• 아태비즈니스연구
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• 제11권4호
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• pp.103-119
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• 2020

Purpose - This study aimed to clarify the effects of CEO characteristics and marketing activities on management performance of fashion corporate by using financial statement. Design/methodology/approach - This study collected a sample of total 170 companies that can obtain the corresponding data among fashion manufacturing companies listed on KOSPI. The data of the financial statements reported from 2011 to 2018 were analyzed. Correlation analysis and multiple regression analysis were conducted. Findings - First, the more the number of CEO and the younger the CEO, the more employee welfare and training expenditures of internal marketing. The age of the CEO had a negative effect on all external marketing activities. The CEO number had a negative effect on sales promotion and advertising expenditures, but a positive effect on entertainment expenditure of external marketing. Second, as a effect of marketing activities on management performance, the welfare and training expenditures of internal marketing and entertainment expenditure of external marketing had a positive effect but sales promotion expenditure of external marketing had a negative effect on management performance. Research implications or Originality - Marketing activities that consider the differentiated factors of fashion corporate are necessary. Also, the objective accounting information can provide practical information for fashion industry.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.295-304
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• 2021

This study aims to identify and analyze the impact of internal factors on business efficiency of steel firms in Vietnam. The article uses data collected from the financial statements of 26 steel firms operating in Vietnam between 2012 and 2019. With the application of E-view software in quantitative analysis to build regression models on the table data (panel data), and the study has built a regression model identifying the relationship and impact level of internal factors affecting business efficiency of steel firms in Vietnam. In the study, the dependent variable is business efficiency, determined by the profit after tax on the firm's assets. The independent variables are firm size, growth rate, capital structure, ratio of long-term assets, receivables management, and solvency. The research results show that the four factors of firm size, growth rate of assets, receivables management, and solvency have a positive impact on business efficiency, while two factors including capital structure and ratio of long-term assets do not affect business efficiency of enterprises. The results of this article are very useful for corporate executives in general and for financial managers in particular, helping managers make the right financial decisions for the company to promote business efficiency of the company.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.229-235
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• 2021

The ability of entrepreneurs to arrange working capital is the key to maximizing the profitability of small- and medium-sized enterprises and the wealth of entrepreneurs. The study investigates the correlation between entrepreneurs' working capital management and the profitability of SMEs listed on six Gulf Cooperation Council (GCC) stock exchanges between 2019 and 2020. The secondary data is collected from the financial statements of SMEs listed on the six GCC stock exchanges. Actual sample for the research study was a total of 136 small- and medium-sized enterprises selected using purposive sampling methods. Four research models were considered in this analysis, all ending up affecting gross profits. The selected entrepreneurial SMEs were listed on six different Gulf Cooperation Council stock exchanges during 2019-2020. The fixed financial assets ratio, financial debt ratio, and company size are used as control variables and data were analyzed using multiple regression. The research results demonstrate that there is a statistically significant negative correlation between profitability measured by gross profit and cash cycle and the components of the cash cycle (including days of accounts receivable and days of inventory). The study further reveals that there is no significant correlation between gross profit and days of accounts payable.

• 아태비즈니스연구
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• 제12권4호
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• pp.253-270
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• 2021

Purpose - The main purpose of this study is to measure and evaluate the level of national liabilities that Korea's national finances can afford. Specifically, the concepts of national debt and national liability are clarified, and the appropriate level of national liabilities is measured in terms of short-term fiscal crisis, mid-to-long-term fiscal crisis, and GDP. Based on these measurements of fiscal crisis, this study would like to propose national fiscal management plans. Design/methodology/approach - In order to clearly recognize the difference between the national debt and the national liability, this study examines the data from 2013 to 2020. In addition, this study uses data from the national financial statements from 2013 to 2018 to measure the appropriate level of national liabilities in terms of fiscal crisis management. Findings - Short-term fiscal crises, measured by current ratios, will not occur. Nevertheless, in view of the cash flow compensation ratio, the short-term bankruptcy of the national finances of Korea depends on the re-borrowing of short-term borrowings and current and long-term borrowings. In addition, in order to manage the mid-to long-term financial crisis, it is necessary to pay attention to the liability growth rate rather than the liability size. Research implications or Originality - While previous studies focused on the appropriate level of national debt, this study was differentiated as a study focused on the level of national liability coverage. It is expected that the results of this study will be used to manage the national fiscal soundness.

• The Journal of Asian Finance, Economics and Business
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• 제9권3호
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• pp.275-283
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• 2022

This study aims to investigate the influence of internal factors on the bankruptcy risk of an enterprise through a sample of 439 companies listed on the Vietnamese stock exchange. The research collected secondary data from annual audited financial statements from 2008 to 2019 of listing companies. Using two different regression models with two dependent variables, six independent and control variables, we discovered that three of the model's six factors, namely return on total assets, current payment rate, and financial leverage, influence the risk of bankruptcy and account for 86.78% of the variations in firm bankruptcy risk. Financial leverage has the opposite effect on the Z-score index, increasing the risk of bankruptcy of listed firms. Return on total assets and current ratio have a positive impact on the Z-score index, reducing the risk of bankruptcy of listed companies. The findings also revealed that there is no evidence that the size of a corporation, its fixed asset investment ratio, or the size of an auditing firm have an impact on the Z-score index. These findings provide crucial evidence for business owners and managers, as well as shareholders making future capital investment decisions. Our findings can be applied to other businesses in Vietnam and similar jurisdictions.

