• International Journal of Computer Science & Network Security
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• 제22권8호
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• pp.187-196
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• 2022

The law gives the Ministry of Commerce the power of monitoring, oversight, and accountability for corporations in general. However, Article 219 of the Companies Law has made oversight of listed companies within the jurisdiction of the Capital Market Authority, but this exception, in the author's opinion, is not clear because the law obligated the Ministry of Commerce to monitor and account for joint-stock companies, whether they were listed or not included in some cases.

• The Journal of Asian Finance, Economics and Business
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• 제7권8호
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• pp.473-483
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• 2020

Internationalization of SMEs has gathered pace in recent times with falling trade barriers and rising world trade encouraging small firms to seek profits and growth in foreign markets. This has attracted the attention of researchers, and several studies have been conducted in Western nations on the factors influencing the process of SME internationalization. However, hardly any study has been done on SME internationalization in the Gulf Cooperative Council (GCC) region, thus leaving a gap in the literature. This study investigates the influence of four factors, namely, human capital, network competency, entrepreneurial orientation, and market volatility on the degree of internationalization of SMEs in Oman. The study employs survey data collected from 150 SME owners and managers using a structured questionnaire having 27 items, and has been analyzed using correlation and logistic regression, as the dependent variable is binary in nature. The results reveal the impact of the chosen variables on the degree of internationalization of SMEs. The findings of the study suggest that network competency has the highest impact on degree of internationalization of Omani SMEs, followed by human capital and entrepreneurial orientation, while market volatility, though insignificant, moderated the relationship between entrepreneurial orientation and degree of internationalization of Omani SMEs.

• The Journal of Asian Finance, Economics and Business
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• 제7권3호
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• pp.115-125
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• 2020

This paper investigates the impact of working capital management on the firm's profitability. The research sample includes 119 non-financial listed companies on Vietnam stock market over a period of 9 years from 2010 to 2018. Two statistical approaches include Ordinary least squares (OLS) and fixed effects model (FEM) are employed to address econometric issues and to improve the accuracy of the regression coefficients. The empirical results show the negative and significant impacts of the working capital management, which measured by cash conversion cycle (CCC) and three components of the CCC including accounts receivable turnover in days (ARD), inventory turnover in days (INVD), and accounts payable turnover in days (APD) on the firm's profitability measured by return on assets (ROA) and Tobin's Q. It implies that firms can increase profitability by keeping the optimization of the working capital management measured by the CCC, which includes shortening the time to collect money from clients, accelerating inventory flow and hold the low payment time to creditors. Besides, the profitability of firms was impacted by the sale growth rate, firm size, leverage, and age. Therefore, this paper provides a new insight to managers on how to improve the firm's profitability with working capital management.

• The Journal of Asian Finance, Economics and Business
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• 제6권2호
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• pp.15-24
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• 2019

This study analyzes the effect of the capital structure of Korean manufacturing firms on default risk based on Moody's KMV option pricing model where the probability of default is obtained by measuring the distance to default as a covariant in logit model developed by Merton (1974). Based on the panel data of manufacturing firms, this study achieves its primary objective, using a fixed effect regression model and examines the effect of a firm's capital structure on default risk amongst publicly listed firms on Korea exchange during 2005-2016. Empirical results obtained suggest that the rise in short-term debt to assets leads to increase the risk of default whereas the increase in long-term debt to assets leads to decrease the default risk. The benefits of short-term debt financing over a short-term period fade out in the presence of information asymmetry. However, long-term debt financing overcomes the information asymmetry and enjoys the paybacks of tax advantage associated with long-term debt. Additionally, size, tangibility and interest coverage ratio are also the important determinants of default risk. Findings support the trade-off theory of capital structure and recommend the optimal use of long-term debt in a firm's capital structure.

