• Journal of Korean Society for Quality Management
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• v.40 no.2
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• pp.199-210
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• 2012

The objective of this study ware to explore the antecedent and consequences of management quality and to examine the mediating effects of the management quality on the relationship between antecedent and consequences. In order to verify the relationships and mediating effect, data were obtained from 328 employees working in firms at Jinju, Masan, Changwon City were analyzed by using SPSS 12.0. and AMOS 5.0. The findings are as follows: First, antecedent(psychological ownership) was positively related to management quality. Second, there were also positive relationship between management quality and consequences(employee's attitude). Third, there were also positive relationship between psychological ownership and employee's attitude(job satisfaction, organizational commitment). Finally, management quality was a partial mediating effect on the relationship between psychological ownership and employee's attitude. Based on these findings, the theoretical and practical implications and limitations are discussed in conclusion.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.3
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• pp.67-79
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• 2019

This study examines the impact of corporate governance on capital structure decisions based on a large panel of Chinese listed firms. Using the system Generalized Method of Moments (GMM) estimator to control for unobserved heterogeneity, endogeneity, and persistency in capital structure decisions, we document that the ownership structure plays a significant role in determining leverage ratios. More specially, we find that managerial ownership has a positive and significant impact on firms' leverage, consistent with the incentive alignment hypothesis. We also find that managerial ownership only affects the leverage decisions of private firms in the post-2005 split share reform period. State ownership negatively influence leverage decisions implying that SOEs may face fewer restrictions in equity issuance and may receive favourable treatments when applying for seasoned equity ¿nancing, thus use less debt. Furthermore, our results show that while foreign ownership negatively influences leverage decisions, legal person shareholding positively influences firms' leverage decisions only for state controlled firms. We also find that the board structure variables (board size and the proportion of independent directors) do not influence firms' capital structure decisions. Our findings suggest that recent ownership reforms have been successful in terms of providing incentive to managers through managerial shareholdings to take risky financial choices.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.4
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• pp.317-328
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• 2021

This study aims to determine the factors that affect dividends initiation by initial public offering firms in Malaysia. The ownership structure is examined from a corporate governance theoretical perspective in order to evaluate the impacts of managerial, institutional, and family ownership on the dividend's initiation decision of IPO firms. This study employs a quantitative pooled cross-section of 372 Malaysian IPO companies active during the period of 2002-2013. The number of firms that went public each year varies, thus the pooled cross-section data takes place in this case rather than the panel data. The logistic model was employed to test the proposed hypotheses. The results revealed that the presence of institutional investors in the ownership structure make it more likely for IPO firms to initiate dividends. On the contrary, the presence of a family ownership structure in IPO companies as the controlling shareholder makes these companies less probable to initiate dividends. Managerial ownership was found to have no effect on the decision of initiating dividends by IPO firms. The findings of this study suggest that the existence of institutional and family ownerships are agency cost mitigators, as these ownership types could prompt IPOs firms to initiate dividends to overcome the agency conflicts.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.9
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• pp.61-73
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• 2022

The article examines the ownership structure and dividend payout behavior of India-listed firms using a panel regression approach. It focuses on family ownership and examines why dividend payouts of family firms differ from non-family firms. The study finds that family firms dominate and have concentrated ownership using data from the NSE-listed regular dividend-paying firms. Although family ownership concentration is high among Indian firms, these firms are not concerned about distributing cash as dividends. Instead, these firms focus on retaining and passing on control from one generation to the next. The evidence shows that family firms pay low dividends and have higher leverage than non-family counterparts. The results support the entrenchment of minority shareholders and the proposition that a high payout signals a reduction in the information asymmetry and level of risk. The study further illustrates that cash dividends tend to reduce the level of risk perceived; however, (cash dividend) leads to the deterioration firm's liquidity and aid in the shrinking of cash among emerging market firms. The originality of the paper lies in factoring ownership concentration while explaining the dividend behaviour from an emerging markets perspective, characterized by high private benefits and weak protection for external minority shareholders.

