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Available. Open Access. Open Access
Article
Publication date: 31 May 2016

Hyungsang Song and Bum J. Kim

This paper studies the impact of bank monitoring on the maturity structure of corporate debt issues using Korean firms listed on Korea Exchange from 2005 to 2011. We show that a…

26

Abstract

This paper studies the impact of bank monitoring on the maturity structure of corporate debt issues using Korean firms listed on Korea Exchange from 2005 to 2011. We show that a higher proportion of bank debt in the small and medium enterprises results in corporate debt of longer maturity. The close relationship between banks and SMEs creates information and alleviates information asymmetry problem of borrowing firms. However, banks less perform monitoring and screening as information creator in the relationship with big firms. Because big firms have information asymmetry less than SMEs, and they suffer less problems from information asymmetry when contracting debt. The Probit regression shows that the Bank-Firm relationship increases possibility of issuing corporate debt of longer maturity in SMEs, and it supports the results of regressions above.

Details

Journal of Derivatives and Quantitative Studies, vol. 24 no. 2
Type: Research Article
ISSN: 2713-6647

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Book part
Publication date: 5 October 2007

David Shinar

Abstract

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Traffic Safety and Human Behavior
Type: Book
ISBN: 978-0-08-045029-2

Available. Open Access. Open Access
Article
Publication date: 30 June 2019

Woosuk Seo and Seung Bum Ahn

As the Chinese economy has grown rapidly and as its container throughputs has demonstrated a stark increase in recent decades, companies worldwide have developed stronger…

570

Abstract

As the Chinese economy has grown rapidly and as its container throughputs has demonstrated a stark increase in recent decades, companies worldwide have developed stronger financial connections with supply chain entities in China, a huge “Production Factory” in the world. This global economic trend arouses significant attention to distinct preference of individual entities in supply chain. The primary goal of the study is to establish statistical understanding on factors of logistics service preferences of each supply chain of each supply chain entity in China, especially Shandong Province. Ultimately, the study aims i) to establish the solid framework for proper evaluation of logistics services in supply chains, ii) to enhance the preferences of logistics services as a differentiating feature on behalf of entities. The study utilizes a holistic approach in analyzing logistics service attributes which affect overall logistics entities in an effort to overcome the limitations of previous studies which failed to provide integrating viewpoint of supply chain entities. In this study, AHP (Analytic Hierarchy Process) method is used as an analysis tool which allows an in-depth examination of the differences between factors and evaluations of customers regarding the logistics service attributes. The results clearly show distinctive service preferences for each four supply chain entities in Shandong Province of China such as 3PLs (forwarder, carrier, and warehouse), Customs (airport, seaport, and bonded area), Market channels (wholesaler, retailer, and e-retailer), and Manufacturers regarding the logistics service attributes.

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Journal of International Logistics and Trade, vol. 17 no. 2
Type: Research Article
ISSN: 1738-2122

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Article
Publication date: 20 August 2021

Heesun Chung, Bum-Joon Kim, Eugenia Y. Lee and Hee-Yeon Sunwoo

This study aims to examine whether debt financing creates incentives for private firms to engage in earnings management via classification shifting. Especially, the authors…

683

Abstract

Purpose

This study aims to examine whether debt financing creates incentives for private firms to engage in earnings management via classification shifting. Especially, the authors examine whether debt-induced financial reporting incentives differ depending on the type of debt (i.e. public bonds versus private loans) and whether such incentives are influenced by the characteristics of external auditors (i.e. initial audits and auditor size).

Design/methodology/approach

The study uses data on 93,427 Korean private firms from 2001 to 2016. Classification shifting is measured by the positive correlation between non-core expenses and unexpected core earnings estimated with ordinary least squares.

Findings

The empirical analyses reveal that private firms engage in classification shifting as do public firms. Importantly, classification shifting is observed only in private firms that have outstanding debt, but not in private firms without debt. Among debt-financing private firms, classification shifting is more prevalent for firms that issue public debt than for firms that only use private debt. In addition, classification shifting of debt-financing private firms is more successful when they are audited by new auditors that are one of the non-Big 4 firms.

Research limitations/implications

The study provides evidence of classification shifting in private firms, which is novel to the literature. However, the inferences in the study depend on the validity of the model for detecting classification shifting.

Practical implications

This study helps lenders enhance their understanding on the financial reporting behaviors of borrowing firms. The results in this study suggest that lenders should be cautious in using core earnings for their investment decisions.

Originality/value

This study contributes to the literature by providing novel evidence of classification shifting in private firms. In addition, the authors contribute to the literature on debt-induced incentives for financial reporting.

