• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.327-333
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• 2021

Accounting information disclosure by enterprises is important for third-party entities (suppliers, creditors, banks, regulators, etc.). Voluntary accounting information disclosure (VAID) refers to additional information related to business activities shown on the annual report above and beyond the required information about business results and financial position as well as cash flow. This supports the stakeholders gaining useful information to make proper business decisions. The article examines the influence of ownership structure on the voluntary accounting information disclosure of the top 100 Vietnamese listed companies (VN100). Data collected by authors on regular annual reports totaled 425 observations from 2015 to 2019. The article uses OLS to test multivariate regression models with time-series data. The research results show that there are three variables affecting voluntary accounting information disclosure, of which foreign ownership and institution ownership have a positive impact, while concentration ownership has an opposite impact. Accordingly, the managers of VN100 should raise awareness in order to demonstrate the obligation of information providers to users to ensure clarity and completeness. The state agencies should encourage VN100 to enhance voluntary accounting information disclosure. This contributes to improve the information level of Vietnamese listed companies to embrace the trend of international economic integration.

• 분석과 대안
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• 제4권2호
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• pp.39-70
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• 2020

This paper examines the changing roles of ownership in the economic growth by using a panel data set of 30 provinces in China for the period (1999-2010). With the use of absolute and relative presence variables, this study shows that private enterprises have emerged as the engine of economic growth in China in the later period (2005-2010). The growing size and number of private enterprises are positively linked to growth. However, though foreign-invested enterprises have been acclaimed as the main contributors to economic growth in China, they have minimal effect on the economic growth in the later period. State-owned enterprises have a significant and negative effect on the economic growth in the later period. The results can be interpreted that the engine of growth in China has been changed over time from other ownerships to private ownership. Private companies have developed a lot in every respect and started to lead the economy for long-run growth. China initiated its economic growth by adopting foreign capital and it is still the top destination for foreign direct investment among developing countries. However, to sustain the growth over a long period, private sector should be of great importance and perform a key role in the view of catch-up economics.

• The Journal of Asian Finance, Economics and Business
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• 제10권1호
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• pp.67-77
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• 2023

This study investigates the impact of corporate governance (defined as companies' ownership structure and board of directors' characteristics) on cash holdings in the context of Oman. This study leverages a quantitative panel pooled regression on a dataset of Omani non-financial firms from 2009-2015. The findings of this study are generally in line with the predictions of Agency Theory and Mentoring and Busyness Hypotheses. The analysis demonstrates that a large stockholder size has a significant positive relationship with cash holding. Meanwhile, a positive (but insignificant) relationship was also found between institutional ownership and cash holding. Furthermore, state ownership was found to exhibit a significant negative relationship with cash holding. In terms of the board of directors' traits, this study's findings suggest that board sizes have a positive (but insignificant) relationship with cash holding. Furthermore, busy and independent boards were found to have a significant positive relationship with cash holding. The above findings suggest that boards with such traits are less effective in providing oversight on managers' actions, which would then increase Omani non-financial firms' cash holdings.

• 한국콘텐츠학회논문지
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• 제17권5호
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• pp.8-17
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• 2017

본 연구는 중국 상장기업의 경영자 지분이 연구개발투자에 미치는 영향을 규명하기 위해 2010년부터 2014년까지 5년간 371개 기업의 1855 건의 관측 자료를 대상으로 실증분석을 시하였다. 실증분석 결과, 첫째, 국유기업의 경우 경영자 지분율은 연구개발투자 (연구개발투자 여부, 연구개발집약도) 간에는 음(-)의 유의적인 관계가 존재하였다. 본 결과는 국유기업의 경영자의 경우 주식 보유는 주주와의 이해일치 효과보다는 경영자의 사적이익을 추구하기 위한 안주주의 효과를 발생시키는 것으로 해석 할 수 있다. 둘째, 민영기업의 경우 경영자 지분율과 연구개발집약도 간에는 증가 후 감소하는 역 U 형의 유의적인 관계가 존재하였다. 본 결과는 민영기업의 경우 경영자 지분율이 증가할수록 주주와의 이해일치 효과로서 연구개발투자를 촉진하지만 경영자 지분율이 일정 수준을 넘어서면 경영자의 위험회피 유인에 따른 안주주의 효과로 연구개발투자가 감소하는 것으로 해석할 수 있다. 전체적으로 실증 결과는 중국 상장기업에서 경영자 지분율이 연구개발투자에 미치는 영향은 국유기업과 민영기업 간 소유 유형에 따라 상이하다는 점을 시사하고 있다.

