• The Journal of Asian Finance, Economics and Business
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• 제10권2호
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• pp.321-331
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• 2023

The radical Coronavirus (COVID-19) has swiftly unfolded everywhere globally; it continues to unfold uncontrollably and critically, affecting all economies. The pandemic is not only a health issue but also has distinct effects on the global economy and enterprises. The impact of this novel Coronavirus is also well-documented in the financial sector. This study aims to investigate the impact of COVID-19 on corporate governance and banks' financial performance. Moreover, this study also examines the impact of corporate governance on banks' performance in Bangladesh. The study uses return on equity, return on assets, non-performing loans, return on investment, and earnings per share to measure the performance of the banks. And characteristics of corporate governance are measured by board size, number of independent directors on the board, number of female directors on the board, number of board meetings, and number of members in the audit committee. The study uses descriptive statistics, correlation analysis, t-test, and panel regression analysis. The study finds that COVID-19 significantly impacts the banks' performance and some corporate governance characteristics. The study also reveals that corporate governance significantly impacts the financial performance of commercial banks. The findings of this study suggest that banks should concentrate more on corporate governance.

• The Journal of Asian Finance, Economics and Business
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• 제9권9호
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• pp.309-316
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• 2022

In 2011, the 4^th industrial revolution officially occurred and developed in most countries. The fourth industrial revolution has given organizations numerous business opportunities, enabling them to optimize their manufacturing processes, cut costs, and thereby improve their operations. The development of enterprises is a decisive factor in increasing national productivity, thereby improving economic growth and per capita income. Therefore, it is necessary to grasp the digital transformation plan and apply science and technology to domestic enterprises and improve the operational efficiency of the economy. Research on small and medium enterprises in Hanoi, Vietnam, which is considered a successful country in economic development and digital transformation and has become a middle-income economy and a highly open economy, the research results suggest that the ability to apply technology in businesses is capable of improving corporate financial performance. The choice of capital structure favoring debt has a negative effect on the financial performance of the enterprise; that is, enterprises in Vietnam should limit the choice of financing investment projects with debt, on the contrary, enterprises should choose to finance with equity. Finally, the study also discusses managerial implications for improving business performance in the context of the rapidly evolving 4.0 technology revolution.

• 유통과학연구
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• 제20권9호
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• pp.83-95
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• 2022

Purpose: This study aims to explore an ability to time market-wide investor sentiment of mutual fund managers in an emerging market. Research design, data, and methodology: Based on data of Thai mutual fund market over the period of 2000-2019, our sample includes 283 equity funds, consisting of 204 bank-related funds and 79 nonbank-related funds. We perform our regression analyses at the aggregate and portfolio levels. Results: Under the non-normal distribution of return, we find different behaviors between the best- and worst-performing funds in an ability to time market-wide investor sentiment in Thailand, which is dissimilar to the findings in the U.S. Bottom fund managers act as sentiment hedgers, who decrease (increase) an exposure of investment portfolios when the investor sentiment is high (low). Oppositely, top fund managers are likely to chase investor sentiment. Conclusion: We find that only the worst-performing fund managers, especially for bank-related funds are able to time the market-wide investor sentiment. An advantage of gaining information from their bank's clients is a key success. A competition in the mutual fund industry, an ability to predict fundamentals, and financial literacy are possible reasons to explain the main findings found in this study.

• 한국프랜차이즈경영연구
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• 제14권2호
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• pp.19-30
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• 2023

Purpose: Corporate management is under pressure to contribute to social values beyond profit-seeking, and interest in ESG (Environment, Social, Governance) is increasing worldwide. In the recent global climate change crisis and the COVID-19 pandemic, the importance of non-financial values such as ESG is increasing. Therefore, the purpose of this study is to prepare a strategy for future ESG management activities by analyzing the impact of it on corporate performance by food companies. Research design, data and methodology: ESG-related research trends, ESG activities, and corporate performance were analyzed. After that, a regression analysis was conducted to identify the relationship between ESG evaluation grade and corporate performance. Result: ESG management activities measured by ESG scores did not significantly affect the return on assets, one of the variables of corporate performance. However, as a result of setting the return on equity as a dependent variable, ESG management activities have a nonlinear relationship with corporate performance, and ESG management activities have a positive effect on corporate performance when investment in ESG management activities is reasonable. Conclusions: These results show that food companies should engage in an appropriate level of ESG management activities to improve corporate performance.

