Korea's liberalization policy directives and Korea's weakening competitiveness

Recently, Korea's export growth rate is decreasing and its trade level staggering. Since Korea has few natural resources and is highly dependent on trade, this recent trend signals a serious problem lying ahead. In this paper, we look at internal and external factors weakening Korea's competitiveness in the world market and suggest liberalization policy guidelines to improve its competitiveness.     

The signalling process in initial public offerings

This study uses a sample of Singapore IPOs to examine the signalling process at the time of a new issue of shares. The multiple regression analysis results support three testable implications of the Grinblatt and Hwang model. We show that (1) the value of the firm is positively related to the fractional holding of the issuer, (2) the degree of underpricing is an increasing function of the variance, and (3) firm value is positively related to the degree of underpricing.     

Intrapreneurship model in the software industry

Quality & Quantity - The complexity of business dynamics demands that companies search for alternative ways to ensure their growth and survival. Thus intrapreneurship emerges as an ad-hoc...     

Financial crisis and stock market efficiency: Empirical evidence from Asian countries

This paper empirically investigates the effects of the 1997 financial crisis on the efficiency of eight Asian stock markets, applying the rolling bicorrelation test statistics for the three sub-periods of pre-crisis, crisis, and post-crisis. On a country-by-country basis, the results demonstrate that the crisis adversely affected the efficiency of most Asian stock markets, with Hong Kong being the hardest hit, followed by the Philippines, Malaysia, Singapore, Thailand and Korea. However, most of these markets recovered in the post-crisis period in terms of improved market efficiency. Given that the evidence of nonlinear serial dependencies indicates equilibrium deviation resulted from external shocks, the present findings of higher inefficiency during the crisis are not surprising as in the chaotic financial environment at that time, investors would overreact not only to local news, but also to news originating in the other markets, especially when the news events were adverse.     

Firm diversification and earnings management: evidence from seasoned equity offerings

Popular press suggests that diversified firms are more aggressive in managing earnings than non-diversified firms. We examine this claim in the seasoned equity offering (SEO) setting, where firms have been shown to have the incentive to manage earnings upwards. Using the cross-sectional modified Jones [(1991) J Accounting Res 29:193–228] model to measure discretionary current accruals, we find that discretionary current accruals are higher among diversified firms than in non-diversified ones. Our evidence is consistent with the view that the extent of firm diversification is directly related to the degree of earnings management. We further show that diversified issuers with high discretionary accruals underperformed other SEO firms.

Company Stock in Defined Contribution Plans: Evidence from Proxy Voting

I examine whether firms’ decisions to offer company stock in defined contribution (DC) plans are explained by managers’ corporate control motives. Using a large sample of proxy voting outcomes, I find that employee ownership in DC plans is significantly and positively associated with the level of voting support for management‐sponsored proposals. This suggests that managers encourage employee DC holdings in company stock in order to receive higher voting support in favor of management. The effects of employee ownership on voting outcomes are significantly greater in specific subsamples where employee vote is more important to management.     

Auditor Quality,IFRS Adoption,and Stock Price Crash Risk: Korean Evidence

This paper investigates the relationship among auditor quality, International Financial Reporting Standard (IFRS) adoption and stock price crash risk. Using 657 unique listed companies spanning 2002–2014 in Korea, this study finds that stock price crash risk decreases, especially for firms using Big 4 auditors, after IFRS adoption in Korea. Stock price crash risk decreases for a firm included in Big 4 auditors, while it does not increase for a firm excluded from Big 4 auditors after IFRS adoption. Finally, this study finds that Big 4 auditor decreases stock price crash risk only when the firm size is above-median.     

Linking corporate sustainability and innovation in supply chain management – evidence of a Taiwan leading glass recycling company

This empirical study presents a combination of insights from corporate sustainability practices, supply chain management, and innovation literature, and a case study to discover new understandings on factors influencing firms to incorporate sustainable innovation initiatives into their supply chain practices. There is an apparent lack of literature in this field due to its modernity and evolving nature. Also, there is a lack of insights into how firms could translate sustainable innovation initiatives into practice. This study addresses this gap by examining a successful glass recycling company through the lenses of sustainable innovation context and the Global Reporting Initiative G3 Guideline framework. Primary data are collected through observations and in-depth interview before it is coded and analysed using nVivo. The findings show that sustainable innovation practices are mainly directed at improving the technological processes, resource sharing, and reduction of production cost among supply chain partners. A conceptual sustainable innovation framework is also proposed. This study contributes to sustainable innovation literature by providing insights into the evaluation of a firm's innovative sustainability efforts.     

Modeling Mexican agricultural production

Results of time series tests (including unit root and deterministic and stochastic cointegration tests) imply that a mixture of differenced and cointegrated model specifications are warranted for econometric models of Mexican agricultural supplies and input demands. Test results are sensitive to choice of functional form and the set of regressors. For example, share equations should be estimated using differenced data, but output supply and input demand equations generally should not. Generalized Leontief and quadratic functional forms are preferred over the translog. Symmetry and curvature of a restricted profit function are rejected. Short-run output supplies and input demands are generally inelastic. First version received: February 1998/Final version received: November 1998