• The Journal of Asian Finance, Economics and Business
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• 제3권4호
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• pp.25-37
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• 2016

This study aims to investigate the determinants of dividend payout of Oil and Gas industry of Pakistan using secondary data from published annual reports from 2008 to 2014 listed on KSE (Karachi Stock Exchange). Dividend payout can be affected by profitability, firm size, financial leverage, sales growth, investment opportunities, liquidity, business risk, and ownership structure. Panel data technique used due to panel characteristics of available data with ordinary least square regression model to find out the impact of set of explanatory variables on the dividend payout using the Stata. Financial leverage, sales growth and business risks are the most significant variables of the study where financial leverage and business risk have significant negative effect on dividend payout while sales growth has favorable positive impact on dividend payout. Results revealed significant positive link of profitability and firm size with dividend payout whereas government ownership is negatively associated with dividend payout. Investment opportunities, liquidity and managerial ownership showed insignificant relationship with dividend payout. This Suggests that dividend payout policy is dependent on business strategies including both investment and financing decisions. Financial managers should consider these factors while formulating dividend policy of the firm.

• 산업경영시스템학회지
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• 제42권2호
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• pp.62-68
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• 2019

The growth and employment effects of R&D investment were analyzed according to business size, export value and manufacturing sectors so as to suggest improvement directions for effective industry policies. The effect of R&D investment was considered simultaneously from the two perspectives of growth and employment effect, and the causality analysis was carried out by using a path analysis. The result of the path analysis confirmed significant differences in the growth effect of R&D investment depending on business size. However, the effect of increasing employment was difficult to obtain statistically significant results for any various combinations of business size and export value. This is a mixture of directions for the effects of R&D investment on employment, which could be due to the failure to consider appropriate time lags between investment and effect. Efficiency analysis by industry sectors confirmed significant differences in efficiency depending on business size, but differences depending on export value were difficult to identify. In order to derive improvement policy by industry sector according to business size and export value, the direction of selective support policy and universal support policy was derived for six industry groups by combining the return to scale in the efficiency analysis and R&D concentration. Hirschman-Herfindahl index is used for calculating R&D concentration.

• 벤처창업연구
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• 제2권4호
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• pp.19-41
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• 2007

본 연구는 산업구조가 지식정보산업 주도로 재편되며 적정성장 기간(Time-to-market growth)이 중요한 이슈로 부상한 상태에서 창업초기단계의 적정성장을 도모해 줄 효과적인 기업지원 구축방안을 제시하는데 그 목표가 있다. 이를 위해 본 연구는 기존 지식정보 산업 단지 중심으로 도출된 클러스터의 핵심성공 요인을 분석하여 이로부터 이상적인 성장지원 클러스터를 도출 한 후, 이를 토대로 초기성장단계 기업에 대한 성장지원이 이루어져야 하는 다양한 시사점을 도출하였다. 따라서 본 연구는 클러스터 내 기관 및 기업 또는 클러스터에 연관되어져 있는 각 요인들이 속하여져 있는 네트워크망에 대한 고찰을 통하여 이상적인 네트워크망을 제시 하는데 초점을 두었다. 이를 위해 본 연구는 크게 세 가지 분석을 실시하였다. 사례조사를 통해 산업 클러스터의 성공요인 및 기업의 성장지원 클러스터 핵심성공요인을 도출하였고, 이를 네트워크 분석(Network Analysis)에 적용하기 위해 연결망 구조 분석에 접목하였다. 또한 클러스터의 핵심성공요인 분석을 토대로 도출된 기업의 성장지원망을 사회구조 행렬(Social Fabric Matrix)을 이용하여 계량화 한 후 연결망의 특성 분석을 실시하였다. 특히 본 연구는 각 기업의 성장지원기관들 간에 이루어진 연결망을 기준으로 Centrality Test를 실시하여 핵심지원체 인식을 위한 Core 분석을 실시하였다. 이로서 산업클러스터의 구조와 핵심성공요인 분석을 토대로 구축된 이상적인 기업지원 연결망간의 구조비교분석을 실시하여 기존 산업클러스터에 대한 연결망 개선 시사점을 제시하여 클러스터 내 네트워크 분석을 위한 자원의 활용과 네트워크 전략을 수립하는데 도움을 줄 수 있다.

