기업 국제화는 기업성장에 필수불가결한 전략이지만 생존을 위협하는 위험이 동반되는 과제로 기업 국제화와 경영성과 간의 관계를 살펴보는 연구는 방대하게 진행되어 왔으나 최근 이를 결정짓는 요인으로서 기업경영의 최종 의사결정권자인 최고경영진의 역할에 주목하고 있다. 따라서 본 연구는 최고경영자 이론을 바탕으로 동일한 국제화 수준을 가진 기업 간 경영성과 차이의 원인을 최고경영진의 특성과 국제화 배경으로 간주하여 실증분석을 실시하였다. 이를 위해 최고경영진의 평균 나이, 근속, 교육수준과 국제화 배경비율 등을 조절변수로 활용하여 기업 국제화와 경영성과 간에 조절효과를 살펴보았다. 분석을 위해 2013~2019년까지 7개년 간 KOSPI 시장에 상장 된 자동차산업 및 전자산업에 속한 제조기업 89개를 대상으로 패널데이터를 구성하여 FGLS분석과 단순기울기 분석을 실시하였고 그 결과 다음과 같다. 최고경영진의 (a) 평균 나이가 어릴수록, (b) 평균 근속기간이 길수록, (c) 평균 교육수준이 높을수록, (d) 국제화 관련 전공의 이수자와 (e) 국제화 배경 소유자가 많을수록 기업 국제화와 경영성과 간의 유의한 정(+)의 조절 효과를 가지는 것으로 나타났다. 이러한 결과는 단순히 최고경영진의 특성과 배경을 기업 국제화의 동인으로만 한정시킨 기존 연구의 한계를 해소하면서 유사한 국제화 수준을 가진 기업 간 경영성과 차이의 원인을 파악할 때 반드시 최고경영진의 성향과 역량도 함께 고려해야 한다는 것을 의미 한다. 또한 실무적으로 기업 해외진출 시 경영성과를 향상하기 위해 요구되는 최고경영진의 경력 등을 가늠할 수 있어 이사회에서 최고경영진 선정기준 수립에 기여할 수 있을 것으로 예상한다.

This study was conducted to compare the quality characteristics of firm tofu (coagulant calcium chloride, CaCl2 used) made from eight imported and four domestic soybeans selling in Korean markets. The 100-seed weight of soybeans imported from China and Seonpung cultivated in Korea was the highest at 33.23 g and 32.51 g, respectively. Soybeans imported from the USA (bulk type) showed the lowest at 16.12 g, followed by Ukraine at 16.94 g, and Brazil at 18.51 g. The range of protein and fat in the 12 soybeans was 37.08~41.36% and 18.35~22.17%, respectively. The isoflavone contents were the highest in Daepung2 cultivated in Korea at 3,764.10 μg/g and the lowest in soybeans imported from Brazil at 1,439.85 μg/g. Tofu yield among the samples was in the following order: Seonpung (235.2%), China (232.0%) Daepung2 (228.7%), Daechan (225.7%), and Brazil (208%). Tofu made with soybeans cultivated in Korea (including from China) showed a higher yield compared to that made from soybeans from seven other countries. In the analysis of the correlation of quality factors of tofu, the hardness of the tofu was correlated with 100-seed weight (r=0.676*) and protein content of the soybeans (r=0.837**). Tofu yield was correlated with 100-seed weight (r=0.748**) and protein content of the soybeans (r=0.583*).

