• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.67-73
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• 2020

The paper examines the influence of internal factors and external factors on liquidity of Vietnamese listed enterprises. The study uses robust regression techniques in the fixed effects linear panel data using data collected from companies listing on the stock market in Vietnam during 2008-2019, with a total of 6,700 observations. Liquidity of Vietnamese listed enterprises is measured by current assets to current liabilities, whereas firm size, capital adequacy, profitability, leverage are used as internal determinants. Further, economic activity, inflation rate, exchange rate, and interest rate are the external factors which are considered. The research results indicate that capital adequacy, return on equity, leverage, economic activity have a positive effect on firm's liquidity, whereas return on assets and exchange rate have a negative effect on firm's liquidity and firm size, inflation rate and lending rate have no correlation with firm's liquidity. Based on the research results, the author suggests that the firms should have optimum current ratio by balancing the current assets and current liabilities in order to avoid a situation of high liquidity or low liquidity. This research seeks to bridge a gap which is present in the body of literature on listed enterprise's liquidity in Vietnam. The findings may be useful for financial managers, investors, and financial management consultants.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.4
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• pp.727-734
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• 2021

The study aims to examine and analyze the factors that affect the return on assets (ROA) by placing net interest margin (NIM) as a moderating variable in influencing ROA. This research was conducted on 27 banks listed on the Indonesia Stock Exchange (IDX) for the period 2015 to 2018 with a total sample data of 91. The data used is a combination of time series data and cross-section data. The sampling technique used was the purposive sampling method. The data analysis technique used was path analysis with multiple regression analysis technique. The results of the analysis showed that the capital adequacy ratio (CAR) and loan to deposit ratio (LDR) have a positive but insignificant effect on ROA. NIM as a moderating variable does not influence the impact of CAR on ROA. However, NIM as a moderating variable is able to influence the impact of LDR on ROA. From the results of this study, it is evident that the LDR will increase the ROA at banks that generate high NIM.

• The Korean Journal of Financial Management
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• v.25 no.3
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• pp.131-153
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• 2008

This paper calculates the Risk Index of Korean securities industry that summarizes the information contained in seventeen financial indicators that represent risk categories such as capital adequacy(C), asset quality(A), earnings(E), and liquidity(L) by using the NBER statistical methodology. For the validation of Risk Index, expected default frequency has been used, and the result has been proved to be positive. According to the compiled Risk Index, the level of risks of Korean securities industry has been decreasing from the second quarter of 2003 to the first quarter of 2006 by 22 percent. But the risk has been increasing during the periods from the first quarter of 2002 to the first quarter of 2003 and from the first quarter of 2006 to the last quarter of 2006.

• Journal of Family Resource Management and Policy Review
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• v.16 no.4
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• pp.131-152
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• 2012

The aims of this study were to analyze middle-aged households' financial preparation for retirement. Specifically, this study surveyed the relation between human capital investment for children and the middle-aged households' financial preparation for retirement and investigated factors influencing financial preparation for retirement. Data were obtained from the 3rd Korean Retirement and Income Study (KReIS) in 2009, and a sample of 757 households was selected. The statistical methods were frequency, percentile, mean, standard deviation, ${\chi}^2$, t-test, Pearson's correlation coefficient, and logistic regression analysis. The findings of this study are as follows. First, the percentile of preparation for living costs for old age was 49.9% for the middle-aged households. In terms of the types of preparation for living costs for old age, the results showed 61.6% of personal preparation, 33.9% of pension system, and 1.3% for children and relatives. In relation to the adequacy of the preparations for living costs for old age, preparations made by 57.4% of the middle-aged households were inadequate. Observing the minimum living costs for old age and adequate living costs after retirement for single and couple, the minimum living costs of the middle-aged households was 1.46 million won for couple and 0.91 million won for single. The adequate living costs for old age was 2.07 million won for couple and 1.34 million won for single. Second, there were 757 households with total education expenditure. Of these, 208 incurred annual expenditure on public education, and the annual expenditure for public education was 7.28 million won. There were 170 households with annual expenditure for private education, and the annual expenditure for private education was 2.50 million won. 243 households of middle-aged households had annual expenditure for human capital investment, including both public and private education, with annual expenditure for human capital investment for children of 7.82 million won. Furthermore, in the human capital investment factor, there was a difference in the middle-aged households' financial preparation for retirement according to their annual expenditure for human capital investment including both public and private education. In addition, there was a difference in financial preparation for retirement based on their public education expenditure. Third, in the logistic regression model 1, which included human capital investment, the significant variables affecting the preparation for retirement of the middle-aged households were as follows : annual household income, total amount of annual household income, experience of inadequate living costs, existence of financial assets, total amount of annual household savings, financial independence, adequate living costs (for single) for old age, and human capital investment. In the logistic regression model 2, which included annual expenditure for public education and annual expenditure for private education, the significant variables affecting the preparation for retirement of the middle-aged households were as follows : annual household income, total amount of annual household income, experience of inadequate living costs, existence of financial assets, total amount of annual household savings, financial independence, adequate living costs (for single) for old age, and annual expenditure for public education.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.10
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• pp.327-339
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• 2021

