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This study explores the trading practices of individual and institutional investors within the Korean mergers and acquisitions market. We define a bad merger as one in which the bidder has a negative abnormal return in the announcement period. We use unique daily trading data for different individual and institutional investors in the Korean stock exchange to analyze investor trading practices surrounding bad mergers. The findings show that, after a bad merger, institutional investors sell their shares in the bidding firm, whereas individual investors buy those shares. Even after announcements, institutional investors continue to sell their shares, and individual investors continue to buy them. Overall, our findings support the hypothesis that institutional investors are more informed and sophisticated relative to individual investors.
Ye Jun Kim; Hyeik Kim; Paul Moon Sub Choi; Joung Hwa Choi; Chune Young Chung. Information Divide About Mergers: Evidence from Investor Trading. Blockchain Technology for IoT Applications 2021, 285 -293.
AMA StyleYe Jun Kim, Hyeik Kim, Paul Moon Sub Choi, Joung Hwa Choi, Chune Young Chung. Information Divide About Mergers: Evidence from Investor Trading. Blockchain Technology for IoT Applications. 2021; ():285-293.
Chicago/Turabian StyleYe Jun Kim; Hyeik Kim; Paul Moon Sub Choi; Joung Hwa Choi; Chune Young Chung. 2021. "Information Divide About Mergers: Evidence from Investor Trading." Blockchain Technology for IoT Applications , no. : 285-293.
Using extensive manually collected data on granted patents, this study examines the effects of the degree of a firm’s information asymmetry on corporate innovation in the Korean market, which is characterized by weak transparency and active firm innovation. Based on four measures of information asymmetry, we find that the quality of information about a firm has a positive influence on its innovation activities. In addition, this influence is more evident in firms with poor corporate governance practices and in Chaebol-affiliated firms. Overall, this study offers insights on the importance of information quality for firms planning investments in innovation, which is a long-term and highly uncertain commitment. An important policy implication is that regulatory authorities should promote the timely and reliable disclosure of information on firms.
Ruhul Amin; Chune Young Chung; Sanggyu Kang. Does information quality matter in corporate innovation? Evidence from the Korean market. Economics of Innovation and New Technology 2021, 1 -21.
AMA StyleRuhul Amin, Chune Young Chung, Sanggyu Kang. Does information quality matter in corporate innovation? Evidence from the Korean market. Economics of Innovation and New Technology. 2021; ():1-21.
Chicago/Turabian StyleRuhul Amin; Chune Young Chung; Sanggyu Kang. 2021. "Does information quality matter in corporate innovation? Evidence from the Korean market." Economics of Innovation and New Technology , no. : 1-21.
We examine whether the combination of agency costs of debt and managerial optimism in high-tech IPOs creates inefficient R&D investment, thus undermining corporate value. We find that high-tech IPO firms with a high debt ratio exhibit a positive relationship between discretionary and future R&D expenses at the IPO point. We also find a negative relationship between discretionary R&D expenses and the long-term cumulative abnormal return. Furthermore, managerial optimism and agency costs of debt can increase during an IPO, reducing future value. Thus, a stock return decrease after an IPO may be influenced by management’s psychological errors and shareholders’ preferences for risky investments.
Kyung Soon Kim; Wonseok Choi; Chune Young Chung. Managerial over-optimism and agency costs of debt: evidence from high-tech IPO firms in Korea. Applied Economics Letters 2021, 1 -6.
AMA StyleKyung Soon Kim, Wonseok Choi, Chune Young Chung. Managerial over-optimism and agency costs of debt: evidence from high-tech IPO firms in Korea. Applied Economics Letters. 2021; ():1-6.
Chicago/Turabian StyleKyung Soon Kim; Wonseok Choi; Chune Young Chung. 2021. "Managerial over-optimism and agency costs of debt: evidence from high-tech IPO firms in Korea." Applied Economics Letters , no. : 1-6.
