Corporate Social Responsibility and Corporate Financial Performance: Evidence from Korea

This paper studies the empirical relation between corporate social responsibility (CSR) and corporate financial performance in Korea using a sample of 1122 firm-years during 2002-2008. We measure corporate social responsibility by both an equal-weighted CSR index and a stakeholder-weighted CSR index suggested by Akpinar et al. (2008). Corporate financial performance is measured by ROE, ROA and Tobin’s Q. We find a positive and significant relation between corporate financial performance and the stakeholder-weighted CSR index, but not the equal-weighted CSR index. This finding is robust to alternative model specifications and several additional tests, providing evidence in support of instrumental stakeholder theory.corporate social responsibility; corporate financial performance; KEJI index; instrumental stakeholder theory

Discomfort luminance level of head-mounted displays depending on the adapting luminance

The Images in an immersive head-mounted display (HMD) for virtual reality provide the sole source for visual adaptation. Thus, significant, near-instantaneous increases in luminance while viewing an HMD can result in visual discomfort. Therefore, the current study investigated the luminance change necessary to induce this discomfort. Based on the psychophysical experiment data collected from 10 subjects, a prediction model was derived using four complex images and one neutral image, with four to six levels of average scene luminance. Result showed that maximum area luminance has a significant correlation with the discomfort luminance level than average, median, or maximum pixel luminance. According to the prediction model, the discomfort luminance level of a head-mounted display was represented as a positive linear function in log(10) units using the previous adaptation luminance when luminance is calculated as maximum area luminance

Transparent effect on the gray scale perception of a transparent OLED display

Gray scale perception of transparent OLED displays was explored. The difference in luminance between transparent and non-transparent stimuli in the overall gray range was compared. The transparent effect appeared in gray scale perception. The range of the transparent effect was determined experimentally. To explore the practical application of this effect, we proposed a new tone-curve based on the transparent effect. In the preference experiment, participants indicated a higher preference score for the new tone-curve. This implied that the transparent effect is valid and applicable to real situations

Investigating the relationship between supply chain innovation, risk management capabilities and competitive advantage in global supply chains

Purpose- This study aims to propose and validate a theoretical model to investigate whether supply chain innovation positively affects risk management capabilities, such as robustness and resilience in global supply chain operations, and to examine how these capabilities may improve competitive advantage. Design/methodology/approach- A theoretical model was developed from extant studies and assessed through the development of a large-scale questionnaire survey conducted with South Korean manufacturers and logistics intermediaries involved in global supply chain operations. The data were analysed using confirmatory factor analysis (CFA) and structural equation modelling (SEM) to validate the suggested model. Findings- It was found that innovative supply chains have a discernible positive influence on all dimensions of risk management capability, which in turn has a significant impact on enhancing competitive advantage. Therefore, this work provides evidence for the importance of supply chain innovation and risk management capability in supporting competitive advantage. Research limitations/implications- This study contributes to providing an empirical understanding of the strategic retention of supply chain innovation and risk management capabilities in the supply chain management (SCM) discipline. Further, it confirms and expands existing theories about innovation and competitive advantage. Practical implications- The finding provides firm grounds for managerial decisions on investment in technology innovation and process innovation. Originality/value- This research is the first of its kind to empirically validate the relationships between supply chain innovation, risk management capabilities and competitive advantage. Keywords: Supply Chain Innovation, Robustn

Earnings management surrounding CEO turnover: evidence from Korea

This article examines the empirical relation between CEO turnover and earnings management in Korea using a sample of 317 CEO turnovers and 634 non-turnover control firms during the period of 2001-2008. We classify CEO turnovers into four types depending on whether the departure of outgoing CEO is peaceful or forced and the incoming CEO is promoted from within or recruited from outside the firm. We measure earnings management by both discretionary accruals and real activities management. We also control for the potential endogeneity of CEO turnover using Heckman’s two-stage approach. After controlling for corporate financial performance and governance structure, we find upward earnings management by the departing CEO only when the departure is forced and the new CEO is an insider. In this case, the new CEO also engages in downward earnings management using both discretionary accruals and real activities management. We also find some evidence that the new CEO recruited from outside the firm manages discretionary accruals upward following the peaceful departure of predecessor. In all other types of CEO turnover, we do not find evidence of significant earnings management by either CEO

Mathematical Modeling of Radiofrequency Ablation for Varicose Veins

We present a three-dimensional mathematical model for the study of radiofrequency ablation (RFA) with blood flow for varicose vein. The model designed to analyze temperature distribution heated by radiofrequency energy and cooled by blood flow includes a cylindrically symmetric blood vessel with a homogeneous vein wall. The simulated blood velocity conditions are U = 0, 1, 2.5, 5, 10, 20, and 40 mm/s. The lower the blood velocity, the higher the temperature in the vein wall and the greater the tissue damage. The region that is influenced by temperature in the case of the stagnant flow occupies approximately 28.5% of the whole geometry, while the region that is influenced by temperature in the case of continuously moving electrode against the flow direction is about 50%. The generated RF energy induces a temperature rise of the blood in the lumen and leads to an occlusion of the blood vessel. The result of the study demonstrated that higher blood velocity led to smaller thermal region and lower ablation efficiency. Since the peak temperature along the venous wall depends on the blood velocity and pullback velocity, the temperature distribution in the model influences ablation efficiency. The vein wall absorbs more energy in the low pullback velocity than in the high one

Earnings management surrounding CEO turnover: evidence from Korea

This article examines the empirical relation between CEO turnover and earnings management in Korea using a sample of 317 CEO turnovers and 634 non-turnover control firms during the period of 2001-2008. We classify CEO turnovers into four types depending on whether the departure of outgoing CEO is peaceful or forced and the incoming CEO is promoted from within or recruited from outside the firm. We measure earnings management by both discretionary accruals and real activities management. We also control for the potential endogeneity of CEO turnover using Heckman’s two-stage approach. After controlling for corporate financial performance and governance structure, we find upward earnings management by the departing CEO only when the departure is forced and the new CEO is an insider. In this case, the new CEO also engages in downward earnings management using both discretionary accruals and real activities management. We also find some evidence that the new CEO recruited from outside the firm manages discretionary accruals upward following the peaceful departure of predecessor. In all other types of CEO turnover, we do not find evidence of significant earnings management by either CEO