Pub Date : 2023-02-28DOI: 10.20294/jgbt.2023.19.1.109
Sun-ok Kim
Purpose - This paper focuses on two issues that may arise from incomplete agreements in relation to the formation of contracts in international sales transactions, and explores national attitudes toward these issues. The first issue is whether a contract can be formed for an incomplete agreement. The second issue is the question of what criteria can be used to determine terms not agreed upon between the parties. Design/Methodology/Approach - This paper analyzes each country’s attitude toward incomplete agreement through case analysis. It explores the international trend towards incomplete agreements through analysis of the case of the UK and the cases of CISG member countries. Findings - Our findings may be summarized as follows. Even if an incomplete agreement is achieved, the courts tend to interpret it to allow the formation of a contract if the parties’ intentions to be bound by the agreement are clear. Whether or not a contract is formed depends on what terms the parties need to agree to in order to make the contract binding. If there is no agreement between the parties regarding the open terms, these are determined by applying objective criteria that consider the transaction process, trade usage, and purpose of the contract. Research Implications - This research is significant in that it analyzes the trends in the interpretation of incomplete agreements. This thesis found where it was clear that the parties intended to be bound, and to establish a legal relationship, it is permissible to imply terms that give business validity.
{"title":"A Review of Incomplete Agreements and the Formation of a Sales of Goods Contract","authors":"Sun-ok Kim","doi":"10.20294/jgbt.2023.19.1.109","DOIUrl":"https://doi.org/10.20294/jgbt.2023.19.1.109","url":null,"abstract":"Purpose - This paper focuses on two issues that may arise from incomplete agreements in relation to the formation of contracts in international sales transactions, and explores national attitudes toward these issues. The first issue is whether a contract can be formed for an incomplete agreement. The second issue is the question of what criteria can be used to determine terms not agreed upon between the parties. \u0000Design/Methodology/Approach - This paper analyzes each country’s attitude toward incomplete agreement through case analysis. It explores the international trend towards incomplete agreements through analysis of the case of the UK and the cases of CISG member countries. \u0000Findings - Our findings may be summarized as follows. Even if an incomplete agreement is achieved, the courts tend to interpret it to allow the formation of a contract if the parties’ intentions to be bound by the agreement are clear. Whether or not a contract is formed depends on what terms the parties need to agree to in order to make the contract binding. If there is no agreement between the parties regarding the open terms, these are determined by applying objective criteria that consider the transaction process, trade usage, and purpose of the contract. \u0000Research Implications - This research is significant in that it analyzes the trends in the interpretation of incomplete agreements. This thesis found where it was clear that the parties intended to be bound, and to establish a legal relationship, it is permissible to imply terms that give business validity.","PeriodicalId":190222,"journal":{"name":"International Academy of Global Business and Trade","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125535309","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-02-28DOI: 10.20294/jgbt.2023.19.1.193
J. Li, Seunglin Hong
Purpose - This study expounds that logistics enterprises should make use of an information-sharing mechanism, benefit distribution mechanism, and government guarantee mechanism to optimize and balance resource allocation with cooperative participants. Design/Methodology/Approach - This study developed a theoretical research model with interface management analysis, interface resource allocation, and interface management measures as independent variables; an interface connection mechanism and collaborative innovation capability as intermediary variables; and the low-carbon performance of enterprises as a dependent variable based on the structural equation model (SEM) and the empirical test, by selecting a certain number of logistics enterprises nationwide as research objects. Findings - This study discloses that elements such as interface management analysis, interface resource allocation, interface management measures, interface connection mechanism, and collaborative innovation capability contribute proportionally to the low-carbon performance of logistics enterprises. Meanwhile, the interface connection mechanism plays an intermediary role in the impact of interface management analysis and interface management measures on the low-carbon performance of enterprises. Research Implications - This study proposes that the collaborative innovation capability of enterprises should be improved through various interface management measures, and that R&D and the application of low-carbon technology and equipment must be accelerated, thus promoting the improvement of the low-carbon performance of enterprises, and enabling a low-carbon transformation in logistics enterprises, and even the whole logistics industry, so as to help achieve the carbon peak and move toward carbon neutrality as soon as possible.
