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This study investigates the mechanisms underlying the relationship between accounting information quality and the cost of equity capital. Information quality is negatively correlated with the cost of equity capital, with the relationship possibly driven by mediators linking the two variables. The empirical results indicate that about 42% of the total effects of information quality on the cost of equity capital is attributable to the indirect effects mediated by information asymmetry, market risk, and liquidity risk in that order, although the relative magnitude of the mediation depends on which mediator is considered first in the model. This study is the first to examine the mediating effect of liquidity risk using path analysis. Furthermore, no previous study has examined and compared the relative impact of the three mediators. In particular, liquidity risk mediates the relationship between information quality and the cost of equity capital, and the mediating effect of liquidity risk is almost as significant as information asymmetry and market risk with a marginal difference when considered individually.
Seong Mi Bae; Hyoung‐Tae An; Jong Dae Kim. Mediators Linking Information Quality and the Cost of Equity Capital*. Asia-Pacific Journal of Financial Studies 2020, 49, 410 -437.
AMA StyleSeong Mi Bae, Hyoung‐Tae An, Jong Dae Kim. Mediators Linking Information Quality and the Cost of Equity Capital*. Asia-Pacific Journal of Financial Studies. 2020; 49 (3):410-437.
Chicago/Turabian StyleSeong Mi Bae; Hyoung‐Tae An; Jong Dae Kim. 2020. "Mediators Linking Information Quality and the Cost of Equity Capital*." Asia-Pacific Journal of Financial Studies 49, no. 3: 410-437.
This paper provides an empirical assessment of the effects of China's urbanization on its energy demand for 2003–2014 using a dataset of 108 cities located in the Yangtze River Economic Belt. Both demographic urbanization (DU) and land urbanization (LU) are considered in the empirical analysis. The results show that urbanization exerts significant and positive impacts on energy demand during the study period. Our empirical suggest that one unit rises in DU and LU rises the energy demand by 48.85% (91.62%) and 65.54% (68.09%), respectively, without (with) considering control variables. The energy demand effects of urbanization still hold when considering spatial and heterogeneity factors. These results are robust to alternative measures of urbanization and empirical model specifications. Our results indicate that policymakers should improve the quality of urbanization to promote the growth of high-tech and high-quality industries, avoiding excessive energy consumption with extensive urbanization. Large cities should not be allowed to grow unchecked. More attention should be paid to promote the development of medium-sized cities and implement a balanced population distribution among different cities. The energy demand structure (industrial and residential; primary and secondary; renewable and nonrenewable) should be optimized by introducing cleaner/low-carbon technology and its transformation.
Yantuan Yu; Ning Zhang; Jong Dae Kim. Impact of urbanization on energy demand: An empirical study of the Yangtze River Economic Belt in China. Energy Policy 2020, 139, 111354 .
AMA StyleYantuan Yu, Ning Zhang, Jong Dae Kim. Impact of urbanization on energy demand: An empirical study of the Yangtze River Economic Belt in China. Energy Policy. 2020; 139 ():111354.
Chicago/Turabian StyleYantuan Yu; Ning Zhang; Jong Dae Kim. 2020. "Impact of urbanization on energy demand: An empirical study of the Yangtze River Economic Belt in China." Energy Policy 139, no. : 111354.
This study aims at examining the green productivity of large GHG emitter industries in Korea. Six industries, namely power, steel, petrochemical, paper, cement, and electronics, were selected as the sample. As each of these industries exhibits different characteristics, a methodology that considers heterogeneity – the metafrontier Malmquist–Luenberger index (MML) – was used. The MML index was decomposed into three indexes: the efficiency change (EC) index, best-practice gap change (BPC) index, and technical gap ratio change (TGC) index. The empirical results are as follows. First, there was an average increase of 5.8% in the MML index, which indicates that the overall green productivity had increased over the last 5 years. It is noteworthy that there was a drastic increase in 2015, indicating the positive influence of the emission trading scheme (ETS) on green productivity. Moreover, the cement industry showed the best performance in green productivity. Second, in terms of the three indexes, EC and TGC showed values higher than unity, which implies that these are the major factors driving the positive MML value. Last, some innovator firms fulfilling the three conditions concerning the BPC index have been identified, and can be considered role models for other firms.
Jiang Li Yu; Hyoung Seok Lee; Jong Dae Kim. Analysis of Korean firms’ green productivity using the MML model. Carbon Management 2019, 11, 1 -9.
AMA StyleJiang Li Yu, Hyoung Seok Lee, Jong Dae Kim. Analysis of Korean firms’ green productivity using the MML model. Carbon Management. 2019; 11 (1):1-9.
Chicago/Turabian StyleJiang Li Yu; Hyoung Seok Lee; Jong Dae Kim. 2019. "Analysis of Korean firms’ green productivity using the MML model." Carbon Management 11, no. 1: 1-9.
