Purpose - The purpose of this paper is to investigate the relationship between corporate social responsibility disclosure (CSRD) and investment-cash flow sensitivity, which is a surrogate for financing constraints. Research design, data, and methodology – Taking China’s A-share listed companies between 2009 and 2016 as a sample, this paper empirically tests the relationship between CSRD and investment-cash flow sensitivity by Panel VAR model. By introducing the orthogonal impulse response function, this paper distinguishes the fundamental factors and financial ones that affect corporate investment behavior. Results – Findings indicate that: (1) investment-cash flow sensitivity of firms with low level of CSRD is significantly lower than that of firms with high level of CSRD; (2) the orthogonal impulse response of corporate investment to cash flow in firms with high level of CSRD is significantly different from zero, but it is not significant in firms with low level of CSRD; (3) for firms with low level of CSRD, 0.7% of corporate investment volatility can be explained by the change in cash flow, which is lower than that of firms with high level of CSRD (1.1%). Conclusions - Corporations disclosing more and higher quality CSRD are often those faced with financing constraints. Voluntary disclosure can help them alleviate information asymmetry and financing constraints.

기업이 변화하는 환경에서 통합적 마케팅 커뮤니케이션의 수단으로 시행하는 기업 활동 중 공모전이라는 이벤트는 실제 많은 사람들의 주목과 관심을 받는 활동이지만, 그에 대한 효과는 크게 연구되지 않았다. 따라서 공모전에 대한 대학생의 높은 관심을 기업들은 참신한 아이디어 발굴 및 기업의 홍보 활동으로 연결시키려는 시도로 이어져 대다수의 기업들이 자체 이름을 건 공모전을 시행하고 있으며, 민간기업 뿐 아니라 정부부처, 공공기관에서도 시행하고 있다. 공모전은 미래의 고객인 고등학생, 대학생층을 고객으로 삼고, 기업 이미지를 좋게 하려는 의도가 있는 홍보의 한 수단이 되고 있다. 본 연구는 기업이 커뮤니케이션의 수단으로 시행한 공모전에 출품한 학생들과 공모전에 관심을 갖고 있는 학생들, 지도 교사들을 대상으로 기업 이미지와 인지도, 행동의도의 조사 분석을 통해 기업이미지에 변화가 있었는지를 연구하였다. 연구문제를 제시하고 조사 분석결과, 공모전 실행 후 기업의 이미지와 인지도는 높게 나타났다. 공모전은 기업의 인지도와 기업이미지 제고에 영향을 주는 것으로 검증되었다. 특히 공모전에 참여했던 응답자는 공모전을 개최하는 과정 속에서 기업정보의 습득, 참여로 발생하는 높은 관심, 기업구성원들과 친밀도 증가 등의 영향을 받은 것으로 조사되었다. 그 과정 속에서 기업의 이미지에 호감과 긍정적인 영향을 미친 것으로 분석되었다. 공모전에 참여하지 않았지만 공모전의 포스터를 보고 기업에 대한 이미지와 인지도가 더욱 호의적으로 변한 변화의 차이가 나타나고 있다. 따라서 현재 많은 기업들이 공모전을 통해 기업이미지나 기업에 대한 행동의도를 제고하기 위해서는 기업의 특성에 맞는 공모전 개최와 기업이 사회공헌활동을 통해 얻고자 하는 목적을 달성할 수 있는 차별화된 공모전 개최가 필요하다.

There has been a recent increase in the interest towards founding companies and in line with the South Korean Government’s policy on start-up support, discussions are rife about the effect of entrepreneurship on the management and performances of these companies. To enhance the competitiveness of SMEs, it is expedient to acquire and deploy consistent entrepreneurship, differentiate corporate resources, ensure the appropriate utilization of resources and the integration of such factors in response to the changing environment. This research examines relationships among entrepreneurship, three components of corporate capabilities, dynamic capability and technical performance based on resource-based view and the dynamic capability theory. The authors also investigate the moderating role of corporate life cycle. To test the hypothesis, we conducted a survey on 352 technologies –innovative SMEs located in South Korea via professional research institutes. The findings confirm the hypothesis that SMEs’ entrepreneurship has a positive effect on three kinds of corporate capabilities (e.g., marketing, R&D, operations capability), and it had a positive effect on dynamic capability, whiles dynamic capability also had an influence on technical performances. The findings also confirmed the hypothesis that corporate life cycle moderates the relationship between dynamic capability and technical performances respectively. The research implications for both practitioners and academicians are discussed.

