• Journal of Distribution Science
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• v.20 no.12
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• pp.13-22
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• 2022

Purpose: The paper contributes to the existing literature on Vietnamese corporate governance and firm performance with a focus on listed family firms and the use of a more suitable econometric framework to analyze firm performance. The study investigates how family firm performance is affected by corporate governance under the standpoint of stewardship theory in Vietnam. Research design, data and methodology: With the use of different measures for firm performance (Tobin's Q, ROA, and ROE), regression models were estimated using Generalized Least Square (GLS) method on a panel data of a total of 113 listed companies during the five-year period from 2015 to 2019. Results: We found that family ownership as the main characteristic of the stewardship theory affects family firms positively. In addition, several other characteristics in corporate governance as board composition (board independence, board audits, and board committees), CEO (age and tenure) and firm characteristics (size, age, expansion, and annual sales) showed significant impacts on firm performance. Our findings also suggest that family firm performance can be either positively or negatively affected based on the characteristics of corporate governance. The findings can help companies evaluate the significance of corporate governance through deciding board structure and the selection of CEOs to match family firm characteristics. It also gives insights for investors, rating agencies, and policymakers for relevant purposes.

• The Journal of Information Systems
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• v.29 no.4
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• pp.45-56
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• 2020

Purpose The purpose of this study is to present the direction of efficient e-learning education through the importance and satisfaction survey of learners of non-face-to-face video lectures. Therefore, by grasping the degree of satisfaction of the importance ratio through the IPA analysis method, we try to present improvement measures for insufficient education methods. Design/methodology/approach For IPA analysis, we conducted an online survey of four universities and analyzed 154 samples. The analysis method used SPSS, and through the wordcloud analysis method of R, the suggestions for the non-face-to-face lecture method felt by learners were analyzed to derive implications for improving the quality of education. Findings As a result of the overall satisfaction survey for the entire non-face-to-face class, the factors with the greatest dissatisfaction are listed as follows. Complaints about the adequacy of learning materials and activities (quiz, discussion, assignments, etc.), Complaints about how to use the produced content, and complaints about announcements about class management (lecture schedule, lecture method) were identified in order. The factors of dissatisfaction were clear in the non-face-to-face class where interactive communication was impossible or insufficient. In addition to the lack of quick Q&A, there seems to have been a phenomenon of some neglect.

• Asian Journal of Business Environment
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• v.12 no.4
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• pp.35-44
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• 2022

Purpose: The main purpose of this study is to find out the impact of ownership structure on firm performance in the pharmaceutical and chemical industry of Bangladesh. Research design, data and methodology: The study has been conducted on 28 listed pharmaceutical and chemical companies from 2012 to 2020. Return on Assets (ROA) and Tobin's Q are selected as indicators of internal and market performance of the firms respectively whereas institutional ownership, directors' ownership and foreign ownership are selected as proxies of ownership structure. Panel analysis using random effects, lag method and time dummy method is used to analyse the relationship. Results: The study has found the existence of highly concentrated directors' ownership, a low percentage of institutional ownership and a very insignificant proportion of foreign ownership in the industry. The regression results show that directors' ownership has a positive and significant impact on firm performance, supporting the concept of agency theory. The study has also found a positive and significant impact of foreign ownership on firm performance. Unfortunately, the impact of institutional ownership is found to be insignificant. Conclusions: Directors' ownership and foreign ownership decreases agency cost that ultimately increases firm performance. However, the role of institutional investors is not significant enough to improve firm performance. It is suggested that institutional investors should be more active and involved in monitoring the activities of the organisations to improve performance.

• Asia-Pacific Journal of Business
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• v.12 no.3
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• pp.71-85
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• 2021

Purpose - Prior studies have found that the characteristics of managers, corporate governance structure, corporate social responsibility and so on affect firm value. This study explores whether managerial overconfidence affects firm value through empirical analysis. Design/methodology/approach - Korean-listed non-financial companies from 2011 - 2017 are collected as the research sample. Firm value is measured by Tobin's Q, and managerial overconfidence is measured using a composite index encompassing various financial data. OLS and fixed effect model are used to investigate the relationship between managerial overconfidence and firm value. Findings - Managerial overconfidence is positively associated with firm value. Additional analysis reveals the following: (1) In the three subsamples of large, backbone, and small- and medium-sized enterprises, managerial overconfidence is beneficial to firm values. (2) Managerial overconfidence increases firm value on the t+1 year. Research implications or Originality - We use a comprehensive index with higher trust and feasibility to measure manager overconfidence and empirically confirm that managerial overconfidence can become a factor to improve firm value. Thus, it is necessary for shareholders to adopt an objective and neutral attitude and reasonably understand the psychological characteristics of managers when selecting CEOs. In addition, it is necessary to continue to optimize the measurement method of managerial overconfidence.

