• The Journal of Asian Finance, Economics and Business
• /
• 제8권8호
• /
• pp.453-463
• /
• 2021

The current study aims to investigate the relationship between CSRD and firm performance, as an indicator for corporate socially responsible behavior, and corporate market performance of listed companies on the Amman stock exchange (ASE). The study adopts a quantitative methodology and utilizes pooled data sets that was collected following content analysis approach of the annual reports for the period 2014 to 2019. The study sample consists of 42 listed companies. The study ran a multiple regression model in order to capture the relationship between the independent variable CSRD and the dependent variable that is Firm performance which was measured using Tobin's Q. The study also utilized five control variables in order to control the hypothesized relationship between CSRD and Firm Performance. The results indicate a negative but significant relationship between CSRD and corporate market performance measured by Tobin's Q. The results stand against the notion of the business case for CSR, and indicate the opposite position, so, the higher CSRD, the lower will be Tobin's Q. Such results support the notion of the institutional theory, and provide an initial evidence for legitimacy seeking behavior in Jordanian companies. However, the results indicate a lower level of awareness of CSR across investors and market players, which support arguments of the difference in market perceptions towards CSR.

• 벤처혁신연구
• /
• 제5권2호
• /
• pp.101-110
• /
• 2022

플랫폼 비즈니스 모델은 네트워크 효과, 플라이휠 전략 등의 고유 특성으로 인해 선두주자가 시장을 독점하기에 용이한 구조를 가지고 있다. 이에 따라, 플랫폼 사업자에 대한 규제는 최근 독점 규제 논의에서 끊임없이 언급되고 있으나, 전 세계적으로 구체적인 플랫폼 규제 정책이 자리 잡지 못하는 상황이다. 이는 플랫폼의 경제적 가치를 정량적으로 평가하는 방법이 아직 합의되지 않아, 독점이 우려되는 대형 플랫폼과 태동 중인 신흥 플랫폼을 객관적으로 구분할 지표가 마련되어있지 않기 때문이다. 본 연구는 토빈의 Q 이론(Tobin's Q Theory)을 바탕으로, 특정 규모의 플랫폼 보유 여부가 대체비용과 시가총액 간의 관계에 미치는 조절 효과를 측정하여 플랫폼 기업이 가진 플랫폼 가치를 평가하는 방법을 제언하였다. 본 연구의 방법론은 플랫폼 독점 규제 대상을 객관화하여 독점 규제 정책을 정착시킬 수 있는 기반이 될 수 있으며, 동시에 향후 등장할 신흥 플랫폼 기업의 잠재력을 객관적으로 평가하여 활발한 투자시장을 형성하는데 기여할 수 있다.

• 유통과학연구
• /
• 제16권5호
• /
• pp.31-43
• /
• 2018

Purpose - We examine how a Korean retail firm's social responsibility is related to its financial performances. The traditional view of corporation expects a negative relationship, while the stakeholder theory expects a positive one. Research design, data, and methodology - We adopt the ESG score, published by Korean Corporate Governance Service to measure the level of socially responsible activity for the Korean retail firms. The ordinary least square method is adopted to investigate this relationship. The publicly traded retail firms are examined from 2011 to 2016. Results - We find that the total ESG score is negatively related to ROE but shows no statistically significant relationship with ROA and Tobin's Q value. However, a firm's environmental score is negatively related with both of ROE and ROA. Its social score is no conclusive relationship with the performance measures. The governance score is negatively related to the value of Tobin's Q. Conclusions - This paper generally supports the traditional view of corporate theory, especially in terms of ROE. This evidence is not well aligned with the existing study for Korean corporations generally documenting positive relationships. We find almost no empirical evidence supporting the stakeholder theory of corporation in the Korean retail industry.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권4호
• /
• pp.249-261
• /
• 2021

To tranquilize the devastating impact of unnecessary risk-taking behavior of banks towards the economy for maximizing their profits that usually arises due to widely known 'moral-hazard' problem originating from market competition and intensified by bank's limited liability, the banking system is strongly monitored across all countries of the world. The goal of controlling would become more feasible if there exist some self-discipline and motivations which could safeguard the banks' charter value through the mechanism of market discipline. Therefore, our study is aimed to scrutinize the relation between market discipline and charter value of local commercial banks that are registered on the Pakistan Stock Exchange by analyzing a balanced panel data from the year 2007 to 2019. Deposit growth, interbank deposits, and subordinate debt are taken as proxies to measure market discipline whereas Tobin's Q theory is applied for calculating the charter value. Generalized Least Square Regression with Fixed Effect Model is used for evaluation. The outcomes reveal that in the existence of control variables, all proxies of market discipline have a significant positive impact on bank charter value. Our research has important policy implications for monitoring and supervising financial intermediaries for their stability and soundness by offsetting the complications of moral-hazard in the financial systems.

• 산업경영시스템학회지
• /
• 제28권1호
• /
• pp.105-113
• /
• 2005

I investigate whether the efficient ratios used as the proxies of the agency costs maintained by Ang et al.(2000) is significant. Utilizing a sample of 77 manufacturing companies listed on the KOSDAQ from the TS2000 of the KSDA, The results are as follows. Agency costs are found to be decreasing with the ownership share of controlling shareholders and accounting performance becomes higher. But firm value measured by Tobin's Q ratio becomes lower according as the ownership of the controlling shareholders increases. If agency costs decrease in proportion to controlling shareholder's share, firm value should be higher according to the agency theory by Jensen and Meckling(I976). But the results of the empirical test of this study are inconsistent with Jensen and Meckling's(1976). Therefore the following study on the more useful proxies stand for agency costs should be needed.

