• 아태비즈니스연구
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• 제13권1호
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• pp.103-123
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• 2022

Purpose - This study investigates the effects of earnings management, related party transactions between chaebol affiliates on earnings management and ESG score on their profitability using return on assets (ROA). Design/Methodology/Approach - We use data including ESG (Environmental, Social, and Corporate Governance) score of the Korea Corporate Governance Service(KCGS), and financial data of 10,145 firm-year observations from the Total Solution 2000 (TS 2000) and Korea Companies-Information Service (KOKOInfo), and apply the finite lagged models to investigate the long-term effects of related party transactions between chaebol affiliates of earnings management on ESG scores and corporate performance. Furthermore, to take into consideration the simultaneous mutual effects on each other of main variables, we introduce finite distributed lags of five years. Findings - First, ESG-rated firms have a higher total asset return than non-ESG-rated firms. Second, chaebol firms have a higher profitability than non-chaebol firms. Third, profit management of related party transactions between affiliates within a chaebol has a positive effect on the short-term profitability and a negative effect on the long-term profitability. Fourth, chaebol ESG firms have a lower impact on profitability due to rating up (down) than non-chaebol ESG firms. Research Implications or Originality - Based on the above results, it can be concluded that firms used related party transactions for earnings management, the effects of related party transactions change over time, and chaebol firms manipulate earnings through related party transactions and ESG scores.

• 아태비즈니스연구
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• 제13권1호
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• pp.153-166
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• 2022

Purpose - ESG(Environmental, Social and Governance) rating is an indicator to predict the sustainable development and long-term value creation of enterprises, which is becoming more and more important. This study divided the ESG rating into each sector(E, S and G) to identify which ESG elements are effective in enhancing enterprise value according to the characteristics of the enterprise, which is different from previous studies. Design/methodology/approach - In this study, Bloomberg ESG Disclosure Score was used to empirically analyze the relationship between ESG ratings and corporate value by taking the listed companies of China's Shanghai Composite Index from 2017 to 2020 as the object. Findings - First, the relationship between ESG ratings and enterprise value shows a statistically significant positive correlation, which supports the results of previous studies. Second, the analysis results from the classification of ownership structure of enterprises (state-owned enterprises and non-state-owned enterprises) show that compared with state-owned enterprises, the ESG ratings of non-state-owned enterprises is more closely related to enterprise value. Third, the analysis of various industries (manufacturing and non-manufacturing) shows that compared with manufacturing, ESG scores of non-manufacturing has a more positive effect on enterprise value. Lastly, the analysis by industry type (heavy-contaminated companies, non-contaminated companies) confirmed that ESG scores of non-contaminated companies has a positive effect on corporate value than heavy-contaminated companies. Research implications or Originality - This study classified ESG evaluation grades(E, S and G) for listed companies in China and analyzed in detail how they affect corporate value according to corporate characteristics, drawing implications for what ESG indicators should be focused on to increase corporate value.

• International Journal of Computer Science & Network Security
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• 제22권7호
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• pp.21-28
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• 2022

The increase in the number of large cities and the size of their population sharpens attention to the new role of cities as entities to ensure a high-quality, safe and modern life of citizens, which has become significantly more active in recent years. The rapid spread of smart cities in the modern world has actualized the issue of analyzing their success and assessing the role of various factors in this. Every success of a smart city is always the result of a unique combination of the most modern technologies, environmental and social initiatives, skillful and consistent management, as well as available human potential. The purpose of the article is to analyze the success factors of smart cities based on the generalization of the results of the most famous ratings. In order to identify the impact of various factors, primarily intellectual, on the success and leadership positions of smart cities, the following ratings were consistently analyzed: Smart City Index (SCI), City in Motion Index (CIMI), Global Power City Index (GPCI), Global Cities Index (GCI), Global Cities Outlook (GCO). They have a different list of indicators and main pillars (dimensions), but all ratings take into account aspects such as: governance, ICT, mobility, functionality, human capital, etc. The highest correlation coefficient, that is, the strongest linear relationship of the CIMI index was found with such factors as: Human capital, Economy, Governance and Technologies. Summarizing the results of the TOP 20 smart cities according to different ratings allowed us to confirm that the list of leaders is very similar in all ratings. Among those cities that are in the TOP-20 in all five indexes are: London, Sydney and Singapore. There are four indices: New York, Paris, Tokyo, Copenhagen, Berlin, Amsterdam, Melbourne. Achieving leadership positions in smart city rankings is always the result of a combination and synergy of certain factors, and first of all, it is the quality of human capital. The intensity and success of the use of information and communication technologies in locality management processes, city planning and improvement of the city's living conditions depend on it.

