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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The value of CUlTent organizations and industries is increasingly located in intangibles (human capital, structural capital and relational capital) and basically,knowledgehasbecomea factor of production and a main asset. This Intellectual Capital does not appear on balance sheets,but ultimately does have an enormous impact and is basic to match the requirements of knowledgeintensiveeconomiesin Asia and Europe.
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Financially vulnerable consumers are often associated with suboptimal financial behaviors. Evaluated financial education programs so far show difficulties to effectively reach this target population. In our attempt to solve this problem, we built a behaviorally informed financial education program incorporating insights from both motivational and behavioral change theories. In a quasi-experimental field study among Dutch financially vulnerable people, we compared this program with both a control group and a traditional program group. In comparison with the control group, we found robust positive effects of the behaviorally informed program on financial skills and knowledge and self-reported financial behavior, but not on other outcomes. Additionally, we did not find evidence that the behaviorally informed program performed better than the traditional program. Finally, we discuss the findings and limitations of this study in light of the financial education literature and provide implications for policymaking and directions for future research.
MULTIFILE
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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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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Within recent years, Financial Credit Risk Assessment (FCRA) has become an increasingly important issue within the financial industry. Therefore, the search for features that can predict the credit risk of an organization has increased. Using multiple statistical techniques, a variance of features has been proposed. Applying a structured literature review, 258 papers have been selected. From the selected papers, 835 features have been identified. The features have been analyzed with respect to the type of feature, the information sources needed and the type of organization that applies the features. Based on the results of the analysis, the features have been plotted in the FCRA Model. The results show that most features focus on hard information from a transactional source, based on official information with a high latency. In this paper, we readdress and -present our earlier work [1]. We extended the previous research with more detailed descriptions of the related literature, findings, and results, which provides a grounded basis from which further research on FCRA can be conducted.
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Whitepaper: The use of AI is on the rise in the financial sector. Utilizing machine learning algorithms to make decisions and predictions based on the available data can be highly valuable. AI offers benefits to both financial service providers and its customers by improving service and reducing costs. Examples of AI use cases in the financial sector are: identity verification in client onboarding, transaction data analysis, fraud detection in claims management, anti-money laundering monitoring, price differentiation in car insurance, automated analysis of legal documents, and the processing of loan applications.
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This study proposes a framework to measure touristification of consumption spaces, consisting of concentration of retail capital, business displacement and standardization of the consumption landscape. This framework is tested using business registration data and rent price estimates for consumption spaces in Amsterdam between 2005 and 2020. Touristification emerges from concentrations of retail capital and standardization, but occurs without causing significant business displacement. A cluster analysis identifies different variations of touristification. Besides the more typical cases these include nightlife areas, gentrifying consumption spaces and specialized retail areas. This suggests that local contingencies cause consumption spaces to respond differently to increasing tourism.
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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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From the article: "After 1993, the concept of strategic alignment is evaluated from the connection between IT and business to much broader definitions in which the connection between all business functions, horizontally and vertically, and later also with projects and stakeholders is mentioned. To achieve stategic alignment there must be a coordination between the strategy of organizations and those who contribute to the implementation of the strategy and the actual performance of an organization. This process is called Human Oriented Performance Management (HOPM). The HOPM model consists of four dimensions: strategy translation, information and visualization, dialogue and action orientation, and continues improvement and organizational learning. To measure the effect of strategic alignment a range of financial performance indicators are used. Based on a literature review this paper explores which financial performance indicators could be used to measure the effect of HOPM. The literature was selected over a period from 1996 – 2015. The research is not only focused on the top of the strategy map, but also on the cause-effect relationships in the strategy map. The underlying performance indicators in the strategy map can show on which figures the dialogue in the HOPM model about strategy implementation must be based. This dialogue is the input to action in which strategic alignment comes about. The goal of the research is to optimize this dialogue by looking for performance indicators that can show the effect of HOPM" The article is used for the course: 'corporate policy' minor MSMM (Masterclass Strategic Marketing Management).
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