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Dr. Hail Jung
Ulsan National Institute of Science and Technology

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0 Corporate Finance
0 Investment
0 Machine Learning
0 Blockchain
0 Behavior Finance

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Journal article
Published: 29 July 2021 in Journal of Business Research
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This study investigates the relationship between a CEO’s war experience and corporate information transparency. Using the Korean War as an exogenous shock, we find that firms managed by war-exposed CEOs have greater information transparency than firms managed by CEOs who are not war-exposed. Specifically, war-exposed CEOs tend to mitigate information in an asymmetrical fashion as they are more concerned about the potential downside risks. This observation is more pronounced during the global financial crisis. Additionally, war-exposed CEOs who have lived close to the regions where large-scale massacres have occurred seek more information transparency than the CEOs who have lived at a distance from such inhumane experiences. Lastly, we employ regression discontinuity design, propensity score matching, CEO change analysis, and alternative sample regressions to show that the results are not driven by endogeneity concerns.

ACS Style

Sanghak Choi; Hail Jung. Does early-life war exposure of a CEO enhance corporate information transparency? Journal of Business Research 2021, 136, 198 -208.

AMA Style

Sanghak Choi, Hail Jung. Does early-life war exposure of a CEO enhance corporate information transparency? Journal of Business Research. 2021; 136 ():198-208.

Chicago/Turabian Style

Sanghak Choi; Hail Jung. 2021. "Does early-life war exposure of a CEO enhance corporate information transparency?" Journal of Business Research 136, no. : 198-208.

Earlycite article
Published: 15 June 2021 in Managerial Finance
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Purpose This study aims to explore the effects of director liability reduction (DLR) laws on corporate innovation strategies in South Korea. Design/methodology/approach Regression analysis is used to investigate the effects of the directors' liability reduction coverage on the corporate innovation. The data includes 7,517 firm-year observations spanning from 2011 to 2017. Findings The authors provide empirical evidence that directors feel protected by the coverage and are able to focus more on innovative projects. Using research and development expenditure and the number of patents registered to measure the firm's innovation, we find that covered firms spend more on R&D and register more patents than non-covered firms. Originality/value This study extends the literature on corporate innovation. A vast amount of literature empirically tests how best to motivate directors to engage in innovative activities. On the same line, this study is the first to empirically test the effect of DLR shelters on directors' motivations toward innovation.

ACS Style

Sanghak Choi; Hail Jung. Can directors' liability reduction promote corporate innovation? Managerial Finance 2021, ahead-of-p, 1 .

AMA Style

Sanghak Choi, Hail Jung. Can directors' liability reduction promote corporate innovation? Managerial Finance. 2021; ahead-of-p (ahead-of-p):1.

Chicago/Turabian Style

Sanghak Choi; Hail Jung. 2021. "Can directors' liability reduction promote corporate innovation?" Managerial Finance ahead-of-p, no. ahead-of-p: 1.

Journal article
Published: 16 April 2021 in Sustainability
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In this study, we examine various effects of carbon emission regulation enacted in South Korea. We provide empirical evidence of regulated firms strategically hedging against potential risks by increasing the number of directors with environment-related backgrounds. We also find that this relationship is clearly evidenced when the firm is owned by a lower proportion of foreign investors. Further analysis shows that these directors successfully change their firms to become environmentally friendly. Overall, we conclude that the role of governments in promoting green finance is crucial. The findings of this study may be used as a guideline for decision makers and environmental policymakers to create systems and policies to increase the firm’s awareness about the environment in relation to corporate environmental responsibility (CER) ratings of firms.

ACS Style

Hail Jung; Seyeong Song; Chang-Keun Song. Carbon Emission Regulation, Green Boards, and Corporate Environmental Responsibility. Sustainability 2021, 13, 4463 .

AMA Style

Hail Jung, Seyeong Song, Chang-Keun Song. Carbon Emission Regulation, Green Boards, and Corporate Environmental Responsibility. Sustainability. 2021; 13 (8):4463.

Chicago/Turabian Style

Hail Jung; Seyeong Song; Chang-Keun Song. 2021. "Carbon Emission Regulation, Green Boards, and Corporate Environmental Responsibility." Sustainability 13, no. 8: 4463.

