Recently, attention has increasingly been paid to the heterogeneity of firm performance. Some firms seem to extensively outperform their rivals not only in terms of productivity but also regarding sales, returns on investment, etc. Importantly, the chasm between the superstar firms, most successful group of firms in an industry, and their peers has been widening especially in the 21st century (Van Reenen, 2018).Superstar firms’ impacts on economies have gained a great deal of attention in the economics and policy literature. Understanding what helps firms become superstars can guide policy and management but requires further research and input from the management literature. This paper brings the topic of superstar firms to the management literature, develops a theory, and offers an empirical view of the drivers of superstar firms.

본 연구의 목적은 현지 시장 지식과 지식의 원천인 네트워크를 유형화하고, 지식 유형과 네트워크의 적합성을 제안함에 있다. 더불어 지식 이전 연구에서 중요한 요소인 사회적 자본의 세 가지 차원(구조적, 인지적, 관계적) 을 고려하여 사회적 자본이 현지 시장 지식의 획득과 이전에 어떠한 영향을 미치는지 살펴본다. 따라서 이를 위 해 첫째, SSCI 급 경영 전문 국제 학술지 7종에 게재된 지식의 유형과 관련된 논문을 탐색하고, 현지 시장 지식 의 유형을 4가지로 도출하였다. 둘째, SSCI 급 경영 전문 국제 학술지 7종에 게재된 네트워크 유형과 관련된 논 문을 탐색하고 이를 4가지 유형으로 나누어 특성을 도출하였다. 셋째, 네트워크 유형에 따라 얻을 수 있는 해외 시장 지식의 유형을 살펴 이들 간 개념적 모델을 개발하고 적합성을 밝혔다. 그리고 해당 지식의 획득과 이전에 서 사회적 자본의 세 가지 차원이 어떠한 영향을 미치는지 영향 관계에 대한 명제를 제시하였다. 해외 시장 지식 의 중요성과 유형, 지식의 원천인 네트워크에 대해 많은 연구가 이루어지지 못한 현 상황에서, 기업의 해외 시장 진출 목적에 맞는 지식 유형을 판별하고 이에 적합한 네트워크를 구축하는 것은 해외 시장 진입에서 새로운 시사 점을 제공한다. 또한, 해외 시장 지식의 획득과 이전에서 적절한 사회적 자본을 이용하는 것은 기업의 해외 시장 진출과 성과에 대해 많은 경영적 시사점을 줄 것으로 기대한다.

The focus of this study is to investigate the mediating role of online market orientation on information capital readiness-business performance relationship. The construct of information capital readiness is rarely researched. The readiness here refers to the availability of information capital needed to support strategy execution. As quantitative research, this study employs the partial least squares structural equation modeling (PLS-SEM) to test the hypotheses. Data was collected using questionnaires from the owners/managers of the micro, small, and medium-sized enterprises (MSMEs) in the East Java Province, Indonesia. As many as 433 respondents had participated. The result indicates that information capital readiness directly and positively affects business performance. Further analysis reveals that online market orientation partially mediates information capital readiness-business performance relationship. In conclusion, this study suggests that the owners/managers of the MSMEs should improve their information capital readiness to support online market orientation strategy so that it can improve their business performance. This is the first study that brings together the issues of information capital readiness and online market orientation as the antecedents of business performance in the Indonesian MSMEs research setting. The mediating role of online market orientation is rarely explored in previous studies.

This study describes the structure of the capital markets for small- and medium-sized enterprises (SMEs) and startup companies in Korea, which is an emerging market that has experienced drastic changes. The overall capital market can be divided into private and public capital markets. In the private capital market, most of the demand for capital comes from non-listed private firms, including startups and SMEs. In the case of SMEs and startups, the KOSDAQ, the Korea New Exchange (KONEX), and primary collateralized bond obligations (P-CBOs) are part of the public capital market. SMEs and startups are generally incapable of raising sufficient capital owing to their low credit ratings, and they largely have limited access to primary markets to issue shares and borrow money. The Korean government has developed a systematic financial aid program to provide funds to these companies. The fund for SMEs has significantly contributed to the development of the venture capital market. Many Korean banks provide substantial lending to SMEs, but this lending is available only because of the Korean government’s loan recovery guarantee. Furthermore, SMEs can issue corporate debt in the form of primary collateralized bond obligations through government guarantees, but such debt issuances have placed increasing pressure on public guarantee institutions.