{"title":"Research on the Influencing Factors and Transformation Path of Logistics Enterprise Low-Carbon Performance","authors":"J. Li, Seunglin Hong","doi":"10.20294/jgbt.2023.19.1.193","DOIUrl":"https://doi.org/10.20294/jgbt.2023.19.1.193","url":null,"abstract":"Purpose - This study expounds that logistics enterprises should make use of an information-sharing mechanism, benefit distribution mechanism, and government guarantee mechanism to optimize and balance resource allocation with cooperative participants. \u0000Design/Methodology/Approach - This study developed a theoretical research model with interface management analysis, interface resource allocation, and interface management measures as independent variables; an interface connection mechanism and collaborative innovation capability as intermediary variables; and the low-carbon performance of enterprises as a dependent variable based on the structural equation model (SEM) and the empirical test, by selecting a certain number of logistics enterprises nationwide as research objects. \u0000Findings - This study discloses that elements such as interface management analysis, interface resource allocation, interface management measures, interface connection mechanism, and collaborative innovation capability contribute proportionally to the low-carbon performance of logistics enterprises. Meanwhile, the interface connection mechanism plays an intermediary role in the impact of interface management analysis and interface management measures on the low-carbon performance of enterprises. \u0000Research Implications - This study proposes that the collaborative innovation capability of enterprises should be improved through various interface management measures, and that R&D and the application of low-carbon technology and equipment must be accelerated, thus promoting the improvement of the low-carbon performance of enterprises, and enabling a low-carbon transformation in logistics enterprises, and even the whole logistics industry, so as to help achieve the carbon peak and move toward carbon neutrality as soon as possible.","PeriodicalId":190222,"journal":{"name":"International Academy of Global Business and Trade","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130321240","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-02-28DOI: 10.20294/jgbt.2023.19.1.157
Soo‐Eun Kim, J. Seok
Purpose - Recently, trade openness has expanded in the world level as well as high trade dependent countries like Korea. In turn, a rise of trade openness is expected to affect on the tourism industry. This study investigates the causal relationship between trade openness, outbound tourism expenses, and inbound tourism receipts to explore whether or not trade openness benefits the tourism sector of Korea. Design/Methodology/Approach - We utilized the vector error correction (VECM) model, directed acrylic graph (DAG), and Impulse Response Function (IRF) methods to examine those relationships. While VECM allows to figure out the predictive causation, DAG can test the contemporaneous relationship. IRF allows to find the different effect of trade openness on outbound tourism expenses and inbound tourism receipts. Findings - Our results for VECM and DAG demonstrate that there are causalities of trade openness on inbound tourism receipts and outbound tourism expenses. To evaluate the effect of trade openness on domestic tourism sector in terms of economics and sustainability, we perform the IRF. Results of IRF show that trade openness has a positive and negative effect on outbound tourism expenses and inbound tourism receipts, respectively. Research Implications - These results indicate that trade openness is not beneficial to the tourism sector of Korea, which implies trade openness’s effect on domestic tourism is not sustainable in terms of economic sense.
