• 아태비즈니스연구
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• 제11권4호
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• pp.37-48
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• 2020

Purpose - This study empirically investigates whether the risk property included in fat-tails of return distributions is systematic or unsystematic based on the devised statistical methods. Design/methodology/approach - This study devised empirical designs based on two traditional methods: principal component analysis (PCA) and the testing method of portfolio diversification effect. The fatness of the tails in return distributions is quantitatively measured by statistical probability. Findings - According to the results, the risk property in the fat-tails of return distributions has the economic meanings of eigenvalues having a value greater than 1 through PCA, and also systematic risk that cannot be removed through portfolio diversification. In other words, the fat-tails of return distributions have the properties of the common factors, which may explain the changes of stock returns. Meanwhile, the fatness of the tails in the portfolio return distributions shows the asymmetric relationship of common factors on the tails of return distributions. The negative tail in the portfolio return distribution has a much closer relation with the property of common factors, compared to the positive tail. Research implications or Originality - This empirical evidence may complement the existing studies related to tail risk which is utilized in pricing models as a common factor.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.1171-1180
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• 2021

This study aims to investigate the impact of the multimarket contract on risk-adjusted profitability. Risk-adjusted profitability is measured in terms of risk-adjusted return on assets. This study employs dynamic panel data of 27 commercial banks in Vietnam using the GMM estimator to test the multimarket contact hypothesis in the Vietnamese banking sector. The results show that there is a negative impact of multimarket contact on the profitability of banks. Multimarket contact, deposit to asset ratio, non-interest income to total income, GDP growth rate, Worldwide Governance Indicator (WGI), and operating cost to assets are the major determinants of risk-adjusted profitability of commercial banks. Our main findings show that Vietnamese banks' focus to increase the multimarket contact may lead to lower profitability and there is evidence that supports theory predictions, since the average number of contacts among banks, bank size, and capitalization are positively related to risk-adjusted profitability. The study has policy implications for commercial banks in that they should not only focus on interest as a source of income and diversify their income source from non-interest income as well since it helps to improve risk-adjusted profitability for them.

• The Journal of Asian Finance, Economics and Business
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• 제8권7호
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• pp.103-109
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• 2021

The aim of this research is to provide empirical evidence on the impact of CSR disclosure on earnings management and firm value. The population used in this study were all manufacturing companies listed on the Indonesia Stock Exchange (IDX) in 2018. The sample in this study was 114 companies selected through purposive sampling. The results of data analysis show that CSR has a positive effect on Firm Value. CSR disclosure is one form of activity that companies carry out in influencing their stakeholder decisions. This is by the theory that a company is not an entity that only operates for its interests, but the main objective of the company is to meet stakeholder needs. Besides, CSR has a positive effect on Earning Management. The results of this study contrary to research conducted by prior research which states that CSR can reduce earning management because CSR not only increases information transparency but also creates interaction with stakeholders. The difference in findings in this study is because CSR disclosure in Indonesia is still low, as seen from the average CSR in Indonesia, which is 33%, and it is still not transparent so that companies tend to carry out earnings management.

• The Journal of Asian Finance, Economics and Business
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• 제8권8호
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• pp.355-363
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• 2021

This study aims to obtain empirical evidence about the cognitive effect of Islamic religiosity and budget control in reducing budgetary slack behavior. This study involved 176 managers as respondents in 10 local companies in Eastern Indonesia. Managers who are respondents in thus study work and are spread across 14 provinces in Indonesia. Probability sampling method has been used for this study from the total population with certain criteria. Data analysis has been done using Warp PLS-SEM technique. The results showed that Islamic religiosity cognitive and budget control had a direct negative effect on budgetary slack behavior. The two variables also fully mediate the relationship between participatory budgeting and budget-based compensation schemes on the behavior of budgetary slack in a negative and significant way. These results mean that the two variables are proven to reduce budgetary slack behavior. This empirical evidence at the same time corrects the agency theory's assumptions about opportunistic human nature and always maximizes every potential economic profit. In addition, the results also show that Islamic religiosity cognitive is stronger in reducing budgetary slack behavior. These results can be used to improve the company's budget control system by incorporating elements that motivate religious goals so that it is more effective in reducing budgetary slack behavior.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.179-185
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• 2021

