• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.305-315
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• 2021

This article aims to explore the contribution of social media value to a company's financial performance in a digital environment economy since the awareness of companies and investors in the use of social media opens up new mechanisms for disseminating information. Quantitative method is used in this study with Multivariate Analysis of Variance as the analysis tool. The data used is secondary data gathered from Indonesia Stock Exchange (IDX) using 308 companies as samples. In the multivariate test, four kinds of multivariate significance tests were carried out, namely Pillai Trace, Wilk Lambda, Hotelling's Trace, and Roy's Largest Root. It was found that social media value has a small contribution in the difference of the level of profitability and the value of the company in Indonesia, but it doesn't have a contribution to the difference of the level of liquidity. The contribution was an implication of online Word of Mouth (WOM) motives which are interrelated with signal theory and as additional information for investors in relation to single-person decision theory. This study provides an insight into the importance of social media management considering that the world of digital economy will continue to develop, so companies in Indonesia need to take advantage of these opportunities.

• The Journal of Asian Finance, Economics and Business
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• 제9권10호
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• pp.189-200
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• 2022

The gig economy offers many advantages, such as flexibility, variety, independence, and lower cost. However, there are also safety concerns, lack of regulations, uncertainty, and unsatisfactory services, causing people to voice their opinion on social media. This paper aims to explore the sentiments of consumers concerning gig economy services (Grab, Foodpanda and Airbnb) through the analysis of social media. First, Vader Lexicon was used to classify the comments into positive, negative, and neutral sentiments. Then, the comments were further classified into three machine learning algorithms: Support Vector Machine, Light Gradient Boosted Machine, and Logistic Regression. Results suggested that gig economy services in Malaysia received more positive sentiments (52%) than negative sentiments (19%) and neutral sentiments (29%). Based on the three algorithms used in this research, LGBM has been the best model with the highest accuracy of 85%, while SVM has 84% and LR 82%. The results of this study proved the power of text mining and sentiment analysis in extracting business value and providing insight to businesses. Additionally, it aids gig managers and service providers in understanding clients' sentiments about their goods and services and making necessary adjustments to optimize satisfaction.

• The Journal of Asian Finance, Economics and Business
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• 제8권4호
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• pp.665-672
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• 2021

The paper examines the impact of shadow economy and corruption, along with public expenditure, trade openness, foreign direct investment (FDI), inflation, and tax revenue on the economic growth of the BRICS countries. Data were collected from the World Bank, Transparency International, and Heritage Foundation over the 1991-2017 period. The Bayesian linear regression method is used to examine whether shadow economy, corruption and other indicators affect the economic growth of countries studied. This paper applies the normal prior suggested by Lemoine (2019) while the posterior distribution is simulated using Monte Carlo Markov Chain (MCMC) technique through the Gibbs sampling algorithm. The results indicate that public expenditure and trade openness can enhance the BRICS countries' economic growth, with the positive impact probability of 75.69% and 67.11%, respectively. Also, FDI, inflation, and tax revenue positively affect this growth, though the probability of positive effect is ambiguous, ranging from 51.13% to 56.36%. Further, the research's major finding is that shadow economy and control of corruption have a positive effect on the economic growth of the BRICS countries. Nevertheless, the posterior probabilities of these two factors are 62.23% and 65.25%, respectively. This result suggests that their positive effect probability is not high.

• The Journal of Asian Finance, Economics and Business
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• 제9권7호
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• pp.205-217
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• 2022

The purpose of this study was to explore the relationship between agricultural insurance, agricultural loans, and the agricultural industry and find ways to consolidate and improve the interactive development between these three systems. We collected relevant data from 2009 to 2019 in 15 provinces of China and constructed a coupled coordination model to analyze the data. The results are as follows: First, the eastern part of China was ahead of the central and western parts in terms of agricultural loans and the agricultural industry, while the western part was ahead of the central and eastern parts in terms of agricultural insurance. Second, the coupling degree of the three systems in all 15 provinces reached an extremely high level. Third, all 15 provinces showed an overall continuous rise in coupling coordination degree. In 2019, eight provinces reached the medium-level coupling coordination development, and seven provinces were in a state of barely coupling coordination development. The three systems formed a mutually reinforcing relationship and basically entered a state of coordinated development. Finally, there was a great development gap between different regions of China concerning the coordinated development of the three systems, therefore, innovative development is urgently needed to further promote the coordinated development level.

• Asian review of World Histories
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• 제1권2호
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• pp.265-293
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• 2013

The second volume of the Iwakura Reports is the writing on Britain. What is interesting, here, is the fact that the mission had visited the large factories in the major industrial cities. The editor of the reports in particular recorded the productive processes of goods at many factories, and wrote his own impressions of the landscapes of those cities. Those records let us know the real situation of the British economy at the time. Japanese historians admit that the activities of the Iwakura mission largely contributed to Japan's modernization. But there are few studies that analyzed the second volume of the reports which had mainly described modern factories and industrial cities. The purpose of this paper is to summarize the records of the reports on the British industry, and to examine what they recognized from the industrial civilization. The Iwakura Reports would furnish important information to the notables that had initiated the early industrialization in Japan. After the mission's visit, some British companies' export to Japan increased rapidly. What is more important, however, is that the British economy was losing its own vitality in the late Victorian age in which Japan began to be rapidly industrialized. During the Japanese industrialization, some Japanese diplomats and factory-owners might have realized the decline of the British industry. Britain began to be overtaken by her rival countries such as the United States and Germany. The Iwakura Reports do not let us know the change of the British manufacture in the late nineteenth century. Later, the leading figures of Japan's industrialization might focus on the rise of Germany or America. As the Iwakura mission had visited Britain in the early stage of the competition between Britain and other rival states, they could not know the real situation of the British economy. Furthermore, with compiling his manuscripts, the editor of the reports could not help being based upon the factory-owners' explanations and their brochures. This is the reason why he focused only on the excellence and competitiveness of British manufacture.

