• Journal of the Korea Society of Computer and Information
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• v.6 no.3
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• pp.102-112
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• 2001

The purpose of this study is to suggest a direction of a investment policy to increase a competitive power for small firms. For this purpose, several hypothesis are established and tested (1) Whether the small firm's management resources and performance are different among industries\ulcorner (2) What resurces affect on the business performance\ulcorner (3) Whether the firm's management resources which affect the performance are different among industries\ulcorner (4) Whether the firm's resources level are different between high performance group and low performance group in same industry\ulcorner For the empirical study, the data is obtained from 1,338 small firms in Korea manufacturing industries. The results of this study are (1) the level of firm's management resources and performance are different among industries and (2) the management resources which affect the performance are different according the industry. And (3) the management resources level are different according to the firm's performance level in some industry.

• Journal of Technology Innovation
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• v.16 no.1
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• pp.191-213
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• 2008

This study investigates the effect of technology import and R&D investment on the value of the firm in Korea. The result shows that the technology import announcement effect of firms with a low R&D investment is higher than that of firms with a high R&D investment. The evidence suggests that technology import can substitute the existing R&D capability of the firm. In addition, the result shows that there is an optimal level of technology import and R&D investment to maximize the value of the firm. In particular, firms with a low R&D investment and a large amount of technology import experience the highest announcement effect. The study concludes that an adequate allocation of fim's capital between R&D investment and technology import is needed for firm's optimal technology strategy.

• Journal of the Korean Operations Research and Management Science Society
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• v.31 no.4
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• pp.49-68
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• 2006

E-business strategy has interests in Issues of strategic positioning and its impact on firm performance. These studies address the environmental factors as antecedents to strategic decision makings and its consequences such like firm performance. However most studies has not considered the role of business models In explaining e-business firm performance. We adopt Porter's generic strategies to the e-business context. We Identify business models and e-business environmental factors as antecedents and then examine these factors Influence on firm performance. We find that uncertainty of environment has a negatively related to the strategic choices of e-Business firms; in contrast, market turbulence positively affects the level of adoption of all the strategies. Among the strategies, marketing differentiation only makes an Impact on firm performance.

• The Journal of Information Systems
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• v.15 no.2
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• pp.195-226
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• 2006

The purpose of this study is (1) to develop a conceptually integrated model of IT capability comprising hierarchically structured lower capabilities, and (2) to investigate the impacts of IT capability on firm performance. To do this, the study defined IT capability as a third-order factor model and identified three conceptual dimensions of IT capability IT resource integrating capability, IT infrastructure flexibility, and IT personnel expertise. The relationships between IT capability and firm performance are assessed with 243 firm level data using LISREL. The results of confirmatory factor analysis (CFA) demonstrated that the constructs is highly reliable and valid. Further, we found that IT capability not directly but indirectly affects firm performance through the impacts on business processes.

• Journal of the Korea Society of Computer and Information
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• v.4 no.4
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• pp.199-208
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• 1999

The purpose of this study is to find a cause of economic performance differences among industries. For this purpose, several hypothesis are established and tested (1) Whether the firm's capability and performance are different among industries\ulcorner (2) Whether the firm's management resources affects the performance are different among industries\ulcorner (3) Whether the firm's performances are different between high performance group and low performance group in same industry\ulcorner The results of this study are (1) the level of firm's capability and performance are different and (2) the management resources which affect the performance are different according the industry. And (3) the management resources are different according to the firm's performance level in same industry.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.2
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• pp.9-20
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• 2020

The study investigates a recent surge of cash literature by using a sample of hospitality firms to gain a new understanding of corporate cash holdings. Past literature states that there is a substantial variation of liquidity across industry groups. Existing literature predominantly refers to US-listed firms and focus on either hotels or restaurants and not the hospitality industry as a whole. Therefore, we provide a comparative study of cash holdings behaviour between hospitality and non-hospitality firms from an emerging market context. Using a sample of public listed hospitality firms from 2002 to 2013, dynamic panel regression techniques are used to study the relationships between firm characteristics and cash levels. Also, the non-parametric Wilcoxon-Mann-Whitney test was carried out to examine the time and sectoral differences in cash holdings. In addition, the panel regression techniques are used to investigate the relationships between firm characteristics and level of corporate cash holdings. The results reveal that firm characteristics do matter in hospitality firms. We find that firm size, capital expenditures, and liquid assets substitutes are negatively related to cash level. The results support trade-off theory and the pecking order theory. This study incrementally explains the cash holdings behaviour of hospitality firms in emerging market.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.4
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• pp.409-417
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• 2022

This research uses a panel data set of selected developed and emerging economies to investigate the relationship between firm value and the Islamic label. A low-debt company is a proxy for excellent governance, and good governance has a significant positive impact on a company's valuation. We can claim that the Islamic label may also be a proxy for excellent governance and will significantly impact a company's economic value because it reflects low debt Sharia-compliant companies. To explore this relationship, cross-country data from non-financial enterprises in Pakistan, the United States, Malaysia, and Indonesia was acquired from 2010 to 2015. The study's findings indicate that the Islamic label has a positive significant impact on the firm's worth in the whole sample, including all countries. With the exception of the United States, we have also collected the same information at the country level. We also discovered that the corporate governance index at the firm level has a positive significant impact on firm value. The findings show that the Islamic label reflects good governance and hence can be used as a proxy for good governance. The analysis differentiates between Islamic labeled and conventional enterprises in developed and emerging nations, adding to our understanding of who contributes to enhanced corporate financial performance.