This paper is aimed to explore the co-movement capital market in Southeast Asia and analysis the correlation of conventional and Islamic Index in the regional and global equity. This research become necessary to represent the risk on the capital market and measure market performance, as investor considers the volatility before investing. The time series daily data use from April 2012 to April 2020 both conventional and Islamic stock index in Malaysia and Indonesia. This paper examines the dynamics of conditional volatilities and correlations between those markets by using Multivariate Generalized Autoregressive Conditional Heteroscedasticity (MGARCH). Our result shows that conventional or composite index in Malaysia less volatile than Islamic, but on the other hand, both drive correlation movement. The other output captures that Islamic Index in Indonesian capital market more gradual volatilities than the Composite Index that tends to be low in risk so that investors intend to keep the shares. Generally, the result shows a correlation in each country for conventional and the Islamic index. However, Internationally Indonesia and Malaysia composite and Islamic is low correlated. Regionally Indonesia’s indices movement looks to be more correlated and it’s similar to Malaysian Capital Market counterparts. In the global market distress condition, the diversification portfolio between Indonesia and Malaysia does not give many benefits.

The aim of this paper is to investigate the level of intellectual capital disclosure (ICD) in commercial banks listed on the Indonesian Stock Exchange. This paper also observed the effects of ICD and corporate governance mechanism on market value. This study uses content analysis techniques to measure ICD. The paper provides a novel approach to measure the ICD quality in developing countries using a fournumerical coding system. Secondary data were obtained from the financial statements and annual reports of the banks for the period 2011- 2014. The data from 31 banks were analyzed using ordinary least square regression. The study reports that the quality of intellectual capital disclosure in Indonesian commercial banks increase steadily. Narrative disclosure dominates the report of intellectual capital in Indonesian banks. The results indicate that the size of audit committee, frequency of audit committee meeting, and intellectual capital disclosure affect positively the market value. Overall, the results indicate intellectual capital disclosure is associated with the market capitalization; these findings indicate that the ICD is a consideration in a stock investment decision. While regulations in Indonesia regarding intellectual capital reporting are not conclusive yet, the information needs of stakeholders have encouraged companies to expand voluntary disclosure.

The objective of the study is to investigate the effect of growth opportunities on capital structure and dividend policy in Indonesia. The study employs panel data of companies listed on Indonesia Stock Exchange that distribute dividends from 2007 to 2017. Fixed and random effect regression models are used. Findings based on growth opportunities on capital structure and dividend policy in Indonesia are in line with the existing theory (i.e., contracting theory). Growth opportunities have a significant negative correlation with debt ratio and dividend yield, which suggests that firms with high growth opportunities are discouraged to generate debt to resolve underinvestment and asset-substitution problem. Firms with more investment opportunities tend to adopt a low dividend payout policy because the cash flows will be used up for investment. The positive impact of firm size on leverage is due to the low bankruptcy risk and cost of a large company. Profitability has a positive impact on the dividend policy because profitable companies can reserve larger free cash flows and, thus, pay higher dividends. The positive influence of ownership on leverage is interpreted by the unwillingness of majority stockholders to commit to equity financing in order to avoid reducing the ownership and preserve control of the company.

Building a target capital structure is one of the most important decisions in corporate financial management. The purpose of this article is to identify the determinants of capital structure and adjustment mechanism toward the target leverage. The partial adjustment model was applied on a sample of 306 non-financial companies listed on Vietnam stock exchange market during the period of 2008-2017. By the fixed effect model estimation method, the research results have discovered the factors of growth opportunities, firm size, tangible fixed assets and firm’s unique characteristics have a positive effect on the target capital structure of enterprises. Besides, profitability and dividend payment have a negative effect on the target capital structure of enterprises. Accordingly, the research results show that the average adjustment speed toward target leverage of the firms is 90.03%. Research results also demonstrate firms have higher or lower debt ratio than the target debt ratio, capital surplus or capital deficit also have an impact on the adjustment rate toward the target capital structure. The research results are consistent with the Dynamic Trade-off Theory. From this result, this article has provided policy implications for non-financial companies listed on Vietnam’s stock market in building a reasonable target capital structure according to operating timeline to maximize enterprise value.

This study analyzes the effect of the capital structure of Korean manufacturing firms on default risk based on Moody’s KMV option pricing model where the probability of default is obtained by measuring the distance to default as a covariant in logit model developed by Merton (1974). Based on the panel data of manufacturing firms, this study achieves its primary objective, using a fixed effect regression model and examines the effect of a firm’s capital structure on default risk amongst publicly listed firms on Korea exchange during 2005-2016. Empirical results obtained suggest that the rise in short-term debt to assets leads to increase the risk of default whereas the increase in long-term debt to assets leads to decrease the default risk. The benefits of short-term debt financing over a short-term period fade out in the presence of information asymmetry. However, long-term debt financing overcomes the information asymmetry and enjoys the paybacks of tax advantage associated with long-term debt. Additionally, size, tangibility and interest coverage ratio are also the important determinants of default risk. Findings support the trade-off theory of capital structure and recommend the optimal use of long-term debt in a firm’s capital structure.