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 examine the theoretical implications of corporate income tax for asset pricing in a two-tree aggregate-endowment economy. In this model, corporate income tax affects the “portfolio risk” associated with the rebalancing motive during market clearance. An asset is defined as a portfolio of stocks and bonds whose portfolio weights are similar to financial leverage. Corporate tax can decrease after-tax consumption from dividends (increase leverage) and increase the tax shield that increases dividends (decrease leverage). Changes in dividends are responsible for the correlation between expected dividend growth and consumption growth and, thus, affect stock pricing and returns. Overall, the model is characterized by tax-induced portfolio risk in asset pricing.
Paul Moon Sub Choi; Chune Young Chung; Dongnyoung Kim. Corporate tax, financial leverage, and portfolio risk. The North American Journal of Economics and Finance 2020, 54, 101264 .
AMA StylePaul Moon Sub Choi, Chune Young Chung, Dongnyoung Kim. Corporate tax, financial leverage, and portfolio risk. The North American Journal of Economics and Finance. 2020; 54 ():101264.
Chicago/Turabian StylePaul Moon Sub Choi; Chune Young Chung; Dongnyoung Kim. 2020. "Corporate tax, financial leverage, and portfolio risk." The North American Journal of Economics and Finance 54, no. : 101264.
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.
Institutional investors dissatisfied with weak firm governance can directly or indirectly intervene in management to maximise profits. However, no study has investigated the effects of such interventions on corporate governance. This study therefore examines the effect of Korean National Pension Service blockholdings on firms’ corporate governance quality in the Korean market. This setting is interesting because the market is dominated by chaebols, which have ineffective internal governance mechanisms. We find that blockholdings reduce corporate governance quality under various endogeneity checks and empirical models; this finding in an emerging market implies that regulatory authorities should support institutional blockholders’ active market participation.
Chune Young Chung; Dongnyoung Kim; Junyoup Lee. Do Institutional Investors Improve Corporate Governance Quality? Evidence From the Blockholdings of the Korean National Pension Service. Global Economic Review 2020, 49, 422 -437.
AMA StyleChune Young Chung, Dongnyoung Kim, Junyoup Lee. Do Institutional Investors Improve Corporate Governance Quality? Evidence From the Blockholdings of the Korean National Pension Service. Global Economic Review. 2020; 49 (4):422-437.
Chicago/Turabian StyleChune Young Chung; Dongnyoung Kim; Junyoup Lee. 2020. "Do Institutional Investors Improve Corporate Governance Quality? Evidence From the Blockholdings of the Korean National Pension Service." Global Economic Review 49, no. 4: 422-437.
This study examines the effect of corporate governance quality on firm innovation in Korea, where innovation is very active. We focus on the relationship between a firm’s corporate governance score (CGS) and its innovation performance in various empirical settings using manually collected patent data. We find that CGS positively influences firm’s innovation activity, which is driven by board’s quality and transparent disclosure. This relationship is more evident in chaebol-affiliated firms, suggesting that sound corporate governance is effective in promoting innovation activities when the misalignment between managers’ and other stakeholders’ interests is grave.
Paul Moon Sub Choi; Chune Young Chung; Xuan Vinh Vo; Kainan Wang. Are better-governed firms more innovative? Evidence from Korea. International Review of Economics & Finance 2020, 69, 263 -279.
AMA StylePaul Moon Sub Choi, Chune Young Chung, Xuan Vinh Vo, Kainan Wang. Are better-governed firms more innovative? Evidence from Korea. International Review of Economics & Finance. 2020; 69 ():263-279.
Chicago/Turabian StylePaul Moon Sub Choi; Chune Young Chung; Xuan Vinh Vo; Kainan Wang. 2020. "Are better-governed firms more innovative? Evidence from Korea." International Review of Economics & Finance 69, no. : 263-279.
