An Empirical Study of the Relationships between CO2 Emissions, Economic Growth and Openness

This paper investigates the existence of the environmental Kuznets curve (EKC) for carbon dioxide (CO2) emissions and its causal relationships with economic growth and openness by using time series data (1971-2006) from China (an emerging market), Korea (a newly industrialized country), and Japan (a developed country). The sample countries span a whole range of development stages from industrialized to newly industrialized and emerging market economies. The environmental consequences according to openness and economic growth do not show uniform results across the countries. Depending on the national characteristics, the estimated EKC show different temporal patterns. China shows an N-shaped curve while Japan has a U-shaped curve. Such dissimilarities are also found in the relationship between CO2 emissions and openness. In the case of Korea and Japan it represents an inverted U-shaped curve, while China shows a U-shaped curve. We also analyze the dynamic relationships between the variables by adopting a vector auto regression or a vector error correction model. These models through the impulse response functions allow for analysis of the causal variable's influence on the dynamic response of emission variables and it adopts a variance decomposition to explain the magnitude of the forecast error variance determined by the shocks to each of the causal variables over time. Results show evidence of large heterogeneity among the countries and variables impacts.carbon dioxide (CO2), environmental Kuznets curve (EKC), economic growth, free trade, development

International Diversification, Product Strategy, And Firm Value:Evidence From Korea

Existing studies showed inconsistent results for the relationship between international diversification (ID) and firm value. Thus, we primarily examine whether each MNCs product strategy moderates the relationship between ID and firm value. The results show that MNCs product strategy moderates the relationship between ID and firm value as measured by Tobins Q. Specifically, a positive relationship exists between ID and firm value in the firm group pursuing a cost leadership strategy, whereas a negative relationship exists between the same variables in the firm group pursuing a differentiation strategy, suggesting that the strategic fit between product strategy and ID is likely an important factor in the relationship between ID and firm value. Our results remain robust after conducting sensitivity analyses using the price-to-book value (PBR) ratio and individual components of composite ID measures. Accordingly, we conclude that a cost leadership strategy of Korean MNCs is more likely to have a competitive advantage in a foreign market than a differentiation strategy. This study primarily contributes to the literature on ID in that it provides the first evidence on the relationship between ID and firm value that takes into account an MNCs product strategy using the strategic fit perspective

Differentiation Strategy, CSR, And Real Activities Earnings Management: Evidence From Korea

We empirically investigate whether a differentiation strategy constrains real activities earnings management (RAEM). Further, considering corporate social responsibility (CSR) activities are a popular tool of differentiation strategy, we examine whether interactive synergy between CSR activities and the differentiation strategy strengthens the negative relationship between differentiation strategy and RAEM. Using a sample of 659 firm-year observations of Korean manufacturing listed firms during 2005-2010, we find that differentiation strategy is negatively associated with RAEM, suggesting that firms pursuing a differentiation strategy are likely to refrain from managing earnings using RAEM that goes against their strategy. We also observe that interactive synergy between differentiation and CSR strengthens the negative relationship between differentiation strategy and RAEM, implying that synergy effect between CSR and differentiation strategy even more constrains RAEM that is in conflict with both CSR and differentiation strategy. These findings are robust after we perform sensitivity tests. This study contributes to the literature by providing the first evidence on the relationship between differentiation strategy and RAEM and the moderating role of CSR activities on the relationship

Is CSR Really Profitable? Evidence From Korea

We empirically investigate whether corporate social responsibility (CSR) is really profitable in Korea. Specifically, we examine whether a potential measurement problem of CSR score measured by KEJI (Korea Economic Justice Institute) index affects the relationship between CSR and corporate financial performance (CFP). The empirical results regarding the relationship between CSR and CFP in prior studies have been inconsistent. Although some studies (e.g. Waddock & Graves, 1997) point out that the potential measurement problem of CSR score is likely to be an important factor to resolve the issue of mixed results, CSR measurement problem to date draws little attention from researchers particularly in Korea setting. We suspect that prior studies that report positive relationship between CSR and CFP using KEJI index is biased upward due to potential measurement problem of KEJI index that includes operating performance component. To examine this issue, we employ an adjusted CSR score which excludes operating performance component included in the unadjusted CSR score to mitigate measurement problem that can show a positive upward bias in the relationship between CSR and CFP in the prior studies.We employ the sample data of 1,301 firm-year observations of manufacturing firms listed in Korea Stock Price Index (KOSPI) market during 2005-2010. Using adjusted CSR score, we find that the positive CSR-CFP relationship significantly weakens compared to unadjusted CSR score. This result remains robust after we perform various sensitivity tests. This study suggests that CSR measurements problem is likely to distort the relationship between CSR and CFP in Korea setting. This study’s main contribution is to provide evidence on the measurement problem of KEJI CSR score in the study on the relationship between CSR and CFP

International Diversification, Corporate Social Responsibility, And Corporate Governance: Evidence From Korea

