The Institute of Management and Economy Research最新文献_第4页

An Integrated Analysis of Recent Changes in Year-on-Year Consumer Price Index and Aggregate Import Price Index in Republic of Korea through Statistical Inference 韩国消费者物价指数与进口物价总指数近期变动的统计推断综合分析

The Institute of Management and Economy Research Pub Date : 2023-03-30 DOI: 10.32599/apjb.14.1.202303.365

Seok Ho Chang, S. Lee

{"title":"An Integrated Analysis of Recent Changes in Year-on-Year Consumer Price Index and Aggregate Import Price Index in Republic of Korea through Statistical Inference","authors":"Seok Ho Chang, S. Lee","doi":"10.32599/apjb.14.1.202303.365","DOIUrl":"https://doi.org/10.32599/apjb.14.1.202303.365","url":null,"abstract":"Purpose - Our previous study (Chang & Lee, 2023) presented observations on the recent changes in the year-on-year (YoY) Consumer Price Index (CPI) of the Republic of Korea (ROK) after the COVID-19 pandemic. The purpose of this article is to present an integrated analysis and interpretation of the recent changes in CPI and the Aggregate Import Price Index (IPI) by incorporating recent data, specifically data from September 2022 to December 2022. \u0000Design/methodology/approach - This study collected CPI (YoY) data in the ROK from January 2019 to December 2022 using e-National Indicator System provided by the ROK. Statistical analysis was employed to analyze the data. \u0000Findings - First, we confirm the extended results of the existing study by Chang and Lee (2023). Second, we demonstrate that the Aggregate IPI in ROK increased significantly in 2022 compared to 2021. We then provide an integrated interpretation on the significant increase in CPI and aggregate IPI in ROK, which complements Chang and Lee (2023) that limits their discussion to YoY CPI. Moreover, we show that the IPI of the semiconductor in ROK decreased significantly in 2022 compared to 2021. \u0000Research implications or Originality - Our results provide important insights into the recent changes in the CPI in the ROK. The results suggest that these changes can be partially attributed to various factors, such as the global supply chain disruptions resulting from the spread of the COVID-19 pandemic and the prolonged war between Russia and Ukraine, the side effect of quantitative easing by the US Federal Reserve, heat waves and droughts caused by climate change in ROK, a surge in demand following a gradual daily recovery, US-China trade conflict, etc. Our study shows statistically comprehensive results compared to the studies that limit their discussion to YoY average growth rate.","PeriodicalId":310482,"journal":{"name":"The Institute of Management and Economy Research","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132258594","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The Characteristics of ESG and Effect on Corporate Value of Chinese Firms ESG特征及其对中国企业价值的影响

The Institute of Management and Economy Research Pub Date : 2023-03-30 DOI: 10.32599/apjb.14.1.202303.131

Shao Xue, Jae-Hyun Lee

{"title":"The Characteristics of ESG and Effect on Corporate Value of Chinese Firms","authors":"Shao Xue, Jae-Hyun Lee","doi":"10.32599/apjb.14.1.202303.131","DOIUrl":"https://doi.org/10.32599/apjb.14.1.202303.131","url":null,"abstract":"Purpose - Since the 2020s, the management philosophy of Chinese firms' ESG has been rapidly established under the leadership of the Chinese government. We empirically analyze the ESG characteristics and effects on corporate value of Chinese firms. \u0000Design/methodology/approach - Using OLS and random effect panel regression analysis, we identify ESG determinants. In analyzing the impact on corporate value, likewise a large number of literatures, we adopt a 2SLS methodology using instrumental variables in the reason of endogeneity between ESG and firm value. We analyze using the G2SLS methodology, which is improving the efficiency of the estimation coefficients along with 2SLS. \u0000Findings - We find that ESG ratings are high in state-owned and foreign capital invested companies, ESG ratings are low in companies with a high proportion of non-floating stocks which implies information asymmetry. However, there are no significance in the institutional investor's, the major 10 largest shareholders’ and manager’s ownership. Furthermore, we can support most of the hypotheses that ESG ratings will be high in companies with high management performance. ESG ratings are significantly higher in companies with high ROA, rich in cash asset, low debt ratio, and large size. we strongly support the hypothesis that the higher the ESG rating, the higher the firm value, and ESG has a moderating effect on state-owned companies, non-floating shares, the ownership of institutional investors, manager, and the 10 major shareholder. In particular, state-owned companies, the proportion of non-floating shares, and the ownership of the 10 major shareholders have a negative impact on firm value, however, ESG attenuates this negative effect. \u0000Research implications or Originality - This study looks forward to enhancing our understanding of ESG characteristics in East Asia.","PeriodicalId":310482,"journal":{"name":"The Institute of Management and Economy Research","volume":"111 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117129482","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The Effect of Inaccurate Quality Signaling under Information Asymmetry 信息不对称条件下不准确质量信号的影响

