complex model in the future.

• The Journal of the Korea Contents Association
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• v.21 no.7
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• pp.317-327
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• 2021

The purpose of this study is to identify the priority factors for sustainable management of social enterprises related to early childhood education. To achieve the purpose of this study, sustainable management factors were extracted by examining previous studies related to social enterprises, and the priorities of factors were derived using the AHP method after conducting surveys of those who are related to early childhood education and social enterprises. As a result of the study, the priorities of the four major factors for sustainable management of social enterprises were confirmed in the following order: strategic factors, organizational factors, management capability factors, and social environment factors. And the priorities of the 16 sub-factors were confirmed in the following order: program originality, excellence of program content, CEO's leadership, expertise in operation and education, securing information on early childhood education market, etc. This study is meaningful in that it discovered the basic success factors for the performance and sustainability of social enterprises related to early childhood education and suggested directions for establishing management strategies for social enterprises related to early childhood education.

• Journal of The Korean Digital Architecture Interior Association
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• v.13 no.2
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• pp.5-16
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• 2013

With regard to the new town developments which have supplied lots of houses in a short period of time in Korea this study aims to evaluation and finding out problems of the developments finally to suggest the direction. A new town's competitiveness model set in the previous paper takes a role of research frame to recognize the problems and to show the direction. The model explains that new town's competitiveness is composed of 4 factors; Self-sufficiency, Innovativenss, Identity and Sustainability. Problems of the developments are as follows; incongruity of spatial structure especially in the capital region, deficiency of self-sufficiency resulted from single-use development, restriction on mixed development by a number of regulations in capital region, low business value, grand scale of land compensation, house oriented planning guidance, unfair share of infrastructure fee, and physical structure depending mainly on fossil energy. Based on this recognition this study conclusively suggests corresponding direction such as role performance as a means of urban growth management, promotion of quality of life by accumulating social capital, introduction of socially sustainable management program for the new towns, discovery and creation of town's value, reexamination of self-sufficiency's meaning or target, selective deregulation of metropolitan development, institutional strategy for cost reduction, changeover from house index to urban function oriented index, and pursuit of low-carbon green town.

• Environmental and Resource Economics Review
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• v.23 no.3
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• pp.435-451
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• 2014

This paper attempts to evaluate an environmental regulation program which enforces installation of filtering equipment to reduce major air pollutants from used diesel vehicles. A real option model is presented to incorporate fuel cost uncertainty and irreversibility of emission-reducing investment. A finite-life option based on finite difference method is developed to consider the limited life expectancy of used vehicles. After taking into account social benefits from emission reduction and costs from decreasing fuel efficiency after the adoption of filtering technology, the result finds overall positive performance of the Pollution Reduction Program. However, the result suggests that the Program be designed to be more specific to vehicle types to improve program performance.