The aim of this study is to examine the impact of board of directors' activity on the audit committee's effectiveness score among manufactured listed companies on Saudi Stock Exchange (Tadawul) for the period 2015-2017. The final sample of this study consists of 195 firm-year observations that represent manufactured companies listed on Saudi Stock Exchange (Tadawul) for the years 2015-2017. The data of this study in terms of board of directors' meetings, audit committee size and meetings, firm leverage, firm performance, and firm age were hand-collected from the annual reports of the considered companies. The Pooled OLS regression's result indicate that audit committee's effectiveness score is influenced by the board of directors' activity. This result gives support to the agency theory prediction. This result is also consistent with the complementary function of corporate governance mechanisms in which board of directors' activity complements the function of audit committee's effectiveness score. The result of this study should be useful for manufacturing companies, Saudi Stock Exchange, auditors, and regulators which relates to the association between board of directors' activity and audit committee's effectiveness score. This study provides a new empirical evidence on the impact of board activity on the audit committee's effectiveness score in an interesting context which is Saudi Arabia.

• 유통과학연구
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• 제20권1호
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• pp.77-85
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• 2022

Purpose: The Covid-19 pandemic has triggered several herd purchase behaviors, and online shopping has been considered a health-related preventative behavior. Thisstudy aimsto the relative impact of health threat beliefs concerning Covid-19 (perceived susceptibility and perceived severity) and herd mentality on consumers' online shopping post-adoption disconfirmation and continuance intention of online shopping. Research design, data and methodology: An internet survey was conducted with Vietnamese consumers, and upon screening, usable data of 292 responses were analyzed using PLS-SEM. Results showed that while herd mentality positively affects disconfirmation, health threat beliefs including perceived susceptibility and perceived severity of Covid-19 do not. Results: Results also provided further support for the notion that disconfirmation is a crucial determinant of post-adoption continuance intention. Moreover, herd mentality also has a significantly negative influence on online shopping post-adoption continuance intention. Conclusions: The research provides evidence supporting the role of herd mentality and post-adoption disconfirmation in driving consumers' intention to continue online shopping. However, the research shows that neither the perceived susceptibility of Covid-19 nor the perceived severity of Covid-19 has significant impact on post-adoption disconfirmation, adding mixed evidence to the application of health belief theory in technology (such as online shopping) adoption.

• 천문학회보
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• 제44권2호
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• pp.38.2-38.2
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• 2019

In the history of universe, galaxies are consistently affected by surrounding medium and neighbor galaxies. These effects control galaxy evolution, making properties of galaxies diverse and dependent on environments. We investigate environments of various types of galaxies and how they affect galaxy properties, such as bar structures and galaxy sizes, etc. First, we present the observational evidence that bars can form from a cluster-cluster interaction. The evidence indicates that bars can form due to a large-scale violent phenomenon, and cluster-cluster interaction should be considered as an important channel for bar formation. Second, we discover for the first time that local early-type galaxies heavier than 1011.2 Msol show a clear environmental dependence in mass-size relation, in such a way that galaxies are as much as 20 - 40% larger in densest environments than in underdense environments. This result suggests that mergers played a significant role in the growth of massive galaxies in dense environments as expected in theory. Lastly, we investigate environments of the most massive galaxies and extremely massive quasars. By doing so, we find that massive galaxies are a much better signpost for galaxy clusters than massive quasars.

