• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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• pp.863-867
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• 2020

This study was conducted on financial data of 38 economic groups listed on Vietnam's stock market for the period 2009 - 2019 and it aims to provide an empirical evidence on the impact of working capital management policy on performance in all phases of the economic cycle of Vietnamese economic groups. The study uses FGLS estimation method with 2 dependent variables ROA, GOP, independent variables including INV, AR, AP, CCC, dummy variable representing different phases of the economic cycle, variables Control includes CAT, CR, LEV, SZ, GR. Research shows that the greater the level of investment by companies in liquid assets corresponding to a certain level of activity (shown by average days of inventory (INV), average days of collection. (AR), cash flow cycle (CCC)) the lower the rate of return on assets. The study also provides additional evidence of the negative effects of economic crisis on the performance of economic groups. The study also shows that the number of short-term asset cycles has a positive impact on operational efficiency, and the level of debt use has a negative impact on operational efficiency. This result implies that the managers of economic groups can increase the efficiency of businesses through a reasonable working capital policy.

• Asian Journal of Business Environment
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• 제9권4호
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• pp.5-13
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• 2019

Purpose - This research is aimed to investigate the impact of the Information and Communication Technology (hereinafter ICT) development index and ICT investment on Indonesian economic growth. Research design, data and methodology - The data used consist of ICT development index, government expenditure on ICT sector, and economic growth from 33 provinces in Indonesia from 2012 to 2015. Based on the Networked Readiness Index published by the World Economic Forum (WEF), Indonesia was ranked 80^th among 142 countries in 2012 and had climbed 64^th in 2014. This indicates that the businesses in Indonesia have adopted ICTs to increase productivity and expand their activities. Panel data regression analysis is performed to reveal the change of the impact over time in each of the provinces. Result - The ICT development index and government expenditure for ICT have a positive effect on the economic growth of all provinces, although the impact is different in each of the provinces. There is a digital gap between the provinces, especially the large digital gap occurring with DKI Jakarta. The provinces of Eastern Indonesia such as NTT and Papua are still relatively slow in development of ICT. Conclusions - ICT development index and allocation of local government expenditure for ICT have significant effect on economic growth. ICT development index has a bigger role in increasing economic growth.

• The Journal of Asian Finance, Economics and Business
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• 제6권4호
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• pp.129-137
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• 2019

Tax can be categorised into direct tax and indirect tax. This paper uses the ordinary least-squares regression method to study the impact of direct and indirect tax on economic growth in Vietnam in the period 2003-2017. Statistical data is collected from the Ministry of Finance of Vietnam. Theoretically, tax generates the state budget revenue and is a tool to regulate the economy. The results of statistical tests show that tax has a positive impact on Vietnam's economic growth. However, the effects of direct tax and indirect tax are different. The indirect tax has a positive influence and promote Vietnam's economic growth, while the impact of the direct tax is invisible. There has not been sufficient evidence to confirm that the indirect tax has a more positive impact than the direct tax. To promote economic growth, Vietnam needs to restructure its tax system towards: (1) Increasing the proportion of indirect tax, reducing the proportion of direct tax in the state budget revenue; (2) Expanding tax bases; (3) Reducing tax rates of corporate income tax and personal income tax; (4) Increasing tax rates of environmental protection tax, natural resources tax, value added tax and excise tax on some types of goods which harm health and environment.

• International Journal of Computer Science & Network Security
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• 제22권7호
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• pp.117-122
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• 2022

The main purpose of the article is to determine the economic consequences of the impact of war on labor resources and tourism in terms of ensuring economic security. Today, in the context of Russia's invasion of the territory of Ukraine, an important aspect of people's lives is confidence in their safety. But no less important is the provision of economic security, its impact on the labor and tourism aspects of this type of security, the negative impact on which is carried out under the influence of war. Modern society is faced with the same problems that were a hundred years ago: technological progress, the balance of power in the world community, social problems, military conflicts. In the modern development of society, no one can deny the amazing scientific progress in new technologies and communications.That is why it is important to understand how dangerous war is not only for human life, but also for the economy of the state, its labor and tourism aspects.

• The Journal of Asian Finance, Economics and Business
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• 제8권7호
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• pp.31-42
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• 2021

This study aims to determine the relation between the real sector and the financial sector in underdeveloped areas in Nusa Tenggara, Indonesia. To facilitate understanding of these linkages, researchers use the logic of credit channel mechanism of monetary policy, financial intermediation, as well as supply leading and demand following theories. The research variables include economic growth, inflation, liquidity, and NPL at the provincial level, with a data sample from 2008 to 2019. This research uses VAR/VECM as the analysis tools. The findings of the long-term analysis in East Nusa Tenggara show there is a phenomenon of cost-push inflation as well as the negative relation between inflation and economic growth. The impact of liquidity on inflation is positive, while the impact of economic growth on inflation is negative. Meanwhile, in West Nusa Tenggara, the impact of economic growth on inflation is positive. On the other hand, the impact of liquidity and NPL on inflation and economic growth is negative. In conclusion, generally, the economy in West Nusa Tenggara is better than the East Nusa Tenggara. The key to improving the economy of Nusa Tenggara is by improving its liquidity. This can be done by increasing the volume of public savings to increase bank credit capacity.

