• 산경연구논집
• /
• 제11권12호
• /
• pp.39-45
• /
• 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.

• 아태비즈니스연구
• /
• 제14권3호
• /
• pp.187-204
• /
• 2023

Purpose - This study deals with the manager's overconfidence and stock price delay, and verified whether the stock price delay phenomenon changes as the overconfidence increases. Design/methodology/approach - Manager overconfidence means that managers have over confidence in their positions or abilities, and was measured according to Schrand and Zechman (2012). Stock price delay is a phenomenon in which information of company is not immediately reflected in the stock price, but is reflected over time, and was measured by the method suggested in a study by Hou and Moskowitz (2005). The analysis subjects used in this study are companies listed on the KOSPI market between 2011 and 2019, and the final sample is 5,509 company-years. Findings - As a result of the verification, it was shown that the stock price delay decreased as the manager's overconfidence increased, and this effect was amplified as the foreign shareholder's share ratio increased and the number of follow-up financial analysts increased. This means that as the manager's overconfidence increases, he actively provides high-quality information to the capital market. In addition, as a result of subdividing the manager's overconfidence into the investment and capital raising aspects, the capital raising aspect has a significant effect on reducing stock delays. This can be interpreted as the fact that managers with overconfident tendencies have a greater incentive to satisfy investors' information needs. Research implications or Originality - In previous studies, the characteristics of managers with strong overconfidence have both positive and negative aspects. The results of this study are significant in that they clearly demonstrated the positive aspect through the market variable of stock price delay, and it is expected to help capital market stakeholders understand the characteristics of managers with a strong propensity for overconfidence.

• The Journal of Asian Finance, Economics and Business
• /
• 제9권5호
• /
• pp.409-419
• /
• 2022

This paper examines the post-IPO price volatility in the first trading days after the IPO of SOEs that carry out equitization, on a sample of 76 IPOs on the Hanoi Stock Exchange (Vietnam) in the period 2013-2018. Oversubscription rate, firm size, issuance size, internal equity ownership, and listing delay are all factors that influence IPO price volatility in a primitive stock market. The results showed that the average initial market-adjusted return for the first three trading days was -11.95%; -9.58% and -7.29% and the level of price volatility is related to the rate of oversubscription and company size. Issuance price, issuance size, internal equity holdings, and listing delay do not seem to contribute significantly to post-IPO share prices. Individual investors based their valuation on information released during and after the IPO. In general, the number of IPOs that yield positive and negative returns in the first trading days is about the same, indicating that the two phenomena of undervaluation and overvaluation still occur in the process of valuing shares of Vietnamese SOEs for IPOs.

• 한국유통학회지:유통연구
• /
• 제16권4호
• /
• pp.29-64
• /
• 2011

상품의 이용가능성은 소비자 욕구를 충족시킬 수 있는 중요한 점포 능력 중의 하나이다. 그러나 구매하고자 하는 상품이 없는 품절(stockouts)상황이 발생했을때 소비자는 구매의사 결정의 어려움에 직면하고 이러한 어려움은 소비자의 부정적인 반응, 예컨대 점포에 대한 불만족을 야기한다. 본 연구에서는 상품의 이용가능성 상설, 즉 품절상황에서의 소비자 대체선택행동을 이끌어 내는 결정요인들을 파악하여, 이러한 변수들이 품절에 대한 소비자반응과 행동에 어떠한 영향을 미치는가를 규명하고자 한다. 세부적으로 본 연구에서는 기존 연구들과 달리 구매환경의 상황적인 특성(예: 구매 긴급성, 당황정도), 점포 특성(예: 상품구색, 매장편의성), 소비자 특성(예: 브랜드애호도, 점포애호도) 등에 초점을 맞추어 이러한 요인들이 품절시 소비자반응(상품대체, 구매연기, 점포전환 등의 대체선택행동)에 미치는 영향을 실증적으로 밝히는 것을 목적으로 하였다. 특히 본 연구에서는 선행연구에 비해 상품구색, 전반적인 점포 가격 이미지 등의 점포특성 변수들을 추가적으로 고려하여 분석하였다. 이러한 연구목적을 달성하기 위하여 대형할인마트, 슈퍼마켓 등의 다양한 소매업태에서 품절상황을 경험하고 나오는 353명의 소비자들로부터 자료를 수집하여 다항로짓분석(multinomial logit analysis)을 이용하여 연구모형과 연구가설을 검증하였다. 소비자 선택행동에 대한 MNL 모델 추정결과 품절상황에서 상품대체, 구매연기, 점포전환 행동에 대해 구매의 긴급성, 당황 정도, 구매량, 사전 계획구매, 상품구색, 전반적 점포가격 이미지, 브랜드애호도, 점포애호도 요인들이 소비자 선택행동에 유의한 영향을 미치는 것으로 나타났다. 구체적으로 살펴보면, 품절상황시 소비자의 점포 내 상품대체행동을 이끄는 결정요인으로 구매의 긴급성, 당황정도, 구매량, 사전 계획구매, 상품구색의 다양성, 저렴한 점포가격이미지, 브랜드애호도, 점포애호도 등이 유의하였으며, 구매연기를 유도하는 결정요인으로 구매의 긴급성, 구매량, 브랜드애호도 등으로 판명되었다. 품절시 소비자가 다른 점포로 전환하게 하는 요인은 구매의 긴급성, 구매량, 사전 계획구매, 상품구색의 다양성, 저렴한 점포가격이미지, 브랜드애호도, 점포애호도 등으로 파악되었다. 마지막으로 품절시 점포 편의성과 판매원 서비스 요인들은 소비자 대체 행동에 유의한 영향을 주지 못하였다.

