• The Journal of Asian Finance, Economics and Business
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• 제8권7호
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• pp.423-431
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• 2021

This research (1) examines the effect of stock ownership structure on capital structure; (2) explains the effect of stock ownership structure on corporate value; and (3) investigates the influence of capital structure on corporate value. This research is categorized as a quantitative research, which is directed to test various theories. In this study, the population of all consumption companies listed on the Indonesia Stock Exchange (IDX) consist of 38 companies. Population data in this study are all consumption companies, which have gone public in the period from 2010 to 2015. In this study, given the objectives and problem formulation and hypothesis, the analysis method used is Generalized Structural Component Analysis (GSCA). Ownership structure has a significant effect on capital structure; ownership structure has no significant effect on corporate value; capital structure has a significant effect on corporate value; corporate value has a significant effect on capital structure. Previous research found different results. Some researchers found a positive relationship and other researchers found a negative relationship, and there are studies that found both significant and non-significant effects. The inconsistency of previous research results prompted the researchers to examine the effect of ownership structure on capital structure and corporate value.

• 유통과학연구
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• 제14권6호
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• pp.75-80
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• 2016

Purpose - A growing demand for sustainability reporting has placed pressure on firms with non-financial information that affects firm valuation, growth, and development. In particular, a number of researchers have investigated various topics in Corporate Social Responsibility (CSR), non-financial information. Prior studies suggest that CSR may affect corporate outcomes like corporate reporting, financial performance, and disclosures. However, the results from prior studies are not clear whether CSR affects corporate outcomes. This is partially due to the measurement issues with CSR. In this study, we examine whether CSR affects the quality of corporate reporting, one of the popular measures in corporate outcomes. We find an evidence that CSR positively affects the quality of corporate reporting. Research design, data, and methodology - In this study, we collected a unique dataset of CSR from MSCI. Total 169 firms listed in the Korean Stock Exchange from 2011 to 2014 were collected and analysed with the detailed CSR reports. Using a correlation test, we found a weak association between CSR and the quality of corporate reporting. However, the regression tests provided a strong relationship between CSR and the quality of corporate reporting after controlling for other variables that may affect the quality of corporate reporting. Additionally, we calculated the t-statistics based on heteroskedaticity-consistent standard errors (White, 1980). Results - Before we run the regression test, we sort the measures of the two dependent variables into each rating of CSR (from AAA to CCC). The results indicate that the quality of corporate reporting measured by discretionary accruals and performance-matched discretionary accruals monotonically decrease as the CSR ratings increase. This supports our hypothesis. In the regression tests, the coefficient on MJDA (PMDA) is -0.183 (-0.173) and significant at the 5% level. We can interpret the results as CSR affecting the quality of corporate reporting in positive ways. Other coefficients on control variables are consistent with prior studies. For example, the coefficients on both LOSS and LEV are positive and significant at conventional level, meaning that firms with financial difficulty may harm their quality of corporate reporting. Conclusion - We found an evidence that CSR is positively associated with the quality of corporate reporting. This study contributes to the literature in various ways. First, this study extends the line of CSR research by providing additional evidence in the setting of ethical behaviors by managements. This is consistent with the hypothesis and supports the results of prior studies. Second, to the best of my knowledge, this is the first study using the MSCI CSR ratings. In contrast with prior studies using different measures of CSR, the MSCI CSR ratings allow us to provide in-depth analysis. Third, the additional measure of dependent variable (PMDA) allows us to improve the robustness of our results. Overall, the results provided this study to extend the findings in prior studies by providing incremental evidence.

• The Journal of Asian Finance, Economics and Business
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• 제7권8호
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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.

• The Journal of Asian Finance, Economics and Business
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• 제7권7호
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• pp.149-158
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• 2020

The purpose of this study was to investigate the impact of corporate governance index on the cost of equity in companies listed on the Tehran Stock Exchange. This study collects data from 975 observations during the period 2012 to 2018 to test the hypotheses using multiple linear regression model for the panel data. In this research, the independent variable of corporate governance index comprises of 27 specific corporate governance attributes. The results of hypothesis testing showed that corporate governance has a negative and significant effect on the rate of capital cost. In other words, the quality of corporate governance can lower the rate of capital cost. This result suggests that, by using a powerful corporate governance system and by declining the information asymmetry (increasing transparency) and agency conflict, we would be able to enhance the quality of financial reports. It would strengthen the capital market, attract financial suppliers and investors, and absorb the required financial resources of the firm by a lower rate. The findings of the study suggest that companies are able to reduce the cost of equity by establishing strong corporate governance. This conclusion suggests the importance and effectiveness of corporate governance in the cost of equity.

