• The Journal of Asian Finance, Economics and Business
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• v.9 no.1
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• pp.299-310
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• 2022

Environmental protection has been infused into the development of numerous fields by the Chinese government. The government's implementation of green development has also shifted its focus to green transformation and governance of highpolluting companies. In the context of green and sustainable development, this study employs DEA data envelopment analysis to compare the operating efficiency of listed firms that implemented Green Mergers and Acquisitions (M&A) in China in 2018. The conclusions of this study are as follows: First, China's green M&A enterprises are unevenly dispersed among the country's east, middle, and western regions. Second, compared to before the implementation of Green M&A, operational efficiency has improved in most industries. Third, the difference in Green M&A across industries is generally favorable, showing that most organizations have improved their operational performance as a result of Green M&A implementation. In 2018, however, the gap in operating efficiency is more negative. Fourth, whereas the eastern and western areas' operational efficiency has improved as a result of Green M&A, the central region's has not. Based on this conclusion, this study makes recommendations for China's future sustainable development of heavily polluted firms.

• Journal of Distribution Science
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• v.12 no.4
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• pp.85-92
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• 2014

Purpose - This study conducted empirical research on non-financial corporations listed on the stock exchange from 2001 to 2010, focusing on the effects of corporate governance on real earnings management of corporations. In particular, this study examined primarily the impact of the largest shareholder who could use earnings management to pursue his own self-interest, and foreign investors who played a checking role against the largest shareholders. The study also reviewed the relationship between corporate governance and earnings management while also considering corporate growth. Research design, data, and methodology - As for the measurements of real earnings management, abnormal operating cash flow and abnormal production cost were utilized. As for the independent variables, share ratio of the largest shareholder and affiliate person (M) and share ratio of foreign investors (FT) were leveraged. This study excluded those organizations that had changed their fiscal years, those that had not submitted an audit report, corporations under supervision, delisted corporations, corporations that had changed their business type, and so on, from the non-financial corporations out of the publicly traded corporations whose fiscal year ended in December from 2001 to 2010 in addition, KIS values were utilized for the corporate financial data in the study. To verify whether management structure and growth had an impact on real earnings management of a corporation through empirical analysis, a multiple regression analysis model was applied. Result - First, as a result of the analysis, the share ratio (M) of the largest shareholder and affiliate person was found to have a significant positive correlation with abnormal cash flow from operations(ACF) and abnormal production cost (APD). When controlling the growth, the share ratio (M) of the largest shareholder and affiliate person was found to have an insignificant correlation with abnormal cash flow from operations(ACF) but a significant correlation with abnormal production cost (APD). Second, foreign ownership (FT) was found to have a significant positive correlation with abnormal cash flow from operations(ACF) and abnormal production cost (APD) at the confidence level of 1 percent when not including the growth dummy. When controlling the growth, foreign ownership (FT) was found to have a significant negative correlation with abnormal cash flow from operations (ACF) and with abnormal production cost (APD). Conclusion - The results imply that the largest shareholder is closely related to earnings management through real activities regardless of corporate growth. It is also possible to determine from these results that foreign investors are related to earnings management through real activities when not considering corporate growth, but that they would reduce earnings management in the case of considering the growth. Thus, this study verified along with the existing studies that foreign investors were conducting the control function on controlling shareholders.

• Korea Trade Review
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• v.47 no.5
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• pp.289-304
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• 2022

Korea's LNG and crude oil are the most important energy and export raw materials, but 100% import resources by overseas. However, tanker shipping companies, which play the most crucial role in energy cargo security, are very small in number and size, which can be a factor in the supply chain crisis. Therefore, this paper studied the policy of expanding tanker transportation necessary for the transport of crude oil and LNG in Korea. In the existing literature, there was no policy study necessary for tanker ships, but referring only to the importance of overseas energy development and transportation, so we tried to derive various demands necessary for expanding the tanker fleet through expert interviews and AHP which was conducted on 89 related energy institutions to derive policies and their priorities. The results of the study are as follows. As for the policy, the financial support policy was the highest priority, followed by the business and the mutual cooperation policy of related agencies. Tax support (22.6%) and ship financing (19.4%) were the highest priorities, followed by the Energy Intermediate Promotion Act (11.9%), Tanker Guarantee Insurance (10.6%), Energy Budget Independence (9.3%), and Korea Trader Development (8.2%). Energy governance (6.3%), information center establishment (6.2%), and energy procurement committee (5.5%) ranked seventh, eighth, and ninth. The research results show that it is necessary to supply sufficient ships to the market through the expansion of ship finance for tankers and to follow business support policies such as guarantee insurance. In addition, it was also possible to derive that the financial resources need to be determined by law and independent budgets for consistency and continuity.