• 한국경제지리학회지
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• 제15권4호
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• pp.660-675
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• 2012

본 연구는 미국 내 한인 이주민을 대상으로 이주경험 및 주거실태, 주거입지 선호의 특성을 분석하고, 이를 통해 이주민의 개별 특성이 주택 소유구조와 주거입지 선호에 미치는 영향을 밝히는 것을 목적으로 한다. 이러한 연구목적을 달성하기 위해 워싱턴 주에 거주하는 한인 이주민을 대상으로 설문조사를 하였으며, 설문결과를 토대로 이항로짓모형을 연구방법으로 활용하였다. 연구결과를 요약하면 다음과 같다. 첫째로, 응답자들의 주택 소유구조를 보면, 응답자들은 연령이 높을수록, 소득수준이 높을수록, 이주기간이 길수록 자가주택에 거주하는 경향을 보이는 것으로 나타난다. 둘째로, 응답자들이 선호하는 주거 입지요인으로는 치안, 자연환경, 직장근접, 학군 등 환경/쾌적성, 학군인 것으로 나타난다. 셋째로, 응답자의 개별특성이 주택 소유구조에 미치는 요인에 대한 이항로짓 회귀분석 결과, 가구소득이 높을수록 자가주택 보유율이 통계적으로 유의한 수준으로 상승하는 것으로 나타난다. 넷째로, 응답자의 개별특성과 주택 소유구조가 응답자의 입지선호도에 미치는 영향에 대한 이항로짓 회귀분석 결과, (1) 주거입지 요인으로 자가주택 소유자가 임대주택 소유자보다 학군을 선호하며, (2) 40대 이상의 연령대가 30대 이하의 연령대보다 안전/쾌적성을 선호하며, (3) 이주기간이 10년 이상인 응답자가 이주기간이 10년 미만인 응답자보다 안전/쾌적성을 선호하며, (4) 워싱턴 주 이외에 지역에 최초로 이주한 응답자가 워싱턴 주에 이주한 응답자보다 안전/쾌적성을 선호하는 것으로 나타난다.

• East Asian Economic Review
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• 제21권4호
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• pp.385-432
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• 2017

This paper investigates how firm age, size and ownership are related with job creation and destruction, and how these patterns differ across transition and non-transition economies. The analysis finds that age is inversely related with gross job creation and net job creation in the two samples. This finding is consistent with the theory of the learning effect. The relationship between age and job destruction is indifferent in non-transition economies. On the contrary, old firms in transition economies destroy more jobs than young ones. The paper further establishes an inverse relationship between size and gross job creation in the two groups. However, there is divergence between the two samples; small firms in non-transition economies also exhibit a higher gross job destruction rate. Consequently large firms have a higher net job creation rate. In transition economies, small and large firms exhibit similar rates of job destruction. But small firms retain a higher net job creation rate. A more intriguing finding is that state owned firms do not underperform domestic private ones. This means these countries may be using soft budget constraint which allows state owned firms to overstaff. Finally, crowding out of SMEs by foreign owned firms is not evident in transition economies.

