Yonsei School of Business

EDUCATION

Ph.D. University of Oregon, College of Business
MA University of Wisconsin-Madison, School of Business
M.Div. Methodist Theological University
BA Dongguk University, School of Business

ACADEMIC AND PROFESSIONAL EXPERIENCE

Professor, School of Business, Yonsei University, 2007~present
Associate Professor, School of Business, Yonsei University, 2005-2007
Assistant Professor, University of Nebraska-Omaha, 2000.8-2005.8
President, Korea Accounting Information Association, 2018.1-2018.12
President, Korea Academy of Business Ethics, 2021.1~present
Chairman of the Economic Division of the Public-Private Council, Anti-Corruption & Civil Rights Commission, 2020~present
Accounting Area Chair, School of Business, Yonsei Univ. 2017.3-2018.2
Director, MS/Ph.D. Program, School of Business, Yonsei Univ. 2014.3-2017.2
Director, The Center for Global ESG and Business Ethics, 2015~present
Visiting Professor, Univerisity of Washington, 2012.9-2013.8
Lecturer, University of Oregon
IB, Financial Analyst
Korea Air Force, Budget Officer

TEACHING INTERESTS

Corporate Governance, ESG
Business Ethics, Internal Control
Financial Accounting
Financial Statement Analysis
Auditing

RESEARCH INTERESTS

[Research Interests] ESG, Audit Committee, Securities Act, Disclosure, Risk Management, Internal Control, Auditing, CSR, Business Ethics, IFRS, Corporate Governance, Valuation
[Advisory Activities] ESG Valuation, Consolidated Financial Statements under IFRS for Korean SEC(FSS), Social Value Management, FSS- Comparability under IFRS, FSS- Non-Audit Service, Auditor Industry Specialization, Internal Control for Non-profit Organizations, Improvement of Procurement Procedures for Government Organizations

SELECTED PUBLICATION

*** Books/Cases ***
Everything about Corporate Governance. 2018. coau. Cloudnine Publishing Co. Ltd., Seoul, Korea
Business Decision Making under IFRS Financial Accounting. 2020. coau. Bobmunsa Publishing Co. Ltd., Seoul, Korea
Corporate Governance. 2011. SukJung Publishing Co., Seoul, Korea.
"KT&G(Korea Tabacco & Ginseng Co.) of South Korea: Analyses Concerning Privatization," with Teaching Notes. 2012. coau., Ivey Publishing Co., Ontario, Canada.
"Selecting a Pharmaceutical Company from Northeast Asia for Investment," with Teaching Notes. 2012. coau., Ivey Publishing Co., Ontario, Canada.
"Headquarters Overhead Cost Allocation at Korea Auto Insurance Co. Inc.," with Teaching Notes, 2009(2014,2016 revised). coau., Ivey Publishing Co., Ontario, Canada.
Lessens from IFRS Cases, 2010. coau., Samil PwC Co. Ltd. Seoul, Korea.

*** Academic Journal Publications ***

2022~2020

1. "Social Ties, Managerial Overconfidence, and Investment Efficiency," 2022, coau., Finance Research Letters (SSCI) 46: 102300.
2. "Do Social Ties within the Board Affect Stock Price Crash Risk?" 2022, coau., Korean Journal of Business Research 37(2): 69-83. [printed in Korean]
3. "A Study oon the Relationship between the Characteristics of the Internal Audit Department and External Audit Efforts," 2022, coau.,  Accounting, Tax & Auditing Journal 64(2): 127-152. [printed in Korean]
4. "The Association between Corporate Governance Key Indicators and Environmental & Social Responsibility Management," 2022, coau., Journal of Public Audit and Inspection Review 38: 117-147. [printed in Korean]
5. "A Study on the Association betwween Factory Operating Rate and Firm Value," 2022, coau., Korean Accounting Journal 31(2): 1-33.
6. "The Association between Human Resource Investment in IT Controls over Financial Reporting and Investment Efficiency," 2021. coau., International Journal of Accounting Information Systems (SSCI) 43(December): 100534..
7. "Use of Derivatives as Hedging Instruments and Market Pricing of Earnings," 2020, coau., Korean Accounting Review 45(5): 161-201. [printed in Korean]
8. "The Effect of CEO's Overconfidence on Capitalized R&D Expenditures," 2020, coau., Korea Business Ethics Journal 20(1): 1-35. [printed in Korean]

