• Title/Summary/Keyword: agency theory

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Top-executives Compensation: The Role of Corporate Ownership Structure in Japan

  • Mazumder, Mohammed Mehadi Masud
    • The Journal of Asian Finance, Economics and Business
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    • v.4 no.3
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    • pp.35-43
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    • 2017
  • This paper explores the impact of corporate control, measured by ownership structure, on top-executives' compensation in Japan. According to agency theory, the pay-performance link is expected to be affected by the firm's ownership structure. Using a sample of 4,411 firm-year observations (401 firms for the 11-years period from 2001 to 2011) for Japanese non-financial firms publicly traded on the first section and second section of the Tokyo Stock Exchange (TSE), this study demonstrates that institutional ownership (both financial and corporate) is negatively related to the level of executives' compensation. Such finding is in line with efficient monitoring hypothesis which claims that the presence of institutional shareholders provides direct monitoring over managers, limits managerial self-dealing and curves the increase in top-executives pay. On the other hand, the results also show that managerial ownership is positively related to their compensation which supports managerial power theory hypothesis, i.e. management-controlled firms are more likely to extract more compensation from the business than other firms. Overall, this study confirms that corporate control has significant impact on cash compensation paid to Japanese top-executives after controlling the conventional pay-performance relationship.

Does Audit Committee Quality Mediate Determinants of Intellectual Capital Disclosure?

  • ASTUTI, Resa Nur;FACHRURROZIE, Fachrurrozie;AMAL, Muhammad Ihlashul;ZAHRA, Siti Fatimah
    • The Journal of Asian Finance, Economics and Business
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    • v.7 no.7
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    • pp.199-208
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    • 2020
  • This study investigates the direct and indirect effects, mediated by audit committee quality, of managerial ownership, institutional ownership, and profitability on intellectual capital (IC) disclosure. The object observed of this study is companies listed on the Indonesia Stock Exchange (IDX) in the 2014-2018 period that are classified as high intellectual capital-intensive industries. Based on the sampling method, purposive sampling, 51 companies were selected as samples. This study used path analysis techniques with IBM SPSS version 25 to study the direct and indirect influences of managerial ownership, institutional ownership, and profitability toward IC disclosure. The results of this study show that managerial ownership, profitability and audit committee quality have a significant positive effect on IC disclosure whereas institutional ownership has significant negative effect on IC disclosure. This study also provides empirical evidence, supported by the sobel test, that the audit committee quality is able to mediate the effect of institutional ownership and profitability on IC disclosure. However, the audit committee quality is not able to mediate the effect of managerial ownership on IC disclosure. These findings develop and strengthen the results of prior studies related to the implementation of signaling theory and agency theory in devoting more understanding about IC disclosure.

What Motivates Users to Upgrade the Operating Systems? (운영체제 업그레이드 의도에 관한 연구: 마이크로소프트 윈도우 사용자를 중심으로)

  • Kim, Jeahyun;Kim, Jongki
    • Informatization Policy
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    • v.23 no.1
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    • pp.38-55
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    • 2016
  • This study discusses the operating systems upgrade to motivation of windows users. To discuss this issues, research hypotheses were set based on Unified Theory of Acceptance Use of Technology(UTAUT) and Theory of Reasoned Action(TRA). The data were collected from undergraduate students. Total of 199 data were used for the analysis. The results of the analysis were summarized into two ways. first, performance expectancy and effort expectancy has a positive influence on attitude towards upgrade the operating systems. Second, social influence, facilitating conditions, and attitude had a positive influence on intention towards upgrade the operating systems. Thus, when users perceived a high degree of performance expectancy, effort expectancy, social influence, and facilitating conditions towards upgrade the operating systems, they evaluated more positively the upgrade the operating systems.

Mediating Role of Liquidity Policy on the Corporate Governance-Performance Link: Evidence from Pakistan

  • TAHIR, Safdar Husain;SADIQUE, Muhammad Abu Bakar;SYED, Nausheen;REHMAN, Faiza;ULLAH, Muhammad Rizwan
    • The Journal of Asian Finance, Economics and Business
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    • v.7 no.8
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    • pp.15-23
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    • 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.

Ownership Structure and Corporate Voluntary Disclosures in Transition Economy

  • MASUM, Mofijul Hoq;LATIFF, Ahmed Razman Abdul;OSMAN, Mohammad Noor Hisham
    • The Journal of Asian Finance, Economics and Business
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    • v.7 no.10
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    • pp.601-611
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    • 2020
  • The study aims to investigate the impact of ownership structure on corporate voluntary disclosure in the listed companies of Bangladesh. While many studies on the impact of ownership structure on voluntary disclosure have looked at developed and developing countries, few studies have been carried out in a transition economy. Using a three-step relative voluntary disclosure index, the study applies a multivariate analysis on the cross-sectional data for the year 2018. The findings indicate that the quality of voluntary disclosure in transition economy is still below average but has improved compared to findings from the previous literature. We found a significant inverse relationship between corporate voluntary disclosure and public ownership, while no significant relationships between voluntary disclosure and institutional ownership, director ownership, and foreign ownership have been found. The empirical findings of the study will provide evidence to promote the voluntary disclosure characterized by the ownership structures. The findings have important implications for both local and foreign investors as they make their investment decisions especially related to a transition economy. Besides, the findings will assist, not only the corporate executives in rearranging their reporting paradigm, but also the regulators and governments in similar transition economy in adopting and formulating their corporate policies and strategies.

