Prior literature expects a lower marginal cash value for weaker governance firms. We test this empirical hypothesis by using the sample of publicly traded Korean firms from 2005 to 2013. To measure the quality of governance structures, we employ the corporate governance scores provided by Korean Corporate Governance Services. The empirical model of Faulkender and Wang ( 2006) is adopted to estimate the marginal value of cash. Our empirical analysis shows a higher marginal value of cash for the good governance firms in the examination of the total governance score. This finding is consistent to the agency view of cash policy predicting a larger marginal value of cash for the firms with higher governance scores. However, this positive relationship is not robust for a subset of detailed governance scores; a lower marginal cash value is observed for the firms with better qualities of board structure, auditing, dividend policies. Moreover, our empirical analysis verifies a quite low level of marginal cash value for Korean firms, which supports the existence of severe agency conflicts in Korean corporations. Our results verify the significant role of agency conflicts between a manager and shareholders in the determination of marginal cash values in the Korean firms.
The aim of the research is to study the Triple Helix model feasibility in developing innovations and using cluster approach in Kazakhstan. There are possible points of the emergence of clusters in Kazakhstan. However, there are a lot of constraining factors. First of all, institutional and social factors: the culture of business, unfair competition, low trust of economic agents to each other and to power institutes, low psychological readiness for cooperation of the enterprises of various branches and regions, poor development of chambers of commerce, and industrial associations. For the time being, the majority of regions of Kazakhstan are characterized by a limited set of high technology industrial branches, and a sharp shortage of universities generating innovation and research institutes. The research results show that the open innovation model is realized in a limited scale that does not allow to export innovations into external markets, to participate in global technology chains and international research networks. At the same time, some interaction schemes and preconditions for the development of the Triple Helix model are emerging. However, in general, the innovation policy is not systemic; it does not unite actions in the sphere of science and technology, education, industry, and regional initiatives. As the result of the research, some policy implications are given. For the development of clusters in Kazakhstan, it is desirable to use such a way, as integration into global cluster networks. It is necessary to make use of foreign experience at which various specialized state agencies become participants of clusters. It is necessary to focus not only on science but also industry, which should play the central role in the innovation process.
The key strategic priorities of the development of Kazakhstan are diversification, technological modernization and formation of a new industrial structure. It is clear that modern industrial structure is impossible to be formed with-out knowledge-based industries and fields, and prerequisites for their development in the regions of Kazakhstan differ significantly. The goal of this article is to assess the prerequisites and prospects of spatial development of knowledge-based sectors of Kazakhstan’s economy. The methodology of the article is based on the theoretical and methodological provision that possibilities for the development of knowledge-based economy in local territories and at certain points depend of specific factors such as availability of research and academic organizations in the territory. System-structural and functional approaches, methods of empirical research, including observation, comparison, generalization, systematization, methods of analysis and synthesis, logical analysis, methods of regional studies, and cluster analysis were used. There was used as the information base of the research the data reflected in the periodical press, the data of ministries, works of scientists of Kazakhstan and copyright developments under the framework of the study of innovation localization process and knowledge-based sectors of the economy. It is shown that development of knowl-edge-based sectors of economy in Kazakhstan will not be widespread, but will have a «cellular nature», located inside the boundaries of separate territories or «high-tech districts» (knowledge-based hubs, knowledge-based clusters, and smart cities) and perspectives of their development will be considered. The results of the research have been tested while recommendations development on issues of Kazakhstan territories’ technological modernization.
The study is aimed to determine the essence, directions and methods of measuring the level of inclusive development of the national economy and society, which may form the basis of the toolkit for regulating regional development for government bodies of Kazakhstan. As a methodological approach to measuring the possibility of inclusive development of regions of the country, it is proposed to abandon the one-dimensional measurement of economic growth using a gross domestic product (GDP) and use the method of multidimensional assessment, including indicators of the development of the economy, society, infrastructure and innovation. The results of the analysis of the levels of socio-economic, infrastructural and innovative development of Kazakhstan are presented, on the basis of which a conclusion is made about the continuing inequality of its regions. Various points of view on the theory of inclusive development are considered and it is concluded that inclusive development involves overcoming inequality of countries, regions, incomes and living standards of certain segments of the population in different regions of one country. As a result of the study, it was recommended to use the author’s methodological approach as a toolkit for public authorities when developing regional programs and making managerial decisions on the development of regions of the country.
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