• Journal of Information Science Theory and Practice
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• 제11권2호
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• pp.82-103
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• 2023

The Zimbabwean healthcare sector faces huge challenges due to increased demands for improved services for a growing number of patients with fewer resources. The use of information and communications technologies, prevalent in many industries, but lacking in Zimbabwean healthcare, could increase productivity and innovation. The adoption of health management information systems (HMISs) can lead to improved patient safety and high-level patient care. These technologies can change delivery methods to be more patient focused by utilising integrated models and allowing for a continuum of care across healthcare providers. However, implementation of these technologies in the health care sector remains low. The purpose of this study is to demonstrate the advantages to be attained by using HMISs in healthcare delivery and to ascertain the factors that influence the uptake of such systems in the public healthcare sector. A conceptual model, extending the technology, organization, and environment framework by means of other adoption models, underpins the study of adoption behavior. A mixed method methodology was used to conduct the study. For the quantitative approach, questionnaires were used to allow for regression analysis. For the qualitative approach, thematic analysis was used to analyse interview data. The results showed that the critical success factors (namely, relative advantage, availability, complexity, compatibility, trialability, observability, management support, information and communication technology expertise, communication processes, government regulation, infrastructure support, organizational readiness, industry and competitive support, external support, perceived ease of use, perceived usefulness, attitude, and intention to use) influenced adoption of HMISs in public hospitals in Zimbabwe.

• Journal of Korea Trade
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• 제27권1호
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• pp.1-18
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• 2023

Purpose - Using a sample of Korean multinational corporations, we examine whether the relationship between tax risk and the implied cost of capital discriminates between the environmental, social, and corporate governance (ESG) of highly rated firms. Design/methodology - Firms with high tax risks have an increased uncertainty of future cash flows. Therefore, as the volatility of future cash flow increases, information asymmetry and the required return increases. Highly rated ESG firms can reduce information asymmetry, thereby weakening the positive relationship between tax risk and cost of capital. We employ the standard deviation of the cash effective tax rate as proxy of tax risk. We utilize the ESG rating data of the Korea Corporate Governance Service (KCGS). We use a PEG model, MPEG model, and GM model to measure the implied cost of capital. Findings - We find a positive association between the implied cost of capital and tax risk. The positive relationship between tax risk and the implied cost of capital weakens in highly rated ESG firms. Highly rated ESG firms prefer a stable tax position to invest after-tax cash flows into sustainable management. Therefore, the negative effects of tax risk on cost of capital can be reduced. Originality/value - This study provides empirical evidence that ESG activities can mitigate the negative impact of tax risk on the cost of capital for Korean multinational corporations. In a business environment where ESG activities are more important, the empirical results that ESG activities can reduce the corporate risk of Korean FDI companies are expected to provide implications for the ESG activities of multinational corporations.

• 한국의상디자인학회지
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• 제25권2호
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• pp.45-59
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• 2023

This study aims to find implications for the introduction and practice of ESG by domestic fashion companies by examining the core ESG topics and strategies of Samsung C&T Fashion Division, Kolon FnC, F&F holdings, and Fila. ESG management analysis examined the importance of the criticality evaluation process, critical issues, and implementation strategies for each key topic based on the company's 2021 ESG sustainable management report, and analyzed the relationship with UN SDGs and the GRI. The analysis results are as follows: As for KCGS' ESG rating, Samsung C&T's fashion division, Kolon FnC, and Fila Holdings were rated A, while F&F Holdings was rated B+. The major issues derived from ESG's criticality assessment are environmental issues related to Samsung C&T's fashion division. Kolon FnC was found to have focused on the social sector and F&F Holdings focused on governance structure. After examining the correlation between the ESG core strategies of the investigated fashion companies and the 17 SDGs, the common areas were identified as quality employment, sustainable production and consumption, and climate changes and response. Correlation with the GRI Standards 2021 Index, (GRI 1, GRI 11, and GRI 12 created in 2021) was not reflected. In the future, it will be necessary to have a transparent governance structure that meets global standards, sets measurable goals, and continuously manages them. Other companies should also recognize ESG management processes that embrace various stakeholders and strengthens win-win cooperation to manage risks, and establish mid- to long-term response strategies.