Corporate social responsibility (CSR) is one of the strategies for managing firms’ business activities but may have heterogeneity depending on ownership structures. This study investigates the association between group-affiliation and CSR activities. Drawing on a theory from the prior research, this study predicts that group-affiliated firms are less likely to invest on CSR activities. For instance, prior research finds that controlling shareholders expropriate the values of minority shareholders. As one of the motivations of investing on CSR activities is the harmonization among the stakeholders, it leads to the prediction that firms controlled by large shareholders are less likely to engage in CSR activities. Second, group-affiliated firms under poor financial performance benefit from other group members through sharing their financial resources. Thus, there is less incentive for managers of group-affiliated firms to increase their financial performance by conducting CSR. By leveraging firms listed in Korean stock market and CSR score from Korea Economic Justice Institute, the result shows that the groupaffiliation is negatively related to CSR activities. The result is consistent in case of applying propensity score-matched sample. Based on the findings of this study, this paper contributes to the related literature by showing the significant association between group-affiliation and CSR decisions.

The study aims to investigate methods for companies to contribute to not only social and national developments, but also on the promotion of individuals and companies by re-examining the various phenomena that define companies. The study examines the relationship between subordinate factors of social responsibility activities and job performances as well as the role of CEOs in showing authentic leadership and meaningfulness of work. A total of 312 valid questionnaires were obtained, and hypotheses were tested using regression analysis, hierarchical regression analysis, and 3-way interactions. The results suggest that corporate social responsibility activities not only enhanced the performance of the members, but also confirmed the importance of the authentic leadership of the CEO. Additionally, the role of the members in the company also showed to play a very significant role in a company’s developments. The results also show that the CEO and members need to make efforts to increase ethics as well as gain more competitiveness and improve their reputation by promoting their sense of calling and feeling of compassion in the workplace. In other words, the members of the high-ranking book and the members of the relatively low position will have different degrees of information transfer and evaluation of the company policy may be different.

The public and the corporate itself are increasingly paying attention to the ethical problems because of the notorious conducts in corporate management, such as bribery, financial report fraud, dishonesty and trade secrets theft. The non ethical behavior doing harm to social conducts and hurting the relations between the corporate and the stakeholders has direct influences on the corporate image and long-term corporate profitability. Thus under the pressure of the public and self-sustaining development, the corporate ethic is brought into sharp focus. The corporate ethical capability refers to the overall ethical level shown by the corporate in the activities of management and marketing. The capability covers not only all the resources and mechanism but also the unique behavior both in the internal environment and external environment. In a sense, the corporate ethical capability is the highest level of the core competence. Therefore, to make rational criteria for the corporate ethical evaluation system and to build fair evaluation system are put forward as an important part. This article will probe into rational alternatives for the corporate ethical evaluation system under Chinese current situation in the perspective of the internal and external environment.

