• The Journal of Asian Finance, Economics and Business
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• 제8권7호
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• pp.91-101
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• 2021

The paper examines the impact of the COVID-19 pandemic on the stock market prices. The vector autoregression model (VAR) has been used in this analysis to survey 341 stocks on the Ho Chi Minh City Stock Exchange (HOSE) for the period from January 23, 2020 to December 31, 2020. The empirical results obtained from the analysis of 11 economic sectors suggest that there is a statistically significant impact relationship between COVID-19 and the healthcare and utility industries. Additional findings show a statistically significant negative impact of COVID-19 on the utility share price at lag 1. Analysis of impulse response function (IRF) and forecast error variance decomposition (FEVD) show an inverse reaction of utility stock prices to the impact of COVID-19 and a gradual disappearing shock after two steps. Major findings show that there is a clear negative effect of the COVID-19 pandemic on share prices, and the daily increase in the number of confirmed cases, indicate that, in future disease outbreaks, early containment measures and positive responses are necessary conditions for governments and nations to protect stock markets from excessive depreciation. Utility stocks are among the most severely impacted shares on financial exchanges during a pandemic due to the high risk of immediate or irreversible closure of manufacturing lines and poor demand for basic amenities.

• The Journal of Asian Finance, Economics and Business
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• 제8권7호
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• pp.11-19
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• 2021

The study aims to investigate the impact of seasonality in Gulf Cooperation Council (GCC) countries' share market during the month of Ramadan. It helps in finding the opportunities for stock market investors to earn abnormal (returns) gain by investing during Ramadan in GCC stock markets. This study uses stock returns data of GCC countries (Saudi Arabia, Bahrain, Qatar, Kuwait, Dubai, and UAE) from January 2004 to November 2019. Stock prices indexes of GCC stock markets have been obtained from Datastream. The ARCH-GARCH model is used to study the impact of the Ramadan month on the return and volatility of the stock market in GCC countries. The results showed that the Ramadan month has a significant impact on share market prices in Saudi Arabia and the United Arab Emirates. However, Ramadan has an insignificant impact on share market prices in Bahrain and Oman. The study found no evidence of serial correlational between residuals in Kuwait; meaning that stock return was not dependent on the prior stock returns in Kuwait, therefore, we cannot go for forecasting. The ARCH-LM test statistic for Qatar does not fulfill the requirement of a good regression model; therefore, we cannot go for forecasting or testing the hypothesis of Qatar.

• 동아시아경상학회지
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• 제9권1호
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• pp.53-61
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• 2021

Purpose - This study aims to understand the phenomenon called "regional multinational" in the geographical expansion of multinational enterprises and to find some evidence whether globalization of multinational enterprises tends to have a strong home region bias. Research design, data, and methodology - Through an in-depth case analysis, we analyze the series of strategic behaviors Wal-Mart made in South Korea from its entry in 1998 to its withdrawal in 2006. Then, we discuss the plausible causes of this exit, seeking to provide some evidence on the "regional multinational" phenomenon. Result - This study finds some evidence on the regional-based expansion of multinational enterprises. Our case study shows that Wal-Mart in South Korea focused on global standardization strategy and made an exit from the market as they were faced with increasing localization demands. From the perspective of multinational enterprises' globalization strategy, Wal-Mart's exit from the South Korean market can be considered as a strategic exit. Conclusion - The findings of this study suggest that while national responsiveness and localized adaptation are considered as a panacea for penetrating international markets, in reality most multinational enterprises attempt to add value primarily by capitalizing on similarities across markets and remain as regional multinationals.

• The Journal of Asian Finance, Economics and Business
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• 제9권9호
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• pp.105-114
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• 2022

Financial markets have long been known to be prone to behavioral biases. One such behavioural bias that is consequential yet pervasive in financial markets is the herd effect. The objective of this study is to determine whether or not there exist herd behaviour in the new and bourgeoning Decentralized Finance (DeFi) Tokens market. This is accomplished by using daily returns of 22 DeFi tokens from January 29, 2017 to August 19, 2021, and the Cross-sectional Absolute Deviation (CSAD) of market returns to capture herd behavior. The results fail to provide any evidence of herding in the DeFi token market on bullish days, that is days for which the average market returns is positive. For bearish days however, that is days for which the market returns is negative, our empirical findings point to the presence of adverse herding in the DeFi token market. This phenomenon can be explained to some extent by the investor composition of the DeFi market. The DeFi token space is a growth market dominated by experts and/or enthusiasts who are insulated against the temptation and panic of negative market swings by the level of market and technical information they possess on the assets they invest.

