• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.1113-1122
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• 2020

The purpose of this study is to examine how the Indian banks have adjusted their risk-based capital ratios during 2009-2018 to meet the regulatory requirements. Banks can, in principle, increase their risk-based regulatory capital ratio, either by increasing their levels of regulatory capital or by shrinking their risk-weighted assets by adjusting asset growth or risk in the portfolio. We investigate banks' capital behavior by decomposing the change in the capital ratio into the contribution of its components and analyzing their variance across regulatory regimes and banks' ownerships. We further investigate how each component of the capital ratio is adjusted by the banks by breaking down them into balance sheet items. We find that the banks' capital behavior significantly differed between public and private sector banks and between the two regulatory regimes. During Basel II, banks, in general, followed a strategy of aggressive asset growth with increased risk-taking. The decline in the CRAR because of such an expansionary strategy was adjusted by augmenting additional capital. However, during Basel III, due to higher capital requirements, both in terms of quantity and quality, banks followed a strategy of cutting back their asset growth and reducing the risk in their portfolio to maintain their CRAR.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.141-148
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• 2020

This paper analyzes factors affecting the debt maturity structure of enterprises listed on the Vietnam stock market. The panel data of research sample includes 549 non-financial listed enterprises on the Vietnam stock market from 2009 to 2019. The Generalized Least Square (GLS) tool is employed to address econometric issues and to improve the accuracy of the regression coefficients. In this research, debt maturity structure is the dependent variable. Capital structures, fixed assets, liquidity, firm size, asset maturity, profitability, corporate income tax, gross domestic product, inflation rate, credit growth scale are independent variables in the study. The model results show, that among the factors affecting the structure of debt maturity, the capital structure, asset structure, and firm size have the highest estimation coefficients, which shows that capital structure, asset structure, and firm size plays an important role in the decision-making process of debt maturity structure. The empirical results show that there are differences in the impact of these factors on the debt maturity structures in state-owned enterprises and non-state enterprises listed on the Vietnam stock market. The findings of this article are useful for business administrators, helping business managers make the right financial decisions to determine the target debt maturity structure in enterprises.

• Journal of the Korean Data and Information Science Society
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• 제24권4호
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• pp.669-677
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• 2013

본 연구에서는 다중자산 옵션 가격의 추정에 있어 자산의 수, 상관계수, 자산의 값들과 표준편차의 여러 조합에 대한 시뮬레이션을 통하여 저불일치 수열에 따르는 준난수 몬테칼로 방법들을 비교하였다. 결과적으로 준난수와 모로 역변환을 이용하는 것이 기본적인 몬테칼로 방법보다 정확하였으며 자산의 수와 관계없이 준난수 방법들 중 혼합법들이 더욱 효과적임을 알 수 있었다.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.45-52
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• 2021

The capital structure is one of the hot financial topics among researchers and scholars. Its importance comes from the fact that capital structure is closely related to companies' ability to meet different stakeholders' needs. A suitable capital structure will boost the business and create a competitive advantage in the context of fierce competition. Many companies choose an optimal debt level based on the trade-off between interest and debt costs. This study aimed to test the existence of trade-off theory in capital structure, the case of Vietnam's real estate companies, which are growing very fast recently. Instead of considering constant optimal leverage to test the trade-off model, we take advantage of the dynamic capital structure determined by growth opportunities, profitability, tax incentives, tangibility, liquidity, and firm size. The dynamic panel data regression was estimated by the system Generalized Method of Moment (Sys-GMM). The empirical evidence showed that real estate companies listed in the Vietnamese stock market might change their leverage toward a target capital structure determined by influential factors in a long-term perspective. In particular, the debt-to-asset ratio will change by approximately 14 percent, positively, in response to the difference between the current debt-to-asset ratio and the dynamic target debt-to-asset ratio.