• 한국전자통신학회논문지
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• 제12권3호
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• pp.499-506
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• 2017

현재 주택시장과 전세시장의 문제점을 도출하고 이를 해결하는 데 있어 자본시장 부분과 금리 부분 그리고 실물 시장으로 구분하여 많은 영향을 미치는 지표들을 감안하여 주택매매 시장과 주택 전세시장의 안정화를 위한 대책 마련에 중요한 지표가 될 것으로 보인다. 특히, 향후에 예측되는 경제위기 상황과 불확실한 미래의 또 다른 금융위기를 예측하여 부동산 가격의 급격한 변동에 사전 대비할 수 있는 자료를 공공데이터를 사용하여 제공코자 한다.

• 한국인구학
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• 제20권2호
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• pp.135-159
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• 1997

한국여성의 노동시장참여에 대한 교육의 미약한 효과는 한국여성 교육의 인적자본(human capacity)으로서 의미에 의문을 제기하게 된다. 오늘날 인적자본으로서 교육의 의미는 점점 중요해지고 있다. 여성의 취업에 대한 열망이나 여성인력이 낭비되고 있다는 사회의 지적은 여성 스스로나 일반인들에게 교육이 인적자본으로서 인식되고 있다는 것을 반영하고 있다. 그러나 실제 노동시장에서 여성의 교육은 인적자본으로서 기능을 제대로 하고 있지 못하는 것 같다. 여성의 교육이 인적자본 차원에서 어느 정도 의미가 있는가를 검토하려고 할 때, 여성의 노동시장참여 가능성과 함께 여성이 일할 경우에 나타나는 경제적 보상의 정도를 고려해야 한다. 기존의 연구에서는 한국여성의 노동시장참여에 대한 교육효과는 미흡한 것으로 나타났지만 일하는 여성을 대상으로 했을 경우에는 임금에 대한 교육효과는 명백한 것으로 지적되었다. 그러나 위의 두 경우를 함께 고려해서 여성 전생애에 걸쳐 나타난 경제적 보상에 대한 교육효과를 검토하려는 시도는 없었다. 1980년대 중반에 이르기까지 비농업부문에서 여성경제활동의 변화가 거의 없었던 점을 염두에 두면서 본 연구에서는 횡단적 자료를 이용해 여성 전생애에 걸쳐 교육의 인적자원으로서의 의미를 검토해 보려고 했다. 연구결과에 따르면, 노동시장참여에 대한 교육효과는 거의 존재하지 않으며 여성이 일하는 기간은 아주 짧은 것으로 나타났다. 일하는 여성을 대상으로 한 임금에 대한 교육효과는 젊은 여성에게서는 잘 나타나는 편이었지만 나이 든 여성의 경우에는 미미한 편이었다. 젊은 여성의 경우 임금에 대한 교육효과가 크게 나타나지만, 그들의 취업기간은 극히 짧고 노동시장참여에 대한 교육효과가 거의 존재하지 않기 때문에 인적자본으로서 교육의 의미는 작은 편이라고 할 수 있다.

• 아태비즈니스연구
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• 제13권3호
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• pp.183-208
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• 2022

Purpose - The main purpose of this study is to widely investigate the impact of recent pandemic crises on the synchronization of the world capital markets through 25 stock indices from major developed countries. Design/methodology/approach - This study collects 25 stock indices from major developed countries and the time period is between January 5, 2001 and February 24, 2022. The data sets used in the study include finance.yahoo.com and Investing.com.. The Granger causality analysis, unit-root test, VAR analysis, and forecasting error variance decomposition were hired in order to analyze the data. Findings - First, there are significant inter-relations among 25 countries around recent major pandemic crises(such as SARS, A(H1N1), MERS, and COVID19), which is consistent result with previous literature. Second, COVID19 shows much stronger impact on the world-wide synchronization than other pandemics. Third, the return volatility of each stock market varies, unit root tests show that daily stock index data are unstable while daily stock index returns are stable, and VAR(Vector Auto Regression) analyses presents significant inter-relations among 25 capital markets. Fourth, from the impulse response function analyses, we find that each market affects the other markets for short term periods, about 2~4 days, and no long term effect was not found. Fifth, Granger causality tests show one-side or two-sides synchronization between capital markets and we estimate, through forecasting error variance decomposition method, that the explanatory portions of each capital market on other markets vary from 10 to 80%. Research implications or Originality - The above results all together show that pandemic crises have strong effects on the synchronization of world capital markets and imply that these synchronizations should be carefully considered both in the investment decisions by individual investors and in the financial and economic policies by governments.

