Domestic Companies Research Articles

Audit committees in public companies listed on the Warsaw Stock Exchange: compliance with hard law in practice

PurposeThe article aims to determine the implementation extent of the regulations around appointment and characteristics of audit committees and regulations concerning disclosure of information about the audit committee in Polish practice.Design/methodology/approachThe author analyzed the informative content of management reports and corporate governance statements. The survey covered all domestic companies listed on the Warsaw Stock Exchange in the years from 2017 to 2021.FindingsThe new guidelines resulting from hard law had a significant impact on the corporate governance on the Polish capital market. According to the research results, over the analyzed years, the share of companies listed on the Warsaw Stock Exchange, which appointed an audit committee within the supervisory board, clearly increased. Moreover, the research found that in the period under study, not all companies fulfilled the obligation to disclose information about the audit committee resulting from hard law. In particular, this applies to disclosures on how the members of the audit committee acquired competencies in the area of accounting.Practical implicationsThe article concerns the operation of the audit committee in public companies listed on the Polish capital market. The study can serve as a reference point for further research on corporate governance. The results of the research may be an indication for those who create legal solutions in the area of corporate governance.Originality/valueThis is the first such comprehensive study on the characteristics of the audit committee and disclosures about the audit committee resulting from the introduction of hard law in this area.

Comparison of the Speed of Enrollment for Clinical Trials Conducted by Japanese and Global Pharmaceutical Companies.

Since the establishment of the International Council for Harmonisation of Technical Requirements for Pharmaceuticals for Human Use (ICH), many countries in the world have rapidly improved their clinical trial performance, and the era has come to compare the clinical trial performance of each country. Japan's clinical trials are considered excellent quality, but costly and slow. In this study, we examined the speed of enrollment period in clinical trials. We surveyed clinical trials from January 1, 2010, to December 31, 2019, covering the top 10 pharmaceutical companies in each global sales ranking (Global 10) and the Japanese sales ranking (Japan 10). Clinical trial data were obtained from ClinicalTrials.gov, a clinical trial registration information database, and the speed of participant enrollment (cases/month) was compared for each phase of the trials. The number of clinical trials conducted during the 10 years was 8938 trials for Global 10 and 1439 trials for Japan 10. Comparing the speed of participant enrollment by phase, Japan 10 was significantly faster in phase 1 for both healthy subjects and oncology patients. [Japan 10: Global 10; 15.1 : 12.0 cases/month (healthy subjects) and 5.5 : 1.8 cases/month (oncology), respectively. p < 0.001]. Global 10 was also significantly faster in phase 3. [Japan 10: Global 10; 12.4: 36.9 cases/month, p < 0.001). No significant difference was observed in phase 2 and phase 4. There was a possibility that the speed of enrollment differed by phase between global companies and Japanese domestic companies.

DEVELOPMENT OF A MARKETING STRATEGY BASED ON THE ETHNOMETRIC APPROACH

The article considers the theoretical and methodological aspects of using the ethnometric approach in marketing activities. The close connection between ethnometry and marketing strategy in the conditions of sociocultural differentiation of the marketing environment is substantiated, which is expressed in the fact that ethnometric studies allow a deeper understanding of cultural features and preferences of different consumers. This created the prerequisites for identifying and understanding the basic cultural parameters that serve as the basis for the development of effective marketing strategies. The main foreign and domestic concepts were studied and the existing theories based on ethnometric studies were summarized and the relationships between them were substantiated. Relationships between ethnometric parameters and the development of marketing strategies are revealed through the consideration of cultural influences on consumers. This approach allows companies to effectively respond to socio-cultural differences and individualize their strategies to best meet the needs of different cultural groups. The basic cultural values that exert the greatest influence on the marketing strategy are analyzed. The basic socio-cultural differences and socio-cultural interactions that take place in the marketing activities of domestic companies are determined. A list of universal cultural values of the consumer, adapted to the global marketing environment, which create the basis for choosing a marketing strategy, is offered. An integrated combination with marketing strategies will allow companies to remain relevant in different cultural environments.

