• Title/Summary/Keyword: capital factor

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A Study on the Cost of Capital of Islamic Enterprise (이슬람기업의 자본조달비용에 관한 연구)

  • Choi, Tae-Yeong
    • International Area Studies Review
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    • v.13 no.2
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    • pp.505-523
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    • 2009
  • We study the cost of capital of Islamic enterprise using the Capital Asset Pricing Model(CAPM). When there exists no risk-free interest rate, the security market line(SML) of Islamic enterprise shows an upward slope starting from the origin. The slope is bigger than that of SML with risk-free interest rate. This is because the cost of capital of Islamic enterprise is higher than that of western firms for the same level of systematic risk. When the effect of zakat is considered, the risk-free interest rate is replaced by minimum required rate of return. The SML of Islamic enterprise reveals an upward slope but it does not pass through the origin. This is because Islamic enterprise cannot invest on risk-free asset. In order to overcome the theoretic limits of CAPM, we propose to use multi-factor approach such as arbitrage pricing model instead of single-factor model for future study.

Is Carbon Neutral Policy Compatible with Sustainable Economic Growth? (탄소중립은 지속가능한 경제성장과 양립하는가?)

  • Park, Hojeong
    • Environmental and Resource Economics Review
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    • v.30 no.2
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    • pp.347-364
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    • 2021
  • Carbon neutral policy in Korea pays limited attention to the concept of sustainable economic growth. This limitation can be compared with other countries' carbon neutral policies such as US, UK and China where the climate change policies are closely connected to economic policies to boost further economic growth. This paper adopts a Ramsey growth model to account for the impact of carbon neutral policy on long-term economic growth and the accumulation capital. The model incorporates the Hartwick rule to allow sustainability of economic growth by transforming resource input into other input factor for growth. The analysis provides a possibility of low accumulation of capital as a result of carbon neutral policy in the absence of effective transformation of fossil-fuel factor into growth-related productive capital. Such low capital stock can be more aggravated when there exists a rent-seeking behavior of various interest groups with voracity to exploit social capital.

The Effect of Social Capital on Creating Shared Value for Educational Companies

  • HONG, Seung-Hyun;KIM, Seong-Gon
    • The Journal of Industrial Distribution & Business
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    • v.13 no.2
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    • pp.33-43
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    • 2022
  • Purpose: To examine the strength of social capital (SC) that are likely to affect Created share value (CSV) factors. This research aims to conduct a literature review to establish the components of SC and CSV identified within educational research and use factor analysis to identify how numerical values differ from the average and the amount of variance expressed in eigenvalue and factor score. Research design, data and methodology: To achieve the purpose of the study and provide adequate empirical results, we conducted the structural equation analysis using IBM AMOS 24.0 and collect online questionnaires from top practitioners, managers and non-managerial employees in Korean education firms, which will be used to conduct a factor analysis to assess SC's effect on CSV. Results: Final analysis of the path coefficient of the research model indicated that the SC values based on six have a significantly positive (+) effect on CSV values based on three categories (β=.35, p<.001). Therefore, the current research accepts the hypothesis in determining that SC can enhance the impact of CSV in educational companies. Conclusions: From the study, the practitioners of education companies should make more efforts to find action plans to create corporate social responsibility and shared value, which are required throughout society.

Relationships between Debt, Growth Opportunities, and Firm Value: Empirical Evidence from the Indonesia Stock Exchange

  • SUBAGYO, Herry
    • The Journal of Asian Finance, Economics and Business
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    • v.8 no.1
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    • pp.813-821
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    • 2021
  • The relationship between capital structure policy and firm value is interesting to study because the concept of capital structure was initiated by Modigliani and Miller who claimed that the company's capital structure is not a factor in its value. They asserted that linking leverage with firm value was irrelevant. Therefore, this study examined the role of growth opportunities as a moderating variable for the relationship between capital structure and firm value. The population of this study is 300 companies from the manufacturing sector that are listed on the Indonesia Stock Exchange (IDX) for the period 2015-2018. To analyze the data, the subgroup moderation method was employed by dividing the data into two parts: companies with high growth opportunities and companies with low growth opportunities. The results revealed that capital structure had a direct positive effect on firm value. Furthermore, the test results of the two regression models of growth opportunities as the moderating variable are very interesting. It was found that for companies with high growth opportunities, the use of debt had a negative effect on firm value, and conversely, the use of debt had a positive effect on firm value for companies with low growth opportunities. The statistical F-test results proved that growth opportunities are a moderating variable for the relationship between capital structure and firm value.

