Journal of Applied Business Research最新文献

{"title":"Debt Maturity And Investment Efficiency Evidence From Korea","authors":"H. Jeon, Hyunmin Oh","doi":"10.19030/JABR.V33I6.10047","DOIUrl":"https://doi.org/10.19030/JABR.V33I6.10047","url":null,"abstract":"This study empirically analyzes the effect of debt maturity on investment efficiency, which is measured by using McNichols and Stubben (2008). Debt maturity is measured using current debt ratio and dummy variable. Specifically, we will investigate how short-term debt affects investment efficiency. Additionally, we will investigate the relation between the short-term debt affects investment efficiency according to debt maturity group. \u0000The results of this study are as follows. First, the short-term debt and investment efficiency were significantly positive (+) in both the total sample and the over-investment sample. Second, as a result of analyzing the maturity of debt by group according to the current debt ratio, the relationship between earnings quality and investment efficiency was significantly positive (+) in the short-term debt group. it is suggested that debt maturity and investment efficiency can be different for the total sample, over-investment sample, under-investment sample, and the relationship between earnings quality and investment efficiency can be differentiated by debt maturity group. \u0000This study has following additional contributions in comparison with domestic prior studies related to investment efficiency. First, prior studies related to investment efficiency are mainly concerned with the quality of financial reporting. This study implies that the relationship between investment efficiency and quality of financial reporting, and the relationship between debt maturity and investment efficiency among the characteristics of debt. Second, from the results of the analysis of the debt maturity and investment efficiency, it is confirmed that the debt is operating as a mechanism to monitor the investment efficiency of the corporation. Third, the analysis of debt maturity group suggests that the relationship between earnings quality and investment efficiency may be differentiated by short and long debt levels during debt financing. \u0000The limitations of this study are as follows. First, we might have not considered omitted other variables. Second, we might not have fully considered other proxies for the characteristics of the debt maturity and investment efficiency. Third, there may be a measurement error in the quality of earnings and investment efficiency. Finally, the relationship between debt maturity and investment efficiency can vary depending on the circumstances of the company. For example, specific debt contract provisions or national regulatory environment. Therefore, attention should be paid to the generalization of the results of this study.","PeriodicalId":40064,"journal":{"name":"Journal of Applied Business Research","volume":"33 1","pages":"1081-1094"},"PeriodicalIF":0.0,"publicationDate":"2017-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43754911","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}

{"title":"How Do Biotech Cluster Firms Catch Knowledge Spillovers? The Strong Impact Of The Institutional Mechanisms","authors":"N. Boufaden","doi":"10.19030/JABR.V33I6.10054","DOIUrl":"https://doi.org/10.19030/JABR.V33I6.10054","url":null,"abstract":"This paper deals with the nature of the mechanisms supporting knowledge spillovers diffusion in high-tech clusters. The literature in the geography of innovation focuses on the existence of local knowledge spillovers, which are enhanced by geographic and technological proximity. However, the mechanisms explaining the diffusion of spillovers are not well understood. If knowledge spillovers exist, how does this knowledge diffuse among the actors? Do spillovers spread in the air, as suggested by Marshall? Or, are there mechanisms that explain their dissemination? Based on a firm survey data base and an original methodology, the paper explores the determinants of knowledge spillovers. The paper has twofold purposes; the first one is to determine the main mechanisms within a region enabling the diffusion of spillovers. The second objective is measuring the impact of these main mechanisms on firm’s innovation performance, indicating which of these mechanisms are more effective in transporting knowledge spillovers between agents. The results show new empirical evidences on the role played by institutions in the dissemination of externalities. However, informal mechanisms, such as face-to-face contacts commonly stressed in the literature, have no significant and negative effects in this case.","PeriodicalId":40064,"journal":{"name":"Journal of Applied Business Research","volume":"33 1","pages":"1187"},"PeriodicalIF":0.0,"publicationDate":"2017-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43393930","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}

