• The Journal of Asian Finance, Economics and Business
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• v.9 no.4
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• pp.409-417
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• 2022

This research uses a panel data set of selected developed and emerging economies to investigate the relationship between firm value and the Islamic label. A low-debt company is a proxy for excellent governance, and good governance has a significant positive impact on a company's valuation. We can claim that the Islamic label may also be a proxy for excellent governance and will significantly impact a company's economic value because it reflects low debt Sharia-compliant companies. To explore this relationship, cross-country data from non-financial enterprises in Pakistan, the United States, Malaysia, and Indonesia was acquired from 2010 to 2015. The study's findings indicate that the Islamic label has a positive significant impact on the firm's worth in the whole sample, including all countries. With the exception of the United States, we have also collected the same information at the country level. We also discovered that the corporate governance index at the firm level has a positive significant impact on firm value. The findings show that the Islamic label reflects good governance and hence can be used as a proxy for good governance. The analysis differentiates between Islamic labeled and conventional enterprises in developed and emerging nations, adding to our understanding of who contributes to enhanced corporate financial performance.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.2
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• pp.600-608
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• 2017

This study analyzed the management index, debt ratio, and business performance of livestock agricultural farming corporations since the Korea international financial reporting standards (K-IFRS) was introduced in 2011. In addition, this study was based on credible accounting reports by the financial supervisory service's DART (data analysis, retrieval and transfer) system. First, after analyzing the key management index, the results showed that the current ratio, debt ratio, and current liabilities ratio decreased and the ratio of the owners increased on the safety index. Regarding the profitability index, the ROA (return on total assets), ROE (return on equity), and ROS (return on sales) increased slightly in 2014 compared to 2013. The overall growth and external growth on the growth index have not increased. Second, an analysis of the debt ratio and business performance, the debt ratio has a negative effect on the ROA and ROS. These results show that the use of debt of livestock agricultural farming corporations contributes to the external growth but it has a negative effect on business performance. These results show that management should consider solutions for the increase in sales to achieve cost reductions. In addition, the debt ratio should be reduced and solutions for an increase in revenue are needed to reduce management expenses, such as propagation of technical development.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.251-265
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• 2021

It seems a common sense that corporate social responsibility (CSR) is a key driver to attain business sustainability. Nevertheless, there has been little research on the performance of socially responsible activities, including economic and environmental responsibility activities in internationally diversified firms. The purpose of this study was to evaluate the effects of CSR activities on management performance. For this evaluation, an empirical analysis was conducted with a total of 2,520 cases, selected from companies listed on the Korea Composite Stock Price Index market for six years from 2013 to 2018. As proxies for management performance, financial date such as a total asset net profit ratio and a total asset-operating ratio were used. A multivariate regression analysis was conducted to test hypotheses. The results of this analysis indicated that firms in the CSR outstanding group are significantly higher than other groups in management performances. In addition, CSR activities of internationally diversified firms positively influence their total asset net profit ratio and total asset-operating ratio. The results suggested that CSR activities of these firms can play a significant role in enhancing management performances amid the economic status of Korea, where a degree of export dependency is high.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.3
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• pp.73-85
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• 2020

The study aims to provide better understanding of sustainable earnings by a comprehensive analysis of earnings persistence of business firms in Vietnam as an example of developing economies in South-East Asia. Dataset of 1,278 publicly listed firms (excluding banking and financial services firms) on Vietnam Stock Exchange for the period from 2008 to 2017 was collected. By applying fixed effect regression model, the empirical results provided the basis to measure the persistence index (Pers index) and find low level of their earnings persistence. The literature of earnings quality analysis in developed countries suggests earnings persistence as a noteworthy determinant of future earnings forecast and stock valuation. However, research of sustainable earnings in developing countries is still highly underdeveloped. For Vietnamese listed firms, the average Pers index was estimated for the period from 2008 to 2010, indicating low level of earnings persistence. We also incorporated earnings persistence level into future earnings forecast by running the quintile regression model divided the data into four equal levels and conducted each section independently to see the difference in each percentile, thence assessed the factors' influence on the specific model. The findings provide important information on the expected returns of firms, especially helping investors make sound decisions.

