• The Journal of Asian Finance, Economics and Business
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• 제8권10호
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• pp.147-158
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• 2021

Due to COVID-19, the risk of price volatility in commodity and equity markets increases. The research and application of hedging is the most effective way to reduce the market risk. Hedging is a risk management strategy employed to offset losses in investments by taking an opposite position in a related asset. We use K-means and hierarchical clustering methods to cluster companies and futures products respectively, and analyze the relationship between the number of hedging firms, regional distribution, nature of firms, capital distribution, company size, profitability, number of local Futures Commission Merchants (FCMs), regional location, and listing time. The study shows that listed companies with large scale and good profitability invest more money in hedging, while state-owned enterprises' participation in hedging is more likely to be affected by the company size and the number of local futures commission merchants, and private enterprises are more likely to be affected by the company profitability and the regional location. Listed companies are more willing to choose long-listed and mature futures products for hedging. We also provide policy advice based on our conclusion. So far, there is no study on the characteristics of hedging. This paper fills the gap. The results provide a basis and guidance for people's investment and risk management. Using clustering analysis in hedging study is another innovation of this paper.

• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.515-521
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• 2021

The popularity of Islamic financial instruments among Muslims is not surprising. The Islamic capital market is where sharia-compliant financial assets are transacted. It works parallel to the conventional market and helps investors find sharia-compliant investment opportunities. At a time of collective confusion when the COVID-19 epidemic is contributing to unprecedented change, this paper is keen to understand how attractive conventional and Islamic stock markets have been to investors recently. Second, this paper takes advantage of the time-scale decomposition property of the wavelet to simultaneously capture risk exposure and distinguish the risks faced by short- and long-term investors. To this end, this research conducted a two-step investigation of the daily closing equity market price indices for three Islamic stock markets and their conventional counterparts. Given that different financial decisions occur with greater or less frequency, the paper examines the connectedness of stock markets operating at heterogeneous rates and identifies the timescales using wavelet-DCC-GARCH analysis to take account of both the time and the frequency domains of stock market connectedness. The paper findings highlight the strong evidence of contagion that can be seen in nearly all conventional stock markets in the COVID-19 pandemic; they reach a high level of dependency in such health crises. Furthermore, Islamic stock markets prove to be a rich ground for global diversification.

• 한국융합학회논문지
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• 제9권12호
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• pp.259-264
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• 2018

본 연구는 국가장학금제도가 반값등록금 지원이라는 소기의 정책목적을 달성하였는지를 분석해 보고, 이에 대한 개선방안을 제시하고자 하였다. 소득분위별로 등록금 경감률을 계산하여 실질적으로 반값등록금이 달성되었는지를 분석하는 방법론을 활용하였다. 연구결과 국가장학금 제도는 소득 2구간 이하의 학생들에게는 무상교육을, 6분위 이하의 학생들에게는 반값등록금을 지원하고 있는 것으로 나타났다. 이처럼 과반수의 학생들이 반값등록금 정책의 실질적인 혜택을 받고 있으나, 그 체감도가 떨어지는 것은 반값이라는 홍보성 구호가 국민들에게 각인되었기 때문이다. 따라서 본고에서는 이러한 인식차이를 좁힐 수 있는 홍보방식의 개선과 등록금을 단순지출이 아닌 투자의 개념으로 전환할 필요가 있다는 정책개선방안을 제시하였다. 또한 현행 무상지원 및 대출형 지원방식에서 벗어나 투자형 지원방식의 도입을 통해 학생과 정부의 부담을 동시에 최소화할 수 있는 방안도 검토하였다.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.527-538
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• 2021

The purpose of the study is to determine the efficiency, position, and partner selection of securities companies via the negative super-SBM model used in data envelopment analysis (DEA). This model utilizes a variety of inputs, including current assets, non-current assets, fixed assets, liabilities, owner's equity and charter capital, and outputs including net revenue, gross profit, operating profit, and net profit after tax collected from the financial reports (Vietstock, 2020) of 32 securities companies, operating during the period from 2016 to 2019, negative data are collected as well. Empirical results determined both efficient and inefficient terms, and then further determined the position of each securities firm under consideration of every term. The overall score arrived at discovered a large performance change realizing a maximum score able to reach 20.791. In the next stage, alliancing inefficient companies was carried out based on the 2019 scores to seek out optimal partners for the inefficient companies. The tested result indicated that AAS was the best partner selection when its partners received a good result after alliancing, as with FTS (11.04469). The partner selection is deemed as a solution helpful to inefficient securities companies in order to improve their future efficiency scores.