• 지역연구
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• 제14권2호
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• pp.1-33
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• 1998

Whereas previous researches on land policy after unification dealt with principally the problem of land confiscation under the communist reign, this research tried to propose a scheme of long-term land reform which was based on case studies on ex-socialist societies' experiences during their transformation, analysis on North Korea's institution related to land ownership and use. To reform North Korea's land ownership and use by the principle of market economy, North Korean should accumulate their commencing asset necessary for private ownership of land and housing. Therefore much focus should be put on the accumulation of the commencing asset at the early state of unification. On the extension of that line, the government of the Unified Korea should try to solve the problem of land confiscation by the communist party and land privatization in the region of North Korea. For the purpose, gradual land reform is more desirable than rapid one according to the case studies on ex-socialist societies. The government should avoid policies than can result in serious fiscal burden. Active participation of local government is highly recommendable in land tax and development. On the direction of land policy, this research proposed a four step long-term scheme of land reformation in North Korea. However, later researches should put more Korea. However, later researches should put more emphasis to the unification of land institution of North and South Korea which this research couldn't deal with sufficiently.

• 한국게임학회 논문지
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• 제20권5호
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• pp.31-40
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• 2020

본 연구는 가상현실에서 햅틱 피드백의 유형을 한 손과 두 손으로 비교하여, 상호작용성과 신체소유감에 미치는 영향을 실험으로 비교 분석했다. 실험은 피험자내로 설계되었으며 참가자는 가상현실에서 공 모양의 오브젝트를 파격하는 과제를 한 손과 두 손 햅틱 피드백을 사용하면서 수행했다. 실험 결과, 참가자들이 두 손 햅틱 피드백을 활용했을 때 더 높은 상호작용감을 보고하는 경향성이 있었으나, 신체소유감에는 두 실험 조건 간에 차이가 없는 것으로 나타났다.

• 지적과 국토정보
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• 제45권1호
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• pp.59-74
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• 2015

본 연구는 남북한 통일을 대비하여 준비하고 있는 과제 중 북한지역에 있는 토지에 대한 관리 및 운영 실태를 파악하여 북한지역의 사회적 혼란과 경제적 손실을 최소화하고 주민의 기본적인 삶의 보장과 사회보장, 생활의 계속성 유지 등 북한 주민들의 인간다운 생활 안정화를 위하여 토지처리 방안을 제시하고자 한다. 따라서 북한 지역의 토지 처리방안으로 전(前) 소유자에 대한 소유권을 인정하지 않고 재국유화하여 통일 후 일정기간 동안은 토지 소유권을 국가가 보유하고 현재 점유, 이용하고 있는 토지는 북한 주민에게 분배하여 토지이용권을 설정해주고 이후 사(私)토지소유권으로 전환될 수 있는 방향으로 개편하여 사용권을 점진적으로 사유화하는 방안을 제시했다.

• 아태비즈니스연구
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• 제14권1호
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• pp.131-148
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• 2023

Purpose - Since the 2020s, the management philosophy of Chinese firms' ESG has been rapidly established under the leadership of the Chinese government. We empirically analyze the ESG characteristics and effects on corporate value of Chinese firms. Design/methodology/approach - Using OLS and random effect panel regression analysis, we identify ESG determinants. In analyzing the impact on corporate value, likewise a large number of literatures, we adopt a 2SLS methodology using instrumental variables in the reason of endogeneity between ESG and firm value. We analyze using the G2SLS methodology, which is improving the efficiency of the estimation coefficients along with 2SLS. Findings - We find that ESG ratings are high in state-owned and foreign capital invested companies, ESG ratings are low in companies with a high proportion of non-floating stocks which implies information asymmetry. However, there are no significance in the institutional investor's, the major 10 largest shareholders' and manager's ownership. Furthermore, we can support most of the hypotheses that ESG ratings will be high in companies with high management performance. ESG ratings are significantly higher in companies with high ROA, rich in cash asset, low debt ratio, and large size. we strongly support the hypothesis that the higher the ESG rating, the higher the firm value, and ESG has a moderating effect on state-owned companies, non-floating shares, the ownership of institutional investors, manager, and the 10 major shareholder. In particular, state-owned companies, the proportion of non-floating shares, and the ownership of the 10 major shareholders have a negative impact on firm value, however, ESG attenuates this negative effect. Research implications or Originality - This study looks forward to enhancing our understanding of ESG characteristics in East Asia.