2019

1. "Audit Firm Attributes and Auditor Litigation Risk," 2019, coau., ABACUS - A Journal of Accounting, Finance and Business Studies 55(4) (SSCI): 639-675.
2. "Investment in Internal Auditing and Governance Characteristics: Evidence with the Largest Shareholder Ownership and Board Independence," 2019, coau., Managerial Auditing Journal 34(5) (SSCI): 623-648.
3. "The Role of Labor Unions in Corporate Transparency in Auditor Change Process," 2019, coau., Sustainability 11 (SSCI): 1-21.
4. "Use of Derivatives as Hedging Instruments and Application of Hedge Accounting: Effects on Income Volatility," 2019, coau., Korean Accounting Review 44(2): 1-38.
5. "The Effect of the Trusted Taxpayer Designation on Corporate Tax Avoidance Behavior," 2019 Asian Journal of Business and Accounting 12(2): 121-146.
6. "Association between Managerial Stock Ownership and Firm Efficiency," 2019, coau., International Journal of Accounting Auditing and Performance Evaluation 15(4): 378-409.
7. "Failure of Control Environment of Daewoo Shipbuilding & Marine Engineering Co., LTD.," 2019, coau., Asian Case Research Journal 23(2): 561-593.
8. "Social Ties between Inside Directors and Outside Directors, Executive-Employee Pay Disparity, and Firm Performance," 2019 Korean Accounting Review 44(5): 145-191. [printed in Korean].
9. "A Study on Social-Ties between Inside and Outside Board Members and Firm's Investment Efficiency," 2019, coau., Korea Business Ethics Journal 19(1): 1-35. [printed in Korean].
10. "A Technology-Based IPO in Korea's Pharmaceutical Bio-Industry: ABL Bio Case," 2019, coau., Korea Business Review 23(4): 187-210. [printed in Korean].
11. "The Characteristics of Corporate Governance and Earnings Management within Defense Industries," 2019, coau., Korea Business Education Review 34(2): 227-259. [printed in Korean].

2018

1. "Opportunistic Behaviors of Credit Rating Agencies and Bond Issuers," 2017, coau., Pacific-Basin Finance Journal 47(1) (SSCI): 39-59.
2. "The Cost of Debt and the Characteristics of Audit Firms," 2017, coau., Managerial Finance 44(1): 27-45.
3. "The Effect of Social Ties between Outside Directors and Inside Directors on the Association between Corporate Social Responsibility and Firm Value," 2018, coau., Sustainability 10(11) (SSCI): 1-25.
4. The Association between Foreign Directors and Opportunistic Financial Reporting," 2018, coau., Investment Management and Financial Innovations 15(4): 98-112.
5. "XBRL Adoption, Infomation Asymmetry, Cost of Capital, and Reporting Lags," 2018, coau., iBusiness 10(3): 93-118.
6. "A Study on Improving the Examination System to Enhance the Competitiveness and Professionalism of Certified Tax Accountants," 2018, coau., Tax Research Journal, 18(3): 169-208. [printed in Korean].
7. "Effect of Internal Audit Evaluation on Financial and Non-Financial Performance,” 2018, coau., Korea Business Ethics Journal 18(1): 1-35. [printed in Korean].
8. "A Study on the Impact of Ownership Structure of Mutual Savings Banks on Accounting Information Quality," 2018, coau., Accounting, Tax, & Auditing Journal 60(4): 135-172. [printed in Korean].

2017

1. "The Association between Human Resource Investment by Audit Firms and Their Audit Quality," 2017, coau., Asia-Pacific Journal of Accounting & Economics 24(3) (SSCI): 249-271.
2. "The Impact of Labor Unions on External Auditor Selection and Audit Scope - Evidence from the Korean Market," 2017, coau., Applied Economics 49 (SSCI): 833-850.
3. "How Does Human Resource Investment in Internal Control Affect Audit Reporting Lag?," 2017, coau., Asia-Pacific Journal of Accounting & Economics 24(1) (SSCI): 195-215.
4. "The Association between Success in IPO and Cost of Capital: Evidence with Credit Rating and Cost of Debt,” 2017, coau., Study on Accounting, Taxation & Auditing 59(2): 133-164 [printed in Korean].
5. "A Study of Tax Evasion Before and After Trusted Taxpayer Designation,” 2017, coau., Korean Accounting Journal 26(4): 77-112 [printed in Korean].
6. "A Effect of CEO Characteristics on Social Responsibility Activities in Public Enterprises," 2017, coau., Korea Business Education Review 32(2): 209-243 [printed in Korean].