{"title":"Does Commodity Trade Openness Beneficial to the Tourism Sector in Korea?","authors":"Soo‐Eun Kim, J. Seok","doi":"10.20294/jgbt.2023.19.1.157","DOIUrl":"https://doi.org/10.20294/jgbt.2023.19.1.157","url":null,"abstract":"Purpose - Recently, trade openness has expanded in the world level as well as high trade dependent countries like Korea. In turn, a rise of trade openness is expected to affect on the tourism industry. This study investigates the causal relationship between trade openness, outbound tourism expenses, and inbound tourism receipts to explore whether or not trade openness benefits the tourism sector of Korea. \u0000Design/Methodology/Approach - We utilized the vector error correction (VECM) model, directed acrylic graph (DAG), and Impulse Response Function (IRF) methods to examine those relationships. While VECM allows to figure out the predictive causation, DAG can test the contemporaneous relationship. IRF allows to find the different effect of trade openness on outbound tourism expenses and inbound tourism receipts. \u0000Findings - Our results for VECM and DAG demonstrate that there are causalities of trade openness on inbound tourism receipts and outbound tourism expenses. To evaluate the effect of trade openness on domestic tourism sector in terms of economics and sustainability, we perform the IRF. Results of IRF show that trade openness has a positive and negative effect on outbound tourism expenses and inbound tourism receipts, respectively. \u0000Research Implications - These results indicate that trade openness is not beneficial to the tourism sector of Korea, which implies trade openness’s effect on domestic tourism is not sustainable in terms of economic sense.","PeriodicalId":190222,"journal":{"name":"International Academy of Global Business and Trade","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127390207","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-31DOI: 10.20294/jgbt.2022.18.6.1
Jin-Sup Jung, Hui-fang Liu, Jun Han
Purpose - This study is aimed at small business start-ups in Korea and China, and examines the effect of “self-efficacy,” an individual factor that affects the start-up performance of small business owners on “startup intention” and “start-up performance”. In addition, we will also consider the mediating effect of start-up intention and the moderating effect of digital transformation. At present, due to the proliferation of digital technologies and the prolongation of COVID-19, it is difficult for small business start-ups to operate with their existing business models. Therefore, we have focused on “digital transformation” as one of the capabilities they need. We also wanted to know whether digital transformation has a positive moderating effect between start-up intention and start-up performance in small businesses of Korea and China. Design/Methodology/Approach - In existing research, various factors explaining the start-up performance in small business were reviewed. In this study, the self-efficacy of small business start-ups was set as the independent variable and the start-up performance as the dependent variable. In addition, the mediating effect of the start-up intention was examined. As mentioned above, we also tried to look at the moderating effect of digital transformation. After establishing a research model based on the existing research, a survey was conducted for small business start-ups in Korea and China for empirical test, and the results were analyzed. Findings - In the case of small business start-ups in both Koreas and China, most of the relationships among self-efficacy, start-up intention, and start-up performance showed the same results. On the other hand, in the case of the moderating effect of digital transformation, positive moderating effect was found in Korea. However, there was no moderating effect in China. Research Implications - In both samples from Korea and China, self-efficacy had a positive effect on startup performance through start-up intention. It is inferred that the difference in the moderating effect is due to various factors such as culture, institutions, and policies between Korea and China. Finally, academic, economic, and policy implications were suggested.
{"title":"The Effect of Self-Efficacy of Small Business Start-ups in Korea and China on Startup Performance: Focusing on the Mediating Effect of Startup Intention and the Moderating Effect of Digital Transformation","authors":"Jin-Sup Jung, Hui-fang Liu, Jun Han","doi":"10.20294/jgbt.2022.18.6.1","DOIUrl":"https://doi.org/10.20294/jgbt.2022.18.6.1","url":null,"abstract":"Purpose - This study is aimed at small business start-ups in Korea and China, and examines the effect of “self-efficacy,” an individual factor that affects the start-up performance of small business owners on “startup intention” and “start-up performance”. In addition, we will also consider the mediating effect of start-up intention and the moderating effect of digital transformation. At present, due to the proliferation of digital technologies and the prolongation of COVID-19, it is difficult for small business start-ups to operate with their existing business models. Therefore, we have focused on “digital transformation” as one of the capabilities they need. We also wanted to know whether digital transformation has a positive moderating effect between start-up intention and start-up performance in small businesses of Korea and China. \u0000Design/Methodology/Approach - In existing research, various factors explaining the start-up performance in small business were reviewed. In this study, the self-efficacy of small business start-ups was set as the independent variable and the start-up performance as the dependent variable. In addition, the mediating effect of the start-up intention was examined. As mentioned above, we also tried to look at the moderating effect of digital transformation. After establishing a research model based on the existing research, a survey was conducted for small business start-ups in Korea and China for empirical test, and the results were analyzed. \u0000Findings - In the case of small business start-ups in both Koreas and China, most of the relationships among self-efficacy, start-up intention, and start-up performance showed the same results. On the other hand, in the case of the moderating effect of digital transformation, positive moderating effect was found in Korea. However, there was no moderating effect in China. \u0000Research Implications - In both samples from Korea and China, self-efficacy had a positive effect on startup performance through start-up intention. It is inferred that the difference in the moderating effect is due to various factors such as culture, institutions, and policies between Korea and China. Finally, academic, economic, and policy implications were suggested.","PeriodicalId":190222,"journal":{"name":"International Academy of Global Business and Trade","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126576234","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-31DOI: 10.20294/jgbt.2022.18.6.97