Limited research in the area of the triple bottom line (TBL) mediation effect on the relationship between organizational strategic performance (OSP) and corporate social responsibility performance (CSRP) has motivated this study. The objective of this study is to investigate how OSP affects CSRP and the mediation impact of TBL elements through the decision-making process of business management. Considering a sample of 250 employees from Bangladesh, this study used structural equation modelling (SEM) to test the relevant research hypotheses. Through the lens of stakeholder, institutional, legitimacy and resource-based view theories along with rigorous statistical techniques, this study has found that OSP is positively related to CSRP. In terms of the mediation effect, this study has found that economic responsibility has no intervening role while environmental and social responsibility significantly mediated the relationship between OSP and CSRP. Finally, the full mediation power of the model suggests that OSP affects a firm’s strategic decision and CSR outcomes directly as well as indirectly through TBL.
Abdul Kaium Masud; Harun Ur Rashid; Tehmina Khan; Seong Mi Bae; Jong Dae Kim. Organizational Strategy and Corporate Social Responsibility: The Mediating Effect of Triple Bottom Line. International Journal of Environmental Research and Public Health 2019, 16, 4559 .
AMA StyleAbdul Kaium Masud, Harun Ur Rashid, Tehmina Khan, Seong Mi Bae, Jong Dae Kim. Organizational Strategy and Corporate Social Responsibility: The Mediating Effect of Triple Bottom Line. International Journal of Environmental Research and Public Health. 2019; 16 (22):4559.
Chicago/Turabian StyleAbdul Kaium Masud; Harun Ur Rashid; Tehmina Khan; Seong Mi Bae; Jong Dae Kim. 2019. "Organizational Strategy and Corporate Social Responsibility: The Mediating Effect of Triple Bottom Line." International Journal of Environmental Research and Public Health 16, no. 22: 4559.
Professional expert directors extensively influence corporate corruption disclosure (CCD), while higher political connections may exacerbate corporate management. This study investigates the relationship between the presence of external experts on a board and CCD, as well as the moderating effect of political connections, on the positive role of legal experts in CCD. The study combines agency, resource dependence and stakeholder theories to show how resourceful directors on the board can promote corruption disclosure. Using data on listed firms in the Bangladeshi financial sector, the study analyzes 247 firm-year observations from 2012 to 2016. The results of a multiple regression analysis indicate that accounting experts, legal experts, political connections and corporate media visibility each have a positive and significant influence on CCD. Moreover, the moderating effect of political connections on the relationship between legal experts and CCD is negative and significant due to their higher political influences. The study has significant implications for corporate governance and for policies concerning the development of the economy while reducing corruption.
Abdul Kaium Masud; Seong Mi Bae; Javier Manzanares; Jong Dae Kim. Board Directors’ Expertise and Corporate Corruption Disclosure: The Moderating Role of Political Connections. Sustainability 2019, 11, 4491 .
AMA StyleAbdul Kaium Masud, Seong Mi Bae, Javier Manzanares, Jong Dae Kim. Board Directors’ Expertise and Corporate Corruption Disclosure: The Moderating Role of Political Connections. Sustainability. 2019; 11 (16):4491.
Chicago/Turabian StyleAbdul Kaium Masud; Seong Mi Bae; Javier Manzanares; Jong Dae Kim. 2019. "Board Directors’ Expertise and Corporate Corruption Disclosure: The Moderating Role of Political Connections." Sustainability 11, no. 16: 4491.
There is a dearth of research on corporate governance and total sustainability disclosure (economic, environmental, and social) in developing, particularly South Asian, countries. This is unique cross-country research on South Asian countries’ corporate governance elements and total sustainability disclosure practices. The study considers a set of insightful theories, namely, the signaling and agency theories of understanding the motives and drivers of sustainability reporting. Based on data from the Global Reporting Initiative database, the study analyzes Bangladesh, India, and Pakistan. We have collected annual report and sustainability reports from the GRI database for the period between 2009 and 2016. Based on the signaling and agency theories, the study investigates how board and shareholding structures convey signals to the market and different stakeholders. Our empirical results find that total sustainability disclosure has a positive and significant relationship with foreign shareholding, institutional shareholding, board independence, and board size. On the other hand, we document that director shareholding is negatively but significantly associated with total sustainability disclosure. Therefore, we conclude that corporate governance elements have very strong influential power to send positive signals to the market that lead to reduced information asymmetry and ensuring honest signals from different stakeholders.
Seong Mi Bae; Abdul Kaium Masud; Jong Dae Kim. A Cross-Country Investigation of Corporate Governance and Corporate Sustainability Disclosure: A Signaling Theory Perspective. Sustainability 2018, 10, 2611 .