The Institute of Management and Economy Research Pub Date : 2023-03-30 DOI: 10.32599/apjb.14.1.202303.231

Seung-Hyeon Huh

{"title":"The Effect of Inaccurate Quality Signaling under Information Asymmetry","authors":"Seung-Hyeon Huh","doi":"10.32599/apjb.14.1.202303.231","DOIUrl":"https://doi.org/10.32599/apjb.14.1.202303.231","url":null,"abstract":"Purpose - This study attempts to provide a new theoretical perspective on the quality signaling and its impact on a market under information asymmetry, focusing on how the accuracy and the cost of quality signaling affect sellers’ and buyers’ profit, suggesting appropriate designs of quality signaling methods which mitigates information asymmetry. \u0000Design/methodology/approach - In order to examine the effect of quality signaling on strategic interactions within the market, we establish an analytic model where market outcomes are determined by seller’s quality claim and price, and buyers are risk-neutral. By investigating this analytic model through relevant game trees, we find the subgame perfect Nash equilibria of the market and predict related market outcomes based on sellers’ quality signaling strategy. \u0000Findings - Our analytic model shows counterintuitive results that seller profit will be the lowest with inaccurate quality signaling and the highest with no quality signaling, mostly due to the certification cost. Consequently, sellers should proceed with caution if the quality signaling is less than accurate, as it may backfire. We believe that this is due to the fact that the inaccuracy of quality signaling causes some confusion and uncertainty in both sellers and buyers’ decision to maximize profit, making it hard for sellers to predict buyers’ behavior. \u0000Research implications or Originality - Although the sources and types of quality signaling errors have been investigated in the literature, there has not been satisfactory understanding regarding how inaccuracy of quality certification affects specific market outcomes. We expect that our theoretical model would provide important implications on how to utilize quality signaling to solve adverse selection issues in markets under information asymmetry.","PeriodicalId":310482,"journal":{"name":"The Institute of Management and Economy Research","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123235293","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Trading Volume and Overpricing of Lottery-type Stocks 彩票类股票的交易量与定价过高

The Institute of Management and Economy Research Pub Date : 2023-03-30 DOI: 10.32599/apjb.14.1.202303.113

Yong-Ho Cheon

{"title":"Trading Volume and Overpricing of Lottery-type Stocks","authors":"Yong-Ho Cheon","doi":"10.32599/apjb.14.1.202303.113","DOIUrl":"https://doi.org/10.32599/apjb.14.1.202303.113","url":null,"abstract":"Purpose - The purpose of this study is to examine whether trading volume amplifies the extent to which lottery-type stocks are overpriced, and whether economic sentiment index explains time-variation in the magnitude of the volume amplification effect. \u0000Design/methodology/approach - We examine monthly returns on 5x5 monthly bivariate portfolios formed by lottery characteristics (measured by maximum daily return) and trading volume. In addition, we perform time-series regression tests to examine how the volume amplification effect changes in high and low economic sentiment periods, after controlling for Fama-French three factors. \u0000Findings - Our bivariate portfolio analysis shows that the overpricing of lottery-type stocks are mostly pronounced among high trading volume stocks. In contrast, for low trading volume stocks, overpricing of lottery-type stocks appears to vanish. Furthermore, the amplification effect of trading volume on overpricing of lottery-type stock is concentrated in high economic sentiment periods. \u0000Research implications or Originality - This study is the first attempt to examine whether trading volume drives lottery-type stocks’ overpricing in the Korean stock market. Furthermore, our analysis unveils the time-varying nature of volume amplification effect. The results suggest that trading volume might play a important hidden role in asset pricing, opening a new line of researches in the future.","PeriodicalId":310482,"journal":{"name":"The Institute of Management and Economy Research","volume":"77 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134640510","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The Effect of Compulsive Hoarding of Consumers on Product Type(Hedonic/Utilitarian) Purchase Intention 消费者强迫性囤积行为对产品类型(享乐/功利)购买意愿的影响

The Institute of Management and Economy Research Pub Date : 2023-03-30 DOI: 10.32599/apjb.14.1.202303.247