2016

1. "Related-Party Transactions and Financial Statement Comparability," 2016, coau., Asia-Pacific Journal of Accounting & Economics 23(2) (SSCI): 224-252.
2. "Characteristics of the Internal Audit and External Audit Hours," 2016, coau., Managerial Auditing Journal 31(6/7): 629-654.
3. "KB Kookmin Bank in Korea," with Teaching Notes. 2016, coau., Asian Case Research Journal 20(2): 283-304.
4. "Does the Transformation to Holding Company Systems in Korean Chaebol Improve the Valuation Independence of Affiliated Firms’ Cost of Debt?" 2016, coau., Corporate Ownership and Control 13(4): 447-457.
5. "Does the Asset Impairment Enhance Analyst Forecast Accuracy?," 2016, coau., Korean Accounting Review 41(3): 203-237.
6. "Empirical Archival Audit Research in Korea: A Primer," 2016, coau., Korean Accounting Review 41(3): 311-376.
7. "Predictive Ability of Unverifiable Fair Value Accounting: Evidence from Asset Impairment,” 2016, coau., Korean Accounting Review 41(4): 215-262.
8. "Analyses on Monsanto’s Business Ethics Issues and Practices of Corporate Social Responsibility & Teaching Notes," 2016, coau., Korea Business Review, 20(4): 1-25 [printed in Korean].
9. "The Effect of Social Ties Associated with Region and Schools between Outside Directors and Inside Trading and Earnings Management," 2016, coau., Korean Management Review 45(5): 1697-1733 [printed in Korean].
10. "Characteristics of Corporate Governance and Operating Efficiency in Public Enterprises," 2016, coau., Korean Journal of Accounting Research 21(3): 231-267 [printed in Korean].
11. "A Study on the Supply of New Certified Public Accountants," 2016, coau., Korean Accounting Journal 25(5): 371-417 [printed in Korean].

2015

1. "Are Earnings Announced Early of Higher Quality?" 2015, coau., Accounting & Finance 55(1)(SSCI): 187-212.
2. "Financial Statement Comparability and Audit Efficiency: Evidence from South Korea," 2015, coau., Applied Economics 47(SSCI): 358-373.
3. “Characteristics of Statutory Internal Auditors and Operating Efficiency,” 2015, coau., Managerial Auditing Journal 30(4/5): 456-481.
4. "Do Industry Specialist Auditors Add Value in Mergers and Acquisitions?" 2015, coau., Applied Business Research 31(4): 1245-1266.
5. "Determinants of Enforcement Action by the Financial Supervisory Service of Korea from the Perspective of Audit Firms," 2015, coau., Applied Business Research 31(3): 821-834.

2014

1. "The Association between Related-Party Transactions and Control-Ownership Wedge: Evidence from Korea," 2014, coau., Pacific-Basin Finance Journal 29(SSCI): 272-296.

2013

1. "Majority Shareholder Ownership and Real Earnings Management," 2013, coau., Journal of International Financial Management & Accounting 24(1)(SSCI): 26-61.
2. “The Association between Earnings Management and Asset Misappropriation,” 2013, coau., Managerial Auditing Journal 28(6): 541-567.
3. "The Association between Corporate Social Responsibility Activities and Earnings Quality: Evidence from Donations and Voluntary Issuance of CSR Reports," 2013, coau., Applied Business Research 29(3): 945-962.