• East Asian Economic Review
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• 제18권3호
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• pp.301-335
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• 2014

In this paper, we consider a small open economy under the New Keynesian model with unemployment of Gal$\acute{i}$ (2011a, b) to discuss the design of the monetary policy. Our findings can be summarized in three parts. First, even with the existence of unemployment, the optimal policy is to minimize variance of domestic price inflation, wage inflation, and the output gap when both domestic price and wage are sticky. Second, stabilizing unemployment rate is important in reducing the welfare loss incurred by both technology and labor supply shocks. Therefore, introducing the unemployment rate as an another argument into the Taylor-rule type interest rate rule will be welfare-enhancing. Lastly, controlling CPI inflation is the best option when the policy is not allowed to respond to unemployment rate. Once the unemployment rate is controlled, however, stabilizing power of CPI inflation-based Taylor rule is diminished.

• Asian Journal of Innovation and Policy
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• 제4권1호
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• pp.103-127
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• 2015

This paper investigates the two academic revolutions of the Korean higher education system. Since economic catch-up began in the 1960s, Korea has strongly encouraged the activities of its higher education system to serve industrial development as it has progressed through various developmental stages. At the 'strong regulation' stage, universities focused on the provision of technicians. As the need for higher education grew, the 'massive expansion' stage emerged. Finally, most recently, university research and its direct contribution to the economy have been invigorated by strong governmental support. Possibly, this is due to the fact that the Korean government has strongly controlled not only industry but also academia. As long as other East Asian universities have similar conditions to those of the development of Korean universities, we can generalise this model not only to universities in other East Asian countries, but also to universities in other rapid catch-up countries.

• 무역상무연구
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• 제54권
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• pp.285-307
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• 2012

This study analyses the transformation of Asian steel trade and the change of corporate strategy. The purpose of this paper is to examine the circumstances of Asian steel industrial policies, and considering the feature of each nation's steel industrial policies, and the effect of the corporate strategy. In China, mighty steel productive capacity had already formed under original planned economy and industrial policy. In 2003, crude steel production have exceeded 220 million ton in China and that is 23.2% of the steel production share in the world. On the other hand, not only the amount but also the quality becomes an important point in the steel industry in the future. I consider, on researching Asian steel industry, it is important to build up partnership in Korea and Japan for achieve strategic alliance in the steel industry policies and understanding the change of corporate strategy.

• 유통과학연구
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• 제22권3호
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• pp.49-58
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• 2024

Purpose: Research on financial development plays a crucial role in guiding and implementing policies for both financial development and economic growth. This study aims to evaluate the impact of financial development on the economic growth of Southeast Asian countries. Research design, data and methodology: The research utilizes data from 11 Southeast Asian countries from 2015 to 2022. Financial development data is proxied by credit distribution in private sector. Results: Based on the analysis using the FGLS model, it indicates that financial development has a positive impact on the economic growth of Southeast Asian countries. In addition, the study also examines the impact of state investment costs and FDI investment on economic growth. The results also show that foreign direct investment flows still play an important role in Southeast Asian countries (FDI has a positive impact on economic growth). State investment costs also impact economic growth, showing that the development of public investment also brings good development to countries. Conclusions: These results suggest that credit policies for financial development in general, and the development of private credit in particular, play a significant role in these countries. Building a system to promote the activities of private sector economies will help stimulate the economic development of Southeast Asian countries.

• East Asian Economic Review
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• 제17권2호
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• pp.161-206
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• 2013

Since the global financial crisis in 2008, the world economy has been suffering from the Great Recession characterized by high and persistent unemployment as well as drastic fall in asset prices. Real business cycle theory or new-Keynesian economics which has been the dominant paradigm in macroeconomics for the last four decades is unable to explain the high and persistent unemployment during the Great Recession. This implies that the economics of Keynes should be taken seriously again as a tool to explain the Great Recession. Farmer (2012) proposes a new way of interpreting the economics of Keynes by providing it with a solid micro-foundation based on labor markets with search. According to Farmer (2012), aggregate economic activity independently depends on the long-term self-fulfilling expectations about the stock prices. As a consequence, the government or the central bank should implement a policy that influences the public's confidence about the stock market. For an open economy like the Korean economy, it is not only stock price but also the price of asset such as house that matters more for the aggregate economic activity. Households in the Korean economy hold more than 70 percent of their wealth in the form of real estate asset, especially housing asset. This makes the public's confidence about the future prices of houses even more important in explaining the business cycles of the Korean economy. Policymakers should implement policies to improve the confidence of households about the housing market to recover from the recession caused by a fall in house prices. Little theoretical work has been done in explaining fluctuations in the aggregate economic activity from the point of house prices. This paper develops a small open economy model with traded and non-traded capital based on Farmer (2012) and shows that the aggregate economic activity also independently depends on the households' self-fulfilling expectations about the future prices of non-traded asset such as houses.