{"title":"Adding Sustainable Value: Linkages Between Growth, Governance And Social Responsibility","authors":"Vinita Ramaswamy, John R. Leavins, C. J. Ueng","doi":"10.19030/JABR.V33I6.10056","DOIUrl":"https://doi.org/10.19030/JABR.V33I6.10056","url":null,"abstract":"Key performance indicators such as high EPS and revenue growth are frequently used to evaluate high quality securities from successful companies. Characterized as “growth” stock, these stocks are accompanied by high PE and PB ratios, indicating compelling potential for future capital appreciation. However, relentless stress on high growth alone has its disadvantages, and research has clearly shown that growth by itself is not a sufficient condition for long-term sustainable value. Stakeholders driving company value also expect a strong underlying framework of accountability, transparency and fairness. Concepts of socially responsible investing add societal expectations of commitment to employees, consumers and the environment. This study explores the relationship between growth, corporate governance and corporate social responsibility as a possible basis for explaining long-term value. Initial results indicate that these growth companies tend to have robust financial metrics but with higher risk, as indicated by financial metrics and a lower score in governance policies, but display insignificant variances on social responsibility factors.","PeriodicalId":40064,"journal":{"name":"Journal of Applied Business Research","volume":"33 1","pages":"1229"},"PeriodicalIF":0.0,"publicationDate":"2017-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42216121","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}

{"title":"Reported Profits And Effective Tax Rate Following Accounting Standards Changes Analysis Of Consolidated Financial Statements And Separate Financial Statements","authors":"Jeong Ho Kim, C. Im","doi":"10.19030/jabr.v33i6.10053","DOIUrl":"https://doi.org/10.19030/jabr.v33i6.10053","url":null,"abstract":"This study empirically examines how the adoption of IFRS affected the reported profits and effective tax rates of firms by analyzing consolidated financial statements and separate financial statements. Firms that adopted IFRS in 2011 were required to disclose consolidated financial statements and separate financial statements in both K-IFRS and K-GAAP for this period. We conjecture that there will be a difference in the reported profits and effective tax rates between the financial statements that adopt the two different accounting standards. This study will provide policy implications with regards to the recent IFRS adoption and the use of accounting standards. The findings of this study are as follows. First, we find that the effective tax rate and corporate tax expenses decreased after the adoption of K-IFRS from K-GAAP. Earnings Before Tax (EBT) and net income also decreased when reported in K-IFRS. When we divide the total sample into the listed firms and KOSDAQ firms, we found a significant difference between the accounting standards in the total sample and listed firms, but did not see such a difference in KOSDAQ firms. In addition, results from the analysis of separate financial statements were analogous to those from consolidated financial statements. Additional analyses examined the effect of the early adoption of IFRS, but a significant influence due to early adoption was not found in consolidated financial statements from both parametric and non-parametric tests. However, the effective tax rate did decrease in the separate financial statements of firms that adopted K-IFRS earlier. The implementation of K-IFRS (changes in accounting standards) has made the managerial performance of firms accounted for in the Equity Method to be reflected in EBT and net income. This entailed an increase (or decrease) in the Equity Method profit, which in turn increased reported profits and decreased effective tax rates. In other words, the total increase of reported profits in consolidated financial statements can be attributed to subsidiary companies. However, the adoption of IFRS also reduced the tax burden, which is considered to be the motivation for firms to adopt IFRS in advance. This article attempts to provide policy implications with regards to the adoption of new accounting standards and its influence on the corporate tax expenses and effective tax rates in listed firms and KOSDAQ firms.","PeriodicalId":40064,"journal":{"name":"Journal of Applied Business Research","volume":"33 1","pages":"1171"},"PeriodicalIF":0.0,"publicationDate":"2017-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43437018","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}

{"title":"Mandatory Adoption Of IFRS And Earnings Transparency In Korea","authors":"H. Shin, Hyunmin Oh","doi":"10.19030/JABR.V33I6.10050","DOIUrl":"https://doi.org/10.19030/JABR.V33I6.10050","url":null,"abstract":"We investigate the relation between mandatory adoption of IFRS (International Financial Reporting Standards) and earnings transparency in Korea. We define transparency of earnings as how well it explains a firm value. Financial reporting mitigates information risks of the firm by lessening information asymmetry between insiders and outsiders of a firm. If accounting information produced after adopting IFRS better explains a firm value, then, it will reduce information asymmetry and information risks of the firm, resulting in enhancement of earnings transparency. We measure earnings transparency based on Barth, Konchitchki, and Landsman et al. (2013) and Cheng and Subramanyam (2008). The sample is 2,276 which are listed on Korea stock exchange over 2008-2014. The empirical result shows adopting IFRS is significantly positive with earnings transparency, which means it mitigates information asymmetry, enhancing earnings transparency in Korea. Our study is distinguished from prior studies because we empirically examine influence of adopting IFRS on earnings transparency of Korea. Our result implies adopting IFRS contributes to higher earnings transparency which helps market participants make decisions.","PeriodicalId":40064,"journal":{"name":"Journal of Applied Business Research","volume":"33 1","pages":"1129"},"PeriodicalIF":0.0,"publicationDate":"2017-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48150453","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}