Quality management system is a systematic quality improvement approach for firm-wide management for the purpose of improving performance in terms of quality, productivity, organizational characteristics, customer satisfaction, and firm’s profitability. Recently, many researchers have examined the relationship between quality management system and firm’s performance. The conclusion from these studies is that effective implementation of quality management system improves firm’s performance. This paper extends the existing research on quality management system and firm’s performance by examining how the impact of quality management system on firm’s performance is moderated by organizational characteristics and customer satisfaction. The paper is organized as follows. Section 1 introduces the necessity and purpose of the research. Section 2 reviews quality management system and summarizes the results of previous studies. Section 3 present the proposed research model, the hypotheses related to the relationship between quality management system and firm’s performance. Section 4 provides results from the data analysis. Section 5 presents discussions, results, further implications, and research limitations. An extensive literature research was designed to identify and retrieve empirical studies relevent to develop the hypotheses. The objectives of this study identify the factors of quality management system on business performance. The results are as follows: First, The management responsibility, resource management and product realization influenced significantly on financial performance. The management responsibility and product realization influenced significantly on non-financial performance. Second, the research showed a fact that organizational characteristics and customer satisfaction effect as a moderated between quality management system and business performance. The implications of our results are that organizational characteristics and customer satisfaction moderate the firm’s performance.

This paper aims to investigate the impact of chief executive officer’s (CEO) attributes on firms’ performance. Specifically, it examines the influence of CEOs’ education, professional experience, and tenure on Saudi firms’ performance. We look at a sample of 120 listed firms on Tadawul stock exchange from 2014 to 2017. Data on financial and accounting variables are obtained from the annual reports of the selected companies. We follow the existing empirical literature and use a panel model and formulate three different equations using the GMM estimator. Findings prove that CEO educational background does matter. In particular, companies employing CEOs with business administration, economics, finance, or accounting degree will perform outstandingly better. Similarly, stock performance gets improved when the CEO has a postgraduate qualification, i.e., when the CEO holds an MBA, a master, or a PhD degree. Besides, results reveal that executives who have an experience in a related field will positively affect the firm’s performance. Finally, evidence shows that high CEOs tenure improves corporate performance. Overall, these findings demonstrate that executives’ attributes are key factors that would explain differences in Saudi firms’ performance. These results would help shareholders to make the right decision in selecting CEOs to manage the company.

The purpose of this study is to investigate the determinants of the capital structure of firms operating in a developing economy, Pakistan. The quantile regression method is applied on a sample of 183 non-financial companies listed on the Pakistan Stock Exchange during the period of 2008-2017. Specifically, the empirical analysis focuses on changes in the coefficients of the determinants according to the leverage ratio quantiles of the examined listed firms. The findings show that the capital structure of Pakistan listed firms differs between firms in different quantiles of leverage. These differences are significant with the sign of explanatory variables changes with the level of leverage. The research result found tangibility, profitability and age to be positively related to leverage among listed firms in Pakistan. However, size, liquidity and non-debt tax shield (NDTS) are negatively related to leverage. A firm’s growth and risk are found to be insignificant predictors of capital structure in Pakistan listed firms. Moreover, the study also found a significant impact of industry characteristic on leverage. The findings of this study indicate that an individual firm’s finance policy needs to be responsive to the firm’s characteristics and should match with the different borrowing requirements of listed firms.

The study investigates a recent surge of cash literature by using a sample of hospitality firms to gain a new understanding of corporate cash holdings. Past literature states that there is a substantial variation of liquidity across industry groups. Existing literature predominantly refers to US-listed firms and focus on either hotels or restaurants and not the hospitality industry as a whole. Therefore, we provide a comparative study of cash holdings behaviour between hospitality and non-hospitality firms from an emerging market context. Using a sample of public listed hospitality firms from 2002 to 2013, dynamic panel regression techniques are used to study the relationships between firm characteristics and cash levels. Also, the non-parametric Wilcoxon-Mann-Whitney test was carried out to examine the time and sectoral differences in cash holdings. In addition, the panel regression techniques are used to investigate the relationships between firm characteristics and level of corporate cash holdings. The results reveal that firm characteristics do matter in hospitality firms. We find that firm size, capital expenditures, and liquid assets substitutes are negatively related to cash level. The results support trade-off theory and the pecking order theory. This study incrementally explains the cash holdings behaviour of hospitality firms in emerging market.