• 산경연구논집
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• 제9권10호
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• pp.83-89
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• 2018

Purpose - The purpose of this study examines when the optimism impact on financial asset price forecasting and the boundary condition of optimism in the financial asset price forecasting. People generally tend to optimistically forecast their future. Optimism is a nature of human beings and optimistic forecasting observed in daily life. But is it always observed in financial asset price forecasting? In this study, two factors were focused on considering whether the optimism that people have applied to predicting future performance of financial investment products (e.g., mutual fund). First, this study examined whether the degree of optimism varied depending on the direction of the prior price trend. Second, this study examined whether the degree of optimism varied according to the forecast period by dividing the future forecasted by people into three time horizon based on forecast period. Research design, data, and methodology - 2 (prior price trend: rising-up trend vs falling-down trend) × 3 (forecast time horizon: short term vs medium term vs long term) experimental design was used. Prior price trend was used between subject and forecast time horizon was used within subject design. 169 undergraduate students participated in the experiment. χ² analysis was used. In this study, prior price trend divided into two types: rising-up trend versus falling-down trend. Forecast time horizon divided into three types: short term (after one month), medium term (after one year), and long term (after five years). Results - Optimistic price forecasting and boundary condition was found. Participants who were exposed to falling-down trend did not make optimistic predictions in the short term, but over time they tended to be more optimistic about the future in the medium term and long term. However, participants who were exposed to rising-up trend were over-optimistic in the short term, but over time, less optimistic in the medium and long term. Optimistic price forecasting was found when participants forecasted in the long term. Exposure to prior price trends (rising-up trend vs falling-down trend) was a boundary condition of optimistic price forecasting. Conclusions - The results indicated that individuals were more likely to be impacted by prior price tends in the short term time horizon, while being optimistic in the long term time horizon.

• 유통과학연구
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• 제17권1호
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• pp.73-87
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• 2019

Purpose - This research aims to investigate the effects that the selection of oriental medicine cosmetics and brand asset attributes have on consumers' economic, emotional and social values in order to shed light on the forms and characteristics of consumption within the globally developing oriental medicine cosmetics market, and in the end positively verify how such perceived values affect purchase intention. In addition, it proposes research outcomes by comparing the differences between national and cultural consumer purchase behavior based on the comparisons of consumer groups in South Korea and China, the major markets for oriental medicine cosmetics. Research design, data, and methodology - Based on advanced research a total of 9 hypotheses were designed and questionnaires consisting of 16 questions to identify six major variables were conducted. Research was carried out centered on Seoul, South Korea, and its surrounding metropolitan area as well as Beijing and Shanghai, China, and a total of 577 sets of significant data were collected. A comparison analysis was then conducted on the data from 285 Koreans and 292 Chinese. A regression analysis and path analysis were also carried out based on a structural equation model to suggest results. Results - Research results show brand value assets had a more crucial impact on consumers' perceived value than consumer selection of oriental medicine cosmetics, while emotional value had a bigger effect on purchase intension than social or economic values. For Chinese consumers in particular, social, economic and emotional values affected purchase intention, while emotional value was the most crucial factor for Korean consumers. Conclusions - With oriental medicine cosmetics, brand characteristics and images that helped express emotional desire proved to be more effective in marketing than the performance aspect of cosmetics, including their functions and ingredients. In the end, products that highlight individual desire and emotion should be introduced instead of those that emphasize price, functions and social characteristics in order to expand the global market of oriental medicine cosmetics.

• 한국산학기술학회논문지
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• 제9권6호
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• pp.1856-1868
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• 2008

