• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.69-77
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• 2021

The objective of this research is to explore the inconclusive theoretical and empirical association between institutional ownership and firm performance in the context of emerging Pakistani economy. The data set consists of all the non-financial firms listed on the Pakistan Stock Exchange (PSX). Annual data set covers the period ranging from 2010 to 2015. However, the econometric analysis does not include those firms with incomplete data. Thus the final data set comprised of an unbalanced panel of sample of 276 firms with 1231 firms years observations. Data related to the institutional ownership and other variables taken for the study were extracted through the annual financial reports of the firms. The research used Tobin's Q as a proxy of market measure of firm performance and tested the endogenous relation with institutional ownership through OLS and 2SLS approach. The study also applied Durbin-Wu-Hausman test to determine the endogeneity before analyzing the 2SLS model. The Durbin-Wu-Hausman Test (DWH) conform the endogenous link between institutional ownership and performance and vice versa. The results derived from 2SLS also confirm a highly significant relationship and two way direct proportional relationships between the institutional investment and corporate performance in the studied companies.

• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.411-417
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• 2021

This study aims to estimate the production function and total factor productivity (TFP) of Vietnamese seafood processing firms. At the same time, the study analyses the impact of internal factors of firms and the quality of economic institutions on the TFP of the Vietnamese seafood processing industry. The study uses the Function Control (FC) approach in TFP estimation and the Feasible Generalized Least Squares (FGLS) regression model in the analysis of factors affecting TFP. The study was carried out on the census data of enterprises of the Vietnamese seafood processing industry collected by the Vietnamese General Statistics Office and Provincial Competitiveness Index data of Vietnam Chamber of Commerce and Industry in the period from 2013 to 2018. Estimated results from the models show that: i) Vietnamese seafood processing firms are, currently, mainly labor-intensive, the TFP contribution and output is only about 2.258. ii) Factors such as the firm's age, firm's size, and the firm's ownership affect TFP. In which, firms that have few numbers of years of operation, small and medium firms, and private firms have low TFP. iii) Institutional quality and the provincial business environment have a positive impact on the TFP of Vietnamese seafood processing firms in this period.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.7-14
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• 2021

This paper examines the impact of foreign ownership on stock price volatility in an emerging market, namely, Thailand. The data were obtained from SETSMART, the database of the Stock Exchange of Thailand (SET). After removing financial firms, banks, and insurance companies as well as filtering outliers, the final sample covers 1,755 firm-year observations from 371 nonfinancial firms listed on the SET over the five-year period from 2014 to 2018. The regression model consists of stock price volatility, measured by two methods, as the dependent variable, foreign ownership as the main independent variable, and firm characteristics including firm size, leverage, market-to book ratio, and stock turnover as the control variables. The pooled OLS, fixed effects, and random effects estimations are employed to examine the relationship between foreign ownership and stock price volatility. The results reveal that foreign ownership has a negative and significant impact on stock price volatility. The two-stage least squares (2SLS) are also performed to address potential endogeneity problem. The results still indicate a negative relationship between foreign ownership and stock price volatility. Taken together, the findings of this study suggest that foreign investors help reduce stock price volatility and thus stabilize share price in the Thai stock market.

• The Journal of Asian Finance, Economics and Business
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• 제8권9호
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• pp.189-199
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• 2021

This study attempts to examine the relationship between corporate social responsibility (CSR) disclosure and earnings management practices in the context of Saudi Arabia after mandatory IFRS adoption. It is carried out on an unbalanced panel of 277 observations over the period 2017-2019. For this purpose, CSR disclosure is measured by Bloomberg ESG scores, while the residuals from the modified Jones model are considered for earnings management. As control variables, we have retained the firm performance, market-to-book ratio, firm size, financial leverage, board independence, ownership concentration, managerial ownership, and lagged discretionary accruals. Using the system GMM estimator in the dynamic panel, the results show a positive association between CSR disclosure and earnings management practices, thus supporting the perspective of agency theory. Managers engage in socially responsible activities beforehand to conceal their wrongdoing and convince stakeholders that the organization is transparent. They probably use ethical codes as a tool to achieve their own goals rather than the firm's goals. Our contribution is the use of recent data (2017-2019) taking into account the mandatory adoption of IFRS in Saudi Arabia. Additionally, to our knowledge, this study is the first to address CSR disclosure and earnings management practices using GMM system estimates.

• East Asian Economic Review
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• 제26권3호
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• pp.179-204
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• 2022

This study examines the extent to which policy-based loans to SME exporters affect their export performance (the intensive margin of exports). We also investigate the heterogeneous export effects of policy-based loans that may depend on firm- and industry-specific characteristics, such as credit ratings, debt-to-assets ratios, firm size and age. To do so, we conduct a survey, of 1,000 Korean SMEs, that collect information on firm-level exports and policy-based loans. The main empirical findings strongly support that SMEs that receive policy-based loans tend to increase their export volumes. However, these loans' positive impact on exports are only valid for SME exporters with credit scores of 12 or greater (that is, SMEs that have difficulty accessing the external financial market). The estimation results with respect to SMEs' dependence on external financing imply that policy-based loans for SMEs in sectors that are heavily dependent on external finance are effective in that they are instrumental in increasing these firms' exports. These empirical findings emphasize the importance of the external financial market to SME exporters who face various up-front investments that are related to their exporting activities.