• 유통과학연구
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• 제13권2호
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• pp.105-112
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• 2015

Purpose - There is a recent social trend that is focused on the revitalization of business-founding. Business-founding now has an important impact on the progress of the national economy because of youth unemployment and an increase in baby-boom generation retirees. However, the support and infrastructure required for business-founding of the disabled are very insufficient. Since most supporting policies are on youth or middle-aged business-founding, business-founding by the disabled and the socially weak is losing competitiveness. Accordingly, this study diagnosed the issues by analyzing the current status of business-founding by the disabled and suggested a fostering direction for the advance of business-founding by the disabled. An idea for the founding of various business items is required for the competitiveness of business-founding by the disabled and the establishment of a growth-model based on marketing is required so that business-founding by the disabled would advance toward commercialization with growth potential. Research design, data, and methodology - Regarding the study method, the existing study literature on the status and issues in business-founding was mainly explored. In addition, the existing literature on the status and issues in business-founding by the disabled was also studied. The support on business-founding by the disabled by policy enforced by the 'Welfare Service Agency for the Disabled'and the support of related agencies including financial support on the commercialization of business-founding by the disabled were also examined. Results - Existing studies on business-founding by the disabled are very insufficient. It is very difficult to study a viable business-founding by the disabled fostering policy without thorough learning on the difficulties of business-founding by the disabled. Therefore, this study suggested a direction for the resolution of various issues such as market, funds, item, operational matters, and service by analyzing the difficulties in business-founding by the disabled until now. Particularly, this study suggested that building a commercialization model from the aspect of marketing strategy and the effort to change the growth aspect of the disabled into competitiveness are essential. Conclusions - This study examined the aspect of developing an item-development process for the growth and founding of disabled-owned businesses and the requirement of a government support system by multiple policies. Since the number of studies on business-founding by the disabled is very small, it is expected that this study would become an important study in the field of business-founding by the disabled. The revitalization of business-founding by the disabled substantially contributes to the progress of the state of the economy and continuous interest is required from the viewpoint of equal advance in the society. Success models in business-founding by the disabled should be created continuously and active publicizing of them to the disabled business-founders by analyzing the success cases would also be required. In addition, it is believed that a market entry strategy by way of a win-win strategy and cooperative relation with big companies should be also developed in the future.

• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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• pp.109-114
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• 2020

The aim of this study is to develop basic artificial neural network models in forecasting the in-sample gross domestic product (GDP) of Malaysia. GDP is one of the main indicators in presenting the macro economic condition of a country as set by the world authority bodies such as the World Bank. Hence, this study uses an artificial neural network-based approach to make predictions concerning the economic growth of Malaysia. This method has been proposed due to its ability to overcome multicollinearity among variables, as well as the ability to cope with non-linear problems in Malaysia's growth data. The selected inputs and outputs are based on the previous literatures as well as the economic growth theory. Therefore, the selected inputs are exports, imports, private consumption, government expenditure, consumer price index (CPI), inflation rate, foreign direct investment (FDI) and money supply, which includes M1 and M2. Whilst, the output is real gross domestic product growth rate. The results of this study showed that the neural network method gives the smallest value of mean error which is 0.81 percent with a total difference of 0.70 percent. This implies that the neural network model is appropriate and is a relevant method in forecasting the economic growth of Malaysia.

• The Journal of Asian Finance, Economics and Business
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• 제7권9호
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• pp.191-200
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• 2020

This research paper examines the causal relationship between India's economic growth and sectoral contribution to Gross Domestic Product (GDP) and vice versa, in the short-run and long-run, over a 10 years time period. Johansen's method of cointegration is used to study the cointegration between the sectoral contributions to Indian GDP vis-à-vis India's economic growth. Further, the route of interconnection between economic growth and sectoral contribution is tested by using Vector Auto Regression (VAR) model. Special attention was given for investigating impulse responses of economic growth depending on the innovations in sectoral contribution using time-series data from 1960 to 2015. This paper highlighted a dynamic co-relationship among industrial sector contribution and agricultural sector contribution and economic development. In the long run, one percent change in industrial sector contribution causes an increase of 3.42 percent in the economic growth and an increase of 1.12 percent in the primary sector contribution, while in the short run industrial and service sector contributions showed significant impact on economic development and agriculture sector. The changing composition of sector contribution is going to be an important activity for the policymakers to monitor and control where the technology and integration of sectors play a significant role in economic development.