• Journal of Korea Trade
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• v.26 no.4
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• pp.1-22
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• 2022

Purpose - This paper empirically investigates the effect of a rise in the global value chain (GVC) on the industry-level efficiency of resource allocation (based on plant-level inefficiency measures) in Korea, with a focus on various channels through which a rise in the GVC can increase competition among firms and thus induce resources to be allocated more efficiently across firms. Design/methodology - We empirically investigate the relationship between the industry-specific importance of GVC and the industry-level allocative inefficiency that is measured as the dispersion of the plant-level marginal revenue of capital (MRK) as in Hsieh and Klenow's (2009) influential model. We compute MRK dispersion for industries sorted by various characteristics that are closely related to firm/industry sensitivity to the GVC. In other words, we compute the average industry-level MRK dispersion for industries sorted by industry-specific importance of GVC and compute the difference between the two groups of industries (higher vs. lower than the median GVC); we also calculate the difference between industries sorted by industry-specific export (import) intensity. This is our difference-in-difference estimate of the MRK dispersion associated with the GVC for the export (import)-intensive industry versus the non-export (non-import)-intensive industry. This difference-in-difference estimate of the MRK dispersion conditional vs. unconditional on firm-level productivity is then calculated further (triple-difference estimate). Findings - A rise in GVC is associated with a decrease in the MRK dispersion in the export-intensive industry compared to the non-export-intensive industry. The same is true for industries that rely heavily on imports versus those that do not (i.e., import intensive vs. non-intensive). Furthermore, the reduction in the MRK dispersion in the export-intensive industry associated with an increase in the GVC is disproportionately greater for high-productivity firms. In contrast, the negative relationship between GVC and MRK dispersion in the import-intensive industry is disproportionately smaller for high-productivity firms. Originality/value - Existing studies focus on the relationship between GVC and aggregate output, exports, and imports at the country level. We investigate detailed firm/industry-level mechanisms that determine the relationship between GVC, trade, and productivity. Using the plant-level data in South Korea, we investigate how GVC is related to the cross-firm MRK dispersion, an important measure of allocative inefficiency, based on Hsieh and Klenow's (2009) influential economic theory. This is the first study to provide plant-level evidence of how GVC affects MRK dispersion. Furthermore, we examine how the relationship between GVC and MRK-dispersion varies across export intensity, import intensity, and firm-level productivity, providing insight into how GVC can affect firms' exposure to competition in the global market differently depending on market conditions and thus generate trade-related productivity gains.

• Journal of Distribution Science
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• v.19 no.1
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• pp.27-35
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• 2021

Purpose: This study is to investigate the effect of managerial ownership level in distribution and service companies on the stock price crash. The managerial ownership level affects the firm's information disclosure policy. If managers conceal or withholds business-related unfavorable factors over a long period, the firm's stock price is likely to plummet. In a similar vein, management's equity affects information opacity, and information asymmetry affects stock price collapse. Research design, data, and methodology: A regression analysis is conducted using the data on companies listed on the Korea Composite Stock Price Index (KOSPI) between 2012-2017 to examine the effect of the managerial ownership level on stock price crash risks. Results: Logistic and regression results indicate that the stock price crash risk was reduced as managerial ownership levels are increased. The managerial ownership level has a significant negative coefficient on stock price crash risk, negative conditional return skewness of firm-specific weekly return distribution, and asymmetric volatility between positive and negative price-to-earnings ratios. Conclusions: As the ownership and management align, the likeliness of withholding business-related information is reduced. This study's results imply that the stock price crash risk reduces as the managerial ownership level increases because shareholder and manager interests coincide, thereby reducing information asymmetry.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.4
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• pp.289-306
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• 2021

This paper aims to investigate how and to what extent FDI impacts the relative demand for skilled labor within firms in the case of developing countries. The analysis uses a sizeable micro-level dataset for Malaysian manufacturing industries using the System-GMM estimators to control the estimations' endogeneity problems. For this purpose, the study uses foreign equity share at the firm level to investigate foreign ownership effects at the firm level and the Horizontal FDI index by Smarzynska Javorcik (2004) to analyze FDI intra-industry linkages influence on the structure of labor demand for Malaysian domestic firms. Our findings indicate that foreign ownership increases the skilled demand within Malaysian manufacturing through the learning process, exclusively for small- and medium-sized firms (SMEs). Conversely for foreign-owned firms, changes in their skilled-labor share do not associate with changes in firm-level foreign equity share. We conclude that foreign ownership per se is not the major contributing factor for skill upgrading in Malaysian manufacturing firms. Furthermore, the competitive pressures caused by foreign firms' presence within the same industry - namely horizontal FDI - has a significant negative spillover effect on the level of skilled-labor share for domestic firms in the Malaysian manufacturing sector within periods of the understudies.