Jae-eun Lee, Y. Yang
Purpose - The purpose of this paper is investigating the moderating effects of ethnocentrism, which has been overlooked in the research on the effect of K-contents on the intention to purchase Korean products. Design/Methodology/Approach - To test the hypothesis, a survey was conducted among Chinese consumers. The survey was conducted mainly through social media and online surveys. A total of 329 responses were collected, out of which 300 were used for empirical analysis, after excluding 29 incomplete responses. Findings - As a result of the empirical analysis, it was found that the ethnocentrism of Chinese consumers negatively moderates the relationship between the perception of tangible K-content, which is classified as Korean fashion and Korean food, on their intention to purchase Korean products. On the other hand, it was found that Chinese consumers’ ethnocentrism did not show a significant moderating effect in the relationship between their perception of intangible K-content classified as K-drama and K-pop and Chinese consumers’ purchase intention to Korean products. Research Implications - The results of this study can have important implications for multinational corporations in international markets, to manage their brand image in countries with strong ethnocentrism. It helps in identifying the negative moderating effect of ethnocentrism in the relationship between the Korean Wave (especially tangible K-content) and the consumers’ intention to purchase Korean products.
{"title":"The Effects of Tangible and Intangible K-contents on Chinese Consumers’ Purchase Intention to Korean Products: Focusing on the Moderating Effect of Ethnocentrism","authors":"Jae-eun Lee, Y. Yang","doi":"10.20294/jgbt.2022.18.6.97","DOIUrl":"https://doi.org/10.20294/jgbt.2022.18.6.97","url":null,"abstract":"Purpose - The purpose of this paper is investigating the moderating effects of ethnocentrism, which has been overlooked in the research on the effect of K-contents on the intention to purchase Korean products. \u0000Design/Methodology/Approach - To test the hypothesis, a survey was conducted among Chinese consumers. The survey was conducted mainly through social media and online surveys. A total of 329 responses were collected, out of which 300 were used for empirical analysis, after excluding 29 incomplete responses. \u0000Findings - As a result of the empirical analysis, it was found that the ethnocentrism of Chinese consumers negatively moderates the relationship between the perception of tangible K-content, which is classified as Korean fashion and Korean food, on their intention to purchase Korean products. On the other hand, it was found that Chinese consumers’ ethnocentrism did not show a significant moderating effect in the relationship between their perception of intangible K-content classified as K-drama and K-pop and Chinese consumers’ purchase intention to Korean products. \u0000Research Implications - The results of this study can have important implications for multinational corporations in international markets, to manage their brand image in countries with strong ethnocentrism. It helps in identifying the negative moderating effect of ethnocentrism in the relationship between the Korean Wave (especially tangible K-content) and the consumers’ intention to purchase Korean products.","PeriodicalId":190222,"journal":{"name":"International Academy of Global Business and Trade","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132810732","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-31DOI: 10.20294/jgbt.2022.18.6.19
Donzhyun Park, Shuzhi Liu
Purpose - This paper empirically investigates the changes and trends in export and import trade between Korea and China since 2000, especially after the establishment of Korea-China FTA and since the outbreak of COVID-19. This paper uses empirical analysis to determine the f uture t rade t ypes and t rends of import/ export trade between Korea and China and estimates the impact on import/export trade between Korea and China in the post-epidemic era. Design/Methodology/Approach - This paper first reviews the theories related to regional economic integration, sorts out the process of Korea-China FTA, and summarizes the changes and trends in import and export trade since COVID-19; second, it analyzes the current situation of bilateral trade between Korea and China using quantitative analysis, and investigates the specific impact of COVID-19 on Korea-China import and export trade using empirical analysis; finally, it summarizes the above studies, a conclusion is drawn, and policy recommendations are made to better utilize the challenges brought by COVID-19 to effectively address the problems that may be encountered in Korea-China trade and to promote the development of bilateral trade between the two countries. Findings - The global spread of the epidemic in Korea and China has led to the shutdown of both domestic and foreign operations, resulting in a foreign trade cliff effect in the short to medium term; the trade creation effect inspired by the international system dividend is no longer available in China in 2020, and the trade in goods is diminishing at the margin; the trade suppression effect is generated by the rise of international trade protectionism. The epidemic has led to a large upstream supply shortage pressure on the electronic information industry and the automobile manufacturing industry, and a large downstream demand shortage pressure on the energy industry and the electronic information industry. Research Implications - The establishment of Korea-China FTA will significantly promote bilateral trade between the two countries, change the trade and industrial structure of the two countries, and help to promote the development of the FTA strategy of the two countries; the outbreak of COVID-19 has changed the trade pattern and type, and the import and export of related epidemic prevention products as a new trade growth point and strengthened the trade market relationship between Korea and China.