Studies find that noise traders create unhedgeable risks, and individuals have long been suspected of making suboptimal and uninformed trading decisions. Recent arguments suggest using the individual trading weight to proxy for noise trader risk when pricing common and preferred stocks in emerging markets. We empirically corroborate that individual traders undermine the relative valuations of listed firms in South Korea. This result is robust to controlling for corporate governance, institutional monitoring efforts, firm size, accounting ratios, idiosyncratic volatility, liquidity measures, and endogeneity.
Paul Moon Sub Choi; Joung Hwa Choi; Chune Young Chung. Do individual traders undermine firm valuation? Finance Research Letters 2020, 36, 101567 .
AMA StylePaul Moon Sub Choi, Joung Hwa Choi, Chune Young Chung. Do individual traders undermine firm valuation? Finance Research Letters. 2020; 36 ():101567.
Chicago/Turabian StylePaul Moon Sub Choi; Joung Hwa Choi; Chune Young Chung. 2020. "Do individual traders undermine firm valuation?" Finance Research Letters 36, no. : 101567.
Because corporate sustainability enhances corporate governance principles, firms are increasing their efforts to provide transparency and public disclosure. These efforts inform the public about the relationship between corporate governance and sustainability. Well-informed shareholders know about this relationship, which is becoming more apparent over time. In this study, we empirically examined the possible bilateral relationships between institutional ownership and a firm’s capital structure. Methodologically, we used an instrumental variable approach and the two-step generalized method of moments. The implications of this study are two-fold. First, we found that a firm’s debt level was low if its institutional ownership level was high. Institutional monitoring may substitute for external debt monitoring, leading firms to employ low leverage. Second, we found that the level of institutional ownership was high if a firm’s debt level was high. This association suggests that institutional investors prefer high-leveraged firms because institutional owners decrease their monitoring costs through debt monitoring. In the long run, sustainable institutional ownership materially impacts the capital structures of firms.
Paul Moon Sub Choi; Joung Hwa Choi; Chune Young Chung; Yun Joo An. Corporate Governance and Capital Structure: Evidence from Sustainable Institutional Ownership. Sustainability 2020, 12, 4190 .
AMA StylePaul Moon Sub Choi, Joung Hwa Choi, Chune Young Chung, Yun Joo An. Corporate Governance and Capital Structure: Evidence from Sustainable Institutional Ownership. Sustainability. 2020; 12 (10):4190.
Chicago/Turabian StylePaul Moon Sub Choi; Joung Hwa Choi; Chune Young Chung; Yun Joo An. 2020. "Corporate Governance and Capital Structure: Evidence from Sustainable Institutional Ownership." Sustainability 12, no. 10: 4190.
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.
Using extensive hand‐collected data on granted patents, we examine the effect of institutional blockholder monitoring on corporate innovation in Korea. Specifically, we focus on the relation between institutional blockholding and firm innovation. We find that institutional blockholders positively influence firm innovation and that this positive effect is driven primarily by foreign institutional blockholders, particularly when they engage in passive monitoring. The Korean market features limited participation by shareholders and pressure‐sensitive domestic institutions. Thus, we demonstrate the importance of corporate governance for firm innovation in emerging markets, where corporate innovation is increasingly important for long‐term economic growth, competitiveness, and value creation.
Denis Yongmin Joe; Chune Young Chung; Justin Morscheck. When Do Foreign Institutional Blockholders Passively Promote Firm Innovation in a Local Market? Evidence from Korea. Asia-Pacific Journal of Financial Studies 2020, 49, 196 -233.
AMA StyleDenis Yongmin Joe, Chune Young Chung, Justin Morscheck. When Do Foreign Institutional Blockholders Passively Promote Firm Innovation in a Local Market? Evidence from Korea. Asia-Pacific Journal of Financial Studies. 2020; 49 (2):196-233.
Chicago/Turabian StyleDenis Yongmin Joe; Chune Young Chung; Justin Morscheck. 2020. "When Do Foreign Institutional Blockholders Passively Promote Firm Innovation in a Local Market? Evidence from Korea." Asia-Pacific Journal of Financial Studies 49, no. 2: 196-233.
