• The Journal of Asian Finance, Economics and Business
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• v.7 no.2
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• pp.107-117
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• 2020

The research objective of the paper is to clarify the factors influencing system risks of listed companies in Vietnam, with a focus on clarifying the relationship and quantifying the impacts of ownership structure on systemic risk of listed companies. The data used in this study included financial statements and stock price data of listed companies on the Ho Chi Minh City Stock Exchange and Hanoi Stock Exchange of Vietnam stock market in the period from 2010 to 2017. The paper used the method of estimation in establising the regression models to choose among three models: Random Effect Model, Fixed Effect Model or Pooled OLS for regression using Stata statistical software. The research results showed that state ownership and ownership by foreign investors were positively related to systemic risk, while ownership by domestic investors had a reverse relationship with systemic risk of listed companies in Vietnam. In addition, as a control variable, both company size and profitability had an effect on the systemic risk of listed companies in the research sample. Based on the research results, the authors interpreted some of the implications in order to minimize systemic risks in the operation of listed companies in Vietnam.

• KDI Journal of Economic Policy
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• v.24 no.1
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• pp.191-233
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• 2002

This paper is to examine some issues and policy direction of capital income taxation in Korea. Fundamental tax reform in US was reviewed to get some lessons for reforming the capital income taxation. One of main characteristics in Korea's capital income taxation is different treatment by corporation type, investment goods, and financial structures. Especially, the tax differential for debt and equity financing has been serious, as debt has been deducted as cost. We discuss that tax policy should try to satisfy the efficiency, equity, and simplicity under the structure of income based taxation for the time being. However, the changes of tax policies in advanced economies should be carefully examined, as Korea has the structure of small open economy. The current issue on the abolition of corporation income tax might be premature in logical structure and implementation. The US fundamental tax reform might be useful reference for determining the direction of capital income taxation in Korea, as it gives us some chances to discuss about tax base issue with income and consumption. Consumption based taxation is superior to income based taxation in the perspective of administrative and compliance costs. We should consider these tax costs for reforming capital income tax system in Korea.

• Journal of Korea Multimedia Society
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• v.17 no.10
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• pp.1182-1188
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• 2014

Recently, the research on database outsourcing has been actively done with the popularity of cloud computing. However, because users' data may contain sensitive personal information, such as health, financial and location information, the data encryption methods have attracted much interest. Existing data encryption schemes process a query without decrypting the encrypted databases in order to support user privacy protection. On the other hand, to efficiently handle the large amount of data in cloud computing, it is necessary to study the distributed index structure. However, existing index structure and query processing algorithms have a limitation that they only consider single-column query processing. In this paper, we propose a grid-based multi column indexing scheme and an encrypted query processing algorithm. In order to support multi-column query processing, the multi-dimensional index keys are generated by using a space decomposition method, i.e. grid index. To support encrypted query processing over encrypted data, we adopt the Hilbert curve when generating a index key. Finally, we prove that the proposed scheme is more efficient than existing scheme for processing the exact and range query.

• The Journal of Industrial Distribution & Business
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• v.9 no.1
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• pp.9-23
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• 2018

Purpose - The purpose of this paper is to investigate the potential benefits or detriments of team management on fund performance in the mutual fund market. An additional purpose of this study is to examine the optimal number of managers in a fund industry for superior performance. Research design, data, and methodology - This paper investigates the effect of managerial structure on fund performance in the Korean active mutual fund market between 2001 and 2008. For this, we analyze two risk-adjusted performances measures- the capital asset pricing model (CAPM) and the three-factor model of Fama & French (1993). Results - First, we found that single-managed funds exhibited superior performance. Second major finding was that as the number of managers in a fund increases, the fund performance deteriorates. Finally, the results reveal that the sharpest performance drop occurs when team size increases from a 5-person team to a 6-person team. Conclusions - The results suggest that the management structure can be a source of competitive advantage for fund performance. As considering fund performance is the outcome of managers' decision-making, this study contributes to not only the financial literature but also the literature in other areas, such as management and general business.

• Smart Structures and Systems
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• v.24 no.3
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• pp.391-401
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• 2019

Control of vibrations against extraordinary excitations such as wind and earthquake is very important to the protection of life and financial concerns. One of the methods of structural control is to use Tuned Liquid Damper (TLD), however due to the nature of TLD only one sloshing frequency can be created when the water is sloshing. Among various ideas proposed to compensate this problem, by changing the angle of some rotatable baffles embedded inside a TLD, a frequency range is created such that these baffles are tuned manually at different frequencies. In this study, the effect of cross sectional shape of container with rotating baffles on seismic behavior of TLD is experimentally studied. For this purpose, rectangular and cylindrical containers are designed and used to suppress the vibrations of a Single Degree-Of-Freedom (SDOF) structure under harmonic and earthquake excitations considering three baffle angles. The results show that the rectangular-shaped damper reduces the structural response in all load cases more than the damper with a cylindrical shape, such that maximum differences of two dampers to reduce the structural displacement and structural acceleration are 5.5% and 3% respectively, when compared to the cases where no baffles are employed.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.1
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• pp.327-333
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• 2021

Accounting information disclosure by enterprises is important for third-party entities (suppliers, creditors, banks, regulators, etc.). Voluntary accounting information disclosure (VAID) refers to additional information related to business activities shown on the annual report above and beyond the required information about business results and financial position as well as cash flow. This supports the stakeholders gaining useful information to make proper business decisions. The article examines the influence of ownership structure on the voluntary accounting information disclosure of the top 100 Vietnamese listed companies (VN100). Data collected by authors on regular annual reports totaled 425 observations from 2015 to 2019. The article uses OLS to test multivariate regression models with time-series data. The research results show that there are three variables affecting voluntary accounting information disclosure, of which foreign ownership and institution ownership have a positive impact, while concentration ownership has an opposite impact. Accordingly, the managers of VN100 should raise awareness in order to demonstrate the obligation of information providers to users to ensure clarity and completeness. The state agencies should encourage VN100 to enhance voluntary accounting information disclosure. This contributes to improve the information level of Vietnamese listed companies to embrace the trend of international economic integration.