• Journal of Distribution Science
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• v.14 no.1
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• pp.29-38
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• 2016

Purpose - The purpose of paper is to review and look into the process of port development of each country, and compare with their system of port management. Research design, data and methodology - The methods to be taken is to examine a process of port development in terms of historic and regulated point of views, and each country's port is compared with various port models. Results - China has evolved of port governance into 3 stages, which has lead to almost liberalized port management system in process of privatization slogan. Japan has three stages of port development, and key commitments have been done by local government, rather than national one. Korea has also several stages of port reforms, and national government has been deeply involved in port industry, as well as regional government and port authority in certain areas. Conclusions - whatever port management system each countries has taken, it eventually aims to port productivity in country's port. To adopt most proper port management system may be answer for country to cope with environmental changes around port industry.

• East Asian Journal of Business Economics (EAJBE)
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• v.10 no.3
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• pp.41-50
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• 2022

Purpose - Through multinational corporate ethics and environmental, social, and governance (ESG), various policy and strategic countermeasures for transparent management in the management and economic fields are presented. Research design, data, and methodology - A literature review is conducted to find important areas for transparent management and to summarize and present transparent management countermeasures based on simple brainstorming opinions from experts. Result - Issues facing transparent management are presented. In particular, multinational enterprises present cases involving prevention of transfer prices and tax avoidance in relation to Industry 4.0. Additionally, a plan is presented to establish a corruption-free economic system through the practice of ESG transparency, ethical management of social enterprises, and transparent management. Conclusion - According to the brainstorming opinions of experts, ESG management and ethical management should be the cornerstone of transparent management in the future. Therefore, it is necessary to institutionally supplement the imposition of digital taxes on fourth industrial companies.

• Korean Security Journal
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• no.39
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• pp.355-386
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• 2014

Current business environment asks the fundamental changes about business security. The essences of these changes are that the security management of today's global business is important task of managers and the security practitioner is professional who needs very specialized education and training with business thinking. Rapid process of globalization of global village tore down the business limit that was restricted on the geological areas' limitation. Rapid business environments' change that is driving depends on development of science and technology with globalization needs new paradigm to keep business continuity. With the process of globalization, Korea, which importance is gradually increasing in the national economy, has trade dependent economic system, which keeps power of national economy through trade, so Korean economic tendency is accelerating. To keep competitiveness in global market, new strategy that is different with existing domestic business management is necessary. That is, capacity of coping with outside risk in domestic business management is established in some degree, but business activities in foreign countries faces at numerous unexpected risks that differ from country to country such as difference with the custom, changes of corporate governance etc. To cope with these new risks effectively, new paradigm for business risk is necessary. Especially, flexibility of thinking like new paradigm is necessary to cope with new security risk effectively. To cope with security risk that occurs in the new business environment effectively and competes against international company in global market, company management and members' changes of cognition about security and innovative changes in security policy is necessary. In the basement of these changes, there is expansion of business security tasks, improvement of report line, enhancement of professionalism and status of security officers, variation of hands-on workers and increasing of investment to the security etc.

• The Journal of the Convergence on Culture Technology
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• v.9 no.5
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• pp.329-334
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• 2023

This study attempted to examine the effect of corporate ESG activities perceived by college students on corporate loyalty and purchase intention. The results of the study are as follows. Looking at the average ESG activities recognized by college students, society 4.28 points, governance 4.25 points, and environment 4.12 points out of 5, and the average customer loyalty was 3.86 points when 3 points out of 5 points were median, and purchase intention was 3.84 points. Looking at the correlation between the factors of corporate ESG activities, customer loyalty, and purchase intention perceived by college students, it was confirmed that it had a static correlation coefficient. As a result of analyzing the effect of ESG activities perceived by college students on customer loyalty, the variable that significantly affects customer loyalty in [Model 1] is the major (β=.167p=).01) It was. Among the additional variables added to [Model 2], the variable that significantly affects customer loyalty is the environment (t=3.017, p<.).01), society ((t=4.365, p<.001), governance structure (t=-3.139, p<.01) was found to have a significant effect on customer loyalty. As a result of analyzing the effect of ESG activities perceived by college students on purchase intention, there was no significant effect on purchase intention in [Model 1]. Among the additional variables put into [Model 2], society (t=4.850, p<.001), governance structure (t=-3.452, p<.01) was found to have a significant effect on purchase intention.