We examine how multinational corporations’ (MNC) international diversification (ID) is related to their corporate social responsibility (CSR) activities in the domestic market. We also investigate whether corporate governance, specifically the conglomerate (chaebol) structure, affects the relationship between ID and CSR activities in the domestic market. We perform empirical analysis using a sample of 606 firm-year observations of Korean-listed manufacturing MNCs from 2005 to 2010. We find that ID is negatively associated with CSR, and that this relationship is stronger for chaebol firms. These results are robust after controlling for various factors that affect measurements of ID. Our findings suggest that ID related to market diversification through exports and foreign affiliates appears to push MNCs to perform fewer CSR activities in the domestic market. Our findings also indicate that the effect of chaebol firms on the relationship between ID and CSR is greater than that of non-chaebol firms in Korean market. Our study contributes to the ID and CSR literature as the first study to provide empirical evidence on the association between ID and CSR activities in the domestic market for Korean firms using three aspects of ID measurement. Given that empirical evidence on this issue is very limited, our findings have implications for academics, practitioners, and policymakers in understanding the relationship between ID and CSR strategy

mtDNAmanager: a Web-based tool for the management and quality analysis of mitochondrial DNA control-region sequences

BACKGROUND: For the past few years, scientific controversy has surrounded the large number of errors in forensic and literature mitochondrial DNA (mtDNA) data. However, recent research has shown that using mtDNA phylogeny and referring to known mtDNA haplotypes can be useful for checking the quality of sequence data. RESULTS: We developed a Web-based bioinformatics resource "mtDNAmanager" that offers a convenient interface supporting the management and quality analysis of mtDNA sequence data. The mtDNAmanager performs computations on mtDNA control-region sequences to estimate the most-probable mtDNA haplogroups and retrieves similar sequences from a selected database. By the phased designation of the most-probable haplogroups (both expected and estimated haplogroups), mtDNAmanager enables users to systematically detect errors whilst allowing for confirmation of the presence of clear key diagnostic mutations and accompanying mutations. The query tools of mtDNAmanager also facilitate database screening with two options of "match" and "include the queried nucleotide polymorphism". In addition, mtDNAmanager provides Web interfaces for users to manage and analyse their own data in batch mode. CONCLUSION: The mtDNAmanager will provide systematic routines for mtDNA sequence data management and analysis via easily accessible Web interfaces, and thus should be very useful for population, medical and forensic studies that employ mtDNA analysis. mtDNAmanager can be accessed at http://mtmanager.yonsei.ac.krope

Menthol, a unique urinary volatile compound, is associated with chronic inflammation in interstitial cystitis.

Chronic inflammation is a potential systemic risk factor for many bladder dysfunctions, including interstitial cystitis (IC). However, the underlying mechanism through which a healthy bladder protects itself from inflammatory triggers remains unknown. In this study, we identified odor compounds in urine obtained from IC patients and healthy controls. Using comprehensive solid-phase microextraction-gas chromatography-time-of-flight-mass spectrometry (SPME-GC-TOF-MS) profiling and bioinformatics, we found that levels of urinary volatile metabolites, such as menthol, were significantly reduced in IC patients, compared to healthy controls. In an attempt to understand the mechanistic meaning of our volatile metabolites data and the role of menthol in the immune system, we performed two independent experiments: (a) cytokine profiling, and (b) DNA microarray. Our findings suggest that lipopolysaccharide (LPS)-stimulated inflammatory events, such as the production and secretion of inflammatory cytokines (e.g., TNF-α, IL-6, and IL-1β) and the activation of NF-κB and associated proteins within a large signaling network (e.g., Akt, TLR1, TNFAIP3, and NF-κB), are suppressed by the presence of menthol. These findings broaden our knowledge on the role of urinary menthol in suppressing inflammatory events and provide potential new strategies for alleviating both the odor and inflammation associated with IC

The effect of probiotic supplementation on systemic inflammation in dialysis patients

Background Emerging evidence suggests that intestinal dysbiosis contributes to systemic inflammation and cardiovascular diseases in dialysis patients. The purpose of this study was to evaluate the effects of probiotic supplementation on various inflammatory parameters in hemodialysis (HD) patients. Methods Twenty-two patients with maintenance HD were enrolled. These patients were treated twice a day with 2.0 ×1010 colony forming units of a combination of Bifidobacterium bifidum BGN4 and Bifidobacterium longum BORI for 3 months. The microbiome and fecal short-chain fatty acids (SCFAs) were analyzed. The percentages of CD14+ CD16+ proinflammatory monocytes and CD4+ CD25+ regulatory T-cells (Tregs) before and after probiotic supplementation were determined by flow cytometry. Serum levels of calprotectin and cytokine responses upon lipopolysaccharide (LPS) challenge were compared before and after probiotic supplementation. Results Fecal SCFAs increased significantly after probiotic supplementation. Serum levels of calprotectin and interleukin 6 upon LPS stimulation significantly decreased. The anti-inflammatory effects of probiotics were associated with a significant increase in the percentage of CD4+ CD25+ Tregs (3.5% vs. 8.6%, p < 0.05) and also with a decrease of CD14+ CD16+ proinflammatory monocytes (310/mm2 vs. 194/mm2, p < 0.05). Conclusion Probiotic supplementation reduced systemic inflammatory responses in HD patients and this effect was associated with an increase in Tregs and a decrease in proinflammatory monocytes. Hence, targeting intestinal dysbiosis might be a novel strategy for decreasing inflammation and cardiovascular risks in HD patients