• The International Journal of Costume Culture
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• 제3권2호
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• pp.88-99
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• 2000

Venture industry is becoming a driving force of Korean economy in the digital age of the 21 st century. The success of venture business depends on innovative technology, capital investment, and optimal environment providing industrial flexibility. Although venture business is starting to settle down in Korea, many barriers and challenges still remain. The current study analyzes the present status of venture business including fashion business and issues concerning the venture fund raising and provides prospective views to promote and improve venture industry in Korea.

• 농업과학연구
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• 제24권1호
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• pp.63-74
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• 1997

This study is aimed at identifying the value of marginal products(VMP) of agricultural labor, capital and land. The resources are the major portion of input costs of agricultural projects. To appraise economic feasibility of agricultural projects, the real value of the resources would be estimated by VMP of the inputs rather than by distorted actual market prices such as rural wages, rent and interest. To convert the market wage rate into shadow wage rate, covertion factor of 0.90 would be appicable based on the study results. To evaluate the right of way and compensation, VMP of land is recommendable to apply in land pricing rather than actural land rent prevailing in rural area which has been underrated on account of labor shortage and difficulty of farming. Discount rate as a opportunity cost of capital should be applied 7-8% considering the VMP of capital and interest rate of foreign loan from IBRD and ADB. For the successful appraisal of the agricultural projects, the recommendation of this study would be applied in the future.

• The Journal of Asian Finance, Economics and Business
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• 제6권4호
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• pp.9-17
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• 2019

The purpose of this research is to review historical development of Islamic finance in individual East Asian economies, including China, Japan, South Korea and Hong Kong, and examine the success factors of the Hong Kong Sukuk issuances in 2014-2017. The research is a qualitative study applying case study method. It is found that the East Asian economies do play efforts to develop their Islamic capital markets although they have very limited size of Muslim population. Their progress on this development generally remains to be slow. The Hong Kong Sukuk is a breakthrough, carrying a total issuance value of US$3 billion. The Sukuk issuances, treated as a kind of asset-backed securities with restrictions on financing purposes, are distributed to international investors by investment banks from Hong Kong, Middle East and Malaysia. Success factors of these issuances include involvement of an issuer with high credit quality, recognition by central bank for using the Sukuk in its discount facility for commercial banks, centralized clearing services for the Sukuk and global banking network for underwriting the Sukuk. The lessons from the Hong Kong Sukuk are good references for other economies to develop their regional Islamic capital markets and to integrate the markets into the global capital market.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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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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• 제7권10호
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• pp.1-8
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• 2020

The objective of the study is to investigate the effect of growth opportunities on capital structure and dividend policy in Indonesia. The study employs panel data of companies listed on Indonesia Stock Exchange that distribute dividends from 2007 to 2017. Fixed and random effect regression models are used. Findings based on growth opportunities on capital structure and dividend policy in Indonesia are in line with the existing theory (i.e., contracting theory). Growth opportunities have a significant negative correlation with debt ratio and dividend yield, which suggests that firms with high growth opportunities are discouraged to generate debt to resolve underinvestment and asset-substitution problem. Firms with more investment opportunities tend to adopt a low dividend payout policy because the cash flows will be used up for investment. The positive impact of firm size on leverage is due to the low bankruptcy risk and cost of a large company. Profitability has a positive impact on the dividend policy because profitable companies can reserve larger free cash flows and, thus, pay higher dividends. The positive influence of ownership on leverage is interpreted by the unwillingness of majority stockholders to commit to equity financing in order to avoid reducing the ownership and preserve control of the company.

• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.1-9
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• 2021

The purpose of this study is to examine the effects of economic uncertainty on MNC investment in Malaysia from 2009 to 2019 by employing an ARDL method. The results revealed that Economic Policy Uncertainty (EPU) has a positive association with the capital expenditures of Nestle, British American Tobacco, and Public Bank in the long run. In a similar period, the Gross Domestic Product (GDP) is positively significant with the capital expenditures of British America Tobacco and Heineken. However, inflation is negatively related to the capital expenditures of British America Tobacco and Heineken. Additionally, the exchange rate has a significant and negative relationship with the capital expenditures of Nestle and Petronas, while the ECT value is negative and significant in the short run, hence confirming that co-integration exists. In view of this, it is imperative that the government plays a prerogative role to support MNC operations, as MNCs foster the developing countries' economic development through facilitating full employment. This study sets to enhance the personal knowledge of those with a strong interest in the Malaysian financial market. As long as MNCs believe that the Malaysian market has the potential to grow, they will continue to invest for the benefit of the country.