• The Journal of Asian Finance, Economics and Business
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• 제9권1호
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• pp.133-142
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• 2022

This study examines the relationship between debt maturity structure and bankruptcy risk. There are various studies of leverage's effect on bankruptcy risk. Debt maturity, however, has not received the attention it deserves, especially in emerging markets with a high degree of information asymmetry. Using Vietnamese listed company data and various estimations, we find that leverage is positively associated with the likelihood of default. Importantly, short-term leverage shows a significantly positive effect on bankruptcy risk, while long-term leverage does not show significant results. The findings highlight that rollover risk firms are exposed to when using short-term debt increases bankruptcy risk. Meanwhile, firms do not cope with this risk in case of long-term debt adoption. High information asymmetry in emerging markets may be the main reason for the difference. The result is robust for subsamples of firms in different financial conditions, in concentrated and competitive industries, as well as for manufacturing and non-manufacturing companies. We also find that firms in a better financial situation and concentrated industries experience a higher short-term leverage effect than their counterparts. We, however, do not find a significant difference in the impact between manufacturing and non-manufacturing companies. This paper is among the first to examine the relation between debt maturity and bankruptcy risk in Vietnam.

• The Journal of Asian Finance, Economics and Business
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• 제9권3호
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• pp.377-388
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• 2022

The Personal sense of uniqueness (PSU) is positively associated with subjective well-being and has been recently shown its correlation with happiness, influencing consumer's experience behavior. However, the effects of hedonic and eudaimonic experience on conspicuous and inconspicuous (consumer's need for status and inner fulfillment) are unknown. The purpose of this research is to address a gap existing in the literature by testing the effects of PSU on hedonic and eudaimonic leisure experiences and how happiness leisure experiences effects conspicuous and inconspicuous consumption. The relationships hypothesized in the model are tested using partial least squares structural equation modeling (PLS-SEM) and bootstrapping procedure. Data was gathered using a self-administrated survey, answered by 200 consumers based on consumers' leisure experiences. The findings of this study suggest that (i) PSU positively and significantly influence hedonic and eudaimonic happiness; (ii) the effect of PSU on eudaimonic happiness is higher than in hedonic happiness; (iii) eudaimonic happiness positively and significantly influence conspicuous and inconspicuous consumption; and (iv) hedonic happiness negatively and significantly influence conspicuous and inconspicuous consumption. This study helps fill a gap in the literature by introducing and testing the effect of hedonic and eudaimonic leisure experiences and the relationship between these constructs and PSU and (in) conspicuous consumption.

• Journal of Korea Trade
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• 제25권4호
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• pp.146-163
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• 2021

Purpose - This paper examines China's impact on Korea's ICT exports considering the direct competition channel, the production shift channel, and the indirect demand channel at once. This paper also takes China's economic rebalancing into account and discusses whether it makes any differences in the effect of the three channels. Design/methodology - To quantify the effect of the three channels, I constructed a linear panel regression model and estimated it with various estimation methods including the system GMM. China's exports toward the same destination as Korea's exports, Korea's exports toward China, and the third countries' exports toward China respectively reflect the three channels. China's GVC indicators are included as well to evaluate the effect of further China's economic rebalancing. Since the present paper has a greater interest in the effect of China rather than the determinant of bilateral trade, a (fixed effect) panel model becomes more appropriate than the gravity model because timeinvariant variables in the gravity model, such as the distance and the language, are eliminated during the estimation process. Findings - The estimation results indicate that Chinese ICT exports are complementary to Korea's ICT exports in general. However, when markets are considered in subgroups, China's ICT exports could have a negative effect in the long run, especially for SITC75 and SITC76 markets, implying a possible competitive threat of China. The production shift effect turns significant during China's economic rebalancing in the markets for the advanced economies and the SITC76 product. China's indirect demand channel is also in effect significantly for the advanced economy and SITC75 commodities during China's economic rebalancing periods. In addition, this paper shows that China's transition toward upstream in the global value chain could have a positive impact on Korea's ICT exports, especially at the Asian market. Originality/value - The contribution of this paper is threefold. First, it focuses on the ICT industry for which Korea increasingly depends on China and China becomes a global hub of the GVC. Second, this paper quantitatively studies three channels in a model in contrast to the literature which mostly examines those channels separately and pays less attention to the GVC aspect. Third, by utilizing relatively recent data from the period of 2001-2017, this paper discusses whether China's economic rebalancing affects the three channels.

