• 재무관리연구
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• 제25권3호
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• pp.155-173
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• 2008

Controlling for the impacts of main strands of debt maturity theories, we highlight the relationship between syndicated loan maturity and ownership structure of Korean borrowers. We find that as the ownership of large shareholders increases, the maturity of syndicated loans also increases. Additionally, we identify a negative relation between foreigners' ownership and loan maturity, indicating that foreign institutional investors serve valuable monitoring functions; as their equity shares increase, they fully take advantage of frequent renewals through the short maturity of syndicated loan. We also show that the predicted value of leverage is more systematically and positively related to the maturity of syndicated loan.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.45-52
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• 2021

The capital structure is one of the hot financial topics among researchers and scholars. Its importance comes from the fact that capital structure is closely related to companies' ability to meet different stakeholders' needs. A suitable capital structure will boost the business and create a competitive advantage in the context of fierce competition. Many companies choose an optimal debt level based on the trade-off between interest and debt costs. This study aimed to test the existence of trade-off theory in capital structure, the case of Vietnam's real estate companies, which are growing very fast recently. Instead of considering constant optimal leverage to test the trade-off model, we take advantage of the dynamic capital structure determined by growth opportunities, profitability, tax incentives, tangibility, liquidity, and firm size. The dynamic panel data regression was estimated by the system Generalized Method of Moment (Sys-GMM). The empirical evidence showed that real estate companies listed in the Vietnamese stock market might change their leverage toward a target capital structure determined by influential factors in a long-term perspective. In particular, the debt-to-asset ratio will change by approximately 14 percent, positively, in response to the difference between the current debt-to-asset ratio and the dynamic target debt-to-asset ratio.

• Asian Journal of Innovation and Policy
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• 제11권1호
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• pp.69-86
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• 2022

This study examines performances and varieties of export of IP sensitive products across emerging countries, namely, India and China by utilizing 6-digit disaggregated product-level export data. Further, this study constructs trade margins - extensive and intensive margins to understand trade potential and different trade patterns, specifically, exporters' productivity, product diversification, and volume of trade during 2007-2016. This study finds India's performance is comparable with China at the extensive margin though the gap between India and China is very wide in terms of the total value of exports and the intensive margin. China majorly exports more expensive electronics and manufacturing-related products as opposed to relatively cheaper medicinal and synthetic products, the total value of exports from China to the rest of the world is much higher than that of India. This study suggests that India is exporting IP-sensitive products to lower-income countries sufficiently, but the IP-sensitive exports to higher-income countries are still lagging.

• 융합경영연구
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• 제11권5호
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• pp.57-67
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• 2023

Purpose: An evaluation of Uzbekistan's steps towards competitiveness for FDI globally is presented in this paper. Specifically, the purpose of this paper is to analyze the case of Uzbekistan, and to determine the strategies that can be implemented to increase the competitiveness in attracting foreign investment. Research design, data and methodology: To investigate the FDI environment and identify effective strategies, Global RPM and QSPM analyses were conducted in addition to in-depth interviews with experts. In particular, this study uses the method of Global RPM analysis to make a comprehensive evaluation and analysis on globalization, rationality, and professionalism and morality dimensions of FDI in Uzbekistan. Results: According to the analysis, the conditions of political situation, financial stability, legal frameworks, as well as economic environment of the country play a significant role in bringing in FDIs from abroad. Moreover, based on the results, Uzbekistan scored lowest on globalization, indicating that the country has a low level of integration and openness to the global economy and society. Conclusions: Uzbekistan can boost its productive capacity and GDP growth with FDI, but it has to overcome many structural and logistical obstacles. Furthermore, adhering to the chosen strategies, policymakers can leverage FDI to stimulate economic growth, leading to the generation of new jobs and expanded opportunities in Uzbekistan.

• The Journal of Asian Finance, Economics and Business
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• 제7권6호
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• pp.109-116
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• 2020

The study examines the nexus between financial development and economic growth in India during Q1: 1996 to Q3: 2018. This study employs time-series data of real GDP and ratio of broad money to GDP as a proxy for economic and financial development, respectively. The data are obtained from RBI database on the Indian economy. All variables are seasonally adjusted using X12-arima technique and expressed in natural logarithm form. Non-linear Autoregressive Distributed Lag (NARDL) bound test has been used to check for cointegrating relationship of these two variables. Empirical findings suggest that, unlike in the short run, in the long run financial development does impact economic growth positively. Further, a symmetric effect of positive and negative components of financial development is found for the Indian economy, whereas the effect of control variable like exchange rate and trade openness is in consonance with common economic intuition. Exchange rate is in consonance with intuitive economic logic that a fall in exchange rate makes exports cheaper and increases the quantity of export, which improves the balance of payment and leads to a rise in aggregate demand, hence improves economic growth. This paper contributes to the existing literature on India by breaking down financial indicator into positive and negative components to examine the finance-growth relationship.

• The Journal of Asian Finance, Economics and Business
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• 제9권1호
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• pp.203-211
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• 2022

Foreign direct investment (FDI) has increased at an exponential rate during the last two decades. It is now a feature of emerging market economies as well. Foreign direct investment and financial development are important factors in an economy's growth. Various studies have examined the impact of foreign direct investment and financial development on economic growth in different countries and areas. However, the findings are currently inconclusive. Using updated data from 1970 to 2020, this study will examine the relationships between FDI, financial development, and economic growth in 30 rising economies.GDP is the dependent variable, while FDI, financial development, trade openness, infrastructure, exchange rate, and GDP growth are the independent factors. To estimate the panel data, we used the most recent econometric models. The study's major findings suggest that FDI and financial development are critical determinants in emerging economies' economic progress. Furthermore, multiple robustness checks supported the study's empirical findings. The results of this study include various practical recommendations for investors, governments, and policymakers, given the increased interest in global economic integration and member states' reliance on FDI as a critical aspect of sustaining prosperity.

