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        검색결과 111

        81.
        2020.08 KCI 등재 SCOPUS 서비스 종료(열람 제한)
        Based on the theoretical underpinnings of the agency theory and liquidity theory, the purpose of this study is to show how managers who want to enhance the performance of Pakistan’s non-financial sector can use liquidity policy in relation to corporate governance. Nowadays, Pakistan is facing a severe liquidity crisis; this study contributes by examining the mediating role of liquidity on the link of corporate governance-performance. We use data from 63 firms from 2010 to 2018, excluding 17 outliers. To analyze the data, we use the Seemingly Unrelated Regression (SURE) model and nlcom-Stata test. Our findings support the mediating role of liquidity on the link between corporate governance and performance. In addition, the results show that corporate governance improves performance. Furthermore, the study supports a significant positive association of liquidity and performance. For robustness, we use two performance variables – return on assets (ROA) and Tobin’s q (TQ) – where ROA represents full mediation and TQ indicates partial mediation. This study helps to use liquidity policy to strengthen the inside and outside dimensions of corporate governance mechanisms that improve the performance of firms. Overall, these findings suggest better disclosure, transparency, and solutions to auditing issues that add value to the firms.
        82.
        2020.07 KCI 등재 SCOPUS 서비스 종료(열람 제한)
        The purpose of this study was to investigate the impact of corporate governance index on the cost of equity in companies listed on the Tehran Stock Exchange. This study collects data from 975 observations during the period 2012 to 2018 to test the hypotheses using multiple linear regression model for the panel data. In this research, the independent variable of corporate governance index comprises of 27 specific corporate governance attributes. The results of hypothesis testing showed that corporate governance has a negative and significant effect on the rate of capital cost. In other words, the quality of corporate governance can lower the rate of capital cost. This result suggests that, by using a powerful corporate governance system and by declining the information asymmetry (increasing transparency) and agency conflict, we would be able to enhance the quality of financial reports. It would strengthen the capital market, attract financial suppliers and investors, and absorb the required financial resources of the firm by a lower rate. The findings of the study suggest that companies are able to reduce the cost of equity by establishing strong corporate governance. This conclusion suggests the importance and effectiveness of corporate governance in the cost of equity.
        83.
        2020.06 KCI 등재 SCOPUS 서비스 종료(열람 제한)
        The study examines the impact of corporate governance mechanisms, such as board characteristics on corporate social responsibility disclosure (CSRD). The data on CSRD items and board characteristics have been collected by content analysis of the annual reports of 30 publicly-listed banks in Bangladesh covering six years, from 2013 to 2018. More specifically, the directors’ report, the chairman’s statement, notes to the financial statement and CSR disclosure reports included in annual reports were used to collect the CSRD data. The empirical analysis applies the ordinary least square and the generalized method of moments. The results of the study have revealed that board size, board independence, female board member, and foreign directors have a significant positive impact on CSRD. By contrast, political directors and audit committee size have a negative impact on CSRD. Interestingly, accounting experts on boards ensure more CSRD as they curb the influence of politicians on the board. Thus, it is better to increase accounting experts and decrease politicians on the board. These findings provide valuable insights into the process of forming a suitable CSR policy by connecting the efforts of the board, government, and regulatory bodies to enhance the performance of banks to CSR as well as to CSRD.
        84.
        2020.04 KCI 등재 SCOPUS 서비스 종료(열람 제한)
        The paper examines the influence of corporate governance (CG) and earning quality (EQ) on corporate value (FV) of Vietnamese enterprises. The study uses GLS regression and linear structure model using data collected from companies listing on the stock market in Vietnam during 2008- 2018, with a total of 2,937 observations. The research results indicate that EQ and CG represented by the Integrated Board of Directors and the Integrated Supervisory Board have a positive effect on FV directly and indirectly. The results show that the Integrated Board of Directors has a positive effect on EQ, whereas the Integrated Supervisory Board has a negative effect on EQ. Based on the research results, we suggest that companies need to strictly comply and implement GC, so to bring down the agency cost and consequently to increase performance. The companies also should establish the Board of Director of a proper size, with financial and accounting specialty, and including women board members. The government also needs to improve the management mechanism asking for firms to prepare and publish financial statements with reliable company information, which could be provided to users. These recommendations are a useful basis to help businesses improve FV via changes in the corporate governance factors in each enterprise.
