• The Journal of Asian Finance, Economics and Business
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• v.8 no.6
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• pp.543-552
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• 2021

The study examines how foreign capital inflows affect stock market development in Pakistan for the period from July 2008 to June 2018. Several components of foreign capital inflows were used for empirical analysis, namely, foreign direct investment, foreign portfolio investment, and remittances. Further, market capitalization was used as a proxy for stock market development. The study uses an ARDL model for examining the long-run and short-run relationships between variables. We also analyze the bi-directional causality between the variables through the Granger causality test. Further, the presence of structural breaks was analyzed through the CUSUM and CUSUM Square test. The results suggest that in the long run, remittances have a positive and significant relationship with stock market development. However, foreign direct investment, foreign portfolio investment, and USD-PKR exchange rate do not have a significant impact on stock market development. The results also suggest that in the short run there is a negative relationship between FDI, USD-PKR exchange rate and market capitalization. Contrarily, we found a positive relationship between FPI and market capitalization. The results of Granger causality test suggest that remittances and USD-PKR exchange rate have a causal relationship with stock market development. Finally, we found no evidence of structural breaks in the dataset.

• The Journal of the Korea Contents Association
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• v.14 no.8
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• pp.394-405
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• 2014

Purposes of this study are to find difference in efficiency, productivity change and determinants on efficiency of life insurance industry between pre and post-execution of capital market law on the basis of pre(2005-2008) and post-execution(2009-2012) data. Main results of this research are as follows. First, there was no significant difference of mean value for efficiency between pre and post execution of capital market law. Second, difference of mean value for malmquist index between pre and post execution of capital market law was statistically significant at 5% level. This imply increase in productivity for post-execution of capital market law. Third, one of the important determinant for efficiency was the weight of life planner in both pre and post-execution of capital market law. The weight of life planner had significant positive effect on efficiency.

• Knowledge Management Research
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• v.17 no.4
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• pp.27-56
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• 2016

Korean traditional markets have been struggling of late as big-sized superstores and SSM(Super Supermarkets) are thriving in the market. They have therefore upgraded their facilities and undertaken management modernization actively to overcome the threat to traditional markets and ensure their competitiveness; however, the effect does not appear to be verifiable. The purpose of this study is to analyze the impact of the organizational characteristics of the traditional market merchant association on social capital and organizational performance. In other words, this paper investigates a merchant association's organizational characteristics in terms of the modernization of business activities of the traditional markets and the influence on their social capital and organizational performance. This study analyzes the traditional market by evaluating the impact of these factors. This study consists of four hypotheses: The first hypothesis relates to the causal relationship between the characteristics of a merchant association and social capital. The second and third hypotheses, respectively, relate to the causal relationships between the social capital of a merchant association and the merchant's satisfaction and that between the social capital of a merchant association and organizational commitment. The last hypothesis relates to the relationship between the organizational commitment of a merchant association and the merchant's satisfaction. This study conducts a reliability and validity analysis of the above factors and analyzes the causal relationships between them by using the PLS(Partial Least Squares) path model as one of the structural equation models. The results of the empirical analysis are summarized as follows: First, the organizational characteristics of the traditional market merchant association have a significant influence on social capital. However, only two sub-hypotheses are not significant; these insignificant hypotheses relate to the relationship between a merchant's entrepreneurship and structural capital and that between a merchant's entrepreneurship and cognitive capital. Second, the social capital of a merchant association influences organizational commitment significantly. Third, the relationship between the social capital of a merchant association and the merchant's satisfaction is mostly significant. However, one of the sub-hypotheses, that is, the relationship between relational capital and a merchant's satisfaction is not exceptionally significant. Lastly, the organizational commitment of a merchant association affect the merchant's satisfaction significantly. Through our extensive study, this paper found that a merchant association's organizational characteristics of the traditional market significantly affect social capital, organizational commitment, and satisfaction through the mediation of social capital. Therefore, in order to activate the key traditional market, an understanding of organizational characteristics and social capital is primarily required. Systematic management and investment pertaining to these two factors will be the first consideration for revitalizing traditional markets.

• Journal of the Korean Institute of Rural Architecture
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• v.6 no.3
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• pp.1-14
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• 2004

Around the rural village area the traditional markets which are center the small capital it was active at the strong-point and the possibility the fact that it is developed. With this the same small capital currently as the city and the area where the quality of the rural village coexists, has the regional quality which belongs in guard of the capital region or strong-point city. With relative estrangement from the support process against this result past falling behind farming village it does not illustrate the possibility of knowing the fact that the duplex point who is falling behind as guard territory of reverse appears. Selects the small capital of the each area from like this point of view and the possibility of knowing center role of traditional market the possibility which is various is the possibility of doing in the process which propels an activation. Currently it is planned from the multi local self-governing group and the result which investigates the traditional market activation contents which are in the process of propelling, it will be able to discover the multi branch problem points against a traditional market activation.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.7
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• pp.249-260
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• 2022

The objective of this study was to investigate the impacts of working capital policy and strategy on a firm's performance including profitability and market value. By applying One-Sample T-Test, working capital investment and financing policies were classified into the three sub-policies and strategies: aggressive, moderate, and conservative, unlike previous studies using two sub- policies and strategies. The results showed that the SET-listed companies in all seven industry sectors primarily adopted an aggressive working capital investment policy and a conservative working capital financing policy, so-called as moderate working capital management strategy (MWS), at 49.40%. While the firms adopted and conservative working capital management strategy (CWS), 45.70%, followed by the aggressive working capital management strategy (AWS), at 4.90%. When examining the impacts among three-sub policies and strategies on a firm's performance, it was found that the conservative working capital financing policy led to the highest profitability and market value in all industry sectors. The findings also revealed that the aggressive strategy has no impact on a firm's performance in terms of profitability and market value.

