• The Journal of Asian Finance, Economics and Business
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• 제6권3호
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• pp.305-313
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• 2019

The study examines whether higher CEO compensation is related to unobserved future firm performance in an emerging market, Pakistan. Further, it extends its scope to analyzing the impact of group affiliation and ownership concentration on the relationship between CEO compensation and future firm performance. The study uses an unbalanced panel data consisting of 1508 firm-year observations from 225 non-financial listed companies in Pakistan Stock Exchange (PSX) for period 2005 to 2012. The multiple regression models adjusted to heteroskedasticity and autocorrelation in error terms are used. The study finds that, in general, CEO compensation is positively associated with future operating performance. However, higher CEO compensation leads to lower operating performance in firms that have lower ownership concentration and are affiliated with business groups. When firms are not affiliated with any group and have high ownership concentration, the relationship between excessive CEO compensation and future operating performance becomes insignificant. Given that efficient compensation packages may lead to long term value creation to shareholders and reduce agency problems, this study highlights an important moderating role of ownership concentration and group affiliation of the firms in emerging markets.

• 유통과학연구
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• 제8권1호
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• pp.43-52
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• 2010

본 연구는 중국에서 중요한 소비 계층으로 급성장하고 있는 중국 대도시의 대학생들을 대상으로 경제발전, 교육수준, 제품품질, 기술연구, 생활수준, 민주체제의 요소로 국가이미지를 측정하여 일본과 한국의 국가이미지가 중국 소비자의 식품, 의류패션, 생활용품, 음악제품, 자동차, 가전제품의 구매의향에 미치는 영향의 차이를 비교 분석하였다. 실증분석 결과 국가이미지가 중국 소비자들의 제품별 구매의향에 영향을 미치는 것으로 나타났으며, 전자제품을 제외한 식품, 생활용품, 의류패션, 음악제품, 자동차 구매시 한국의 국가이미지가 중국 소비자들의 구매의향에 미치는 영향은 일본보다 다소 작은 것으로 나타났다. 조사대상 표본 구성의 한계로 인해 본 연구의 일반화에는 주의가 필요하나 국가이미지의 각 구성요소가 제품구매에 영향을 미치고 있음을 발견하여 국가 차원에서의 국가이미지 구축 전략의 필요성을 확인하고, 또 각 기업들이 자체적으로 중국시장에서의 브랜드인지도를 높이기 위해 노력해야 한다는 점을 시사하고 있다는 점에서 본 연구는 의의가 있다고 할 수 있다.

• The Journal of Asian Finance, Economics and Business
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• 제1권1호
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• pp.15-21
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• 2014

This study investigates extensively the integration of various segments of financial markets (i.e. money market, lending and deposit market, exchange rate market, and capital market) both domestically and internationally. Cointegration approach is employed in the study to find out long term relationship among the variables. Data are on a monthly interval for the period spreads over 2001 to 2010. The results show no evidence of cointegration between money market and exchange rate market and between capital market and exchange rate market of Pakistan. On the other hand, international financial markets integration is also investigated and the findings revealed that domestic money market rates of Pakistan and USA are not cointegrated. Whereas, an evidence of cointegration between capital markets of Pakistan and USA is found in this study.

• 융합경영연구
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• 제4권2호
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• pp.33-47
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• 2016

The second decade of the current century has witnessed a sharp rise in the total number of mobile users across the globe. Mobile device ownership rather defines our daily lives and even identities. India has emerged to become one of the largest markets for smartphones. India is an emerging economy with a lot of uniqueness: particularly, it has one of the most tech literate young consumers in the world and that its cultural fabric is extremely collective. This study looks into some issues related to the proliferation of smartphones among the Indian youth.