• 문화기술의 융합
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• 제9권3호
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• pp.19-26
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• 2023

환경·사회·지배구조(ESG) 성과가 투자자의 의사결정에 미치는 영향이 커지고 있다. 과거 기업의 재무적 성과에 집중하던 투자자의 시선이 기업을 둘러싼 이해관계자의 이익이라는 비재무적 성과로 확장하고 있는 것이다. 이런 배경에서 본 연구는 기업의 비재무적 성과인 ESG 성과가 기업위험에 미치는 영향을 분석하기 위해 한국기업지배구조원이 평가하는 기업을 대상으로 패널회귀분석을 실시하였다. 분석 결과 ESG 성과는 세 가지 기업위험(체계적위험, 비체계적위험, 총위험) 모두에 대해 음(-)의 영향을 미치고 있어 이해관계자이론과 위험관리이론을 지지하는 결과를 나타냈다. 본 연구의 시사점은 첫째, ESG는 비체계적위험 뿐만 아니라 광범위하고 무차별적인 체계적위험도 감소시키고, 둘째, 투자자는 ESG 투자를 집행함으로써 투자포트폴리오의 위험을 감소시킬 수 있고, 셋째, 기업은 ESG 경영의 보험기능을 활용함으로써 부정적인 상황에서도 안정적인 재무성과를 영위할 수 있으며, 마지막으로, 정부는 합리적인 ESG 관련 규제를 통해 기업의 재무적 건전성을 제고하면서 금융시장의 안정성을 높일 수 있다는 것이다.

• 토지주택연구
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• 제15권1호
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• pp.99-115
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• 2024

본 연구의 목적은 마르세유의 유로메디테라네의 사업 현황과 특성을 살펴보고, 국내 도시재생사업의 활성화를 위한 정책적 시사점을 도출하는 것이다. 연구결과를 요약하면 다음과 같다. 첫째, 유로메디테라네는 마르세유의 도시재생사업으로, 중앙정부와 지방정부가 공동으로 출자･협력한 거버넌스형 사업추진기구인 EPAEM을 통해 사업을 수행하여, 유로메디테라네가 마르세유의 활성화와 삶의 질 개선에 의미 있는 성과를 보임을 확인할 수 있다. 둘째, 도시재생사업으로서 유로메디테라네의 특성으로는 전면 재개발과 수복재개발 방식을 결합한 복합적 접근방법의 활용, 하드웨어적인 물리적 재생과 소프트웨어적인 경제･문화･환경적 재생을 결합한 통합적 재생의 활용, 거버넌스형 도시재생 사업구조의 활용을 들 수 있다. 마지막으로, 국내 도시재생사업의 활성화를 위한 정책적 시사점으로 도시재생사업 단위의 복합화 및 대형화, 국가차원의 거버넌스형 추진기구의 활용, 적절한 민관 파트너십의 활용을 제안하였다.

• 산업경영시스템학회지
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• 제47권3호
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• pp.152-162
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• 2024

Recently, ESG(Environmental, Social, Governance) has been recognized as an important factor for the sustainable growth of companies. However, only 14.5% of food manufacturing companies have adopted ESG management. In particular, small and medium-sized enterprises(SMEs) face difficulties in implementing ESG management due to a lack of specialized personnel and resource constraints. The purpose of this study is to analyze the impact of ESG ratings on the management performance of 40 food manufacturing companies listed on the Korea Exchange(KRX) that have been evaluated for ESG. The one-way ANOVA was used and performed on data for 40 food manufacturing companies published by the Korea Institute of Corporate Governance and Sustainability(KCGS) in 2023. The results of the analysis showed statistically significant differences in sales (F=12.936, p<0.001) and foreign ownership (F=7.74, p<0.01) based on ESG ratings. Furthermore, Scheffe's post-hoc analysis indicated that the higher the ESG rating and individual scores, the better the overall management performance. Therefore, it is concluded that food manufacturing companies should continuously invest in and focus on ESG management to secure a competitive advantage in the market and achieve sustainable growth.

• Journal of Forest and Environmental Science
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• 제40권3호
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• pp.167-179
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• 2024

Forest fire is one of the major disasters occurring in Nepal causing huge loss to the ecosystem, people and economy. They are mainly caused due to different anthropogenic activities. In Nepal, the forest fires occur during the dry season mainly from March to May. Nepal has roughly 29.5 percent forest area that are prone to forest fires and it is estimated that about 375 thousand hectares of forest were burned over one and half decade from 2000-2014. The forest fire risk is higher in the Terai and Siwalik regions than in any other region. To prevent and mitigate the forests fire incidences, the Government of Nepal has formulated and executed different policy instruments. In this regard, this paper aims to review the implementation of policies, strategies, Acts and regulations related to forest fire management at different levels of governance. Although federal and provincial governments' different policy instruments have considered forest fire and its management, these are not effectively implemented. It is not prioritized in terms of resource allocation, institutional capacity building, disaster preparedness and early warning. In addition, there are unclear and overlapping roles and responsibilities among three tiers of governments to effectively implement the policy provisions. Considering the consequences of the forest fire, governments at different levels need to devise an effective mechanism involving all stakeholders for implementing preventive and curative activities, strengthen institutions and build the capacity of human resources, and increase the level of resource allocation to implement the provisions of various legal and policy instruments.