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Prof. Jin-young Jung
Inha University

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0 Behavioral Finance
0 Corporate Finance
0 Corporate Governance
0 Corporate Social Responsibility
0 Merge&Acquisitions

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Journal article
Published: 24 March 2021 in Sustainability
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This study analyzes the relationship between information asymmetry and dividend policy in an emerging market, Korea. We adopt several proxies for information asymmetry, such as the Glosten–Harris and Hasbrouk–Foster–Viswanathan models, drawn from market microstructure literature. This study finds a negative relationship between information asymmetry and dividend yields, which appears to be particularly strong when firms have difficulty raising external capital because they have high systematic risk, financial constraints, or low stock liquidity. This result, based on an analysis using market microstructure variables that provide direct measures of information asymmetry, suggests that the pecking order theory holds for the Korean stock market and that information asymmetry is a strong determinant of dividend policy decisions in an emerging market.

ACS Style

Seonhyeon Kim; Jin-Young Jung; Sung-Woo Cho. Does Information Asymmetry Affect Dividend Policy? Analysis Using Market Microstructure Variables. Sustainability 2021, 13, 3627 .

AMA Style

Seonhyeon Kim, Jin-Young Jung, Sung-Woo Cho. Does Information Asymmetry Affect Dividend Policy? Analysis Using Market Microstructure Variables. Sustainability. 2021; 13 (7):3627.

Chicago/Turabian Style

Seonhyeon Kim; Jin-Young Jung; Sung-Woo Cho. 2021. "Does Information Asymmetry Affect Dividend Policy? Analysis Using Market Microstructure Variables." Sustainability 13, no. 7: 3627.

Journal article
Published: 09 December 2020 in Sustainability
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This study examines how national cultural policies such as Confucius Institutes and One Belt, One Road initiatives (BRI) affect the post-acquisition returns of Chinese cross-border mergers and acquisitions based on data from a sample of 192 transactions covering 2011 to 2015. We find that the cultural export of Chinese Confucius Institutes and the BRI exert a significantly positive impact on long-term acquirer returns, while cultural/institutional distance exerts a negative impact. Further evidence shows that Confucius Institutes and BRI mitigate the negative effect of cultural distance between merging firms. These results offer the first evidence that national cultural translation has substantial impacts on the long-run acquirer financial performance of cross-border mergers that decrease cultural institutional heterogeneity between countries.

ACS Style

Jin-Young Jung; Wei Wang; Sung-Woo Cho. The Role of Confucius Institutes and One Belt, One Road Initiatives on the Values of Cross-Border M&A: Empirical Evidence from China. Sustainability 2020, 12, 10277 .

AMA Style

Jin-Young Jung, Wei Wang, Sung-Woo Cho. The Role of Confucius Institutes and One Belt, One Road Initiatives on the Values of Cross-Border M&A: Empirical Evidence from China. Sustainability. 2020; 12 (24):10277.

Chicago/Turabian Style

Jin-Young Jung; Wei Wang; Sung-Woo Cho. 2020. "The Role of Confucius Institutes and One Belt, One Road Initiatives on the Values of Cross-Border M&A: Empirical Evidence from China." Sustainability 12, no. 24: 10277.

Journal article
Published: 15 November 2020 in Sustainability
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This study analyzes changes in how corporate social responsibility (CSR) affects corporate value in China. We use multiple regression analysis on a sample of A-share listed companies on the Shanghai and Shenzhen Stock Exchanges from 2009 to 2018. We divide the sample into 2009–2012 and 2013–2018 periods according to the development of CSR-related media and corporate policies. The dependent variable is corporate value, measured by Tobin’s Q. The independent variable is the CSR score calculated and published by RKS, a widely recognized CSR evaluation agency in China. We use firm size, sales growth rate, return on equity, top 10 shareholders’ equity, operating cash flow, and debt ratio as control variables. The panel-based regression models find no statistical correlation between CSR score and corporate value from 2009 to 2012 but find that the CSR score has a significantly positive influence on corporate value from 2013 to 2018. The impact of CSR activities on corporate value increases over the 10-year period. This decade saw the Chinese government shift its development strategy from a rapid growth model to a high-quality growth model and pursue sustainable development. This study is useful for Chinese companies considering adopting CSR activities to promote sustainable development.

ACS Style

Feifei Zhang; Jin-Young Jung. Changes in the Influence of Social Responsibility Activities on Corporate Value over 10 Years in China. Sustainability 2020, 12, 9506 .

AMA Style

Feifei Zhang, Jin-Young Jung. Changes in the Influence of Social Responsibility Activities on Corporate Value over 10 Years in China. Sustainability. 2020; 12 (22):9506.

Chicago/Turabian Style

Feifei Zhang; Jin-Young Jung. 2020. "Changes in the Influence of Social Responsibility Activities on Corporate Value over 10 Years in China." Sustainability 12, no. 22: 9506.

