• The Journal of Asian Finance, Economics and Business
• /
• 제8권5호
• /
• pp.287-292
• /
• 2021

The article analyzes the impact of capital structure on the firm value of chemical companies listed on the stock market of Vietnam. Data was collected from the financial statements of 23 chemical firms listed on the Vietnam stock market from 2012 to 2019. Quantitative research method with regression model according to OLS, FEM, REM method is used; FGLS method is used to overcome the model's defects. In this research, firm value (Tobin's Q) is a dependent variable. Capital structure (DA), Return on assets (ROA), Asset turnover (AT), fixed assets (TANG), Solvency (CR), Firm size (SZ), Firm Age (AGE), and revenue growth rate (GR) are independent variables in the study. The analysis results show that the capital structure of firms in the chemical industry listed on the Vietnam stock market has an inverse correlation with firm value. Besides, firms with greater asset turnover, business size, and number of years of operation have lower firm value. This article helps corporate executives improve corporate value by adjusting their capital structure properly. Chemical firms adjusted their capital structure in the direction of gradually decreasing the debt ratio and gradually increasing equity. Firms use high debt, which has the effect of reducing the firm value of firms in the chemical industry.

• 한국경영과학회지
• /
• 제39권2호
• /
• pp.141-154
• /
• 2014

It is widely confirmed that online retailers can obtain crucial resources and greater growth potential by depending on the external web portal sites as it is explained in resource dependence theory. Nevertheless, recent studies show that the effect of dependence may not always be beneficial for firms and stress the importance of finding relevant contingent factors. In this study, we identify and suggest that firms' age and niche width strategy, whether generalist or specialist, are contributing factors on moderating the positive relationship between resource dependence and firm growth. To test our hypotheses based on the theory, we have collected monthly web traffic data of online retailers and portals from March 2000 and July 2008. The empirical results lend support to our theory of the firm age having a negative interaction effect on web traffic dependence. Moreover, results verified that positive effect of depending on the portals may become greater if the online retailer is a specialist in terms of niche width.

• 기술혁신학회지
• /
• 제2권2호
• /
• pp.169-186
• /
• 1999

This study empirically investigates innovative behaviors of the firm. In so doing, a Probit was employed and estimated. We used the raw data of the "corporate innovation survey"(CIS), which, in consent with OECD efforts, is regularly undertaken by the Science and Technology Policy Institute(SIEPI). The data set includes more than 3400 firms in the manufacturing sector. Three types of innovation, i.e., new product, product improvement and process innovation, are studied, assuming that determinants of innovation are firm′s age. number of employees as the size of firm, ratio of foreign ownership and innovation costs. To investigate the relationship between firm′s innovation behavior and the size, we estimate the Probit including the quadratic term of the firm size. Empirical findings showed that the sign of the quadratic term of the firm size turned out to be negative. It means that the probability of firm's making innovation shows the inversed-U relationship with the firm size. Such an empirical result may have a significant implication for the industrial policy.

• The Journal of Asian Finance, Economics and Business
• /
• 제9권7호
• /
• pp.197-203
• /
• 2022

The agricultural sector has an important contribution to the economic development of Vietnam in particular and other countries in general. The growth of enterprises in the industry is an important bridge in promoting the economic development of the country. Currently, the policies of the Government of Vietnam always create favorable conditions for enterprises to conduct business, especially enterprises in the agricultural sector. The study aims to assess factors influencing the profitability of listed firms in Vietnam's stock market. Using 40 enterprises in the agricultural industry listed on the Ho Chi Minh City Stock Exchange and the Hanoi Stock Exchange and using advanced econometric modeling, dealing with defects in the regression model, the research results show that large-scale firm has higher economic efficiency than small-scale firm. In addition, a firm with higher use of loan capital is associated with a more efficient firm, reflected in the relatively good debt management ability of enterprises in the agricultural sector. Adversely, growth and age do not have any impact on firm performance. Macroeconomic factors do not impact profitability. Finally, the study has some policy implications for developing agricultural businesses in the case of Vietnam.

• 기술혁신학회지
• /
• 제10권3호
• /
• pp.509-530
• /
• 2007

중소기업이 글로벌 경쟁력을 확보하고 장기적인 경쟁우위를 확보하기 최선의 전략은 기업자원 및 역량을 활용한 혁신을 통해 급변하는 환경변화에 적응하는 것이다. 따라서 본 연구에서는 제조업에 속하는 중기업을 대상으로 산업·조직특성 및 기업혁신과 기업성과간의 직접적인 연관관계뿐만 아니라 산업환경과 조직특성인 지식의 수준이 기업혁신과 성과간의 관계에 미치는 간접적인 영향을 분석하고자 횡단면분석을 수행하였다. 연구결과, 중기업의 지식자산과 교육투자, 산업의 역동성은 기업혁신과 정의 관련성이 있는 것으로 나타났는데, 이는 중기업이 연구개발 집약적인 산업에 속하고, 석사이상의 고급인력 보유 비율이 높고, 교육에 대한 투자가 많을수록 혁신활동비율이 더 커진다는 것을 의미한다. 그러나 기업혁신과 성과간의 관계에 관한 분석에서는 기업혁신 뿐만 아니라 산업역동성 및 기업의 지식수준과 혁신간의 상호작용 모두 기업성과에 유의한 관련성이 없는 것으로 나타났으며, 고기술과 저기술 기업으로 나눈 추가 분석에서도 유사한 결과가 나타났다. 이러한 결과는 단기적으로 기업의 지식자산 및 교육에 대한 투자가 혁신 및 기업성과간의 관계에 유의한 영향을 미치지 않으며 산업환경에 따라 뚜렷한 차이가 없음을 의미한다.

