Wonseok Choi

Texas Woman's University

Marketing increases firm value; therefore, it is imperative to determine the factors affecting corporate marketing decision processes. Considering that the current understanding of these factors is limited, this study examines institutional investors’ effects on Korean firms’ marketing decisions by focusing on advertising spending. We present evide...

We examine the effect of related party transactions on corporate environmental responsibility and find that firms with more related party transactions tend to have more controversial environmental reports, less emissions reduction, and less environmental expenditures. This relationship is more significant for firms with a high investment-cash flow...

Extant literature shows that firms reduce their capital investment in response to political risk. We examine firm-level activities and characteristics that mitigate the impact of political risk on firm investment. First, we empirically investigate the relationship between firm-level political risk and future investment, showing that firms with high...

The study examines foreign exchange market overreaction for various combinations of formation and testing periods over 30 years. First, we find that reversal is significant for longer test periods and longer formation periods. Second, we find no evidence of persistent momentum or reversal during the entire sample period. Thus, the results of overre...

We investigate whether the Korean National Pension Service, a corporate watchdog and major long‐term investor in South Korea, positively affects corporate financial policy. The Korean National Pension Service is less likely to influence corporate financial policy even among firms with high uncertainty and information opacity, which increases the im...

Using a novel dataset of independent directors’ voting activities on items proposed by managers of Korean firms, we investigate whether independent directors’ dissension in board meetings plays an effective role in enhancing firm value through improved corporate governance. Our results indicate that dissension improves firm value. This finding is r...

We examine whether the combination of agency costs of debt and managerial optimism in high-tech IPOs creates inefficient R&D investment, thus undermining corporate value. We find that high-tech IPO firms with a high debt ratio exhibit a positive relationship between discretionary and future R&D expenses at the IPO point. We also find a negative rel...

We investigate whether the Korean National Pension Service, a corporate watchdog and major long-term investor in South Korean companies, positively affects firms' capital structures. The Korean National Pension Service holding at least a 5% stake in a firm is less likely to positively affect that firm's capital structure, even among firms with high...

This study empirically examines the effect of related party transactions on corporate environmental responsibility and finds that firms with more related party transactions tend to provide more controversial environmental reports. More importantly, we find evidence that firms involved in more related party transactions have lower corporate environm...

We show that local investor attention, as a proxy for the arrival rate of informed trading, has an impact on post-earnings announcement drift. Measured by monthly abnormal Google search volume before the earnings announcement, high (low) local investor attention is associated with weak (strong) delayed market reaction to the earnings announcement a...

This paper examines effects of the deployment of security forces to a popular winter migrant destination faced with a unique humanitarian crisis situation. The study surveyed past winter migrants to the region to evaluate their perceptions regarding sociocultural, economic, and psychological impacts of security forces deployed to the region. In add...

Recent literature suggests that labor related issues can impact corporate innovation. In this study we hypothesize and find that firms with congenial work environments innovate more and have greater innovative efficiency. Our results also suggest that cash profit sharing and employee involvement have a positive bearing whereas union relationships h...