• Journal of the Korea Safety Management & Science
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• v.16 no.1
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• pp.147-158
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• 2014

The purpose of this study includes: the relationships between job characteristics and service quality and the mediating effect of the psychological ownership on the relationship between job characteristics and service quality. In order to verify the relationships and mediating effect, data were collected from 255 nurses in a university hospital at Ulsan city to test theoretical model and its hypotheses. All data collected from the survey were analyzed using with SPSS 18.0. and AMOS 18.0. This study reports findings as follows: first, the relationship between the job characteristics and the psychological ownership is positively related. Second, there was also a positive correlation between the psychological ownership and service quality. Third, the relationship between the job characteristics and the service quality is positively related. Finally, the psychological ownership played as a partial mediator on the relationship between job characteristics and service quality. Based on these findings, the implications and the limitations of the study were presented including some directions for future studies.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.5
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• pp.63-73
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• 2022

In today's financial economics literature, the impact of innovative family ownership and management on firm performance is a prominent concern. In this study, the existence of family firms in the listed sector of Pakistan's economy is investigated. The objective of this study is to examine the performance-oriented relationship of family ownership and active involvement of family member at the CEO position. The theoretical perspectives that underpin this research are agency and stewardship. This analysis used a sample of 315 publicly traded companies from 2009 to 2019. The study's primary independent variables include family influence on ownership and family CEO. Financial performance is the dependent variable that is divided into accounting and market measures. The proxy for accounting measure is return on asset and proxy for market measure is Tobin's Q. This study employs univariate and balanced panel data analysis. For robustness of the analysis random-effects GLS regression is carried out. The empirical results show that that Family Firms outperform Non-Family Firms both in terms of accounting and market measures. In the later part family CEOs firms outperform the firms that have either insider or outsider non-family CEOs. This superior performance is subjected to the positive and statistically significant association between family ownership, management, and financial performance.

• Journal of Distribution Science
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• v.15 no.4
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• pp.5-13
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• 2017

Purpose - This research analyzes the effects of Korean family ownership characteristics on firm value. The positive and negative effects of family ownership on Korean firm value were analyzed. If negative effects are evident, this research explores the factors that cause a decrease in firm value. Research design, data, and methodology - The study examined a total of 5,743 companies listed on the Korea Exchange from the period 2002 to 2012 using a panel data regression analysis. Result - An empirical analysis suggests that Korean family ownership diminishes firm value. Korean family firm value has been reduced when controlling shareholders are participated in management and pursue excessive wages, or make the management entrenchment effects associated with ownership-control disparity. When the controlling shareholders of family firms have increasing control rights over the shareholders' general meeting and the directors' board, the agency costs associated with seeking increasing executive wages or private benefits reduce firm value. Conclusions - This study has significance because it reveals the negative effect of family ownership in Korea on firm value. These negative effects can be the result of agency problems from controlling family shareholders seeking excessive wages or ownership-control disparity.

• 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.

• Knowledge Management Research
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• v.18 no.1
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• pp.1-24
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• 2017

The voluntary knowledge creation plays an important role in achieving competitive advantage in the organization from the perspective of knowledge management. Although many companies have introduced the Knowledge Management Systems (KMS) for this purpose, they have not gained the expected benefits from those systems. One of the reasons for that is KMS have not provided organization members with sufficient intrinsic motivation about knowledge creation, diffusion and application. Therefore, this study proposes a concept called psychological knowledge ownership as intrinsic motivation factor that facilitates knowledge creation and examines its antecedents and consequences. The research results show that reputation, self-efficacy, and expertise sharing have impacts on psychological knowledge ownership, which in turn influences knowledge creation attitude. In conclusion, we discuss both theoretical and practical implications of this research and suggest its limitations.

• Journal of the Korea Safety Management & Science
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• v.16 no.3
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• pp.399-409
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• 2014

The purpose of this study includes: Firstly, to examine the effects of procedural justice and job significance on value of work, psychological ownership, and job satisfaction. Secondly, to examine the mediating effect of the value of work, psychological ownership on the relationship between procedural justice, job significance and job satisfaction. For the study, the data was collected from convenient sample of 273 nurses at university hospital in a city to test theoretical model and its hypotheses. All data collected from the survey were analyzed using with SPSS 18.0 and AMOS 18.0. This study reports findings as followed: first, the relationship between the procedural justice and the value of work is positively related. Second, there was also a positive correlation between the procedural justice and the psychological ownership. Third, there was also a positive correlation between the job significance and the value of work. Fourth, the relationship between the job significance and the psychological ownership is positively related. Fifth, there was also a positive correlation between the value of work and the psychological ownership. Sixth, there was also a positive correlation between the procedural justice and the job satisfaction. Seventh, the relationship between the job significance and the job satisfaction is positively related. Eighth, there was also a positive correlation between the value of work and the job satisfaction. Ninth, there was also a positive correlation between the psychological ownership and the job satisfaction. Finally, the value of work and psychological ownership played as a partial mediator on the relationship between procedural justice and job satisfaction. Also, the value of work and psychological ownership played as a partial mediator on the relationship between job significance and job satisfaction. Based on these findings, the limitations of the study and some directions for future studies were presented.