• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.335-343
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• 2021

Profit generation is one of the main goals of small- and medium-sized enterprises (SMEs). SMEs have deployed a number of solutions to increase profits, including solutions to improve their financial advantage. The question is how to help SMEs make better and more effective decisions to improve their competitive advantage in order to improve their financial performance. The aim of this research is to examine the impact of competitive advantage on financial performance in small- and medium-sized enterprises (SMEs) in Hanoi. A survey of 120 accountants, sales staff and boards of directors of SMEs was conducted to collect data. Through quantity methodology, we used Cronbach's Alpha, EFA and correlation analysis to determine the relationship between competitive advantage and dependent variable - financial performance. The results showed that the competitive advantage had a positive relationship with financial performance. There is not, statistically, significant difference in the level of financial performance in SMEs in Hanoi in terms of genders and between the mentioned three groups of job descriptions. From the findings, this study suggests several recommendations to improve financial performance such as increase sales and increase profits. The results are considered as a useful reference for establishing policies to attract customers toward sustainable development of firms.

• The Journal of Asian Finance, Economics and Business
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• 제8권4호
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• pp.33-42
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• 2021

This study aims to investigate the relationship between foreign direct investment (FDI) and economic growth at the provincial level by using time-series data in Binh Dinh from 1997 to 2019. We applied the quantitative approaches Vector Autoregression (VAR) and Autoregressive Distributed Lags (ARDL) in the model, which includes economic growth, real foreign direct investment capital, ratio of trained workers, and infrastructure. The results show that all these variables are stationary at the first difference. In ARDL analysis, we found that the economic growth positively affects FDI attraction. However, there is no evidence of the effect of FDI on economic growth in the condition of low capital implemented. Moreover, findings also show that the impact of FDI on economic growth is influenced by two factors: infrastructure and human capital. The lack of human capital, which is trained personnel and infrastructure, is the main barrier hindering and inhibiting FDI's contribution to local economic growth. In order to improve the efficiency of FDI on economic growth in the future, it is suggested that the Binh Dinh government should have proper policies in terms of the infrastructure, the human capital investment. They would allow Binh Dinh to enhance the capital absorptive capacity and capital efficiency.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.875-883
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• 2021

In view of integration and development, compliance with regulations on information disclosure has important implications for users. Corporate social responsibility disclosure (CSRD) is an increasing concern of the community and society. CSRD always poses many challenges for the profitability of banks. The article uses the ordinary least square method to examine this relationship and employs timeseries data of five years from 18 Vietnamese listed banks from 2015 to 2019. The analysis is informed by Jensen and Meckling's Agency theory, Freeman's Stakeholder theory, and Dowling and Pfeffer's Legitimacy theory. The study results show that, with the CSRD dependent variable, return on assets (ROA) and net interest margin (NIM) have an opposite influence, but return on equity (ROE) has no effect on CSRD, while on the profitability dependent variable, CSRD has a different influence from ROA, ROE, and NIM. To enhance the relationship between CSRD and profitability, Vietnamese listed banks need to comply with CSRD as well as demonstrate responsibility to the community and society. Managers need to have clear development policies and strategies to ensure both profitability and responsibility regarding social and community activities. The State Securities Commission of Vietnam should enforce strict sanctions, conduct inspection, and complete evaluation criteria for Vietnamese listed banks.

• 한국융합학회논문지
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• 제11권12호
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• pp.243-251
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• 2020

본 연구에서는 내부회계관리제도의 취약점 보고유형과 경영자보상사이의 관계를 확인한 후, 지배구조 특성에 따라 이러한 관계가 달라지는지를 분석하고자하였다. 분석 자료는 2011년-2016년까지 금융업을 제외한 6,343개의 KOSPI&KOSDAQ기업을 이용하였다. 연구결과 첫째, CL의 취약점을 보고하는 기업에서 경영자보상은 감소하였다. 둘째, 지배구조에 따라 이러한 관련성은 더욱 강화되는 것으로 나타났다. 본 연구는 제도의 운영결과에 대한 정보가 경영자 보상에 반영됨을 확인함에 따라, 향후 제도를 보다 효과적으로 구축하도록 경영자 노력을 유인하기 위해서는 기업에 맞는 합리적인 보상정책과 지배구조를 연구할 필요성이 있음을 시사한다. 향후 보상위원회를 비롯하여 경영자보상에 영향을 미치는 내부통제장치를 추가하여 분석한다면, 연구결과를 보다 강력하게 지지하는 근거를 마련할 수 있을 것이다.

• 한국융합학회논문지
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• 제13권4호
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• pp.321-329
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• 2022

본 연구는 경영전략 상 신제품 또는 R&D비용 관련 고유위험을 가진 선도형 기업이 회계감사시간에 어떤 영향을 미치는지 분석하며, 더 나아가 직급별 감사시간에 어떤 영향을 미치는지 분석한다. 표본은 유가증권 및 코스닥 상장기업을 대상으로 2018년부터 2019년 표본을 이용하여 실증분석하였다. 분석결과, 첫째, 선도형 기업의 고유위험을 감사인이 인지하고 감사품질을 높이기 위해 노력하고 있는 것으로 나타났다. 둘째, 감사팀 내 직급과 역할에 따라 상응하는 위험정도가 다르기 때문에 위험정도가 높은 핵심직급에서 더 높은 노력을 하는 것으로 나타났다. 본 연구의 결과는 기업의 경영전략 유형이 재무보고품질이나 조세회피 등과 같은 기업 내부적 요인이 아닌 외부 관계자인 감사인의 감사노력과 자원투입에 어떠한 영향을 미치는지 검증하는데 연구의 의의가 있다. 또한 감사품질 제고를 위한 정책과 제도를 마련하는 데 있어, 기업의 경영전략이 중요한 고려 요소가 될 수 있다는 중요한 함의를 갖는다.

• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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• pp.977-993
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• 2020

Sustainable tourism is the development of tourism activities to meet the current needs of tourists and indigenous peoples while paying attention to the conservation and improvement of resources for the development of tourism activities in the future (World Tourism Organization, 2013). With the aim of identifying factors affecting the development of sustainable tourism in the South Central Coast of Vietnam, the study conducted a typical survey of 160 tourism managers and 240 tourists traveling or have participated in tourism activities of 8 provinces in the South Central Coast of Vietnam, and used the exploratory factor analysis (EFA) analysis and regression analysis for analyzing the data. The research results show that 11 factors impact the development of sustainable tourism in the South Central Coast namely Institutions and policies for tourism development, Infrastructure, Tourism resources, Human resources for tourism, Diversity of tourism services, Relevant support services, Activities of association and cooperation for tourism development, Tourism promotion and encouragement, Tourists' satisfaction, Local community, and Other factors. At the same time, among the above factors, the factors Institutions and policies for tourism development, Infrastructure, Tourism resources, and Local community strongly impact the development of sustainable tourism in the region.

• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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• pp.683-692
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• 2020

The primary purpose of the study is to investigate the volatility spillovers from global economic policy uncertainty and macroeconomic factors to the Islamic stock market returns. The study focuses on the Islamic stock indices of emerging economies including Indonesia, Malaysia, and Turkey. The Macroeconomic factors are industrial production, consumer price index, exchange rate. EGARCH model is employed for investigation of volatility spillovers. The results show that the global economic policy uncertainty has a significant spillover effect only on the returns of Turkish Islamic stock index. Similarly, the shocks in macroeconomic factors have little influence on the volatility of Islamic indices returns. The volatility of Indonesian and the Turkish Islamic stock indices returns is not influenced from the fluctuations in macroeconomic factors. However, there is significant volatility spillover only from industrial production to the returns of Malaysian Islamic index. The results suggest that the Islamic stock markets are less likely to influence from the global economic policies and macroeconomic factors. The stability of Islamic stocks provide opportunity for diversification of portfolios, particularly in stressed market conditions. The major price factors of Islamic markets could be firms' specific factors or investors' behaviors. The findings are helpful for policy makers and investors in formulating policies and portfolios.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.369-376
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• 2020

Credit capital from customers' savings deposit (CSD) of banks has an important meaning in the business activities of the banking industry. There are many factors that influence the CSD satisfaction with banks. Certain changes have been made when there are fluctuations due to COVID-19. The article is based on an analysis assessing the factors that influence the CSD satisfaction of Vietnamese commercial banks in the context of COVID-19. The authors use a sample of 1,639 CSD. The results show that there are three variables that positively affect CSD satisfaction, including legal provisions of the Central bank (Legal), policies and mechanisms of commercial banks (Policy), and products of commercial banks (Product). Accordingly, in order to contribute to strengthening this capital mobilization of savings deposit, the Central bank of Vietnam needs to play a pivotal role in the regulations of the banking system to ensure its stability; control well monetary policy, interest rates, and inflation to keep a stable position in the economy; and provide timely financial support packages to enhance the confidence of CSD. Moreover, Vietnamese commercial banks need flexible policies and mechanisms to stimulate CSD; strengthen support on deposit rates for CSD; and diversify products to easily adapt to each CSD's situation.

• Journal of the Korean Wood Science and Technology
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• 제38권6호
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• pp.507-517
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• 2010

2006 IPCC 가이드라인에서 제안한 HWP 탄소계정 방법을 이용하여 HWP 내 탄소 저장량을 추정하였고 우리나라 국가 온실가스 인벤토리와 산림 부문에 미칠 영향을 분석하였다. 사용 중에 있는 제재목, 목질보드류, 기타 산업용 목재, 종이 및 판지를 대상으로 하여 목제품 내 탄소저장량의 변화량을 추정하였다. 1970년부터 2008년 동안 사용 중에 있는 목제품 내 이산화탄소 저장량의 연간 변화량은 접근법에 따라 -9,023 Gg $CO_2$/yr에서 4,052 Gg $CO_2$/yr으로 추정되었다. 우리나라는 목제품의 순수입국이기 때문에 탄소 축적 변화 접근법이 가장 유리한 결과를 보였다. 그러나 각 접근법이 목제품의 벌채량 및 교역량, 바이오에너지로의 목재 이용과 재활용에 미치 는 영향은 상이하게 나타나고 있다. 따라서 계정 방법에 대한 우리나라 입장을 결정할 때 국가 온실가스 인벤토리에 대한 영향뿐 아니라 미래에 추진할 산림정책 방향도 고려하여 야기될 수 있는 부정적인 영향을 최소화하는 방법을 선택해야 한다.

• Journal of Forest and Environmental Science
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• 제32권1호
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• pp.55-67
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• 2016

This paper investigated policies that drive the sustainable management of Ivorian forest which disappear at an annual rate of 250000 hectares. Based on an inter-temporal model for optimum allocation of forest land to three competing uses, the article found that sustainability depends on the incentive structure, of which forest taxes and fees are a key, though obviously not the sole, component. The study proposed to increase the area fee level by accounting for environmental externalities generated by forest harvesters and farmers. The paper showed that the area fee is a decreasing function of the forest natural rate of regeneration and the reconversion rate of agricultural surfaces. Finally, at the given forest natural rate of regeneration and the reconversion rate of agricultural surfaces, the model argued that the area fee need to be progressive (arithmetic progression) in the context of ecological equilibrium break while it should remain constant in normal situation.