• 한국프랜차이즈경영연구
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• 제13권4호
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• pp.39-48
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• 2022

Purpose: COVID-19 has negatively influenced the financial performance of restaurant firms. Previous literature suggests that the franchising strategy effectively helps restaurant firms recover from difficult business conditions through various methods for expanding business size and enhancing business efficiency. According to risk-sharing theory, restaurant franchisors may minimize operational risks by sharing the risks with their franchisees. For instance, restaurant franchisors could generate more stable cash flow using franchise fees from their franchisees. However, research on the effect of franchise's risk reduction factor on business performance during pandemic is scarce. Thus, this study aims to examine the positive moderating effect of franchising between COVID-19 and restaurants' financial performance. Research design, data, and methodology: Panel data including financial information and franchising status of restaurant firms were collected for analysis. In order to control for unobserved firm-specific factors, generalized least squared estimation in fixed effects model was conducted. Huber-White robust standard errors were used to deal with heteroscedasticity issues. Results: It was found that COVID-19 pandemic has a negative effect on the restaurants' financial performance such as ROA (return on assets), ROE (return on equity), and PM (profit margins), which confirms the findings from existing literature. More importantly, results show that the degree of franchising has a positive moderating effect on the relationship between COVID-19 and financial performance of restaurant firms. This suggests that more active engagement in franchising may decrease negative impacts of COVID-19 on the restaurants' financial performance. Conclusions: The study supports existing literature related to risk-sharing theory, by confirming that pandemics, such as COVID-19, negatively affect financial performance of the restaurants. Furthermore, it was found that franchising strategy can help lessen negative impacts of pandemics on the firm performance. These findings can contribute to the franchise and restaurant management literature by suggesting the role of franchising in reducing business risks, thereby positively affecting financial performance. Moreover, this study offers business managers of franchisors and franchisees insights for utilizing franchising in restaurant risk management. Policymakers may also gain information on aiding restaurant firms during global crisis, such as COVID-19.

• 유통과학연구
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• 제21권9호
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• pp.55-66
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• 2023

Purpose: Specialized marketing strategies are needed by limited resources, such as Entrepreneurial Marketing (EM), a marketing activity based on specific conditions characterizing village-owned enterprises (VOEs). Therefore, this research aimed to examine the effect of EM on the financial and non-financial performance of VOEs in Indonesia. Research design, data and methodology: Data were collected by distributing questions on a 5-point Likert scale to 153 VOEs directors in Rokan Hulu District, Indonesia. The collected data were analyzed using the partial least squares structural equation model with SmartPLS 3.0. Results: The results showed that EM positively and significantly affected the financial and non-financial performance of VOEs, as well as on operational performance. Conclusions: EM played an important role in the improvement of many aspects of the performance of VOEs. The Indonesian government also need to consider EM various characteristics when recruiting directors. It is important to note that this research is the first to examine the impact of EM on VOEs.

• 산경연구논집
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• 제10권1호
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• pp.69-76
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• 2019

Purpose - The purpose of this paper is to empirically investigate the effectiveness of Offcial Development Assistance (ODA) in recipient countries' economy. ODA is designed to mitigate poverty and stimulate economic growth in the developing countries. We classify total ODA into bilateral ODA and multilateral ODA depending on the number of donor countries. If the ODA flows from one donor country to one recipient country, it is classified as bilateral ODA. If the multiple countries simultaneously become donor countries through the international organizations such as United Nations and World Bank, it is classified as multilateral ODA. This paper compares the effect of bilateral ODA and multilateral ODA in determining recipient countries' economic development, and tries to provide policy implications to Korean ODA. Research design, data, and methodology - Our primary explanatory variables are bilateral and multilateral ODA. Private credit in recipient countries is adopted as additional explanatory variables to capture the level of financial development in recipient countries. We measure the ODA effectiveness using economic growth and quality of life of the recipient countries as the dependent variable. We collect 142 recipient countries' data from OECD statistics, during the period from 1970-2014. Panel least squares estimation with country fixed effect is employed as the empirical model. Results - Our results support that ODA variable has a negatively significant impact on recipient countries' economic growth, while it is positively correlated with human development index. Recipient countries' private credit is positively correlated with economic growth and human development index. The interaction variable of ODA and financial development turns out to be significant in general. We find that the positive effect of ODA depends on recipient countries' financial market development and this effect is stronger in multilateral aid than bilateral one. Conclusions - From the analysis, we have confirmed that the recipient countries financial development is the necessity condition to achieve positive effect of ODA. Based on these results, we suggest that Korean government should increase the share of multilateral funding and pay attention to recipient countries' financial market development to maximize the effectiveness of ODA.