• 영어영문학
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• 제55권1호
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• pp.129-152
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• 2009

The paper aims to prove symmetries of the left and right edges of a morphological unit through the analysis of English blends. Blends are the words derived from two existing words by snipping the middle parts out and putting the rest together, such as smog (

• 철학연구
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• 제131권
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• pp.199-222
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• 2014

서한(西漢) 시대의 역학자 경방(京房)은 다양한 해석방법을 개발함으로써 상수역의 이론적 발전과정에 심대한 영향을 미친 인물이다. 다산역의 해석방법론은 상수역에 연원을 두고 있기 때문에 그 역학사적 기원을 밝히기 위해서는 경방역과의 관계가 명확히 해명될 필요가 있다. 필자는 다산역과 경방역의 관계를 해명하기 위하여 정약용이 효변설과 관련하여 경방에 대해 어떠한 평가를 내렸는지의 문제를 고찰하였다. 효변설이란 효의 변화에 의하여 변괘(變卦, 즉 지괘(之卦))가 형성된다는 이론이다. 정약용은 "주역사전"에서 경방이 역사(易詞)를 풀이함에 있어 효변설을 적용하였다는 추정을 내리고, 그것을 뒷받침하는 근거를 건초구(乾初九), 관상구(觀上九), 박상구(剝上九) 등의 역주(易注)에서 찾았다. 정약용이 제시한 증거를 통해서 본다면, 건초구(乾初九)와 박상구(剝上九)는 효변을 취한 명백한 증거로 보이는 반면에 관상구(觀上九)는 증거로 채택하기에 의심스러운 점이 있다. 그러나 설령 두 곳에서 경방이 효변을 적용한 것이 명백하다고 하더라도 정약용의 효변설과 경방의 효변설이 같은 것이라고 볼 근거는 없다. 오히려 양자의 효변설을 면밀히 검토해 보면, 서로 계통을 달리하는 이론이라는 것이 드러난다. 그 다음으로, 정약용은 건초구(乾初九)의 역주(易注)에서 경방과 더불어 효변을 이해하고 있는 인물로 경방보다 대략 백여년 이전(以前)에 활동했던 가의(賈誼)를 언급하였다. 필자는 가의가 세상을 떠난 기원전 168년은 마왕퇴 3호 한묘(漢墓)의 묘주(墓主)의 묘장(墓葬) 연대와 같다는 점에 주목하였다. 효변설의 근거로 제시되어 온 "춘추좌씨전"의 '모괘지모괘(某卦之某卦)'의 형식은 마왕퇴(馬王堆) 백서본 "주역"에서도 나타난다. 따라서 기원전 168년 이전(以前)에 "모괘지모괘(某卦之某卦)"의 형식이 널리 유행하고 있었음이 확실해진다. 만약 가의가 마왕퇴 백서본 "주역"에 나타난 효변설에 대한 이해를 공유하고 있었고, 경방도 역시 효변설을 이해하고 있었다면, 효변설은 역학사적으로 가의 이후로 경방에 이르기까지 백여년 동안 전승되었을 것이라는 추론이 가능해진다. 이러한 추론에 대해 설득력있는 증거를 제시할 수 있다면, 이것은 역학사적으로 중요한 발견이 될 뿐 아니라, 다산역의 이론을 확증해주는 증거로도 활용될 수 있을 것이다.

• 한국방재안전학회논문집
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• 제5권1호
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• pp.29-36
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• 2012

본 연구에서는 개발도상국에서 선진국으로 발전하는 과정에서 겪는 시민안전 향상을 위한 새로운 이론과 알고리즘을 제시하고 있으며, 얻어지고 적용된 결론을 분석하고, 시민의 생명과 재산을 재난으로부터 보호하기 위한 이론과 적용된 사례를 보여주고 있다. 인간보호를 위한 안전모니터링 이론은 사고로 인한 사망자를 분석하여 감소시킬 수 있는 여섯가지 이론을 제시하고 있으며, 이는 재해예방활동의 우선순위, 의사결정, 사건사망자수의 지속적인 최소화, 환경안보, 개인안보, 공동체 안보 등이다. 이 연구는 일곱 단계로 구성된 안전모니터링 모델을 적용한 방재안전관리 프로그램을 교육하고 훈련하는데 적용되었고, 5년간의 개인활동과 그룹활동 사례연구를 통한 지속적으로 향상된 효과를 제시하였다.