• Journal of Korea Trade
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• 제26권5호
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• pp.39-55
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• 2022

Purpose - This study empirically examines the effect of the Korean government export promotion program (EPP) on small and medium-sized enterprise (SMEs) export performance using firm-level data. Unlike most previous studies that investigated some specific samples of firms, this study analyzes a vast amount of SME data of the Korean Small and Medium Business Administration over the period 2005 to 2008. Design/methodology - An endogeneity problem arises when a firm's probability of being selected is correlated with the likelihood of successfully implementing EPPs. To control for the endogeneity of the EPPs in a relatively short-period sample, we employ 2-Stage Residual Inclusion (2SRI) RE-Tobit and bivariate Tobit procedure. Findings - Analyses show that Korean government EPPs have positive significant effects on SME exports. Empirical results also show that SME export activities are significantly encouraged by R&D investment and capital intensity, but not obviously by labor productivity. Originality/value - This study provides evidence that SME capital intensity, R&D investment, and the number of workers are significant determinants to SME exporting activities, whereas per worker labor cost and employee education are not. These results imply that even for SMEs, firm size is a major factor in promoting exporting activities.

• 무역학회지
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• 제46권2호
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• pp.355-368
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• 2021

The purpose of this study is to analyze the factors affecting innovation activities related to the introduction of the 4th Industrial Revolution technology for Korean firms faced to the severe global trade and competition environments. This paper conducted an empirical analysis using the 'The Survey of Business Activities' distributed by the Statistics Korea in 2019. According to the results of the analysis, it was found that the firm size, labor cost, R&D, and intellectual property rights had a significant influence on the firms' adoption of the 4th industrial revolution technology. It was also found that the dummy variables such as strategic alliance between companies, review of entry into a new business, transfer of main business operations, and holding of subsidiaries had statistically significant effects on innovation activities. In addition, this paper showed that the firm characteristics had impacts on innovation activities of firms by the 4th industrial revolution technology type. In order for Korean firms to adapt to the challenges by the 4th Industrial Revolution, it is important to provide policy support and an environment in line with the characteristics of the firms.

• 한국의류산업학회지
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• 제13권2호
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• pp.205-214
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• 2011

The purpose of this study is to develop a size information providing model which is easy recognition and utilization for customer. This study also implemented web page to apply the size-informational model. Web page implemented using Apache Web Server and JAVA client-side scripting. Research result on the actual condition of fashion electronic commerce, most of the firms are used the old named same with period of 1980. On the same named-code, they are used different sizing systems by firms or items. Size interval is used 2~5 cm, different by firms. In the size information, is provided only named-code(55, 66 etc.) or garment size, and is confusing whether the marked is body size or garment size. Many of the marked size information were wrong. The sizing system of KS K5001(2009) is not used well. These problems are increased a lose customer and firm by return, exchange, mending-cost, stock, etc. Therefore, the problems should be improved by providing correct and detailed information of size and garment, as well as standardization of sizing systems based on KS K5001.

• 벤처창업연구
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• 제6권1호
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• pp.23-37
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• 2011

본 연구는 우리나라 벤처기업규모의 진화과정이 기존 기업규모에 무 작위적인 진화과정인지 (Gibrat's Law) 또는 자기조직화의 과정을 따를 지(Pareto Law)에 대한 실증분석을 실시하는 데 목적에서 수행되었다. 이 연구목적을 위하여 두 가지 진화과정에 대한 이론적 가능성을 설명하고, 2005년도부터 2008년도까지 92개 코스닥상장 기술벤처기업대상으로 실증적 분석을 실시하였다. 실증분석결과를 간단하게 요약하면 다음과 같다. 첫째, 우리나라 벤처기업규모의 집중도를 나타내는 지니계수변화는 종업원 수의 관점에서 집중도는 2005년도에 비하여 2008년도에 상대적으로 감소하였으나, 매출액 규모에서는 기업규모집중도가 증가하고 있음을 보였다. 둘째, 우리나라 벤처기업규모의 진화과정은 자기조작화의 메커니즘이 작동되는 멱 함수 법칙을 따르는 것으로 나타났다. 추정된 파레토 계수는 1보다 작게 나타났으며, 추정된 계수는 통계적으로 유의한 값을 보였다. 셋째, 우리나라 벤처기업규모의 초기 설립에서부터 장기적 기업성장을 통하여 최상위 기업규모그룹에 속할 수 있는 확률은 6.9%로 전망되었다. 이러한 실증분석결과는 초기에 나타난 벤처기업규모가 장기적 벤처기업진화에 매우 중요한 역할을 수행함을 제시한다.

• 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.