• 한국콘텐츠학회논문지
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• 제15권8호
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• pp.258-270
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• 2015

본 연구는 사회복지조직에 대한 이미지, 신뢰성, 반응성이 개인후원자들의 후원지속성에 미치는 영향과, 조직동일시의 매개효과, 그리고 경제형편 수준의 조절효과를 실증적으로 검증하였다. 구조방정식 모형에 기초한 주요 변수들의 인과관계 분석결과, 개인 후원자들의 경제수준과 상관없이 사회복지조직에 대한 이미지, 신뢰성, 반응성은 후원지속성에 직접적으로 영향을 미치지 않은 것으로 밝혀졌다. 경제형편이 좋은 집단의 경우, 조직 이미지, 신뢰성, 반응성은, 조직동일시에 각각 유의한 정적 직접효과를 미쳤고, 조직동일시는 후원지속성에 정적 직접효과를 미쳤다. 조직동일시를 완전매개로 하여, 조직이미지, 신뢰성, 반응성 등이 각각 후원지속성에 유의한 영향을 미칠 수 있음이 입증되었다. 반면, 경제형편이 좋지 않은 경우는, 조직이미지와 신뢰성만 조직동일시에 유의한 영향을 미치는 것으로 밝혀졌다. 개인 후원자들의 경제형편 수준에 따라 후원지속성에 영향을 미치는 요인들의 직 간접효과가 상이한 양상을 보인다는 사실이 확인되어, 경제형편의 조절효과가 실증적으로 입증되었다. 잠재평균 분석결과, 경제형편 수준에 따른 주요변인들의 차이는 후원지속성에서만 유의한 차이를 보였다(평균값, .197, Cohen's D=.779). 개인 기부자들의 후원기관에 대한 동일시가 후원지속 가능성을 높일 수 있는 결정적으로 중요한 요인임을 강조하면서, 주요 발견점을 토대로 실천적 함의를 논의하였다.

• 대한지리학회지
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• 제40권1호
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• pp.47-62
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• 2005

본 연구의 목적은 국가산업단지에 대한 재정지출의 경제적 효과를 분석하는 것이다. 국가산업단지에 대한 계정지출은 국가산업단지 조성사업에 대한 직접적 지원보다는 기반시설 투자 등 간접적인 지원에 치중해 있기 때문에, 국가산업단지에 대한 계정지출의 평가는 간접적이고 우회적인 방법으로 수행해야 한다. 이러한 맥락에서 본 연구에서는 국가산업단지의 계정지출에 대한 효과를 3단계의 분석방법으로 평가하였다. 1단계에서는 다중회귀모형을 통해 국가산업단지에 대한 계정지출이 국가산업단지 입주기업의 분양, 생산, 고용 등 투자와 운영의 활성화에 얼마나 효과를 가져왔는가에 대해 분석하였다. 2단계에서는 다중회귀모형을 통해 국가산업단지에 대한 투자가 궁극적인 정책목표인 국가 및 지역경제 성장에 얼마나 효과를 미치는 지를 분석하였다. 3단계에서는 1단계, 2단계 분석 내용을 종합하여, 국가산업단지에 대한 재정지출이 국가 및 지역경제 성장에 미치는 효과를 분석하였다. 분석 결과를 보면, 1단계로 국가산업단지 기반시설에 대한 재정투자는 단기적으로는 국가산업단지 입주기업의 분양에 정(+)의 효과를 가져오는 것으로 나타난다. 또한, 입주기업의 분양의 증가가 입주기업의 고용과 생산에 정(+)의 효과를 가져와, 장기적으로는 국가산업단지에 대한 재정지출이 시차를 두고 고용자수와 생산액에 정(+)의 효과를 가져올 수 있음을 추론할 수 있다. 결과적으로 국가산업단지 투자 및 운영의 활성화 효과를 미치는 것으로 평가된다. 2단계로, 회귀모형 추정을 통해 산업단지 분양면적이 지역내총생산을 증가시키는 효과가 있으며, 결과적으로 산업단지에 대한 투자는 지역경제 활성화 효과가 있는 것으로 평가된다. 이러한 1단계, 2단계 분석결과를 종합하면, 국가산업단지 기반시설에 대한 계정투자는 국가산업단지 투자 및 운영의 활성화 효과를 가져오고, 국가산업단지 투자 및 운영의 활성화는 지역경제 활성화 효과를 가져오는 것으로 평가된다.