본 연구는 최근 들어 부각되고 있는 문화마케팅이 기업윤리와 사회적 책임의 조절효과를 중심으로 기업이미지와 브랜드자산형성에 어떤 영향을 미치고, 문화마케팅이 기업이미지와 브랜드자산을 형성하는 각 유형들 중 어느 부분에 더 밀접한 영향을 주는지에 대한 연구이다. 연구 결과는 다음과 갈다. 첫째, 문화 마케팅활동은 기업브랜드 자산에 간접적인 영향을 미쳤다. 둘째, 문화 마케팅은 기업브랜드 이미지에 직접적인 영향을 미쳤다. 셋째, 문화마케팅은 브랜드연상 이미지에 긍정적인 영향을 미쳤다. 넷째, 사회적 책임과 기업윤리는 브랜드 충성도에 간접적인 영향을 미쳤다. 다섯째, 기업의 사회적 책임과 기업윤리는 브랜드 이미지에 긍정적인 영향을 미쳤다. 여섯째, 기업의 사회적 책임 중 지역사회 활동은 조절변수 역할을 했다. 일곱째, 응답자의 일반적 특성에 따라 기업의 마케팅, 사회적 책임 및 윤리의식, 브랜드 자산에 대한 인식의 차이를 보였다. 위의 결과를 요약해보면 문화마케팅은 기업이미지라는 매개체를 통하여 기업의 브랜드자산 형성에 간접적인 영향을 미치고 있음을 규명할 수 있었다. 이 연구결과는 기업들이 문화마케팅이 가지고 있는 특성과 매체와의 적절한 조화, 지속적이고 장기적인 계획, 브랜드자산 유형과의 연계성을 감안한 전략적 마케팅계획수립의 중요성을 암시해 주고 있다. 또한 상품과 서비스의 생산 및 제공이라는 기업의 경제적 활동이 경제적 결과만을 가져오지 않고 부의 편재, 정경유착 문제, 소비자 안전문제, 공해문제 등의 부정적인 사회적 결과를 가져온다고 인식됨에 따라 경제적 기능으로 한정되는 기업의 역할에 대한 반성을 일게 했다. 이러한 반성으로부터 나타난 것이 기업의 사회적 역할, 즉 기업의 사회적 책임이며, 기업윤리의 실천을 동시에 조화롭게 추구하도록 요청받게 된 것을 확인할 수 있었다.

• 유통과학연구
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• 제16권11호
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• pp.21-27
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• 2018

Purpose - This study investigates the financial ratio of savings banks and the effect of the ratio having influence upon bankruptcy by quantitative empirical analysis of forecast model to give material of better management and objective evidence of management strategy and way of advancement and risk control. Research design, data, and methodology - The author added two growth indexes, three fluidity indexes, five profitability indexes, and four activity indexes CAMEL rating to not only the balance sheets but also the income statement of thirty savings banks that suspended business from 2011 to 2015 and collected fourteen financial ratio indexes. IBMSPSS VER. 21.0 was used. Results - Variables having influence upon bankruptcy forecast models included total asset increase ratio and operating income increase ratio of growth index and sales to account receivable ratio, and tangible equity ratio and liquidity ratio of liquidity ratio. The study selected total asset operating ratio, and earning and expenditure ratio from profitability index, and receivable turnover ratio of activity index. Conclusions - Financial supervising system should be improved and financial consumers should be protected to develop saving bank and to control risk, and information on financial companies should be strengthened.

• Journal of Electrical Engineering and Technology
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• 제13권4호
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• pp.1631-1637
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• 2018

Electric utilities has been considered the necessity to introduce asset management of electric power facilities in order to reduce maintenance cost of existing facilities and to maximize profit. This paper aims to provide data that can helpful to make profitable decision in terms of power transformers which have a significant part in the power system. Therefore, this study is modeling input cost for power transformer during its entire life and also the life cycle cost (LCC) technique is applied. In particular, the variation of transformer state related with maintenance and the variation of the EUAC curve based on cost and effect of maintenance is examined. In this study, the trend of the equivalent uniform annual cost (EUAC) according to maintenance cycle and cost of equipment is analyzed. In line with that, sensitivity analysis influenced by the changes of other cost factors was performed.

• 한국조명전기설비학회:학술대회논문집
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• 한국조명전기설비학회 2009년도 추계학술대회 논문집
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• pp.223-226
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• 2009

Various database and analysis system has been used for the cost effective maintenance of distribution facility but it is not effective because of the lack of interconnection among these systems. In order to overcome this problem this paper proposes reliability centered maintenance system based on the on-line monitoring of distribution system through intelligent distribution equipment. This system is made by the interconnection of distribution automation system, asset management system, failure analysis system and failure mode effect analysis system.