AMA StyleSeong Mi Bae, Abdul Kaium Masud, Jong Dae Kim. A Cross-Country Investigation of Corporate Governance and Corporate Sustainability Disclosure: A Signaling Theory Perspective. Sustainability. 2018; 10 (8):2611.
Chicago/Turabian StyleSeong Mi Bae; Abdul Kaium Masud; Jong Dae Kim. 2018. "A Cross-Country Investigation of Corporate Governance and Corporate Sustainability Disclosure: A Signaling Theory Perspective." Sustainability 10, no. 8: 2611.
Green reporting and green regulation have been commonly used in the sustainability movement. This study evaluates Bangladesh Bank’s (BB’s) green regulation by considering the global reporting initiative (GRI) of environmental regulation along with self-determined content to justify BB’s institutional effort in the banking sector. The analytical study has considered secondary data of all listed banks on the Dhaka Stock Exchange between 2013 to 2016. A multi-theoretical framework has been adopted in which the research is comprised of institutional, stakeholder, and legitimacy theories. Considering the analytical research, we have drawn-up a green reporting score and undertaken SWOT analysis. The results of the study have identified the narrow coverage of BB’s regulation and strategic limitations. Moreover, the findings of the study show that banking companies disclosed more green information in line with BB’s regulation. Furthermore, our analysis has found the lack of transparency of green reporting in terms of absent global reporting as well as external verification. Additionally, we have documented that BB’s regulation falls into a legitimacy threat owing to political, corporate, and social responsibility. Therefore, we concluded that for BB to overcome all possible weaknesses and threats, it should consider all possible opportunities for a holistic international reporting framework while taking into account a transparent financial sector.
Abdul Kaium Masud; Mohammad Sharif Hossain; Jong Dae Kim. Is Green Regulation Effective or a Failure: Comparative Analysis between Bangladesh Bank (BB) Green Guidelines and Global Reporting Initiative Guidelines. Sustainability 2018, 10, 1267 .
AMA StyleAbdul Kaium Masud, Mohammad Sharif Hossain, Jong Dae Kim. Is Green Regulation Effective or a Failure: Comparative Analysis between Bangladesh Bank (BB) Green Guidelines and Global Reporting Initiative Guidelines. Sustainability. 2018; 10 (4):1267.
Chicago/Turabian StyleAbdul Kaium Masud; Mohammad Sharif Hossain; Jong Dae Kim. 2018. "Is Green Regulation Effective or a Failure: Comparative Analysis between Bangladesh Bank (BB) Green Guidelines and Global Reporting Initiative Guidelines." Sustainability 10, no. 4: 1267.
This study hypothesizes that employees’ positive perceptions of corporate social responsibility (CSR) activities at the individual level have a negative effect on employee deviance—a negative job-related behavior—and that anomie plays a mediating role in this relationship. In order to verify the relationship, this study conducts an empirical analysis with a questionnaire survey on employees of firms that implement CSR activities at the company level. Based on Social identity theory, this study examines the causal relationship between the employees’ perceptions of CSR activities and their deviance, and mechanisms by which anomie decreases in the process. The findings are as follows. First, employees’ perceptions of CSR activities had a negative effect on employee deviance. Second, employees’ perceptions of CSR activities had a negative effect on anomie. Third, anomie had a positive effect on employee deviance. Fourth, anomie fully mediated the relationship between employees’ perceptions of CSR activities and employee deviance. This study is the first to document this relationship, which has great practical and academic significance, as it indicates the importance for companies to consider employees’ perceptions of CSR activities. In addition, the study identifies the mediating role of anomie as mentioned above. The results suggest that methodological considerations of CSR awareness enhancement at the company level be discussed more in depth, helping top management and middle managers understand that enhancing employees’ positive perceptions of CSR activities should be the first priority for reducing collective normlessness under the pressure of goal attainment and resolving ethical conflicts among employees.
Yun Hyeok Choi; Jae Kyu Myung; Jong Dae Kim. The Effect of Employees’ Perceptions of CSR Activities on Employee Deviance: The Mediating Role of Anomie. Sustainability 2018, 10, 601 .
AMA StyleYun Hyeok Choi, Jae Kyu Myung, Jong Dae Kim. The Effect of Employees’ Perceptions of CSR Activities on Employee Deviance: The Mediating Role of Anomie. Sustainability. 2018; 10 (3):601.
Chicago/Turabian StyleYun Hyeok Choi; Jae Kyu Myung; Jong Dae Kim. 2018. "The Effect of Employees’ Perceptions of CSR Activities on Employee Deviance: The Mediating Role of Anomie." Sustainability 10, no. 3: 601.