• The Journal of Asian Finance, Economics and Business
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• 제7권9호
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• pp.329-340
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• 2020

This study investigates the effect of capital structure on the financial performance of pharmaceutical enterprises which are listing on Vietnam's stock market. The study builds the regression using ROE as dependent variable and four independent variables, including self-financing, financial leverage, long-term asset and debt to assets ratios. In addition, we use other variables as controlling ones, such as firm size, fixed asset rate and growth. We collect data for the period from 2015 to 2019 of all 30 pharmaceutical enterprises which are currently listing on Vietnam's stock market. The least square regression (OLS) is used to test the effect of capital structure to the firms' financial performance. The analysis results show that the financial leverage ratio (LR), long-term asset ratio (LAR) and debt-to-assets ratio (DR) have positive relationship with firm performance, meanwhile the self-financing (E/C) affects negatively to the return on equity (ROE). Upon the findings we suggest that the Vietnamese government should focus on stabilizing macro environment to create favorable environment for enterprises. And the pharmaceutical enterprises should build more reasonable capital structure with higher debt proportion than equity, diversifying loan mobilization channels such as issuing long-term bonds. Additionally, the firms should expand the scale appropriately to maintain development and ability to pay debts.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.185-194
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• 2020

This study aims to find out whether political parties apply financial reports under PSAK (Statement of Financial Accounting Standards) No. 45. The Stewardship Theory provides the analytical framework. The objects in this study were 16 Yogyakarta City Political Parties in the Special Region of Yogyakarta, with the total number of 64 respondents. The application for processing data in this study used SPSS 22 version. Based on the results of analyzing data, H1, which had a sig (2-tailed) value of 0.026 <0.05, then H0, stating that there was an influence of the statement of financial position on the implementation of PSAK, was rejected. H2 had a sig (2-tailed) value of 0.116> 0.05, so that H0, stating that there was no significant effect of the activity report on the implementation of PSAK, was accepted. H3 had a sig (2-tailed) value of 0.027 <0.05, meaning that it rejected H0, which stated that there was a significant effect of the cash flow statement on the implementation of PSAK. Furthermore, H4 had a sig (2-tailed) value of 0.744> 0.05, indicating that H0 was accepted, stating that there was a significant effect of notes to the financial statements on the implementation of PSAK.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.31-38
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• 2021

The study investigates the diversification behavior of Islamic stocks against US financial uncertainty. Considering limitations found in the literature, a comprehensive index of financial uncertainty (FU) is used, developed by Jurado, Ludvigson, and Ng (2015). The empirical analysis uses monthly data from four Islamic markets - Saudi Arabia, Malaysia, Indonesia, and Turkey - for the period from January 2010 to September 2019. Results of the bivariate EGARCH models show that Islamic stocks can be used for diversification purpose against the financial uncertainty of the US because the volatility of US uncertainty does not propagate in the Islamic stock markets. Moreover, findings show that the spillover effect of financial uncertainty varies with the FU forecast horizon. The spillover effect of FU increases with an increase in the FU forecast horizon and becomes significant over 3-month and 12-month periods in the case of Saudi Arabia. The current volatility of Islamic stock returns is independent of the size of shocks in past volatility. The leverage effect and asymmetry have been found in Saudi Arabia and Malaysia. The findings validate the arguments of the literature that Islamic markets are resilient facing uncertainties and perform well during crisis periods. The findings are important for investors in making better portfolio decisions.

• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.747-757
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• 2021

The primary purpose of the study is to investigate the volatility spillover from financial uncertainty (FU) of the United States (US) to the stock markets of SAARC member countries including India, Sri-Lanka, Pakistan, and Bangladesh. The empirical literature overlooked SAARC countries and the FU index. Based on the estimation method, the data of FU is available for three different forecast horizons including 1-month, 3-months, and 12-months. For empirical analysis, monthly data is used from February 2013 to September 2019. EGARCH model is employed to investigate the volatility spillover effects. The findings of the study show that the spillover effect of FU varies with the forecast horizon. The FU with a higher forecast horizon has a significant spillover effect on more countries. The spillover effect of US financial uncertainty is negative in most of the SAARC countries. Bangladesh stock market is influenced by FU with all three forecast horizons whereas the volatility of the Pakistan stock market is not influenced by FU with any forecast horizon. The findings are consistent with the concept of "limited trade openness" in the financial markets of emerging economies. The emerging economies avoid financial market openness to minimize the risk of spillover of other countries.

• The Journal of Asian Finance, Economics and Business
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• 제9권3호
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• pp.53-63
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• 2022

Despite the relationship between cash flow, financial management, and project performance, no study examined the mediating role of financial management on the relationship between cash flow and construction project performance, especially in Kuwait. The goal of this study was to examine the impact of cash flow fluctuations on construction project performance, as well as the role of financial management in mediating this relationship. To accomplish these goals, the researcher employed a descriptive-analytical method to create a questionnaire of 31 items. The study's sample was chosen at random and includes (181) project managers and firm owners from contractors' companies in Kuwait. The study found a statistically positive and significant effect of cash flow variation on project performance from the perspective of Kuwaiti contractors at the significance level (0.05), as well as a mediated role of financial management in the relationship between cash flow variation and project performance. The research came up with a number of recommendations based on the findings, including the need for contractors to have a better understanding of cash flow to arrange project activities correctly and efficiently. Further studies may be included into the effect of cash flow forecasting (planning) and financial management (control) on various construction activities.