International Journal of Business and Society

ALTERNATIVE EDUCATION FOR UNDOCUMENTED INDONESIAN CHILDREN IN THE OIL PALM PLANTATIONS OF SARAWAK, MALAYSIA

Bemen Win Keong Wong, Khalid Bin Zanudin, Daniel Ugih Echoh — Mon, 21 Sep 2026 00:00:00 +0800

Malaysian immigration policy prohibits foreign workers with a Visit Pass (Temporary Employment) from bringing their family members into Malaysia. Thus, undocumented Indonesian children living with their migrant parents in Sarawak’s oil palm plantations are denied enrolment in Malaysian public schools. They can only enrol in the Community Learning Centres (CLCs), which were established based on the agreement between Sarawak and the Indonesian government. This study employs Critical Theory and Critical Policy Analysis as its primary theoretical framework to analyse the educational policies affecting undocumented Indonesian children in Sarawak. It examines the implications of CLCs’ registration status, the impact on related stakeholders, and the issues and challenges faced in providing primary-level education to Indonesian children. This study has adopted a qualitative approach using semi-structured interviews and open-ended online forms to collect data from interviewees and participants. All the data were analysed using the six-phase thematic analysis framework. This study found that only 16 out of 66 CLCs receive annual operational funds from the Indonesian government. It discovered various impacts on the Indonesian and Sarawak Governments, the plantations, and the Indonesian children. It also identified issues and challenges, namely the lack of facilities and qualified teachers, multi-grade classrooms, and late-start students.

MARKET ORIENTATION, INNOVATION, AND TELECOMMUNICATION FIRM’S PERFORMANCE IN AN EMERGING MARKET: THE STRATEGIC NEXUS OF SUSTAINABLE COMPETITIVE ADVANTAGE

Dai Trang Nguyen Thi, Candra Chahyadi — Mon, 21 Sep 2026 00:00:00 +0800

In today’s volatile, uncertain, complex, and ambiguous environment, sustaining superior performance poses particular challenges for firms in emerging markets, where rapid growth often coexists with institutional instability and resource constraints. Drawing on the resource-based view and dynamic capabilities theory, this study examines how market orientation (MO) and innovation capability (IC) contribute to firm performance in the telecommunications industry. Adopting a mixed-method research design, the study first conducted qualitative interviews with industry experts to refine constructs and contextualize measurement items. Subsequently, a survey of managers from firms in telecommunications was analyzed using partial least squares structural equation modeling. The findings reveal three main contributions. First, MO significantly enhances IC, demonstrating the interdependence of dynamic capabilities rather than their isolated effects. Second, MO and IC exert no direct influence on firm performance but instead operate through sustainable competitive advantage (SCA), confirming the full mediating role of SCA. Third, the study reconceptualizes SCA as a two-dimensional construct, namely differentiation-based and innovation differentiation capturing the unique technological and competitive dynamics of telecommunications. By combining qualitative insights with quantitative validation, this study advances theoretical understanding of the capability-advantage-performance nexus and provides practical guidance for emerging-market firms to strategically leverage MO and IC in creating long-term competitiveness.

ENTREPRENEURSHIP AND PROVINCIAL SKILL DIVERSITY IN THAILAND

Tiraphap Fakthong — Mon, 21 Sep 2026 00:00:00 +0800

This study investigates the relationship between provincial workforce skill diversity and entrepreneurship in Thailand using pooled cross-sectional data from the 2013 and 2022 Thai Labour Force Surveys, covering 77 provinces, with approximately 270,000 individual observations across the two waves; the regression sample after standard restrictions comprises around 175,000 observations. Provincial skill diversity is operationalised through four distinct indices measuring workforce heterogeneity: (1) educational attainment levels, (2) educational fields among highly educated workers, (3) occupational categories, and (4) industrial sectors. These indices are computed using fractionalisation index. The empirical strategy combines probit regressions to estimate the probability of entrepreneurship with instrumental variable (IV) techniques to address potential endogeneity. Furthermore, a generalised structural equation model (GSEM) was employed to examine indirect mechanisms through three mediators: entrepreneur skill diversity, employee skill diversity, and consumption diversity. The results show that provinces with greater skill diversity exhibit a significantly higher likelihood of entrepreneurship: a one-standard-deviation increase in skill diversity raises the probability of entrepreneurial activity by approximately 0.09-1.06 percentage points in 2013 and 0.003-0.50 percentage points in 2022. Indirect effects operate mainly through entrepreneur skill diversity, consistent with knowledge spillover theory. Conversely, employee skill diversity reduces entrepreneurial activity, while lower consumption diversity is positively associated with entrepreneurship through a necessity-driven channel, both patterns reflecting the informal and survival-oriented nature of Thailand's labour market. Policy implications emphasise inclusive education, balanced regional industrial strategies, and labour mobility to leverage workforce diversity for sustainable, innovation-driven entrepreneurship.