• 한국융합학회논문지
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• 제6권1호
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• pp.103-108
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• 2015

본 논문은 ICT산업에 속한 기업들의 부채수준이 투자수준에 미치는 영향을 분석한 것이다. ICT 산업의 경우 급격한 기술발전과 빠른 시장변화로 지속적인 투자가 필요한 산업이다. 특히 이머징마켓의 경우 대부분은 국가에서 ICT 산업에 대한 정책적 지원이 이루어지고 있다. 전통적으로 기업의 높은 부채비율은 투자를 감소시키는 것으로 평가되었다. 그러나 이 같은 관계는 성장기회를 고려하지 않은 결과이다. 따라서 본 연구는 이머징마켓의 ICT기업과 Non-ICT기업의 투자수준과 부채비율을 비교하고 나아가 해당 산업에서 부채비율이 투자수준에 미치는 영향을 분석하였다. 분석결과에 따르면 많은 선행연구와 달리 이머징마켓에 속한 ICT기업은 부채비율이 높더라도 투자가 감소하지 않는 것으로 나타났다. 이는 성장성이 높은 기업에서는 높은 부채비율이 투자의사결정에 부정적인 영향을 미치지 않는다는 것을 증거를 제시한다는 의의가 있다.

• The Journal of Asian Finance, Economics and Business
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• 제9권9호
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• pp.351-360
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• 2022

This study aims to determine the factors that can influence investors in selecting stocks in the Indonesian capital market to establish an optimal portfolio, and find phenomena that occurred during the COVID-19 pandemic so that buying interest / the number of investors increased in the Indonesian capital market. This study collection technique uses primary data obtained from the survey questionnaire and secondary data which is market data, stock price movement data sourced from the Indonesia Stock Exchange, Indonesian Central Securities Depository, and Bank Indonesia, as well as empirical literature on behavior finance, investment decision, and interest in buying stock. The method used in this research is the survey questionnaire analysis with the SEM (statistical approach). The results of the analysis using SEM show that investor behavior influences the stock-buying interest, investor behavior, and the stock-buying interest influences investor decision-making. However, risk management does not influence investor-decision making. This occurs when the investigator's psychological capacity produces more decision information by decreasing all potential biases, allowing the best stock selection model to be selected. When the investigator's psychological capacity creates more decision information by reducing biases, the optimum stock selection model can be chosen.

• The Journal of Asian Finance, Economics and Business
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• 제3권3호
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• pp.17-26
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• 2016

This study investigates daily stock market anomalies in Chinese stock market, using nine most representative stock indices over an eleven year time period spanning from pre-financial crisis era to six years into the financial crisis. This research is the first to test the presence of the day of the week effect on stock returns in the Chinese stock exchanges during the financial crisis. We find that the day of week effects have been strongly significant in Chinese stock exchanges since 2004. However, unlike the previously found negative Monday effect and positive Friday effect in the U.S., Chinese stock market shows positive returns on Mondays and negative returns on Tuesdays. More importantly, the negative Tuesday effect is only significant after the inception of financial crisis. The results indicate a positive effect on Mondays and a negative effect on Thursdays. More importantly, we find a negative Tuesday effect during the financial crisis, which suggests a spillover of the Monday effect from the U.S. stock market. Our results shed some light on the degree of market efficiency in the largest emerging capital market in the world, and its increasingly close relationship with the U.S. capital market.