The significance of ESG activities as a management strategy for corporate sustainability has been widely recognized. However, previous studies have produced conflicting results regarding the relationship between ESG activities and financial performance. This study specifically examines the impact of ESG activities on the financial performance of Korean firms, taking into account the moderating effect of company type (B2C or B2B).BR The results, derived from panel data analysis, reveal the following key findings: 1) ESG scores have a significantly positive effect on stock price returns, 2) positive governance activities positively influence both stock price returns and profitability (ROA), and 3) company type exerts a significant moderating effect on ROA. In the case of B2C companies, compared to B2B companies, there exists a positive moderating effect on the relationship between environmental activities and ROA, while a negative moderating effect is observed between social and governance activities and ROA. This implies that consumer-focused B2C companies derive benefits from adopting eco-friendly practices, whereas business-focused B2B companies benefit from implementing social and governance practices to manage supply risks.

This study proposes a novel framework for designing business rule analytics to assist businesses offering digital content in effectively converting free-only users (FOUs) into paying customers. Based on the theory of expected utility, we expand upon traditional frequency-driven rule analytics by integrating three business-relevant factors (target size, conversion profit, and conversion likelihood) into the process of generating recommendations for FOUs in digital content markets. The framework was tested using two different types of empirical analysis. We conducted a field experiment collaborating with a nationwide e-book store to determine how FOUs responded to the recommendations generated under the proposed framework. Furthermore, we analyzed over 5 million transactions collected from the e-book seller and a mobile application provider to examine the impact of customer segmentation on the effectiveness of our approach. Our findings suggest that business analytics derived from the utility-based mechanisms can significantly enhance digital content providers' business performance.

Financial Accounted for the importance of the investment information of the capital adequacy ratio of listed companies in India's Stock Exchange. Accounting information variables, accounting for common stock, it has been used to establish the meaning of the investment information. Equity investment is considered to be one of the best investment channels in India. India's capital market has witnessed significant growth. A study on the effects of the financial information of the equity investment decision-making making. Roles and responsibilities in the measurement, Financial Investors Social and Environmental Return (FISER), and a clear subjective interpretation of environmental benefits are intended to conflict with the premise of the adopted by the other old traditional measurement. The financial information, objectivity and flexibility, impact resistance of the financial attribution and the concept of the actual measurement. Investors, investment in financial information, it will not be familiar with the kind of strong influence thinking in the company's quarterly reports. They are in professional and non-professional investors making investment decisions, in an attempt to better understand the information, our research results, provide useful information to managers and influence the design of experimental research and, financial reporting, use the user type of standard setters and financial information's.

본 연구는 주식교환 M&A 방식을 통해 성장한 옐로모바일의 사례를 연구하고 성공 및 실패의 과정 및 요인을 분석하였다. 옐로모바일이 탄생할 수 있었던 배경인 주식교환 M&A 방식의 효과 및 모바일 서비스 산업에서 벤처기업들의 네트워크 형성을 통한 시너지 창출에 대해 검토하였다.BR 옐로모바일은 쿠팡에 이어 우리나라에서 2번째 유니콘이 되어 성장전략은 1차적으로 성공하였다. 그러나 옐로모바일의 재무제표를 토대로 재무상태와 경영성과를 분석한 결과 2017년 이후 추락하고 있다. 부분적으로 광고와 헬스케어 분야 종속기업들만 코스닥 상장기업으로서 사업을 성공적으로 진행해 가고 있다.BR 성공을 지속하지 못한 요인을 세 가지로 파악하였다. 첫째, 관리능력이 부족하고 내부통제가 부실하였다. 둘째, 창업자들 간의 이해관계가 상충되어 효과적인 시너지를 내지 못하였다. 셋째, 인수합병을 통한 성장전략에만 치중하여 기업의 본질적 가치와 내실을 추구하지 못하였다.BR 한편 국내 코스닥거래소에 성공적으로 상장했던 광고 및 헬스케어 사업부문에 대해서 상장 진행 과정을 분석하고, 해당 사업성과를 설명하였다.BR 옐로모바일의 재무제표는 공시된 자료를 토대로 분석하였는데 2017년 이후 감사인의 의견거절을 받아 해당 자료의 신뢰성이 저하되었다. 그 외 상장기업으로 자료가 공시되는 퓨쳐스트림네트웍스 및 케어랩스에 대해서는 공시된 자료를 토대로 분석하였다.BR 모바일플랫폼을 지향하며 2010년대 급속히 성공했으나 성공을 지속하지 못한 옐로모바일의 사례는 벤처기업의 창업자 및 경영자들에게 실패를 예방하고 성공을 지속하기 위한 시사점을 제공할 것이다.

