• The Journal of Asian Finance, Economics and Business
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• v.3 no.4
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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.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.177-184
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• 2020

This paper analyzes factors affecting corporate investment decisions in economic groups listed on the Vietnam stock market. The panel data of the research sample includes 39 economic groups listed on the Vietnam stock market from 2009 to 2019. The Generalized Least Square (GLS) is employed to address econometric issues and to improve the accuracy of the regression coefficients. In this research, the investment rate is a dependent variable. Cash-flow (CF), Investment opportunities (ROA), Fixed capital intensity (FCI), Leverage (LEV), Sales growth (GR), Size (SZ), Business risk (RISK) are independent variables in the study. The model results show that cash flow and sales growth have the same impact on investment decisions of economic groups in Vietnam. In addition, investment opportunities have a negative impact on the capital investment decisions of economic groups. The remaining factors include fixed capital intensity, leverage, firm size, and business risks that have a weak and insignificant impact on capital investment decisions of economic groups in Vietnam. The findings of this article are useful for business administrators, and helping business managers make the right financial decisions. Besides, the research results are also meaningful to money management agencies. The authors recommend that the State Bank of Vietnam should maintain a sustainable monetary policy.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.10
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• pp.219-228
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• 2021

The study examines the behavior of stock prices after large price changes. It further examines the effect of firm size on stock returns, and the presence of the disposition effect. The study employs the event study methodology using daily price data from Pakistan Stock Exchange (PSX) for the period January 2001 to July 2012. Furthermore, to examine the factors that explain stock price behavior after large price movements, the study employs a two-way fixed-effect model that allows for the analysis of unobservable company and time fixed effects that explain market reversals or continuation. The findings suggest that winners perform better than losers after experiencing large price shocks thus showing a momentum behavior. In addition, the winners remain the winner, while the losers continue to lose more. This suggests that most of the investors in PSX behave rationally. Further, the study finds no evidence of disposition effect in PSX. The investors underreact to new information and the prices continue to move in the direction of initial change. The pooled regression estimates show that firm size is positively related to post-event abnormal returns while the fixed-effect model reveals the presence of unobservable firm-specific and time-specific effects that account for price continuation.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.2
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• pp.143-150
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• 2021

This study investigates and analyzes the difference in Indonesian banks' earnings quality in the pre-audit and post-audit period. This study also investigates the difference in audit quality done by public accounting firms. This study employs time series data taken from the unaudited and audited financial statements of banks listed on the Indonesia Stock Exchange in 2012-2016. Sample selection is made by using a purposive sampling method. The population of this study is 43 banks, and after checking the data for validity and reliability, the final sample size was 26 banks. Audit quality is operationalized with the size of the auditor. Earnings quality is proxied by accruals calculated using the Beaver and Engel (1996) model. The data analysis method used in this study is the paired-sample t-test and chow test. This study shows that there is no difference in earnings quality in the pre-audit and post-audit period. This study also reveals no difference in audit quality between the big four and non-big four auditors. These findings mean that independent auditors do not play a useful role in increasing the reliability of accounting information presented by management to stakeholders. Besides, this study's results do not verify the agency theory regarding auditors' role to minimize opportunistic management behavior in preparing financial statements.

• Journal of Distribution Science
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• v.22 no.1
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• pp.1-12
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• 2024

Purpose: Rapid technological advancements and information dissemination have catalyzed a steep upsurge in the distribution of ornamental flower arrangement products, effectively meeting the burgeoning demands of customers. This research endeavours to elucidate the relationship between market orientation (MO) and competitive advantage (CA), with the intermediary role of marketing performance (MP) within Denpasar's flower arrangement retail sector. Research Methods: Conducted within a Denpasar-based flower shop, the study engaged 94 respondents through a questionnaire-based data collection methodology. Utilizing a saturated sampling approach, the sample size equated to the population size. The analysis employed SmartPLS, a robust statistical tool. Results: The study findings reveal that MO does not exert a statistically significant direct impact on CA. Nevertheless, MO exhibits a substantively positive and statistically significant influence on MP, which, in turn, substantially and significantly contributes to CA. For flower arrangement business owners, it is imperative to orchestrate effective control over their marketing performance. Conclusion: This involves nurturing enduring customer and employee relationships by steadily implementing market-oriented distribution strategies. By doing so, customer satisfaction and growth, pivotal in bolstering marketing performance, can be adeptly sustained, ultimately culminating in attaining competitive advantage.