• Journal of Korean Society of Rural Planning
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• v.23 no.2
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• pp.1-7
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• 2017

The purpose of this study is to develop a farm management diagnostic checklist form, which can be applied to any crops. First, upper indexes and subordinate indexes were identified through survey with expert, and weighted values for each subordinate index were calculated through AHP analysis. Second, as a reuslt of Analytic Hierarchy Process (AHP) analysis, marketing management (0.276) was found to be the most important index of all upper indexes. In the case of subordinate indexes, reflecting management evaluation (0.252) of management consciousness, quality enhancement efforts (0.332) of production management, locating new sales outlets (0.323) of marketing management, agriculture accounting (0.300) of finance management, and adjusting shipping dates (0.274) of risk management were found to be the highest. Third, the interval division using weight of farm receiving prices was higher discrimination in comparison to equal interval division of weighted values for each index. The newly developed farm management diagnostic checklist can be applied to any crops, as it utilizes indexes such as management consciousness, production management, marketing management, financial management, risk management, etc. based on professional opinions. In addition, it allows an objective evaluation of farm management situations by utilizing the weighted value of farm receiving prices.

• Journal of Distribution Science
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• v.11 no.8
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• pp.5-14
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• 2013

Purpose - We live in a world of constant change and competition. Many airports have specific competitiveness goals and strategies for achieving and maintaining them. The global economic recession, financial crises, and rising oil prices have resulted in an increasingly important role for facility investment and renewal and the implementation of appropriate policies in ensuring the competitive advantage for airports. It is thus important to analyze the factors that enhance efficiency and productivity for an airport. This study aims to determine the efficiency levels of 20 major airports in East Asia, Europe, and North America. Further, this study also suggests suitable policies and strategies for their development. Research design, data, and methodology - This paper employs the DEA-CCR, DEA-BCC, and DEA-Malmquist production index analysis models to determine airport efficiency. The study uses data on the efficiency and productivity of the world's leading airports between 2006 and 2010. The input variables include the airport size, the number of runways, the size of passenger terminals, and the size of cargo terminals. The output variables include the annual number of passengers and the annual cargo volume. The study uses basic data from the 2010 World Airport Traffic Report (ACI). The world's top 20 airports (as rated by the ACI report) are investigated. The study uses the expanded DEA Model and the Super Efficiency Model to identify the most effective airports among the top 20. The Malmquist productivity index analysis is used to measure airport effectiveness. Results - This study analyzes longitudinal and cross-sectional data on the world's top 20 airports covering 2006 to 2010. A CCR analysis shows that the most efficient airports in 2010 were Gatwick Airport (LGW), Zurich Airport (ZRH), Vienna Airport (VIE), Leonardo da Vinci Fiumicino Airport (FCO), Los Angeles International Airport (LAX), Seattle-Tacoma Airport (SEA), San Francisco Airport (SFO), HongKong Airport (HKG), Beijing Capital International Airport (PEK), and Shanghai Pudong Airport (PVG). We find that changes in airport productivity are affected more by technical factors than by airport efficiency. Conclusions - Based on the study results, we offer four airport development proposals. First, a benchmark airport needs to be identified. Second, inefficiency must be reduced and high-cost factors need to be managed. Third, airport operations should be enhanced through technical innovation. Finally, scientific demand forecasting and facility preparation must become the focus of attention. This paper has some limitations. Because the Malmquist productivity index is based on the hypothesis of the, the identified production change could be over- or under-estimated. Further, as DEA estimates the relative efficiency. It also cannot generalize to include all airport conditions because the variables are limited. To measure airport productivity more accurately, other input variables and environmental variables such as financial and policy factors should be included.

