• The Journal of Asian Finance, Economics and Business
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• 제8권4호
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• pp.897-907
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• 2021

The purpose of this study is to investigate the quality of entrepreneurship - motivation, entrepreneurial orientation, and risk behavior - in relation to the odds of micro-, small- and medium-sized enterprises' (MSMEs) financial performance in Indonesia. Additionally, this paper investigates how these qualities apply for the current challenges perceived by MSMEs' entrepreneurs in Indonesia due to Covid-19 crisis; specifically, this paper examines the odds of MSMEs' financial performance during the pandemic in respect to when these qualities are implemented by the entrepreneurs. The empirical data was obtained from an online survey by means of a structured questionnaire. MSMEs surveyed were randomly selected on a national scale. To test the hypotheses, a quantitative approach is employed, using multinomial regression. The main result shows that, under normal economic environment, the more intrinsically-motivated and continuity-driven entrepreneur is, the more likely the MSME will achieve financial growth compared to remaining stagnant. To our surprise, innovativeness leads to less likelihood of MSME's financial growth, suggesting the significance of innovation does not apply to MSMEs in Indonesia. Lastly, MSMEs' risk behavior to operate in a stable business environment is found more likely to result in a better performance and is true for operational and financial risks, but not marketing risks.

• 한국경영과학회:학술대회논문집
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• 한국경영과학회 2001년도 추계학술대회 논문집
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• pp.184-187
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• 2001

The purpose of this study is to find the perceived risk which influences consumers' purchase attitudes so that consumers' participation in electronic commerce could be enhanced. Consumer behavior involves risk in the sense that any action of a consumer will produce consequences which one cannot anticipate, and some of which are at least likely to be unpleasant. The types of perceived risks are financial risk, performance risk, social risk, psychological risk, time loss, opportunity loss, privacy risk, fashion loss, delivery risk, seller's response risk and seller's fraud risk The findings are as follows: $\circled1$ The financial risk, performance risk, time loss, delivery risk, seller's response risk and seller's fraud risk have negative effects on the consumers' purchase attitudes. $\circled2$ There is no difference in the level of perceived risk according to the demographic factors such as age, education and income level.

• 산경연구논집
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• 제9권5호
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• pp.37-46
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• 2018

Purpose - This paper explores the determinants of bank lending to firms during and after the global financial crisis using firm- and bank-level data to answer the questions what caused the contraction of lending to firms despite the loosening monetary policy during this crisis period. Research design, data, and methodology - We investigate the effects of the monetary policy that followed the global financial crisis on firms borrowing. We use a dynamic panel model to address how firms lending respond to monetary policy. The data are obtained from CRETOP and we consider the manufacturing sector for the analysis to control for unobserved heterogeneity such as industry-specific shocks. Results - The findings from the empirical analysis suggest that both bank- and firm-level characteristics are significant determinants of bank lending. Especially, we find that corporate risk, measured by default risk, is one of the key factors that led to a decline in lending during the crisis. Conclusions - This paper shows that companies borrow more from liquid banks, and high bank capital can also contribute to an increase in a firm's borrowing from banks. Especially, the results confirm that the default rate measured at the firm level has increased during and after the global financial crisis, which implies that default risk interplays with other firm and bank-level characteristics.

• Management Science and Financial Engineering
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• 제19권1호
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• pp.11-16
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• 2013

This paper derives an equilibrium asset price when there exist three kinds of traders in financial market: a risk-averse informed trader, noise traders, and risk neutral market makers. This paper is an extended version of Kyle's (1985, Econometrica) continuous time model by introducing insider's risk aversion. We obtain not only the equilibrium asset pricing and market depth parameter but also insider's value function and optimal insider's trading strategy explicitly. The comparative static shows that the market depth (the reciprocal of market pressure) increases with time and volatility of noise traders' trading.

• 경영정보학연구
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• 제14권2호
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• pp.103-115
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• 2012

금융정보시스템의 효율적인 운영을 위해서는 사전 예방관리를 기반으로 한 위험 대처능력의 향상이 매우 중요하다. 위험 대처능력을 향상하기 위해서는 기 발생된 위험에 대한 철저한 이해와 분석 및 대책 수립은 필수적이다. 본 연구에서는 금융정보시스템의 정보계, 계정계, 업무계 및 매매체결시스템에서 발생한 4년 5개월간의 장애 데이터를 도메인, 장애요소, 기간 및 요일, 개발단계 및 장애 원인별로 분류 분석하였다. 분석 결과 장애 데이터가 개발단계, 요일, 그리고 원인 별 특성과 추이를 가지고 있음을 확인 하였으며, 정보시스템 간 업무의 연관성으로 인하여 금융 도메인 전체의 위험관리를 위한 위험예보모델 구축의 필요성이 발견되었다.