2010

1. “Corporate Governance Characteristics of Firms Backdating Stock Options,” 2010, coau., Quarterly Journal of Finance and Accounting 49 (1): 39-60.
2. “The Association between Outside Director Compensation and Earnings Managment,” 2010, coau., Korean Accounting Journal 19(3): 37-60. [printed in Korean] 
3. “The Effects of Corporate Governance and Ownership Structure over Conservatism of Accounting Information: Focusing on Family Firm,” 2010, cuau., Korean Manangement Review 39(2): 799-835. [printed in Korean] 
4. “A Study on the Effect of Related Party Transactions on Audit Fees and Audit Hours,” 2010, coau., Daehan Journal of Business 23(2): 955-981. 
5. “Association between Outside Directors' Characteristics and Management Compensation Based on Firm Performance,” 2010, coau., Korean Journal of Accounting Reserach 15(1): 1-35. [printed in Korean] 
6. “The Association between Ownership Structure and Managers’ Discretion in China: Evidence with State and Legal Ownership,” 2010, coau., Korea International Accounting Review 30(1): 61-88. 
7. "A Study on the Effects of Credit Rating on Audit Fees and Audit Hours," 2010. coau., Yonsei Business Review 47(1): 41-70. [printed in Korean] 
8. “The Association between Controlling Shareholder Ownership and Accounting Errors,” 2010, coau., Journal of Business Research 25(1): 145-167. [printed in Korean]

2009

1. “The Provision of Tax Services by Incumbent Auditors and Earnings Management,” 2009, coau., Journal of International Financial Management & Accounting 20(1)(SSCI): 79-103.
2. “Institutional Ownership and Income Smoothing by Japanese Banks through Loan Loss Provision,” 2009, coau., Review of Pacific Basin Financial Markets and Policies 12(2): 219-243.
3. “Earnings Management by Japanese Bank Managers Using Discretionary Loan Loss Provisions,” 2009, coau., Review of Pacific Basin Financial Markets and Policies 12(1): 1-26.
4. “The Effect of the Private Securities Litigation Reform Act of 1995 on the Cost of Equity Capital,” 2009, coau., Quarterly Journal of Finance and Accounting 48 (2): 85-106.
5. “Do Lengthy Auditor Tenure and the Provision of Non-Audit Services by the External Auditor Reduce Audit Report Lags?,” 2009, coau., International Journal of Auditing 13(2): 87-104.
6. “Earnings Announcement Timing and Earnings Management,” 2009, coau., Applied Financial Economics 19: 319-326.

2008

1. “A Comparison of Reporting Lags of Multinational and Domestic Firms,” 2008, coau., Journal of International Financial Management & Accounting 19(1)(SSCI): 28-56.
2. “The Effect of Audit Partner Tenure on Client Managers’Accounting Discretion: Evidence from Australia,” 2008, coau., Managerial Auditing Journal 23(2): 161-186. (Outstanding Paper Award by Emerald)
3. “Determinants of Audit Report Lag - Evidence from Korea,” 2008, coau., Applied Business Research 24(2): 27-44.
4. “Income Smoothing Using Reserve Accounts by Japanese Companies,” 2008, coau., Applied Business Research 24(1): 43-54.(Best paper award).
5. “The Association between Audit Committee and Board of Director Effectiveness and Changes in Non-Audit Fee Ratio,” 2008, Applied Financial Economics 18: 629-638.

2007

1. “Audit-Firm Tenure and Audit Fees Paid to Successor Auditors: Evidence from Arthur Andersen,” 2007, coau., Auditing: A Journal of Practice & Theory 26(2)(SSCI): 95-116..

2005

1. “Pricing on Financial Information Systems and Internal Audit Services by Successor Auditors,” 2005, Managerial Auditing Journal 20: 970-980.
2. “The Relationship of Audit Committee Characteristics with Endogenously Determined Audit and Non-Audit Fees,” 2005, coau., Quarterly Journal of Business and Economics 44 (Fall): 93-112.

2004

1. “The Effect of Audit Committee and Board of Director Independence on Auditor Resignation,” 2004, coau., Auditing: A Journal of Practice & Theory 23 (September)(SSCI): 131-146.

2003

1. “The Effect of the Private Securities Litigation Reform Act of 1995 on Accounting Discretion of Client Managers of Big 6 and Non-Big 6 Auditors,” 2003, coau., Auditing: A Journal of Practice & Theory 22 (March)(SSCI): 93-108.
2. “Client Characteristics, Abnormal Accruals, and Auditor Switches,” 2003, coau., Asia-Pacific Journal of Accounting and Economics (APJAE) 10 (1)(SSCI): 31-56.
   