Na-ye Kim, Jung-ho Bae

{"title":"The Effect of Compulsive Hoarding of Consumers on Product Type(Hedonic/Utilitarian) Purchase Intention","authors":"Na-ye Kim, Jung-ho Bae","doi":"10.32599/apjb.14.1.202303.247","DOIUrl":"https://doi.org/10.32599/apjb.14.1.202303.247","url":null,"abstract":"Purpose - The purpose of this study is to examine the influence of the compulsive hoarding behavior of consumers on the intention to purchase hedonic and utilitarian types of products. \u0000Design/methodology/approach - The online and offline survey was conducted and a total of 210 domestic data were collected. Simple and multiple regression analysis and ANOVA were conducted to analyze the data. \u0000Findings - First, the consumers’compulsive hoarding behavior had a significantly positive influence on the purchase intention. According to the analysis results of the sub-factors, however, only ‘Difficulty Discarding' had a significant influence on the purchase intention, while ‘Clutter' and ‘Acquisition' did not. Second, as the results of identifying the moderating effect by product type in the purchase intention in accordance with the consumers’compulsive hoarding behavior, their compulsive hoarding behavior had a significant influence on only the intention to purchase hedonic products but not on the intention to purchase utilitarian ones. Similarly, the results of analyzing the sub-factors showed that only‘Difficulty Discarding' significantly influenced the intention to purchase hedonic types of products, but ‘Clutter' and ‘Acquisition' were not significantly influential to both the hedonic and utilitarian types of products. \u0000Research implications or Originality - First, this study is meaningful in that it expanded the research discussion on compulsive hoarding behavior by conducting empirical research on this behavior in the general public, which is unlike the previous studies that focused on only severe pathological compulsive hoarding behavior. Second, it identified that the consumers’compulsive hoarding behavior could cause purchase behaviors that were different depending on the type of product by searching the purchase intention with divided types of products (hedonic and utilitarian).","PeriodicalId":310482,"journal":{"name":"The Institute of Management and Economy Research","volume":"115 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128274106","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

A Study on the Value Relevance of Securities Firm's Net Operating Capital 证券公司净营运资本价值相关性研究

The Institute of Management and Economy Research Pub Date : 2023-03-30 DOI: 10.32599/apjb.14.1.202303.327

Seok-Bong Cho

{"title":"A Study on the Value Relevance of Securities Firm's Net Operating Capital","authors":"Seok-Bong Cho","doi":"10.32599/apjb.14.1.202303.327","DOIUrl":"https://doi.org/10.32599/apjb.14.1.202303.327","url":null,"abstract":"Purpose - The purpose of this study is to examine the information effect of securities firm’s net operating capital, securities firm’s regulatory purposes capital, by analyzing the value relevance of net operating capital. \u0000Design/methodology/approach - This study was empirically analyzed using samples of domestic listed securities firms in the past 12 years, and multiple regression analysis and Vuong (1989) test were used together as specific research methods. \u0000Findings - First, it was found that the net operating capital of securities firms has an incremental value relevance that is added to basic accounting information (equity book value, profit or loss information). Second, after classifying equity capital on the books into net operating capital and the rest of equity capital, the value relevance of net operating capital was significantly higher than that of other equity capital. \u0000Research implications or Originality - The results of this study indicate that the level of regulatory capital in the securities industry can be used in the process of evaluating firm value in the capital market, and it is significant in that capital market evaluation can be stratified according to regulatory purposes.","PeriodicalId":310482,"journal":{"name":"The Institute of Management and Economy Research","volume":"88 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114201407","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Digital Transformation, Manipulation of Asset Evaluation and M&A Performance: Discussion on the Intermediary Effect of Internal Control 数字化转型、资产评估操纵与并购绩效:内部控制的中介效应探讨

The Institute of Management and Economy Research Pub Date : 2023-03-30 DOI: 10.32599/apjb.14.1.202303.1

