The Effects of ESG Performance on Export Intensity of Korean Firms

Yongshang Liu(Yongshang Liu),Sung-Hwan Kim(Sung-Hwan Kim),Xinyu Li(Xinyu Li) 한국무역연구원 2022 무역연구 Vol.18 No.6

Purpose – This study examines whether the export intensity of firms listed in the Korean market is affected by environmental, social and governance (ESG) ratings. We test whether the environmental, social, and governance (ESG) performance in ratings of Korean firms can improve their export intensity in the global markets. Design/Methodology/Approach – In this study, we introduce ESG ratings, export intensity and other control variables in the models using unbalanced panel data of 1,974 firms listed on the KOSPI and KOSDAQ Exchange between 2012 and 2021 from a merged dataset of the KIS-VALUE and TS-2000 databases. We apply the fixed effects model (FEMs) after applying the Hausman and Lagrangian multiplier tests. Also, we apply instrument variable regressions (IV regressions) to control endogeneity in ESG ratings affected by other factors introduced. Findings – First, higher ESG ratings of the firms have a significantly negative effect on export intensity, which is inconsistent with the results of the previous research (Herding and Poncet, 2014). Second, ESG ratings of chaebol firms do not significantly reduce export intensity. The results might be due to the less severe constraints in chaebol firms by ESG costs. (Chaney, 2008; Shi Xin-Zheng and Xu Zhu-Feng, 2018). Third, each ESG rating, E, S, and G individually, shows a significantly negative effect on export intensity for only non-chaebol firms, while such an effect for chaebol firms is not statistically significant. Fourth, using the instrument variable regression, we have verified the result that ESG performance has a negative effect on firms' export intensity. Research Implications – This study is the first to examine the relationship between the ESG ratings of Korean firms and their export intensity, whose result is different from that of a prior study regarding Chinese firms (Wu Qing-Lan, Chen Gui-Fu, Han Jing and Wu Li-Yan, 2022). The negative effects of ESG ratings in Korea on exports for non-chaebol firms suggest that higher ESG ratings of Korean firms are not favorably accepted by their counterparts in the global markets while their efforts to get or enhance higher ratings incurring more expenses might hurt their competence in the global markets. Such negative effects of ESG ratings are not clearly observed for chaebol affiliated firms.

The Effects of Exports, FDI, and Innovation Competence on the Efficiency and Profitability of Privatized SOEs in China

Yongshang Liu,Yue Liu,Sunghwan Kim 한국무역연구원 2022 The International Academy of Global Business and T Vol.18 No.1

Purpose – This study investigates the effects of exports, foreign direct investment (FDI), and innovation competence on the efficiency and profitability of privatized Chinese state-owned enterprises (SOEs). Design/Methodology/Approach – We apply fixed effects regressions after estimating the corporate efficiency using data envelopment analysis (DEA) methodology by industry around privatization. We use a panel dataset of Chinese listed firms from 2009 to 2017, with 10,950 year-firm data of RESSET and China Stock Market & Accounting Research (CSMAR) databases. To reflect the complicated relationships between exports, FDI, innovation competence, efficiency, and profitability of privatized firms, we apply simultaneous equations models. Findings – First, the privatization of SOEs in China improves their innovation competence, measured in the number of patents, overall corporate efficiency, and firms’ exports. Second, the innovation competence of firms improves their corporate efficiency and exporting capability, but it aggravates their profitability. Moreover, research and development (R&D) expenditures improve their innovation competence and return on assets, but these expenditures aggravate their efficiency and exports. Third, the corporate efficiency of privatized SOEs improves their profitability for 5 years after privatization, including the year. Fourth, exports have inverse U-shaped effects on efficiency and return on assets, and on their innovation competence. Fifth, overseas direct investments have inverse U-shaped effects both on innovation competence and efficiency and return on assets, whereas their effects on exports are not significant. Sixth, the positive effects of privatization on corporate profitability and such U-shaped effects of exports on corporate profitability last for one year after privatization, whereas the U-shaped effects of FDI last for 3 years. Research Implications – The privatization of Chinese SOEs has successfully improved their technological efficiency and profitability for a short time, which turns adversely afterward. The results imply that privatized firms need improvements in the efficiency of technological innovation and R&D investments for longer-term improvements in profitability and global competitiveness.

