교보문고 SCHOLAR 스콜라
이 자료는 국가지식 연계기관과의 협약에 따라 무료로 제공됩니다.
원문을 이용하시기 위해서는 연계기관의 정책을 따르고 있으니
궁금하신 사항은 연계기관을 통해 문의하시기 바랍니다.
곧 연계기관으로 이동합니다
본문내용 바로가기
홈 > 간행물 권호
  • 발행기관: People&Global Business Association
  • 간행물:
  • 권/호:

Global Business and Finance Review(Global Business and Finance Review)

  • 발행기관 : People&Global Business Association(People&Global Business Association)
  • 출처구분 : 학회
  • 간행물유형 : 학술저널
  • 발행주기 : 계간 (발행월:3,6,9,12)
  • ISSN : 1088-6931
Global Business and Finance Review
검색결과 =
7
Individuals’ Asymmetric Choice of Order-type Depending on the Previous Returns
Individuals’ Asymmetric Choice of Order-type Depending on the Previous Returns
Hyo-jeong Lee
People&Global Business Association / Global Business and Finance Review Vol.23 No.2 / 2018 / 1-18 (18 pages)
경제경영>경영학 / KDC : 사회과학 > 경제학 / KCI : 사회과학 > 경영학
초록보기
Using all of individuals’ transactions on KSE over 1999-2009, I find the individuals’ asymmetric choice of order-type depending on the previous returns of stocks. Individuals holding winners prefer to sell them with market orders, and individuals holding losers prefer to sell them with limit orders. However, individuals willing to buy winners tend to use limit orders and individuals willing to buy losers tend to use market orders. Individuals’ order-type selections can be explained by the asymmetric change of their risk attitude depending on the previous stock performance, which is proposed by the Prospect theory. This tendency makes individuals engage in negative feedback trading in market trades and positive feedback trading in limit trades.
Is Blockholder Dispersion Attracting Foreign Investors?
Is Blockholder Dispersion Attracting Foreign Investors?
Hung Sik Kim;Kyung-Shick Cho
People&Global Business Association / Global Business and Finance Review Vol.23 No.2 / 2018 / 19-29 (11 pages)
경제경영>경영학 / KDC : 사회과학 > 경제학 / KCI : 사회과학 > 경영학
초록보기
This paper examines the impact of blockholder dispersion on the foreign ownership in the Korean stock market over the period 2005-2016. We use the Herfindahl Index as a substitute variable for blockholder dispersion. Results show that a lower Herfindahl Index leads to a higher foreign ownership of the publicly listed companies in Korea. This implies that foreign investors prefer companies with dispersed ownership. We confirmed that foreign investors also preferred firms with low volatility, small dividend yields, large, low leverage, and high accounting performance. We have also found that the behavior of foreign investors is different before and after global financial risk. Our findings contribute to our understanding regarding to the relation between foreign investors and ownership dispersion in Korean stock markets.
Electronic Commerce, MCSs Change, and the I mprovement of Supply-chain Performance
Electronic Commerce, MCSs Change, and the I mprovement of Supply-chain Performance
Jong-min Choe
People&Global Business Association / Global Business and Finance Review Vol.23 No.2 / 2018 / 30-48 (19 pages)
경제경영>경영학 / KDC : 사회과학 > 경제학 / KCI : 사회과학 > 경영학
초록보기
This paper aims to demonstrate the positive impact of the fit between the usage levels of business-to-business (B2B) electronic commerce (EC) and forms of management control systems (MCSs) on the supply-chain performance of a firm. This study analyses data taken from 114 manufacturing firms that are listed on the Korean stock market. We adopt the complementarity perspective to suggest the fit among research variables. To demonstrate the impact of the fit on the supply-chain performance of a firm, this study employs a cluster analysis that implies a systems approach of fit. This study also utilizes a subgroup analysis to show the moderating effects of top management support, resource capabilities, and suppliers’ capabilities on the fit. The empirical results show that under high adoption degrees of EC, if both the use levels of non-financial performance measurement system (NPMS) are high and organic structures are employed, the supply-chain performance of a firm is more enhanced. However, the results also indicate that when EC is highly adopted, low usage levels of NPMS and mechanistic structures can reduce supply-chain performance. In the examination of the impact of supply-chain performance on a firm’s overall performance, positive effects are demonstrated. From the results of a subgroup analysis, the facilitating roles of organizational resource capabilities, top management support, and suppliers’ pressure and capabilities for the development of appropriate forms of MCSs under high EC adoption levels are partially confirmed. The designs of MCSs additionally include such components as reward systems and communication networks. In this study, only the core design variables of MCSs are considered.