{"title":"Impact of COVID-19 on Korea-China Import and Export Trade and Countermeasures","authors":"Donzhyun Park, Shuzhi Liu","doi":"10.20294/jgbt.2022.18.6.19","DOIUrl":"https://doi.org/10.20294/jgbt.2022.18.6.19","url":null,"abstract":"Purpose - This paper empirically investigates the changes and trends in export and import trade between Korea and China since 2000, especially after the establishment of Korea-China FTA and since the outbreak of COVID-19. This paper uses empirical analysis to determine the f uture t rade t ypes and t rends of import/ export trade between Korea and China and estimates the impact on import/export trade between Korea and China in the post-epidemic era. \u0000Design/Methodology/Approach - This paper first reviews the theories related to regional economic integration, sorts out the process of Korea-China FTA, and summarizes the changes and trends in import and export trade since COVID-19; second, it analyzes the current situation of bilateral trade between Korea and China using quantitative analysis, and investigates the specific impact of COVID-19 on Korea-China import and export trade using empirical analysis; finally, it summarizes the above studies, a conclusion is drawn, and policy recommendations are made to better utilize the challenges brought by COVID-19 to effectively address the problems that may be encountered in Korea-China trade and to promote the development of bilateral trade between the two countries. \u0000Findings - The global spread of the epidemic in Korea and China has led to the shutdown of both domestic and foreign operations, resulting in a foreign trade cliff effect in the short to medium term; the trade creation effect inspired by the international system dividend is no longer available in China in 2020, and the trade in goods is diminishing at the margin; the trade suppression effect is generated by the rise of international trade protectionism. The epidemic has led to a large upstream supply shortage pressure on the electronic information industry and the automobile manufacturing industry, and a large downstream demand shortage pressure on the energy industry and the electronic information industry. \u0000Research Implications - The establishment of Korea-China FTA will significantly promote bilateral trade between the two countries, change the trade and industrial structure of the two countries, and help to promote the development of the FTA strategy of the two countries; the outbreak of COVID-19 has changed the trade pattern and type, and the import and export of related epidemic prevention products as a new trade growth point and strengthened the trade market relationship between Korea and China.","PeriodicalId":190222,"journal":{"name":"International Academy of Global Business and Trade","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127979724","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-31DOI: 10.20294/jgbt.2022.18.6.59
Dong-joo Lee, Jeongho Yoo
Purpose - The Effect of EU foreign trade policy on global supply chains is growing. The EU’s Carbon Border Adjustment Mechanism (CBAM), which is deeply involved in international trade, is expected to directly or indirectly affect the global supply chain. Although the discussion of CBAM is spreading, it is difficult to find a study analyzing the negative effect of CBAM on the supply chain. Therefore, this study aims to analyze the effect of the introduction of the CBAM on Korean exports. Design/Methodology/Approach - For the analysis method, we use the GTAP model, which is a Computable General Equilibrium (CGE) model, and in particular, we use the GTAP-E model, a model specialized for environmental policies such as climate change. And for the database required for the CGE model, we use the GTAP-E database specialized for the GTAP-E model. Findings - As a result of the analysis, it was analyzed that Korea’s output and exports decreased. In particular, the decrease in output in the chemicals, metal, and machinery industries was the largest, and Korea’s exports to China decreased by up to 322.7 million dollars in the chemical industry. As a means to overcome the introduction of CBAM, we analyzed the effects of support for renewable energy, introduction of low-carbon technology, and tax benefits. As a result of the analysis, the effect of expanding renewable energy support was limited, while the effect of introducing low-carbon technology and tax benefits was analyzed to expand exports by up to 2.6% and 4.86%, respectively. Research Implications - From the analysis results of this study, it can be seen that the climate change response policies, which were introduced in a voluntary way by each country, spread in an involuntary way through the CBAM. Although there is a possibility that environmental measures may not conform to the WTO agreement, it is necessary for both the government and firms to actively participate in environmental issues as carbon-related measures are likely to be actively discussed in the international trade environment.