• Journal of Digital Convergence
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• v.16 no.2
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• pp.139-149
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• 2018

Since the 17th century, international trade has increased as a result of the development in the navigation skills. Recently, maritime transport, compared to other modes, is used more than 70% worldwide by shippers and ports, and it also has become essential in international trade. Most researchers focused only on port development, in topics like ensuring depth of water, port competition and port governance, but have left some topics undone, such as environment, ecosystem and balanced development. Therefore, this study provides insight to the academic world in port research using SNA (Social Network Analysis). The result of the SNA study shows that Baltic Sea ports researchers have focused on "Shipping", "Marine ecosystem"and "Pollution". The implications of this study are: first, the environment has become a main issue in the research field; second, the results suggest focusing on the main keywords from the keyword network. This study has some limitations such as excluding domestic journals and focusing in the recent 10 years.

• The Journal of Fisheries Business Administration
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• v.41 no.3
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• pp.103-127
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• 2010

The FAO reports that IUU fishing activities have widespread economic, social, and management consequences, including depriving legitimate fishers of harvest opportunities. It affects all fisheries from small scale to industrial. It also affects the ability of governments to support sustainable livelihoods for fishers and, more broadly, to achieve food security. The complexity of IUU requires various measures to combat IUU fishing such as adoption of IUU vessel lists; stronger port State controls; improved monitoring, control and surveillance (MCS); implementation of market-related measures to help ensure compliance; and capacity-building assistance. Trade and market measures reduce opportunities for IUU fishing activities by precluding or impeding access to markets for IUU product in a manner consistent with international law. ICCAT, CCAMLR, and IATTC, have put in place trade tracking programs or catch documentation schemes, and WCPFC is considering such a program. Vessel lists assist enforcement authorities in determining which vessels are or are not authorized to be fishing or conducting fishing support activities in specified areas. A number of RFMOs maintain records of IUU vessels: CCAMLR, IATTC, ICCAT, NAFO, NASCO, NPAFC, WCPFC. Section 608 of the US MSRA calling on the Secretary of Commerce, in consultation with the Secretary of State, and in cooperation with relevant regional fishery management councils and any relevant advisory committees, to take actions to improve the effectiveness of international fishery management organizations in conserving and managing stocks under their jurisdiction. EU IUU Regulation entered into force on 1 January 2010, was intended to regulate the highly complex multi-channel fisheries supply system of the European Community (EC) in an effort to improve global fisheries sustainability.

• Journal of Korea Trade
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• v.25 no.5
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• pp.74-92
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• 2021

Purpose - Utilizing a large sample of Korean firms, this study examines international diversification impacts on corporate tax avoidance and whether firms affiliated with large business groups (known in Korean as "chaebol") reinforce the relationship between international diversification and tax avoidance. Design/methodology - This paper hypothesizes that 1) international diversification is likely to increase tax avoidance, 2) the positive effect of international diversification on tax avoidance is likely to be more pronounced for chaebol firms. We examine the hypotheses by using Korean firms listed in the Korean stock market between 2011 and 2016. We employ the number of foreign subsidiaries and the entropy index as proxies for international diversification and CASH ETR and GAAP ETR as proxies for tax avoidance. Findings - Our findings are summarized as follows. First, we have found that as firms are more internationally diversified, tax avoidance increases. It means that international diversification can be employed as a method of reducing the tax burden. Second, firms affiliated with chaebol are strengthened by the positive relation between international diversification and tax avoidance. It is interpreted that chaebol firms have more effective opportunities to reduce taxes than other firms. When entering foreign markets, they can share experience and resources to decrease taxation within the large business group. Originality/value - This study provides empirical evidence regarding the tax effect of international diversification. Unlike prior studies, international diversification is positively related to tax avoidance in Korea. In addition, we present additional evidence on the chaebol effects of international diversification on tax avoidance, in which they have an advantage to reduce taxes using transfer pricing through related party transactions, income shifting to low tax rate countries, and establishing subsidiaries in tax havens.