• 아태비즈니스연구
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• 제11권4호
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• pp.205-224
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• 2020

Purpose - This study aimed to identify the effects of ownership structures on agency costs in internationally diversified firms listed on the KOSDAQ market. Design/methodology/approach - A total of 5,824 samples were finally selected and empirically analyzed for a total of nine years from 2011 to 2019, during which the International Accounting Standards had been mandatory for firms listed on the KOSDAQ market. Findings - The results of this study showed that the effects of ownership structures on the ratio of asset turnover are positive for the major share and foreign equity ratios of international diversified firms. Moreover, by selecting the ratio of entertainment expenses as a proxy for agency expenses, this study confirmed that the effects of the ownership structure of an international diversified entity on entertainment expenditure were determined to show a significantly negative relation to entertainment expenditure, thus indicating that the higher the ratio of major shareholders, the more appropriately control the expenditure of entertainment expenses through arbitrary private deviations of the management.Furthermore, considering the effect of the ownership structure on the expenditure of sales and administrative expenses as a proxy variable for agency costs, this study verified that the majority share ratio of international diversified firms was negative to the expenditure of sales and administrative expenses, confirming that the higher the share of major shareholders, the lower the selling and administrative costs, but insignificant.Finally, as a result of determining whether the ownership structure of an international diversified firm affects the holding of free cash, the majority share of this firm shows a significantly negative relation to the ratio of the holding of surplus cash, indicating that the higher the proportion of major shareholders, the more appropriately control the holding of the entity's free cash through arbitrary private deviance by the manager. Research implications or Originality - Major shareholders of an internationally diversified firm listed on the KOSDAQ market play a positive role in the firm's performance by properly controlling agency costs that may be incurred by the management.

• The Journal of Asian Finance, Economics and Business
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• 제9권9호
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• pp.9-24
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• 2022

With a view to attracting foreign investment and growing the economy, the Vietnamese government has hastened financial reforms, including the lifting of limitations on foreign investment, which has resulted in rapidly rising foreign ownership in recent years. To study the relationship between transactions of foreign investors and transactions of domestic investors on two stock exchanges in Vietnam Ho Chi Minh City Stock Exchange (HSX) and Hanoi Stock Exchange (HNX). This study applies a secondary dataset comprising daily market trading information of 912 stocks from 18 industries listed on 2 Vietnam stock exchanges, including HSX and HNX, which includes executed price, executed volume, daily Buy Orders, and Sell Orders categorized into domestic investors' orders and foreign investors orders from 01.04.2010 to 10.04.2018. The regression results show a significantly positive relationship between foreign investors' trading and domestic investors' transaction in all trading activities in both up and down markets. Therefore, these results indicate that domestic investors in Vietnam are concerned with foreign investors' trading as an important sign, and domestic investors tend to follow their counterparties without appropriate fundamental information. From there, there are signs of herding behavior of domestic investors following foreign investors in transactions on the stock market in Vietnam.

• 경영과정보연구
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• 제33권5호
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• pp.171-184
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• 2014

본 연구는 외부 자본조달 제약의 크기가 현금배당 수준에 미치는 영향을 검증하고, 특히 이들의 영향관계에 소유구조(5%이상 주식을 보유한 외부 대주주 지분율, 외국인 투자자 지분율, 내부자 지분율)가 어떤 조절 효과를 가지는 지를 분석하였다. 2000년부터 2011년까지 유가증권 시장에 상장된 370개 기업-연도 자료를 바탕으로 다중회귀분석 모형에 의해 가설검증한 결과, 먼저 외부 자본조달 제약이 큰 기업의 경우 현금배당 수준이 낮아지는 것으로 나타났다. 이는 기업이 잉여금을 배당을 통해 유출시키기 보다는 내부에 유보시킴으로써 미래 발생할 외부 자본조달 비용을 완화시키기 위해 노력한다고 해석할 수 있다. 또한 외부 자본조달 제약이 큰 기업에서 상당수(5% 이상)의 주식을 보유한 외부 대주주 지분율이 높은 기업, 외국인 투자자 지분율이 높은 기업에서 현금배당 수준이 높아지는 것으로 나타났다. 이는 경영자 대리인 비용의 절감을 위해 배당 수준을 높인다는 경영자 기회주의 가설을 지지하는 결과로 해석할 수 있다. 마지막으로 내부자 지분율의 조절효과를 검증한 결과 이전 소유구조 변수의 결과와는 달리 현금배당 수준이 낮아지는 것으로 나타났는데, 이는 내부자의 경우 배당을 통한 사외유출 보다는 기업의 내부에 자금을 유보시킴으로써 미래 자본비용을 절감하고자 하는 것으로 대체가설이 지지되는 결과라 할 수 있다. 본 연구는 부채를 통한 자본조달 제약이 현금배당 수준에 미치는 영향과 이런 영향관계에 소유구조가 미치는 조절효과를 검증해 보았다는 데 연구의 의의를 둘 수 있다.