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.
We examine the effect of shareholder litigation rights on managers' acquisition decisions. Our experimental design exploits a U.S. Ninth Circuit Court of Appeals ruling on July 2, 1999 that resulted in a reduction in shareholder class actions. We find that, since the ruling, firms in Ninth Circuit states acquire larger targets. Furthermore, acquirers' returns are lower in these states, especially for those with weaker corporate governance. Further analysis shows that value destruction is the result of managers' freedom to conduct empire-building acquisitions using overvalued equity. Overall, our findings indicate the importance of shareholder litigation as an external governance mechanism.
Chune Young Chung; Incheol Kim; Monika K. Rabarison; Thomas Y. To; Eliza Wu. Shareholder litigation rights and corporate acquisitions. Journal of Corporate Finance 2020, 62, 101599 .
AMA StyleChune Young Chung, Incheol Kim, Monika K. Rabarison, Thomas Y. To, Eliza Wu. Shareholder litigation rights and corporate acquisitions. Journal of Corporate Finance. 2020; 62 ():101599.
Chicago/Turabian StyleChune Young Chung; Incheol Kim; Monika K. Rabarison; Thomas Y. To; Eliza Wu. 2020. "Shareholder litigation rights and corporate acquisitions." Journal of Corporate Finance 62, no. : 101599.
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.
We examine institutional blockholders’ active monitoring influence using a proprietary corporate governance score (CGS) provided by the Korea Corporate Governance Service (KCGS). We find that institutional blockholders effectively exert monitoring influence to improve CSG scores of investee firms. The evidence of effective monitoring is particularly evident for domestic institutional blockholders and is strongest in the shareholder rights category of the CSG score. Consistent with domestic blockholders having an informational advantage over their foreign counterparts, the evidence of active monitoring is stronger (weaker) in firms with lower (higher) earnings management (higher information quality) and for firms with lower (higher) stock liquidity. Our robust findings shed light on the specific monitoring role of institutional blockholders in emerging markets, where sound corporate governance is essential to firms’ long-term sustainability.
Kaun Y. Lee; Chune Young Chung; Justin Morscheck. Does Geographic Proximity Matter in Active Monitoring? Evidence from Institutional Blockholder Monitoring of Corporate Governance in the Korean Market. Global Economic Review 2019, 49, 150 -170.
AMA StyleKaun Y. Lee, Chune Young Chung, Justin Morscheck. Does Geographic Proximity Matter in Active Monitoring? Evidence from Institutional Blockholder Monitoring of Corporate Governance in the Korean Market. Global Economic Review. 2019; 49 (2):150-170.
Chicago/Turabian StyleKaun Y. Lee; Chune Young Chung; Justin Morscheck. 2019. "Does Geographic Proximity Matter in Active Monitoring? Evidence from Institutional Blockholder Monitoring of Corporate Governance in the Korean Market." Global Economic Review 49, no. 2: 150-170.
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.
Paul Moon Sub Choi; Chune Young Chung; Ji Hoon Hwang; Chang Liu. HEADS I WIN, TAILS YOU LOSE: INSTITUTIONAL MONITORING OF EXECUTIVE PAY RIGIDITY. Journal of Financial Research 2019, 42, 789 -816.
AMA StylePaul Moon Sub Choi, Chune Young Chung, Ji Hoon Hwang, Chang Liu. HEADS I WIN, TAILS YOU LOSE: INSTITUTIONAL MONITORING OF EXECUTIVE PAY RIGIDITY. Journal of Financial Research. 2019; 42 (4):789-816.
Chicago/Turabian StylePaul Moon Sub Choi; Chune Young Chung; Ji Hoon Hwang; Chang Liu. 2019. "HEADS I WIN, TAILS YOU LOSE: INSTITUTIONAL MONITORING OF EXECUTIVE PAY RIGIDITY." Journal of Financial Research 42, no. 4: 789-816.
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.