• East Asian Economic Review
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• 제27권1호
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• pp.33-60
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• 2023

This paper analyzes the entire distribution of stock market returns/volatility in five emerging markets (ASEAN5) and figures out the conditional distribution of the CHI_EPU index. The aim is to examine the impact of CHI_EPU on the stock returns/volatility density of ASEAN5 markets. It also examined whether changes in CHI_EPU explain returns at higher or lower points (abnormal returns). This paper models the behaviour of stock returns from March 2011 to June 2018 using a non-parametric conditional density estimation approach. The results indicate that CHI_EPU diminishes stock returns and augments volatility in ASEAN5 markets, except for Malaysia, where it affects stock returns positively. The possible reason for this positive impact is that EPU is not the leading factor reducing Malaysian stock returns; but, other forces, such as dependency on other countries' stock markets and global factors, may have a positive impact on stock returns (Bachmann and Bayer, 2013). Thus, the risk of simultaneous investment in Chinese and ASEAN5 stock markets, except Malaysia, is high. Further, the degree of this influence intensifies at extreme high/low intervals (positive/negative tails). The findings of this study have significant implications for investors, policymakers, market agents, and analysts of ASEAN5.

• 한국빅데이터학회지
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• 제7권1호
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• pp.193-212
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• 2022

1969년에 처음 고안되어 확산에 대한 마케팅 연구를 이끈 Bass Diffusion Model은 일반적으로 마케팅 연구 및 경영 과학에서 가장 성공적인 모델 중 하나다. 본 연구는 휴대전화 가입 확산을 토대로 Bass 확산 모델의 사용을 설명하며 Bass 확산 모델을 3대 선진국 시장인 한국, 일본, 중국과 신흥시장인 베트남, 태국, 카자흐스탄, 몽골에 적용했다. 실험에서는 비선형 최소자승법을 사용하여 Bass확산 모델의 매개변수를 추정하였고 휴대전화 가입의 확산은 모든 경우에 S 곡선을 따른다. m, p 및 q 매개변수를 획득한 후 국가를 세 그룹으로 그룹화하기 위해 k-평균 클러스터 분석을 사용했으며 국가를 클러스터링함으로써 확산 속도와 패턴이 유사하며 신흥시장이 있는 국가가 선진국의 발자취를 따를 수 있음을 제안한다. 연구의 목적은 시장 성숙도의 시기와 규모를 예측하고 데이터가 Bass 모델의 혁신의 일반적인 확산 곡선을 따르는지 여부를 판단하는 것이다.

• 재무관리연구
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• 제26권2호
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• pp.155-180
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• 2009

본 연구에서는 한국의 원화, 멕시코의 페소화, 브라질의 리알화 등 신흥 통화선물시장과 유럽의 유로화, 일본의 엔화, 영국의 파운드화 등 선진 통화선물시장을 대상으로 최적헤지비율을 추정하고, 외표본헤지기간을 두고 헤징유효성을 측정 및 비교하고자 하였다. 헤지비율은 모수의 추정기간을 한기간씩 이동하여 모수를 추정하는 롤링 윈도우즈(rolling windows)에 따른 OLS 모형, 오차수정모형과 일정 조건부 상관관계 이변량 GARCH(1, 1) 모형에 의해 추정하였다. 본 연구의 주요 결과는 다음과 같이 요약할 수 있다. 첫째, 일별, 주별, 월별 등 헤징기간에 관계없이 어떠한 헤징모형을 이용하더라도 한국 원/달러 선물을 이용한 헤징은 현물환율의 가격변동위험을 97% 상회할 정도로 감소시키고 있음을 보여주고 있다. 둘째, 일별, 주별, 월별 등 헤징기간에 관계없이 한국 원화 선물시장은 브라질 리알화, 멕시코 페소화 등 신흥통화 선물시장과 유럽 유로화, 영국 파운드화, 일본 엔화 등의 선진통화 선물시장보다 현물환율의 변동위험에 대한 헤징수단으로 우월함을 보여주고 있다. 이는 한국 원/달러 통화선물이 현물환율의 위험관리수단으로 유용성이 매우 높고 위험관리도구로서 역할을 성실히 수행하고 있음을 보여주는 것이라 할 수 있다. 셋째, 헤징모형 간의 헤징유효성을 비교하면, 신흥통화와 선진통화에 관계없이 최적헤지 비율의 추정에 이용된 단순모형, OLS 모형, 오차수정모형, 그리고 CCC BGARCH(1, 1) 모형에 따른 헤징성과에 유의한 차이가 없음을 보여준다. 이러한 결과에 비추어 볼 때, OLS 모형, 오차 수정모형, 이변량 GARCH(1, 1) 모형 등의 복잡한 계량모델을 이용한 헤징보다 단순히 현물보유 포지션과 반대되는 동일한 금액의 포지션을 선물시장에 취하는 단순모형을 이용한 헤징이 유용할 수 있음을 시사하고 있다. 넷째, 신흥통화와 선진통화에 관계없이 헤징기간이 늘어날수록 헤징유효성 또는 헤징성과가 높아지고 있음을 보여주고 있다.