STX group, which had started in 2001, became the 13th largest business group in Korea within a decade. STX group had declined since 2008 global financial crises and was dismantled in 2014. Chairman Kang started as salaryman and became Owner-manager of the 13th largest business group. He left much lessons and implications for Korean business. Now is the COVID-19 crisis. It is important to understand the reasons and background of the rise and fall of the new rising star in 2000’s. STX group initiated the cost advantage strategy in Dalain, China while STX tried to pursuit the high value-added strategy in Eurpoe. It was difficult for STX with limited resources and capability to chase two rabbits. STX group should not have started STX Dallian. STX group may have been successful if it consistently pursued the high value-added strategy. STX group utilized the advance payment from clients for M&A investment. This is a risky financial operation. As the recovery of investment became slow, ship building companies of STX group increased the borrowing for operation. The unique financial style utilizing advance payment led to the liquidity crisis of STX group. The vertical diversification strategy by M&A is risky because the related companies may become bankrupt together during the recession. Chairman Kang focused on the growth and neglected the risk management. It is one of the reasons for STX group to have fallen.

This study investigates whether recognized accounts receivable (AR) factoring is more value relevant than disclosed AR factoring. After the adoption of the Korean International Financial Reporting Standards (K-IFRS), AR factoring is recognized as short-term debt, thus increasing firms' leverage ratio. Using cross-sectional equity valuation regressions, we find that recognized AR factoring is value relevant, unlike disclosed AR factoring. Moreover, the market value of equity and AR factoring are more significantly correlated in highly leveraged firms than in less-leveraged ones. Accounting data are important from the perspective of big data. In the accounting industry as well, professionals started realizing the implications of big data. The COVID-19 pandemic has created a health crisis and wreaked havoc in an already-fragile global economy. Although there is no way to predict exactly what the economic damage from the COVID-19 pandemic will be, there must be widespread agreement that it will have severe financial impact on every company. Global financial markets have suffered dramatic falls due to the pandemic, and highly leveraged companies are in serious need of financing. While diving deeper, sound debt management and debt transparency are critical to ensure debt sustainability. Thus, companies would be willing to use AR factoring in order to overcome this financial status. This study also shows that highly leveraged firms decrease AR factoring after K-IFRS adoption.

Achieving the dual goal of improved environmental and financial performance has become a universal business concern. Our study distinguishes between firms’ environmental behaviors and their environmental performance, a distinction that has been largely disregarded in previous empirical studies that analyze the association between environmental performance and financial performance. As an improvement in environmental performance itself does not necessarily guarantee positive financial returns, our study pays particular attention to the value-added nature of preemptive environmental activities, investigating the effects of plant-level pollution prevention activities (PPAs) on environmental performance and financial performance in terms of cost competitiveness and market valuation. Drawing on detailed environmental information about 18,743 chemical plants in the U.S. and analyzing a multi-level panel dataset constructed bottom-up from plant-level data to their parent firms’ performance data, we find that more intensive PPAs are associated with both superior environmental performance and improved cost competitiveness but do not necessarily lead to higher market valuation. Our study illuminates the specific environmental activities and conditions linked to environmental and financial performance, thereby offering managers practical guidance in pursuing both sustainable and profitable businesses under increasingly stringent environmental standards.

The recent rapid transition in energy markets and technological advances in demand-side interventions has renewed attention on consumer behavior. A rich literature on potential factors affecting residential energy use or green technology adoption has highlighted the need to better understand the fundamental causes of consumer heterogeneity in buildings’ energy-related behavior. Unresolved questions such as which consumers are most likely to opt into demand-side management programs and what factors might explain the wide variation in behavioral responses to such programs make it difficult for policy-makers to develop cost-effective energy efficiency or demand response programs for residential buildings. This study extends the literature on involvement theory and energy-related behavior by proposing a holistic construct of household energy involvement (HEI) to represent consumers’ personal level of interest in energy services. Based on a survey of 5487 Korean households, it finds that HEI has a stronger association with consumer values, such as preferences for indoor thermal comfort and automation, than with socioeconomic or housing characteristics and demonstrates HEI’s potential as a reliable, integrated predictor of both energy consumption and energy-efficient purchases. The study illuminates the multifaceted influences that shape energy-related behavior in residential buildings and offers new tools to help utility regulators identify and profile viable market segments, improve the cost-effectiveness of their programs, and eventually promote urban sustainability.