A Tale of Two Corporations: A Comparison between Performance of Domestic and Multinational Corporations on Corporate Social Responsibility in a Developing Muslim Country

Corporate Social Responsibility (CSR), a major strategic tool in sustainable development, environment protection, and ethical alignment has gained considerable amount of attention worldwide. Developing countries, however, are still at the early stage in using CSR and especially for developing Muslim countries, whose CSR concept sometimes are confused with philanthropic responsibilities. This study therefore focuses specifically on a representative developing Muslim country, Pakistan to examine CSR. It piques our research interests that there are differences between multinational corporations (MNCs) and domestic companies in the CSR investment in Pakistan, and we compare how these differences in CSR influencing financial performance, net profits, and assets by using the combined methodologies of qualitative content analysis and quantitative regression analysis to investigate whether the differences are statistically significant drawing on the corporate social model. Analyzing 111 domestic companies and MNCs in Pakistan during 2020, we establish statistically significant differences in financial performance, net profits, and assets. Specifically, we find that domestic companies exhibit lower levels of CSR investment compared to MNCs, and they under-perform in terms of financial performance, net profits, and assets. This study contributes to the literature on CSR and the corporate social model, enhancing understanding of CSR development in numerous developing Muslim countries.

기업의 환경 경영 태도에 대한 유형화 및 결정요인 분석

Purpose - The main objective of this study is to cluster companies based on environmental management attitudes using various indicators, and analyze differences in activities among the clusters to gain insights into environmental management performance.&#x0D; Design/Methodology/Approach - The study encompasses panel data from 12 countries, 22 industry sectors, and 3,402 companies from 2013 to 2022. This study uses both machine learning methodology and conventional econometric methodology. The primary methodology involves using an unsupervised learning technique, K-means clustering, to categorize environmental management attitudes. Subsequently, Kernel Density estimation and Multinomial Logistic Regression were employed to conduct comparative analyses of environmental performance indicators within each cluster and identify the determinants shaping environmental management attitudes.&#x0D; Findings - The research revealed the existence of five distinct clusters of companies with varying environmental management attitudes. Through Multinomial Logistics Regression, it identified that variables such as greenhouse gas emissions, energy consumption, total assets, return on assets, and other significantly influence environmental management attitudes.&#x0D; Research Implications - By uncovering common characteristics and determinants within major countries and industries, this study offers valuable insights in promoting domestic environmental management in the context of rapidly changing international trade and investment environments. The findings provide policy implications and suggestions for fostering proactive environmental management practices among domestic companies.

직장 내 공감(Compassion at Work): 개념, 선행 촉진 조건, 그리고 효과성

In contrast to the general interest in compassion, no sufficient research on the role of compassion at work has been conducted to this point. As such, this study distinguishes the differences between compassion and similar concepts, then aims to empirically investigate the antecedents and consequences of compassion at work. Specifically, in this study, compassion at work was identified as a case in which organizational members expressed compassionate behavior in their work context. We noted workplace civility as an antecedent and tried to verify its consequential effects on resilience and work engagement. In addition, we intended to verify the moderating role of the superior’s inclusive leadership and the psychological mechanism through which compassion at work was expressed. Survey data were collected from 345 employees who worked at a domestic manufacturing company. The findings are as follows. First, an organizational member’s perception of workplace civility was positively related to compassion at work, and compassion at work had a positive impact on the two consequential variables of resilience and work engagement. Second, the mediating role of compassion at work is observed in the relationships between member’s perception of workplace civility and each consequential variable. Further, inclusive leadership moderated the positive relationship between perception of workplace civility and compassion at work, and it also moderated the mediating effects of compassion at work. Based on these findings, we argue that this study has contributed to introducing and verifying new antecedent and consequential variables in the research domain of compassion at work. Additionally, the limitations and future research directions were discussed.

