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The purpose of this study is to examine the effect of consolidating off-balance sheet entities on firm-level investment efficiency. Financial Accounting Standards Board Interpretation No. 46, consolidation of variable interest entities – an Interpretation of ARB No. 51 (FIN 46) is used as a quasi-exogenous shock to financial reporting in this study.

The authors empirically test the change of investment efficiency for a sample of firms affected by FIN 46 in the post-FIN 46 periods. In the regression, a group of matched pairs selected from unaffected firms is used as the control sample and firm characteristics are used as control variables.

The authors find that firms affected by FIN 46 experience improvement in investment efficiency after adopting the standard compared to unaffected firms. The authors also document that FIN 46 firms’ level of investment decreases after FIN 46 compared to unaffected firms. These empirical results suggest that the improvement in investment efficiency is likely to be achieved by the reduction in over-investment. Further analyses show that amongst the affected firms, firms consolidating off-balance sheet special purpose entities (SPEs) improve investment efficiency mainly by reducing over-investment, whereas firms avoiding the consolidation of SPEs do not display such tendency.

This study contributes to the literature on the relation between financial reporting and investment efficiency, as well as the literature on the impact of FIN 46. To the best of the authors’ knowledge, this study is the first to examine the relation between the consolidation of off-balance sheet entities and investment efficiency.

In capital markets research, analysts’ consensus forecasts are widely used as a proxy for unobservable market earnings expectation. However, they measure the market earnings expectation with error that may vary cross-sectionally, as the market does not consistently rely on analysts’ consensus forecasts to form earnings expectation (Walther, 1997). Based on this notion, this paper aims to relate the prediction of future stock returns to the cross-sectional variation of the error in measuring market earnings expectation embedded in analysts’ consensus forecasts.

This study uses empirical analyses based on stock returns and annual analysts’ consensus forecasts.

Based on the analytical work by Abarbanell et al. (1995), this study reports that when the measurement error in annual analysts’ consensus forecasts is the smallest, forward earnings-to-price ratio (constructed with annual analysts’ consensus forecasts) best explains future stock returns, and the forward earnings-to-price ratio-based investment strategy is the most profitable.

Findings of this study are useful to capital markets research that relies on the market earnings expectation and to practitioners seeking more profitable investment strategies.

In this paper, we examine the existence of the psychological barriers in three foreign exchange rate, won/dollar, euro/dollar, yen/dollar, and test that the psychological barriers effect to the implied volatilities of the FX options. For each exchange rate, the existence and spots of the psychological barriers are estimated from roughly 10 years data for each currency rate, and GARCH (1, 1) model was applied to observe the momentum effect about the mean and variance of the conditional returns, and the implied volatility of the FX-options for each currency rate near the psychological barriers. Since this effect is more clearly observed on the implied volatility data, this fact supports that psychological barriers affects to the price of the FX-options.

The purpose of this study is to empirically examine the mediating effect of organizational communication in the relationships among transformational leadership, organizational justice and knowledge sharing within the higher education setting in South Korea.

A sample of 321 university employees, including 151 faculty members and 170 administrative staff members, from a representative private university, participated in the survey as part of a consulting project for university innovation. Structural equation modeling (SEM) was mainly used for data analysis to identify the structural relationship among the research variables.

The results of this study confirmed that transformational leadership positively influences organizational justice and knowledge sharing. However, the influence of organizational justice on knowledge sharing was not statistically significant. The mediating effect of organizational communication among those relationships to increase the members’ knowledge sharing behavior was statistically significant.

In this study, holistic aspects of the organization, including leadership, organizational culture and organizational strategy, were examined for encouraging employees’ knowledge sharing behavior while an organization undergoes innovational changes. More practically, this study suggested that organizational communication could be used as one of the critical strategies in the process of university innovation.

This study aims to comprehend luxury brands' corporate social responsibility (CSR) strategies. In addition to facing a demand for new CSR strategies (consumer-centric CSR), changes in CSR discourse among luxury brands are observed. This study examines how CSR-related and luxury-related agendas relate in the news media, especially concerning the difference between traditional and new luxury brands.

A total of 117,171 fashion-related news articles were collected from January 2016 to December 2020. The word2vec method was used to determine the relationship between CSR and luxury agendas.

The results indicate that company-centric CSR is more prominent with traditional luxury brands, while consumer-centric CSR is more relevant for new luxury brands. In addition, specific CSR attributes and luxury-related attributes are associated with media discourse, which means that CSR and luxury are compatible.

Studies on CSR in the luxury industry are not extensive in the literature. This study addresses this gap through a unique framework that combines agenda-setting theory and existing CSR literature and applies them to the luxury industry. Specifically, this study captures the development of each construct (company-centric CSR to consumer-centric CSR and traditional luxury to new luxury) and identifies the specific relationships between them. This result provides a novel view of the luxury industry indicating that it has evolved to encompass CSR-related values. The empirical results also offer practical implications for luxury marketing.