This study investigates the impact of Malaysia’s capital market and other key determinants on Economic Growth from the period of 1988 to 2012. The key determinants studied are foreign direct investment and real interest rate. This study also examines the long run and short run relationship between the economic growth and capital market, foreign direct investment, and real interest rate by using bound testing cointegration of Autoregressive Distributed Lag (ARDL) and Error Correction Model (ECM) version of ARDL model. The empirical results of the study suggest that there is long- run cointegration among the capital market, foreign direct investment, real Interest rate and economic growth. The result also suggests that capital market and real interest rate have positive impact on economic growth in the short run and long run. Foreign direct investment does not show positive impact on economic growth in the short run but it does in the long run.

"자본시장과 금융투자업에 관한 법률"은 기존의 한국 자본금융관련법률이 가지는 대내적, 대외적 한계를 극복하여, 당시의 국제경제의 흐름에 대응하기 위하여 제정되었다. 즉, 당시 한국내의 금융체계가 간접금융상품에 편중되어 있고, 이로 인하여 기업들이 국내자본시장을 통하여 원활한 자본조달에 한계를 가졌고, 통일화 되지 못한 법체계로 인하여 금융업계 역시 그 운영과 성장에 많은 제약을 가지고 있었다. 또한 투자자들에 대한 보호 역시 부족하여 자본금융시장에 대한 위험인식이 높은 상황에서, 전세계의 개방화 추세를 따르기에 역부족이었다. 이에 포괄주의 규율체제로 전환, 기능별 규율체제로의 전환, 금융업무범위의 확대, 투자자 보호제도 선진화를 골간으로 기존의 관련법률들을 정리하고 통합하여 현재의 "자본시장과 금융투자업에 관한 법률"을 제정하였다.

The Supreme Court ruled that using the high-speed processing services by the internal scalper does not correspond to the “illegal means, plans or artifice.” It decided that receiving the price from the inside scalper for providing the high-speed system connected to securities company’s internal system did not consist illegal act. The decision result from considering the current situation of high-speed services by inside scalper and the structure of the ELW market. But it is difficult to say that the structure is fair while a number of general investors is receiving damage, the inside scalper in a specific relationship with the securities company that benefits from the program based on the knowledge of LP’s order algorithm based on the experience during his work for the securities company and superior speed. In particular, it is insufficiently dealt with the facts about whether the inside scalper’s existence or reality of a high speed services was known or unknown to the general investigator, whether there was thorough analysis of the profits and losses by the system under the overall structure, and whether in the process faithful duty was kept or the principle of good faith compliance was implemented to the general investors by the securities firms. It is also needed to discuss that if only the behavior of the internal scalper could be object for the criminal penalties, this can really bring about shock to Korea Stock market, rather than discussing general DMA or external scalper’s high-speed trading (HFT: High frequency trading), on the circumstances that the court make the policy determination that this kinds of act should be resolved by providing the administrative regulations rather than to be criminally punished. In addition, it is also required to determine that securities company is in violation of the obligations to keep fiduciary duty to general trader or at least good faith attention duty to the client in accordance with civil law article 681, and whether or not such damage or loss caused as a result of violation of those duties consists of the criminal breach of trust in the business.

The calculations of price manipulations, insider-tradings, fraudulent transactions in our capital market, it is regarded as technicals and normatives issues. We have a burning problem which we have to make its scoring criterias. The standard of counting unfair crimes in capital market have relevance to the calculation of its unjust profits. I can't accept the decision of supreme court that declared price manipulations, insider-tradings, fraudulent transactions as a comprehensive crime with a consequence that its offenders may be placed on a mild punishment unduly. We should punish offenders who have committed crimes in capital market in order to protect investor's personal property consequently we should apply our current law to unfair crimes in capital market in which price manipulations, insider-tradings, fraudulent transactions are regarded as severals separated-crimes not as a comprehensive crime.

Purpose - This study aims to examine the incremental information content of cash flw from operations and earnings in the Iranian capital market. Design, methodology, and approach - Based on market-based accounting research, this study uses statistical associations between accounting data (earnings and cash flw) and stock returns to assess/measure the incremental information content (value relevance) of cash flw and earnings. A multivariate regression model based on panel data is used to examine the incremental information content of earnings and cash flow from operations. Results - The results show that both earnings and cash flow from operations have incremental information content beyond each other. These results are consistent with the findings of recent studies. Overall, the fidings of this study support the usefulness of cash flw information in addition to earnings, in fim valuation by investors in the Iranian market. Conclusions - The study makes the following contributions to the Iranian literature on incremental information content of cash flw and earnings. First, this study employs actual cash flw data derived from cash flw statements. Second, this study employs a large sample size for a more recent period.