Lactobacillus casei LC01 Regulates Intestinal Epithelial Permeability through miR-144 Targeting of OCLN and ZO1

( Qiuke Hou ),( Yongquan Huang ),( Yan Wang ),( Liu Liao ),( Zhaoyang Zhu ),( Wenjie Zhang ),( Yongshang Liu ),( Peiwu Li ),( Xinlin Chen ),( Fengbin Liu ) 한국미생물 · 생명공학회 2020 Journal of microbiology and biotechnology Vol.30 No.10

Our previous report determined that miR-144 is a key regulator of intestinal epithelial permeability in irritable bowel syndrome with diarrhea (IBS-D) rats. Recent evidence has shown that lactobacilli play an important role in the relief of IBS-D symptoms. However, few studies have addressed the mechanisms by which microRNAs and lactobacilli exert their beneficial effects on intestinal epithelial permeability. Hence, to elucidate whether miRNAs and lactobacilli play roles in intestinal epithelial barrier regulation, we compared miRNA expression levels in intestinal epithelial cells (IECs) under Lactobacillus casei (L. casei LC01) treatment. IECs and L. casei LC01 were co-cultured and then subjected to microRNA microarray assay. qRT-PCR, western blot and ELISA were used to detect the expression of occludin (OCLN) and zonula occludens 1 (ZO1/TJP1). The interaction between miRNAs and L. casei LC01 acting in IECs was investigated through transfection of RNA oligoribonucleotides and pcDNA 3.1 plasmid. The results are as follows: 1) L. casei LC01 decreased the expression of miR-144 and FD4 and promoted OCLN and ZO1 expression in IECs; 2) L. casei LC01 enhanced the barrier function of IECs via downregulation of miR-144 and upregulation of OCLN and ZO1; 3) Under L. casei LC01 treatment, OCLN and ZO1 overexpression could partially eliminate the promoting effect of miR-144 on intestinal permeability in IECs. Our results demonstrate that L. casei LC01 regulates intestinal permeability of IECs through miR-144 targeting of OCLN and ZO1. L. casei LC01 can be a possible therapeutic target for managing dysfunction of the intestinal epithelial barrier.

The Spillover Effects of Privatization on Efficiency and Income Inequality in China

Xinyu Li(Xinyu Li),Sunghwan Kim(Sunghwan Kim),Yongshang Liu(Yongshang Liu) The International Academy of Global Business and T 2023 The International Academy of Global Business and T Vol.19 No.1

Purpose - This study examines the spatial and inter-temporal spillover effects of privatization on the corporate efficiency and regional income inequality of Chinese state-owned enterprises (SOEs). Design/Methodology/Approach - The spatial Durbin model (SDM) is used in regressions to examine the spatial and inter-temporal spillover effects of the privatization of SOEs on improving the efficiency and income inequality of Chinese firms across regions. A panel dataset of Chinese-listed firms from 2008 to 2018 is used. The stochastic frontier analysis method is applied in estimating corporate efficiency. Findings - First, the privatization of Chinese SOEs increased their efficiency, but exacerbated their income inequality. Second, the globalization activities after the privatization of Chinese SOEs increased their efficiency, but exacerbated their income inequality. Specifically, exports decrease income inequality, while outward foreign direct investment or OFDI has an inverse U-shaped effect on income inequality. Third, the privatization improved overall corporate efficiency within the province and that of neighboring provinces. Fourth, the Chinese SOE firms after privatization aggravated income equality within the province and that of neighboring provinces. Research Implications - In general, the results of this study indicate that the privatization of SOEs and the globalization activities after the privatization have improved the efficiency of Chinese firms, but worsened income equality within the province and that of neighboring provinces. Therefore, there is a strong need for governmental policies to cure income equality in provinces around the location of privarized firms.