• 한국건설관리학회논문집
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• 제15권2호
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• pp.104-111
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• 2014

한국의 독특한 건설산업구조인 주택 선분양 구조, 건설회사의 채무보증 계약이 포함된 PF사업 구조 등에 의해 K-IFRS 도입에 의한 회계처리 방식의 변화는 대체로 건설업체의 재무제표를 악화시키는 방향으로 작용할 것으로 예상되고 있다. 이에 따라 K-IFRS는 국내 건설산업 전반에 심각한 영향을 미칠 수 있는 중요한 이슈이며 건설업체들은 K-IFRS 도입에 대한 대응전략을 구상하고 있다. 이러한 관점에서 본 연구에서는 이에 본 연구에서는 최근 공시된 K-IFRS 회계기준 적용 재무자료를 활용하여 K-IFRS 도입이 건설업체에 미치는 영향을 실증분석하는 것을 목적으로 하였다. 분석방법은 KMV 모형을 활용하여 기존 회계기준인 GAAP 일 경우와 K-IFRS일 경우의 각 업체별 EDF를 산출하여 이를 비교하였다. 분석 결과 대부분 건설업체가 K-IFRS 도입으로 인해 악영향을 받는 것으로 나타났다. 또한 기존 GAAP 회계기준일 때 재무제표가 상대적으로 양호한 업체가 그렇지 않은 업체보다 K-IFRS 도입 영향을 더 많이 받을 것으로 판단된다. 게다가 K-IFRS 도입은 중소형 건설업체보다 PF 사업에 채무보증을 제공해 온대형 건설업체에게 더 큰 영향을 미칠 것으로 판단된다.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.779-788
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• 2020

Commercial banks play an important role as the main source of funding in the transition process of Vietnam as a market economy. As a result, enhancing the efficiency and productivity of Vietnamese banks can decrease the lending cost for individuals and enterprises. This study is to measure and analyze the productivity change of Vietnamese banking system in different ownership cohorts and sources of this change during the period of restructuring (2011-2019). The Hicks-Moorsteen total factor productivity index is utilised to measure the productivity change and to identify the sources of this change. For an empirical analysis, the data of 28 Vietnamese commercial banks from 2011 to 2018 is collected from their financial statements including balance sheets and income statements. The results show an increase of Vietnamese bank productivity due to the technological progress. While foreign and joint-venture banks are the most advanced cohort, state-owned banks have the lowest rate of productivity growth. The restructuring program negatively impacts scale efficiency and this measure attributes to a decline in the overall efficiency of the banks. We also found that state-owned commercial banks are the most efficient group in the sense that they can achieve the maximal level of revenue from a given amount of expense.

• Asian Journal of Business Environment
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• 제7권2호
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• pp.5-16
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• 2017

Purpose - The purpose of this research study is to make a comparative analysis between corporate governance guidelines 2016 and 2012 and area of further improvement to ensure better governance, accountability and transparency. Research design, data and methodology - This research study is mainly based on the corporate governance guidelines 2016 and 2012 issued by the regulatory authority known as Bangladesh Securities and Exchange Commission (BSEC). Results - This study finds that corporate governance guideline 2012 include some new issues such as criteria and qualification of independent director; some additional statements in the directors' report; mandatory requirement of separation of chairman and CEO; constitution of audit committee; chairman of audit committee; role of audit committee, duties of CEO and CFO on financial statements; and collection of compliance certificate from professional accountant or secretary in compare to corporate governance guidelines 2016. Conclusions - This study suggests that the regulatory authority should include more issues such as tax management and reporting, risk management and reporting; individual and overall performance analysis of the board and independent directors; separate nomination and compensation committee; assessment of true independence of the board and its supporting committees to ensure higher quality of corporate governance and transparency.

• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.873-882
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• 2021

The study investigates the key factors that affect the adoption of the International Financial Reporting Standards (IFRS) by companies listed on Ho Chi Minh Stock Exchange (HOSE) in Vietnam. The factors that are studied in this research include total debt-to-equity ratio, firm size, return-on-equity ratio, audit quality, foreign investment, and financial institution category. The authors have utilized quantitative and qualitative analyses in combination with a logistics regression model and other available analytical tools for conducting the research. All statistics processed in the paper were based on 379 audited financial statements issued in 2018. The results reveal that factors like firm size, return on equity (ROE), audit quality, foreign investment, and financial institution category positively affect the IFRS adoption of HOSE-listed companies, while total debt-to-equity ratio negatively impacts the adoption. The findings suggest Vietnamese law and policy-makers, when promoting the adoption of IFRS by listed companies, should focus more on five variables with positive influence and they can disregard the total debt-to-equity ratio that is insignificant as a factor affecting the adoption of IFRS. This implication could be applied for other firms in Vietnam and for enterprises in other countries, which are in the same stage of IFRS application.

• 디지털융복합연구
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• 제17권9호
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• pp.451-469
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• 2019

본 연구는 주민주도성에 대한 사회복지사와 주민 간의 인식 차이를 분석한 연구이다. 이를 위해, 10명의 지역조직화 사업 담당 사회복지사와 2년 이상 지역사회 활동에 참여한 10명의 주민을 대상으로, 주민주도성에 대한 59개의 문장의 중요도와 난이도를 평정한 결과를 분석하였다. 분석 결과, 사회복지사와 주민 간의 인식 차이는 전반적으로 중요도 인식보다 난이도 인식에서 더 크게 나타났으며, 예산과 외부 재정적 지원에 대해서는 사회복지사와 주민 모두 난이도가 높다고 응답하였다. 59개 문장에 대한 범주별 분석 결과에서는 절차 범주 내의 목표와 책임, 민주적 체계에서 사회복지사와 주민 간의 인식의 차이가 크게 나타났다. 이러한 연구 결과를 토대로 향후 지역사회복지관에서 주민주도성에 대한 합의와 공통적 개념 정의를 이끌어내는 데 필요한 방안들을 제안하였다.