• East Asian Economic Review
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• v.18 no.2
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• pp.187-212
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• 2014

The purpose of this paper is to examine the equity market crisis contagion in major Asian economic markets. A comparative assessment of Asian markets during the Asian Financial Crisis and Global Financial crisis may clearly identify the changing nature of long term integration of major Asian markets. The selection criteria of specific Asian markets of different peripheries depend particularly on the roles and structure of these markets. The impact of the global financial contagion and the lingering financial linkage in the aftermath of crisis will explain the reaction of the majority of Asian markets to global linkage. While majority of the studies focused on dynamic short term association in European and MENA contagions in the post global financial crisis period; after the global financial crisis, attention paid to long term Asian contagion adds new perspective to hitherto disorganized theories.

• International Area Studies Review
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• v.15 no.3
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• pp.77-94
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• 2011

This paper investigates the returns and volatility linkages in equity markets between the regional/global developed markets (Germany, UK, and US) and four emerging European stock markets (Hungary, Czech Republic, Russia, and Poland) using the VAR-bivariate GARCH model. Our empirical results are summarized as follows. First, we found unidirectional return spillover from the regional/global developed markets to the emerging European markets. This finding indicates that the prices of regional/global markets lead those of emerging European stock markets. Second, we also found relatively stronger volatility linkage between the regional developed markets (especially Germany) and the emerging European markets. This implies that the volatility of emerging European markets is strongly affected by the regional developed markets than the global developed markets.

• Korean Journal of Social Welfare
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• v.59 no.2
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• pp.303-325
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• 2007

This study explores the relationship between marketing activities and brand equity in nonprofit organizations, specifically investigating the relational linkage between four selected marketing mix elements and brand equity through the mediating role of brand equity dimensions. Employing a structural equation model, the study empirically tests research hypotheses and finds some important implication for brand equity creation strategies for nonprofits. The results show that brand association is the only dimension that is positively related to brand equity, reflecting the current donation market in Korea where nonprofits have such a low presence that donors have little knowledge and chance to identify their brands and to build trust relationships with them. Furthermore, the results highlight the importance and roles of promotion and process marketing efforts, as they are proved to enhance brand association. The study also finds that promotion is positively related to brand awareness and process contributes to perceived quality and brand loyalty. Based on these findings, the study suggest that nonprofits make further efforts on active promotion and process development to create positive, differentiated images and better accessibility, and finally improve their brand equity.

• Asian Journal of Business Environment
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• v.11 no.4
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• pp.17-29
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• 2021

Purpose: The aim of this study is to explore the dynamic linkage between conditional stock market volatility and macroeconomic uncertainty of Bangladesh. Research design, data, and methodology: This study uses monthly data covering the time period from January 2005 to December 2018. A comprehensive set of macroeconomic variables, namely industrial production index (IP), consumer price index (CPI), broad money supply (M2), 91-day treasury bill rate (TB), treasury bond yield (GB), exchange rate (EX), inflow of foreign remittance (RT) and stock market index of DSEX are used for analysis. Symmetric and asymmetric univariate GARCH family of models and multivariate VAR model, along with block exogeneity and impulse response functions, are implemented on conditional volatility series to discover the possible interactions and causal relations between macroeconomic forces and stock return. Results: The analysis of the study exhibits time-varying volatility and volatility persistence in all the variables of interest. Moreover, the asymmetric effect is found significant in the stock return and most of the growth series of macroeconomic fundamentals. Results from the multivariate VAR model indicate that only short-term interest rate significantly influence the stock market volatility, while conditional stock return volatility is significant in explaining the volatility of industrial production, inflation, and treasury bill rate. Conclusion: The findings suggest an increasing interdependence between the money market and equity market as well as the macroeconomic fundamentals of Bangladesh.

• Journal of the Society of Naval Architects of Korea
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• v.60 no.2
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• pp.86-94
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• 2023

Tonnage taxation has contributed to developing the Korean maritime industry through tax relief for shipping companies. The current tonnage taxation relies on the net tonnage as an earning-capacity indicator in a merchant ship. Although the tonnage tax accords with horizontal equity, it does not match vertical equity because of the different taxable capacities of an individual company. Nowadays, maritime transport uses a dedicated vessel, and each shipping freight embeds a different value of time. It means the tonnage taxation regime should consider the added value of each shipping freight. Meanwhile, as the environmental regulations led by the International Maritime Organization are being strengthened, the Korean merchant fleet must be eco-friendly soon after. This study explores the alternative to renewing tonnage taxation by utilizing the Greenship certification and considering the ability-to-pay principle. Because the Greenship certification scheme encourages shipping decarbonization, maritime transport by a certified ocean-going vessel comes to be treated as an activity for the green economy. Special taxation for the green economy may contribute to shipping sustainability and market competitiveness.