The auditor, an important instrument of corporate governance, ensures the transparency and accountability of the firm to the stakeholders. The objective of this paper is to explore the impact of audit characteristics on firm performance. In this study, external audit quality (BIG4), frequencies of audit committee meetings, and audit committee size are used as the proxies of audit characteristics and firm performance is measured through ROA, profit margin and EPS. A total of 503 firm years are considered as sample size from the listed manufacturing firms of Dhaka Stock Exchange (DSE) during the period of 2013 to 2017 to find out the impact of audit characteristics on firm performance. In this study, multivariate regression analysis is conducted using the pooled OLS method. Moreover, time dummy and lag model of multivariate analysis are also analyzed as robust check. The multivariate regression results find that external audit quality (BIG4) and audit committee size are significantly positively associated with firm performance. This study also finds that there is a significant negative relationship between audit committee meeting and firm performance. This study recommends that the regulatory authority and audit committee should review the frequencies of audit committee meeting to make it more effective to ensure better firm performance.

Purpose – For small and medium sized firms, CEO characteristics are main factor influencing firms’ prosperity as well as performance. So it is quite natural that many people are interested in factors of CEO that matters. In this research, CEO characteristics in terms of capabilities and skill or special knowledge necessary to run the business are invested for manufacturing firms. Precedent studies reveal that CEO characteristics such as psychological factors including desire to succeed, tendency to take risks, personal factors including age, year of running business, and task related factors including managing capability, communication skills, network influence firm performance for manufacturing firms. However, these studies simply verify whether or not those factors affect firm’s managing performance. This study, however, goes further to investigate how is the affecting process from CEO’s capabilities and organization characteristics to firm’s core competence, and from core competence to advantages, and from advantages to managing performance. Research design, data, and methodology – We make a questionnaire and surveyed manufacturing firm CEO’s in Gyeonggi-do area. General characteristics analysis, factor analysis, regression analysis, and control effect analysis was conducted. SPSS 2.0 Win, version was used. Results – The CEO characteristics including basic capability, task capability, leadership, and organization characteristics affect core competence at the statistically significant level. And, core competence affect both price advantage and differentiation advantage at the significant level. Some unique finding is that while differentiation advantage affects both financial achievement and non-financial achievement, price advantage does not affect both financial and non-financial achievement. And firm characteristics mainly measured by CEO characteristics of skills has control effects on the trace from core competence to price advantage. Conclusions – For small and medium sized firms CEO characteristics is the most important factor influencing firm’s prosperity. For manufacturing firms, whether CEO has the skill or special knowledge to run the firm is critical factor. The study results show that CEO’s for manufacturing firms put importance on price and price advantage which seems to be familiar to them. However, the price advantage does not influential to financial and non-financial achievement. This result suggests that small and medium sized manufacturing firms’ CEO’s should make effort to improve other aspects of advantages to be more competitive.

Purpose – This paper explores the determinants of bank lending to firms during and after the global financial crisis using firm- and bank-level data to answer the questions what caused the contraction of lending to firms despite the loosening monetary policy during this crisis period. Research design, data, and methodology – We investigate the effects of the monetary policy that followed the global financial crisis on firms borrowing. We use a dynamic panel model to address how firms lending respond to monetary policy. The data are obtained from CRETOP and we consider the manufacturing sector for the analysis to control for unobserved heterogeneity such as industry-specific shocks. Results – The findings from the empirical analysis suggest that both bank- and firm-level characteristics are significant determinants of bank lending. Especially, we find that corporate risk, measured by default risk, is one of the key factors that led to a decline in lending during the crisis. Conclusions – This paper shows that companies borrow more from liquid banks, and high bank capital can also contribute to an increase in a firm’s borrowing from banks. Especially, the results confirm that the default rate measured at the firm level has increased during and after the global financial crisis, which implies that default risk interplays with other firm and bank-level characteristics.