• 유통과학연구
• /
• 제15권8호
• /
• pp.47-54
• /
• 2017

Purpose - According to agency theory, managers have incentives to adjust firm revenues to meet earnings expectations or delay bad news disclosure because of performance-based compensation and their reputation in the market. When the bad news accumulates, stock prices fail to reflect all available information. Thus, market prices of stocks are higher than their intrinsic value. After all, bad news crosses the tipping point, it comes out all at once. That results in stock crashes. Auditors can decrease stock crash risk by reducing agency costs through their informational role. Especially, stock price crash risk is expected to be lower for firms adopting high-quality audits. We focus on distribution and service industry to examine the relation between audit quality and stock price crash risk. Industry specialization and auditor size are used as proxies for auditor quality. Research design, data and methodology - Our sample contains distribution and service industry firms listed in KOSPI and KOSDAQ during a period of 2004-2011. We use a logistic regression to test whether auditor quality influences crash risk. Auditor quality was measured by industry specialist auditor and Big4 / non-Big4 dichotomy. Following the approach in prior researches, we use firm-specific weekly returns to measure crash risk. Firms experiencing at least one stock price crash in a specific week during year are classified as the high risk group. Results - The result of analyzing 429 companies in distribution and service industry is summarized as follows: Above all, it is shown that higher audit quality has a significant negative(-) effect on the crash risk. Crash risk is alleviated for firms audited by industry specialist auditors and Big 4 audit firms. Therefore, our results show that hypotheses are supported. Conclusions - This study is very meaningful as the first study which investigated the effects of high audit quality on stock price crash risk. We provide evidence that high-quality auditors reduce stock price crash risk. Our finding implies that the risk of extreme losses can be reduced through screening of high-quality auditors. Therefore investors and regulators may utilize our findings in their investment and rule making decisions.

• The Journal of Asian Finance, Economics and Business
• /
• 제6권4호
• /
• pp.45-52
• /
• 2019

The current study aims to investigate the relationship between tax avoidance and firm risk in an emerging market called Iran. The study population consists of 400 observations and 80 companies listed on the Tehran Stock Exchange (TSE) over a five-year period during 2012 and 2016. The statistical model used in this study is a multivariate regression model; besides, the statistical technique used to test the hypotheses proposed in this research is panel data. The results showed that low effective tax rate (tax avoidance) is more consistent than the higher effective tax rate. Moreover, there is no significant relationship between tax avoidance and future tax rate volatility. The findings also proved that lower effective tax rates are positively associated with future stock price volatility. This implies that since Iranian firms have many financial problems because of economic sanctions, they have a tendency to delay the disclosure of bad news about their firms. Needless to say, when a huge number of negative news reaches its peak, they immediately will enter the market and lead to a remarkable fluctuation in stock prices.

