• The Journal of Asian Finance, Economics and Business
• /
• 제8권1호
• /
• pp.71-79
• /
• 2021

This study investigates the capital structure policy among Indonesian public companies. Previous studies suggest that capital structure policy could follow either static or dynamic behavior. The sample data used in this study was companies in the manufacturing sector, divided into three sub-sectors: the basic and chemical industry, miscellaneous industry, and the consumer goods industry. This study uses panel data from 2010 to 2018, with the Generalized Least Square (GLS) method and compared whether the fixed effect model is better than the common effect model. The results show that the dynamic and non-linear model tests can explain the capital structure determinants than the static and linear models. The dynamic model shows that the capital structure of a certain year is influenced by the capital structure of the previous year. The findings indicate that the company performs some adjustments in its capital structure policy by referring to the previous debt ratio, which implies support to the trade-off theory (TOT). The study also shows that profitability, tangible assets, size, and age explain the variation of capital structure policy. The patterns on the dynamic and non-linear confirm that capital structure runs in a nonlinear pattern, based on the sector, company condition, and the dynamic environment.

• 수산경영론집
• /
• 제33권2호
• /
• pp.99-125
• /
• 2002

Fisheries cooperative requires dual characteristics in performing its original function. Economic characteristic as an business enterprise and democratic characteristic as cooperative entity need to complete its objectives and survive in the complex rapidly-changing environment. After IMF crisis, fisheries cooperative received enormous government's financial support and credit-business department is perfectly under government's control. Regional fisheries cooperative also faces business failure, therefore pure cooperative movement can't save the fisheries cooperative. Economic characteristic as an business enterprise is more emphasized than democratic characteristic as cooperative entity in recent years. The theory of corporate ownership and governance can be applied to explain the ownership and governance of fisheries cooperative because fisheries cooperative is now similar to an business enterprise. During the IMF crisis the board, the auditors and the minority shareholders in business enterprise were revealed to be powerless against the mighty influence of controlling shareholders. Unconstrained discretion exercised by those controlling shareholders not only led to the firms'insolvency, but also brought down the country's financial system. During the past few years, Korea has experienced many institutional changes regarding its corporate governance structure. The introduction of outside directors, the strengthening of minority shareholders' rights, and enhanced accounting transparency are achieved to improve the efficiency of economic system. Investors, including institutional and individual, also seem to be more aware of governance issues now. Credit-business department of fisheries cooperative is recommended to introduce the institutions same as the case of the corporate governance structure. Fisheries cooperative except economic and credit-business department requires other prescriptions because it is emphasized as democratic cooperative entity. But we should be careful to interpret the ownership and governance structure because they are products of nations, eras and organizations.

• 산업경영시스템학회지
• /
• 제23권55호
• /
• pp.107-116
• /
• 2000

Electronic Commerce is purchasing or sales a products and services to customers using computer network. It is different to traditional commerce. Also, It divide into business to business commerce and business to customer commerce. Cyber Shopping Mall is a representative type of business to customer commerce. The interest and demand of national business to customer commerce is explosively increasing with industry. It expect to reach 61 billion won in the 2000. Thus Structure of Cyber Shopping Mall is the more complex and the more vary types. It is the problem that change of established Cyber Shopping Mall structure is very difficult. The purpose of this study Is designed to Cyber Shopping Mall Purchase Process that deal with quickly changable internet environment and meet the needs of customers immediately using UML(Unified Modeling Language) in design phase determinant of Cyber Shopping Mal1 structure. Cyber Shopping Mall Purchase Process is designed to have objective-oriented development methodology's advantage. It has a flexibility in case of shopping mall structure change and acts as useful guideline in design phase of construction of Cyber Shopping Mall.

• The Journal of Asian Finance, Economics and Business
• /
• 제9권8호
• /
• pp.99-108
• /
• 2022

This study aims to examine the influence of capital structure on the business efficiency of joint stock commercial banks listed on the Vietnamese stock market. The article uses data collected from the financial statements of 15 prominent joint-stock commercial banks out of 27 joint-stock commercial banks listed in Vietnam from 2011 to 2021. The research uses E-view software in quantitative analysis to build regression models to determine the relationship and the impact of capital structure factors on the business efficiency of listed joint stock commercial banks. Research results show that ROA is affected by 2 variables of capital structure. It is the sum of customer deposits to total assets and total liabilities to total equity. Total debt to total equity and total customer deposits to total assets both have a negative effect on ROA. For the regression results of ROA with all control variables, the control variables have a positive relationship with the dependent variable. The article has provided recommendations based on the research findings to determine the proper capital structure. Managers must solve the outstanding amount of mobilized capital in previous years, combined with the bad debt handling activities that have arisen.

• 한국정보시스템학회지:정보시스템연구
• /
• 제30권1호
• /
• pp.21-44
• /
• 2021

Purpose The opportunities and approaches to big data have grown in various ways in the digital era. Business analytics is nowadays an inevitable strategy for organizations to earn a competitive advantage in order to survive in the challenged environments. The purpose of this study is to analyze the intellectual structure of business analytics literature to have a better insight for the organizations to the field. Design/methodology/approach This research analyzed with the data extracted from the database Web of Science. Total of 427 documents and 23,760 references are inserted into the analysis program CiteSpace. Author co-citation analysis is used to analyze the intellectual structure of the business analytics. We performed clustering analysis, burst detection and timeline analysis with the data. Findings We identified seven sub- areas of business analytics field. The top four sub-areas are "Big Data Analytics Infrastructure", "Performance Management System", "Interactive Exploration", and "Supply Chain Management". We also identified the top 5 references with the strongest citation bursts including Trkman et al.(2010) and Davenport(2006). Through timeline analysis we interpret the clusters that are expected to be the trend subjects in the future. Lastly, limitation and further research suggestion are discussed as concluding remarks.

