• The Journal of Asian Finance, Economics and Business
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• 제9권4호
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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.

• 동남아시아연구
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• 제20권2호
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• pp.135-178
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• 2010

This study is to seek alternatives for regional governance related to transnational labor migration issues in Southeast Asia. This study examined the present situation and trends of labor migration in the region, reviewed involved transnational issues, and identified the current issues of governance to seek alternatives for regional governance. The increase in cross-border labor migration is no doubt a sign of growth and dynamism of the region and greater integration of their economies. But it also poses complex policy and management issues as well as transnational issues over such as unequal economic profits, illegal migration, human rights, and social security issues. In this reality, regional governance is a very important theme and the efforts to manage their migration inherently involve fundamental conflict and tension between related countries and regions. However, politics and governance of transnational migrant workers in Southeast Asia are still pursued at the national level. To resolve these issues, it is urgently required to secure not only collaboration between the parties concerned but also governance at the regional level. Findings of this study are: First, although labor migration has been a relatively long-time transnational issue, the history of addressing the issue at the regional governance is very short and still inceptive. Second, given its size, labor migration in Southeast Asia requires effective regional governance but no breakthrough was possible due to the conflict of interests between origin and destination countries and the conflict of logic between the labor market and the state. Third, the issue of labor migration is an important element for the formation of economic and socio-cultural communities the ASEAN countries have pursued. Fourth, it is urgently needed to seek alternatives for good and effective regional governance as a key to resolving these issues over migrant workers in Southeast Asia.

• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.69-79
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• 2021

Good Corporate Governance (GCG) has been implemented by companies, especially companies that have gone public. However, many local companies still have not applied the principles of GCG. This study examines the implementation of the CG concept which is not fully implemented in family businesses in Indonesia. Besides, this research also aims to find out the role of the Internal Audit function in enhancing GCG practices. This research is a qualitative study that uses in-depth interviews, observation, and data triangulation, to gather evidence from exploratory case studies conducted in three family business firms. The results of this study found that CG is essential for the successful run of family businesses. After analyzing the data, we developed a new theory called Islamic Integrity Governance. The Internal Auditor plays a key role in improving GCG and a vibrant and agile internal audit function can be an indispensable resource supporting sound corporate governance. The internal auditor provides objective assurance and insight on the effectiveness and efficiency of risk management, internal control, and governance processes. Therefore, the Internal Auditor is an important pillar for effective and efficient GCG implementation. This theory concludes several concepts such as THTCL (Trustworthy, Honest, Transparent, Creative, Loyal). Internal auditors are needed because the concept of control is useful for improving GCG in business.

• 한국경제지리학회지
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• 제6권1호
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• pp.233-247
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• 2003

생태관광은 보전과 개발이라는 상반된 이념의 조화로운 추구를 목표로 하는 대안관광의 한 형태이다. 생태관광의 성공 및 존립 여부는 생태관광자원만으로 보장되는 것이 아니다. 즉, 지방 커뮤니티(local host community)의 발전과 자연$.$문화자원의 보전이라는 공동목표 하에서 생태관광을 둘러싼 다양한 주체들간에 자원 및 정보의 공유, 합의와 이해를 이끌어낼 수 있는가에 달려 있다. 따라서 본 연구는 생태관광 존립에 있어 생태관광 관련 행위자들의 역할과 제도적 환경의 중요성을 규명하고, 로컬 거버넌스가 생태관광에 있어 지니는 의의를 살펴보았다. 그리고 로컬 거버넌스의 3가지 구성요소를 중심으로 행위자들간의 활발한 상호작용을 위한 환경 조성, 행위자들간의 효율적인 상호의존성, 그리고 이들 행위자들간의 관계 형성에 있어서의 구축방안을 제시하였다 무엇보다도 로컬 거버넌스의 구축은 사회자본을 토대로 신뢰와 협력의 문화가 정착됨에 따라 더욱 용이해진다.

• The Journal of Asian Finance, Economics and Business
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• 제9권6호
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• pp.45-52
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• 2022

This research has the purposes of analyzing and proving empirically, such as: To investigate the effect of good corporate governance (GCG) on financial performance at banks in Indonesia through the mediating role of corporate asset growth. Theoretically, the study's results were expected to enrich and complete the repertoire of understanding in the financial management area, specifically with those phenomena related to banking financial performance and factors which influenced it. The population of this research was a bank that had a Corporate Governance Perception Index (CGPI) rating from 2011 to 2020. The type of sampling used was saturated sampling; thus, the whole population is sample members. Current data analysis used SEM. GCG has a direct or indirect impact on banking financial performance, according to the findings of this study. Improved GCG results in increased public confidence, which is reflected in an increase in total assets, as well as improved banks' financial performance. As a result, it can be stated that corporate asset increase largely mitigated the impact of GCG on bank financial performance in Indonesia. Through this rapid growth from corporate assets, Bank can maximize the market expansion which is ultimately able to improve banking financial performance.