SUSTAINABILITY PERFORMANCE OF INFORMAL MUMPRENEURS FROM LOW-INCOME COMMUNITIES: THE ROLE OF GOVERNMENTAL SUPPORT AND PSYCHOLOGICAL DIMENSIONS

Mon, 21 Sep 2026 00:00:00 +0800

A mumpreneur in the informal economy is a mother who creates a business venture, primarily operates an unregistered small-scale business, and is frequently from low-income groups, motivated by encouragement and assistance from numerous institutional bodies. This study examines the effect of governmental support and psychological dimensions (i.e., locus of control, risk-taking propensity, and proactiveness) on the sustainable performance of mumpreneurs in Malaysia. This quantitative study used the survey method involving 358 mumpreneurs from four states in Malaysia: Kuala Lumpur, Selangor, Pulau Pinang, and Negeri Sembilan. This study employed the structural equation modelling (SEM) statistical test, and the data were processed using the Analysis of Moment Structure (AMOS). The results revealed the direct effect of governmental support and psychological dimensions on mumpreneurs’ sustainable performance. Subsequently, the mediation test revealed that all psychological dimensions mediate the relationship between government support and sustainable performance. This study successfully proved that the sustainable performance of mumpreneurs is influenced by the dual role of government support and the entrepreneur factor. Therefore, strengthening entrepreneurs’ internal capacity and implementing gender-inclusive, comprehensive policies can empower mumpreneurs and, in turn, contribute to local economic development.

COMPETITIVE ADVANTAGE AND INNOVATION PERFORMANCE OF MSMES: THE EFFECTS OF GOVERNMENT SUPPORT, ENTREPRENEURIAL COMPETENCIES, AND CREATIVE SELF-EFFICACY

Chompunoot Duangjan, Chamikorn Hiranrat, Nongrat Sansompron — Mon, 21 Sep 2026 00:00:00 +0800

Drawing on the Resource-Based View (RBV) and self-efficacy theory, this study investigates the effects of government support, entrepreneurial competencies (EC), and creative self-efficacy (CSE) on competitive advantage and innovation performance among micro, small, and medium enterprises (MSMEs). While existing literature explores MSME performance, few studies have integrated government mechanisms with psychological capital and competencies within a unified framework, especially in developing economies. Survey data were collected through questionnaires from 519 MSMEs registered under the One Tambon One Product (OTOP) program in Thailand. Structural equation modeling was employed to test the hypotheses empirically using LISREL. The findings indicated that government support has a substantial impact on EC and CSE. In addition, EC has positive direct relationships with CSE, competitive advantages, and innovative performance. Although CSE does not directly affect competitive advantage, it indirectly influences competitive advantage through innovation performance. Theoretically, this study addresses the research gap by extending the RBV to demonstrate how integrating intangible resources (EC) and psychological capital (CSE) fosters competitive advantage. In practice, the findings provide significant insights for governments and policymakers to foster EC and CSE, thereby helping MSMEs improve their innovation performance and competitive advantage.

EDUCATION AND ENVIRONMENTAL EMISSIONS-INNOVATION NEXUS: EVIDENCE FROM SUB-SAHARAN AFRICA

Yogeeswari Subramaniam, Hanini Ilyana Binti Che Hashim, Vikniswari Vija Kumaran — Mon, 21 Sep 2026 00:00:00 +0800

This study explores the moderating impact of education on innovation and environmental emissions. The empirical analysis was conducted for 41 sub-Saharan African countries for the period 2000 to 2022, employing the cross-sectional autoregressive distributed lag estimation technique. From the estimation techniques, it is confirmed that education is a significant variable that moderates the impact of innovation on emissions in both the short and long run. Additionally, this study computes the threshold and marginal effect of education on innovation's impact on emissions, signifying that the impact of innovation on emissions is conditional upon the education level. Thus, policymakers in sub-Saharan African countries must emphasize education as a key instrument to strengthen the beneficial impact of innovation on environmental quality and foster more sustainable development.