• The Journal of Asian Finance, Economics and Business
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• 제8권4호
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• pp.709-716
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• 2021

The main objective of this research is to find out the effect of Non-Performing Loan (NPL) of Nepalese conventional banks. The population of this study is major commercial banks in Nepal and the data obtained for this study was from the period 2015-2019. This research used secondary data and it is collected from each bank's annual report and GDP and Inflation taken from the World Bank database. The method used for data analysis in this study is multiple regression analysis. The study used NPL as a dependent variable and Return on Asset (ROA), Capital Adequacy Ratio (CAR), Bank Size, GDP growth, and Inflation as independent/explanatory variables. The result of this research shows that ROA, Bank Size, GDP, and Inflation have a significant effect on NPL but CAR does not have a significant effect on the NPL of banks. In other words, the GDP effect on NPL in this study shows a positive and significant effect while most studies show a negative effect. It demonstrates that when GDP growth increases, there is a significant increase in the growth of Nepalese banks even though there were no significant changes in income growth. Therefore, GDP growth has a positive and significant effect on the NPL of commercial banks. Thus, the bankers and policymakers need to consider GDP growth carefully while taking NPL-related decisions.

• The Journal of Asian Finance, Economics and Business
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• 제9권1호
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• pp.167-176
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• 2022

By analyzing the impact of oil prices on economic growth, this study has shown a new insight into the link between oil price inflation and economic growth. The primary goal of this study is to determine if oil prices are pro-growth or anti-growth. To provide empirical proof, the series data for both the core and control variables from 1972 to 2020 was used to justify the association on empirical grounds. To account for the presence of a unit root, the Augmented Dickey-Fuller Test was used, and after making the series compatible for co-integration, the Autoregressive distributed lag model was used to determine the empirical estimate. Additionally, the empirical models were used to diagnose heteroscedasticity and autocorrelation. The reference point model reveals that in developing nations like Pakistan, economic growth is anti-growth with an increase in prices, and it responds negatively to economic growth in the long and short run. As a result, oil price inflation in Pakistan fails to have a significant beneficial impact on economic growth in both the long and short run, but it does raise the general price level in the economy.

• International Journal of Contents
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• 제8권1호
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• pp.10-15
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• 2012

Since MegaStudy started e-learning business for Korean high school students, the Korean e-learning industry began to expand and steadily gain attention. This paper focused on the analysis of the development of the Korean e-learning business for teens and the growth of MegaStudy. The three institutional mechanisms were used to examine the factors that aided the development of the business. The regulatory mechanism was the government policy to prevent the expansion of the offline private education sector, which greatly aided the growth of the e-learning business. The mimetic mechanism was the notion to mimic the characteristics of the Korean e-business initiatives. The normative mechanism involved the widespread social norm suggesting that every student should be given an equal opportunity of private education. This paper also examined the case of MegaStudy as a successful case of the e-learning companies. It analyzed the business model of MegaStudy, which is based on its advantage as the front-runner and its high-quality contents and services.

• The Journal of Asian Finance, Economics and Business
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• 제7권1호
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• pp.249-257
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• 2020

This paper focused on the level of managerial centralization on chief executive officer (CEO) as a factor to affect the shared growth activities of corporate. As service corporations are becoming active in shared growth activities recently, this paper thus used CEO. Pay Slice (CPS) information to measure the level of managerial centralization on CEO of service corporation and tested the influence of the level of managerial centralization on whether shared growth activities are executed and the level of such activities respectively. The result of test shows that companies with high managerial centralization on CEO are more passive toward shared growth activities than those without such centralization. This can be interpreted that a CEO with more powerful influence may consider shared growth activities as to be negative and take a passive attitude to them. On the other hand, such result was supported by additional analysis with companies committing shared growth activities as well. This paper is expected to contribute to bring about interest on shared growth activities as the gap between major companies and small and medium sized companies is currently expanding in terms of operating profit ratio and even salary of employees.