공급망에서의 ESG 실천 사례 연구

The purpose of this study is to assess the level of ESG (Environmental, Social, and Governance) practices in the supply chain through a case analysis of selected domestic companies. The study aims to identify the major directions of ESG implementation in supply chain management (SCM). We selected four companies and a comparative analysis of their ESG practices in the supply chain in terms of environmental and social perspectives. The analysis was based on the 2021 Sustainable Management Reports of the four selected companies, using the ‘K-ESG Guidelines’ criteria. The study findings revealed that sustainable environmental management activities and energy consumption analysis were common practices in the environmental dimension. In the social dimension, efforts to create social value, activities for mutual growth, developing safe work environments, and digital transformations were common practices. Although differences were observed based on industry characteristics, the fundamental direction of ESG practices in the supply chain was found to be similar. In addition, while ESG practices should be implemented without discrimination across industries, it is also necessary to improve the evaluation criteria according to the characteristics of industry type. The results of this study provide theoretical and practical implications that can shed important insights for the planning and implementation of ESG in supply chain management.

PENGARUH BRAND IMAGE, BRAND SATISFACTION DAN BRAND TRUST TERHADAP BRAND LOYALTY FINANCIAL: E-WALLET

The number of domestic companies in the fintech industry makes e-wallet applications still the primadonna for cashless solutions in Indonesia. LinkAja is a server-based payment service provider which is a product of PT. Fintek Karya Nusantara (Finarya) and has been registered with Bank Indonesia. With so much e-wallet competition in Indonesia, LinkAja must set effective strategic steps in order to create and grow a positive brand loyalty in the minds of LinkAja users. This study aims to explain the influence of brand image, brand satisfaction, and brand trust on brand loyalty. This research was conducted in Denpasar City with a total sample of 130 respondents with a data collection method in the form of a questionnaire using the Google form. The sample was determined using the purposive sampling method. The data analysis technique used is multiple linear regression with the help of the SPSS program. The results of the analysis show that brand image has a positive and significant effect on brand loyalty, brand satisfaction has a positive and insignificant effect on brand loyalty, brand trust has a positive and significant effect on brand loyalty. &#x0D; Keywords: Brand Image; Brand Satisfaction; Brad Trust; Brand Loyalty

Comparison of the Efficiency of Overcoming the Crisis of Russian and Foreign Oil and Gas Companies

The purpose of the study was to evaluate the performance of large domestic and foreign oil and gas companies based on a factor analysis of the return on equity in the context of financial and economic crises. The relevance of the topic is due, on the one hand, to the leading role of the oil and gas industry in the Russian economy, and, on the other hand, to the need develop modern tools for the assessment and prediction of the performance of companies and comparison of the results of economic activity with those of foreign competitors. The object of the study was the financial performance of the largest domestic and foreign vertically integrated oil and gas companies. The subject of the study is the methods of deterministic factor analysis for assessing indicators in the oil and gas sector. The paper analyzes the main empirical indicators that reflect the degree of efficiency, justifies the choice of the profitability indicator of own assets as the main indicator for research in the oil and gas industry, analyzes approaches to assessing the contribution of various factors to the final efficiency. Methods of classification, decomposition, statistical, comparative and factor analysis were used. A five-factor DuPont decomposition of the return on equity was carried out, and the key factors affecting the efficiency of companies were identified: tax burden coefficient, percentage burden coefficient, return on sales, asset turnover ratio, financial leverage ratio. Using the LMDI‑1 model, the impact of changes in economic factors on changes in the efficiency of companies in 2013–2017 and 2018–2021 was assessed. It was concluded that domestic companies, on average, slightly outperformed foreign ones in terms of the considered efficiency indicator and coped better with the consequences of financial and economic crises in the periods under review. At the same time, domestic companies have a higher value of the tax burden coefficient with lower values of assets turnover and financial leverage.