• 아태비즈니스연구
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• 제14권3호
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• pp.1-16
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• 2023

Purpose Despite the ongoing digital transformation, it is not clear whether emerging market firms follow their manufacturing FDI path in the emerging digital industries. This paper examines how digital orientation affects the location strategies in internationalization and how the existing innovation capacities moderate the link between digital orientation and the location strategies. Design/methodology/approach This study chooses the Chinese setting for research design because digital transformation is already prevalent in the society and the cases of outward expansion are salient among the emerging markets. It uses the panel dataset of 976 Chinese listed firms that consists of 6,648 observations spanning from 2007 to 2017. Ordinary least square regression is used for the statistical approach with a one-year lag in the model. Findings Digital orientation increases a likelihood of emerging multinationals' entries in developed countries, and a high level of innovative capacities strengthens the link. Two groups seem to prefer entries in developed countries: firms with a high level of digital orientation with a high level of innovative capacities and firms with a low level of digital orientation, if with a low level of innovative capacities. The former reflects the context of digital transformation and the latter hints at the tax avoidance or interests in real estate. Research implications or originality While emerging multinationals are known to prefer entries in developing countries for capacity arbitrage, our results forecast that their FDI strategies may have a drastic change as digital transformation deepens.

• 무역학회지
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• 제44권1호
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• pp.269-283
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• 2019

Due to environmental issues such as global warming, the importance of renewable energy is growing. Solar Power System is one of the most growing eco-friendly energy industries in the world, but Korea's solar energy industry faces fierce competition due to the trade regulations and changes in energy related laws in the major markets such as the U.S., EU and China. Therefore, Korea needs to diversify its export markets towards emerging markets. This paper analyzed 162 countries in the world and developed a model to measure how promising the countries are. GSMI(Grid connected Solar Market Index) and OSMI(Off-grid Solar Market Index) are invented based on the models. By using the developed model and the data of 162 countries over the 15-year period from 2000 to 2014, the foreign markets are ranked for searching the export market. According to the analysis, China, Japan, U.S, India and Taiwan ranked first to fifth in GSMI and OSMI ranking, which were followed by China, India, Bangladesh, Philippines and Afghanistan. The model developed through this research is expected to provide a more reasonable and scientific approach to the advancement of the Korean solar energy industry into overseas markets.

• The Journal of Asian Finance, Economics and Business
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• 제9권5호
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• pp.1-9
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• 2022

The study examines stock prices (LOGKSE) and exchange rate (LOGPK)-Pakistani Rupee vis-à-vis US Dollar- interactions in Pakistan. This study employs a multivariate VAR-GARCH model using monthly data from January 2012 to October 2020. The results of the Johansen cointegration test show that there is no relationship between Foreign Exchange Market and Stock Market in the long run. In the short-run, stock exchange returns are affected slightly negatively by the changes in the foreign exchange market, but the foreign exchange market does not seem to be affected by the ups and downs of the stock exchange. The VAR model and Granger Causality show that both markets are strongly influenced by their own lagged values rather than by the lagged values of one another and show weak or no correlation between the two markets. Volatility persistence is observed in both the stock and foreign exchange markets, implying that shocks and past period volatility are major drivers of future volatility in both markets. Thus greater uncertainties today will induce panic and consequently generate higher volatility in the future period. This phenomenon has been observed many times on Pakistan Stock Exchange especially. The results have important implications for local international investors in portfolio diversification decisions and risk hedging strategies.