{"title":"A Study on the Economic Effects of EU’s CBAM on Korea","authors":"Dong-joo Lee, Jeongho Yoo","doi":"10.20294/jgbt.2022.18.6.59","DOIUrl":"https://doi.org/10.20294/jgbt.2022.18.6.59","url":null,"abstract":"Purpose - The Effect of EU foreign trade policy on global supply chains is growing. The EU’s Carbon Border Adjustment Mechanism (CBAM), which is deeply involved in international trade, is expected to directly or indirectly affect the global supply chain. Although the discussion of CBAM is spreading, it is difficult to find a study analyzing the negative effect of CBAM on the supply chain. Therefore, this study aims to analyze the effect of the introduction of the CBAM on Korean exports. \u0000Design/Methodology/Approach - For the analysis method, we use the GTAP model, which is a Computable General Equilibrium (CGE) model, and in particular, we use the GTAP-E model, a model specialized for environmental policies such as climate change. And for the database required for the CGE model, we use the GTAP-E database specialized for the GTAP-E model. \u0000Findings - As a result of the analysis, it was analyzed that Korea’s output and exports decreased. In particular, the decrease in output in the chemicals, metal, and machinery industries was the largest, and Korea’s exports to China decreased by up to 322.7 million dollars in the chemical industry. As a means to overcome the introduction of CBAM, we analyzed the effects of support for renewable energy, introduction of low-carbon technology, and tax benefits. As a result of the analysis, the effect of expanding renewable energy support was limited, while the effect of introducing low-carbon technology and tax benefits was analyzed to expand exports by up to 2.6% and 4.86%, respectively. \u0000Research Implications - From the analysis results of this study, it can be seen that the climate change response policies, which were introduced in a voluntary way by each country, spread in an involuntary way through the CBAM. Although there is a possibility that environmental measures may not conform to the WTO agreement, it is necessary for both the government and firms to actively participate in environmental issues as carbon-related measures are likely to be actively discussed in the international trade environment.","PeriodicalId":190222,"journal":{"name":"International Academy of Global Business and Trade","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132331862","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-31DOI: 10.20294/jgbt.2022.18.6.79
Hyeokgi Kwon, Heejeong Shin
Purpose - This study investigates the value-relevance of ESG performance information in the Korean travel & tourism industry. ESG activities (environment, social, and governance) are critical factors for evaluating corporate value. However, when it comes to the travel and tourism section, whether the ESG performance information is incorporated in financial corporate value is questionable since the distinct guidelines on ESG performance does not exist. Design/Methodology/Approach - This study hypothesizes that ESG performance information is not relevant to the corporate value in the travel and tourism industry. Using the KSE and KOSDAQ listed-firms in the travel & tourism industry for 2011-2020, this study conducts a univariate test as well as multiple regression analysis which estimates the relationship between stock price and ESG ratings. Ohlson (1995)’s model estimating value-relevance of accounting information is employed to test the hypothesis. Findings - The analysis shows that both ESG reporting itself and ESG integration ratings are positively related to stock price as a proxy for corporate value. But the governance (G) factor only out of three- ESG individual components has a significantly positive relation with the corporate value. The findings hold after addressing a self-selection bias which is due to ESG reporting incentives. Research Implications - In perspective of the usefulness of accounting information, this study extends the literature on value-relevance of ESG ratings as a nonfinancial accounting information. In addition, it adds the document on the effectiveness of ESG initiative by empirical results. Finally, it suggests the needs for guidelines which are appropriate for pricing the performance of social responsibilities (S) including sustainable environment € to be incorporated in corporate value.