• The Journal of Asian Finance, Economics and Business
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• 제9권10호
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• pp.39-48
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• 2022

This research aims to investigate the application of Keynes's theory in Indonesia, particularly in solving unemployment and poverty problems through government spending, economic growth, and human resource capacity. The basic concepts of the Keynesian theory were used as a method, through which government spending was harnessed toward economic growth in reducing unemployment and poverty rate. The analytical materials used were panel data for the 2017-2021 period in Central Java, Indonesia. The analytical methodology used was a multiple regression experimental design in selecting the best model according to Keynes's theory, especially for overcoming formidable problems. The main results showed that large Government spending program is ineffective in encouraging pro-growth, pro-job, pro-poor, and pro-equity development policy strategies. The causes of this failure include the violation of Keynes' assumptions about rationality and the low quality of education investment, which do not encourage productive and innovative entrepreneurship, as well as self-employment opportunities. As a result, government spending, including subsidies and direct financial assistance, used to implement the macroeconomic monetary, unstructured, and fiscal policy system is insufficient to significantly reduce the enormous difficulties. The main research results confirm that human capital capacity is the key to mitigating and reducing unemployment and poverty.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.497-504
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• 2021

This extended study aims to analyze empirically the influence of firm diversification on firm performance moderated by the stages of the firm life cycle, which consists of introduction, growth, maturity, and decline. The target population of this study is the firms listed on the Indonesian Stock Exchange. The sampling method uses purposive sampling in the multi-business firm in Indonesia; it includes as many as 127 firms over the period from 2011 to 2017, totaling 889 firm-year observations. The firm performance is measured using a return of equity while the level of firm diversification with the minimum number of two operating segments is proxied by the Herfindahl index. The analysis method used in this study is the estimator model of the Generalized Method of Moment (GMM). The main findings show that the firm life cycle at the stage of growth and maturity significantly strengthens the influence of firm diversification on firm performance. On the other hand, the stage of decline fails to moderate the relationship between firm diversification and firm performance. This study discusses the implications and contributions of the findings theoretically, and provide some policy justifications for potential investors before they invest their money in the capital market.

• 아태비즈니스연구
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• 제12권3호
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• pp.37-50
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• 2021

Purpose - This study aimed to examine the behavior surrounding the Initial Public Offering (IPO) event of firms within the same conglomerate and the impact of under-pricing and Return on Equity(ROE) on a firm's abnormal stock returns. Design/methodology - This study collected data from 166 South Korean Chaebols, consisting of 355 firms distributed as 202 listed on Korea Composite Stock Price Index (KOSPI) and 153 firms listed on Korean Securities Dealers Automated Quotations (KOSDAQ) from 2000 to 2020. The Capital Asset Pricing Model (CAPM) and the multiple regression analysis were hired to analyze the data. Findings - First, we found an adverse price reaction of IPO listing in the same chaebol group, and firms with higher under-pricing affect other firms' stock prices more adversely within the conglomerate. Next, we explored a negatively significant relation between ROE and the chaebol firms' stock returns during IPO events. Research implications - The novelty of this study is there are not many empirical studies on the impact of IPO within a conglomerate. So, the findings of this study contribute to the literature for analyzing stock's abnormal returns within a conglomerate.

• Asia Marketing Journal
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• 제15권3호
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• pp.53-77
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• 2013

As advertising and promotions are categorized as operating expenses, managers tend to reduce marketing budget to improve their short term profitability. Gauging the value and accountability of marketing spending is therefore considered as a major research priority in marketing. To respond this call, recent studies have documented that financial market reacts positively to a firm's marketing activity or marketing related outcomes such as brand equity and customer satisfaction. However, prior studies focus on the relation of marketing variable and financial market variables. This study suggests a channel about how marketing activity increases firm valuation. Specifically, we propose that a firm's marketing activity increases the level of the firm's product market information and thereby the dispersion in financial analysts' earnings forecasts decreases. With less uncertainty about the firm's future prospect, the firm's managers and shareholders have less information asymmetry, which reduces the firm's cost of capital and thereby increases the valuation of the firm. To our knowledge, this is the first paper to examine how informational benefits can mediate the effect of marketing activity on firm value. To test whether marketing activity contributes to increase in firm value by mitigating information asymmetry, this study employs a longitudinal data which contains 12,824 firm-year observations with 2,337 distinct firms from 1981 to 2006. Firm value is measured by Tobin's Q and one-year-ahead buy-and-hold abnormal return (BHAR). Following prior literature, dispersion in analysts' earnings forecasts is used as a proxy for the information gap between management and shareholders. For model specification, to identify mediating effect, the three-step regression approach is adopted. All models are estimated using Markov chain Monte Carlo (MCMC) methods to test the statistical significance of the mediating effect. The analysis shows that marketing intensity has a significant negative relationship with dispersion in analysts' earnings forecasts. After including the mediator variable about analyst dispersion, the effect of marketing intensity on firm value drops from 1.199 (p < .01) to 1.130 (p < .01) in Tobin's Q model and the same effect drops from .192 (p < .01) to .188 (p < .01) in BHAR model. The results suggest that analysts' forecast dispersion partially accounts for the positive effect of marketing on firm valuation. Additionally, the same analysis was conducted with an alternative dependent variable (forecast accuracy) and a marketing metric (advertising intensity). The analysis supports the robustness of the main results. In sum, the results provide empirical evidence that marketing activity can increase shareholder value by mitigating problem of information asymmetry in the capital market. The findings have important implications for managers. First, managers should be cognizant of the role of marketing activity in providing information to the financial market as well as to the consumer market. Thus, managers should take into account investors' reaction when they design marketing communication messages for reducing the cost of capital. Second, this study shows a channel on how marketing creates shareholder value and highlights the accountability of marketing. In addition to the direct impact of marketing on firm value, an indirect channel by reducing information asymmetry should be considered. Potentially, marketing managers can justify their spending from the perspective of increasing long-term shareholder value.