Purpose – The purpose of this study is to conduct a monitoring study on the learning process of e-learning contents. This study has two research objectives. First, by conducting monitoring research on the learning process, we aim to explore the implications for content development that reflects future student needs. Second, we want to collect empirical basic data on the estimation of appropriate amount of learning. Research design, data, and methodology – This study is a case study of learner's learning process in e-learning. After completion of the study, an in–depth interview was made after conducting a test to measure the total amount of cognitive load and the level of engagement that occurred during the learning process. The tool used to measure cognitive load is NASA-TLX, a subjective cognitive load measurement method. In the monitoring process, we observe external phenomena such as page movement and mouse movement path, and identify cognitive activities such as Think-Aloud technique. Results – In the total of three research subjects, the two courses showed excess learning time compared to the learning time, and one course showed less learning time than the learning time. This gives the following implications for content development. First, it is necessary to consider the importance of selecting the target and contents level according to the level of the subject. Second, it is necessary to design the learner participation activity that meets the learning goal level and to calculate the appropriate time accordingly. Third, it is necessary to design appropriate learning support strategy according to the learning task. This should be considered in designing lessons. Fourth, it is necessary to revitalize contents design centered on learning activities such as simulation. Conclusions - The implications of the examination system are as follows. First, it can be confirmed that there is difficulty in calculating the amount of learning centered on learning time and securing objective objectivity. Second, it can be seen that there are various variables affecting the actual learning time in addition to the content amount. Third, there is a need for reviewing the system of examination of learning amount centered on 'learning time'.

Purpose – The purpose of this study is to explore the introduction and activation of smart training for the effective training of vocational ability development of companies in the 4th industrial revolution era, we analyze the present status of smart training introduction and related difficulties and propose concrete activation plan. Research design, data, and methodology – Through the online survey, we tried to confirm the recognition of corporate about smart training. Questionnaires include what are the benefits, expectations, and difficulties of smart training, etc. The survey was conducted from August 21, 2017 to September 4, 2017. A total of 69 companies participated in the questionnaire. The questionnaire results were analyzed through frequency analysis and contents analysis. Based on the results of the questionnaire, we found out the cause of inhibition of smart training activation and suggested activation strategies. Results – The main reason for the provision of smart training is the expectation of the training performance and the recognition that it is possible to provide training in a flexible manner. The effectiveness of smart training operation was evaluated as a high level of contribution to the development of creative training course and the capacity of training institute. As a result of checking factors that hinders the activation of smart training, the most important reason is that the time and cost burden of the training institutes is excessive. The lack of expertise in the design of smart training courses and the burden of employers and trainees. Conclusions – In order to activate smart training, it is necessary to find solutions to the obstacles at the internal or external level of training institutions. The internal barriers to the training organization are lack of internal competence for preparation and course management. In this regard, we need to consider providing consulting, best practices or guidance in the process of designing and operating smart training. On the other hand, as an external obstacle factor, it is necessary to provide incentives to participate in smart training. In addition, further research is needed on strategies that can lead to participation in smart training from the viewpoint of employers and learners.

Purpose – One of the biggest problems in the e-learning distribution process is the lack of quality content and learners' discredit in e-learning content. In order to respond to the various demands of the corporate education field appropriately, it is necessary to search for directions of new e-learning models that are out of traditional e-learning contents. The purpose of this study is to identify recent trend issues related to corporate e-learning and to suggest directions for development. Research design, data, and methodology – Based on the literature review, trend issues that should be considered important in corporate e-learning were derived. Online survey was conducted to evaluate the importance-feasibility of each issue to 13 experts on e-learning and corporate education. The contents of the questionnaire are as follows: 1) recognition of importance and feasibility of trend issues to be considered important in the future corporate education field; 2) factors to be considered in developing future e-learning contents. Results – Six trends derived from a comprehensive literature review. The most important e-learning trends for corporate education field were 'mobile learning', 'micro learning', 'blended learning', 'social learning', 'adaptive learning', ‘engaged learning'. As a result of evaluating the importance and feasibility of each issue, experts point out that 'mobile learning' and 'micro learning' should be actively considered for introduction and utilization at present. In addition, 'social learning' and 'blended learning' need to be actively considered in the near future. On the other hand, experts recognized that 'adaptive learning' and 'engaged learning' need to be prepared from a long-term perspective. Conclusions – There are two main reasons for this result. First, in corporate e-learning, it is important to 1) be able to update on time, 2) the connection with the workplace is important. Second, it requires realistic verification of the expected performance of the learning model. To be considered part of the future are as follows: First, the value and effectiveness of the new e-learning type should be studied. Seconds, e-learning contents should be developed through adopting SAM or Agile methodology. Through this process, we would be able to enhance the quality in e-learning content.

