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From a supply chain perspective, new technologies such as blockchain can improve the efficiency and competitiveness of logistics and increase customer satisfaction. Although blockchain technology has been lauded as a way for firms to build sustainable supply chain networks, the rate of acceptance of this technology remains low. Therefore, this study seeks to identify the factors that discourage firms from merging blockchain with the supply chain. Instead of providing further reasons for adopting blockchain technology, we try to understand what deters firms from adding blockchain to their operations. Following the deductive approach, a confirmatory factor analysis is conducted on pre-test questionnaires to test, improve, and verify the constructs (questions) to measure the hypothesized factors. A theoretical model is proposed based on the hypotheses, and structural equation modeling is applied. The results are estimated using the partial least squares approach and a sample of 83 respondents. Our findings based on our empirical data support most of our hypotheses. We find that various factors impede the adoption of blockchain technologies, including technological barriers, constraints rooted in organizations and the environment, and system-related governmental barriers. In addition, various factors are critical determinants of resistance to blockchain in the technological, organizational, and environmental dimensions.
Daeheon Choi; Chune Chung; Thou Seyha; Jason Young. Factors Affecting Organizations’ Resistance to the Adoption of Blockchain Technology in Supply Networks. Sustainability 2020, 12, 8882 .
AMA StyleDaeheon Choi, Chune Chung, Thou Seyha, Jason Young. Factors Affecting Organizations’ Resistance to the Adoption of Blockchain Technology in Supply Networks. Sustainability. 2020; 12 (21):8882.
Chicago/Turabian StyleDaeheon Choi; Chune Chung; Thou Seyha; Jason Young. 2020. "Factors Affecting Organizations’ Resistance to the Adoption of Blockchain Technology in Supply Networks." Sustainability 12, no. 21: 8882.
We conducted an empirical analysis to verify the relationship between companies’ ownership structures and earnings management. Our sample included 480 nonfinancial companies listed on Vietnam’s Ho Chi Minh Stock Exchange and Hanoi Stock Exchange from 2012 to 2017, and our explanatory variables included several ratios, such as the controlling shareholders’ stake, management ownership stake, state-owned stake, and foreign ownership stake, which represent different ownership structures. We examined the effects of these ratios on earnings management. Our results suggested that earnings management has a significant linear relationship with the state-owned and foreign ownership stakes. Our results can enhance the understanding of the role of companies’ sustainable ownership structures in limiting earnings management, and they can contribute to future studies of the relationship between earnings management and corporate social responsibility and sustainability reporting assurance practices that focus on corporate ownership structures.
Daeheon Choi; Chune Young Chung; Young-Eun Kim; Ye Jun Kim; Paul Moon Sub Choi. Sustainable Corporate Ownership Structures and Earnings Management in the Vietnamese Stock Market. Sustainability 2020, 12, 6089 .
AMA StyleDaeheon Choi, Chune Young Chung, Young-Eun Kim, Ye Jun Kim, Paul Moon Sub Choi. Sustainable Corporate Ownership Structures and Earnings Management in the Vietnamese Stock Market. Sustainability. 2020; 12 (15):6089.
Chicago/Turabian StyleDaeheon Choi; Chune Young Chung; Young-Eun Kim; Ye Jun Kim; Paul Moon Sub Choi. 2020. "Sustainable Corporate Ownership Structures and Earnings Management in the Vietnamese Stock Market." Sustainability 12, no. 15: 6089.
As corporate sustainability continues to improve and enhance the principles of good corporate governance, firms are exerting increasing efforts in terms of transparency and public disclosure. Transparency efforts provide information to the general public on the relationship between corporate governance and improved sustainability. The better informed shareholders are about the connection between corporate governance and sustainability, the more apparent the relationship will become over time. Prior studies assume that blockholders engage in active institutional monitoring by intervening directly in firms’ operations. In contrast, we argue that passive institutional monitoring is a more feasible governance mechanism in the Korean market owing to the market’s unique features (i.e., chaebols and pressure sensitivity). In particular, focusing on the blockholdings of the Korean National Pension Service (KNPS), we study the impact of passive monitoring on firms’ earnings quality, represented by earnings persistence, value relevance, and timeliness. The empirical evidence shows that KNPS blockholdings have a positive and significant impact on corporate earnings quality, indicating that passive blockholder monitoring is a more efficient channel for improving earnings quality in South Korea. Our results may be generalized to other emerging markets in which a few entities with concentrated economic power engender pressure-sensitive corporate landscapes for sustainability.