• Journal of Nutrition and Health
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• v.27 no.3
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• pp.292-303
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• 1994

The present study investigated the perceptions of food adopted by Koreans using the characteristics of taste and nutrition. Two hundred and nine Korean subjects were surveyed including University students and adults from many diverse social backgrounds. The subjects sorted pictures of foods according to two conditions, how tasty and then how nutritions they thought the foods were using the Q-method. These pictures included two sets, one for individual food items and the second depicting typical Korean meals, yielding a total of four conditions, This methodology effectively addressed any language barrier as pictures and words in both Korean and English were used. It was an effective tool for allowing the identification of perceptual structures and indicating how prevalent they were across samples. The data were factor analysed and the resulting factor scores interpreted. Meat was regarded positively in all four conditions. Individual sweet foods were preferred by younger subjects while individual traditional foods were preferred by older subjects. Traditional Korean meals were also favoured while processed meals were not. Nutritionally, proteins were more valued than carbohydrates, fibre and vitamins. Meals that contained protein and were regarded as filling and sustaining were regarded positively. The implications for nutrition education were discussed.

• Asia-Pacific Journal of Business
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• v.14 no.1
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• pp.171-194
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• 2023

Purpose - This study starts with the question of whether the capital market is likely to give positive valuations to companies that pursue diversity in their management and corporate governance structure. In this study, minority gender identity is considered as a diversity issue in management that has a socially negative perception. Design/methodology/approach - This study analyzed the relationship between corporate value in the capital market and the policies of companies that advocated minority gender identities, based on listed U.S. company data. Findings - This study finds that companies that support minority gender identities had a lower Tobin's q value than companies that did not. However, in the case of authenticity in terms of corporate governance diversity, the study finds that companies that advocate minority gender identities rather receive high firm valuation. In particular, companies with a high percentage of female directors show high corporate value even when implementing policies that support minority gender identities. Research implications or Originality - This study explores the capital market's response to diversity using past data in the U.S., but provides more practical implications for how companies should respond to a situation where an advocacy policy, based on more social recognition, for LGBT groups is established in Korea.

• Journal of Korean Tunnelling and Underground Space Association
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• v.11 no.2
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• pp.151-162
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• 2009

This study proposes a new methodology for quantitative rock classification in unsampled rock zone, which occupies the most of tunnel design area. This methodology is to train an ANN (artificial neural network) by using results from a drilling investigation combined with electric resistivity survey in sampled zone, and then apply the trained ANN to making a prediction of grade of rock classification in unsampled zone. The prediction is made at the center point of a shifting window by using a number of electric resistivity values within the window as input reference information. The ANN training in this study was carried out by the RPROP (Resilient backpropagation) training algorithm and Early-Stopping method for achieving a generalized training. The proposed methodology is then applied to generate a rock grade distribution on a real tunnel site where drilling investigation and resistivity survey were undertaken. The result from the ANN based prediction is compared with one from a conventional kriging method. In the comparison, the proposed ANN method shows a better agreement with the electric resistivity distribution obtained by field survey. And it is also seen that the proposed method produces a more realistic and more understandable rock grade distribution.

• Applied Biological Chemistry
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• v.48 no.1
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• pp.82-88
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• 2005

3D QSAR studies for the fungicidal activities against resistive phytophthora blight (RPC; 95CC7303) and sensitive phytophthora blight (Phytopthora capsici) (SPC; 95CC7105) by a series of new 2-alkoxyphenyl-3-phenylthioisoindoline-1-one derivatives (X: A=propynyl & B=2-chloropropenyl) were studied using comparative molecular field analyses (CoMFA) methodology. The CoMFA models were generated from the two different alignment, atom based fit (AF) alignment and field fit (FF) alignment. The atom based alignment exhibited a higher statistical results than that of field fit alignment. The best models, A3 and A7 using combination fields of H-bond field, standard field, LUMO and HOMO molecular orbital field as additional descriptors were selected to improve the statistic of the present CoMFA models. The statistical results of the two models showed the best predictability of the fungicidal activities based on the cross-validated value $q^2\;(r^2_{cv.}=RPC:\;0.625\;&\;SPC:\;0.834)$, non cross-validated value $(r^2_{ncv.}=RPC:\;0.894\;&\;SPC:\;0.915)$ and PRESS value (RPC: 0.105 & SPC: 0.103), respectively. Based on the findings, the predictive ability and fitness of the model for SPC was better than that of the model for RPC. The fugicidal activities exhibited a strong correlation with steric $(66.8{\sim}82.8%)$, electrostatic $(10.3{\sim}4.6%)$ and molecular orbital field (SPC: HOMO, 12.6% and RPC: LUMO, 22.9%) factors of the molecules. The novel selective character for fungicidal activity between two fungi depend on the positive charge of ortho, meta-positions on the N-phenyl ring and size of hydrophilicity of a substituents on the S-phenyl ring.