The Study of Foreign Exchange Exposure of Vietnamese’ Companies

Most of previous studies about exchange rate exposure focus on big international and trading companies in developed markets that are proved to exist. This paper uses Vietnam as a developing market and examines a sample of domestic companies to see whether they are influenced by exchange rate risks. As expected, Vietnamese domestic companies are influenced by exchange rate exposure with the fluctuations of USD, EUR and JPY during the period 2011-2018 with significant relationship with EUR, JPY and no relationship with USD. No industry effect is shown in this study. The results have useful implications for individual investors, domestic company managers and policy makers.

Social indicators in russian company reports

In recent years, the importance of non-financial reports on the sustainable development of corporate entities that carry out socially significant activities in a country, region, or city has increased. International non-governmental organizations have developed standards for them, which form recommendations for improving their social responsibility. According to the standards, corporations should disclose in their reports information about their activities in the context of economy, ecology, and social sphere. The article analyzes current reports on sustainable development of large domestic companies engaged in exploration and production of hydrocarbons. The choice of this sector of the economy was not accidental, since these companies, through their activities, harm the environment, and their employees work in quite difficult and dangerous conditions. It is concluded that sustainability reports are not always complete, in particular, problematic aspects related to the social sphere of the company are at least partially omitted. In this regard, there is a need to introduce uniform regulatory requirements for disclosure of information on the social performance of an organization. At the same time, it is necessary to fix not only the content part, as a minimum, which should be described in the reports, but also to provide for the forms of such reports.

National-political priorities for the development of oil and gas resources in the Russian sector of the Caspian Sea

The trends in the development of hydrocarbons of the Caspian shelf in the water area of the Russian Federation by domestic and foreign companies are analyzed. In accordance with these trends, the national-political priorities for the formation of an oil and gas chemical cluster in the national subjects of the Russian zone of the Pre-Caspian are substantiated.

창업자의 글로벌 역량이 기업의 글로벌 역량에 미치는 영향에 대한 연구

This study aims to explore the relationship between global entrepreneurial competencies and perceptions of the entrepreneurial ecosystem (government support, investment environment), and how they influence global business competencies. To achieve this goal, the study reviewed existing research and theories from both domestic and international sources on topics such as global entrepreneurial competencies, entrepreneurial ecosystem perceptions, and business competencies. Based on this review, the study developed a research framework and hypotheses. To validate the research model, a survey was conducted among entrepreneurs of domestic companies planning to enter or already operating in international markets. The collected data was analyzed using SPSS 23.0 for empirical verification. Summarizing the results of the empirical analysis in this study, the following key findings emerged: Global entrepreneurial competencies were found to significantly influence perceptions of the entrepreneurial ecosystem. Furthermore, perceptions of the entrepreneurial ecosystem were found to have a significant impact on global business competencies. Specifically, it was analyzed that global entrepreneurial competencies have a significant impact on global business competencies through the mediating effect of perceptions of the entrepreneurial ecosystem. Additionally, the study examined the factors of entrepreneurial competencies that influence global business competencies. Among these factors, entrepreneurial mindset was found to have no significant influence on global business competencies. On the other hand, internationalization experience, internationalization intention, and vision were validated as factors that contribute to global business competencies in that order. Therefore, for domestic companies to successfully enter global markets, this study suggests that entrepreneurs' internationalization experience plays a crucial role in shaping their internationalization intention and vision. It also emphasizes the importance of perceiving a stable government support environment and investment environment to enhance the global business competencies of companies.

汽车金融公司多维盈利能力分析工具的应用探索

This article combines the theoretical research and practice of domestic and foreign experts on automotive finance, and uses principal component analysis to select ROE, ROA, and RCRA to construct a comprehensive index representing the company's profitability. Based on the four dimensions of the balanced scorecard, this paper analyzes the possible factors that affect the efficiency index of auto financing companies, and then uses the Delphi method method to obtain the final Index set. Combining the industry situation of auto financing companies, this paper selects the influencing factors. On the basis of the existing research results, this paper designs a model for the correlation between profitability and enterprise growth, non-performing loan ratio, and empirically studies all 25 domestic auto financing companies from 2011 to 2020, Analyze the relationship between various factors that affect profitability, and finally propose reasonable suggestions based on research conclusions and the actual situation of China's automotive finance industry.

