This research investigates the factors influencing the capital structure of 271 non-financial firms listed on the Korean Stock Exchange (KSE) over a broad period from 1995 to 2021, encompassing both stable and crisis conditions. Employing a dynamic panel data model and the generalized method of moments (GMM) estimation, we address the endogeneity issue introduced by the inclusion of lagged dependent variables. Our research integrates firm-specific internal factors with macroeconomic external variables to provide a comprehensive understanding of the influence of varying economic environments on capital structure. Our study suggests that in times of economic stability, the capital structure decisions of a firm are more influenced by internal factors such as profitability. However, in periods of economic downturns, it is the external macroeconomic market conditions that tend to have a greater impact on these decisions. It is also noteworthy that both book leverage (BL) and market leverage (ML) exhibit quicker adjustments during stable periods as opposed to periods of crisis. This indicates a higher agility of firms in adapting their capital structures in stable, normal conditions. Our findings contribute to the existing literature by offering a holistic view of capital structure determinants in Korean firms. They underscore the necessity of adaptable financial strategies that account for both internal dynamics and external economic conditions. This study fills a gap in current research, presenting new insights into the dynamics of capital structure in Korean firms and suggesting a multifaceted approach to understanding capital structure in diverse economic contexts.
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In today’s intellectual capital literature, we see a shift from identifying intangibles towards understanding the dynamics of value creation. As it is not clear what “dynamic” stands for, the aim of this explorative and conceptual paper is to contribute to a better understanding of the dynamic dimension of IC. Based on a review of the early IC literature, the dynamic dimension (or dynamics) of intellectual capital seems to refer to the logic that value creation is the product of interaction between different types of (intangible) resources. As the idea of value creation through combination of knowledge resources is closely related to the New Growth Theory (Romer, 1990, 1994), this paper explores the New Growth Theory and its implications for the dynamic dimension of intellectual capital. Based on the exploration of the New Growth Theory, a conceptual model is presented in which the elements that constitute the dynamic dimension of intellectual capital are integrated. These elements are ideas, things, the process of knowledge creation, the process of continuous innovation, and institutions. The main conclusion of this paper is that the concept of knowledge is more closely related to the dynamic dimension of IC, than the concept of intellectual capital. Therefore, further research would probably benefit from approaching this topic from a knowledge management point of view. It is suggested that further research should focus on exploring the metaphors that contribute to a better understanding of the dynamics of IC, on the contribution that ideas can make to increase the effectiveness of knowledge management, and finally on the institutional arrangements that support the process of knowledge creation and innovation.
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Metaphors are at the basis of our understanding of reality. Using the theory of metaphor developed by Lakoff and Johnson (1980, 1999) this paper analyses common metaphors used in the intellectual capital and knowledge management literatures. An analysis of key works by Davenport & Prusak (2000), Nonaka & Takeuchi (1995), and Stewart (1991) suggests that at least 95 percent of all statements about either knowledge or intellectual capital are based on metaphors. The paper analyses the two metaphors that form the basis for the concept of intellectual capital: ‘Knowledge as a Resource’ and ‘Knowledge as Capital’, both of which derive their foundations from the industrial age. The paper goes into some of the implications of these findings for the theory and practice of intellectual capital. Common metaphors used in conceptualising abstract phenomena in traditional management practices unconsciously reinforce the established social order. The paper concludes by asking whether we need new metaphors to better understand the mechanisms of the knowledge economy, hence allowing us to potentially change some of the more negative structural features of contemporary society.
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Purpose To analyze differences between Western and Eastern cultures in the way they conceptualize knowledge and discuss the implications of these differences for a global intellectual capital (IC) theory and practice. Design/methodology/approach A systematic metaphor analysis of the concept of knowledge and IC is used to identify common Western conceptualizations of knowledge in IC literature. A review of philosophical and religious literature was done to identify knowledge conceptualizations in the main streams of Asian philosophy. Findings Fundamental differences were found in the way knowledge is conceptualized. In Western IC literature common metaphors for knowledge include knowledge as a thing and knowledge as capital. In Asian thought, knowledge is seen as unfolding truth based upon a unity of universe and human self and of knowledge and action. Research limitations/implications The research was performed on a limited sample of literature. More research is needed to identify how knowledge is conceptualized in the practice of doing business in Asia and to test the effects of introducing IC theories to Asian businessmen and managers. Practical implications Western conceptualizations of knowledge, embedded in terms like intellectual capital and knowledge management, can not be transferred to Asian business without considering the local view on knowledge. Asian conceptualizations of knowledge should play an important role in the further development of a knowledge-based theory and practice of the firm. Originality/value The paper is the first to explore differences in knowledge conceptualizations by analyzing the underlying metaphors that are used in Western IC literature and Asian philosophy.
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The increased use of instruments for assessing risks and needs in probation should lead to intervention plans that meet the criteria for effective practice. An analysis of 300 intervention plans from the Dutch probation service showed that the match between the assessed criminogenic needs and the goals and interventions in the intervention plan is fairly low. It was also found that the so-called risk principle is not fully applied by probation officers. In addition, personal goals that the offender values are often not taken fully into account. Finally, the intervention plans have a strong focus on improving human capital, while improving social capital and basic needs often is not part of the intervention plans, even if they were assessed as dynamic criminogenic needs.