These days, corporate risk management has become a major concern in the corporate world. Companies in the global environment are exposed to diverse kinds of risks that are affecting the decisions of investors and other stakeholders. Therefore, companies are expected to not only identify and manage risks but also voluntarily report the same to the stakeholders. Increasingly, standard setters and regulators are requiring firms to disclose such information. On the contrary, there also exists a perception that risk reporting can create a negative impression among the stakeholders about the future of the company. In line with such growing dilemma for risk disclosures, the issue of corporate risk reporting (CRR) has been receiving immense emphasis from the accounting academicians. The main objective of this article is to conduct a comprehensive literature review on corporate risk disclosures. In order to fulfill this objective, at first, a summary of the relevant available literature is presented to identify the current regulations on risk reporting, existing trends of CRR research and theories applied in research. Then, through analysis, several research avenues are identified. It is expected that if these dimensions are explored by the future researchers, a better and broader understanding of the risk reporting practices can be achieved.

This paper explores the impact of corporate control, measured by ownership structure, on top-executives’ compensation in Japan. According to agency theory, the pay-performance link is expected to be affected by the firm’s ownership structure. Using a sample of 4,411 firm-year observations (401 firms for the 11-years period from 2001 to 2011) for Japanese non-financial firms publicly traded on the first section and second section of the Tokyo Stock Exchange (TSE), this study demonstrates that institutional ownership (both financial and corporate) is negatively related to the level of executives’ compensation. Such finding is in line with efficient monitoring hypothesis which claims that the presence of institutional shareholders provides direct monitoring over managers, limits managerial self-dealing and curves the increase in top-executives pay. On the other hand, the results also show that managerial ownership is positively related to their compensation which supports managerial power theory hypothesis, i.e. management-controlled firms are more likely to extract more compensation from the business than other firms. Overall, this study confirms that corporate control has significant impact on cash compensation paid to Japanese top-executives after controlling the conventional pay-performance relationship.

Purpose - The total amount of advanced Corporate Pension Insurance products exceed 148 trillion Korean Won at the end of 2016. For a firm with over 300 employees, when a bill on compulsion of introduction of Corporate Pension Insurance products, currently pending in court, is passed, Corporate Pension shall be an essential. The findings of the paper will provide a guideline for understanding on firm's attributes and its effects towards introduction of Corporate Pension Insurance products. Research design, data, and methodology – The data were collected using statistics of employer panel survey from Korea Labour Institute in 2013. The study analyses a sample survey on 1,775 outstanding enterprises and their HR department among whole corporations in Korea. For analysis of data, empirical testing by Logistic Regression was utilized. Results – As an outcome of empirical testing, variables on share of regular employees and the aged employees in over 50's generates a significant statistical meaning. It eventually gives a great impact on purchase of Corporate Pension scheme. Moreover, variables on corporate financial statement, current sales, current net income, total amount of the debts, labor cost per person also has a vital influence on introduction of Corporate Pension Insurance products. Lastly, variables on firm's labor relationship have no effect except for the execution or non-execution of HR consulting. Meanwhile, Variables affecting a choice on pension schemes types among firm's attributes are a share of regular employees, current net income, execution or non-execution of HR consulting etc. These variables represents a statistical implication. According to their each features, they prefer DB or DC plan. Conclusions – Introduction of corporate pension scheme is apposite to contemporary Korea's situation entering a hyper-aging society and firms with a high share of regular employees, the weight of aging, current sales, current net income and labor cost per person are exceedingly active in purchasing Corporate Pension Insurance products. However, after the introduction of corporate pension scheme, firms which has an implementation of consultation on human resource management, flexible benefits plan, job security and welfare system prefer DC plan whereas from financial perspective firms with high net income prefer DB plan.