Analysis of Passenger Satisfaction on Work Environment and Employee Performance at Minangkabau International Airport

With the increasing number of passengers boarding airplanes, the government is trying to increase the capacity of Indonesian aircraft. The business world has entered a globalization era, meaning that competition is getting stronger, not only for domestic companies but even for multinational companies. The purpose of this research is to determine the satisfaction of airplane passengers with the work environment and the performance of employees at Minangkabau International Airport. The population in this study were passenger passengers who had traveled through Minangkabau International Airport, with a sample of 100 respondents. Data analysis results from the questionnaire were processed using quadrant analysis with the Importance Performance Analysis (IPA) method and the Customer Satisfaction Index (CSI) method. The results of the data analysis show that, overall, passengers are satisfied with the performance provided by the airport.

Optimizing the performance of domestic companies in Surabaya through the implementation of business ethics in managing companies

This study aims to determine whether business people in carrying out their work apply business ethics, and whether the application of ethics in managing this business can optimize company performance. This research is a qualitative descriptive study using interviews and survey methods with informants. The informants in this study are business people in domestic companies in Surabaya, including among others the ethical behavior of producers, ethical behavior of employees, ethical behavior of suppliers, ethical behavior of company leaders. . The data obtained from the interview results were then triangulated which included triangulation of data, sources and methods, then analyzed. The results of the study found that currently business people in domestic companies in Surabaya have implemented business ethics in their work. This can be seen from the results of interviews with business people who show almost the same answers, that is, on average, in carrying out their daily work, they have applied business ethics. Companies that implement business ethics in managing their business can optimize company performance.

Features of Tax Regulation of the IT Industry in the Russian Federation and EAEU states

The article discusses the features of the application by the Russian Federation and the member countries of the Eurasian Economic Union (EAEU), Republics of Belarus, Kazakhstan, Kyrgyzstan, mechanisms of tax incentives for the development of the domestic IT industry. Tax incentives, a simplified taxation system and the taxation regime in the territory of the Special Economic Zones (SEZ), High-Tech Park (HTP) are analyzed. Special attention is paid to the consideration of the procedure for access and accreditation of companies for the opportunity to work in the territory of the SEZ or HTP with the use of a preferential tax regime. The article concludes that states as a whole apply all tax incentive mechanisms in a complex: tax incentives, a simplified taxation system, SEZ, HTP, however, there are differences in their use, which ultimately affects the level of stimulation of domestic IT industries. Russia uses a selective and differentiated approach, that is why most companies in the field are cut off from the preferential tax regime. The EAEU countries have developed more positive experience in this matter due to the simplification of the registration procedure required to enter the preferential zones, both for domestic and foreign IT companies and the admission to the HTP and SEZ of individuals specialists. The access of foreign companies from friendly countries as residents in the territory of the Russian SEZ will facilitate the introduction of new information technologies and the exchange of experience with domestic companies. The thesis is also substantiated that for a holistic and systematic stimulation of the development of the domestic IT industry, it seems inappropriate to differentiate companies into Software Company (companies specializing in high technologies) and companies not specializing in such technologies. Special attention is drawn to the need to expand the list of types of IT-activities that provide access to domestic companies to the mechanism of preferential taxation. The article notes that the experience of tax incentives for the IT industry in the EAEU countries shows that the approach used makes it possible to unite the majority of domestic companies and specialists — individuals in the territory of a separate free economic zone or HTP, that is beneficial both for the companies themselves and individuals from — for preferential taxation, and to the state, which keeps them records and records of their IT products and discoveries. In the Russian Federation IT companies, unless they are included in the SEZ, are fragmented and more difficult to control in this sense. In general, it is concluded that in Russia it is necessary to ensure the uniform application of tax incentives for the domestic IT industry throughout the territory, which will contribute to its development and growth of competitiveness in the international market.