• 유통과학연구
• /
• 제20권12호
• /
• pp.13-22
• /
• 2022

Purpose: The paper contributes to the existing literature on Vietnamese corporate governance and firm performance with a focus on listed family firms and the use of a more suitable econometric framework to analyze firm performance. The study investigates how family firm performance is affected by corporate governance under the standpoint of stewardship theory in Vietnam. Research design, data and methodology: With the use of different measures for firm performance (Tobin's Q, ROA, and ROE), regression models were estimated using Generalized Least Square (GLS) method on a panel data of a total of 113 listed companies during the five-year period from 2015 to 2019. Results: We found that family ownership as the main characteristic of the stewardship theory affects family firms positively. In addition, several other characteristics in corporate governance as board composition (board independence, board audits, and board committees), CEO (age and tenure) and firm characteristics (size, age, expansion, and annual sales) showed significant impacts on firm performance. Our findings also suggest that family firm performance can be either positively or negatively affected based on the characteristics of corporate governance. The findings can help companies evaluate the significance of corporate governance through deciding board structure and the selection of CEOs to match family firm characteristics. It also gives insights for investors, rating agencies, and policymakers for relevant purposes.

• 한국IT서비스학회지
• /
• 제11권2호
• /
• pp.307-317
• /
• 2012

We investigate the long-term effect of servitization strategy on firm value. Manufacturing companies recognize servitization as their competitive strategies. While most of existing literature have focused on developing theory, presenting framework, or cases, only a few papers examine effects of servitization strategy empirically. We aims to empirically test the long-term relationship between servitization strategy and firm value. Service ratio and Tobin's q are used to measure the degree of servitization and firm performance, respectively. Data set covers 130 manufacturing companies for 12 years from 1998 to 2009.

• The Journal of Asian Finance, Economics and Business
• /
• 제7권8호
• /
• pp.15-23
• /
• 2020

Based on the theoretical underpinnings of the agency theory and liquidity theory, the purpose of this study is to show how managers who want to enhance the performance of Pakistan's non-financial sector can use liquidity policy in relation to corporate governance. Nowadays, Pakistan is facing a severe liquidity crisis; this study contributes by examining the mediating role of liquidity on the link of corporate governance-performance. We use data from 63 firms from 2010 to 2018, excluding 17 outliers. To analyze the data, we use the Seemingly Unrelated Regression (SURE) model and nlcom-Stata test. Our findings support the mediating role of liquidity on the link between corporate governance and performance. In addition, the results show that corporate governance improves performance. Furthermore, the study supports a significant positive association of liquidity and performance. For robustness, we use two performance variables - return on assets (ROA) and Tobin's q (TQ) - where ROA represents full mediation and TQ indicates partial mediation. This study helps to use liquidity policy to strengthen the inside and outside dimensions of corporate governance mechanisms that improve the performance of firms. Overall, these findings suggest better disclosure, transparency, and solutions to auditing issues that add value to the firms.

• 지식경영연구
• /
• 제17권3호
• /
• pp.161-179
• /
• 2016

The recent patent wars in the information technology (IT) industry demonstrate the strategic importance of IT patents in the industry. In this paper, we adopt the lens of real options to study the value of IT patents for IT firms. Specifically, we examine the relationship between IT patents and firms' market performance. We also consider the moderating effect of the innovation orientation of firms' patent portfolios (exploitative vs. explorative). Based on a large panel dataset consisting of 697 firms in US IT industries, our results suggest that the impact of IT patents on firm value (as measured by Tobin's q) is positive and significant. Further, we find that this impact varies, depending on the innovation orientation of firms' patent portfolios. IT patent portfolios with higher levels of an exploitative orientation are associated with higher firm value, compared to those with a lower exploitative orientation. This study highlights the value of employing real options theory as the underlying mechanism in understanding the impact of patents on firm valuation. Future researchers can adopt the real options lens to identify and empirically examine the role of other factors that may affect the value of patents and other investments exhibiting real option characteristics. While our paper answers some questions about the value of patents in the IT industry, it also raises a number of additional new questions. As such, we hope that it will generate more research on this important topic.

• 유통과학연구
• /
• 제11권11호
• /
• pp.5-11
• /
• 2013

Purpose - Considering corporate companies that are continually growing and bearing in mind the theory of agency, how confident can stakeholders be about their benefits in relation to managers' decisions? Previous research has indicated that the type of corporate governance can have an effective impact on companies' performance. The current study aims to investigate the impact of ownership structure on listed companies on the Tehran Stock Exchange. Research Design, Data, and Methodology - Through use of the correlation coefficient, the results indicate a positive correlation among the percentage of common stock held by board members, the percentage of non-executive board members, and separation of the positions of chairperson of the board of directors and managing director. Results - Based on the return on assets index, only the correlation between the proportion of ownership of the managing director and financial investment company ownership is significant. Conclusion -Managers can potentially make decisions that benefit themselves but are detrimental to shareholders' interests. Corporate governance is a factor that can mitigate agency costs. Corporate governance comprises the laws, regulations, structures, processes, cultures, and systems that lead to the achievement of objectives such as accountability, transparency, justice, and stakeholders' rights.