{"title":"The Relationship Between Chaebol And Firm Value Using Bayesian Network","authors":"Eun-Jung Sun, Sung Jin Park","doi":"10.19030/JABR.V33I6.10049","DOIUrl":"https://doi.org/10.19030/JABR.V33I6.10049","url":null,"abstract":"The purpose of this study is to analyze the effects of being a chaebol company, the biggest company characteristic variable, on firm value. It tries to overcome the limitation of multiple regression analysis mostly used in preceding research. That is, as multiple regression analysis assumes uniform linearity between dependent and independent variables, it could not reflect the diverse types of the real world. Thus, based on being a chaebol company and financial information, company characteristic variables influencing firm value, this study derives causal relationships existing between them. The results could help managers and various accounting information users in their decision-making by providing them with information of what company characteristics would directly or indirectly influence firm value. To this end, this study utilizes Bayesian Network and attempts Markov Blanket. In the end, all the analysis methods used in this study not only provides significant results, but also raises its practical value by offering information of diverse situations that could occur in the real world.","PeriodicalId":40064,"journal":{"name":"Journal of Applied Business Research","volume":"33 1","pages":"1113"},"PeriodicalIF":0.0,"publicationDate":"2017-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48792820","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}

{"title":"The Effect Of Brand Experience Provider On Brand Experience: Focus On Korean Cosmetic Brand Shop","authors":"G. Jeong, C. Im, Min-Suk Kim","doi":"10.19030/JABR.V33I6.10055","DOIUrl":"https://doi.org/10.19030/JABR.V33I6.10055","url":null,"abstract":"This present research distinguishes brand experience providers of cosmetic companies that include three elements: Brand identity elements of cosmetic brand shops (feminine and environmental-friendly brand identity); Marketing mix elements (level of iconic product, level of steady-seller product, reasonable pricing, convenience of location, quality of additional service); Cosmetic brand store elements (effective product assortment, atmosphere of a store, availability of testers, proficiency of consultants). This paper aims to explore these elements and the effect of brand experience provider on all brand experience dimensions; sensory, affective, intellectual, and behavioral experience. After the review of extant studies, we propose 11 hypotheses. \u0000Based on the collected 295 consumers of experienced cosmetic brand shop, the proposed model is testified with the SPSS 15.0 and AMOS 7.0 is supported. According to the result of empirical analysis, it turns out that, in terms of characteristics of brand experiential provider, 'feminine brand identity', 'iconic product', 'steady seller product', 'convenient location', 'additional service quality', 'assortment', 'atmosphere', 'self-tester', and 'consultant' affected the customers' holistic brand experience of cosmetic brand shop. However, 'environmental-friendly brand identity', 'reasonable price' results to have no influence on the holistic brand experience of brand of cosmetic brand shop. The study produced a theoretical implication on brand experience that it empirically approached to factors of brand experiential provider on holistic brand experience of store. The earlier studies were at best conceptual analysis or they mainly dealt with in-store factor, whereas this paper divides factors that affect the customer's overall experience into 'brand identity', 'marketing mix strategy', and 'physical environment of in-store'.","PeriodicalId":40064,"journal":{"name":"Journal of Applied Business Research","volume":"33 1","pages":"1205-1228"},"PeriodicalIF":0.0,"publicationDate":"2017-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45114979","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}