        85.
        2020.03 KCI 등재 SCOPUS 서비스 종료(열람 제한)
        The study aims to explore the problems of the existing Shariah Governance Framework (SGF) and its concerned authorities in the context of Bangladesh. Thus, according to responses from 17 respondents, this study outlines that Bangladesh has an absence of a shortage of experts, experienced, knowledgeable, and qualified Shariah people at all levels (i.e., the central bank, Islamic banks, Shariah Supervisory Boards (SSBs), and regulators). Therefore, Bangladesh does not have a separate Islamic banking act, Shariah audit firm, Shariah index institutions, and comprehensive SGF. The existing guideline has a limitation concerning its comprehensiveness, accountability, responsibility, and structure of SSBs. Islamic banks do not follow the instruction of the central bank in the formation of SSBs. As a result, there is an absence of competent and qualified SSB, which also results in the functions of Shariah departments as well as Shariah applications. Usually, the Board of Directors (BOD), management, executives, customers, and the public also have the conceptual gap about Islamic banks, SGF, and banking system compared to the regular prayers, faith, and belief. Concisely, Bangladesh requisites a comprehensive SGF, Islamic banking act, a standard accounting system, and a robust Shariah audit system for the overall development of Islamic banks and SGF.
        86.
        2020.03 KCI 등재 SCOPUS 서비스 종료(열람 제한)
        A series of corporate failures and financial crises have raised attention to organizational governance issues, especially for financial institutions. In the banking system, corporate governance further plays a unique role because of the uniqueness of the banking organizations. Therefore, this study aims to examine the effect of corporate governance disclosure on bank performance by building a corporate governance disclosure index (CGDI) for 10 Islamic banks operating in Iran, Saudi Arabia and Malaysia. The data used in this study are secondary data taken from annual reports and sourced from the official websites of each banks include Iran Exchange, Stock Market Quotes and Financial News, and Bursa Malaysia. This study uses content analysis of the annual bank report within five years (2014-2018). The results show that Islamic banks comply with 72.4% of the attributes discussed in the CGDI. The most frequently reported and disclosed elements are board structure and audit committee. The regression results provide evidence that Islamic banks with a higher level of corporate governance disclosure reported high operating performance measured by ROA. In contrast to the expectation, the financial performance of ROE and Tobins'q are not significantly related to the disclosure of sharia bank governance.
        87.
        2020.03 KCI 등재 SCOPUS 서비스 종료(열람 제한)
        The research aims to explore the links among corporate governance, corporate social responsibility, and earnings management, considering vital roles of each component in Vietnam. There were 500 questionnaires provided to the targeted enterprises, where there were 150 enterprises in Ho Chi Minh Stock Exchange, 150 enterprises in Hanoi Stock Exchange, and 200 enterprises in the unlisted public company market. Of the distributed questionnaires, only 289 replies offered needed information for analyses. The data derived from these firms was based on their annual or sustainability statements that were retrieved from the websites. This research used a sixyear rolling window to calculate earnings management. To compute that variable, lagged year information was included, so the data from 2011 to 2017 was needed to collect. The empirical results show that corporate governance mechanism is a significant moderation in the positive link between good corporate social responsibility and earnings management. Furthermore, corporate social responsibility and earnings management also play mediating roles in the associations among corporate governance, corporate social responsibility, and earnings management. This project recommends that corporate governance mechanism is an essential driver of the managerial behaviors in social responsibility and ethical accounting practices, which are in turn mediators in the joint research model.
        88.
