• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.1073-1081
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• 2021

When firms have higher environmental performance, they can provide sustainable business that allows firms to build the value of credibility and ethics, higher reputation, higher productivity, and lower costs. The advantages of environmental responsibilities help firms to maintain their earnings level over a long-term period. This research aims to examine the effect of environmental performance on earnings persistence. Research samples include 413 manufacturing firms-years listed in the Indonesian Stock Exchange and the PROPER evaluation in 2013-2019. Environmental performance is measured by PROPER evaluation rating. The result shows that environmental performance has a positive effect on earnings persistence. The advantage of environmental responsibilities allows firms to enjoy performance sustainability and persistence in a long-term period, not only periodically. Also, the positive effect of environmental performance on earnings persistence occurs more in the environmentally sensitive industry than non-sensitive ones. Since an environmentally-sensitive industry brings more environmental damage, higher environmental performance is more valuable to provide sustainability. This research has limitations to use all the Indonesian Stock Exchange-listed firms since not all firms participate in the PROPER evaluation. This research implies firms' management should maintain earnings persistence and sustainability by implementing higher-quality environmental responsibility, especially for firms in an environmentally-sensitive industry.

• 아태비즈니스연구
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• 제10권4호
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• pp.77-86
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• 2019

The purpose of this study is to examine how the characteristics of family firms affect stock price crash risk. Prior studies argued that the opacity of information due to agency problem causes a plunge in stock prices. The governance characteristics of family firms can increase information opacity which leads to crash risk. Therefore, this study verifies whether family firms have a high possibility of stock price crash risk. We use a logistic regression model to test the relationship between family firms and stock price crash risk using listed firms listed on the Korean Stock Exchange during the fiscal years 2011 through 2017. The family firm is defined as the case where the controlling shareholder is the chief executive officer or the registered executive. If the controlling shareholder's share is less than 5%, it is not considered a family business. We found that family firms are more likely to experience a plunge in stock prices. This supports the hypothesis of this study that passive information disclosure behavior and information opacity of family firms increase stock price crash risk.

• 벤처창업연구
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• 제9권3호
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• pp.129-138
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• 2014

글로벌 경제위기이후 중국은 세계경제의 두 축의 하나로 부상하였으며, 한국경제에 가장 큰 영향을 미치는 국가로 자리매김 하고 있다. 그럼에도 불구하고, 현재까지 한국에서는 중국의 금융시장 특히는 자본시장에 관한 연구가 매우 적은 실정이다. 본 연구는 중국 심천증권거래소에 출범한 창업판시장을 살펴보고, 중국 중소벤처기업의 상장전후 경영성과를 비교분석하였다. 기술혁신 벤처기업과 고성장형 중소기업들의 자금조달을 목적으로 하는 중국 창업판시장에서 기업의 상장요건은 상해와 심천 증권거래소의 주시장보다 완화되어 있으며, 상장절차도 간소화되어 있다. 따라서 중국의 많은 기업들이 상장하고자 하며, 상장 경쟁도 매우 치열하다. 그리고 창업판시장에 최초로 상장한 36개 기업의 상장 전후의 경영성과를 살펴본 결과, 자기자본 순이익률 부채비율 영업이익증가율 등 3개 지표는 모두 크게 하락하였으며, 거의 모든 기업에서 이런 현상이 나타났다. 즉, 중국 창업판시장에 상장한 중소벤처기업들의 수익성과 성장성은 상장후 급속하게 하락하였으며, 많은 자금조달로 인하여 안정성만이 개선되어 있었다. 나아가 이러한 현상은 중소벤처기업들이 상장을 위하여 상장전 경영성과를 과대 포장한데서 기인한 것으로 분석되었다. 따라서 중국 증권감독관리위원회는 향후 상장기업에 대한 회계심사기준과 심사제도를 강화하여야 할 것이며, 분식회계기업에 대해서는 엄중한 제재조치를 실시하여 건전한 자본시장 풍토를 정착시켜야 할 것이다.