• 국제지역연구
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• 제22권4호
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• pp.99-121
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• 2018

본 연구의 목적은 국제합작투자 상황에서 국제합작기업을 통한 태국 현지파트너의 해외파트너로부터의 지식습득에 영향을 미치는 요소들에 대해 살펴보는 데 있다. 이를 위해 본 연구는 먼저 현지파트너의 자체 특성인 흡수역량, 국제합작기업과의 관계 특성인 균등지분율 근접정도, 해외파트너와의 관계 특성인 신뢰 등으로 구분하고, 이들이 현지파트너의 지식습득에 미치는 영향을 분석하였다. 또한 지식암묵성이 이러한 특성과 지식습득과의 관계를 조절하는지를 분석하였다. 본 연구에서 태국 소재 현지파트너 기업을 대상으로 설문을 통해 수집된 자료를 분석한 결과, 현지파트너의 자체 특성인 흡수역량과 해외파트너와의 관계 특성인 신뢰는 지식습득에 긍정적 영향을 미치고, 국제합작회사와의 관계 특성인 현지파트너의 지분율은 균등지분율에 근접할수록 지식습득에 긍정적 영향을 미치는 것으로 나타났다. 게다가 지식암묵성은 흡수역량 및 신뢰와 지식습득의 관계를 강화하는 반면, 지식암묵성은 균등지분율 근접정도와 지식습득의 관계를 강화하지 못하는 것으로 나타났다. 이러한 결과를 바탕으로 본 연구의 결론 및 시사점을 제시하였다.

• 경영과정보연구
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• 제38권3호
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• pp.35-53
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• 2019

감사기구는 조직 내에서 감시와 통제 활동을 통해 전문경영인의 기회주의적인 의사결정과 행위를 줄여 주는 기능을 수행하는 내부통제 메커니즘으로서의 높은 독립성이 요구된다. 본 연구는 기업의 소유구조 상의 특성들이 상근감사의 독립성에 미치는 영향을 분석하는데 주된 목적을 두고 실행되었다. 그리고 이 같은 목적을 달성하기 위하여 상근감사의 독립성을 전문경영인과의 학연과 출신기업을 기준으로 산출한 후 전문경영인의 지분율이 독립적인 상근감사의 선임에 미치는 영향을 분석하였으며, 내부대주주인 특수관계인과 외부대주주인 기관투자자 및 외국인투자자의 지분율이 이 같은 관계에 미치는 조절효과를 분석하였다. 분석결과에 따르면 전문경영인의 지분율과 상근감사의 독립성은 부(-)의 관계가 있으며, 특수관계인의 지분율은 이 같은 관계를 정(＋)의 방향으로 조절하는 것으로 나타났으나, 외국인투자자와 기관투자자 지분율의 조절효과는 통계적으로 유의하지 않았다. 이러한 연구 결과는 전문경영인은 자신의 지분율이 높아 질수록 강화된 권한을 활용하여 독립성이 낮은 상근감사를 선임하려고 시도하는 반면, 특수관계인들은 자신들의 부를 보호하는데 도움이 되는 독립성이 높은 상근감사를 선임하고자 한다는 사실을 보여주고 있다. 본 연구는 기업의 소유구조 상의 특성들이 독립적인 상근감사의 선임에 미치는 영향을 분석한 첫 번째 연구로서, 분석결과는 전문경영인과 소유구조 상의 특성에 따른 상근감사 선임기준에 대한 실무적 가이드라인을 제공하고 있다.

• Asian Journal of Innovation and Policy
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• 제7권1호
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• pp.150-177
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• 2018

We review two specific risk management strategies of venture capitalists (VCs): deal syndication and domain specialization with respect to their explicit role in adjudging and managing the overall magnitude of information asymmetry risks. These are analyzed for three distinct categories of VC firms as classified by their funding stage focus (early vs. late), ownership type (foreign vs. domestic) and the human capital composition of the core VC team (entrepreneurial vs. investor). The analysis is based on both secondary data and primary data for active 72 VC firms in India. Syndication is moderately important for entrepreneurial VC firms, but not at all important for early-stage focused and foreign VC firms. This finding is distinctly different from what has been conventionally observed in the literature. Among the various arenas of domain specialization, high-technology focus is important for all segments of VC firms. In the context of investment-stage focus, foreign VC firms exhibit growth-stage specialization, while entrepreneurial VC firms concentrate on earlier investment stages.