        2020.02 KCI 등재 SCOPUS 서비스 종료(열람 제한)
        This research is conducted to investigate the impact of provincial governance quality on earnings management in the context of Vietnam. The sample of this study was 52 construction materials companies listed on Vietnamese stock market for the period of 2015 - 2017. Consistent with previous research, this paper used discretionary accruals to obtain the discretionary abnormal accruals for measuring earnings management. We employ the data from nationwide surveys of provincial governance quality measured by the provincial competitiveness index. The multiple regression models were estimated to test the impact of the both provincial competitiveness index and ten sub-indices on earnings management of listed companies. This study provided the first empirical evidence for the impact of provincial institution quality and earnings management in Vietnam. The results showed that in the companies with loss, provincial competitiveness index has a negative effect on earnings management. The results also indicated that informal charges index; transparency index and proactivity index have statistical significant negative effect on earnings management. By unfolding the relation between aggregated index and several sub-indicators institution factors and earnings management our findings shed lights on how provincial governance environment can influence on firms level earnings management behavior in the case of Vietnam.
        89.
        2020.01 KCI 등재 SCOPUS 서비스 종료(열람 제한)
        The study attempts to examine the effect of the capabilities of banking companies, namely the dynamic and unique capabilities, on the implementation of GCG in Indonesia. The effect of organization capabilities on the implementation of GCG is essential since both of them can demonstrate the quality of the company's ability to compete and innovate. This study will also examine the influence of moderating variables, namely the fit and proper test. The methodology used in this study is the structural equation methods and using primary data with board of directors of commercial bank in Indonesia. The test results suggest the positive direct effect of unique capabilities on GCG. The findings show that the capabilities of the top management, both unique and dynamic capabilities, influence the implementation of GCG. Then, the variable of fit and proper test can also strengthen the relationship between them. Both unique capabilities and fit and proper test have a strong and positive impact on GCG. Meanwhile, dynamic capabilities have a negative impact on GCG even though it’s not significant and contradictive with earlier studies. In the context of the banking industry growth and sustainability, this matter is important to examine. Top management behavior in operating their organization is important to be investigated.
        90.
        2019.08 KCI 등재 SCOPUS 서비스 종료(열람 제한)
        This study examines the impact of corporate governance on capital structure decisions based on a large panel of Chinese listed firms. Using the system Generalized Method of Moments (GMM) estimator to control for unobserved heterogeneity, endogeneity, and persistency in capital structure decisions, we document that the ownership structure plays a significant role in determining leverage ratios. More specially, we find that managerial ownership has a positive and significant impact on firms’ leverage, consistent with the incentive alignment hypothesis. We also find that managerial ownership only affects the leverage decisions of private firms in the post-2005 split share reform period. State ownership negatively influence leverage decisions implying that SOEs may face fewer restrictions in equity issuance and may receive favourable treatments when applying for seasoned equity 􀂿nancing, thus use less debt. Furthermore, our results show that while foreign ownership negatively influences leverage decisions, legal person shareholding positively influences firms’ leverage decisions only for state controlled firms. We also find that the board structure variables (board size and the proportion of independent directors) do not influence firms’ capital structure decisions. Our findings suggest that recent ownership reforms have been successful in terms of providing incentive to managers through managerial shareholdings to take risky financial choices.
        91.
        2019.02 KCI 등재 SCOPUS 서비스 종료(열람 제한)
        This paper explores community-based flood disaster risk governance by applying a sensemaking approach. The conceptual sensemaking framework consists of individual experience, dialogue, and socialization components, which together comprise an interconnected system. This study presents a method for applying this framework by using a concerns table and a SWOT analysis to examine the concerns of residents living in a flood plain. A series of community-based workshops on flood risk reduction was conducted with residents of the floodprone Muraida community in Shiga Prefecture, Japan. During the workshops, residents’ concerns regarding flood risk surfaced. This study used an idiographic approach to examine the proceedings of the workshops. SWOT issue analysis was used to examine the strengths and weaknesses in the Muraida community’s internal capacities, and examine the opportunities and threats in the external capacities (e.g., local government). Additionally, a SWOT strategy analysis was conducted to identify strategies for knowledge sharing and development of cooperative countermeasures that can be undertaken between the Muraida community and the local government. The results show that the concerns table can not only summarize the main concerns of all workshops, but also provide an understanding of alternative flood risk countermeasures that can be carried out.
        92.