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This study focuses on SME networks of design and high-tech companies in Southeast Netherland. By highlighting the personal networks of members across design and high-tech industries, the study attempts to identify the main brokers in this dynamic environment. In addition, we investigate whether specific characteristics are associated with these brokers. The main contribution of the paper lies in the fact that, in contrast to most other work, it is quantitative and that it focuses on brokers identified in an actual network (based on both suppliers and users of the knowledge infrastructure). Studying the phenomenon of brokerage provides us with clear insights into the concept of brokerage regarding SME networks in different fields. In particular we highlight how third parties contribute to the transfer and development of knowledge. Empirical results show, among others that the most influential brokers are found in the nonprofit and science sector and have a long track record in their branch.
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In many fields within management and organizational literature there is considerable debate and controversy about key theoretical concepts and their definitions and meanings. Systematic metaphor analysis can be a useful approach to study the underlying conceptualizations that give rise to these controversies and putting them in perspective. It can help identify the different ways a theoretical concept is structured and given meaning, provide insight into the way these different conceptualizations relate to each other, and show how these conceptualizations impact further theorization about the concept. This article describes the procedure for a systematic analysis of the metaphors used to conceptualize key theoretical concepts. To examine its usefulness, the authors apply the approach to the field of social capital, and in particular to the concept of ‘relationships’ in organizations. In the metaphor analysis of three seminal articles on social capital, the authors identify seven metaphoric concepts for relationships. The metaphors are illuminated as important for providing imagery that adds specific meaning in the process of authors theorizing about social capital like ‘tie’, ‘path’ and ‘bridge’. They add dynamics and controllability to the concepts by attributing an array of verbs like ‘to move between’ or ‘to use’ relationships. In addition, the metaphors allow for the attribution of specific characteristics to the concept of relationships that can be used as variables in theory construction, such as the strength of a relationship or the ‘distance’ between people. These insights are useful in exploring and reconciling differences in social capital definitions.
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There are three volumes in this body of work. In volume one, we lay the foundation for a general theory of organizing. We propose that organizing is a continuous process of ongoing mutual or reciprocal influence between objects (e.g., human actors) in a field, whereby a field is infinite and connects all the objects in it much like electromagnetic fields influence atomic and molecular charged objects or gravity fields influence inanimate objects with mass such as planets and stars. We use field theory to build what we now call the Network Field Model. In this model, human actors are modeled as pointlike objects in the field. Influence between and investments in these point-like human objects are explained as energy exchanges (potential and kinetic) which can be described in terms of three different types of capital: financial (assets), human capital (the individual) and social (two or more humans in a network). This model is predicated on a field theoretical understanding about the world we live in. We use historical and contemporaneous examples of human activity and describe them in terms of the model. In volume two, we demonstrate how to apply the model. In volume 3, we use experimental data to prove the reliability of the model. These three volumes will persistently challenge the reader’s understanding of time, position and what it means to be part of an infinite field. http://dx.doi.org/10.5772/intechopen.99709
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De laatste decennia is tijd een strategische concurrentiefactor geworden in de maakindustrie (Demeter, 2013; Godinho Filho et al., 2017a; Gromova, 2020). Naast tijdige levering verwacht de klant ook keuze, maatwerk, hoge kwaliteit en een lage prijs (Siong et al., 2018; Suri, 2020). Om de door de klant gewenste korte doorlooptijd te kunnen realiseren en daarbij ook te voldoen aan zijn andere eisen, zijn flexibiliteit en aanpassingsvermogen essentieel geworden (Godinho Filho et al., 2017b; Siong et al., 2018). Quick Response Manufacturing (QRM) heeft als doel de doorlooptijd te verkorten in productieomgevingen die gekenmerkt worden door een hoge variëteit in producten en maatwerk (Suri, 2020; Siong et al., 2018). QRM kent zijn oorsprong begin jaren negentig van de vorige eeuw (Suri, 2020) en vertoont sterke gelijkenis met lean manufacturing. Het verschil met lean manufacturing is echter dat QRM zich richt op bedrijven in een omgeving met veel productvariatie. Daarnaast heeft QRM nieuwe elementen toegevoegd, zoals Paired-cell Overlapping Loops of Cards with Authorization (POLCA) en Manufacturing Critical Path Time’ (MCT)’ (Godinho Filho et al., 2017b).
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This article examines the types of capitals possessed by informal tourism entrepreneurs and locates their value within the field relations that orders their contribution to the tourism system. Bourdieu's theory on fields and capitals was applied to ethnographic narrative accounts of stakeholders in tourism in Chiang Mai, Thailand to assess these roles. Informal entrepreneurs have limited access to resources and their perspectives are excluded from academic debates and policy initiatives. The paper identifies the dynamism, positive social capital, flexibility, and symbolic capital of informal entrepreneurs. These are related to the field conditions that determine and structure their contribution to tourism destinations. The analysis reveals the importance of collaboration between informal entrepreneurs and other stakeholders, concluding with recommendations for policy makers.
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