Details

Managerial Auditing Journal, vol. 36 no. 7
Type: Research Article
ISSN: 0268-6902

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Article
Publication date: 14 November 2016

Sung-Bum Kim, Kathleen Jeehyae Kim and Dae-Young Kim

This experimental study aims to examine the effectiveness of cause-related marketing messages that incorporate both text and visuals, as compared to messages comprised solely of…

1766

Abstract

Purpose

This experimental study aims to examine the effectiveness of cause-related marketing messages that incorporate both text and visuals, as compared to messages comprised solely of text, on the attitudes and behavioral intentions of restaurant customers, and to see if the impact varies across four categories of social causes (health, animal welfare, human services and the environment).

Design/methodology/approach

This experimental study uses a 2 (type of message) × 4 (cause category) between-subjects design.

Findings

Restaurant messages that combine text and visuals are more effective than restaurant messages with only text in engendering positive attitudinal and behavioral responses. This paper also found interaction effects between advertisement type and cause category on individuals’ responses (i.e. attitudes and behavioral intentions).

Practical implications

The messaging strategies suggested by this research will allow the restaurant industry to capitalize on the value of cause-related marketing initiatives.

Originality/value

This research contributes to the hospitality literature by expanding the realm of research on effective cause-related marketing initiatives.

Details

International Journal of Contemporary Hospitality Management, vol. 28 no. 11
Type: Research Article
ISSN: 0959-6119

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Article
Publication date: 22 August 2023

Sang-Bum Park

Previous scholars have assumed that multinational enterprises (MNEs) can reduce the liability of foreignness and increase profitability by investing in corporate social…

410

Abstract

Purpose

Previous scholars have assumed that multinational enterprises (MNEs) can reduce the liability of foreignness and increase profitability by investing in corporate social responsibility (CSR). However, empirical validation of this assumption has rarely been attempted. This study aims to provide empirical evidence that the adoption of multi-stakeholder initiatives, which are globally recognized as signals of CSR, helps MNEs increase profits from internationalization.

Design/methodology/approach

Fixed effect models, which address model misspecification problems, and instrumental variable estimation, which controls for the endogeneity in firms’ choice of internationalization, offer empirical evidence supporting the moderating effects of global multi-stakeholder initiatives on the relationship between internationalization and firm performance.

Findings

This study examines the moderating role of multi-stakeholder initiatives in the relationship between internationalization and firm performance, drawing on signaling and stakeholder theories. The results suggest that the signaling effect of multi-stakeholder initiatives can help MNEs overcome the liability of foreignness and, therefore, profit from overseas markets.

Originality/value

Although the internationalization–firm performance relationship has been a subject of debate in the field of international business, the role of firms’ stakeholder engagement in this relationship has been largely overlooked in previous studies. In this study, the authors explore the impact of multi-stakeholder initiatives on the internationalization–firm performance relationship. Our primary contention is that multi-stakeholder initiatives have moderating effects on this relationship by reducing the liability of foreignness experienced by MNEs in host countries. Furthermore, the findings suggest that active engagement in multi-stakeholder initiatives significantly contributes to the financial success of MNEs as they internationalize.

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Article
Publication date: 1 November 1997

John Lie

From 1953 to 1961, the South Korean economy grew slowly; the average per capita GNP growth was a mere percent, amounting to less than $100 in 1961. Few people, therefore, look for…

463

Abstract

From 1953 to 1961, the South Korean economy grew slowly; the average per capita GNP growth was a mere percent, amounting to less than $100 in 1961. Few people, therefore, look for the sources of later dynamism in this period. As Kyung Cho Chung (1956:225) wrote in the mid‐1950s: “[South Korea] faces grave economic difficulties. The limitations imposed by the Japanese have been succeeded by the division of the country, the general destruction incurred by the Korean War, and the attendant dislocation of the population, which has further disorganized the economy” (see also McCune 1956:191–192). T.R. Fehrenbach (1963:37), in his widely read book on the Korean War, prognosticated: “By themselves, the two halves [of Korea] might possibly build a viable economy by the year 2000, certainly not sooner.”

Details

International Journal of Sociology and Social Policy, vol. 17 no. 11/12
Type: Research Article
ISSN: 0144-333X

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Article
Publication date: 30 November 2018

Jin Oh Chung, Sang Ryul Go, Jeong Hee Kim, Jong Geun Choi, Hyang Rae Kim and Hee Bum Choi

The purpose of this paper is to investigate surroundings for transfer film formation and removal, the effect of the transfer film formation on friction coefficients, the effect of…

245

Abstract

Purpose

The purpose of this paper is to investigate surroundings for transfer film formation and removal, the effect of the transfer film formation on friction coefficients, the effect of four different abrasive components, ZrO2, ZrSiO4, Al2O3 and Fe3O4, on transfer film formation and the effect of lubricating component MoS2 on transfer film formation and friction coefficients.

Design/methodology/approach

Two different MoS2 contents of 5.5 and 8.5 per cent were added to friction materials with no MoS2 content, which have four different abrasive components, ZrO2, ZrSiO4, Al2O3, Fe3O4. Friction tests composed of three different stages were conducted for those materials, and the friction surfaces of the counterpart disks were examined by scanning electron microscopy (SEM) to access the formation of transfer film at each stage.