Temperature-dependent ferroelectric and piezoelectric response of Yb3+ and Tm3+ co-doped Ba0.95Ca0.05Ti0.90Zr0.10O3 lead-free ceramic

Yongshang Tian,Shuiyun Li,Bingqian Zhang,Yansheng Gong,Peng Liu,Xiongjie Hu,Qiangshan Jing 한양대학교 세라믹연구소 2022 Journal of Ceramic Processing Research Vol.23 No.4

The electrical properties of piezoelectric ceramics are temperature-dependent, which affects their potential for applications inenvironments with temperature variation. In this work, Yb3+ and Tm3+ co-doped Ba0.95Ca0.05Ti0.90Zr0.10O3 (BCTZ-YT) denselead-free ceramic was prepared using a modified polymeric precursor route. On the basis of structural and electricalmeasurements at various temperatures, the mechanism of a lack of oxygen vacancies, small structural defects, and small defectdipoles was deduced. This study reveals that the ferroelectricity and piezoelectricity are temperature-dependent, whereas thecapacitance is essentially unchanged with increasing temperature owing to the presence of a pure orthorhombic phase. Thecapacitance of the BCTZ-YT ceramic was essentially constant at ~4.5 nF, the thermal expansion coefficient was 8.57 × 10−6 K−1below 75 oC, and the piezoelectric response (d33*) was above 416 pm/V in a wide temperature range (-20 to 40 oC), suggestingthe results of this study are expected to inform future research.

High strength ultra-lightweight ceramic proppants prepared by double resin-coating process with fly ash

Shuiyun Li,Yongshang Tian,Xiaoliang Dong,Peng Liu,Xiang Ji,Xiongjie Hu 한양대학교 세라믹연구소 2021 Journal of Ceramic Processing Research Vol.22 No.5

Ceramic proppants is crucial in hydraulic fracturing for increasing oil and gas reservoirs. In this study, the ceramic particlesand resin-impregnated ceramic particles were prepared with fly ash, and then ultra-lightweight ceramic particles (proppants)were obtained by double resin-coating process. Crystalline phase and microstructure of the ceramic particles were investigatedby X-ray diffraction (XRD) and scanning electron microscopy (SEM), respectively. Effects of silicon carbide and epoxy resinconcentrations on the phase, apparent density, and breakage ratio of the ceramic particles were all studied systematically. Withincreasing silicon carbide contents, the corundum phase transform to mullite phase, decreasing the apparent density andincreasing the breakage ratios. The double resin-coated ceramic proppants featured smoother surface and less pores than theresin-impregnated samples, accompanying low apparent density (1.94 g/cm-3) and high strength (breakage ratio under 52 MPa,1.69%) when silicon carbide was 3.0 wt.% and epoxy resin concentrations was 55 wt.%. The results suggest the particles bythe effective double resin-coating process possess promising candidates for fracturing proppants in practical applications.

ESG 평가 및 등급 공시에 따른 주가수익률의 시공간 확산모형

김철우 ( Choulwoo Kim ),리우용샹 ( Yongshang Liu ),김성환 ( Sunghwan Kim ) 한국재무관리학회 2023 財務管理硏究 Vol.40 No.1