• Structural Engineering and Mechanics
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• v.83 no.3
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• pp.401-413
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• 2022

The collapse of civil infrastructure due to natural disasters results in financial losses and many casualties. In particular, the recent increase in earthquake activities has highlighted on the importance of assessing the seismic performance and predicting the seismic risk of a structure. However, the nonlinear behavior of a structure and the uncertainty in ground motion complicate the accurate seismic response prediction of a structure. Artificial intelligence can overcome these limitations to reasonably predict the nonlinear behavior of structures. In this study, a deep learning-based algorithm was developed to estimate the time-history seismic response of bridge structures. The proposed deep neural network was trained using structural and ground motion parameters. The performance of the seismic response prediction algorithm showed the similar phase and magnitude to those of the time-history analysis in a single-degree-of-freedom system that exhibits nonlinear behavior as a main structural element. Then, the proposed algorithm was expanded to predict the seismic response and fragility prediction of a bridge system. The proposed deep neural network reasonably predicted the nonlinear seismic behavior of piers and bearings for approximately 93% and 87% of the test dataset, respectively. The results of the study also demonstrated that the proposed algorithm can be utilized to assess the seismic fragility of bridge components and system.

• The Journal of Asian Finance, Economics and Business
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• v.10 no.2
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• pp.163-174
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• 2023

This study aims to investigate the effect of the composition of the board and ownership structure on a firm's value in Jordanian firms. Specifically, it aims to determine the effect of board size, (CEO) duality, and family, foreign, institutional, and government ownership on a firm's value. An ordinary least square regression (OLS) was employed to examine the study hypotheses in a sample of 35 Jordanian industrial firms (175 firm-year observation) for a period of five years from 2016-2020. As measured by Tobin's Q (Q ratio) and market-to-book (MB ratio) for Jordanian industrial firms listed on Amman Stock Exchange (ASE). The result found that foreign ownership, institutional ownership, and family ownership have a significant and positive effect on firm value. By contrast, government ownership does not have a significant effect on firm value. With respect to board composition (CEO duality and board size), the study results found no evidence to support the effect of board composition on firm value. The study recommended the concerned authorities with several recommendations, most notably: taking the necessary measures to ensure the continuity and growth of family businesses because of their positive impact on the value of the company and economic growth, spreading awareness about how governance protects the interests of investors.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.2
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• pp.81-92
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• 2022

The necessity for a theoretical explanation of the negative association between capital structure and company performance is identified in this study. By focusing on accounting metrics of business performance, this study is the first to investigate the moderating effects of firm size between these variables using logical reasoning. Due to the possibility of endogeneity, this study applies a two-step system GMM approach with data from 285 non-financial enterprises from PSX over a 21-year period. For robustness, we employed pooled OLS, fixed effect, and two-step difference GMM. Our data show that leverage has a detrimental impact on business performance, with size acting as a moderator in the same direction. Our analysis empirically supports some studies while refuting others due to inconsistent results in the literature, but no study has theoretically justified their negative link. We believe that because larger companies have more and easier access to capital markets, they focus primarily on the amount of return, even if the investment is inefficient in terms of the rate of return, but small businesses do not. As a result of this thinking, firm managers' performance suffers as a result of leverage.

• Journal of Korean Society of Rural Planning
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• v.20 no.4
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• pp.77-87
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• 2014

Ecotourism has the potential to boost the energy of a village as it pays keen attention to the ecosystem and the residents of the village. It is empowered by participation of and cooperation among stakeholders who are closely involved in ecotourism. However, many of them express difficulty in striking a right balance between development and conservation with regard to promoting ecotourism. Against this backdrop, this research paper investigates the structure of conflict that the stakeholders, especially those in Stork Village in Yesan County, South Chungcheong Province of Korea, experience during the process of establishment of government-led ecotourism. In addition, this study examines the problems of government-led ecotourism model and how they can be addressed. To analyze conflict structure, this paper used Q methods and found out that the budget-related stakeholders are largely divided into four groups as who; a) complain about how business profits are distributed; b) secure profits by expanding programs; c) consider human settlement, and; d) broaden people's participation. The biggest contributor to the conflicts is found that compensation was given discriminately to different jurisdictions. The second finding is that residents became less cooperative when the financial compensation did not live up to their expectation. For instance, they would demand the tourism facility physically expanded, repeatedly complain about the process of the work, and even accuse the government of degrading ecosystem. In other words, unless the compromise is reached with the residents regarding financial compensation, it could be difficult to encourage their participation and develop as a program-oriented tour. Lastly, the tour program needs to induce voluntary participation of the residents and deliver proper information on ecosystem and natural resources so as to last as sustainable ecotourism. The success of ecotourism will be subject to the cooperation of stakeholders in a region, conservation of our fragile ecosystem, and realization of sustainable growth through sharing economic benefits. This study looks into the cause of the conflicts of ecotourism sites and their structure. If this paper can bring about cooperation of stakeholders, the management and operation of ecotourism sites would be more sustainable.