Meta-Analysis on the Influencing Factors of Technology Commercialization in Korea
Meta-Analysis on the Influencing Factors of Technology Commercialization in Korea
Buil Chung;Byeong-Hwan Hyun
People&Global Business Association / Global Business and Finance Review Vol.23 No.2 / 2018 / 49-65 (17 pages)
경제경영>경영학 / KDC : 사회과학 > 경제학 / KCI : 사회과학 > 경영학
초록보기
In this study, the various influencing factors presented in the prior studies in Korea relating to technology commercialization were classified and grouped into 8 upper group factors and 16 subgroup factors based on their theoretical background. Meta-Analysis was then conducted to figure out the average effects size of overall influencing factors and to identify the key success factors of technology commercialization. In addition, moderator effects were analyzed based on paper type, data type, and sample size. The results showed .3576 of correlation coefficient (ESr) as the summary effect size from 72 studies with 18,370 samples and six (6) factors were derived as the key success factors of technology commercialization: Marketing Capability, Strategic Planning, Manufacturing Capability, Internal Cooperation, External Cooperation, and Learning Capability. Moderator effects were found with data type and sample size but no significant results were obtained with the paper type.
Relationship between Climate Change Risk and Cost of Capital
Relationship between Climate Change Risk and Cost of Capital
Jeong hwan Park;Jung hee Noh
People&Global Business Association / Global Business and Finance Review Vol.23 No.2 / 2018 / 66-81 (16 pages)
경제경영>경영학 / KDC : 사회과학 > 경제학 / KCI : 사회과학 > 경영학
초록보기
In recent years, a global consensus has emerged on the importance of climate change risks. Climate change risk is also known to affect investment decision-making processes, such as those related to the issuance of Green Bonds and the use of ESG investment principles. Given this context, we examine whether there is a relationship between the cost of capital and climate change risk, by focusing on companies under the Target Management Scheme in Korea. Companies with high levels of greenhouse gas emissions or energy use are more likely to be exposed to the uncertainty related to future climate change risks. We measure the climate change risks faced by companies using information on greenhouse gas (GHG) emissions and energy consumption of companies that were announced in the Korean GHG Information Center from 2011 to 2015. We use the weighted average cost of capital provided by NICE Credit Information Co. Ltd., as a proxy for cost of capital. We find that companies with higher risk of climate change have higher cost of capital. In addition, we show that there is a significant positive relationship between climate change risks and cost of capital in high climate change risk industries.
Time Disparity and Price Discovery:
Time Disparity and Price Discovery:
Jae-Seung Baek;Jihun Kim;Myeonghoon Yeom
People&Global Business Association / Global Business and Finance Review Vol.23 No.2 / 2018 / 82-97 (16 pages)
경제경영>경영학 / KDC : 사회과학 > 경제학 / KCI : 사회과학 > 경영학
초록보기
We examine price efficiency of the Korea Exchange (KRX) gold market by showing price discovery factors in the market. This study put forward a hypothesis that the price change of the gold futures in the CME (Chicago Mercantile Exchange) would have a positive impact on the rate of return of the KRX gold market. In addition, this paper goes into detail about the international gold price having a negative correlation with the value of the United States (US) dollar. To test the goal of the research, both the rate of return of the CME gold futures at t-1 days and ICE (Intercontinental Exchange) dollar index futures at t-1 days are investigated to determine whether they have an impact on the market rate of return in the KRX gold market at t day using regression analysis and GARCH model in order to look closely at the factors that determine the market price of the KRX gold market. As results, we find following evidences. First, the rate of return of the CME gold futures at t-1 days has a positive significant impact on the market rate of return in the KRX gold market at t day. Second, the rate of return of ICE dollar index futures at t-1 day could not be confirmed to significantly determine the market rate of return in the KRX gold market at t day. We also investigate the effect of the NYSE United States 5-year bond yield and CBOE VIX futures on the KRX close-to-open rate of return in the KRX gold market and find significant impact of the VIX futures on KRX gold market price. To the extent that the futures market has a characteristic of leading the spot market, this study supports the view of a link between time disparity and price discovery in Korea and the U.S. financial market.
The Value Relevance and Reliability of Intangible Assets:
The Value Relevance and Reliability of Intangible Assets:
Hyunmi Ji
People&Global Business Association / Global Business and Finance Review Vol.23 No.2 / 2018 / 98-107 (10 pages)
경제경영>경영학 / KDC : 사회과학 > 경제학 / KCI : 사회과학 > 경영학
초록보기
This study empirically verifies how the value relevance of intangible asset accounting information is affected by the degree of information reliability of intangible assets. The study period was from 2011 to 2016 when Korea International Financial Reporting Standards (K-IFRS) were applied, and the sample companies were 8,174 firm-year observations. Empirical analysis shows that investors have relatively positive evaluations of intangible assets in the capital market when intangible assets are highly reliable. This implies that the reliability of intangible assets is significant information to help evaluate the relationship between accounting information and stock prices. The contribution of this study is as follows. First, it is confirmed that the usefulness of accounting information can be enhanced if the reliability of intangible assets is guaranteed. Second, reasonable decision-making can be induced in the use of intangible asset accounting information in accounting decision making, supervision, and investment decision-making. Third, it can be recognized by managers that the value of intangible assets that are highly reliable can be recognized in the capital market.