• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.833-843
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• 2021

This research examines the impact of audit quality on the extent to which firm-specific information is integrated with a firm's share price - which is determined inversely using stock price synchronicity. The study sample consists of non-financial companies listed on the Amman Stock Exchange i.e., the Jordanian Stock Market, from 2014-2018. After examining 810 firm-year observations from Jordanian industrial companies listed on the ASE, during the study period, we find that the companies using one of the BIG4 audit firms for auditing have less synchronous and more informative stock prices, suggesting high-quality audit improved governance and reduce information asymmetry between firms' insiders and investors which enhances the capitalization of firm's specific information into the stock price, thus less synchronous and more informative stock return. The findings remain consistent over 2 separate measurements of stock price synchronicity (Market and Industry model and Market Model) and show robustness for fixed effect tests. Our multivariate regression results are also robust after controlling for a number of features at the firm level with potential associations with stock price synchronicity. These include the firm size, leverage, return on assets (ROA), and market to book value (MBV).

• KEPCO Journal on Electric Power and Energy
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• 제2권2호
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• pp.317-325
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• 2016

In recent years, the U.S, Japan, Europe and other developed countries are strategically developing technologies in order to prepare for paradigm shift affecting the electric power industry in a preemptive way. In particular, a chance for new business models and innovation in the electric power industry would rapidly increase with convergence of various technologies including Information and communication technologies. This study gathered up the theories and methodologies, and sorted out emerging technologies for the electric power industry with those theories. In order to find the emerging technologies, first, we identified the possible key issues of the electric power industry in the future using four mining techniques such as STEEP. Second, we drew agenda related with each key issue. Third, we organized candidates of the emerging technologies for solving the agenda and set the priority after evaluating the possibility of technical innovation and business. Finally, we selected the top fourteen of emerging technologies and assessed their feasibility. This study has a methodological significance because the emerging technologies were developed with a market-oriented approach rather than technical-push one that has been primarily used in another studies. The results of this study are able to be used in establishment of technology policy and R&D planning in the electric power industry.

• 통상정보연구
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• 제15권3호
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• pp.41-62
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• 2013

본 논문은 외환보유고 축적이 신흥경제권의 금융시스템에 중 장기적으로 어떠한 영향이 미치는지에 대해서 고찰하였다. 외환보유고의 축적은 신흥경제권에 있어서 금융위기의 재발방지라는 관점에서 매우 유효한 수단이며 금융위기의 리스크를 줄이기 위한 수단이기도 하다. 외환보유고의 과도한 축적이 경제적으로 대외채무, 국내소비, 국내투자 및 경제성장에 각각 어떠한 영향을 미치는지 중 장기적인 관점에서 보면 외환보유고의 축적이 국내소비를 감소시키는 한편 수출증가에 의한 무역재 산업의 확대를 가져온다. 즉 무역재 산업의 확대는 무역재 산업이 자본집약적인 경우에 국내투자의 확대를 통해서 경제성장에 긍정적인 영향을 준다. 그러나 중국은 국내투자를 대폭적으로 확대하는 정책을 실시하고 있지만 그 외의 국가에서는 과도한 외환보유고의 축적으로 인해서 국내투자가 정체되고 있다. 이러한 사실은 중국을 제외하고 과도한 외환보유고의 축적이 비무역재 산업의 축소를 통해 중 장기적으로 경제성장을 침체시킴으로서 잠재적인 리스크가 높아진다는 것을 의미한다.

• 지식경영연구
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• 제17권2호
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• pp.27-50
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• 2016

Korean manufacturing industry have recently faced the catch-up of China in the mass commodity product, such as automotive, display, and smart phone in terms of market as well as technology. Accordingly, discussion on the importance of achieving catch-up in complex product systems (CoPS) has been increasing as a new innovation engine for the industry. In order to achieve successful catch-up of CoPS, we explored emerging technologies of CoPS, which are featured by the characteristics of radical novelty, relatively fast growth and self-sustaining, through the study of emerging technologies of gas turbine for power generation. We found that emerging technologies of the gas turbine are technologies for combustion nozzle and composition of electrical machine for increasing power efficiency, washing technology for particulate matter, cast and material processing technology for enhancing durability from fatigue, cooling technologies from extremely high temperature, interconnection operation technology between renewable energy and the gas turbine for flexibility in power generation, and big data technology for remote monitoring and diagnosis of the gas turbine. We also found that those emerging technologies resulted in technological progress of the gas turbine by converging with other conventional technologies in the gas turbine. It indicates that emerging technologies in CoPS can be appeared on various technological knowledge fields and have complementary relationship with conventional technologies for technology progress of CoPS. It also implies that latecomers need to pursue integrated learning that includes emerging technologies as well as conventional technologies rather than independent learning related to emerging technologies for successful catch-up of CoPS. Our findings provide an important initial theoretical ground for investigating the emerging technologies and their characteristics in CoPS as well as recognizing knowledge management strategy for successful catch-up of latecomers. Our findings also contribute to the policy development of the CoPS from the perspective of innovation strategy and knowledge management.

