• Asia-Pacific Journal of Business
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• v.11 no.4
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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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• v.8 no.3
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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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• v.8 no.7
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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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• v.8 no.8
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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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• v.8 no.1
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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.

• Journal of Distribution Science
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• v.20 no.1
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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.

• The Bulletin of The Korean Astronomical Society
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• v.44 no.2
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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.

• Journal of English Language & Literature
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• v.55 no.1
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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 (

• Journal of Korean Philosophical Society
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• v.131
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• pp.199-222
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• 2014

This essay aims at clarifying Dasan Jeong Yagyong's view on Jingfang's yaobian theory. As is well known, Jingfang was a scholar of the Earlier Han period who exerted a profound influence on the theoretical development of Xiangshu School by creating the various techniques for interpreting the Zhouyi. Jingfang is also important in relation with Dasan's commentary of the Zhouyi, because some part of Dasan's interpreting techniques are thought to have their origin in Jinfang. For example, Dasan used the bigua theory of which the origin could be traced back into Jingfang. However, in this article, I did not deal with the bigua theory because I am going to write another article about it. In stead, my focus will be put on analyzing how Dasan evaluated Jingfang's yaobian theory. The main issues of my argument can be summarized as following. Firstly, in terms of yaobian, Jeong Yagyong called attention to Jingfang's annotation on the Zhouyi in which Jingfang utilized the yaobian method in three occasions, i.e., the first nine of the Qian(乾初九), the sixth nine of the Guan(觀上九), and the sixth nine of the Bo(剝上九). It seems that Jeong Yagyong set forth enough evidence about Jingfang's use of yaobian at least in relation to two cases of the first nine of the Qian and the sixth nine of the Bo, while the other evidence of the sixth nine of the Guan was not so persuasive. However, even if it is evident that Jingfang made use of the yaobain in two cases, there is no reason to equate it with that of Dasan. If one takes a close look, it becomes clear that Jingfang's way of yaobain is very different from Dasan's. Secondly, Jeong Yagyong mentioned Jiayi(賈誼) who lived about one hundred years before Jingfang, as the person who utilized the yaobian in his book of Xinshu(新書). If it is certain that Jiayi was aware of the yaobian, we can assume that the yaobian technique had been handed down from Jiayi to Jingfang. The manuscript excavated from the Mawangdui tomb also increases the possibility that Jiayi could have had the knowledge on the yaobian. In the chapter of Muhe(繆和) of the Mawangdui Zhouyi, there appears the phrase, i.e., "the first six of the qian, qian goes to mingyi," which shows exactly the same form of the yaobian in the Mr Zuo's Spring and Autumn Annals(春秋左氏傳). The burial period of Mawangdui tomb is estimated at the same year of B.C.168 in which Jiayi died. Therefore, judging from that fact, it becomes evident that the yaobain method was widely diffused around B.C.168. Subsequently, it is possible to infer that the yaobian method had been handed down from the period of Jiayi to Jingfang. If we could present the persuasive evidence to support that inference, it would also have the effect of consolidating Dasan's argument about the yaobian.

• Journal of Korean Society of Disaster and Security
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• v.5 no.1
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• pp.29-36
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• 2012

This paper focused on the new theory and algorithm improving the citizen's safety which they experience to change from the developing country to the developed country, and analyzed the gained and applicate results, and show the theories and application's evidence for the incident prevention of citizen's life and house. The Safety Monitoring Theory for human security, show the six theories for which they are analyzed and reduced the accident's death, as is the priority of the disaster prevention activity, its decision, continuous minimization of the accident's death number, the environment security, the personal security, the community security. This study is applied to educate and exercise the disaster prevention and safety management's program which applied the seven step's model of the safety monitoring, show on continuously improvement effects through the case study of the personal's and team's monitoring during five years.