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EARNINGS QUALITY, FIRM LIFE CYCLE, AND OWNERSHIP STRUCTURE: EVIDENCE FROM AN EMERGING MARKET

Thy Le-Bao, Thao Tran-Thanh-Mai, Huyen Ho-Thi-My, Vy Nguyen-The-Hoang — Mon, 21 Sep 2026 00:00:00 +0800

Using a sample of 351 non-financial firms listed on the Ho Chi Minh Stock Exchange from 2010 to 2023, this study investigates the impact of firm life cycle stages and ownership structure on the reliability and quality of reported earnings. Feasible generalized least squares regression analysis was employed to test the proposed relationships. An inverted U-shaped association was found between a firm’s life-cycle stage and earnings quality. Firms experience lower earnings quality in the introduction and decline stages due to lower profits, market fluctuation, and stakeholder pressure. In contrast, in the growth and maturity stages, firms witness earnings quality growth as a result of improved controlling and monitoring systems and higher revenue cash flows, which enhance the stability and reliability of profits. In terms of ownership structure, the empirical results indicated that state and foreign ownership positively and significantly influence earnings quality, whereas CEO ownership has no statistically significant impact. This study extends the existing earnings quality literature by providing empirical evidence on its key determinants in the Vietnamese market and offers practical implications for investors, policymakers, and financial managers seeking to mitigate earnings manipulation risks and improve investment decision-making.

THE NATURE OF MONETARY POLICY COMMUNICATION FOR A SMALL OPEN ECONOMY - THE CASE OF THE CENTRAL BANK OF MALAYSIA

Chee-Hong Law, Tuck Cheong Tang — Mon, 21 Sep 2026 00:00:00 +0800

This paper deploys text analysis techniques to explore the nature of 134 MPS released by BNM between May 2004 and July 2025, a topic that has not been examined before. The word cloud presentation suggests that topics such as economic growth, price levels, and economic development, both domestically and globally, are frequently discussed, which aligns with the Term Frequency-Inverse Document Frequency (TF-IDF) analysis. The Latent Dirichlet Allocation (LDA) analysis outlines five topics covering the real economy, prices and financial markets, with Topic 2 (general price trend) receiving the most coverage over 87 months (May 20024-July 2011). Finally, the co-occurrence analysis reveals that monetary policy is primarily discussed in the context of the real sector of the economy, rather than inflation and prices, likely due to semantic content. The MPS coverage aligns with the BNM’s role by emphasising the real sector and price levels, especially on global fronts. It is recommended that BNM redesign its communications to explicitly link the MPS to the price levels and consider additional channels for information dissemination.

LEADERSHIP TYPOLOGIES AND DIGITAL TRANSFORMATION EFFECTIVENESS IN ISLAMIC BANKING: A MULTI-CASE QUALITATIVE INQUIRY

Tanti Widia Nurdiani, Sinto Sunaryo , Atmaji, Irwan Trinugroho — Mon, 21 Sep 2026 00:00:00 +0800

This study investigates how leadership typologies shape the effectiveness of digital transformation within the highly regulated, value-driven context of Islamic banking. While mainstream literature often portrays digital transformation as a tech-centric and sequential process, this research explores the complex tensions between technological agility and strict Sharia governance. Employing a qualitative multiple-case study design across three Islamic banks in Indonesia (Bank Syariah Indonesia, BTN Syariah, and Bank Nano Syariah), data were collected through semi-structured interviews and analyzed using the Gioia methodology. The findings critically challenge traditional life-cycle leadership models, revealing that leaders do not adapt sequentially; instead, they enact multiple leadership typologies simultaneously. To navigate operational friction, leaders must concurrently act as ‘architects of change’ and ‘ethical guardians’. This continuous negotiation directly shapes transformation effectiveness across four pillars: Sharia process integration, customer digital experience, financial sustainability, and capability. The study culminates in the Simultaneous Islamic Digital Leadership Framework, extending complexity leadership theory by introducing a moral-adaptive dimension and offering actionable insights for faith-based institutions navigating digital disruption.