A Study on the Influence of Watching Korean Childcare Entertainment Program on Parenting of Chinese Viewers (한국 육아 예능 프로그램 시청이 중국 시청자의 양육에 미친 영향에 관한 연구)

  • Liu, Jia;Seo, Sangho
    • The Journal of the Convergence on Culture Technology
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    • v.6 no.2
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    • pp.85-90
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    • 2020
  • Due to the recent Korean wave, Korean childcare programs have been very popular in China, while some localized programs have gained popularity in China. The purpose of this study was to examine whether the viewing of Korean childcare entertainment program influences the parenting attitude and consciousness of Chinese viewers based on the cultivation theory. A total of 544 Chinese viewers were examined through an online survey and found that Korean childcare programs were not only loved by Chinese viewers, but also influenced their parenting attitudes, consciousness and behaviors.

A Study on the Creation Method of Cultural Content - TRIZ Training using Folklore Edutainment - (문화콘텐츠 창작방법 연구 - 민담 에듀테인먼트를 활용한 트리즈교육 -)

  • Lee, Myoungja
    • The Journal of the Convergence on Culture Technology
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    • v.6 no.2
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    • pp.91-98
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    • 2020
  • In this paper, the creation method of edutainment content among cultural content types was studied. Edutainment aimed to enhance the creative thinking power through the "TRIZ theory" as an element of fun and education for learners at the same time. In this study, the modified OSTM-TRIZ theory was used not only in the technical field but also in the general sector. I proposed a model in which creative thinking can be enhanced to solve problems by analyzing contradictions encountered in the process of presenting problems. Nonlinear digital storytelling in animated folktales can elicit sufficient curiosity from learners, and problem presentation, problem resolution and contradiction analysis using OTSM-TRIZ work as an educational system to develop learners' creativity.

Factors Influencing New Media Subscription Based on Multigroup Analysis of IPTV and DCTV

  • Kang, Sang-Ug;Park, Seungbum;Lee, Sangwon
    • ETRI Journal
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    • v.36 no.6
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    • pp.1041-1050
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    • 2014
  • As the Internet Protocol TV (IPTV) service enters the broadcasting market, the competition intensifies. This paper explains the factors influencing new media subscription and their influential differences on IPTV and digital cable TV (DCTV). We use the information systems success model and gratification opportunity theory to develop our research model. We sample 621 people and collect their responses through web-based measuring software. Structural model analysis shows that the willingness to subscribe to a new broadcasting medium is influenced by three characteristics of the medium: media richness, interactivity, and video quality. Multigroup analysis reveals that motivation to use a medium partially differs between IPTV and DCTV. This research concludes that the IPTV service is not attractive enough to act as a substitute for the already existing DCTV. In addition, for the IPTV service to proliferate, its business model should be promoted with new and differentiated revenue structures and services. The managerial implications in this study help new media businesses set business goals and product functionality, and allocate resources for the continued diffusion of IPTV.

IR and SAR Sensor Fusion based Target Detection using BMVT-M (BMVT-M을 이용한 IR 및 SAR 융합기반 지상표적 탐지)

  • Lim, Yunji;Kim, Taehun;Kim, Sungho;Song, WooJin;Kim, Kyung-Tae;Kim, Sohyeon
    • Journal of Institute of Control, Robotics and Systems
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    • v.21 no.11
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    • pp.1017-1026
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    • 2015
  • Infrared (IR) target detection is one of the key technologies in Automatic Target Detection/Recognition (ATD/R) for military applications. However, IR sensors have limitations due to the weather sensitivity and atmospheric effects. In recent years, sensor information fusion study is an active research topic to overcome these limitations. SAR sensor is adopted to sensor fusion, because SAR is robust to various weather conditions. In this paper, a Boolean Map Visual Theory-Morphology (BMVT-M) method is proposed to detect targets in SAR and IR images. Moreover, we suggest the IR and SAR image registration and decision level fusion algorithm. The experimental results using OKTAL-SE synthetic images validate the feasibility of sensor fusion-based target detection.

Development on Fuzzy-AHP Ranking Risk Assessment Model for the monitoring systems (관제시스템 구축을 위한 Fuzzy-AHP 위험 순위 평가 모델 개발)

  • Chung, Sung-Hak;Park, Tae-Joon
    • Journal of the Korea Safety Management & Science
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    • v.13 no.2
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    • pp.51-59
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    • 2011
  • The objective of this study is to develop an evaluation model for the National highway risky areas. Thus, for the purposes of doing this, National highway risky area evaluated targeting to provide determination ranking and suggesting rival-superiority factors as well as under-inferiority factors in ten National highway risky areas. This study developed for modules of risky areas evaluation, using fuzzy set theory and analytic hierarchy process for evaluation model of National highway risky area in transport environment. The preceding studies assess risk analysis through analysis of causal relationships by National highway safety sector not only handles rating scale development suitable for assessment area by referring to accident frequency model but also geometric structures model. As result of this study, this model of Fuzzy Ahp Risk Analysis (FARA) apply for programmable design in real time processing through easily derive strategy for improvement activities to provide a decision-making effectively. Furthermore, this study contributes frame for improvements of National highway construction for renovation's priority strategy as well as future's policy schemes.