• 국제학술발표논문집
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• The 2th International Conference on Construction Engineering and Project Management
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• pp.509-519
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• 2007

Private financing is playing an increasing role in public infrastructure construction projects worldwide. However, private investors/operators are exposed to the financial risk of low profitability due to the inaccurate estimation of facility demand, operation income, maintenance costs, etc. From the operator's perspective, a sound and thorough financial feasibility study is required to establish the appropriate capital structure of a project. Operators tend to reduce the equity amount to minimize the level of risk exposure, while creditors persist to raise it, in an attempt to secure a sufficient level of financial involvement from the operators. Therefore, it is important for creditors and operators to reach an agreement for a balanced capital structure that synthetically considers both profitability and repayment capacity. This paper presents an optimal capital structure model for successful private infrastructure investment. This model finds the optimized point where the profitability is balanced with the repayment capacity, with the use of the concept of utility function and multi-objective GA (Generic Algorithm)-based optimization. A case study is presented to show the validity of the model and its verification. The research conclusions provide a proper capital structure for privately-financed infrastructure projects through a proposed multi-objective model.

• The Journal of Asian Finance, Economics and Business
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• 제9권1호
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• pp.249-257
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• 2022

COVID-19 struck without warning, and by the first quarter of 2020, the world had plunged into a state of total closure as a means of containing the pandemic's devastating effect. Certainly, the pandemic shook many economies; some countries were able to cope, while third-world countries lost their invulnerability. Based on this, the current study looked at financial reports from Kuwaiti conventional and Islamic banks from 2019 to 2020 (before and after the pandemic) and compared the findings to see how much of an impact Kuwaiti conventional and Islamic banks had during the COVID-19 epidemic. Financial analysis of financial reports was used as a quantitative methodology, and variables were compared and analyzed, including (the liquidity ratio, profitability ratio, and financial leverage) within (14) Kuwaiti conventional and Islamic banks. The study found that the pandemic had a detrimental impact on both conventional and Islamic banks in Kuwait, as they were the first line of defense for the Kuwaiti economy during lockdowns and quarantines. Furthermore, there were significant implications on the Rate of Return on Investment, Debt, Financial Leverage, and Return on Equity.

• Asia Marketing Journal
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• 제12권3호
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• pp.25-41
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• 2010

기업의 신제품 개발과정에서 고객참여는 중요한 전략적 역할을 한다. 본 연구는 고객참여를 고객공동개발 (customer co-development) 과 계약개발 (contract development) 로 구분하고, 고객참여 발표가 기업 가치에 미치는 영향을 이벤트 연구를 통해 분석한다. 바이오 및 제약 산업에 대한 분석을 통해, 본 연구는 계약개발 대비 고객공동 개발이 기업 가치에 미치는 영향은 기업 및 관계 변수에 의해 조절됨을 밝힌다. 특히, 본 연구는 연구개발 협력경험이 많을 때 또는 지분투자를 동반할 때, 고객공동개발이 계약개발에 비해 기업 가치에 양의 영향을 미침을 보여준다.

• 무역학회지
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• 제46권2호
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• pp.161-175
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• 2021

The purpose of this study is to empirically analyze the effect of cultural distance between partner firms on international joint venture performance, focusing on the moderating effects of the conflict resolution techniques and the competitive relationship between partner firms. We tested hypotheses based on joint venture firms that were surveyed which formed by equity investment between Korean and foreign firms in the manufacturing industry. The empirical analysis results of this study are as follows. First, in international joint ventures, the cultural distance between partner firms was found to have a negative effect on the international joint venture performance, and the higher the cultural distance, the lower the joint venture performance. Second, it was found that constructive conflict resolution techniques weaken the negative impact of the cultural distance between partner firms in international joint ventures on the performance of international joint ventures. Third, competitive relationship between international joint venture partners showed no moderating effect on the relationship between cultural distance and international joint venture performance.