SPATIAL EFFECTS OF P2P LENDING ON BANKING PERFORMANCE: A STUDY ACROSS INDONESIAN PROVINCES

Fitri Susilowati, Tri Siwi Nugrahani, Suryanto — Mon, 21 Sep 2026 00:00:00 +0800

This study examines the impact of Peer-to-Peer (P2P) Lending on banking performance across 33 provinces in Indonesia, including its spatial effects and its relationship with MSME Lending. The novelty of this study lies in combining dynamic panel analysis and spatial approaches to examine Fintech disruption in Indonesia. This study also highlights Indonesia as an emerging archipelagic economy with substantial regional disparities in financial inclusion and digital infrastructure. Unlike previous studies that mainly focus on the national-level effect, this research provides evidence on whether the impact of Fintech differs spatially across regions. The study employs aggregate monthly banking data from January 2020 to June 2025, resulting in 2,178 observations analyzed using the Generalized Method of Moment (GMM). The results suggest that P2P Lending significantly affects banking performance at the national level. However, no significant spatial differences are identified across regions, suggesting that Fintech disruption is systemic and nationally pervasive rather than regionally concentrated. Meanwhile, P2P Lending does not significantly influence SMEs credit performance either nationally or spatially, indicating that Fintech platforms currently complement rather than substitute the intermediary role of banks. Theoretically, this study contributes by strengthening the Fintech-bank collaboration. Practically, the findings provide policy implications for integrated Fintech supervision to support financial stability and inclusive economic development in Indonesia.

STOCK MARKET INTERDEPENDENCE BETWEEN MALAYSIA, INDONESIA AND SINGAPORE DURING ECONOMIC STABILITY AND CRISES: A DCC-GARCH MODEL APPROACH

Norasyikin Abdullah Fahami, Mohd. Faizal Basri — Mon, 21 Sep 2026 00:00:00 +0800

Financial market integration has become increasingly important for investors and policymakers, particularly during economic turbulence, which amplifies systematic risks and reduces diversification opportunities. This study examines the integration and co-movements of Malaysia’s stock market with its neighbouring ASEAN countries, Indonesia and Singapore, using weekly data from January 2004 to December 2023. A regime-based approach is adopted by dividing the analysis into pre-crisis, crisis, and post-crisis periods across two major global events: the Global Financial Crisis and COVID-19 pandemic. The analysis applies Dynamic Conditional Correlation Generalized Autoregressive Conditional Heteroskedasticity (DCC-GARCH) models to capture time-varying market interdependence. The findings reveal that stock market correlations intensified during crises periods, indicating stronger financial integration among the selected ASEAN markets. The results further demonstrate that the Global Financial Crisis exerted a more pronounced influence on market interdependence than the COVID-19 pandemic. These findings suggest that investors and portfolio managers should adopt dynamic and adaptive investment strategies in response to changing market conditions. This study also contributes to the understanding of regional financial integration and highlights its important role in supporting efficient capital allocation and sustainable economic cooperation within ASEAN.

NAVIGATING CONSUMER PURCHASE INTENTIONS: ASSESSING THE INFLUENCE OF FACEBOOK FEATURES IN THE POST-COVID-19 ERA

Mon, 21 Sep 2026 00:00:00 +0800

In 2020, the COVID-19 outbreak changed consumers’ traditional buying behaviour to online shopping behaviour using social media platforms that provide online shopping features such as Facebook. Due to the shift in purchasing methods, most businesses and companies were forced to change their strategies in approaching customers. Even though several studies have proven that Facebook features positively affect consumers’ purchase intention, existing empirical evidence is largely grounded in the pre-COVID-19 context, leaving uncertainty regarding whether these relationships remain valid in the post-pandemic digital environment. Addressing this gap, the present study offers novel post-COVID empirical evidence by reassessing the effectiveness of key Facebook features and advancing theoretical understanding through the combined application of Uses and Gratifications Theory (UGT) and Social Influence Theory (SIT). Therefore, the main objectives of this research were to identify the impact of Facebook ads, the number of likes, the

sharing feature, and friends’ recommendations on consumers’ purchase intention in the post-COVID-19 context. The study employed a quantitative approach comprising a survey. Data were collected via a questionnaire involving 400 respondents from the three largest divisions in Sarawak; Kuching, Miri, and Sibu. By integrating UGT and SIT, this study explains how functional media gratifications and social influence mechanisms jointly shape consumer purchase intention in a post-crisis digital marketplace. Descriptive statistics were used to analyze respondents’ characteristics, and the Statistical Package for Social Sciences (SPSS) 27.0 was employed to examine relationships among the study variables. The results indicate that Facebook ads, number of likes, and friends’ recommendations have a significant and positive relationship with consumers’ purchase intention, while the sharing feature shows a negative relationship. These findings provide new theoretical insights into changing consumer responses to social media features after COVID-19 and offer practical guidance for businesses and policymakers seeking to optimize post-pandemic digital marketing strategies.