• 한국환경교육학회지:환경교육
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• 제23권1호
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• pp.75-86
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• 2010

It is time for environmental educators to think about corporations and it is also time for corporations to consider about the environment and EE(environmental education). However there is very little research that discusses the importance of corporation's involvement in EE. Therefore, the purpose of this paper is to review the research of corporate environmental education. The main aim of this paper is to disclose the research trend, result of corporate EE. To do this, environmental education journals and books, published in Korea and oversea, are reviewed. However, there is very little research and are a few articles focused on corporate EE, which mainly conducted in Japan. Furthermore, these articles usually introduce the status and cases of corporate EE. As a results this article analysed that the main themes of the researches of corporate EE are the possibility of corporate EE, the status of corporate EE, the collaboration between school and corporation, the effect of corporate EE, and the limits and challenges of corporate EE. Also some important results of these themes are introduced and discussed for the application in Korea.

• 한국의류산업학회지
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• 제13권2호
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• pp.162-172
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• 2011

The purpose of this study is to examine the influences of social responsibility and culture marketing on corporate image and brand equity in the casual wear market. In addition, whether corporate image and brand equity have impact on purchase intention is investigated among high school students in a local area. Two casual brands, Polham and Tate are selected for this study. The data are collected from male and female adolescents living in a local area with convenience sampling method. A total of 402 useful data are analyzed by SPSS 14.0 program. The results of this study are as follows. First, there are significant relationships among corporate social responsibility, culture marketing, corporate image, and brand equity of two brands. Second, environmental cultural support, social contribution, and economical responsibility of CSR present positive influences on corporate image and brand equity in common between two brands. Especially environmental cultural support of fashion business is highly important to improve corporate image and brand equity. Third, cultural direction and cultural business marketing are more influential than cultural sales promotion or cultural support marketing to improve corporate image and brand equity. Fourth, corporate image does not have a direct influence on the purchase intention, but brand equity factors show significant influences on the purchase intention. In conclusion, fashion companies should commit to perform corporate social responsibility and culture marketing that are suitable to target market for the long term, since these efforts would improve corporate image and build brand equity.

• 한국정보디스플레이학회:학술대회논문집
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• 한국정보디스플레이학회 2007년도 7th International Meeting on Information Display 제7권1호
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• pp.151-154
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• 2007

We demonstrate a novel selective patterning process of a semiconducting polymer for channel regions to fabricate an array of organic thin-film transistors (OTFTs). This process is applicable for various organic films over large area. A reflective liquid crystal display based on the OTFT array was produced using the selective patterning through a wettability control.

• International Journal of Advanced Culture Technology
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• 제10권1호
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• pp.131-137
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• 2022

The importance of corporate culture for its development has always been a classic research. Through excellent corporate culture, we can analyze the secrets of company success and provide important reference significance for other company brands. Since the outbreak of COVID-19, Traditional Chinese Medicine (TCM) has greatly increased its international recognition with its excellent efficacy, which has brought development opportunities to the TCM industry. The object of this research is the Beijing Tongrentang Group Co., Ltd. Tongrentang is a representative of Chinese time-honored brands in TCM industry. It has a development history of more than 350 years. It carries the traditional Chinese culture and Chinese medicine culture. The corporate culture of Tongrentang was thus extended and developed into 'Benevolence & love', 'Honesty & trustworthiness' and 'Quality first'. We can see that a good corporate culture is particularly important. This paper studies the unique Corporate culture of Tongrentang, and the reasons of company success. Hoping to help the company through this paper, so as to improve the company in the future. And put forward a certain practical significance and value.

• 한국의상디자인학회지
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• 제17권1호
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• pp.155-166
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• 2015

Based on marketing theories of brand and corporate association, and the social psychological theory of identity, the effects of the corporate brand on individual brand loyalty were established via two major routes. The empirical study is based on the response of 330 subjects who participated in a field survey. In the statistical analysis, Correlation Analysis, Factor Analysis, Sequential Equation Model Analysis were used for verification. The corporate association affected the formation of individual brand loyalty both the product level and corporate level. Specifically, the two types of brand response did differ in terms of their strength on brand loyalty. The present study contributes to the academic literature in that it disentangles the construct of the corporate brand from that of the individual brand and investigates the structural relations between the two.

• 품질경영학회지
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• 제35권3호
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• pp.47-54
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• 2007

CSR(Corporate Social Responsibility) is the subject which has been discussed for a long time, but real preparations of the corporations begin recently. International organizations and global corporation councils have announced their own guidelines about CSR The corporations have to establish responsible departments in their organizations and begin to publish reports which deals with the social responsibility. GRI(Global Reporting Initiative) have launched international guideline for corporate reporting and ISO has progressed making international standard for CSR. This paper is a study about understanding the international regulations tendency of CSR and the trend of Corporate Reporting for their sustainable development of the organizations.