Findings

For the transfer film formation, high temperature was a prerequisite, but the magnitude of deceleration rate was not important. The effect of the transfer film formation was to reduce the friction coefficients for most friction materials. Friction coefficients of materials which contain lubricating component MoS2 were higher than those which contain no MoS2 for most friction materials. The effect of the lubricating component MoS2 was to suppress the formation of transfer film, thus resulting in increase in friction coefficients.

Research limitations/implications

The transfer film was rather thin, with thickness of 1-2 µm for most friction materials. That hindered the examination of mechanical properties of the transfer film, such as hardness.

Practical implications

This research explained the surroundings for transfer film formation, and its effect on friction coefficients. The research suggests to suppress the formation of transfer film to make friction materials with high friction coefficient, and the lubricating component MoS2 can be used for the purpose.

Social implications

Development of high-friction-brake materials conventionally depends on the use of strong abrasive components, which may induce attacking of counterpart disks. The enhancement of friction coefficients with addition of MoS2 content is expected to open a new prospect in development of high-performance friction materials, which can be applicable to brake pads for racing cars.

Originality/value

The study is in pursuit of the transfer film formation in successive friction stages, which revealed the conditions for transfer film generation and removal. Specimen preparation for SEM observation of cross section of friction surface was painstaking to not damage the developed friction surface. The study revealed the effect of different abrasive components on transfer film formation and the effect of lubrication contents of MoS2 on transfer film formation and friction coefficients.

Details

Industrial Lubrication and Tribology, vol. 71 no. 2
Type: Research Article
ISSN: 0036-8792

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Article
Publication date: 2 October 2017

Hokey Min, Heekeon Park and Seung Bum Ahn

An indiscreet strategy of offshoring from low-cost countries (LCCs) can do more harm than good, since invisible supply chain risks may increase hidden costs and subsequently more…

1329

Abstract

Purpose

An indiscreet strategy of offshoring from low-cost countries (LCCs) can do more harm than good, since invisible supply chain risks may increase hidden costs and subsequently more than offset cost-saving opportunities. Considering the potential impact of these risks on offshoring, the purpose of this paper is to identify risk factors that significantly hinder the efficiency of offshoring and then measure specific risks associated with offshoring in foreign countries.

Design/methodology/approach

This paper develops performance metrics for gauging the offshoring attractiveness of potential sourcing countries using data envelopment analysis and then identifies the benchmark sourcing country using the analytic hierarchy process (AHP).

Findings

This study reveals that, defying the conventional wisdom, LCCs are not necessarily the most desirable offshoring destinations. This study also discovers that LCCs tend to be less business friendly, less logistically efficient, and riskier to source than their high-income country counterparts.

Originality/value

This paper is one of the first to introduce the concept of wealth creation efficiency for an offshoring decision and consider a host of key determinants such as wealth creation efficiency, logistics efficiency, business friendliness, and various supply chain risks for selecting the most desirable offshoring destination.

Details

Benchmarking: An International Journal, vol. 24 no. 7
Type: Research Article
ISSN: 1463-5771

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Article
Publication date: 1 August 2016

Soo-Jung Jung, Bum-Joon Kim and Ju-Ryum Chung

This paper aims to examine how the relationship between abnormal audit fees and audit quality changed after adoption of the International Financial Reporting Standards (IFRS) in…

3036

Abstract

Purpose

This paper aims to examine how the relationship between abnormal audit fees and audit quality changed after adoption of the International Financial Reporting Standards (IFRS) in Korea.

Design/methodology/approach

Using empirical data collected over the period from 2008 to 2013, this study analyzes the association between abnormally high/low audit fee and audit quality. This study uses linear regression to test the hypothetical relation using discretionary accrual as a proxy for audit quality.

Findings

This study finds that there exists no significant relationship between abnormally high audit fees and audit quality measured by the magnitude of discretionary accruals in the pre-IFRS adoption period. However, the relationship between abnormally high audit fees and the magnitude of discretionary accruals turns to be positive in the post-IFRS adoption period. These finding suggests that the IFRS enables some clients to engage more discretion in the choice of discretionary accruals and auditors charge higher audit fees in return for allowing the discretion for such clients.

Practical implications

This study provides insight to regulators of the need to review carefully the financial statements of firms with abnormally high audit fees, and to investors to be more cautious when using financial information about these firms.

Originality/value

To the best of authors’ knowledge, this is the first study to assess IFRS impact on audit fee-quality relation. Also, unique Korean audit market with intensifying competition and discounting audit fee provides interesting setting to review the impact of abnormal audit fee on audit quality.

Details

International Journal of Accounting and Information Management, vol. 24 no. 3
Type: Research Article
ISSN: 1834-7649

Keywords

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