Research article
Published: 19 August 2020 in Emerging Markets Finance and Trade
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We empirically prove that the negative listing effect of mergers and acquisitions (M&A) is more pronounced in target countries with high gross domestic product (GDP) growth rate uncertainty than in countries without such uncertainty. We examine a sample of 343 non-financial firms that disclosed cross-border M&A between 2000 and 2019 in the Korea Exchange stock market and 49 countries where the target firms are located. We show that the listing effect caused by economic growth uncertainty in the target country is stronger for cross-border M&A during the global financial crisis or when the target firms are based in emerging countries.

ACS Style

Byoung-Jin Kim; Jin-Young Jung; Sung-Woo Cho. Listing Effect in Acquirer Returns and Economic Growth Uncertainty in the Target Country: The Case of Cross-border M&A from Emerging Economies. Emerging Markets Finance and Trade 2020, 57, 427 -443.

AMA Style

Byoung-Jin Kim, Jin-Young Jung, Sung-Woo Cho. Listing Effect in Acquirer Returns and Economic Growth Uncertainty in the Target Country: The Case of Cross-border M&A from Emerging Economies. Emerging Markets Finance and Trade. 2020; 57 (2):427-443.

Chicago/Turabian Style

Byoung-Jin Kim; Jin-Young Jung; Sung-Woo Cho. 2020. "Listing Effect in Acquirer Returns and Economic Growth Uncertainty in the Target Country: The Case of Cross-border M&A from Emerging Economies." Emerging Markets Finance and Trade 57, no. 2: 427-443.

Empirical
Published: 30 August 2017 in Corporate Governance: An International Review
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Manuscript Type Empirical Research Question/Issue Directors can serve different roles: advisors, liaisons, or monitors. Affiliated outside directors have social or business/financial ties to firm executives, are often more trusted than others by the latter, have more knowledge of the firm, give better advice, or liaise more effectively with other organizations. However, they monitor less effectively than other outside directors do. This study theoretically predicts and empirically examines whether affiliated outside directors' contributions to firm value are moderated by corporate conditions: external control threats, uncertainty, government regulation, or information asymmetry. Research Findings/Insights Panel data analysis shows that among firms that are standalone, have M&A threats, suffer financial distress, face financial uncertainty, or are subject to stricter government regulations, those with more affiliated outside directors—especially those with social ties—have greater firm value. In low information asymmetry environments, firms with more affiliated outside directors have lower firm value. In high information asymmetry environments, however, firms with more independent outside directors have lower firm value. These results remain robust after controlling for endogeneity issues of board composition, outside directors' human capital, social capital, CEO attributes, firm attributes, and industry attributes. Theoretical/Academic Implications This study extends and links resource dependence theory and agency theory by showing how outside directors with social ties and those with business ties are related to firm value. Furthermore, the value of affiliated outside directors' resources and liaisons differ across corporate conditions, which extends resource dependence theory. Also, effective monitoring by unaffiliated outside directors requires sufficient access to firm information, which extends agency theory. Practitioner/Policy Implications The relations of different outside directors to firm value across corporate conditions suggest that firms can benefit from considering their corporate conditions when designing the composition of their board of directors.

ACS Style

Sung Wook Joh; Jin-Young Jung. When do firms benefit from affiliated outside directors? Evidence from Korea. Corporate Governance: An International Review 2017, 26, 397 -413.

AMA Style

Sung Wook Joh, Jin-Young Jung. When do firms benefit from affiliated outside directors? Evidence from Korea. Corporate Governance: An International Review. 2017; 26 (6):397-413.

Chicago/Turabian Style

Sung Wook Joh; Jin-Young Jung. 2017. "When do firms benefit from affiliated outside directors? Evidence from Korea." Corporate Governance: An International Review 26, no. 6: 397-413.

Journal article
Published: 01 April 2016 in Asia-Pacific Journal of Financial Studies
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This study investigates whether top management teams' (TMTs) academic credentials from prestigious universities can be a source of competitive advantage. We examine the academic backgrounds of 72,165 top managers in 590 non-financial firms in South Korea from 1990 to 2006. We find that firms with a higher proportion of top managers from top universities have a higher Tobin's Q. Furthermore, this relation is stronger in challenging environments when firms face higher volatility, more growth opportunities, or financial distress, or when managers have greater discretionary power or are held accountable for their decisions. These results suggest that the effects of TMTs' human capital on firm value vary in the contexts of organizational and corporate environments. In short, our study suggests that education from elite schools is an important managerial attribute that contributes to performance.

ACS Style

Sung Wook Joh; Jin‐Young Jung. Top Managers' Academic Credentials and Firm Value. Asia-Pacific Journal of Financial Studies 2016, 45, 185 -221.

AMA Style

Sung Wook Joh, Jin‐Young Jung. Top Managers' Academic Credentials and Firm Value. Asia-Pacific Journal of Financial Studies. 2016; 45 (2):185-221.