• 디지털융복합연구
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• 제20권3호
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• pp.35-40
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• 2022

인터넷 시대의 도래와 COVID-19의 발생으로 많은 기업들이 온라인 거래를 진행하고 있다. 하지만 사이버경제가 작동하는 방식 때문에 거래금액과 고객번호 등을 허위로 조작해 재무부정을 벌이는 기업이 점차 늘고 있다. 본 연구의 목적은 인터넷 시대 기업의 재무부정 행위를 분석하고 해결책을 제시하는 것이다. 이에 본 연구는 중국 루이씽커피의 재무부정 행태를 예시로 분석하고 재무부정의 원인과 대응방안을 연구했다. 결과적으로 재무부정의 원인은 온라인 거래로 인한 현금흐름의 불투명성에 있다는 것을 발견했다. 본 연구는 기업 내부통제 시스템의 개선, 리스크 관리 시스템 개발, 종합적인 외부감독 시스템 구축을 제안했다.

• Asia Marketing Journal
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• 제13권4호
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• pp.191-212
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• 2012

자본시장통합법이 본격적으로 시행됨에 따라 국내 금융 시장은 과거와 다른 새로운 환경에 직면하고 있다. 이런 변화는 금융 상품의 일반 고객인 소비자의 태도 및 행동에도 큰 변화를 가져올 것으로 예상할 수 있다. 금융 산업과 관련된 연구는 주로 재무적인 측면에서 이루어져 왔으며, 소비자 측면의 마케팅적 접근은 상대적으로 소홀하게 취급되어 왔다. 본 연구에서는 금융 서비스를 대상으로 소비자들이 지각하는 전반적 품질에 영향을 미치는 요인은 무엇이며, 이러한 요인들이 어떻게 마케팅 성과로 이어지는 가를 실증적으로 분석하였다. 이론적 고찰을 바탕으로 통합적 연구 모델을 제시하였는데, 소비자 특성 차원 요인으로서 자기 효능감과 자아-브랜드 이미지 일치성을, 상품 차원 요인으로 금융 상품 매력성을, 기업 차원 요인으로는 금융 기업 명성을 주요 독립 변수로 설명하였고, 성과를 결정하는 매개 변수로는 지각된 전반적 품질을 제시하였다. 성과 변수로는 태도 변수인 브랜드 애호도와 행동 변수인 이용 의도가 포함되었다. 실증 분석 결과, 자아-브랜드 이미지 일치성, 상품 매력성, 명성이 지각된 전반적 품질에 긍정적 영향을 미치며, 이는 브랜드 애호도에도 긍정적인 영향을 미치는 것으로 나타났다. 그러나 자기 효능감이 지각된 전반적 품질에 미치는 영향과, 지각된 전반적 품질이 이용 의도에 미치는 영향은 유의하지 않은 것으로 나타났다.

• 통상정보연구
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• 제14권4호
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• pp.339-360
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• 2012

본 논문은 글로벌금융위기시기 정부의 정책의지에 따라 운영될 수 밖 에 없었던 정책금융지원기관으로서, 공적수출신용보증기관 무보가 중소조선기업 보증지원 시 운영상의 문제점을 개선할 수 있도록 방안을 제시하다. 그러므로 본 연구는 기존연구와는 달리 중소조선사를 대표하는 S조선 지원 사례를 서지(書誌)분석을 통하여, 무보의 선박수출보증보험운영상의 불합리한 규정의 개선 뿐 만아니라 무보의 중소조선사 총괄 보증제도 까지 연구범위를 확대하여, 무보의 선박수출보증제도의 운영상의 문제점 및 시사점 뿐 만 아니라 경제위기상황에서 정부의 정책적 오류 발생 및 이와 연관된 정책집행기구의 역할에 대한 정책적 시사점을 제시하였다.

• 가정과삶의질연구
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• 제34권5호
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• pp.53-68
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• 2016

Financial preparation for retirement means making financial plans by predicting expected incomes and expenditures needed for maintaining success in later life. Because this preparation needs long-term planning, preparing as early as possible is recommended. This study, therefore, uses theory of planned behavior for examining the intention of financial preparation for retirement of consumers in their 20s and 30s. By using financial education and its understanding as additional variables, this study also intends to examine the ultimate effects on the intention. The following is a summary of the main results and suggestions. First, the level of consumer financial education is lower than the average. The level of understanding finance is lower than the average, and particularly, the level of understanding retirement related finance is much lower. Second, the more the attitude of financial preparation for retirement is positive, and the higher the level of subjective norm or perceived behavioral control is, the level of the intention of financial preparation for retirement tends to be more higher. Therefore, relevant efforts to encourage this preparation are needed. Third, the level of the intention of financial preparation for retirement is higher than the average, whereas financial education has no effects on the intention. This means that despite the importance of the financial education, its current implementation has many problems. The suggestions of this study are as follows. First of all, this study can provide preliminary data for developing retirement planning programs. In addition, in terms of the policy, given that this study targets relatively young consumers in their 20s and 30s, it can provide preliminary data for making policies for their future retirements.