본 연구는 2012년부터 2021년까지 10년간 한국거래소(KRX)에 상장한 IPO 기업을 대상으로 KIS-Value 및 TS-2000 데이터베이스로부터 추출한 1,949개 상장기업의 14,361개 기업-연도별 자료, 그리고 한국기업 지배구조원(KCGS)의 ESG 평가 자료를 이용하여 인접 기업의 ESG 평가등급이 기업의 누적 초과수익률(CAR)에 미치는 영향을 살펴보았으며, 시공간 확산효과를 반영하기 위해 시공간 Durbin 확산모형을 사용하였다. 주요 연구결과는 다음과 같다. 첫째, 기업의 ESG 등급은 당해 연도의 주가수익률에 긍정적인 영향을 미치지만, 그 효과는 매년 감소하고 세 번째 해부터 음(-)의 영향을 미치는 것으로 나타났다. 둘째, 재벌기업은 ESG 등급이 당해 연도 기업의 주가수익률에 미치는 영향이 통계적으로 유의하지 않은 것으로 나타났고 장기적으로 음(-)의 영향을 미친다. 셋째, 인접 기업들의 ESG 등급이 해당 기업의 주가수익률에 미치는 영향 분석에서 1년 차에는 통계적으로 1%의 유의수준에서 음(-)의 영향을 미치는 것으로 나타났지만, 3년, 5년 차에는 양(+)의 영향을 미치는 것으로 나타났다. 연구결과는 지리적 요소가 ESG 등급 변화와 주가수익률 간의 관계에 영향을 미친다는 것을 시사하고 있다. This study, using 14,361 firm-year data of KRX-listed 1,949 firms from 2012 to 2021, extracted from KIS-Value, TS-2000, and Korea Corporate Governance Service (KCGS), to investigate the effects of the KCGS’s ESG ratings and their announcements on the cumulative abnormal returns (CARs) of a firm and its neighbors. A modified spatial Durbin model was used to study the spatio-temporal diffusion effects in their ESG ratings and announcements on market returns of Korean firms. The major research results are as follows. First, the ESG rating of a firm has a positive (+) effect on its CAR during the year, which decreases each year to negative from the third year onwards. Second, for chaebol firms, the effect of the ESG rating on the CAR of the firm for the year is negative (-) in the long run. Third, the ESG rating of neighboring firms has a negative (-) effect on the CAR of the firm, statistically at the 1% significance level in the year and 1-year later. However, in the 3-year and 5-year, the ESG rating of neighboring firms shows a statistically positive(+) effect on the CAR of the firm. This study finds that the market returns of ESG-rated firms are also affected by spatial factors in addition to other market and firm specific factors.

Regulation of BaTiO3 ceramics’ electrical properties by varying Na0.5Bi0.5TiO3 dopants

Shuiyun Li,Mingyang Ma,Yongshang Tian,Ruobing Li,Xiongjie Hu,Peng Liu 한양대학교 청정에너지연구소 2023 Journal of Ceramic Processing Research Vol.24 No.4

The piezoelectricity of BaTiO3 (BT) ceramics could be effectively regulated by Na0.5Bi0.5TiO3 (NBT) compounds, and themechanism is still controversial. In this work, BT-xNBT ceramics with various NBT contents (x) were synthesized by aconventional solid-state sintering process. The characteristic of phase, cross-section morphology, permittivity, ferroelectricity,and piezoelectricity were fully explored by some advanced test equipment. With an increment of x, the ceramics possessed ahigh densification with a sole tetragonal phase, the diffused phase transition and relaxor ferroelectricity enhanced firstly andthen receded. The inherent ferroelectricity and large strain of NBT materials under an electric field were deemed as thereasons for the increased ferroelectricity and piezoelectric coefficients with excessive x, respectively. Moreover, influences ofimpurity phases, fine grains, internal stress, etc. on the electrical properties were also discussed. This work provides a novelstrategy to regulate BT-based lead-free piezoelectric ceramics.

The Effects of Government Environmental Subsidies and Corporate Environmental Investments on Carbon Emissions of Chinese Firms

Sunghwan Kim,Wenxi Li,Yongshang Liu 한국환경정책학회 2021 環境政策 Vol.29 No.특별호

The Effects of ESG Ratings on Exports of Korean Firms

Eun-Hye Lee,Yongshang Liu,Xinyu Li,Sunghwan Kim,Xuesen Ma,Ge Yuan 한국글로벌무역학회 2022 한국글로벌무역학회 학술대회자료집 Vol.2022 No.-