This study examines the impact of bank restructuring on the financial performance of commercial banks in Vietnam. The data for this study was obtained from the audited financial statements of 30 Vietnamese commercial banks from 2007 to 2019. Multiple regression analysis was used for investigation. Financial performance, as evaluated by ROAA, ROEA, and NIM, is the dependent variable. Financial restructuring, ownership restructuring, and operational restructuring are the independent variables. Pooled least squares (Pooled OLS), fixed effects model (FEM), random effects model (REM), and system generalized moment regression model (System GMM) are the estimate methods used to increase the accuracy of the regression coefficient. The research results show that the variables of financial restructuring activities such as government intervention and the ratio of equity to total assets; variables of ownership restructuring such as capital adequacy ratio, privatization of state-owned commercial banks, mergers, and acquisitions; variables of operational restructuring such as employees, branches, the cost to total assets; GDP variables and the second restructuring period have a positive impact on financial performance. Variables such as debt-to-capital ratio, bad debt ratio, state ownership ratio, expense-income ratio, and inflation have a negative effect on financial performance.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.6
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• pp.312-318
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• 2017

This study calculated the cash flow using the financial information by fiscal year for 25 general hospitals and 23 hospitals, and analyzed the relationship between cash flow and net working capital. The analysis results showed that 73.3% of general hospitals and 83.3% of hospitals did not secure funds required for operating activities by fiscal year. The cash flow types that affect net working capital were expenses not involving cash outflows and changes in borrowings in general hospitals, and expenses not involving cash outflows and income not involving cash inflows and changes in borrowings in hospitals. However, in case of shortage of funds required for operating activities, at general hospital, due to expenses not involving cash outflows being high and income not involving cash inflows being low and resulting in increased borrowing, at hospital, due to expenses not involving cash outflows being high and resulting in increased borrowing. Therefore, for the stability of cash flow in management activities, the adequacy and relevance of the expenses not involving cash outflows need to be reviewed, and it will be necessary to review the appropriate internal policy measures to systematically and rationally manage cash flow in consideration of cash flows.

• The Journal of Fisheries Business Administration
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• v.47 no.1
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• pp.87-100
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• 2016

Suhyup Bank became to be subject to regulation of capital ratio by Basel III which was introduced in order to enhance stability of the financial institution. Accordingly, Suhyup Bank will require recapitalization. It is important to estimate the risk-weighted assets in calculating of Suhyup Bank's recapitalization scale. Therefor, this study aimed to present a scientific model as estimated the risk-weighted assets. Risk-weighted assets are calculated by applying different risk weights for loans, may have a certain relationship with the loans. Results show that the risk-weighted assets is affected by the previous year's risk-weighted assets and influenced the increase in loans during the year. Since the required basic capital adequacy ratio was specified, the risk-weighted assets should be predicted reasonably. Accordingly, on this study it was tried to derive the accounting equation to predict the risk-weighted assets based on management data of a bank since introduction of Basel III. As the risk-weighted assets were weighted differently according to the type of loans, if the accounting equation is derived by using the type of loans, then it would be helpful for the risk management of banks in the long-term. According to this, the increase of loan would be predicted on the basis of past management performance of Suhyup Bank, and for this reason, the future risk-weighted assets of Suhyup Bank were predicted. The result of this study was showed that 98.3% of risk-weighted assets of the previous year, 62.4% of the secured loan changes and 95.1% of the credit loan changes affected risk-weighted assets.