• 재무관리연구
• /
• 제20권2호
• /
• pp.201-234
• /
• 2003

본고에서는 세계시장 중에서 주요 7 국가의 시장을 대상으로 시장의 이례현상의 하나인 주말 효과와 주중 일별수익률에 대한 연구를 결제청산과정으로 접근 분석하였다. 결제청산과정은 특정한 날의 일별수익률에 영향을 미칠 수 있고 또한 시장마다 서로 다른 결제청산체계는 세계 각 시장에서 특정한 날의 일별수익률에 서로 다르게 영향을 미칠 수 있다. 최근 이러한 결산청산체계 자체가 미국, 영국 프랑스 등 여러 주요시장에서 변화가 일어났다. 그리하여 본고에서는 세계 각 국가시장에서 주식의 결제청산과정체계의 변화 및 전환에 따라 주말효과 및 주중 일별수익률의 변화에 미치는 요인을 분석하였다. 그리고 또한 주말효과와 같은 시장효율성의 이례 현상에 대한 최근 연구에서 그전과 다른 기류에 대한 연구결과가 보고되기 시작하였다. 그리하여 그전의 자료와 최근의 10여 년간의 자료를 나누어 세계 각 주요시장의 주말효과에 대한 연구를 재검토 할 필요가 있었다. 본고에서 분석한 결과 1990년대 이전에는 각 시장마다 주말효과가 강하지만 최근 10여 년 동안의 자료를 분석한 결과 주말효과가 나타난 국가의 시장은 거의 없었다. 그리고 본고에서 결제청산과정체계의 변화 및 전환이 주말효과 및 주중 일별수익률의 미치는 영향을 분석한 결과 결제청산과정의 종류나 또는 각 시장 상황에 따라 정도의 차이는 있지만 대체적으로 결제청산과정의 변화가 특정한 날의 일별 수익률 패턴에 영향을 미치고 또한 주말효과의 수준의 변화의 일부분은 이러한 결제청산과정의 영향을 받았다고 볼 수 있었다.

• 한국시스템다이내믹스연구
• /
• 제14권3호
• /
• pp.135-163
• /
• 2013

This study aims to analyze the feedback loops and policy simulation of price fluctuation of Korean Cattle. The Korean Cattle market shows the 'Cycle of Beef' since 1970. In general, the market for agricultural commodities exhibit repeated cycles of prices and production. Why Beef products market in Korea shows the fluctuation of cattle and beef price repeatedly for forty years? To find an answer, this paper explores the feedback structure of the dynamics of the beef market by the systems thinking and build a stock-flow diagram model for the simulation of future behavior of the market sector of the Cattle. The dynamic simulation model was developed to identify and analyze the cyclical behavior among many variables, which is the number of cattle (calves, cow, etc.), the price of cattle, the demand for beef, the desirable number of cattle, slaughter, etc. The results of this study demonstrate that dominant feedback loops between the number of cattle and livestock prices. The demand for Beef and slaughter with time delay, also the results of the simulation to explain the persistence of future price fluctuations and actions meat market until 2025.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권7호
• /
• pp.525-532
• /
• 2021

This study examines the association between a firm's business strategy and audit report lags. This study employs 5,072 firm-year observations from 2015 to 2019. Our sample comprises all of the firms listed on the Korea Composite Stock Price Index (KOSPI) market and Korea Securities Dealers Automated Quotation (KOSDAQ). We perform OLS regression analysis to test our hypothesis. The OLS regression analysis was conducted through the SAS and STATA programs. We find that business strategy is positively associated with audit report lags. Especially, we find that defender firms are negatively associated with audit report lags. The findings of this study suggest that prospector-like firms would increase their performance uncertainty as well as audit risk. Therefore, prospector-like firms interfere with the efficient audit procedures of auditors. On the other hand, our findings indicate that defender-like firms would decrease their performance uncertainty as well as an audit risk because they focus on simple product lines and cost-efficiency. For this reason, auditors will be able to carry out the audit procedures much more easily. Our results present that a prospector-like business strategy degrades audit effectiveness as it exacerbates a company's financial risk, willingness to accept uncertainty, and the complexity of organizational structure.

• 수완나부미
• /
• 제13권2호
• /
• pp.7-35
• /
• 2021

This research is an attempt to understand the economic and social consequences that are occurring in Indonesia due to the spread of COVID-19. Indonesia, which has maintained solid economic growth since the inauguration of President Jokowi's government, is also experiencing difficulties to deal with unexpected COVID-19 pandemic as the global economic turmoil has had a very significant impact on its economy. The economic impact of COVID-19 can be felt, starting from the phenomenon of panic buying, the free fall of the stock price index, the depreciation of the Rupiah against the Dollar, sluggish activities in the processing industry, and ultimately it has an impact on slowing economic growth. Various policies and measures have been taken by the Indonesian government to minimize the negative impact caused by the COVID-19 pandemic on the economy. One such area is electronic commerce business or e-commerce that witnessed a vast increase of online and non-cash transaction amid rising voices that the country needs to prepare for the advent of a new economic system, the so-called New Normal era. The Covid-19 pandemic will temporarily slow economic growth and delay some development projects and policy initiatives as the Indonesian government diverts capital from infrastructure development to help respond to the crisis. However, the Jokowi administration's efforts for continuous reform are expected to accelerate the transition to the digital economy.