This paper examines the association between environmental, social, and governance (ESG) performance and firm value. We show that ESG performance is positively associated with firm value. This positive association almost disappears, however, for firms that fall into the below-median ROA group....

In Korea, the number of holding companies has increased steadily every year due to government deregulation. Establishing holding companies is a means by which companies attempt to improve corporate governance, especially when opacity is a problem due to circular shareholdings. Recently, however,...

This study investigates the effects of information asymmetry on shareholder participation. We find that a drop in analyst coverage following brokerage house closures and mergers is associated with an increase in the number of shareholder proposals. This effect is more pronounced for firms with...

Although there have been many elaborations of the basic input-output approach, including multi-regional models, dynamic models, models with variable coefficients, supply-side models, etc., these approaches all have the same limitation. The fixed-coefficients production function assumptions...

It is difficult to separate the individual effects of the recession and the 9/11 attack. Within this severe constraint, the national economic impact of 9/11 appears to have been both modest and short-lived. This is supported by the sharper decline in industrial production in 2001 than in 2002....

Most assessments for R&D programs are conducted for on-going or finished programs. In order to streamline national R&D programs, Korean government is making a challenging attempt. It enacted a law for ex ante evaluation for national R&D programs and KISTEP, which specializes in evaluation and...