Follow Me Going Out: Cross-Border Investment of Domestic Venture Capital and Overseas Listing of Portfolio Companies

This paper investigates the impact of cross-border investment of domestic venture firms (VCs) on the overseas listings of their domestic portfolio companies. Using a sample of 1,439 domestic VCs’ first-round domestic investment events collected by Crunchbase and PEDATA, we find that the more cross-border investment experience domestic VCs have, the more likely their domestic portfolio companies are to go public outside China. The findings remain robust after using the instrumental variable method to eliminate endogeneity, the Heckman two-stage regression method to eliminate sample selection bias, and the exclusion of a portion of the sample for reregression. In addition, we further find that foreign VCs participating in follow-on financing play a mediating role in the relationship between the cross-border investments of domestic VCs and the overseas listings of their portfolio companies. This paper reveals the critical path for domestic VCs to go out and bring in foreign VCs to promote overseas listings of domestic firms. The findings of this paper are critical to the layout of domestic VCs’ internationalization strategy and the sustainable development of domestic firms.

Analysis of Incentive Policies and Initiatives on Orphan Drug Development in China: Challenges, Reforms and Implications

ObjectivesRare diseases are a global public health issue with a more pressing situation in China. Unfortunately, the relevant research and development in this country are still in its infancy, leading to limited drug accessibility. In view of this, the Chinese government has taken a series of countermeasures to promote orphan drug R&D in recent years, which has presented encouraging results. This paper aims to review incentive policies and funding initiatives formulated by the Chinese government and examine their implications on orphan drug R&D.MethodsPolicies targeting orphan drug R&D during 2012–2022 were retrieved from the relevant official websites, categorized into different themes and analyzed for the contents. Data on government funding, drug approval, clinical trial approval and orphan drug designation were collected through internet search to analyze the implications of those incentive policies and initiatives on orphan drug R&D in China.ResultsA total of 20 relevant policy documents were identified and five major themes were revealed through content analysis, including national strategy, expedited approval, safety and efficacy requirements, data protection and technical support. The government input in orphan drug R&D has witnessed a steady annual increase. Driven by those incentives, the numbers of orphan drugs approved for marketing and drug candidates entering clinical studies are increasing year by year, and more domestic pharmaceutical companies are actively involved in the R&D of orphan drugs.ConclusionsOrphan drug development in China is growing rapidly under the stimulation of incentive regulatory policies and more investment in researches. China is working toward a more standardized and comprehensive rare disease ecosystem. However, there are still some challenges, such as the lack of sufficient financial support and the call for systematic legislation on rare diseases, to be addressed for future success.

ANALYSIS OF RFID-TAGGING TECHNOLOGY APPLICATION IN THE OIL AND GAS INDUSTRY

In the oil and gas industry, one of the key tasks is to assess the current state of pipelines and equipment. Most of the existing methods used to assess depreciation are narrowly focused and expensive, for example, flaw detection of downhole equipment, tubing, rod and pumping equipment, which can eventually reach the cost of the equipment itself. To date, one of the main methods for assessing the equipment state is the analysis of its operation time, which directly depends on the identification accuracy. Various technological solutions are used as an identifier, for example, barcodes, seals with technical information, however, such controls are unreliable, wear out quickly, and, as a result, it becomes difficult to correctly identify them.&#x0D; The paper considers the technology of radio frequency identification (RFID) – «RFID-tags», describes the operation principle and its features. The basic scheme of the tags, conditions and purposes of application in the oil and gas field industry and, in particular, in the pipeline transport. The cases of technology implementation by different foreign and domestic companies are described, and some ways of their potential development are indicated. The analysis of technical solutions is given, the advantages achieved in the implementation of RFID systems are compiled.&#x0D; The key and promising factors for the use of this technology in pipeline transport are the possibility of minimizing risks in case of accidents and oil spills, minimizing environmental disasters for both organizations and the environment, since the cost of equipping RFID tags and RFID reading equipment can be insignificant in comparison equivalent.