C. Chen, Hee-jung Lee, Nan Hui, Xue-Hua Qian

{"title":"Digital Transformation, Manipulation of Asset Evaluation and M&A Performance: Discussion on the Intermediary Effect of Internal Control","authors":"C. Chen, Hee-jung Lee, Nan Hui, Xue-Hua Qian","doi":"10.32599/apjb.14.1.202303.1","DOIUrl":"https://doi.org/10.32599/apjb.14.1.202303.1","url":null,"abstract":"Purpose - The purpose of this study was to examine the internal relevance between digital transformation, manipulation of asset evaluation and corporate M&A performance and further explores the impact path of manipulation of asset valuation on corporate M&A performance. \u0000Design/methodology/approach - This study based on the financial data of A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2013 to 2021. \u0000Findings - First, manipulation of asset evaluation is negatively correlated with M&A performance. Second, Digital transformation significantly weakens the negative correlation between manipulation of asset evaluation and corporate M&A performance. Third, The effectiveness of internal control plays a partially intermediary role in the process of manipulation of asset evaluation affecting M&A performance. \u0000Research implications or Originality - Enriching the existing literature on the subject, the study can also provide useful reference for improving the performance of corporate mergers and acquisitions, regulating asset valuation, promoting the digital transformation of enterprises and improving internal control mechanisms, with both theoretical and practical implications.","PeriodicalId":310482,"journal":{"name":"The Institute of Management and Economy Research","volume":"105 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114252950","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Are Longer and More Negative Online Reviews More Helpful? - The Mediating Role of Consumers' Perceived Usefulness of Reviews 更长、更负面的在线评论更有帮助吗?-消费者评价感知有用性的中介作用

The Institute of Management and Economy Research Pub Date : 2023-03-30 DOI: 10.32599/apjb.14.1.202303.295

Weiyu Zhang, Xinyue Li, M. Kim

{"title":"Are Longer and More Negative Online Reviews More Helpful? - The Mediating Role of Consumers' Perceived Usefulness of Reviews","authors":"Weiyu Zhang, Xinyue Li, M. Kim","doi":"10.32599/apjb.14.1.202303.295","DOIUrl":"https://doi.org/10.32599/apjb.14.1.202303.295","url":null,"abstract":"Purpose - This study investigates how review length and sentiment impact consumers' purchase intentions, using real online reviews as the data source. The study aims to understand how the length and tone of a review affect a potential buyer's decision-making process when considering a purchase. \u0000Design/methodology/approach - A 2 (comment length: long vs. short) × 2 (comment sentiment: positive vs. negative) × 2 (product type: practical vs. hedonic) experiment was conducted. \u0000Findings - Results indicate that longer reviews have a greater impact on consumers' perceived usefulness compared to short reviews, but do not affect purchase intentions. Review sentiment is found to have a stronger impact than review length, especially for negative sentiment. The study also suggests that consumers pay more attention to reviews of practical products, and that reviews have less influence on hedonic products. \u0000Research implications or Originality - The implications of these findings are relevant for both merchants managing reviews and consumers reviewing products.The results of this research could help businesses and marketers optimize their online review strategies to maximize their impact on consumer behavior.","PeriodicalId":310482,"journal":{"name":"The Institute of Management and Economy Research","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128525468","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The Effects of Corporate Social Responsibility on the Firm Performance: The Moderating Effects of Advertising Intensity and Environmental Pollution in China 企业社会责任对企业绩效的影响:广告强度和环境污染的调节效应

The Institute of Management and Economy Research Pub Date : 2023-03-30 DOI: 10.32599/apjb.14.1.202303.59

Zhijuan Huang, J. Kwak

{"title":"The Effects of Corporate Social Responsibility on the Firm Performance: The Moderating Effects of Advertising Intensity and Environmental Pollution in China","authors":"Zhijuan Huang, J. Kwak","doi":"10.32599/apjb.14.1.202303.59","DOIUrl":"https://doi.org/10.32599/apjb.14.1.202303.59","url":null,"abstract":"Purpose - The purpose of this study is to investigate the effect of corporate social responsibility (CSR) on firm performance in China, plus the moderating effects of advertising intensity and environmental pollution. \u0000Design/methodology/approach - We analyzed our dataset that consists of 188 public Chinese firms drawn from the Shanghai and Shenzhen exchanges during 2010-2020. \u0000Findings - Based on the stakeholder theory and signaling theory, we proposed the positive relationship between the CSR level and the firm performance. Further, we configured consumers and the government as major stakeholders in China, suggesting positive moderating effects of advertising intensity and environmental pollution, respectively. \u0000Research implications or originality - The results show that the CSR level increases the firm performance. The advertising intensity positively moderates the relationship between the CSR level and the firm performance, but there was no significant moderating effects of environmental pollution. The findings confirm the importance of consumers for the CSR stakeholders. While the Chinese government strongly reinforces environmental regulation, CSR itself does not seem to be the fine-aligned action prioritized for mitigating environmental pollution.","PeriodicalId":310482,"journal":{"name":"The Institute of Management and Economy Research","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127335608","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Organizational Commitment of Five Working Groups of MNCs 跨国公司五个工作组的组织承诺

The Institute of Management and Economy Research Pub Date : 2023-03-30 DOI: 10.32599/apjb.14.1.202303.21

Miao-Ju Wang, Jongwook Kwon, Junjiang Li

引用次数: 0