• The Korean Journal of Applied Statistics
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• v.28 no.4
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• pp.643-661
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• 2015

Korea Teachers Pension (private school pension) is a mandatory pension and a social security system for private school teachers to ensure the stability of subscribers by a supplying pension when they (and their dependents) face future economic risk due to retirement or death. Therefore, the Teachers Pension must provide stability and sustainability in regards to adequacy of income and to function as a pension. However, the Government Employees Pension System (GEPS) of Korea (the most representative special occupation pension) recorded a fiscal deficit in 2001 and with an accumulated deficit that is expected to grow; subsequently, various plans for the reform of GEPS have been actively discussed. The Korea Teachers Pension system is based on the GEPS scheme and is not free from the GEPS discussions on reforms of national pension. The current system for the Teachers Pension needs to be improved because it is expected to be depleted within the next 30 years due to low fertility and an aging population in Korea. This study discusses existing Teachers Pension schemes problems and suggests a projection method and revised plans to improve it. We use long-term financial projections of the Teachers Pension to estimate the fund exhaustion point and the minus balance of the financial scale as well as analyze the supply-demand burden structure that reflects the future population structure to propose Teachers Pension reforms that will improve stability and adequacy.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.1
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• pp.19-27
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• 2020

This paper aims to empirically study the determinants of liquidity of Indian listed firms. To account for profit persistence, we apply a (pooled, fixed and random) effect models to a panel of Indian listed firms that covers the time period from 2010 to 2016. This study consists of 2154 firms operating in Indian market. Liquidity (LQD) of Indian firms is measured by liquid assets to total assets, whereas bank size, capital adequacy, profitability, leverage, and firm age are used as internal determinants. Further, economic activity, inflation rate, exchange rate, and interest rate are the external factors considered. The findings reveal that leverage, return on assets, and firm age are the essential internal determinants that impact the liquidity of Indian listed firms. Furthermore, among the internal determinants, the results indicate that firm size, leverage ratio, return on assets ratio, and firm age are found to have a significant positive association with firms' LQD, except leverage ratio and firm age has a negative relationship with firms' LQD. From this result, this article has provides helpful ideas and empirical evidence on the inner and external determinants of the companies mentioned in India is very useful to bankers, analysts, regulators, investors and other stakeholders.

• Korean Journal of Social Welfare
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• v.46
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• pp.290-318
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• 2001

In 1981, Chile has fundamentally reformed the public pension system from the pay-as-you-go system (PAYGs) to the full funding defined contribution system managed by the private funding companies. The Chilean privatization reform influenced not only the neighbor South American countries but also the advanced countries. The United Kingdom contracted out the state earning related pension system. Australia and Sweden recently introduced the private investment accounts system. And now the hot debates on the privatization of the social security pension is going on in the United States of America. This wind of privatizing the public pension system is being backed up by the New Liberalism, the nowadays' strongest ideology. Besides, the theoretical and idealogical debate between the World Bank and the ILO/ISSA was happened in the middle of 1990s. The World Bank, the supporter of the international financial capital, insisted the introducing of the full funding individual accounts system and the abolition of the existing PAYGs. The ILO/ISSA apposed the World Bank's policies and advocated the moderate reform of the PAYGs. In this paper, I reviewed the Chilean reform, the World Bank's report and the opposing argument of the ILO/ISSA against it, and analysed the core issues of the two sides. Also, I tried to present the suggestions to the Korean public pension systems. Through the discussing the debate, we made certain of the importance of the basic issues in the social security system like equity vs. adequacy, inter-generational redistribution vs. intra-generational redistribution and welfare vs. economy, once again.