Daeheon Choi; Paul Moon Sub Choi; Joung Hwa Choi; Chune Young Chung. Does Sustainable Corporate Governance Enhance Accounting Practice? Evidence from the Korean Market. Sustainability 2020, 12, 2585 .
AMA StyleDaeheon Choi, Paul Moon Sub Choi, Joung Hwa Choi, Chune Young Chung. Does Sustainable Corporate Governance Enhance Accounting Practice? Evidence from the Korean Market. Sustainability. 2020; 12 (7):2585.
Chicago/Turabian StyleDaeheon Choi; Paul Moon Sub Choi; Joung Hwa Choi; Chune Young Chung. 2020. "Does Sustainable Corporate Governance Enhance Accounting Practice? Evidence from the Korean Market." Sustainability 12, no. 7: 2585.
Young Koreans have been experiencing stress and employment barriers due to progressively worsening employment issues since the late 1990s. College graduates spend excessive amounts of time job hunting, necessitating institutional and policy measures to improve their initial labor-market performance. We, therefore, attempt to empirically analyze the relevant factors. Focusing on sustainable job quality, company size, wages, and satisfaction levels for students’ first jobs after graduation, and we specifically use college education quality and graduates’ employment-preparation activities as independent variables and initial labor-market performance as a dependent variable. First, we measure education quality using vocational education and training, satisfaction with college education, and studying a language abroad. We find that they are positively associated with new graduates’ initial labor-market performance. Second, we measure employment preparation activities using internship experience, certificates obtained, and scores on standardized English exams. Internship experiences are positively associated with new graduates’ initial labor-market performance. These findings suggest that the Korean government should focus on establishing a sustainable labor market for new graduates and offer specific, diverse support programs to improve employment among young Koreans.
Daeheon Choi; Chune Young Chung; Mira Yoon; Jason Young. Factors in a Sustainable Labor Market: Evidence from New College Graduates’ Initial Job Placement in Korea. Sustainability 2020, 12, 2386 .
AMA StyleDaeheon Choi, Chune Young Chung, Mira Yoon, Jason Young. Factors in a Sustainable Labor Market: Evidence from New College Graduates’ Initial Job Placement in Korea. Sustainability. 2020; 12 (6):2386.
Chicago/Turabian StyleDaeheon Choi; Chune Young Chung; Mira Yoon; Jason Young. 2020. "Factors in a Sustainable Labor Market: Evidence from New College Graduates’ Initial Job Placement in Korea." Sustainability 12, no. 6: 2386.
Many studies investigate collusion between political connections and firm performance, but Korean research on this topic is not very diverse. This study, based on financial data of listed Korean companies spanning the period from the 15th to the 19th Korean governments, analyzes whether political connections between governments and enterprises have a positive, negative, or no correlation with firm performance. The results show that the average return on assets for politically connected firms in the sample tends to be 10% higher than the corresponding value for sample firms that are not politically connected. Since existing studies measure political connections in a fragmented way, this study offers necessary implications for exploring the numerous structural problems of and solutions to the chronic issues currently faced by the Korean economy, as it investigates the economic policies from 1998 to 2018 and their influences on firm performance through the analysis of longer-term data.
Daeheon Choi; Chune Young Chung; Soon-Ihl Samuel Hong; Jason Young. The Role of Political Collusion in Corporate Performance in the Korean Market. Sustainability 2020, 12, 2031 .
AMA StyleDaeheon Choi, Chune Young Chung, Soon-Ihl Samuel Hong, Jason Young. The Role of Political Collusion in Corporate Performance in the Korean Market. Sustainability. 2020; 12 (5):2031.
Chicago/Turabian StyleDaeheon Choi; Chune Young Chung; Soon-Ihl Samuel Hong; Jason Young. 2020. "The Role of Political Collusion in Corporate Performance in the Korean Market." Sustainability 12, no. 5: 2031.