• The Journal of Asian Finance, Economics and Business
• /
• 제7권8호
• /
• pp.259-268
• /
• 2020

The study investigates the association between CEO education and firm performance with a sample of 85 nonfinancial firms listed on the Saudi stock exchange during 2018 applying ordinary least squares method. CEO education is defined by three variables, the level of education, if the degree-granting institution is domestic or foreign, and if the highest degree is in management or other fields of study. Financial performance is measured by return on assets and return on equity. Firm size, age, liquidity and growth are introduced as control variables. The study shows that 58 CEOs of the firms studied are graduates, 38 have obtained their degree from a domestic institution and 44 have a management degree. Graduate CEOs are found to enhance performance. Graduating from a domestic institution influences performance positively. Management degree of CEO does not seem to impact performance. Firm size, liquidity and growth are positively associated with performance. Firm age does not explain performance differences of firms. Results are robust to performance measures. The findings of the study suggest that firms can benefit from a CEO hiring policy that emphasizes on the minimum qualification set as graduation or higher, education from a domestic institution and no undue weight on management qualification.

• 산업경영시스템학회지
• /
• 제38권2호
• /
• pp.72-81
• /
• 2015

This paper studied the differences of the inventories asset turnover change ratio and several characteristics variable between large and small manufacturing firm group. Large and small firm group were determined based on number of labors and asset size. Several characteristics variable of firms such as assets size, sales growth rate, return on assets, leverage ratio, credit rating and age of firm were used to find out the differences of firm group. As a result, the inventory asset turnover change ratio of large firm was 5.16% and that of the middle and small firm was 9.3%. For the large firm, sales growth rate, ROA and credit rating affect inventory assets turnover change ratio. For the middle and small sized firm, Assets size, sales growth rate and credit rating affect inventory assets turnover change ratio. Using this result, we can say that manufacturing company need to consider their firm size and their characteristics to make their own operation strategy of inventory.

• 기술혁신연구
• /
• 제13권3호
• /
• pp.77-100
• /
• 2005

This paper analyzes the determinants of firm's innovative activity, using Korean Innovation Survey (KIS) dataset. Especially, we focused on the role of external networks by partners(other firms or research institutions) in performing innovative activities. The product innovation, product improvement, and process innovation are used as proxies for innovative activity. The explanatory variables such as market concentration ratio, lagged profitability, foreign ownership, export ratio, firm's age, formal R&D activity, and industrial R&D intensity are also considered. With data from 1,124 firms for the two years (2000-2001), we estimated the logistic regression model. The finding is that the determinants of firm's innovative activities differ by type of innovations. We also found that the innovative behavior of SMEs differs from that of large firms. The result confirms that external networks have a strong positive effect on innovative activity. However, the network effects by partners vary across both firm size and type of innovations.

• Journal of Information Technology Applications and Management
• /
• 제13권3호
• /
• pp.107-127
• /
• 2006

Understanding characteristics of Internet businesses from cross-cultural perspective could offer valuable insights on developing business strategy and policy. This work is concerned with revealing divergence and convergence of Internet business models in their financial performance, given organizational conditions and cultural context. For this, we studied the association between organizational attributes (core activity, origination, firm age, and industry) and their effects on a firm's financial performance (gross revenue and net income). Relevant data was gathered from representative Internet firms in Korea and U.S. Data analysis indicated that there exist both similarities and differences between Korea and U.S and year 2003 and 2006. While core activities and industry types of U.S. firms has not been changed much between the periods, Korean firms show much difference. In addition, while core activities and industry type were found to have strong relationship with financial performance, age and origination of a firm weak connections with financial performance. This study is expected to provide a foundation for developing more robust and systematic research model and performing further empirical research in this area.

• The Journal of Asian Finance, Economics and Business
• /
• 제7권6호
• /
• pp.265-275
• /
• 2020

This study investigates the impact of board incentives as proxied by directors' remuneration on the financial performance of listed textile companies in Bangladesh. Using Generalized Method of Moments (GMM) and data pertaining to listed textile companies of Dhaka Stock Exchange (DSE) during the period from 2011 to 2017 (resulting in a total of 140 firm-year observations), we have estimated the firm performance equation involving directors' remuneration and board independence as the independent variables and some other control variables like firm age, size, leverage, and operating efficiency. The results reveal that there is a negative association between board remuneration and firm performance. In addition, this study finds no significant relationship between board independence and firm performance of the sample firms. Our findings suggest that higher pay to the board does not stimulate higher firm performance and, in turn, results in shareholders getting nothing in return from this and, hence, is a matter of great concern for them. Moreover, our results indirectly indicate that currently directors' remuneration in Bangladesh is not aligned with the firm performance, which has been emphasized in extant corporate governance literature. Besides, this paper further raises questions about the effectiveness of independent directors in the boards of textile firms in Bangladesh.