• 국제지역연구
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• 제20권1호
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• pp.79-104
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• 2016

본 논문에서는 2007~2008년 및 2010~2012년의 글로벌 금융위기 기간에 외국인 투자자의 아시아 신흥국 주식시장에 대한 투자행태를 살펴보고, 주가 수익률 및 변동성 측면에서 외국인 투자자가 아시아 신흥국 주식시장에 미치는 영향을 분석하였다. 분석결과 아시아 신흥국가에서 글로벌 금융위기 기간에 외국인 투자자들은 양(+)의 피드백 거래를 나타내었다. 그리고 전 아시아 신흥국가 샘플에서 수익률 상승기보다는 하락기에 시장의 변동성이 더욱 증가하는 비대칭성을 보였다. 또한 금융위기 기간의 외국인 투자자의 순매도 행위는 대부분의 국가에서 시장의 변동성을 유의적으로 증가시킨 것으로 나타났다. 따라서 글로벌 금융위기 기간에 외국인 주식 투자자는 아시아 신흥국에서 양(+)의 피드백 거래 행태를 보였고 외국인 투자자의 매도 행위는 수익률을 하락시키고 시장의 변동성을 증대시키는 유의적 작용을 했다는 함의를 제공한다.

• The Journal of Asian Finance, Economics and Business
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• 제9권6호
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• pp.23-32
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• 2022

This paper examines the effects of regulatory capital on a bank's profitability and risk. We employ annual data from Vietnamese commercial banks from 2005 to 2020 and use the dynamic GMM regression method to address the potential endogeneity issue, more suitable for panel data with relatively low time dimensions. Our panel regressions indicate that higher regulatory capital would significantly improve the bank's profitability and lower the bank risks. In particular, a one percent increase in the regulatory capital would significantly increase the bank's return on assets by 1.9%. We further explore the heterogeneous impacts of regulatory capital on the Vietnamese bank's performance across bank characteristics. We find that smaller, non-state-owned and non-listed banks would benefit from stringent regulatory capital requirements. The improvements in bank performance are mainly driven by reductions in the risk premium of the banks, resulting in lower funding costs and higher profitability. These findings are essential since Vietnam, as an emerging market, has only implemented the Basel II reform recently on a stable and fast-growing background rather than as a reaction to the global financial crisis. Thus, our empirical results support stringent regulatory capital in emerging countries to ensure a stable banking sector and boost economic growth.

• The Journal of Asian Finance, Economics and Business
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• 제9권9호
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• pp.61-73
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• 2022

The article examines the ownership structure and dividend payout behavior of India-listed firms using a panel regression approach. It focuses on family ownership and examines why dividend payouts of family firms differ from non-family firms. The study finds that family firms dominate and have concentrated ownership using data from the NSE-listed regular dividend-paying firms. Although family ownership concentration is high among Indian firms, these firms are not concerned about distributing cash as dividends. Instead, these firms focus on retaining and passing on control from one generation to the next. The evidence shows that family firms pay low dividends and have higher leverage than non-family counterparts. The results support the entrenchment of minority shareholders and the proposition that a high payout signals a reduction in the information asymmetry and level of risk. The study further illustrates that cash dividends tend to reduce the level of risk perceived; however, (cash dividend) leads to the deterioration firm's liquidity and aid in the shrinking of cash among emerging market firms. The originality of the paper lies in factoring ownership concentration while explaining the dividend behaviour from an emerging markets perspective, characterized by high private benefits and weak protection for external minority shareholders.

• 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.

• Asian Journal of Business Environment
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• 제13권4호
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• pp.19-28
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• 2023

Purpose: Emerging markets under industrialization have become increasingly influential over the global natural-resource transactions. However, their average deal completion rates have been relatively low. The international business (IB) literature regards the low rate as evidence of 'double hurdle', the extra disadvantages in doing overseas business for firms from developing countries. Because legitimacy building mitigates liability of foreignness, we argue that an acquirer's environmental responsibility effectively builds legitimacy. Research design, data and methodology: Stakeholders in the host country spread the acquirer's environmental responsibility so that, by raising legitimacy, they may strengthen the link between environmental responsibility and deal completion. Our dataset consists of the 608 cross-border acquisition deals announced by the 196 firms in Brazil, Russia, India, and China over 2008-2019 period. Results: A logit regression result confirms that environmental responsibility increases the likelihood of acquisition deal completion. Also, host-market stakeholders positively moderate the relationship between environmental responsibility and the likelihood of deal completion. Conclusions: Overall, this study contributes to the IB literature by identifying environmental responsibility as a key approach to lowering the double hurdle in internationalization of firms in emerging markets. Any emerging multinationals interested in the foreign, brownfield entries to the natural-resource industries must enhance the environmental responsibility, which turns out extremely important.

• 유통과학연구
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• 제18권7호
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• pp.63-72
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• 2020

Purpose: This study examines the market segmentation and strategy of PT INKA, a rolling stock manufacturer in Indonesia. Research design, data and methodology: The study used the MCDM (Multiple Criteria Decision Making) method specifically the AHP (Analytical Hierarchy Process). The AHP method was applied to identify the target market. This method or approach considers the market attractiveness and competitive strength criteria with quantified parameters. Results: a) Australia, Kenya, Tanzania, New Zealand, and India emerge as the top five target markets; b) There is justification for rolling stock manufacturers to allocate their resources in winning the market share. Conclusion: The main challenge confronting the rolling stock manufacturer is limited resources to acquire a particular market share despite abundant opportunities in this sector. Despite the mastery of technology and long experience in the industry, selecting a target market with multiple criteria could be difficult for an emerging rolling stock manufacturer in South East Asia.