• The Journal of Asian Finance, Economics and Business
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• 제9권5호
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• pp.305-311
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• 2022

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is projected to provide several chances for Vietnam's banking industry to expand into the international market. This study examines the influence of foreign ownership on credit risk in Vietnamese commercial banks before the context of participation in the CPTPP. Using a sample of 28 commercial banks between 2009 and 2020, we find that foreign ownership has a negative relationship with bank credit risk. The regression methods used include the least-squares method, fixed-effects model, random effects model, and general least squares method. The research model adds interactive variables, which will help to reflect the role of intermediary factors more accurately such as listing on the stock market, capital ratio to the relationship between foreign ownership and bank credit risk. The test results reveal that increasing the foreign ownership ratio has a bigger impact on reducing credit risk for listed banks and banks with low capital than for other commercial banks. The government should flexibly adjust the foreign ownership ratio according to the capital size and role of each bank so that it can make good use of investment capital from abroad when Vietnam joins the CPTPP.

• The Journal of Asian Finance, Economics and Business
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• 제6권4호
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• pp.297-307
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• 2019

Despite the fact that the implementation of 5% rule is widely recognized to enhance the transparency of capital market and fairness of corporate governance market, a few evidences present information effect of 5% rule. Using 7,088 non-financial firm-year observations listed on the Korea Stock Exchange from 2006 to 2012, we analyze the relation between trading volume and 5% rule disclosure. The results show that the daily and abnormal trading volume is increased when 5% rule disclosure is released. Moreover, the trading volume is significantly increased during cooling period. Specifically, trading volume is significantly greater when one day before cooling period or the expiration day of cooling period. We also find the information effect of firms with stable ownership structure before 5% rule disclosure is relatively smaller than the firms with unstable ownership structure with unstable ownership structure. These results imply that capital market participants use the information from 5% rule disclosure and reflect in their real economic decision.

• Asia pacific journal of information systems
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• 제11권3호
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• pp.185-208
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• 2001

A growing number of firms are competitively entering into e-business because they see the high potential of e-business growth as an opportunity. The positive expectation of e-business market leads most firms to go into e-business, but it is not clarified what kinds of benefits firms gain through e-business. In this paper, we examine whether firms' economic benefits are related to e-business activities. For this purpose, we employ event study methodology and assess the cumulative abnormal returns for 782 e-business initiatives made by firms listed in Korean capital markets. The well-known "Dot Com Effect" is empirically verified through this study. The results of this study indicate that the e-business potential is highly evaluated in the capital market, and e-business firms are expected to create significant benefits in the future period.

• 분석과 대안
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• 제7권3호
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• pp.145-179
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• 2023

이 논문은 국제성인 역량프로그램(PIAAC) 자료를 바탕으로 교육에 따른 역량의 증진, 연령과 역량사이의 관계, 노동시장에서 역량의 수익률 등 세 측면에서 한국의 특징을 중심으로 국제비교를 시도한다. 실증분석 결과 한국은 교육수준에 따른 역량 차이가 크지 않고, 연령에 따른 역량의 감소 현상이 매우 두드러지며, 수리, 언어, 문제해결 중세 언어역량에 따른 수익률이 가장 높은 것으로 나타났다. 이는 많은 나라에서 수리역량에 대한 수익률이 가장 높은 것과는 비교되는 현상이다. 또한 한국은 문제해결 역량에 따른 수익률이 비교 대상 국가 중에 가장 낮으며 교육수준과 문제해결 역량 간의 상관관계도 가장 낮은 편에 속한다. 이러한 일련의 결과는 노동시장에서 역량을 축적할 수 있는 기회와 유인이 주어지는 시스템과 문화에 대한 고민이 교육시스템에 대한 관심 이상으로 필요하다는 점을 보여준다.