• The Journal of Industrial Distribution & Business
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• v.15 no.3
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• pp.11-20
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• 2024

Purpose: This study focuses on the Chinese smartphone market to estimate product attributes influencing Chinese customers' preference for developing new smartphones through conjoint analysis. Research design, data and methodology: The online questionnaire survey is processed among Chinese potential smartphone customers. Conjoint analysis including traditional conjoint analysis (TCA) and choice-based conjoint analysis (CBCA), is used to analyze the useful data of 500. Results: Results indicate that price is the most important predictor while screen size is the least for Chinese customers' preference whether the method is TCA or CBCA. However, the importance of brand, capacity, CPU, and screen design is different. Moreover, based on each smartphone attribute level's utility, the new products with the best combinations are different compared with both methods. Finally, the predicted market shares of the top 3 products are the same with maximum utility rule model between TCA and CBCA. However, when considering with the new best combined product, they are significantly different. Conclusions: Managers should recognize the differences between TCA and CBCA and select the best method to develop new smartphones for sustainable business in the Chinese competitive market based on the important attributes of price, brand, capacity, CPU, screen design, and size.

• The Journal of Aerospace Industry
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• s.66
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• pp.45-56
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• 2003

Airlines service is very important so as to overcome the rapid environmental changes of the air transportation market at home and abroad. Author investigates the impact of Determinants on the performance of airlines in all the world. Three variables of performance measurement were used : revenue, net profit, and passengers. Data analyses were based on service ranking, financial and passenger information of the world's top 50 Airlines collected from Business Traveller, World Air Transport Statistics and Airline Business. The findings of this study could be summarized as follows : Service ranking was not related to the airlines performances such as revenue, net profit, passengers and so fourth. But airlines size(employees, fleet size) was related to the airlines performances such as passengers and revenue passenger.

• The Journal of shipping and logistics
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• v.34 no.4
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• pp.615-635
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• 2018

Using data from 2008 to 2017, this study analyzed the financial characteristics of offshore freight shipping companies in Korea, categorized by vessel type, and their impact on business performance. The analysis showed an upward trend in the overall debt ratio of offshore freight transport companies and differences in the financial characteristics of each vessel type as well as the major factors affecting business performance. In particular, the significant factors affecting the ROA performance of the business are the size of business and debt ratio in the LPG line; the growth rate in the bulk line; the size of business, debt ratio, and year in the general freight line; and the size of business, growth rate, entertainment expense rate, debt ratio, and year in the full container line. Therefore, each shipping company needs to recognize differences in key financial factors affecting its performance based on vessel type, implement proactive measures, and diversify its vessel portfolio.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.1 no.1
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• pp.105-125
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• 2006

This paper relates recent empirical research on the growth. Smaller and younger firms have been growing more quickly than larger and older firms, thus, generating proportionately more new jobs. It is not difficult to understand why small and medium firms receive so much attention. Because SMEs provide about 80 percent of private sector employment so SMEs performance is an important economic and social factor. Despite this, they are subject to higher risk and mobility than those at the large firms. This paper is analyzes the relationship between firm growth measured as growth in employment, sales and production and firms age, size and R&D investment. The growth and its relationship with the determinants is linked to industrial policy in Korea. Empirical results are based on an unbalanced panel data covering period 1999-2002. Results show significant relationship between growth, size and age of firm.

• The Journal of Society for e-Business Studies
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• v.5 no.2
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• pp.81-99
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• 2000

Nowadays, many commercial ERP products, such as Oracle, SAP, and Baan, etc, are designed based on large-scaled companies. It is difficult for small and medium-size companies with weakness in budgets and resources(e.g., human, organization, technique, and so on) to use them as it was. So, new ERP system need to be provided for small and medium-size companies. In this paper, we model and provide a conceptual ERP model for small and medium-size companies by using "4＋1 View" architecture model of Unified Modeling Language(UML). The conceptual ERP model consists of five subsystems： Manufacturing, Sales, HumanResource and Payroll, Accounting, and Trading. Especially, we describe the conceptual ERP model focusing on "Manufacturing" subsystem by using several diagrams of UML. By using the conceptual ERP model, the ERP system′s developers of small and medium-size companies can obtain many benefits： improving the efficiency of software developing process and helping user requirements gathering and description of ERP system′s nonfunctional aspect as well as functional aspect.