“Bangladesh faces many ecological challenges, including air and water contamination, land degradation, and waste management”. Bangladesh faces many ecological challenges, including air and water contamination, land degradation, and waste management. This study was designed to investigate the extent and nature of environmental accounting and reporting of listed banks in Bangladesh in 12 major categories. Information was collected from the annual reports of 20 banks listed on the Dhaka Stock Exchange for the period 2010 to 2014. The results indicate that the banks examined significantly disclosed environmental information for the 12 categories. The study found that banks disclosed the most environmental information for green banking and renewable energy categories, whereas they disclosed the least for environmental recognition and waste management categories. Furthermore, yearly comparison reveals that disclosure of environmental information increased sharply from 16% in 2010 to 83% in 2014. In addition, Bangladesh Bank’s recent fruitful initiatives on environmental disclosures were reviewed, and the findings of the 12 categories have managerial implications for policy makers in corporations as well as the government. It is recommended that professional accounting bodies of Bangladesh, along with international and government policy makers develop a separate conceptual framework for environmental accounting and reporting for the financial and non-financial sectors of the country.
Abdul Kaium Masud; Seong Mi Bae; Jong Dae Kim. Analysis of Environmental Accounting and Reporting Practices of Listed Banking Companies in Bangladesh. Sustainability 2017, 9, 1717 .
AMA StyleAbdul Kaium Masud, Seong Mi Bae, Jong Dae Kim. Analysis of Environmental Accounting and Reporting Practices of Listed Banking Companies in Bangladesh. Sustainability. 2017; 9 (10):1717.
Chicago/Turabian StyleAbdul Kaium Masud; Seong Mi Bae; Jong Dae Kim. 2017. "Analysis of Environmental Accounting and Reporting Practices of Listed Banking Companies in Bangladesh." Sustainability 9, no. 10: 1717.
The dark triad, composed of Machiavellianism, psychopathy and narcissism, refers to negative personality traits, which may influence business processes. While negative traits could be an important factor explaining the relationship between a CEO’s immoral and unethical behavior and corporate social responsibility (CSR), there has been minimal research focusing on this relationship. This paper thus attempts to investigate how a CEO exhibiting these negative traits affects CSR, and if an employee’s perception of ethics and social responsibility would mediate the relationship. In addition, this paper considers the moderating effects of an individual performance-based compensation system (IPBCS) between employee’s CSR perception and CSR activities. The data are collected through a survey conducted on 165 employees (companies) in twelve industries. The regression result indicates an inverse relationship between the negative traits of a CEO and an employee’s perception of ethics and social responsibility and CSR activities, and the mediating effect of the perception in the relationship between the negative traits and CSR activities. It also indicates that an IPBCS moderates the relationship between CSR perception and activities. Implications for the study, future research directions, and management approach are discussed.
Jae Kyu Myung; Yoon Hyuk Choi; Jong Dae Kim. Effects of CEOs’ Negative Traits on Corporate Social Responsibility. Sustainability 2017, 9, 543 .
AMA StyleJae Kyu Myung, Yoon Hyuk Choi, Jong Dae Kim. Effects of CEOs’ Negative Traits on Corporate Social Responsibility. Sustainability. 2017; 9 (4):543.
Chicago/Turabian StyleJae Kyu Myung; Yoon Hyuk Choi; Jong Dae Kim. 2017. "Effects of CEOs’ Negative Traits on Corporate Social Responsibility." Sustainability 9, no. 4: 543.
Improving energy efficiency has been widely regarded as one of the most cost-effective ways to improve sustainability and mitigate climate change. This paper presents a sequential slack-based efficiency measure (SSBM) application to model total-factor energy efficiency with undesirable outputs. This approach simultaneously takes into account the sequential environmental technology, total input slacks, and undesirable outputs for energy efficiency analysis. We conduct an empirical analysis of energy efficiency incorporating greenhouse gas emissions of Korean power companies during 2007–2011. The results indicate that most of the power companies are not performing at high energy efficiency. Sequential technology has a significant effect on the energy efficiency measurements. Some policy suggestions based on the empirical results are also presented.
Ning Zhang; Jong-Dae Kim. Measuring sustainability by Energy Efficiency Analysis for Korean Power Companies: A Sequential Slacks-Based Efficiency Measure. Sustainability 2014, 6, 1414 -1426.
AMA StyleNing Zhang, Jong-Dae Kim. Measuring sustainability by Energy Efficiency Analysis for Korean Power Companies: A Sequential Slacks-Based Efficiency Measure. Sustainability. 2014; 6 (3):1414-1426.
Chicago/Turabian StyleNing Zhang; Jong-Dae Kim. 2014. "Measuring sustainability by Energy Efficiency Analysis for Korean Power Companies: A Sequential Slacks-Based Efficiency Measure." Sustainability 6, no. 3: 1414-1426.