• International Journal of Contents
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• 제14권4호
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• pp.18-23
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• 2018

Recently, the developments in IT technology and the spread of smart phones have made Fin-Tech, which is a combination of financial services and IT technology, a big issue. In accordance with the growth trend of mobile payments in the world, all financial transactions in Korea are gradually shifting to smart phones. In fact, mobile payment system services are not widely used by users. In particular, the risk factors involved when users want to use the service are one of the factors that hinder the expansion of the usage of mobile financial payment service. The risk factors affect the trust of the mobile payment system users. Therefore, this study investigates the risk factors of the mobile payment system and the manner in which it affects a user's trust. We have also examined as how user's trust affects trust in the quality of the mobile payment system. To this end, the trust in overall quality of use was largely divided into trust in system quality, trust in information quality, and trust in service quality. Perceived finance risk, perceived performance risk, and perceived privacy risk have negative effects on cognitive trust. However, perceived time risk did not affect cognitive trust. User's cognitive trust also has an effect on trust in quality.

• Asian Journal of Business Environment
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• 제11권2호
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• pp.27-38
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• 2021

Purpose: The study mainly investigates bankruptcy risk and income smoothing tendency of Non-Banking Financial Institutions (NBFIs) in Bangladesh. External parties of NBFIs take investment decisions based on financial reports. Stable and predictable income is one of their preference. On the other hand, poor income is one of the signs of NBFIs having bankruptcy risk. Hence the study tries to find whether the NBFIs having bankruptcy are involved in income smoothing or not. Research design, data and methodology: Data were collected from the annual report of twenty-two listed NBFIs in Bangladesh. Data from 2013 to 2017 were used. Altman's Z score and Eckel's model are used to detecting bankruptcy risk and income smoothing respectively. Results: Result implies that most of the NBFIs which have bankruptcy risk are not involved in income smoothing. Therefore, NBFIs which has bankruptcy risk are involved less with income smoothing. Conclusions: The present study revealed that most of the listed NBFIs in Bangladesh are facing bankruptcy risk. They didn't use any fraudulent technique to show smooth income. The findings will help the investor to take an investment decision on NBFIs in Bangladesh. It will convey signals to the stock market in Bangladesh.

• 대한가정학회지
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• 제45권10호
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• pp.59-71
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• 2007

The purpose of this study was to investigate differences in wives' financial management behavior according to variables related employment and income, and perceived economic instability of household. Financial management behaviors were constructed with 4 sub dimensions : investment, income expenditure, risk, and debt management behavior. The subjects of this study were 225 wives. Factor analysis and MANOVA were performed for data analysis. The results of this study were as follows : First, there were signigicant differences in financial management behavior according to variables related employment, i. e. employment state of wives and husbands. Second, there were signigicant differences in financial management behavior according to variables related income, i. e. monthly income, additional income, income stability. Third, there were signigicant differences in financial management behavior according to perceived economic instability of urban household.

• KDI Journal of Economic Policy
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• 제38권3호
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• pp.53-77
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• 2016

Financial soundness in the household sector matters for financial stability and for the real economy. The level of household debt in Korea raises concern about the financial soundness of the household sector due to its size, growth rate and quality. Against this backdrop, we assess the financial vulnerability of borrowers based on an analysis of credit bureau (CB) data, in which the actual credit activities of most individuals are recorded at a high frequency in Korea. We construct over-indebtedness indicators from the CB data and then assess the predictability of forthcoming defaults. Based on the over-indebtedness indicators, we show how borrowers are distributed in terms of over-indebtedness and how the over-indebted differ from average borrowers in terms of their characteristics. Furthermore, we show how the aggregate credit risk in the household sector would change under macroeconomic distress by analyzing how each borrower's credit quality would be affected by adverse shocks. The findings of this paper may contribute to assessing household debt vulnerability and to enhancing regulatory and supervisory practices for financial stability.

• 한국조리학회지
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• 제22권1호
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• pp.153-164
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• 2016

The purpose of this article was to examine the influence of physical environment on customer's buying-risk perception at franchise Korean restaurants. In this research factor analysis and multi regression analysis were used. Physical environment were divided to 3 factors and risk perception to 5 factors. Internal environment affected negatively financial risk (p<0.001), time risk (p<0.001) and psychological risk (p<0.001). External environment had negative influence on time risk (p<0.05) and psychological risk (p<0.05). And the other environment negatively affected financial risk (p<0.001), time risk (p<0.001) and psychological risk (p<0.05). According to these results, we confirmed that various physical environments influenced on the risk perception of customers. As a result, food service corporations need to deal with physical environment efficiently. And the findings of this research would help their business management to build effective service marketing strategies and to satisfy the needs of customers at franchise Korean restaurants.