• 한국수산과학회지
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• 제57권1호
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• pp.15-22
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• 2024

This study assessed microbial contamination in seven fried fish pastes sold in Southeast Asian traditional markets during summer. It measured viable cell count, coliforms, Escherichia coli, fungi, and Staphylococcus spp. It also qualitatively analyzed Vibrio parahaemolyticus, Salmonella spp., Bacillus cereus, Listeria monocytogenes, and Clostridium perfringens. The average viable cell count, coliforms and fungi were detected as 6.34 (3.84-8.13), 2.16 (1.00-3.55), and 3.92 (1.85-7.74) log₁₀ CFU/g, respectively. Staphylococcus spp. was detected at 4.59 (2.10-7.63) log₁₀ CFU/g. Some samples had high contamination levels: viable cell count (8.13 log₁₀ CFU/g), fungi (7.74 log₁₀ CFU/g) and S. aureus (7.63 log₁₀ CFU/g). However, E. coli was not detected in any samples (ND, <1 log₁₀ CFU/g). V. parahaemolyticus, Salmonella spp., B. cereus, L. monocytogenes, and Cl. perfringens were also not detected in the samples. The microbial contamination data provide insight into managing microbial contamination and ensuring the safety of fried fish pastes in traditional summer markets.

• 대한지리학회지
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• 제39권6호
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• pp.955-970
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• 2004

세계항공시장은 최근 세계화의 흐름속에서 자유화. 규제완화, 민영화 추세에 있으며. 항공자유화를 지역적 단위에서 실현하는 지역블록화 현상이 뚜렷해지고 있다. 본 연구는 세계항공시장의 지역블록화 현상과 그 배후에 작용하고 있는 정치경제학적인 메카니즘을 유럽 단일항공시장 형성을 중심으로 고찰한다. 연구결과 유럽 단일항공시장 형성은 미국이라는 거대한 항공시장의 역내 자유화와 이를 바탕으로 한 미국중심의 범세계적 항공자유화 네트워크 구축에 대응하여 유럽 항공산업의 대미경쟁력 제고를 위한 전략적 고려의 산물이라는 것을 보여 준다. 보다 구체적으로 유럽 단일항공시장은 미국의 유럽 항공산업에 대한 분리지배 및 포위전략에 맞서 유럽항공사들이 세계최대의 항공노선인 북대서양 노선에서 미국항공사들과 보다 효율적으로 경쟁할 수 있도록 하기 위한 유럽연합 차원의 전략적 대응이라는 현상을 보여준다. 최근 유럽 단일항공시장은 주변의 지중해연안국가 및 발칸국가들까지 편입시킴으로써 범유럽항공협력의 지속적인 추진과 유럽공동항공지역의 확대 및 심화를 통해 향후 역외국가와의 교섭에 있어 협상 레버리지를 더욱 높여 나가려는 추세에 있다. 이러한 연구결과는 우리나라를 포함한 동북아 지역도 항공부문의 지역주의를 창설하는 것이 역내 항공산업의 발전 및 역외교섭력 제고면에서 시급하다는 것을 시사한다.

• 한국식생활문화학회지
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• 제24권6호
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• pp.641-648
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• 2009

The principal objective of this study was to analyze Swede's perceptions of Asian food using a means-end chain method, which may contribute to our understanding of new markets for a food industry interested in globalizing Korean food. With the Means-end chain method, one can determine the cognitive structures built in consumer's minds, which are developed by connecting attributes of product, consequences, and values. The attributes of Asian food that are most positively perceived by Swedes are 'fresh vegetables', 'low-fat', 'light meat and seafood', 'exotic ingredients', 'not expensive' and 'unknown food'. The consequences of eating Asian food connected to these attributes are 'healthy', 'tasty', 'good way to save money' and 'curious'. Finally, Swedes expect to enjoy a value of 'achievement' at the end. Based on the result that 'unknown food' attribute is connected to 'achievement' value, Swedes are assumed to be attracted by the fact that Korean food is 'unknown food'. However, the effect of the 'unknown food' attribute will fade away with time; therefore, stressing Korean food's status as a 'healthy' food, which can be attributed to its use of 'fresh vegetable' and 'light meat and seafood' ingredients and 'low fat' cooking method may be effective as a long-term strategy for making Korean food attractive. The 'healthy' consequence is connected to Swedes' perception of the value 'achievement' and simultaneously to their perception of the value 'belonging and love/sense of belonging'.