• The Journal of Information Systems
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• v.29 no.1
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• pp.137-158
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• 2020

Purpose This study aims to analyze how entrepreneurs' morality affects entrepreneurship and social responsibility. The purpose of this study is to analyze the differences of entrepreneurship and social responsibility on corporate financial performance and social performance by measuring entrepreneurial morality index. Design/methodology/approach The research model is based on the existing literature related to morality, entrepreneurship, social responsibility, and corporate performance. In order to verify the research model, empirical analysis was conducted. The collected data were analyzed by Smart-pls 2.0 based on the structural equation model based measurement model verification and the structural model verification two - step approach. Using the bootstrapping method of PLS, 500 samples were constructed and hypothesis verification was performed. Findings The results of this study are as follows. In the case of general manufacturing companies, business people are more focused on improving corporate performance than morality, and have a somewhat consistent effect with entrepreneurial spirit that does not have a space of morality. When entrepreneurship is strengthened, financial performance and social performance. Business entrepreneurs in social enterprises are more aware of social responsibility than entrepreneurship, so they achieve both financial performance and social performance at the same time. As a result of this study, it was found that there is a difference in perception depending on the morality of the business people, entrepreneurship, social bookkeeping, and management performance according to the type of company.

• International Area Studies Review
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• v.14 no.1
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• pp.55-76
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• 2010

This paper analyses interaction between yen/dollar exchange rates and NIKKEI index using bivariate GJR-GARCH(1,1) model. The data employed for the study is daily data series for the period of Jan. 4, 1995 through Aug. 30, 2009. One of main findings is that market inefficiency appears in the periods of financial crisis. Second, the volatility of exchange rates and stock returns has more increased in the wake of the volatility shock of the previous period during financial crisis than during non-financial crisis. Third, interestingly, the asymmetric volatility shock by bad news in those markets is bigger in financial crisis period than in non financial crisis. Fourth, in the period of current global financial crisis triggered by subprime mortgage crisis in U.S, volatility shock at the previous period is bigger than that of Asian financial crisis that happened in 1997. Lastly, the correlation between both returns of exchange rates and stock prices turns up positive according to the empirical estimation. This result may come from the fact that Japanese stock market does not have much attraction for international financial investment compared to stock markets of neighbouring countries like China, Korea and so on, while real sector's contribution to the economy is considered more importantly.

• The Transactions of The Korean Institute of Electrical Engineers
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• v.56 no.6
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• pp.1017-1022
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• 2007

In this paper, we try to analyze the likelihood of exercising the power of market dominance by certain generators in future power industry of Korea. Firstly, we estimated installed generation capacity and sales volume of electricity in Korea, based on 'The 3rd Long Term Power Plan' which was announced in December 2006. Secondly, we calculated HHI, an index showing the degree of concentration of an industry, and RSI, an index showing how adequate the supply of goods or services of an industry is, using Fast-Forward. Thirdly, assuming a major generator employs the strategy of withholding a part of its available capacity at a peak time, we simulated hypothetical movement of SMP over a certain period of time, which is compared with that obtained without assuming such strategy to generate Lerner Index. an index showing the degree of market power of a monopoly. Regulators, home and abroad, have not given much interest in analyzing the effect of market dominance that is likely to be exercised by certain players in the future. That said, this paper provides insight into developing methodologies of analyzing and mitigating such effect by proposing the above indices to gauge it. In addition, this paper also shows the potential impact of employing capacity withholding strategy on the financial account of a dominant generator.

• International conference on construction engineering and project management
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• 2009.05a
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• pp.1414-1418
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• 2009

International construction projects typically manifest difficult, complex, and varied types of risk exposures; because of this, there is a need for accurate evaluation of risk-integrated performances during the timeframe of project execution. Given the financial crisis currently affecting the world economy recession, risk management has become a more crucial part for the success of international project management. However, the majority of risk management approaches, particularly for overseas projects, are focused primarily on simple forms of checklists, formalization of risk variables affecting project performance for a specific phase, or more complicated computational methods that restricting practical utilization in real-world projects; moreover, these methods lack the conceptual basis to broadly visualize the level of risk over all phases of a project. This study suggests an efficient, yet simple risk-integrated total index to successfully assess the risk levels of overseas construction projects. To this end, this paper first investigates the life cycles and key processes of decision-making for a given project and then derives formulas to represent the total risk index (TRI) along the key decision-making processes. In addition, the study examines the relationships between TRI and performance levels based on the analysis of 126 real-world project samples. Validations using the proposed TRI showed a high correlation to project performance, signifying the usefulness of the proposed approach for construction firms when investigating the level of risks and key areas for management focus.