• The Journal of Asian Finance, Economics and Business
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• 제8권11호
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• pp.87-96
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• 2021

Data-driven markets depend on access to data as a resource for products and services. Since the quality of information that can be drawn from data increases with the available amount and quality of the data, businesses involved in the data economy have a great interest in accessing data from other market players and sharing data with other stakeholders. Despite the growing need for access to data and evidence of the economic and social benefits, data access and sharing remains below its potential. Individuals, businesses, and governments often face barriers to data access, which may be compounded by the reluctance to share, including within and across sectors. To address these challenges, this paper focuses on finding possible solutions for a better data-sharing economy. This paper 1) Discusses opportunities and challenges of open data and the data-sharing economy, limitations of private sector data, and issues with open government data. 2) Introduces open government data initiatives and open governance networks initiatives. 3) Suggests possible solutions, including the governance and management, the legal and policy frameworks, and the technical standards for open data with proposing an open data governance model for the data-sharing economy.

• The Journal of Asian Finance, Economics and Business
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• 제3권4호
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• pp.5-16
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• 2016

Prior literature expects a lower marginal cash value for weaker governance firms. We test this empirical hypothesis by using the sample of publicly traded Korean firms from 2005 to 2013. To measure the quality of governance structures, we employ the corporate governance scores provided by Korean Corporate Governance Services. The empirical model of Faulkender and Wang (2006) is adopted to estimate the marginal value of cash. Our empirical analysis shows a higher marginal value of cash for the good governance firms in the examination of the total governance score. This finding is consistent to the agency view of cash policy predicting a larger marginal value of cash for the firms with higher governance scores. However, this positive relationship is not robust for a subset of detailed governance scores; a lower marginal cash value is observed for the firms with better qualities of board structure, auditing, dividend policies. Moreover, our empirical analysis verifies a quite low level of marginal cash value for Korean firms, which supports the existence of severe agency conflicts in Korean corporations. Our results verify the significant role of agency conflicts between a manager and shareholders in the determination of marginal cash values in the Korean firms.

• The Journal of Asian Finance, Economics and Business
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• 제3권4호
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• pp.67-79
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• 2016

Prior literature expects a lower marginal cash value for weaker governance firms. We test this empirical hypothesis by using the sample of publicly traded Korean firms from 2005 to 2013. To measure the quality of governance structures, we employ the corporate governance scores provided by Korean Corporate Governance Services. The empirical model of Faulkender and Wang (2006) is adopted to estimate the marginal value of cash. Our empirical analysis shows a higher marginal value of cash for the good governance firms in the examination of the total governance score. This finding is consistent to the agency view of cash policy predicting a larger marginal value of cash for the firms with higher governance scores. However, this positive relationship is not robust for a subset of detailed governance scores; a lower marginal cash value is observed for the firms with better qualities of board structure, auditing, dividend policies. Moreover, our empirical analysis verifies a quite low level of marginal cash value for Korean firms, which supports the existence of severe agency conflicts in Korean corporations. Our results verify the significant role of agency conflicts between a manager and shareholders in the determination of marginal cash values in the Korean firms.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.827-834
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• 2020

The use of different proxies to measure good corporate governance (GCG) may be a probable cause of the mixed results. Therefore, the application of a new single measure to enhance comparable empirical studies is required. The purpose of this study is to examine the relationship between corporate governance and firm's performance. This study involved all manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2014 to 2016 through purposive sampling with specific criteria. out of 144 qualified companies, 110 companies could be processed because of completed data in the form of financial information from their financial statements during the research period. The data were obtained from the official websites of IDX. This study applies a new measure of the corporate governance: the efficiency of the GCG. The corporate governance is calculated by relating inputs of components of the corporate governance and outputs of sales, assets and firm equity capital. By using financial data from firms listed on the Indonesian Capital Market, this study finds that the corporate governance significantly improved firm's performance. More importantly, the study confirms and supports the new single measure of the GCG. This result is very important to avoid dealing with different indicators of the corporate governance.

• The Journal of Asian Finance, Economics and Business
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• 제8권10호
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• pp.361-371
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• 2021

This research aims to analyze the effects of managerial overconfidence and corporate governance on investment decisions. Besides, it also tries to discover the effect of internal financing mediation between managerial overconfidence and corporate governance on investment decisions. This study employed panel data from 44 manufacturing companies from 2014 to 2019, out of a total of 117, thus the total observations are 264. The hypothesis was verified through structural equation modeling (Smart PLS 2). The study revealed as follows: 1) Managerial overconfidence has a positive and significant effect on internal financing, while corporate governance has a negative and significant effect on internal financing, 2) managerial overconfidence, internal financing, and corporate governance have a positive and significant effect on investment decisions, 3) internal financing partially mediated the effect of managerial overconfidence on investment decisions, However, internal financing does not mediate the effect of corporate governance on investment decisions. The findings in this study will help company managers implement good corporate governance to improve investment efficiency. In addition, managers can reduce the proportion of retained earnings and increase the proportion of dividend payout ratios, and increase the use of external sources of funds in making investments to minimize agency costs and manager's opportunistic behavior.