This study investigates the monitoring effectiveness of the largest institutional blockholder in Korea, the Korean National Pension Service (KNPS), on firms’ engagement in corporate social responsibility (CSR). We use a large, unique sample from Korea, where the financial market is primarily characterized by chaebols. We show that lagged KNPS blockholdings do not significantly influence investee firms’ concurrent CSR indexes. This result indicates that even the largest institutional blockholder in Korea does not actively engage in firms’ CSR initiatives to enhance their long-term performance and prosperity. Overall, our results suggest that institutional investors should more actively serve as an effective corporate governance mechanism in emerging Asian markets, where companies aim to be profitable and long-term corporate governance is very important.
Daeheon Choi; Paul Moon Sub Choi; Joung Hwa Choi; Chune Young Chung. Corporate Governance and Corporate Social Responsibility: Evidence from the Role of the Largest Institutional Blockholders in the Korean Market. Sustainability 2020, 12, 1680 .
AMA StyleDaeheon Choi, Paul Moon Sub Choi, Joung Hwa Choi, Chune Young Chung. Corporate Governance and Corporate Social Responsibility: Evidence from the Role of the Largest Institutional Blockholders in the Korean Market. Sustainability. 2020; 12 (4):1680.
Chicago/Turabian StyleDaeheon Choi; Paul Moon Sub Choi; Joung Hwa Choi; Chune Young Chung. 2020. "Corporate Governance and Corporate Social Responsibility: Evidence from the Role of the Largest Institutional Blockholders in the Korean Market." Sustainability 12, no. 4: 1680.
Despite the potential benefits of a firm’s corporate environmental commitment to its information environment, few empirical studies examine the relationship between corporate environmental responsibility (CER) and firm information risk in emerging markets. In such markets, better corporate transparency and less information asymmetry are becoming increasingly important owing to firms’ poor governance structures, the lack of protection for investors, the substantial participation of unsophisticated individual investors, and so on. Using a comprehensive sample of firms engaged in CER for the period from 2005 to 2016, we find that a firm’s CER score has a negative effect on measures of firm information risk in the emerging Korean market, which is characterized by poor corporate governance and a strong influence of owner–managers. Furthermore, our results show that the negative relationship between CER and information risk is more pronounced for firms with higher uncertainty (lower transparency). Thus, we conclude that CER enhances a firm’s information environment by reducing investors’ information risk.
Daeheon Choi; Chune Young Chung; Dongnyoung Kim; Chang Liu. Corporate Environmental Responsibility and Firm Information Risk: Evidence from the Korean Market. Sustainability 2019, 11, 6518 .
AMA StyleDaeheon Choi, Chune Young Chung, Dongnyoung Kim, Chang Liu. Corporate Environmental Responsibility and Firm Information Risk: Evidence from the Korean Market. Sustainability. 2019; 11 (22):6518.
Chicago/Turabian StyleDaeheon Choi; Chune Young Chung; Dongnyoung Kim; Chang Liu. 2019. "Corporate Environmental Responsibility and Firm Information Risk: Evidence from the Korean Market." Sustainability 11, no. 22: 6518.
In this study, we investigate sustainable trade between China and Kazakhstan using the gravity model. We find that the distance between the importer and exporter relative to the distance to other trading partners, rather than the absolute distance, significantly negatively impacts trade volumes. Other factors, such as the structure and availability of free trade zones and unobservable factors related to the characteristics of the checkpoints, also affect trade volumes. To obtain these results, we derive an extended gravity model that considers spatial effects and specific features of the trade between China and Kazakhstan. Thus, we contribute to the fundamental foundations of gravity models.
Daeheon Choi; Chune Young Chung; Jason Young. Are Economic Distance and Geographic Remoteness Important in Sustainable Trade? Evidence from the Bilateral Trade between China and Kazakhstan. Sustainability 2019, 11, 6068 .
AMA StyleDaeheon Choi, Chune Young Chung, Jason Young. Are Economic Distance and Geographic Remoteness Important in Sustainable Trade? Evidence from the Bilateral Trade between China and Kazakhstan. Sustainability. 2019; 11 (21):6068.