• Advances in robotics research
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• v.1 no.2
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• pp.171-183
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• 2014

Distributed planning and decision making can be beneficial from the robustness, adaptability and fault tolerance in multi-robot systems. Distributed mechanisms have not been employed in three dimensional transportation systems namely aerial and underwater environments. This paper presents a distributed cooperation mechanism on multi robot transportation problem in three dimensional environments. The cooperation mechanism is based on artificial capital market, a newly introduced market based negotiation protocol. In the proposed mechanism contributing in transportation task is defined as asset. Each robot is considered as an investor who decides if he is going to invest on some assets. The decision is made based on environmental constraint including fuel limitation and distances those are modeled as capital and cost. Simulations show effectiveness of the algorithm in terms of robustness, speed and adaptability.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.201-208
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• 2021

This study aimed to identify the key factors that affect the financial market performance (Price-Earnings Model) through a sample of 35 public shareholding industrial companies on the Amman Stock Exchange for the period 2010-2019, using statistical models and methods, such as the Simple Linear Regression Model, Correlation Coefficient, and dispersion board. The study results showed the nonexistence of a statistically significant effect between the intellectual capital and market value added (MVA) and market performance. Results also showed a statistically significant positive effect between financial leverage (FL) and the market performance, where the interpreted variation reached 64%. It showed from the analysis results that the relationship between (MVA) and market performance (P/E) agrees with the study hypotheses, while the result related to (FL) disagrees with the study hypotheses. The study recommends that public shareholding industrial companies should focus more on intellectual capital and show its value in the annual financial statements and reports, and those companies that have high profitability and the chance to hold gains and profits should rely less on debt and more on retained earnings, due to the high risk of debt and in line with the present unstable circumstances in Jordan, especially in light of the global Covid-19 crisis.

• The Journal of the Korea Contents Association
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• v.19 no.9
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• pp.233-241
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• 2019

The purpose of this study is to empirically analyze whether the influence of foreign investors from the monitoring role in Korean capital market is observed differently in accordance with the global financial crisis situation. We collected a total of 2,919 firm data from 2003 to 2015 and performed the empirical tests between foreign investor ownership and firms' cost of equity capital separately according to the situation of the global financial crisis. From the empirical results, foreign investors in general were playing a positive function in the Korean capital market by effectively performing the monitoring role for companies. However, we observed that their monitoring role is not effectively performed when the risk level of capital market is maximized, such as during the global financial crisis. The study suggested that the influence of foreign investors may vary depending on the level of risk in the capital market, which is expected to contribute to the market participants and academia.

• Asia Pacific Journal of Business Review
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• v.1 no.1
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• pp.56-66
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• 2016

This paper analyzes the impact of CSR on the capital market in Korea. Using listed firm data, we found that the creation of a sustainability report that indirectly measures the level of CSR can bring the stock rate of return difference of the capital markets representative market index. First, when a firm that publishes a sustainability report was compared in terms of its market rate of return, it showed a return increase of about 2%. We found that higher returns were gained through the competitive advantage of related business when the firm was actively involved in social responsibility. Second, subdivided by industry, firms belonging to the capital goods industry were found to reach a rate of return higher than that of industry. These firms were noticeable in that they were mainly industries that caused environmental pollution. Third, in an additional analysis, foreign investors were given the sustainability report of financial businesses, which was interpreted as a result of industrial properties. A sustainability report is a comprehensive report on the economic, environmental, and social activities of a firm. Firms must learn that they can gain trust through publishing trustworthy reports while achieving the lasting power of growth from the stakeholders.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.2
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• pp.697-710
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• 2021

The purpose of this study is to explore the reaction of sharia stock in the Indonesian capital market to the global Covid-19 pandemic. The method used in this study is an event study with a Market Adjusted Model (MAM) approach. The population of this study is shares listed on the Indonesian Stock Exchange (IDX), with the sample chosen from the Jakarta Sharia (Islamic) Index. The result of this study found that the global Covid-19 pandemic is bad news, with the indicators as follows: a) the average expected return is negative; b) the average actual return is negative; c) the average abnormal return is negative, and d) the increase selling action of stock as a cut loss strategy. There is a negative abnormal return and significant Trading Volume Activity (TVA) before, during, and after the announcement of the global Covid-19 pandemic. However, this study found no difference in abnormal return and TVA before and after the announcement of the global Covid-19 pandemic. From these results, this study indicates that the sharia stocks in the capital market in Indonesia can respond quickly to the information that existed. Therefore, the capital market of Indonesia is a capital market with a semi-strong efficient form.