• 재무관리연구
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• 제27권1호
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• pp.181-208
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• 2010

자본시장법이 시행됨에 따라 은행과 증권회사 간 업무영역이나 활동 및 효율성에 큰 변화가 예견되고 있다. 본 연구는 자본시장에서 발행되는 채권의 인수활동에 있어서 인수기관이 상업은행(은행계열 금융기관)인가, 또는 투자은행(비은행계열 금융기관)인가에 따라 그 재무적 효과는 서로 다를 수 있다는 점에 착안하여 그 효과를 논하였다. 투자은행과 달리 상업은행은 발행기업과 대출거래를 통해 서로연결되어 있기 때문이다. 실증연구를 통해 분석한 결과 은행계열 증권회사의 채권인수에서보다 비은행계열 증권회사가 채권을 인수하는 경우 벤치마크 수익률과 비교한 발행수익률 스프레드가 낮은 것으로 조사되었다. 또한 대규모기업집단 소속 증권사의 채권인수 표본에서 발행수익률 스프레드가 통계적으로 유의한 음(-)의 값을 보였는데, 이는 대규모기업집단 소속 증권회사일수록 계열기업의 채권발행이 빈번하게 이루어지므로 비록 동일집단 소속기업의 채권발행을 동일집단 계열증권회사가 인수하지 못하도록 되어 있지만 계열증권회사 간 발행에 있어서 평균적으로 수익률스프레드를 낮추는 것을 시사한다. 스프레드에 영향을 미치는 기업특성을 조사한 바에 의하면 총자산로그로 측정한 기업의 자산규모, 경영성과 및 현금흐름, 외국인 보유지분 및 우량 신용등급은 통계적으로 유의한 수준에서 수익률 스프레드를 낮추는 것으로 나타났다. 반면에 부채비율, 총부채 대비 회사채비율, 대주주지분 등의 변수는 수익률 스프레드를 확대시키는 것으로 분석되었다. 이 가운데 특이할만한 점은 대주주지분이 높은 기업일수록 수익률 스프레드가 높다는 것으로 대주주지분이 많을수록 그만큼 소액주주의 비율이나 기타 주주의 비율이 낮게 되므로 채권발행에 있어서 대주주의 대리인문제 등이 희석될 가능성이 높다는 것으로 해석할 수 있다. 채권발행에 있어서 외국인지분이 유의적인 작용을 한다는 것은 외국인 투자자의 역할이 채권시장에도 미치고 있음을 시사하는 결과이기도 한다. 대규모기업집단에 소속된 기업의 채권발행은 그렇지 않은 기업이 발행할 경우보다 유의적인 음(-)의 계수값을 보였다. 이는 대체로 이들 기업의 회사채가 시장에서 보다 긍정적으로 판매될 수 있음을 나타내는 것으로 판단된다.

• 산학경영연구
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• 제19권1호
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• pp.157-174
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• 2006

과거 국내 벤처캐피탈 회사는 정부의 지원과 보조금에 의존하여 사업을 유지하였기 때문에 관리노하우, 선진투자기법 및 관리지원능력 등의 역량이 부족해도 생존할 수 있었다. 하지만, 오늘날 벤처캐피탈 회사의 환경은 자율과 책임과 경쟁원리가 적용되는 상황으로 점점 바뀌고 있다. 벤처캐피탈 회사도 다른 금융기관과 마찬가지로 자산과 부채를 적절히 관리함으로써 위험을 최소화하고 수익을 극대화시켜 기업 가치를 극대화할 수 있는 것이다. Modigliani와 Miller(1958)가 전통적 최적자본구조의 존재에 대해 반론을 제기한 이후 많은 연구가 진행되었지만 아직까지 벤처캐피탈 회사의 자본구조에 대해 연구한 논문은 아직 발표되지 않았다. 본 논문의 목적은 국내 창업투자회사의 기업특성과 자본구조 간의 관계를 실증적으로 조사하고 분석하는 것이다. 본 연구에서는 창업투자회사의 웹페이지와 공시자료를 기초로 국내 창업투자회사의 기업특성 및 재무지표에 대한 자료를 수집하였다. 상관관계분석과 t-검정을 통해 오래된 창업투자회사와 신규창업투자회사 간에 유동비율과 매출액 순이익률 값이 차이가 난다는 것을 보여주었다. 비록 우리나라 창업투자회사가 벤처기업에 대한 투자에 대한 노하우가 부족하다고 알려졌지만 오래된 창업 투자회사는 재무수익성을 개선할 수 있는 벤처투자에 대한 노하우가 차츰 쌓이고 있다는 결과로 해석될 수 있는 결과이다.