The main streams of the supply chain are defined as material, information and financial flow. There have been many studies and practical cases regarding the flow of material and information including information sharing. However, financial flow related studies have not been widely examined relatively, compared with their importance.

The information sharing is recognized as the method that can reduce the Bullwhip effect in supply chain management. The author intends to analyze the impact of financial information sharing on the results of the supply chain.

In the point of supply chain risk management view, the author examined the impact of financial flow among the various factors that can impede the stability of the supply chain.

In this study, the author embodied the simulation regarding the impact of financial information flow on supply chain performance and stability based on the system dynamics methodology and analyzed the performance.

Assuming the supply chain, composed of supplying company, manufacturing company and sales company , the author embodied the simulation model and assumed that working capital and cash information sharing were achieved. The author embodied the model to affect the settlement conditions according to the results of financial information sharing.

This paper aims to validate the Korean version of the decent work scale and examine the relationship between decent work and work engagement.

After completing translation and back translation, the authors surveyed 266 Korean employees from various organizations via network sampling. They assessed Rasch’s model based on item response theory. In addition, they used classical test theory to evaluate the decent work scale’s validity and reliability.

The authors found that the current version of the decent work scale has good validity, reliability and item difficulty, and decent work has a positive relationship with work engagement. However, based on item response theory, the assessment showed that three of the items are extremely similar to another item within the same dimension, implying that the items are unable to discriminate among individual traits.

This study validated the decent work scale in a Korean work environment using Rasch’s (1960) model from the perspective of item response theory.

The purpose of this study is to identify latent classes of work values that influence the career choices of Korean workers through a person-centred approach. Because work values may be diverse in individuals, investigating the various combinations of those values will help understand individual's decisions to take, maintain and leave a job.

The authors used a total of 15,103 datasets collected at the national level in South Korea. Data were analyzed by using latent class analysis (LCA); a three-step approach was employed to address classification.

As the results of this study, Class 3, “seeking balanced work values rather than income,” presented the highest level of job satisfaction, whereas Class 1, “seeking job security and income,” exhibited the lowest.

Employing an assessment tool to identify the distinct combinations of work values that individuals possess and then providing them with appropriate training and development programs and customized Human Resource (HR) policies aligned with the classes will be essential tasks for HRD (Human Resource Development)/HRM (Human Resource Management) practitioners.

This study explores family firms' ex ante conflict management strategies to preserve their socioemotional wealth (SEW) under predictable conflict through the succession process. Specifically, the authors examine how family firms leverage the insurance-like benefits of corporate social responsibility (CSR) to mitigate the threat of foreseeable family feuds among the sons of firms' family heads.

The authors focus on the charitable donations pledged by Korean family business groups (chaebols). Using the data of 62 chaebols with generalized least squares (GLS) models, the authors analyze 711 observations from 2005 to 2017.

The authors find a positive relationship between the number of sons of a family firm's head and the firm's CSR activities such as spending on charitable donations. Furthermore, the number of daughters of heads in executive positions strengthens such a positive relationship, whereas the number of business and political marriage ties weakens this relationship.

Family heads of family businesses may leverage CSR activities and marriage ties to elite families interchangeably to ward off negative impacts from foreseeable family feuds and preserve their SEW. Thus, a policy-based incentive for CSR that encourages more family heads to use CSR as insurance would serve the public interest.

The authors contribute to the family business literature by suggesting that CSR activities can be used by family firms as an instrument to mitigate foreseeable damage to the SEW caused by family feuds. The authors also shed new light on CSR research by finding that marriage ties to elite families may reduce the strategic value of CSR activities.

The purpose of this study is to examine the influences of creativity, psychological ownership (PO) and perceived organizational support (POS) on knowledge creation, using the integrative systems model of creativity.

A survey was used to collect data from 188 workers in Korean public service organizations. Analyses, including bootstrapping and hierarchical regression analysis, were performed to determine the mediating effect of PO and also the moderating and the moderated mediating effects of POS.

The results showed that PO mediates partially between creativity and knowledge creation and that POS moderates the relationship between PO and knowledge creation. Notably, the moderated mediating effect of POS was only significant when employees had a high level of POS.

The findings suggest that creativity dissemination requires employees’ social consciousness, collaborative interactions and organizational support. The results imply that human resource development (HRD) practitioners need to cultivate the creativity capacity in the organization.

This study discusses the effects of PO and POS on creative performance, which HRD professionals and organizational leaders draw attention to for organizational development. Implications for organizational composition and interventions to enhance creative performance are provided.