• The Journal of Asian Finance, Economics and Business
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• 제9권4호
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• pp.73-81
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• 2022

The focus of the research is to determine the amount of financial information disclosure and the factors that influence it for non-financial enterprises listed on Vietnam's stock exchange. To evaluate the level of financial information disclosure, the study uses a set of disclosure indexes from the world's leading credit rating agency, Standard and Poor's (S&P). It makes some revisions in compliance with regulations for information disclosure on the Vietnam stock market. The study collects data in the form of annual reports for the year 2017-2020 from 350 non-financial firms listed on Vietnam's stock exchange and then uses a multivariate regression model to assess the effects of factors on the amount of financial information disclosure. The findings show that the size of the firm, the size of the board of directors, and foreign ownership all have a positive impact on financial transparency; however, the number of years the company has a negative impact. According to the findings of this study, companies with more total assets, a larger board of directors, and a higher rate of foreign ownership publish more financial information. Still, long-term listed companies on the stock exchange tend to disclose less.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.1217-1230
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• 2021

Using a multinomial logit model with the panel-data set of Vietnam manufacturing firms, this paper investigates the impacts of foreign direct investment (FDI) - small and medium enterprises (SMEs) linkages and other factors on SMEs' participation in the global value chain (GVC). We consider GVC firms are those engaging in any of the three modes including (i) using domestic inputs to export (D2E), (ii) using imported inputs to produce for the domestic market (I2P), (iii) using imported inputs to export (I2E). We discover that FDI-SME linkages statistically encourage Vietnamese SMEs to integrate into the GVC via I2P and I2E, while no statistical association between FDI-SME linkage and D2E participation is found. GVCs participation likelihood is also positively correlated with the introduction of new product introduction. The establishment of firms' production facilities in industrial zones and foreign ownership are both reported to be significantly decisive factors to SMEs' decisions on GVC participation. Besides, there is a strong association between firms' attributes, i.e. employment, capital intensity as well as financial access, and their participation in the GVC. Local governance quality (proxied by the Provincial Competitiveness Index) and the share of skilled labor at the province-level can facilitate firms' integration into GVCs, while greater market concentration may be a hurdle to such potential.

• East Asian Economic Review
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• 제26권3호
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• pp.205-225
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• 2022

Different types of corporate ownership may affect the environment among firms and could influence the decisions of new entities in the region. This study determines the role of state-owned enterprises (SOEs) in hindering new foreign manufacturing firms in the Yangtze River delta (YRD). The negative binomial regression is used for city-sector level data and the following points summarize the results: Firstly, the unique privileges that SOEs enjoy alongside governmental support create difficulties for foreign firms trying to establish themselves near existing SOEs. Secondly, although core cities are more attractive to foreign firms than peripheral cities, the role of core-periphery reveals that, in spite of all the regional advantages core cities could offer, whenever the share of SOEs is higher, the core-periphery system will have an adverse impact on new foreign firms. In other words, government preference for SOEs can suppress the attraction of foreign start-ups. However, after 2008, the governmental authorities finally succeeded in implementing their promising policy of fair treatment and competition in only the core cities.

• 보건행정학회지
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• 제13권3호
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• pp.52-70
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• 2003

The rate of conversion to Medical-juridical-persons' ownership of medical institutions has increased rapidly since its start in 1970s in Korea. The most sensitive issue to introduce for-profit medical institutions, ignited particularly by the WTO/DDA negotiations, has sparked considerable debate, stemming largely from conflicting views on the theoretical effects of ownership status on organizational behavior. This study surveyed health-related experts' opinions on allowing for for-profit-firms-owned medical institutions. Some fear that the obligation to maximize the share-holders' return on their investment will cause the medical institutions to eliminate necessary but less lucrative services. They may easily fall under more pressure to generate income, and respond more aggressively than not-for-profit medical institutions to financial pressures. Advocates of for-profit ownership of medical institutions argue that greater responsiveness to the demands of the marketplace will lead to larger investment, higher quality and lower costs to consumers. Referring to both foreign countries' experience and domestic experts' opinions, this study suggests for reform of the current Korean Medical-Juridical-Person(MJP) System. Introduction of so-called “Capital-investment” MJPs is recommended where the properties left in case of their dissolution can be distributed to original investors according to the procedures stipulated in their statutes. However, their annual profits are not allowed to be allocated to investors, but should be reinvested for their medical institutions, as is the case in current MJPs. Their legal aspects are also reviewed in this study.