Journal article
Published: 07 April 2021 in Sustainability
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With sustainable growth highlighted as a key to success in Industry 4.0, manufacturing companies attempt to optimize production efficiency. In this study, we investigated whether machine learning has explanatory power for quality prediction problems in the injection molding industry. One concern in the injection molding industry is how to predict, and what affects, the quality of the molding products. While this is a large concern, prior studies have not yet examined such issues especially using machine learning techniques. The objective of this article, therefore, is to utilize several machine learning algorithms to test and compare their performances in quality prediction. Using several machine learning algorithms such as tree-based algorithms, regression-based algorithms, and autoencoder, we confirmed that machine learning models capture the complex relationship and that autoencoder outperforms comparing accuracy, precision, recall, and F1-score. Feature importance tests also revealed that temperature and time are influential factors that affect the quality. These findings have strong implications for enhancing sustainability in the injection molding industry. Sustainable management in Industry 4.0 requires adapting artificial intelligence techniques. In this manner, this article may be helpful for businesses that are considering the significance of machine learning algorithms in their manufacturing processes.

ACS Style

Hail Jung; Jinsu Jeon; Dahui Choi; Jung-Ywn Park. Application of Machine Learning Techniques in Injection Molding Quality Prediction: Implications on Sustainable Manufacturing Industry. Sustainability 2021, 13, 4120 .

AMA Style

Hail Jung, Jinsu Jeon, Dahui Choi, Jung-Ywn Park. Application of Machine Learning Techniques in Injection Molding Quality Prediction: Implications on Sustainable Manufacturing Industry. Sustainability. 2021; 13 (8):4120.

Chicago/Turabian Style

Hail Jung; Jinsu Jeon; Dahui Choi; Jung-Ywn Park. 2021. "Application of Machine Learning Techniques in Injection Molding Quality Prediction: Implications on Sustainable Manufacturing Industry." Sustainability 13, no. 8: 4120.

Research article
Published: 30 November 2020 in Applied Economics Letters
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This study investigates the relationship between the law of director liability reduction (DLR) and the level of corporate social responsibility (CSR). Using unique Korean institutional data, we show that firms that do not employ liability reduction coverage engage more heavily in CSR-related activities. This is primarily to control the litigation risk. Firms that have not adopted the DLR are vulnerable to litigation risks, and therefore, they strategically use CSR to hedge such risks. We also employ the propensity score matching approach and show that endogeneity does not drive the result.

ACS Style

Sanghak Choi; Hail Jung. Effects of the litigation risk coverage on corporate social responsibility. Applied Economics Letters 2020, 1 -6.

AMA Style

Sanghak Choi, Hail Jung. Effects of the litigation risk coverage on corporate social responsibility. Applied Economics Letters. 2020; ():1-6.

Chicago/Turabian Style

Sanghak Choi; Hail Jung. 2020. "Effects of the litigation risk coverage on corporate social responsibility." Applied Economics Letters , no. : 1-6.

Letters section
Published: 04 August 2020 in International Review of Finance
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This article investigates the effect of a firm's adoption of director liability reduction coverage laws on their directors’ bad news hoarding behavior. Using unique Korean institutional settings, we find that, compared to directors of noncovered firms, those of covered firms are more likely to withhold negative information, proxied by stock price crash risk measures. Our regression analysis implies that legal protections of a company through DLR coverage makes directors relatively relaxed about litigation risks, which induces them to take advantage of the laws. Furthermore, we find that the relation manifests when the firm is owned by a high proportion of foreign investors, covered by many financial analysts, and is less regulated by listed exchange.

ACS Style

Sanghak Choi; Hail Jung. Director liability reduction and stock price crash risk: Evidence from Korea. International Review of Finance 2020, 1 .

AMA Style

Sanghak Choi, Hail Jung. Director liability reduction and stock price crash risk: Evidence from Korea. International Review of Finance. 2020; ():1.

Chicago/Turabian Style

Sanghak Choi; Hail Jung. 2020. "Director liability reduction and stock price crash risk: Evidence from Korea." International Review of Finance , no. : 1.