WHEN INFLUENCE PERSUADES AND TRUST CONSTRAINS: INTEGRATING MEDIA DEPENDENCY AND SOCIAL LEARNING MECHANISMS IN SOCIAL COMMERCE

Fahrais Zahrudy, Salma Nur Aini Ardiningrum — Mon, 21 Sep 2026 00:00:00 +0800

In this study, the role of perceived quality of information (PQI), emotional attachment (EMO), perceived influence (PIN), and credibility of eWOM (CWM) is examined to explain how TikTok influencers shape purchase intention (PUR) in social commerce. Under the guidance of Media Dependency Theory and Social Learning Theory, the research examines how influencer-driven content operates through the psychological mechanisms underlying consumer decision-making. Analysis of cross-sectional survey data from 434 TikTok users in Indonesia using PLS-SEM shows a positive relationship between PQI, EMO, and PIN, which subsequently drives PUR. However, EMO does not directly influence PUR, indicating that affective bonds alone are insufficient to trigger purchasing behaviour. Besides, CWM negatively moderates the connection between PIN and PUR, suggesting that greater trust in peer-generated information can constrain, rather than amplify, influencer persuasion, thereby challenging the common assumption that credibility uniformly strengthens influence effects. These findings explain the psychological processes that underlie an influencer's effectiveness. This study contributes to influencer marketing literature by identifying PIN as a central mediating mechanism and by clarifying the boundary conditions under which trust constrains, rather than amplifies, influencer effectiveness in algorithm-driven social commerce.

FINANCIAL LITERACY, INVESTMENT HORIZONS AND SPECULATIVE STOCK CHOICES: A STUDY IN THE VIETNAM STOCK MARKET

Trang M. T. Phung, Loan N. T. Pham, Lam D. Nguyen — Mon, 21 Sep 2026 00:00:00 +0800

Financial literacy plays an important role in financial decisions. However, the relationship between financial literacy, investment horizon, and risk-taking decisions has still been underexplored. Therefore, this study investigates the effects of financial literacy on speculative stock choices. Based on 450 individual investors, the results show that financial literacy affects short-term investment and speculative stock choices. Financially literate investors are more likely to invest in short term stocks and choose speculative stocks. Finally, short investment horizons is directly associated with speculative stock choices, and financial literacy is indirectly related to speculative stock choices via short investment horizons. This implies that financially savvy investors should allocate their portfolios appropriately between short-term and long-term investments to avoid losses due to market volatility.

DOES VOCATIONAL EDUCATION PAY OFF? WAGE AND UNEMPLOYMENT EFFECTS OF VOCATIONAL HIGH SCHOOL IN INDONESIA

Dion Saputra Arbi , Rokhedi Priyo Santoso, Akhmad Akbar Susamto — Mon, 21 Sep 2026 00:00:00 +0800

This study examines the labor market performance of Vocational High School (VHS) graduates in Indonesia, with a focus on wage attainment and the probability of unemployment. Utilizing data from the Indonesian National Labor Force Survey (SAKERNAS) for the years 2021 and 2022, with approximately 1.25 million individual observations, this study employs a robust treatment effects framework using Inverse Probability Weighted Regression Adjustment (IPWRA). To capture distributional heterogeneity in wage outcomes, IPWRA estimates are complemented by quantile regressions at the 25th, 50th, and 75th percentiles, attempting to analyze vocational wage returns across wage distribution. The findings indicate that vocational high school (VHS) education yields an average wage premium of 27.8% across the wage distribution, with the strongest effect observed among individuals in the lower quantiles of earnings. Furthermore, logit estimation results demonstrate that VHS graduates exhibit an 18.5% lower probability of unemployment compared to general high school (GHS) graduates, suggesting more favorable labor market outcomes associated with vocational education. These findings indicate that vocational high school education in Indonesia increases income and improves employment opportunities, particularly for workers in the lowest wage percentile. Policy implications highlight the importance of strengthening curriculum-industry alignment and transition mechanisms from high school to the workforce.