Purpose – The purpose of this research study is to make a comparative analysis between corporate governance guidelines 2016 and 2012 and area of further improvement to ensure better governance, accountability and transparency. Research design, data and methodology - This research study is mainly based on the corporate governance guidelines 2016 and 2012 issued by the regulatory authority known as Bangladesh Securities and Exchange Commission (BSEC). Results - This study finds that corporate governance guideline 2012 include some new issues such as criteria and qualification of independent director; some additional statements in the directors’ report; mandatory requirement of separation of chairman and CEO; constitution of audit committee; chairman of audit committee; role of audit committee, duties of CEO and CFO on financial statements; and collection of compliance certificate from professional accountant or secretary in compare to corporate governance guidelines 2016. Conclusions – This study suggests that the regulatory authority should include more issues such as tax management and reporting, risk management and reporting; individual and overall performance analysis of the board and independent directors; separate nomination and compensation committee; assessment of true independence of the board and its supporting committees to ensure higher quality of corporate governance and transparency.

Purpose – In this article, a dynamic model like a VAR is an appropriate choice for estimating the possible interrelationship between ownership structure and firm performance as a dynamic process. Research design, data, and methodology – Data of this work are collected from Chinese stock exchange including 350 Chinese-listed firms during the period of 1999-2012. We hypothesize that this interrelationship dynamically exists between ownership structure and firm performance. To examine the correlation, a panel Vector Auto-regression (PVAR) approach generated by GMM method is utilized to test the possible dynamic relation embedded in corporate governance. Another two dynamic analysis solutions such as orthogonalized impulse-response function and variance decomposition are also used simultaneously. Results – Findings of this study indicate the evidence that dynamically endogenous relationship exists between ownership structure and firm performance. Further, there is a dynamical correlation between investment and performance. Impulse response and variance decomposition illustrate that impact of a shock to variables themselves is the main source for their variability. Conclusions – The conclusion in this study is that there is a bidirectional and inter-temporal effect between proportion of ownership and corporate performance for a long run in accordance with impulse response function. Overall, our results suggest that corporate governance in China is more market oriented.

With the increasing trend of popularity of websites and social networking sites, it is quite evident that companies need to take cautionary measures in protecting the reputations with respect to company and brands. In this process, every company should indulge in enhancing their company and brand image through websites and social networking sites that fortify the bonding nature among them. The always-on nature of websites and social networking sites has contributed to their phenomenal marketing power and altered the balance of power between consumers and firms. Websites and social networks are used by hundreds of millions of people to communicate about a huge range of topics, including personal interests, activities, social events and even public issues. The paper explores a case study of the Ritz- Carlton hotel for their marketing strategy and organizational use of their website and social media in communicating with their customers. Even for the normal luxury traveler who would not have previously used the Internet to research a hotel or make a reservation, ritzcarlton.com is making it possible for them to do so in a sense of the luxury and typical Ritz-Carlton style. It seems to be a staple of the company for years to come.

The purpose of this paper is to review the quality of corporate governance from the prior empirical literature. This study finds that most of the researchers developed the self structured corporate governance index and few researchers used the corporate governance index provided by rating agencies. This study also finds that there is no uniform basis to measure the corporate governance quality and observed the variation in terms of overall and individual attributes of corporate governance; sub-indices of corporate governance; scoring system; weighted and un-weighted method; statistical method; time period; financial and non financial companies; code of corporate governance; listing requirement; disclosure practices; legal environment; firms characteristics; and country perspective. This study also observed that overall corporate governance quality is very low in most of the studies and even quality of corporate governance varies in the firms within the same country. This study recommends that the boundary of corporate governance quality should be defined based on the agreed set of rules and regulation, code of governance and practices. This study also suggests that the regulator and policy makers should more emphasize on code of corporate governance and regulatory framework and monitoring to improve the quality of corporate governance.