        2019.01 KCI 등재 서비스 종료(열람 제한)
        Purpose - Manufacturers in uncertain environments need to depend on governance mechanisms to reduce the inherent risk in these environments. However, few studies have examined which governance mechanisms a given manufacturers will develop in uncertain environments for managing the relationships with its vertical partner. This study explores how different governance mechanisms function under uncertain environmental circumstances. We also try to investigate the contextual effect of interfirm benevolence as moderator. Research design, data, and methodology - This research provide the conceptual framework of interfirm benevolence on which this research's propositions are predicted. The theoretical background for environmental uncertainty, governance mechanisms and interfirm benevolence will be discussed. Results - The expected results are as follows. Manufacturers in an uncertain environments rely on different governance mechanisms under conditions of high and low interfirm benevolence. In terms of role of interfirm benevolence, interfirm benevolence provides a better understanding of how governance mechanisms can develop in an uncertain supply markets. Conclusions - This research suggests several theoretical and practical implications between channel partners, particularly, this research offers that interfirm benevolence is a crucial competitive factor under environmental uncertainty situation. In future studies, it is necessary to investigate the effect of each governance mechanism structure on performance in an uncertain environment and various level of interfirm benevolence.
        93.
        2018.08 KCI 등재 SCOPUS 서비스 종료(열람 제한)
        This paper aims to explore the risk governance framework and socially viable solutions, attempting to provide guidance for the decision making process. The key idea of this study start with overcoming the limitations of IRGC risk governance framework, which mainly focuses on a comprehensive framework for risk governance. This article has employed SWOT analysis as a methodology, which is a strategic planning technique used to help identifying the strengths, weaknesses, opportunities, and threats related to business competition or risk management. In this paper, socially viable solutions as an alternative plan place emphasis on the adoption of concern assessment through a concerns table. It is also proposed that scoping has to get introduced, with SWOT analysis in the process. The results of this paper support that multiple stakeholders have to participate in the process of identifying and framing risk and communicating with each other, considering the context. It should be noted that communities can become involved and take important parts in decision making process in various ways. It is recommended that engaging stakeholders to both risk assessment and risk management is material to dealing with risk in a socially viable way. It also implies that the community-based disaster management should be better prepared for the decision making process in socially viable solutions.
        94.
        2017.12 KCI 등재 서비스 종료(열람 제한)
        이 논문의 목적은 19세기에 조선정부가 울릉도 통치의 일환으로 실시한 울릉도 수토 연도에 관하여 기존 연구의 결과를 비판적으로 검토하여 재정리하고, 새로 확인된 수토 사실들을 보고하여 목록에 추가하며, 향후 수토 연구의 방향을 모색해 보는 것이다. 기존의 수토 연도 목록을 검토하여 수토 연도라고 보기에는 근거가 부족한 9개의 연도를 목록에서 삭제하고, 새로 확인한 1849년 이규상의 수토, 1853년 석충선의 수토, 1855년 이원명의 수토, 1873년 월송만호의 수토, 1879년 월송만호의 수토, 1883년 안영식의 수토 등은 목록에 추가하였다. 19세기 울릉도 수토는 약간의 문제점을 노정하고 있음에도 불구하고 조선정부가 영토관리 차원에서 수토제를 통하여 울릉도를 잘 다스려왔다고 평가할 수 있다. 울릉도 수토 연구의 방향은 이양선 및 표류 관련 연구와 연계하여 수토 연구의 외연을 확대할 필요가 있다. 그리고 전국적으로 다양하고 많은 수의 수토 사례와 연관시켜 연구함으로써 조선 정부의 통치행위로서 수토의 전체적 모습을 보여주는 것이다.
        95.
        2017.04 KCI 등재 서비스 종료(열람 제한)
        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.
        96.
        2017.03 KCI 등재 서비스 종료(열람 제한)
        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.
        97.
        2017.03 KCI 등재 SCOPUS 서비스 종료(열람 제한)
        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.
        98.