Chicago/Turabian StyleDaeheon Choi; Chune Young Chung; Jason Young. 2019. "Are Economic Distance and Geographic Remoteness Important in Sustainable Trade? Evidence from the Bilateral Trade between China and Kazakhstan." Sustainability 11, no. 21: 6068.
This study examines the impact of the quality of online shopping logistics services on customer satisfaction and in driving subsequent repeat purchasing behavior. Five hypotheses are established to represent the relationships between customer satisfaction and each factor of logistics services: quality of information, quality of order, quality of delivery, price of delivery, and customer service. The research includes surveys conducted over two months from 1 December, 2016, to 31 January, 2017, targeting mostly young Chinese customers with experience purchasing products online, thus representing e-commerce. A questionnaire was distributed to each subject in a sample of 150 Chinese customers with online shopping experience. The empirical analysis indicates that logistics service quality, and primarily the quality of delivery, has a statistically significant impact on customer satisfaction, which, in turn, has a statistically significant impact on repeat purchasing behavior. The results provide insight into the strategy behind China’s rapidly growing online shopping industry, which focuses on maintaining stability through long-term customer relationship management.
Daeheon Choi; Chune Young Chung; Jason Young. Sustainable Online Shopping Logistics for Customer Satisfaction and Repeat Purchasing Behavior: Evidence from China. Sustainability 2019, 11, 5626 .
AMA StyleDaeheon Choi, Chune Young Chung, Jason Young. Sustainable Online Shopping Logistics for Customer Satisfaction and Repeat Purchasing Behavior: Evidence from China. Sustainability. 2019; 11 (20):5626.
Chicago/Turabian StyleDaeheon Choi; Chune Young Chung; Jason Young. 2019. "Sustainable Online Shopping Logistics for Customer Satisfaction and Repeat Purchasing Behavior: Evidence from China." Sustainability 11, no. 20: 5626.
To maintain its sustainable productivity growth, Vietnam needs to upgrade its education system. Although studies have examined the return on schooling in Vietnam, none have focused on Hanoi (the capital) or Ho Chi Minh (the biggest economy), which differ markedly from the rest of the country in terms of their levels of education and development. We address this gap in the literature using an extended version of the classic Mincerian human capital equation and data from the latest Vietnam Household Living Standard Survey (2016). The Heckman two-stage method is used to address selection bias. In the two cities, there is no wage premium for people with a general education. Thus, workers need to earn at least a vocational degree to increase their wages significantly over those of people with a general education. In general, Ho Chi Minh offers higher salaries (4.45%) and tends to reward experience, whereas Hanoi pays more for an additional year of education (1.95%). Therefore, Vietnam should promote vocational education and develop a more open, flexible system that is less dependent on credential hiring, especially in the public sector. Lastly, we highlight the need to study returns on sustainable education in specific economic regions in Vietnam.
Daeheon Choi; Chune Young Chung; Ha Truong. Return on Education in Two Major Vietnamese Cities. Sustainability 2019, 11, 4903 .
AMA StyleDaeheon Choi, Chune Young Chung, Ha Truong. Return on Education in Two Major Vietnamese Cities. Sustainability. 2019; 11 (18):4903.
Chicago/Turabian StyleDaeheon Choi; Chune Young Chung; Ha Truong. 2019. "Return on Education in Two Major Vietnamese Cities." Sustainability 11, no. 18: 4903.
We examine the relationship between the expertise of outside directors from academia and firms’ financial performance using a unique dataset on the research publications of such directors. Specifically, we use research publication history in finance or an academic concentration in business or law as a proxy for expertise and measure the influence of this expertise on Korean financial firms’ short-term and long-term performance. We find a positive (negative) association between research intensity (a business or law concentration) and short-term corporate performance. Firms with greater information and agency problems appear to benefit more from research-intensive academic outside directors than other firms do. Thus, we propose that firms in emerging economies elect research-intensive academic outside directors to contribute to sustainable corporate governance and firm performance.