{"title":"A Study on the Relationship between ESG Performance Information and Value-Relevance: Focusing on Travel & Tourism Industry in Korea","authors":"Hyeokgi Kwon, Heejeong Shin","doi":"10.20294/jgbt.2022.18.6.79","DOIUrl":"https://doi.org/10.20294/jgbt.2022.18.6.79","url":null,"abstract":"Purpose - This study investigates the value-relevance of ESG performance information in the Korean travel & tourism industry. ESG activities (environment, social, and governance) are critical factors for evaluating corporate value. However, when it comes to the travel and tourism section, whether the ESG performance information is incorporated in financial corporate value is questionable since the distinct guidelines on ESG performance does not exist. \u0000Design/Methodology/Approach - This study hypothesizes that ESG performance information is not relevant to the corporate value in the travel and tourism industry. Using the KSE and KOSDAQ listed-firms in the travel & tourism industry for 2011-2020, this study conducts a univariate test as well as multiple regression analysis which estimates the relationship between stock price and ESG ratings. Ohlson (1995)’s model estimating value-relevance of accounting information is employed to test the hypothesis. \u0000Findings - The analysis shows that both ESG reporting itself and ESG integration ratings are positively related to stock price as a proxy for corporate value. But the governance (G) factor only out of three- ESG individual components has a significantly positive relation with the corporate value. The findings hold after addressing a self-selection bias which is due to ESG reporting incentives. \u0000Research Implications - In perspective of the usefulness of accounting information, this study extends the literature on value-relevance of ESG ratings as a nonfinancial accounting information. In addition, it adds the document on the effectiveness of ESG initiative by empirical results. Finally, it suggests the needs for guidelines which are appropriate for pricing the performance of social responsibilities (S) including sustainable environment € to be incorporated in corporate value.","PeriodicalId":190222,"journal":{"name":"International Academy of Global Business and Trade","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114991942","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-31DOI: 10.20294/jgbt.2022.18.6.33
Qianqian Li, Yongjae Shin, Unyong Pyo
Purpose - This study investigates the impact of CEO incentive compensation and power on employee wages. While CEO compensation negatively affects employee wages, powerful CEOs may care for employees, and their compensation can have positive impacts on employee wages. Design/Methodology/Approach - Using data from US capital markets during 1992 - 2017, we employ pay-performance sensitivity to measure incentive compensation and CEO pay slices to proxy CEO power. We also examined the potential interaction effects between CEO compensation and CEO power. We conduct a Heckman two-step analysis to address potential sample bias and two-stage regression to address potential endogeneity. Findings - While incentive compensation negatively affects employee wages, CEO power positively affects employee wages. When examining the interaction effect between incentive compensation and CEO power, we note that the incentive effect is negative on employee wages only when the CEO is less powerful. However, when the CEO is more powerful, the incentive effect is positive on employee wages. Research Implications - When firms grant incentive compensation to CEOs for firm performance, they must also consider CEO power. Our results imply that CEO incentive compensation has a positive impact on employee wages when a CEO becomes more powerful. More incentive compensation to less-powerful CEOs could suppress employee wages and hurt firm performance in the long run.