• 기술혁신학회지
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• 제22권1호
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• pp.28-49
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• 2019

본 연구는 국가 및 지역의 경제성장과 일자리 창출에 기여도가 큰 고성장기업을 대상으로 혁신활동의 특성을 분석하고자 한다. 매년 평균 20% 이상의 매출액 또는 근로자수의 성장을 보이는 고성장기업과 그렇지 않은 일반기업의 혁신활동을 비교 분석하고자 2016년 기술혁신조사 제조업 데이터를 활용하였다. 주요 연구결과로는 첫째, 고성장기업은 일반기업에 비해 R&D인력 비중이 높은 것으로 나타났다. 둘째, 고성장기업은 일반기업에 비해 혁신을 적극적으로 도입하고 있다. 고성장기업은 4개 유형별 혁신에서 마케팅 혁신을 제외하고, 제품혁신, 공정혁신, 조직혁신을 적극 도입하고 있다. 다만, 제품혁신과 공정혁신과 관련된 혁신활동에 있어 외부 R&D를 제외하고 고성장기업과 일반기업은 통계적으로 유의한 차이를 보이지 않았다. 셋째, 개방형 혁신에 있어 제품/공정혁신과 관련된 외부 정보원천의 활용으로 나타나는 '외부지식 탐색' 활동은 고성장기업과 일반기업 간의 통계적으로 유의한 차이는 없었고, '혁신 협력'에 있어서 타기업 및 타기관과 협력 여부는 고성장기업이 일반기업에 비해 더 많다고 할 수 있지만, 협력파트너의 다양성에 있어서는 통계적으로 유의한 차이를 보이지 않았다. 넷째, 혁신을 보호하는 방법에 있어서 고성장기업이 일반기업에 비해 '지식재산권 활용', '사내 기밀로 유지', '복잡한 설계방식을 채택', '경쟁기업에 앞서 시장 선점' 등 모든 유형의 보호방법에 대해서 더 중요하다고 판단하고 있고, 특히 지식재산권 활용이 가장 중요한 수단인 것으로 나타났다. 다섯째, 정부의 혁신정책이 혁신활동에 기여하는 정도에 대해서 고성장기업은 '연구개발 보조금 및 투 융자', '지식재산권 획득 활용 보호', '인력난 해소' 등의 순으로 중요하다고 응답하였고, 이 3가지 항목은 일반기업이 응답한 기여도보다 더 크게 나타났고 이는 통계적으로 유의한 차이를 보이고 있다.

• 경영과학
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• 제32권2호
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• pp.91-109
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• 2015

The M&A of firms has been emerged as the effective means of fast diversification and growth in dynamic environment. However, the empirical research about M&A in Korea has not been implemented rich due to the difficulty of obtaining M&A data. In this research, we empirically investigate the relationships among M&A, environment and firms' performance focused on Korean manufacturing firms, understanding the current practice of M&A in Korea. We use the Manufacturing Productivity Panel Survey Data, which are collected by Korea Productivity Center in 2013. The sample size is 575 and the sample is divided into M&A group and non-M&A group. We conduct logit analysis with the independent variables of environment factors (munificence, dynamic, uncertainty), and firms' performance (sales growth, ROS, labor productivity and Inventory turnover), and dependent variable of M&A group or non M&A group. The results show that M&A is closely related to environment feature and firm performance: M&A firms are likely to be the higher munificence and dynamic and the lower sales growth and higher profitability than non-M&A group. In addition, we also examine the characteristics of firms by M&A types (competitors, customer/supplier and firms from unrelated industry). These results imply that if firms confront the pressure of uncertainty (dynamic) and the lower growth, they tend to choose M&A. Futhermore, to profoundly understand the behavior of firms about M&A, it is required to classify the M&A firms by merge types.

• 한국항만경제학회지
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• 제27권3호
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• pp.207-230
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• 2011

본 연구의 가장 큰 목적은 좀 더 객관적인 관점에서 협력의 관계유형을 살펴보는데 있다. 지금껏 과거 연구에서는 수출기업과 물류기업 간의 관계를 단순히 협력, 혹은 제3자 물류의 유무로 구분했었고, 그 분류 방식 또한 상당히 단순하고 자의적이었다. 이에 관계유형에 영향을 미칠 수 있는 변수들을 식별해 내고 이를 바탕으로 군집분석을 실시했고, 확인 과정으로 t-test를 실시했다. 연구결과, 표면적으로 협력관계에 있는 수출기업과 물류기업의 유형에도 뚜렷하게 다른 협력의 유형이 존재하고 있었으며, 그 유형에 따른 성과차이도 서로 상이한 것으로 나타났다. 즉, 수출기업과 물류기업 간에는 다양한 관계가 존재하고 있는 것으로 나타났다. 실제로 가장 적극적이고 포괄적인 협력관계를 구축한 수출 화주기업의 해외물류성과가 다른 협력관계의 기업에 비해 양호한 것으로 나타났다.