DETERMINANTS OF CONSUMER PURCHASE INTENTION FOR CORPORATE BRAND NFTS: A MULTI-METHOD ANALYSIS

Kuei-Chien Chiu, Chun-Min Chang — Mon, 21 Sep 2026 00:00:00 +0800

As digital technologies evolve, non-fungible tokens (NFTs) have emerged as an innovative branding tool. This study examines the factors influencing consumers' intention to purchase corporate brand NFTs, focusing on NFT-based brand differentiation, brand marketing, operational compliance and information security, and perceived NFT value. Data from 255 valid survey responses were analyzed using regression, Structural Equation Modeling (SEM), Importance–Performance Map Analysis (IPMA), and Latent Profile Analysis (LPA). The results indicate that all four factors positively influence purchase intention, with brand marketing and perceived NFT value emerging as the strongest predictors. SEM confirmed the proposed model with excellent fit and supported the significant effects of all hypothesized relationships. IPMA identified brand marketing and perceived NFT value as high-impact areas requiring managerial attention, while LPA revealed three distinct consumer segments with varying levels of engagement toward branded NFTs. The findings provide practical guidance for organizations seeking to develop effective NFT marketing strategies by strengthening brand differentiation, enhancing perceived value, and ensuring secure digital environments. The study also extends the Theory of Planned Behavior (TPB) and Technology Acceptance Model (TAM) by demonstrating how brand-related factors shape consumers' purchase intentions toward branded NFTs.

MOMENTUM STRATEGIES OF CONVENTIONAL AND ISLAMIC FINANCE

Mon, 21 Sep 2026 00:00:00 +0800

The foremost motivation of this study is to explore and compare the behavioral implications of momentum strategies on stock portfolios of conventional and faith-based Islamic finance. The principal asset pricing model is Carhart’s four-factor model, accompanied by the CAPM and Fama & French three-factor models as a comparison base. The two broad categories of conventional and Islamic finance have been segregated into four comparable subgroups: Conventional vs. Islamic banks, Investment banks vs Modarabahs, Insurance vs. leasing, and Mutual funds vs. Islamic mutual funds. The descriptive features have identified the presence of momentum profits in both conventional and Islamic stock portfolios. However, Islamic stocks yielded higher returns than conventional compeers. Similar trends are observed by applying Carhart’s four-factor model as well. A significant pre-recession momentum effect in mutual funds and modarabahs is overturned in the post-recession period. The time-variant volatility is modeled through the EGARCH-M based framework and has depicted sensitivity of returns θ due to omitted risk factors h_t. Further, Islamic stock portfolios are better shock absorbent and have greater receptivity to leverage effect than conventional peers.

FOOD-VALUE-CHAIN PERFORMANCE: AN INTEGRATED FRAMEWORK CONDITIONED BY GOVERNMENT INCENTIVES

Sushmita Annamalai , Yudi Fernando — Mon, 21 Sep 2026 00:00:00 +0800

Affordable food availability requires a well-functioning value chain system, yet the food sector faces mounting challenges to sustainable performance amid concerns about food security, environmental degradation, and economic viability. This study develops an integrated framework to examine the determinants of Food Value Chain Performance (FVCP) and the moderating role of government incentives in strengthening these relationships. Using a quantitative cross-sectional survey of key decision-makers across Malaysia's food value chain, the data were analysed using Partial Least Squares Structural Equation Modelling (PLS-SEM) to test direct and moderating relationships, and Necessary Condition Analysis (NCA) to assess necessary conditions. Findings show that community support is the strongest predictor of FVCP, followed by environmental collaboration, while technological factors exhibit complex effects. Government incentives significantly moderate the relationship between community support and FVCP, highlighting the role of policy intervention in improving value chain outcomes. The study contributes a unified theoretical framework and offers practical insights for policymakers and practitioners seeking to optimise resource allocation for sustainable food value chain management.

THE DETERMINANTS OF PBR AND THE ROLE OF OWNERSHIP CONCENTRATION: A SHAPLEY DECOMPOSITION APPROACH

Ohong Kwon — Mon, 21 Sep 2026 00:00:00 +0800

This study examines how ownership concentration influences firm valuation by decomposing the price-to-book ratio (PBR) into four financial components: market valuation (P/E ratio), profitability (net income/total revenue), operational efficiency (total revenue/total assets), and leverage (total assets/total equity). Using Shapley value decomposition and firm-level panel data from Korean listed companies (2014–2023), we evaluate the relative explanatory power of each component and analyze how the impact of ownership concentration on firm value varies by chaebol affiliation. The results show that PER and REV/ASSET account for a greater share of PBR variance than profitability or leverage, particularly in non-chaebol firms. Ownership concentration enhances profitability but diminishes asset efficiency, leading to a net adverse effect on firm value. These effects are more pronounced in non-chaebol firms, whereas chaebol-affiliated companies exhibit no significant relationship between ownership and firm value. By combining structural decomposition with corporate governance analysis, this study provides new insights into the drivers of firm value and the persistence of the Korea discount.