• 한국항해항만학회지
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• 제39권1호
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• pp.69-75
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• 2015

본 연구는 분석적 모형의 도출과 함께 실증적 자료를 통하여 해운산업의 적정부채비율을 추정 가능하게 하는 한 가지 접근방법을 제시하고 실제로 최적 자본구조를 위한 부채비율지표를 제시하는 데 구체적인 연구목적을 둔다. 그 분석적 모형은 독립변수를 부채비율로 하는 자기자본순영업이익률 계산식으로부터 출발한다. 관련모수는 매출액영업이익률, 총자산회전율과 순금융비율(금융비용대부채)로 구성되는데, 매출액영업이익률과 총자산회전률의 경우 부채비율과는 어떠한 상관관계가 존재한다고 보기 어렵지만 금융비용율은 부채비율과 상관관계 또는 인과관계가 존재한다고 볼 수 있다. 즉 부채비율이 높은 기업은 재무위험에 대한 대가로 무위험이자율보다 높은 대출금리를 부담해야 할 것이다. 이 경우 금융비용율과 부채비율 간에 1차 선형 관계가 존재할 것이고 이러한 관계를 고려하기 위한 방정식을 분석모형에 추가할 수 있다. 이러한 분석적 절차에 따라, 적정부채비율의 기준을 자기자본순영업이익률을 극대화하는 부채비율 수준으로 정의한다면, 두 식으로부터 통해 자기자본순영업이익률은 부채비율을 독립변수로 하는 2차함수로 나타낼 수 있다. 그리고 우리나라 수상운송업의 12년 자료를 기초로 회귀분석을 통하여 관련모수를 추정하고 최적부채비율을 산출한 바, 약 400%임을 확인하였다. 결론적으로, 우리나라 해운산업 부채비율의 경우, 매출과 영업이익이 안정적이라면, 과거 재무적 안전성을 담보하는 부채비율로 강제하였던 200%의 2배인 400%까지도 적정부채비율로 용인될 수 있을 것이다.

• 한국사회복지학
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• 제51권
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• pp.5-28
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• 2002

본고는 1990년대 중반부터 벌어진 미국의 사회보장연금 개혁논쟁의 내용과 쟁점 그리고 그 성격을 규명하는데 목적이 있다. 이를 위해 미국의 사회보장연금이 적립방식으로 시작했다가 부과방식으로 전환한 과정, 논쟁의 기본 안이 된 사회방청 자문위원회의 세 가지 안, 이 세 안을 다소 변형시킨 정치계와 기업계 및 학계의 각종 제안들을 분석했으며, 각 안들의 비교 분석을 통해 주요 쟁점들을 추출하여 비판적으로 논의하였다. 최대 쟁점은 개인계정의 신설 여부와 펀드의 관리운영 주체를 정부로 할 것인가 아니면 민간투자회사로 할 것인가의 여부 및 사회보장연금의 세대간 소득계층간 재분배 효과에 있다는 사실을 규명했다. 동시에 핵심 쟁점을 둘러싼 입장의 차이도 밝혔다. 민영화를 주장하는 입장(IA 및 PSA 지지자)에서는 사회보장연금의 세대내 소득계층간 재분배 기능보다는 개인적 형평성과 저축제고 효과 그리고 민간의 관리운영과 민간 자본시장에의 투자를 선호했고, 부과방식 옹호자들(MB 지지자)은 사회보장연금의 세대간 소득계층간 재분배의 기능의 여전히 유효하고, 부과방식 연금의 기본 틀을 유지하면서 약간의 개혁(사회보장 세율의 인상과 급여 수준의 하향조정)으로 재정불건전 문제를 해결할 수 있다고 보는 것으로 확인되었다.