The Effects of Absorptive Capability and Innovative Culture on Innovation Performance: Evidence from Chinese High-Tech Firms

  • LIU, Si-Meng;HU, Rui;KANG, Tae-Won
    • The Journal of Asian Finance, Economics and Business
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    • v.8 no.3
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    • pp.1153-1162
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    • 2021
  • The innovation of enterprises allowed firms to promote technological innovation as an important choice to improve sustainable competitiveness. This study aims to investigate the relationship between absorptive capacity and innovation performance of Chinese high-tech enterprises and focuses on the mediating role of innovation culture in high-tech enterprises. Data came from surveying high-tech enterprises in China, and the reliability analysis, factor analysis, and correlation analysis, path analysis (SEM) were analyzed using SPSS23, AMOS. The results show that intellectual capital composed of human capital, structural capital, and relational has a significant impact on acquisition performance; intellectual capital is composed of human capital; structural capital has a significant influence on innovation performance; and absorptive capital has a significant impact on innovation performance. In addition, innovative culture plays a partial mediating role between absorptive capacity and innovation performance. The findings of this study suggest that, to ensure the better absorption and operation of knowledge, high-tech enterprises can accumulate more knowledge, promote the transformation of knowledge into technology, and strengthen the capability of knowledge absorptive capacity, and at the same time, create an innovation culture atmosphere and encourage employees to develop new products to achieve enterprise goals in order to promote the improvement of innovation performance.

Influences of Personality and Positive Psychological Capital on Academic Resilience of Nursing Students (간호대학생의 인성, 긍정심리자본이 학업탄력성에 미치는 영향)

  • Jeong-Min Lim
    • Journal of the Korean Society of Industry Convergence
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    • v.26 no.6_2
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    • pp.1033-1046
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    • 2023
  • The purpose of this study was to investigate the relationship between personality, positive psychological capital, and academic resilience of nursing students and to identify the factors affecting academic resilience of nursing students. Data were collected from 199 nursing students in their first and second year at C nursing college in M-gun, J-do, and a survey was conducted from July 10 to July 28, 2023. The collected data were analyzed using descriptive statistics, t-test, one-way ANOVA, Scheffe test, Pearsons correlation coefficient, Stepwise multiple regression analysis was conducted. Personality had a significant positive correlation with positive psychological capital(r=.62, p<.001) and academic resilience(r=.68, p<.001), and positive psychological capital had a significant positive correlation with academic resilience(r=.79, p<.001). The major factor influencing the academic resilience of nursing students was positive psychological capital, followed by personality, interpersonal relationship, and college life satisfaction, and their total explanatory power was 72% (F=102.85, p<.001). Based on the results of this study, it is necessary to develop an educational program that can increase positive psychological capital in order to strengthen the academic resilience of nursing students, and efforts should be made to introduce and manage it in the nursing curriculum.

A Study on the Impact of Employee's Person-Environment Fit and Information Systems Acceptance Factors on Performance: The Mediating Role of Social Capital (조직구성원의 개인-환경적합성과 정보시스템 수용요인이 성과에 미치는 영향에 관한 연구: 사회자본의 매개역할)

  • Heo, Myung-Sook;Cheon, Myun-Joong
    • Asia pacific journal of information systems
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    • v.19 no.2
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    • pp.1-42
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    • 2009
  • In a knowledge-based society, a firm's intellectual capital represents the wealth of ideas and ability to innovate, which are indispensable elements for the future growth. Therefore, the intellectual capital is evidently recognized as the most valuable asset in the organization. Considered as intangible asset, intellectual capital is the basis based on which firms can foster their sustainable competitive advantage. One of the essential components of the intellectual capital is a social capital, indicating the firm's individual members' ability to build a firm's social networks. As such, social capital is a powerful concept necessary for understanding the emergence, growth, and functioning of network linkages. The more social capital a firm is equipped with, the more successfully it can establish new social networks. By providing a shared context for social interactions, social capital facilitates the creation of new linkages in the organizational setting. This concept of "person-environment fit" has long been prevalent in the management literature. The fit is grounded in the interaction theory of behavior. The interaction perspective has a fairly long theoretical tradition, beginning with proposition that behavior is a function of the person and environment. This view asserts that neither personal characteristics nor the situation alone adequately explains the variance in behavioral and attitudinal variables. Instead, the interaction of personal and situational variables accounts for the greatest variance. Accordingly, the person-environment fit is defined as the degree of congruence or match between personal and situational variables in producing significant selected outcomes. In addition, information systems acceptance factors enable organizations to build large electronic communities with huge knowledge resources. For example, the Intranet helps to build knowledge-based communities, which in turn increases employee communication and collaboration. It is vital since through active communication and collaborative efforts can employees build common basis for shared understandings that evolve into stronger relationships embedded with trust. To this aim, the electronic communication network allows the formation of social network to be more viable to rapid mobilization and assimilation of knowledge assets in the organizations. The purpose of this study is to investigate: (1) the impact of person-environment fit(person-job fit, person-person fit, person-group fit, person-organization fit) on social capital(network ties, trust, norm, shared language); (2) the impact of information systems acceptance factors(availability, perceived usefulness, perceived ease of use) on social capital; (3) the impact of social capital on personal performance(work performance, work satisfaction); and (4) the mediating role of social capital between person-environment fit and personal performance. In general, social capital is defined as the aggregated actual or collective potential resources which lead to the possession of a durable network. The concept of social capital was originally developed by sociologists for their analysis in social context. Recently, it has become an increasingly popular jargon used in the management literature in describing organizational phenomena outside the realm of transaction costs. Since both environmental factors and information systems acceptance factors affect the network of employee's relationships, this study proposes that these two factors have significant influence on the social capital of employees. The person-environment fit basically refers to the alignment between characteristics of people and their environments, thereby resulting in positive outcomes for both individuals and organizations. In addition, the information systems acceptance factors have rather direct influences on the social network of employees. Based on such theoretical framework, namely person-environment fit and social capital theory, we develop our research model and hypotheses. The results of data analysis, based on 458 employee cases are as follow: Firstly, both person-environment fit(person-job fit, person-person fit, person-group fit, person-organization fit) and information systems acceptance factors(availability perceived usefulness, perceived ease of use) significantly influence social capital(network ties, norm, shared language). In addition, person-environment fit is a stronger factor influencing social capital than information systems acceptance factors. Secondly, social capital is a significant factor in both work satisfaction and work performance. Finally, social capital partly plays a mediating role between person-environment fit and personal performance. Our findings suggest that it is vital for firms to understand the importance of environmental factors affecting social capital of employees and accordingly identify the importance of information systems acceptance factors in building formal and informal relationships of employees. Firms also need to reflect their recognition of the importance of social capital's mediating role in boosting personal performance. Some limitations arisen in the course of the research and suggestions for future research directions are also discussed.