Chicago/Turabian Style

Sung Wook Joh; Jin‐Young Jung. 2016. "Top Managers' Academic Credentials and Firm Value." Asia-Pacific Journal of Financial Studies 45, no. 2: 185-221.

Journal article
Published: 01 April 2014 in Asia-Pacific Journal of Financial Studies
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Acquiring firms that earn positive abnormal returns on acquisitions may have internal capital markets that overcome the information asymmetry costs in less‐developed capital markets. In this paper, through an examination of data on 1064 acquiring firms in the Korean market from 1994 to 2011, we find that the highest acquiring returns occur when the firms with high information asymmetry acquire firms with low information asymmetry. To measure the degree of information asymmetry, we use the models of Glosten–Harris (1988), Hasbrouck (1991) and Foster–Viswanathan (1993), which we selected from a variety of studies on market microstructure. We also find that the effect of information asymmetry on mergers and acquisitions (M&As) was larger before the Asian financial crisis of 1998, as well as before the global financial crisis of 2007, and that the Korean capital market was less developed before these crises than after them. We show that the internal capital market hypothesis holds for M&As, and that information asymmetry is a strong determinant of M&A decisions in emerging markets.

ACS Style

Joon Chae; Jin-Young Jung; Cheol-Won Yang. A Reexamination of Diversification Premiums: An Information Asymmetry Perspective. Asia-Pacific Journal of Financial Studies 2014, 43, 223 -248.

AMA Style

Joon Chae, Jin-Young Jung, Cheol-Won Yang. A Reexamination of Diversification Premiums: An Information Asymmetry Perspective. Asia-Pacific Journal of Financial Studies. 2014; 43 (2):223-248.

Chicago/Turabian Style

Joon Chae; Jin-Young Jung; Cheol-Won Yang. 2014. "A Reexamination of Diversification Premiums: An Information Asymmetry Perspective." Asia-Pacific Journal of Financial Studies 43, no. 2: 223-248.

Journal article
Published: 16 May 2013 in International Business Research
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This paper analyzes how Regulation Fair Disclosure (Reg FD hereinafter) affects share repurchases in an emerging market where information asymmetry problem is severe. The results indicate that the frequency of bad news disclosures and the size of negative excess return in the KOSDAQ market increase in a statistically significant manner prior to share repurchase, while the frequency of good news disclosures increases after share repurchase. This is consistent with the hypothesis that firms show opportunistic behavior of buying their own stocks at a low price by taking advantage of fair disclosures. In order to analyze the cause of the opportunistic behavior, we examine variables, such as the number of stock options held by the management and the ratio of shareholding by CEO and related parties. We find empirical evidence that the stock compensation ratio for the management shows a positive relationship with good news disclosures following the completion of share repurchase. Our findings suggest that there exists information distortion in Reg FD in order to protect the management’s ownership interest in Korean stock market.

ACS Style

Jin-Young Jung; Hyung-Eun Choi. How Does Regulation Fair Disclosure Affect Share Repurchases? Evidence from an Emerging Market. International Business Research 2013, 6, 1 .

AMA Style

Jin-Young Jung, Hyung-Eun Choi. How Does Regulation Fair Disclosure Affect Share Repurchases? Evidence from an Emerging Market. International Business Research. 2013; 6 (6):1.

Chicago/Turabian Style

Jin-Young Jung; Hyung-Eun Choi. 2013. "How Does Regulation Fair Disclosure Affect Share Repurchases? Evidence from an Emerging Market." International Business Research 6, no. 6: 1.

Journal article
Published: 17 April 2012 in Asia-Pacific Journal of Financial Studies
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This paper examines whether the problem of high information asymmetry lowers the positive impact of board independence on firm value. Independent directors are outside directors who have never had business and professional ties with the firm. We adopt various proxies for information transaction costs from the market microstructure literature and traditional measures, such as firm size, firm age, number of analyst reports, governance scores, credit ratings, and institutional ownership, to see how they interact. Using data on publicly listed firms and their directors between 1999 and 2006 in Korea, we find that independent directors are correlated with higher corporate value when the firm has lower information transaction costs. The results suggest that the monitoring role of independent directors is limited when transferring firm‐specific information is costly.

ACS Style

Sung Wook Joh; Jin-Young Jung. The Effects of Outside Board on Firm Value in the Emerging Market from the Perspective of Information Transaction Costs*. Asia-Pacific Journal of Financial Studies 2012, 41, 175 -193.

AMA Style

Sung Wook Joh, Jin-Young Jung. The Effects of Outside Board on Firm Value in the Emerging Market from the Perspective of Information Transaction Costs*. Asia-Pacific Journal of Financial Studies. 2012; 41 (2):175-193.

Chicago/Turabian Style

Sung Wook Joh; Jin-Young Jung. 2012. "The Effects of Outside Board on Firm Value in the Emerging Market from the Perspective of Information Transaction Costs*." Asia-Pacific Journal of Financial Studies 41, no. 2: 175-193.