   *** Other Journal Publications ***

"Characteristics of Statutory Internal Auditors and Disclosure Quality," 2015, Accounting, Taxation, & Auditing Research 57(4): 27-61.
"A Study on Accounting Transparency of Religious Organizations," 2015, coau., Accounting Information Review 33(1): 343-364.
"A Case Study of LG Group in the Transition Process of the Holding Company," 2015, coau., Korean Accounting Journal 24(4): 223-248.
"A Survey Analysis on the Internal Control and External Audit of Social Welfare Organizations," 2015, coau., Korea International Accounting Review 62: 189-210.
"A Study on Earnings Management of Venture Capital Industry Using the Disposal of Securities," 2015, coau., Korean Journal of Accounting Research 20(3): 25-27.

"An Analysis of Disclosure Practice of Social Welfare Organizations," 2014, coau., Korean Accounting Journal 23(5): 487-522.
"A Case Study on the Monitoring System of Non-profit Organizations," 2014, coau., Korean Journal of Accounting Research 19(5): 209-244.
"The Role of Fair Value, Hierarchy and Risk Management Level on Forward Looking Information," 2014, coau., Korean Accounting Review 39(4): 349-394.
"The Effect of Quantitative and Qualitative Characteristics of Investment in Internal Accounting Management Systems on Analysts' Forecast," 2014, coau., Accounting, Taxation, and Auditing Research 56(1): 57-88.

"Internal Auditor Characteristics and the Cost of Debt Capital," 2013, coau., Business Education Review 28(August): 227-255.
"The Effect of Industry Competition and Earnings Management," 2013, coau., Accounting Information Review 31(3): 317-341.
"The Impact of Financial Reporting Comparability on Analyst Forecasts and Value Relevance," 2013, coau., Korean Accounting Review 38(2): 281-320.

“The Effect of Characteristics of Human Resources in Internal Accounting Control on the Occurrence of Accounting Error,” 2012, coau., Korean Management Review 41(6): 1347-1373.
"The Effect of Asymmetric Cost Behavior on Error in Analysts' Forecasts," 2012, coau, Korean Journal of Management Accounting Research 12(2): 1-24.
"A Study on Earnings Management in Insurance Industry: Evidence from RBC Ratio," 2012, coau, Journal of Korean Insurance 93(12): 1-27.
"A Study on the Comparability of Financial Statements under KIFRS," 2012, coau, Accounting & Auditing Research 54(2):169-221.
"The Impact of IFRS Adoption on Earnings Management and Audit Hours," 2012, coau, Accounting & Auditing Research 54(2): 529-564.
"The Impact of IFRS Adoption on Accounting Conservatism: Analysis of the Firms Applying IFRS Early," 2012,coau., Korean Accounting Review 37(2): 237-278.
"An Analysis on Comparability of Financial Statements after IFRS Adoption," 2012, coau., Korean Accounting Journal 21(3): 307-342.
"The Effect of Characteristics of Human Resources in Internal Accounting Control on Credit Rating," 2012, coau., Korean Accounting Review 37(1): 229-266.
"A Study on Earnings Management of Securities Firms Before and After the Global Financial Crisis," 2012, coau., Korea International Accounting Review 42 (1): 289-308.
"The Effect of Non-financial Factors on the Cost of Debt Capital for SMEs," 2012, SME Finance Review 2012(3): 3-26.

"Examinations and Suggestions on Rules of Non-audit Services by Incumbent Auditors," 2011, Accounting & Auditing Research 54(2): 313-355.
"A Case Review of Creating Slush Funds Through Foreign Affiliated Firms," Korean Crime Journal 5(2): 259-303.
"Audit Opinion and Internal Control Review Result on Audit Risk," 2011, coau., Business Education Review 26(6): 179-213.
"A Study on Valuation on the Unlisted Stock of Accounting Firms," 2011, coau., SME Finance Review 2011(2): 22-50.
"A Study on Measurement Method of Korea Listed Companies' Accounting Transparency," 2011, coau., Korean Accounting Journal 20(3): 443-477.
"The Impact of IFRS Adoption on the Firm-Value: The Analysis of the Firms Adopted IFRS Voluntarily," 2011, coau., Yonsei Business Review 48(1): 57-79.