Empirical Analysis on the Estimation of Total Factor Productivity and its Determinants in the Korean Manufacturing and Service Industries (한국의 총요소생산성 추정과 생산성 결정요인에 관한 실증연구)

  • Zhu, Yan Hua
    • International Area Studies Review
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    • v.22 no.4
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    • pp.19-35
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    • 2018
  • This paper is to estimate the total factor productivity(TFP) in the Korean manufacturing and service industries during the period 1975:1-2016:4 using the stochastic frontier analysis model. In order to analyze the determinants for the total factor productivity the paper estimates the industry-specific determinant elasticities of TFP using the autoregressive distributed model. The industry-specific determinants, which reflect the industrial structure and properties include markup, the ratio of capital to labor(KL), and the ratio of foreign intermediate goods (FIG) to industrial output. The average value for total factor productivity growth was estimated to be 0.0199 in manufacturing and 0.0063 in the service industry. The markup and KL elasticities of TFP were estimated to be 2.481 and 0.651 in manufacturing respectively and -1.403 and 0.042 in the service industry respectively. The empirical results suggest that the industrial markup and the ratio of capital to labor have had decisive effects on the changes in the total factor productivity in the Korean manufacturing and service industries during the period 1975:1-2016:4.

Structural Relationship between Intellectual Capital and Organizational Performance in a Customer Service Organization: Focused on the Role of Dynamic Capability (고객서비스 조직의 지적자본과 조직성과 간의 구조적 관계: 동적역량의 역할을 중심으로)

  • Park, Paul;Cheong, Ki-Ju;Kim, Sora;Ryu, Il
    • The Journal of the Korea Contents Association
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    • v.14 no.12
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    • pp.911-923
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    • 2014
  • This study explores which organizational capital is important for the customer service center and how the organizational capital is linked to organization's performance through dynamic capability. In this study, total of 389 employees in customer service centers were surveyed for the analysis. The results indicate that relational capital and organizational culture were positively linked with collaborative behavior, capital share, and capital transformation. Also, structural capital was a significant factor in collaborative behavior. Organizational performance was positively affecting collaborative behavior and capital share. This study provides a practical guideline on how to manage organizational capital and supplement shortcomings for managers and counsellors at the customer service centers. Furthermore, the implications for the reinforcement and development of organizational capital were suggested in building a customer service center as a strategic and fundamental part of the company.

An Empirical Analysis on Factor Productivity of Coastal Fishery (연안어업 요소생산성에 관한 실증연구)

  • Kim, Chang-Wan;Eh, Youn-Yang;Lee, Jin-Soo;Song, Dong-Hyo
    • The Journal of Fisheries Business Administration
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    • v.53 no.1
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    • pp.1-16
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    • 2022
  • This paper aims to propose a new systematic approach to analyze the factor productivity and to investigate those characteristics of factor productivity in operational and managerial perspectives. The Cobb-Douglas production function is adopted to estimate the labor and capital productivity. In estimating those productivities the data of The Research on the Actual Condition of Coastal Fisheries (RACF), especially those of Jeon-Nam Province are used. The statistical analysis of RACF data shows that the characteristics are a little bit different between labor and capital of the operational equipment in the coastal fisheries. The Cobb-Douglas type production function is useful in estimating the factor productivity, especially in case of 'coastal Stow-net fishery' even though the limited data is used. However, in case of 'trap fishery,' the Cobb-Douglas production function appears to have some limitations in estimation. This implies that estimating the factor productivities in fisheries employing broad perspectives and various methods are needed.