        2017.02 KCI 등재 서비스 종료(열람 제한)
        Scientific analysis and inter-Korean cooperation are needed to reduce North Korea’s environmental pollution and deforestation. Many efforts to reduce North Korea’s environmental issue have a fundamental weakness because they are generally influenced by internal and political conditions. To overcome such a weakness, two approaches may be effective; the first is to use new technology such as Google Earth and the second is to build collaborative governance that is invulnerable to political conditions. This study focuses on building collaborative governance models based on Google Earth data investigation, a previous research’s release of Google Earth database, and literature review of North Korea’s environmental issues. This research’s results are as follows. First, North Korea’s industrial regions suffer from environmental pollution and many other regions experience severe deforestation according to Google Earth-based spatial images. Second, we can discern environmental pollution such as air pollution, water pollution, soil pollution, and deforestation using Google Earth-based spatial image. In reality, we are able to identify deforestation and partially soil pollution with Google Earth-based spatial image. Third, there are different environmental problems among North Korea’s local regions. South Korea has to prepare and plan various collaborative governance models depending on North Korea’s local needs on environmental problems.
        99.
        2016.11 서비스 종료(열람 제한)
        1995년부터 우리나라는 배출자부담원칙을 적용하여 쓰레기종량제를 시행하고 있으며, 이와 더불어 음식물류 폐기물도 생활폐기물과의 혼합배출을 금지하고 2014년부터 종량제 사용을 의무화 하고 있다. 시간이 경과함에 따라 이 제도는 폐기물의 관리 및 발생억제를 위해 어느 정도 잘 추진되고 있다고 할 수 있으나, 최근 들어 타지역에서 온 사람들이 모여 형성된 자취촌에서는 쓰레기 배출로 인해 사회적 문제로 대두되고 있다. 대표적인 곳이 대학교 원룸촌이라 할 수 있다. 대학교 원룸촌의 주거인은 대부분 학생으로, 대학교에 입학하기 전까지는 부모님과 함께 생활하였기 때문에 정확하게 쓰레기를 배출하는 방법을 모르는 경우가 대부분이다. 학생들은 정확한 배출방법을 모른채 무단투기를 하게 되고, 수거업체는 무단투기된 쓰레기의 미수거하게 되며, 이로 인한 민원이 발생하게 된다. 혹 원룸주인이 학생들의 무단투기를 하는 모습을 볼지라도 행정기관에 신고도 할 수 없는 상황(학생은 원룸의 고객이므로)이 만들어지고, 결국 대학교에 대한 부정적 이미지를 초래한다. 이러한 악순환을 해결하기 위하여 “대학가 쓰레기 문제 해결을 위한 추진 협의체(이하 추진 협의체)”를 구성하였고, 이는 사회적 상호작용인 거버넌스 활동이라 할 수 있다. 이 논문의 초점은 이미 쓰레기 문제가 사회적 이슈로 부각된 만큼, 원룸촌에서 발생된 쓰레기 문제에 대해서도 사람들의 인식변화 및 행동변화를 일으킬 수 있는 거버넌스 활동이 실제적으로 배출되는 쓰레기 성상에 변화를 가져왔는가를 조사하는 것이다. 따라서 K대학교 원룸촌을 대상으로 하여, 거버넌스 활동(추진 협의체)을 실시하고, 거버넌스 전과 후에 대학가 원룸촌에서 배출된 쓰레기의 물리적 성상에 어떠한 성상변화가 있는가를 조사・분석하였다.
        100.
        2016.08 KCI 등재 SCOPUS 서비스 종료(열람 제한)
        This study examines whether Korean rating agencies such as Korea Investors Service (KIS), National Information & Credit Evaluation (NICE), and Korea Ratings Corporation (KR), incorporate corporate governance into their corporate bond ratings in Korea. We find that the Korean rating agencies assign higher ratings to the bonds issued by Chaebol (Korean business group) affiliated firms. Our results also indicate that those rating agencies give higher ratings to the bonds with greater foreign investor share ownership. Moreover, if the rating agencies value corporate governance, higher rated firms should issue bonds at lower yield to maturity. We discover that Chaebol affiliation is counted favorably by the rating agencies. We find that investors are willing to pay lower risk premium for bonds with higher institutional ownership, but higher risk premium to bonds with greater equity ownership in the form of depository receipts. Therefore, even if the rating agencies and investors in Korea consider corporate governance (Chaebol affiliation and ownership structure) an important determinant in bond ratings and the yields to maturity, they have opposite views on institutional ownership and share ownership in the form of depository receipts
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