Total debt in the People’s Republic of China surged to nearly 290% as a ratio to GDP by the second quarter of 2016, mostly on account of non-financial corporate debt. The outpouring of credit to stem the impact of the global financial crisis accentuated industrial overcapacity in traditional sectors, such as steel, cement, and energy, while feeding asset bubbles in the property, equity and bond markets. At the Chinese corporate level, this has translated into weakened fundamentals and a fall in industrial profits, particularly of SOEs. As debtors struggle to service interest payments, non-performing loans (NPLs) have been on the rise. This paper assesses the financial fragility of the Chinese economy by looking at risk factors in the non-financial sector. We apply quantile regressions to a dataset containing all Chinese listed companies in Standard & Poor’s IQ Capital database. We find higher sensitivity over time of corporate leverage to some of its key determinants, particularly for firms at the upper margin of the distribution. In particular, profitability increasingly acts as a curb on corporate leverage. At a time of falling profitability across the Chinese non-financial corporate sector, this eases the brake on leverage and may contribute to its continuing increase.

Purpose - The purpose of this study is to discover how Korean expatriates that are currently employed in Korean subsidiaries operational in Malaysia possibly suffer from career dissatisfaction due to differences between Korean Corporate Culture (KCC) and Malaysian Corporate Culture (MCC). The integration of KCC into MCC is discussed. Research design, data, and methodology – The analysis herein is via a qualitative research. Forty-six interviewees voluntarily participated in in-depth interviews. Document analysis and qualitative interviews were utilized to develop participant profiles and to generate the framework. Interview data were transcribed and subsequently analysed to facilitate the development of themes and ultimately led to emerging patterns. The framework discusses the following Confucian pillars pronounced in KCC: Control Systems, Power Structures, Organisational Structures, Authority and Harmony and Stories and Myths. Those pillars are analysed and the results of the interviews are discussed in detail. Results – Korean expatriates on assignment in Malaysia endure struggles in all five selected Confucian pillars as they are not symmetrical with Korean Corporate Culture common at head companies in Korea. Conclusion - As a consequence, there is substantial disharmony which needs to be rectified if Korean companies are to continue their ‘miraculous’ economic movement into the country.

Purpose - The purpose of this paper is to evaluate two multinational companies that seem to have reconciled the two mandates of CSR and profit maximization while becoming multibillion dollar companies and examine their organizational culture and practices and their management and leadership in order to determine the controlling factors, if any, that have elicited their success while renowned for their CSR policies. Research design, data, and methodology - This is a case study, an analytical approach, which focuses on exploring and analyzing the CSR policies of Starbucks and IKEA. Results – IKEA and Starbucks considered their position in the global business environment and their social responsibilities as crucial and did more than a cursory lip service to the issues. In fact, they both took the more difficult long-term approach and tried to resolve the root causes for the environmental and social issues in their supply chain. Ultimately though, it is the ethical leadership of the top management that sets the tone for the organizational culture and its CSR. Conclusion - IKEA and Starbucks are “living proof” that a company can be successful while treating its employees and the community of suppliers and associates with respect and dignity and while making this world a better place.

본 논문에서는 5개 게임사를 대상으로 기업이미지를 분석해 보았다. 질문항목은 기업이미지, 게임이용 유 무 및 기간, 부모와의 갈등 여부 등이었다. 기업이미지 평균은 한게임이 2.75로 가장 낮고, 넥슨, 엔씨소프 트, 넷마블, 카카오 순이었다. 다만 평균 검정의 결과 한게임/넥슨<엔씨소프트/넷마블<카카오라는 세 그룹 으로 분류되었다. 성별에 따른 분석은 넥슨 만이 유의했다. 넥슨은 여성이 남성보다 높았다. 또 넥슨은 이용 기간과 기업이미지가 반비례 관계에 있었다. 게임을 둘러싼 부모와의 갈등 여부와 게임사의 기업이미지와의 관계를 분석한 결과 넥슨 만이 통계적으로 유의한 부의 결과가 나왔다. 게임 이용 경험 유무와 기업이미지 의 상관관계를 분석했을 때도 넥슨 만이 부의 관계로 나타났다.