• The Journal of Asian Finance, Economics and Business
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• 제9권6호
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• pp.245-252
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• 2022

This study examines the strength of the impact of fiscal policy tools on economic wellbeing as measured by per capita income in Malaysia from 1996 to 2020. The impact of fiscal policy instruments on economic wellness, represented by real income per capita, is measured using the autoregressive distributed lags model. The speed of adjustment from short-run disequilibrium to long-run equilibrium is also measured to assess the strength of the fiscal instruments' impact on per capita income. Empirical results exhibit the existence of co-integration relationships between per capita income, tax revenue, and government spending. The findings provide strong support for the presence of a long-run positive impact on government spending and a long-run negative impact of tax revenue on per capita income. The coefficient of ECT_t-1 indicates that deviations from a short-run disequilibrium to a long-run equilibrium from the current to the future period are corrected with a speed of 76% (equivalent to a duration of 1.5-2 years to return to equilibrium). The practical and policy implication of the results is fiscal instruments play a significant role, mainly in alleviating the economic impact of the COVID-19 pandemic in the long run.

• 유통과학연구
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• 제15권12호
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• pp.41-51
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• 2017

Purpose - This study proposes the impact of the US and Korean economic policy uncertainty on macroeconomy, and its effect on Korea. The economic policy uncertainty index of the US and Korea is used to represent the economic policy uncertainty on Korean economy. Research design, data, and methodology - In this paper, we collect the eight variables to find out the interrelationship among the US and Korean economic policy uncertainty index of the US and macroeconomic indicators during 1990 to 2016, and use Vector Error Correction Model. Result - The distribution industry stock index in Korea is influenced by the economic policy uncertainty index of the US rather than of Korea. All variables are related negatively to the economic policy uncertainty index of the US and Korea from Vector Error Correction Model. This study shows that the economic policy uncertainty index of the US and Korea has the dynamic relationships on the Korean economy. Conclusions - A higher economic policy uncertainty shows a greater economy recession of a country. Finally, the economic policy uncertainty of the Korea has an intensive impact on Korea economy. Particularly, the economic policy uncertainty of the US has a strong impact on distribution industry stock market in Korea.

• The Journal of Asian Finance, Economics and Business
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• 제7권8호
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• pp.161-173
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• 2020

This study examines the nonlinear relationship between financial development and economic growth in Pakistan using the threshold regression model for the period 1980-2017. We also employed quantile regression with 0.25, 0.50, and 0.75 quantiles of conditional distribution. The quantile regression is based on minimizing of sum of squared residuals. The result indicates that economic growth responds positively to financial development when the level of financial development surpasses the threshold value of 0.151. However, when financial development lies below the threshold value (that is, 0.151), its impact on economic growth is negative. Thus, when financial development of Pakistan surpasses the threshold level, it contributes more towards economic growth since greater level of financial development contributes more to boosts economic growth. This finding reveals that economic growth reacts differently to financial development, and the relationship between financial development and economic growth is U-shaped in Pakistan. Among the other variables, physical capital, labor force, and government expenditure exert a positive effect on economic growth. Furthermore, inflation rate and trade openness have an insignificant impact on economic growth. The results of quantile regression also confirm the non-linear relationship between financial development and economic growth in Pakistan. The finding of this study suggests revamping of financial sector policies in Pakistan.

• 한국콘텐츠학회논문지
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• 제12권8호
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• pp.399-410
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• 2012

본 연구의 목적은 한류관광의 대표적인 스페셜이벤트인 인천한류관광콘서트에 대한 외래관광객의 소비 지출 패턴을 규명하고 그로인해 창출되는 경제적 파급효과를 분석하는 것이다. 자료는 2011년 인천한류관광콘서트에 관람한 외래관광객을 대상으로 설문조사를 실시하였다. 지출의 패턴은 토빗모형을 설정하여 분석 하였으며, 경제적 파급효과는 인천지역의 관광유발계수를 적용하여 산출하였다. 분석결과, 인구통계적 특성, 국적, 만족도 등 지출에 영향을 미치는 결정요인들은 선택된 지출 항목별로 다양하게 표출되었으며 경제적 파급효과는 투입된 비용보다 상회하는 효과를 나타내고 있다. 따라서 지출패턴에 따라 한류관광콘서트에 대한 경제적 파급효과를 극대화 시킬 수 있는 전략을 수립하는데 중요한 기초자료가 될 수 있을 것이다.

• 한국게임학회 논문지
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• 제11권4호
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• pp.117-126
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• 2011

본 연구는 인천 게임산업단지 조성을 통한 경제적 파급효과를 분석하는데 있다. 게임산업은 문화콘텐츠 산업으로서 큰 잠재가능성을 가지고 있어, 발전에 대한 당위성이 높다는 다양한 의견을 가지고 있음에도 불구하고, 이에 대한 경제적 파급효과를 분석한 사례는 거의 없는 실정이었다. 따라서 본 연구는 이를 선험적으로 분석하는 측면에서 연구에 대한 의의를 가질 수 있다. 이의 분석을 위해 인천경제자유구역내에 게임산업단지를 설립하는 경우를 가정하고 건설부문, 게임관련 제조업 및 게임관련 서비스업을 토대로 지역산업연관분석을 실시하였다. 본 연구의 결과를 통해 게임산업이 지역 및 국가에 미치는 중요성을 직접적으로 파악할 수 있으며, 향후 이와 관련한 연구의 방향에 큰 영향을 미칠 수 있을 것이다.