This study examines whether the introduction of a functional currency system improves the value relevance of foreign translation adjustments in Korea. Companies" incomes and equities have been exposed too heavily on the changes of foreign exchange rates when these companies have transactions in foreign currencies or foreign operations. The adoption of the functional currency system is expected to minimize unexpected foreign translation adjustments from the fluctuation in foreign exchange rates and then improve the value relevance of foreign translation adjustments. We select Korean transportation and manufacturing companies which are usually highly affected by foreign currency exchange rates as a study sample. Using a return/earnings association approach, we find that the adoption of the functional currency system improves the value relevance of foreign translation adjustments for firms that designate foreign currency as a functional currency. After the adoption of the functional currency system, we do not find an incremental effect on the value relevance of foreign translation adjustments for firms that choose a local currency as a functional currency. However, for firms that choose foreign currency as a functional currency, an excessive effect from foreign exchange rates is alleviated thereby improving the value relevance of foreign translation adjustments.

블록체인과 가상통화 관련 시장의 성장과 함께 가상통화거래소는 하나의 신규 산업으로 성장하고 있다. 그러나, 가상통화에 대한 법·규제적 정의가 진행 중에 있어서 기존 산업과 다르게 규제기관의 관리감독을 받지 않고 있으며, 이에 따라 본 연구는 거래소 해킹 및 사고로 인한 사용자(가상통화 투자자)의 피해가 다수 보고되었다. 가상통화거래소에서 발생할 수 있는 피해를 개인정보 및 계정의 탈취로 인한 자산 피해와 사용자가 외부 사기사건 등에 연루되어 발생할 수 있는 피해로 구분하여 연관성이 높은 기능을 선행 사업자와 비교 분석하였다. 회원가입(KYC: Know Your Client), 로그인, 거래 추가인증은 선행 사업자와 유사한 수준이나, 이상거래탐지(FDS: Fraud Detection System), 법화 및 가상통화 자금세탁방지(AML: Anti-Money Laundering)는 미흡한 수준으로 조속한 개선이 필요할 것으로 파악되었다.

This paper examines the value relevance of corporate environmental performance (CEP) using individual environmental performance indicators and multidimensional constructs derived from Trumpp et al. (2015). Accounting information can be described as ‘value-relevant’ when the information in financial statements has the ability to explain firm value. In recent years, stakeholders such as governments, public institutions, firms, customers, and local communities have recognized the importance of corporate environmental performance. Thus, one of the main research questions is whether corporate environmental performance is value relevant. The empirical results in this paper indicate that only a few individual environmental performance indicator variables are value relevant, while most environmental performance constructs have a significant impact on firm value. Our findings suggest that firm value significantly increases with improved environmental management or operational performance. In addition, environmental performance indicators and environmental performance constructs have a significant impact on firms in environmentally sensitive industries, confirming the notion of higher value relevance of environmental information for firms in these industries. This study contributes to prior literature by carrying out a comprehensive analysis on the multidimensional nature of corporate environmental performance and its impact on value relevance. This paper also reconciles extant literature on the construct validity of environmental performance indicators and environmental performance constructs by formulating standardized composite measures of CEP following Larker et al. (2007).

Investors use annual reports that companies mandatorily disclose every fiscal year-end when they make important investment-related decisions. The Securities and Exchange Commission in the United States has implemented and monitors the "Plain-English Rule" to create a transparent and readable annual report. However, only a general guideline exists for the description of annual reports (Plain English Rule), and there are no specific regulations on volume and format. As such, it is risky to interpret business managers' positive expressions because the data can include business managers' subjective opinions and viewpoints from the companies' perspectives. Additionally, the business managers' unrevealed tendencies, such as strategic reporting or cognitive bias, remain unknown. Therefore, this study focuses on the narrative sections of the annual reports that companies need to disclose after every fiscal year-end and uses text mining to determine the relationship between the assessment information of companies created by business managers and the performance of companies. The methodology of this study is grounded in text mining. To analyze these relationships, we collected all the 10-Ks of all public firms in the United States and employed the text-mining method to identify the tones of these 10-K narratives to determine whether they changed in line with current earnings levels. Additionally, we explore factors that could give rise to tone flexibility among reports and examine companies whose tone was more positive relative to their current performance to ascertain how future performance might differ from current performance.

This study investigates the association between information asymmetry and the accrual anomaly. Prior literature argues that earnings management is pronounced among firms with high information asymmetry and that earnings management is the main phenomenon behind the accrual anomaly. Using 43205 firm-year observations from the CRSP/Compustat Merged (CCM) universe spanning 1975-2012, we provide empirical evidence that the accrual anomaly is generally concentrated in firms with higher information asymmetry. Additional analysis reveals that, investors' greater overestimation mainly takes a place in firms with negative accruals, rather than positive accruals, due to investors' risk-aversion tendencies.