• The Journal of Asian Finance, Economics and Business
• /
• 제7권12호
• /
• pp.293-308
• /
• 2020

This study aims to investigate the direct relationship between ownership structure, earnings manipulation, and organizational performance, and then examine the mediating effect of earnings manipulation in the relationship between ownership structure and organizational performance. This study collected and analyzed secondary data published in financial reports related to all insurance organizations listed in the Jordanian market during the study period (from 2009 until 2018). A panel data analysis was conducted, giving a total of 200 observations. The findings of this study concluded that ownership concentration, foreign ownership, and organization size affect organizational performance proxied by ROA, ROE, and EPS, more specifically, ownership concentration and organization size have a positive effect, whereas foreign ownership has a negative effect. At the same time, board of director ownership, organizational ownership, and CEO compensation did not affect organizational performance. Next, the board of director ownership, ownership concentration, foreign ownership, and CEO compensation affect earnings manipulation separately. In addition, earnings manipulation positively affects organizational performance proxied by ROA, ROE and EPS. This means that the higher the earnings manipulation is, the higher the organizational performance is. Finally, earnings manipulation mediates the relationship between ownership concentration and foreign ownership of ownership structure, and organizational performance.

• The Journal of Asian Finance, Economics and Business
• /
• 제7권7호
• /
• pp.105-112
• /
• 2020

The study investigates and measures the impact of capital structure, profitability and financial performance on the success of the business organization. Capital structure of the business organization refers to the proportion of external funds and internal funds, i.e., debt and equity. In Saudi Arabia, petrochemicals companies are working on equity, but financial performance reflects negative trend for the period 2004 to 2016. The research is based upon secondary data available on the websites of petrochemicals companies of Saudi Arabia. Financial Ratio variability analysis and Trend Indices of financial ratios (TI_CBI) measure and compare the financial variability and sensitivity of financial ratios of the business organization. Correlation between Trend Indices (TI_CBI) of independent variable and dependent variables are to be calculated to know the impact of changes in debt equity on other dependent variables. The results reveal the unexpected performance of petrochemicals companies due to under-utilization of the resources caused by low demand and lower prices of the products governed by some internal and external factors. The study finds that size, demand, cost of production, profitable streams of products, and low cost capital in external funds are the factors responsible for overall growth development of the petrochemicals industry of Saudi Arabia.

• Elastomers and Composites
• /
• 제56권1호
• /
• pp.32-42
• /
• 2021

The vulcanizate structure of silica-filled compounds is affected by the filler-rubber interaction (FRI) due to the silica-rubber coupling reaction and the chemical crosslink density (CCD) of the matrix rubber. In this study, the vulcanizate structure changes of silica-filled compounds according to the silane and sulfur variation were quantitatively analyzed using the Flory-Rehner and Kraus equations. In efficiency vulcanization (EV) conditions with low sulfur content, FRI increased when the bis-[3-(triethoxysilyl)propyl]tetrasulfide (TESPT) content increased, and the CCD clearly decreased. By contrast, in semi-EV conditions with high sulfur content, as TESPT content increased, the FRI increased the same way EV conditions, but the CCD was unchanged. Based on these results, it was confirmed that FRI of the silica-filled compounds increased as TESPT content increased, but CCD decreased or retained similar values according to the vulcanization system, indicating that the formation reaction of FRI was preferred over CCD.

• The Journal of Asian Finance, Economics and Business
• /
• 제9권8호
• /
• pp.47-55
• /
• 2022

The purpose of this study was to determine the relationship between company risk and factors such as business size, ownership structure, and leverage. The study was conducted on 142 manufacturing sector companies listed on the Indonesia Stock Exchange from 2013 to 2018. The purposive sampling method was used to select the research sample. The sample size for this study was 21 different companies. The analytical approach uses Structural Equation Modeling (SEM) with WarpPLS. According to the findings of the investigation, the size of the company has a significant influence on both the amount of leverage the company uses and the amount of risk the company takes. The level of leverage is significantly influenced by the ownership structure. However, the ownership structure does not have a significant impact on the level of risk the company; rather, leverage has a big impact on the level of risk the company faces. The findings of this study are helpful to prospective investors in measuring the risk posed by the company to make judgments regarding investments. The findings of this study are also essential for management to consider while controlling the risk of the organization.

• Journal of Information Display
• /
• 제5권2호
• /
• pp.1-5
• /
• 2004

We developed an a-Si TFT-LCD panel with integrated gate driver circuit using a standard 5-MASK process. To minimize the effect of the a-Si TFT current and LC's capacitance variation with temperature, we developed a new a-Si TFT circuit structure and minimized coupling capacitance by changing vertical architecture above gate driver circuit. Integration of gate driver circuit on glass substrate enables single chip and 3-side free panel structure in a-Si TFT-LCD of QVGA ($240{\times}320$) resolution. And using double ASG structure the dead space of TFT-LCD panel could be further decreased.