Intellectual capital (IC) is generally understood as an important driver of firm competitiveness improvement and value generation in the knowledge economy. The manufacturing industry, the backbone of the South Korean economy, is coming under increasing international pressure. In order to increase the competitiveness of Korean industry, the main objective of this paper is to examine the impact of IC and its components on the performance of Korean manufacturing firms over the period 2013-2018. The modified and extended Value Added Intellectual Coefficient (VAIC) model was adopted to more accurately measure IC, and firm performance was systematically and comprehensively measured in three distinct parameters: profitability, productivity and market value. Our regression results show that physical capital was the most influential factor to firm performance; human capital was viewed as a performance enhancing measure; structural capital had no significant impact on firm performance; and innovation capital and relational capital hurt a firm's profitability. It is also evident that the modified and extended VAIC model performs better than the original VAIC model proposed by Pulic (1998). This study extends the understanding of IC in achieving a competitive edge in the manufacturing sector, with IC representing a valuable platform for the sustainable development of the manufacturing sector in emerging Asian markets.

We examine CEO compensation, CEO retention policies, and M&A decisions in firms where founders serve as a director with a non-founder CEO (founder-director firms). We find that founder-director firms offer a different mix of incentives to their CEOs than other firms. Pay for performance sensitivity for non-founder CEOs in founder-director firms is higher and the level of pay is lower than that of other CEOs. CEO turnover sensitivity to firm performance is also significantly higher in founder-director firms compared to non-founder firms. Overall, the evidence suggests that boards with founderdirectors provide more high powered incentives in the form of pay and retention policies than the average U.S. board. Stock returns around M&A announcements and board attendance are also higher in founder-director firms compared to non-founder firms.

Purpose The purpose of this paper is to examine the impacts of research and development (R&D) investment and environmental, social and governance (ESG) performance on green innovation performance. This paper also investigates the moderating effect of ESG performance between R&D investment and green innovation performance. Design/methodology/approach The study uses the data of 223 Chinese listed companies over the period 2015–2018. The ESG indices issued by SynTao Green Finance are used to measure ESG performance. Green innovation performance is measured by the total number of green patents, the number of green invention patents and the number of green non-invention patents. Finally, multiple regression analysis is applied to test the research hypotheses. Findings The results show that R&D investment has a positive impact on green innovation performance and ESG performance can increase the number of green invention patents. In addition, ESG performance moderates the relationship between R&D investment and green innovation performance. Practical implications The findings may help managers and policymakers in developing countries to make ecological innovation strategies to achieve corporate sustainability. Originality/value This is the first study to examine the impacts of R&D investment and ESG performance on green innovation performance in the context of China, an emerging market.

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According to social capital theory, small cooperatives with simple business operations have more social capital in their membership than large, complex cooperatives. The geographical and social proximity among members, and between members and leadership, fosters social capital. This proposition is investigated empirically using data from member surveys in three Swedish farm supply and grain marketing cooperatives that vary greatly in size, from about 36,000 to 1600 and 150 members. The findings strongly support the view that the smaller the cooperative, the higher the social capital, expressed in terms of members' involvement, trust, satisfaction, and loyalty. [EconLit citations: A130; P130; Q130]

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Objective: To determine the factors associated with state legislative action to address childhood obesity. Methods and Procedures: This paper has an ecologic study design, with data on each US state from 2003 to 2006. Data on whether a bill was introduced in the state legislature and whether a law was enacted to address childhood obesity were linked to a rich set of independent variables concerning state political and socioeconomic characteristics that were drawn from a variety of sources. The association between state legislative action and state political and socioeconomic characteristics was measured using probit regression. Results: From 2003 to 2005 there was an increasing trend toward the introduction of bills and enactment of laws to address childhood obesity. State legislative action on childhood obesity was more likely in states with a greater gap between adults' actual and desired weight, a higher percentage of college‐educated adults, a higher percentage of African‐American residents, a Democratic governor, or a legislature not controlled by Republicans. Discussion: The socioeconomic conditions of the state and its political climate strongly predict legislative action to address childhood obesity. The finding that Democratic governors and state legislatures not controlled by Republicans are associated with greater policy action against obesity suggests that the 2006 election may result in additional action against obesity in certain states. This study can also be used to guide the efforts of public health advocates, who can achieve greater success by targeting their efforts toward states with conducive political environments.