{"title":"The Effect Of Nostalgia On Service Failure","authors":"Jin A Jeon, Ja‐Yeon Kim","doi":"10.19030/JABR.V33I6.10057","DOIUrl":"https://doi.org/10.19030/JABR.V33I6.10057","url":null,"abstract":"Nostalgia induced by savoring precious past experience helps a person feel loved and protected and may help them cope with loneliness. Generally, these positive, prosocial functions, which nostalgia provides, are derived from the content of the memories. However, recent research shows that the process of recalling nostalgic memories could have an important, but different impact on consumers' behavior. \u0000When people face nostalgia through the recollection of positive experience and become aware of its non-repeatability, they seek to enjoy and prolong the experience. Due to the motivation to savor nostalgic experiences, people are likely to be more tolerant of waiting. To this extent, the inclination to reminisce about past experiences motivates people to be more accepting of, thus less dissatisfied with service failure. \u0000Unlike other research focusing on social functions of nostalgia, we examine the effect of nostalgia to a particular service failure: delayed shipping. Nowadays, on-line retailers that use a delivery service is commonplace. Therefore, we believe our research will give critical implications about the effects of nostalgia on service failure. We theorize that nostalgia could have a positive effect on consumer patience, especially for delayed shipping, and the distance to a nostalgic memory affects consumer patience and dissatisfaction. Two studies have confirmed these effects.","PeriodicalId":40064,"journal":{"name":"Journal of Applied Business Research","volume":"33 1","pages":"1243-1250"},"PeriodicalIF":0.0,"publicationDate":"2017-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42163490","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}

{"title":"Cross-cultural adjustment : a case of Thai Expatriates in Indonesia","authors":"Tayaphon Rodsai, Jol Stoffers, M. B. Talim","doi":"10.19030/JABR.V33I6.10051","DOIUrl":"https://doi.org/10.19030/JABR.V33I6.10051","url":null,"abstract":"This study empirically examines individual and organizational factors that influence expatriates’ cross-cultural \u0000adjustment and job performance. The study was a quantitative research from 117 Thai expatriates who work in Thai \u0000multinational companies (MNC) located in Indonesia. \u0000The results of the study indicated that financial perceived organizational support influence positively towards Thai \u0000expatriates’ overall cross-cultural adjustment in Indonesia. This study found that cross-cultural training influenced \u0000positively towards Thai expatriates’ adjustment. A causal relationship between the predicting variables of crosscultural \u0000adjustment and Thai expatriates’ job performance was not found. \u0000Results suggest important consequences for management strategies providing support to Thai expatriate employees \u0000increasing their adjustment in Indonesia. \u0000Keywords: Cross-Cultural Adjustment; Job","PeriodicalId":40064,"journal":{"name":"Journal of Applied Business Research","volume":"33 1","pages":"1139-1152"},"PeriodicalIF":0.0,"publicationDate":"2017-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42036759","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}

{"title":"A Changed Taxonomy Of Retail Financial Ratios","authors":"T. Zeller, John Kostolansky, Michail Bozoudis","doi":"10.19030/JABR.V33I6.10046","DOIUrl":"https://doi.org/10.19030/JABR.V33I6.10046","url":null,"abstract":"Thirty-five years ago researchers established a taxonomy of retail financial ratios. During the intervening period, extensive changes in retailing practices have been accompanied by equally extensive changes in financial reporting, marketing and management methods. Financial reporting standards have adapted to reflect these new domestic and international business practices, while technological innovation has produced continually evolving hardware and software advancements. \u0000This study investigates the extent to which the taxonomy of retail financial ratios has changed and, if justified, will establish a revised taxonomy. It extends prior work in two ways. First, it utilizes advanced statistical methodologies and computing technologies to provide a more discriminating investigation than previous researchers were capable of conducting. Second, this study investigates the current taxonomy of retail industry financial ratios as well as its stability over a ten-year period. \u0000Our findings identify a shift in the retail sector taxonomy of financial ratios. Empirical analysis points to a taxonomy consisting of five factors: capital intensiveness, cash position, inventory turnover, return on assets-return on sales, and return on equity-leverage. Contrary to expectations, a separate operating cash flow factor was not identified, despite the emergence of a mandatory cash flow statement during the intervening period. These findings provide an empirical basis to formulate testable hypotheses regarding the predictive and descriptive utility of retail financial ratios.","PeriodicalId":40064,"journal":{"name":"Journal of Applied Business Research","volume":"33 1","pages":"1069-1080"},"PeriodicalIF":0.0,"publicationDate":"2017-10-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43246668","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}