Daeheon Choi; Chune Young Chung; Changhyeon Park; Jason Young. Sustainable Board of Directors: Evidence from the Research Productivity of Professors Serving on Boards in the Korean Market. Sustainability 2019, 11, 4247 .
AMA StyleDaeheon Choi, Chune Young Chung, Changhyeon Park, Jason Young. Sustainable Board of Directors: Evidence from the Research Productivity of Professors Serving on Boards in the Korean Market. Sustainability. 2019; 11 (15):4247.
Chicago/Turabian StyleDaeheon Choi; Chune Young Chung; Changhyeon Park; Jason Young. 2019. "Sustainable Board of Directors: Evidence from the Research Productivity of Professors Serving on Boards in the Korean Market." Sustainability 11, no. 15: 4247.
Around the globe, socially responsible activities are being integrated into regulations, and corporate social responsibility (CSR) is increasingly being recognized as a means of sustaining a business and improving its competitiveness. South Korea has made a significant effort to encourage CSR activities in order to increase its firms’ competitive advantage. This study evaluates the sustainable development activities of Korean firms, and empirically analyzes the positive impact of CSR on corporate performance (CP) in Korea over a period of four years. A comparison by industry reveals that CSR has a greater impact on CP in the manufacturing sector than it does in the nonmanufacturing and service sectors. Furthermore, the results for consumption goods are more positive than those for industrial goods, because the former are, in general, more affected by customer feedback. A case study of three Korean firms was used to examine CSR implementation in Korea, recent activities undertaken by Korean firms, and the integration of CSR concepts into firms’ strategies.
Daeheon Choi; Chune Young Chung; Jason Young. An Economic Analysis of Corporate Social Responsibility in Korea. Sustainability 2019, 11, 2676 .
AMA StyleDaeheon Choi, Chune Young Chung, Jason Young. An Economic Analysis of Corporate Social Responsibility in Korea. Sustainability. 2019; 11 (9):2676.
Chicago/Turabian StyleDaeheon Choi; Chune Young Chung; Jason Young. 2019. "An Economic Analysis of Corporate Social Responsibility in Korea." Sustainability 11, no. 9: 2676.
This paper develops a model to analyze inter-organizational technology adoption in a supply chain. While the basic model is general, this study is motivated by several cases of inter-organizational technology adoption in supply chains. The proposed model in this study considers firms on both levels of the supply chain, namely, supplier firms and buyer firms. These individual firms’ thresholds for adoption should be considered by other firms’ decisions within a network, together with their own organizational attributes. The heterogeneity across the population should be allowed. That is, individual firms make a decision for adopting the technology at different times due to their different network sizes, prior beliefs, and amounts of information observed. The main finding is that this uncertainty decreases as other suppliers adopt the technology, and information about their experiences becomes available. In addition, at any given time, an estimate of the benefit to a supplier depends on the number of supplier firms and on the number of buyer firms that have already adopted the technology. Thus, we seek to capture this dependence and analyze its effect on the adoption of a new inter-organizational technology. The next step is to embed the firm-level adoption model into a population model. The model includes various types of heterogeneity in the population model to capture the factors affecting the speed of diffusion. This allows us to derive an adoption curve that is specified by the accumulated fraction of firms that have adopted the technology in or before any given period. The population model allows us to consider the effect of several strategies observed in practice and numerical experiments yielding many managerial implications in this area.
Daeheon Choi; Chune Young Chung; Kaun Y. Lee. Sustainable Diffusion of Inter-Organizational Technology in Supply Chains: An Approach to Heterogeneous Levels of Risk Aversion. Sustainability 2018, 10, 2108 .
AMA StyleDaeheon Choi, Chune Young Chung, Kaun Y. Lee. Sustainable Diffusion of Inter-Organizational Technology in Supply Chains: An Approach to Heterogeneous Levels of Risk Aversion. Sustainability. 2018; 10 (6):2108.
Chicago/Turabian StyleDaeheon Choi; Chune Young Chung; Kaun Y. Lee. 2018. "Sustainable Diffusion of Inter-Organizational Technology in Supply Chains: An Approach to Heterogeneous Levels of Risk Aversion." Sustainability 10, no. 6: 2108.