"The Effects of Non-audit Services on Temporal Book-tax Difference," 2009, coau., Accounting & Auditing Research 49(2): 105-135.
"The Effects of the Auditor Designation Rules Change on Earnings Management and Audit Fees of IPO Firms," 2009, coau., Accounting Information Review 27(3): 237-272.
"The Improvement of Enforcement of Consolidated Firnancial Statements as Major Financial Statements," 2009, coau., Korean Accounting Journal 18(3): 103-147.
"The Effect of Loan Guarantees on Audit Fees and Audit Hours,” 2009, coau., Accounting & Auditing Research 49(1): 1-43.
"The Association between Proxies for Audit Quality and the Quality of Accruals,” 2009, coau., Korean Accounting Review 34(2): 43-74.
"A Study on the Reporting Behavior of Audit Hours,” 2009, coau., Korean Accounting Review 34(1): 241-273.
"CEO Compensation and Earnings Management of Government Owned Firms,” 2009, coau., Business Education Review 58: 239-268.
"Corporate Governance Characteristics of Firms that Reprted Problems in Internal Control Systems,” 2009, coau., Korean Journal of Accounting Research 14(3): 83-125.
"Examination of a Partial and a Full Privatization of Government Owned Companies - KOGAS and KT&G Cases,” 2009, coau., Yonsei Business Review 46(2): 245-277.

"The Effects of Audit Firm Industry Expertise on Analyst Forecast,” 2008, coau., Accounting Information Review 26(4): 245-267.
"The Association between Accruals Anomaly and Earnings Report Lag and Audit Report Lag,” 2008, coau, Accounting & Auditing Research 47(1): 247-280.
“The association between auditor industry Specialization and Audit Quality: Evidence with Prior Error Correction and FSS Enforcement Action,” 2008, coau., Korean Journal of Accounting Reserach 13(1): 27-52.
“Accrual Anomaly in the Two Korean Stock Markets,” 2008, coau., Yonsei Business Review 45(1): 19-42.

“A Study on the Relationship between Conservatism and Audit Fees,” 2007, coau., Accounting & Auditing Research 46(2): 99-134.
“Auditors' Perception on Auditor Industry Specialization and Audit Quality - Survey on Current Status in Practice,” 2007, coau., Korean Accounting Journal 16(4): 77-104.
“The Association between the Quality of Earnings and Audit Report Lag and Management Report Lag,” 2007, coau., Yonsei Business Review 44(2): 1-32.

“Accounting for Stock Based Compensation - Disclosure Practice and International Comparison,” 2006, coau., Korean Accounting Journal 15: 165-195.
“The Association between Stock Option Compensation Expense and Earnings Management,” 2006, coau., Korean Accounting Journal 15: 159-179.
“Audit and Performance Evaluation of Government Controlled Companies and Earnings Management,” 2006, coau., Yonsei Business Review 43(1): 81-105.
“NAS and the BRC's Attributes of Effective Audit Committees, and Security Market's Reaction,” 2006, Yonsei Business Review 42(2): 205-223.

PROFESSIONAL ACTIVITIES AND AWARDS

President, Korea Accounting Information Association, 2018.1-2018.12
Editor, Business Education Review, 2016.8-2017.12
Associate Editor, Korean Accounting Review, 2008-2016.6
Accounting Forum Chair, Korean Accounting Association, 2016.7-2017.6
Associate Editor, Journal of SME Finance, 2011-2012
Outstanding Teaching Award, Yonsei University, 2006
Associate Editor, Yonsei Business Review, 2006-2007
Best Research Paper Award, 2017.2., Korean Academic Society of Business Administration
Outstanding Research Paper Award, 2009, Emerald Literati Network, United Kingdom
Best Research Paper Award, 2002, Accounting Information Systems Conference, Colorado, USA.

International and domestic academic conference presentations: more than 60 times including the following:
  2020.01. American Accounting Association, AIS/IA Section Conference, Orlando, FL.
       a. Association between Human Resource Investment in IT Internal Control and Investment Efficiency
  2018.08. American Accounting Association, Annual Meeting, Washington DC.
       a. Integrity in Financial and Non-Financial Performance
       b. CEO Pay Disparity, CEO Characteristics and Firm Value
  2018.01. American Accounting Association, International Accounting Conference, Long Beach, CA.
       a. Internal Audit and Corporate Governance Characteristics
       b. Audit Effort by Different Engagement Input and Earnings Management

Newspaper article: http://www.koreatimes.co.kr/www/news/bizfocus/2011/09/342_95395.html

Referee for Auditing: A Journal of Practice & Theory, Corporate Governance: International Review, Journal of International Financial Management and Accounting, Applied Financial Economics, Korean Accounting Review, Korean Management Review, Accounting Information Review, Asia Pacific Journal of Financial Studies, etc.