{"title":"Impacts of CEO Incentives and Power on Employee Wages","authors":"Qianqian Li, Yongjae Shin, Unyong Pyo","doi":"10.20294/jgbt.2022.18.6.33","DOIUrl":"https://doi.org/10.20294/jgbt.2022.18.6.33","url":null,"abstract":"Purpose - This study investigates the impact of CEO incentive compensation and power on employee wages. While CEO compensation negatively affects employee wages, powerful CEOs may care for employees, and their compensation can have positive impacts on employee wages. \u0000Design/Methodology/Approach - Using data from US capital markets during 1992 - 2017, we employ pay-performance sensitivity to measure incentive compensation and CEO pay slices to proxy CEO power. We also examined the potential interaction effects between CEO compensation and CEO power. We conduct a Heckman two-step analysis to address potential sample bias and two-stage regression to address potential endogeneity. \u0000Findings - While incentive compensation negatively affects employee wages, CEO power positively affects employee wages. When examining the interaction effect between incentive compensation and CEO power, we note that the incentive effect is negative on employee wages only when the CEO is less powerful. However, when the CEO is more powerful, the incentive effect is positive on employee wages. \u0000Research Implications - When firms grant incentive compensation to CEOs for firm performance, they must also consider CEO power. Our results imply that CEO incentive compensation has a positive impact on employee wages when a CEO becomes more powerful. More incentive compensation to less-powerful CEOs could suppress employee wages and hurt firm performance in the long run.","PeriodicalId":190222,"journal":{"name":"International Academy of Global Business and Trade","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129008941","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-10-31DOI: 10.20294/jgbt.2022.18.5.39
Zhuoping Qin, Xu Jin
Purpose - This is a study on the influence mechanism of rural finance and rural industrial revitalization on rural logistics development from rural revitalization strategy. Design/Methodology/Approach - We use panel data of 30 Chinese provinces from 2011 to 2020. A two-way fixed-effects model is constructed and mediated effects analysis and multiple regression analysis are used to analyze the dynamic relationship between rural finance, rural industrial revitalization, and rural logistics development. The dynamic relationship was empirically analyzed using mediated effects analysis and multiple regression analysis. Findings - Rural finance has a significant positive impact on rural logistics, and rural finance effectively promotes rural logistics development; rural finance affects rural logistics development by influencing the revitalization of rural industries, indicating that the revitalization of rural industries plays a mediating effect. The impact of rural finance on rural logistics is heterogeneous in the east, central, and west. Rural industry revitalization does not play a mediating role in the central era, comparing with an obvious mediating role in the east and west. Research Implications - The revitalization of rural industries as a transmission mechanism for rural finance to promote the development of rural logistics, and we verify the rationality of this transmission mechanism through a model to fill the gaps in the existing literature, thus providing a new research perspective for rural finance to promote the development of rural logistics, and providing some theoretical guidance and policy reference.
{"title":"A Study on Rural Finance, Rural Industry Revitalization, and Rural Logistics Development: An Empirical Analysis Based on Panel Data from 30 Provinces in China","authors":"Zhuoping Qin, Xu Jin","doi":"10.20294/jgbt.2022.18.5.39","DOIUrl":"https://doi.org/10.20294/jgbt.2022.18.5.39","url":null,"abstract":"Purpose - This is a study on the influence mechanism of rural finance and rural industrial revitalization on rural logistics development from rural revitalization strategy. \u0000Design/Methodology/Approach - We use panel data of 30 Chinese provinces from 2011 to 2020. A two-way fixed-effects model is constructed and mediated effects analysis and multiple regression analysis are used to analyze the dynamic relationship between rural finance, rural industrial revitalization, and rural logistics development. The dynamic relationship was empirically analyzed using mediated effects analysis and multiple regression analysis. \u0000Findings - Rural finance has a significant positive impact on rural logistics, and rural finance effectively promotes rural logistics development; rural finance affects rural logistics development by influencing the revitalization of rural industries, indicating that the revitalization of rural industries plays a mediating effect. The impact of rural finance on rural logistics is heterogeneous in the east, central, and west. Rural industry revitalization does not play a mediating role in the central era, comparing with an obvious mediating role in the east and west. \u0000Research Implications - The revitalization of rural industries as a transmission mechanism for rural finance to promote the development of rural logistics, and we verify the rationality of this transmission mechanism through a model to fill the gaps in the existing literature, thus providing a new research perspective for rural finance to promote the development of rural logistics, and providing some theoretical guidance and policy reference.","PeriodicalId":190222,"journal":{"name":"International Academy of Global Business and Trade","volume":"93 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133289151","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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