• 아태비즈니스연구
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• 제12권4호
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• pp.107-134
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• 2021

Purpose - Korean firms have entered the Mongolia, the world's top 10 resource rich country with huge market potential, since the diplomatic relations between Korea and Mongolia were established in 1990, but little is known about Korean firms' entry strategy in the Mongolian market. With this background, this study aims to investigate the seven cases of Korean firms doing business in Mongolia (SK Telecom, Samsung S1, T-Money, E1 Energy, Cafe Bene, E-Mart, and CU). Methodology - this study is based on numerous primary and secondary data about the Mongolian market, as well as Korean firms in Mongolia. Findings - the following three implications were derived from our case analysis: first, when entering into Mongolia, a thorough analysis of political and social risks and a good understanding of institutional voids should be preceded. Second, for this reason, entering through cooperation with local partners, such as joint ventures or franchising, is expected to increase the possibility of success. Third, unlike in the early days of Korean firms in Mongolia, the business environment in Mongolia has become more stable and predictable, and a friendly atmosphere for Koreans and Korean firms is forming, increasing the possibility of success and settlement of Korean firms. Research implications - this study contributes to extant literature by providing more systematic research on Korean firms in Mongolia and by presenting practical implications through the analysis of success and failure cases of Korean firms in the Mongolian market.

• 한국의류산업학회지
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• 제6권1호
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• pp.78-84
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• 2004

To regain competitive advantages in the global textile industry the Korean textile firms need to strategically collaborate each other on developing partnership relations. This study, as a first step for developing a futuristic partnership between textile firms, examined the characteristics of current partnership relations among textile firms in Daegu and Gyeongbuk regions. Data were obtained from 163 textile firms in the region by a questionnaire survey. More than a half of the textile firms had a partnership experience in product manufacturing and wanted to have one in product development. Partnerships with firms in the same sub-industry showed the highest frequency even though various pairs were observed. Length of partnership was related with the history and size of the firm but not with partnership performance. Partnership itself affected neither the firm's perception of its competitive power nor the perceived intensity of industry competition.

• Asian Journal of Innovation and Policy
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• 제4권1호
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• pp.35-54
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• 2015

The purpose of this study is to compare the valuation of technology firms in the KOSPI and KOSDAQ. This study analyzed 224 market reports for KOSDAQ firms and 602 reports for KOSPI firms. We compare the two markets under 3 definitions on the accuracy of stock price forecasting. Findings are as follows: Although PER multiples is the most used method of valuation, KOSDAQ valuation more heavily relies on the method than KOSPI valuation. In stock market, the period of earnings forecasting is mostly 2-3 years. Multiples of KOSDAQ is generally higher than those of KOSPI. Even for technology firms, valuation in KOSPI mostly relies on earnings of the company, but that in KOSDAQ mostly relies on relative price. In stock price forecasting, generally overestimation prevails. Moreover, forecasting of KOSPI reports is more accurate than that of KOSDAQ reports. ROE and COE of KOSDAQ firms are generally higher than those of KOSPI firms.

• Asia pacific journal of information systems
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• 제14권3호
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• pp.57-75
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• 2004

The knowledge management is increasingly an important strategic weapon for sustaining competitive advantage of firms. Firms are undertaking knowledge management initiatives and making significant investments. However, there is relatively little empirical support for the impact of knowledge management on performance of firms. Understanding of the impact of knowledge management, this paper explores how knowledge management strategy influences firms' market value. We examine this issue using event study methodology and evaluate the cumulative abnormal returns for knowledge management strategy announced by firms from 1998 to 2002. The results show that firms' announcements of knowledge management strategy are positively related with firms' market value. Specially, dynamic style-which emphasizes both (i) knowledge reusability through information technologies and (ii) knowledge sharing through informal discussions among employees-has higher performance. This outcome presents empirical support to argument that the emphasis on both tacit and explicit knowledge results in better market value.