• Analytical Science and Technology
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• v.17 no.6
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• pp.496-513
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• 2004

This study was carried out to evaluate the performance of sampling and analytical methodology used for the measurement of toxic volatile organic compounds (VOCs) in the ambient air. VOCs were determined by the adsorbent tube sampling and automatic thermal desorption coupled with GC/MSD analysis. Target analytes were 33 compounds including major aromatic compounds such as BTEX, and halogenated compounds. The methodology was investigated with a wide range of different adsorbents which are commercially available and have been frequently adopted for the VOC measurement. A total of 10 adsorbents were tested in this study: 6 carbon-based adsorbents such as Carbotrap, Carbopack B, Carbosieve S-III, Carboxen 1000, Carbotrap C, Activated Charcoal; and 4 polymer-based adsorbents including Tenax, Porapak Q, Chromosorb 102, and Chromosorb 106. The sampling performance was evaluated with respect to the sampling capacity of VOCs with single-adsorbent and multiple-adsorbents methods for standard samples and field samples. As a result, the best adsorbents for single-adsorbent method in the sampling of toxic organic compounds (including benzene, toluene, xylenes etc.) appeared to be Carbotrap, Carbopack B and Tenax TA. On the other hand, Chromosorb 102, Chromosorb 106 and Porapak Q were found to be unsuitable adsorbents for VOC measurement based on thermal desorption method. Multi-adsorbent packings were evaluated with 4 carbon-based adsorbents, which classified by 3 combination sets of double adsorbents and 2 combination sets of triple adsorbents. The results indicated that the most suitable combination for toixc VOC measurements is Carbotrap C with Carbotrap. Multi-sorbents tubes packed with a strong adsorbent such as Carbosieve S-III or Carboxen 1000 were found to be relatively unsuitable for several compounds, not only owing to the effect of migration of adsorbed compounds from weaker adsorbent to stronger adsorbent, but to hydrophobic nature of the adsorbents. Therefore, it should be addressed that selection of a proper adsorbent (or combination of multi sorbents) is extremely important to obtain reliable data for the concentrations of toxic VOCs in indoor and outdoor environments.

• The Journal of Industrial Distribution & Business
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• v.9 no.5
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• pp.63-72
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• 2018

Purpose - This work analyzes, in detail, the specification of vector error correction model (VECM) and thus examines the relationships and impact among seven economic variables for USA - balance on current account (BCA), index of stock (STOCK), gross domestic product (GDP), housing price indices (HOUSING), a measure of the money supply that includes total currency as well as large time deposits, institutional money market funds, short-term repurchase agreements and other larger liquid assets (M3), real rate of interest (IR_REAL) and household credits (LOAN). In particular, we search for the main explanatory variables that have an effect on stock and real estate market, respectively and investigate the causal and dynamic associations between them. Research design, data, and methodology - We perform the time series vector error correction model to infer the dynamic relationships among seven variables above. This work employs the conventional augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) unit root techniques to test for stationarity among seven variables under consideration, and Johansen cointegration test to specify the order or the number of cointegration relationship. Granger causality test is exploited to inspect for causal relationship and, at the same time, impulse response function and variance decomposition analysis are checked for both short-run and long-run association among the seven variables by EViews 9.0. The underlying model was analyzed by using 108 realizations from Q1 1990 to Q4 2016 for USA. Results - The results show that all the seven variables for USA have one unit root and they are cointegrated with at most five and three cointegrating equation for USA. The vector error correction model expresses a long-run relationship among variables. Both IR_REAL and M3 may influence real estate market, and GDP does stock market in USA. On the other hand, GDP, IR_REAL, M3, STOCK and LOAN may be considered as causal factors to affect real estate market. Conclusions - The findings indicate that both stock market and real estate market can be modelled as vector error correction specification for USA. In addition, we can detect causal relationships among variables and compare dynamic differences between countries in terms of stock market and real estate market.