• Journal of Digital Convergence
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• v.12 no.4
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• pp.227-235
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• 2014

Supply chain management for complex project requires continuous integration activities with the suppliers and subcontractors. This study proposes the firm performances, trust, relational norms, interfirm conflict and cooperation as major research variables, and collected the survey responses from the suppliers and subcontractors having experiences with complex projects. The statistical results indicate that the cooperation and conflict influence the firm performances, and that the inter-firm trust have some impact on the level of cooperation and conflict. It was also found that the inter-firm cooperation is influenced by relational norm. But on the contrary to our expectation, the relational norm has no significant impact on the inter-firm conflict. These findings may offer the significant implications leading to successful implementation of collaborative supply chain management in the context of project engineering area.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.5
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• pp.61-72
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• 2020

The purpose of this study is to investigate the determinants of the capital structure of firms operating in a developing economy, Pakistan. The quantile regression method is applied on a sample of 183 non-financial companies listed on the Pakistan Stock Exchange during the period of 2008-2017. Specifically, the empirical analysis focuses on changes in the coefficients of the determinants according to the leverage ratio quantiles of the examined listed firms. The findings show that the capital structure of Pakistan listed firms differs between firms in different quantiles of leverage. These differences are significant with the sign of explanatory variables changes with the level of leverage. The research result found tangibility, profitability and age to be positively related to leverage among listed firms in Pakistan. However, size, liquidity and non-debt tax shield (NDTS) are negatively related to leverage. A firm's growth and risk are found to be insignificant predictors of capital structure in Pakistan listed firms. Moreover, the study also found a significant impact of industry characteristic on leverage. The findings of this study indicate that an individual firm's finance policy needs to be responsive to the firm's characteristics and should match with the different borrowing requirements of listed firms.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.4
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• pp.37-43
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• 2019

The research aims to study the relationship between export performance and stock return of Vietnamese fishery companies. To conduct this study, quarterly data was collected for period from 2010-2018 of 13 fishery companies listing in Ho Chi Minh Stock Exchange (HOSE) and Ha Noi Stock Exchange (HNX). The export performance was measured by export intensity, export growth and export market coverage. In addition, interest rate, exchange rate, GDP, firm size, profitability, and financial leverage were considered as the control variables in the research model. Panel data analysis with Generalized Least Squares model was employed to estimate the predictive regression. The findings indicated that export intensity and export growth have a significant and positive relationship with stock returns. However, export market coverage has not a significant relationship with stock return at the 0.05 level. Profitability, financial leverage, and exchange rate have a positive relationship, while interest rate and GDP have no relation to stock return at the 0.05 significance level. The findings imply that investors should consider the export intensity instead of export growth and export market coverage as selecting stock of fishery exports firms to invest; managers should increase export intensity to increase company's stock price or firm market value.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.9
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• pp.229-239
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• 2020

This paper examines the impact of gender on access to debt finance among Vietnamese enterprises. The paper investigates data and variables retrieved from the World Bank Enterprise Survey dataset using five Probit models. The regression results suggest that there exist more unfavourable debt financing conditions for women-led firms (WLF), measured as a lower probability of having loan applications fully approved. Firm's age, working sector, and perception of access to finance as a difficulty are found to have explanatory power on the discrimination. More importantly, the perception of debt finance as a difficulty or firms' level of confidence significantly explains the variance of the dependent variable of probability of loan approval, or gender effect would be more pronounced if the firm already has a low level of confidence. The paper also contributes in testing for the gender effect on Vietnamese enterprises from different sectors and scale, unlike other prior research papers focusing on specific sectors and/or small and medium enterprises only. The findings are highly useful for Vietnamese credit institutions to set out a specific business policy to attract more WLFs and help promoting gender equality in the working environment, especially in debt financing, which is often neglected in existing regulation and policy frameworks.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.2
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• pp.75-87
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• 2020

This paper aims to not only investigate the nature of financial security and its measurement, but also to compare financial security level in 629 listed companies divided into four different industries (materials, industrials, health care, and consumer goods) before building a theoretical framework and regression models to examine the determinants of financial security. By gathering 2,167 financial statements published in Vietnamese Stock Exchange during eight years from 2012 to 2019, with the support of STATA, the research results indicate that six different internal factors, which are liquidity, profitability, firm size, debt management ratios, asset management ratios, and cash flows, explain 77.7% the change of financial security ratio and 3.4% the change in sustainable growth ratio. Specifically, while firm size has a positive impact on sustainable growth ratio but a negative impact on financial security ratio, deb management and profitability have an insignificant influence on the financial security level. Furthermore, an increase in asset management ratios would result positively in both two dependent variables whereas a rise in sustainable growth and a decline in financial security ratio are expected to witness if there is an increase in cash flows.

• Korean Journal of Human Ecology
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• v.13 no.6
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• pp.917-926
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• 2004

This study examines the effects of consumer counseling education on the work performance and work satisfaction of consumer counselors, controlling the effects of other variables. The results of this study is as below: First, approximately 70% of consumer counselors have not had any education pertinent to their work. The level of work performance was highest in listening to customers' complaints, and then consistence of counseling work and explanation for counseling were next. Professionality was the last in order. Second, consumer counseling education did not affect the work performance. Instead, the number of counselors and work experience, along with whether the counselor majored in consumer studies, were more likely to increase the performance. Finally, educating counseling skills did not affect the level of work satisfaction. Instead, the work performance affected the level of work satisfaction. The number of workers and income were positively related with the level of work satisfaction.

• East Asian Economic Review
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• v.25 no.3
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• pp.273-309
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• 2021

The development of regulatory systems varies between transition and non-transition economies. This suggests that they provide different incentives for entrepreneurial development and could have varied effects on the economy because they have different methods to deal with market failure. However, limited empirical evidence exists to prove the assumption of dichotomy. Using comprehensive data for institutional quality, labor market and financial market development, this research sought to analyze their effect on employment growth at micro level. The results show that the quality of institutions in transition economies are poorer relative to those in non-transition economies, but their financial and labor markets are more developed than the latter. Further analysis for the transition sample shows that the three variables are individually positively related with employment growth. For the non-transition sample, institutional quality and labor market flexibility bear a positive and significant effect on employment. Financial market development enters the model with a negative coefficient when regressed alone, but a joint test of significance finds that all the variables have a positive effect on employment growth. This result could imply that there is interdependence between institutional quality, labor flexibility and financial market development in firm-employment-growth relationship, or complementarity between regulations and the quality of institutions. Alternatively, this finding suggests that a stringently regulated credit market in non-transition economies have a selection effect-allocating credit only to entrepreneurs who already demonstrate strong growth potential. In sum, despite differences in the evolution of regulatory environment between the two samples, both of them complement employment growth at firm level. The overall implication of these findings is that less rigid regulations and coherent policies that are enforced with impartiality provide incentives for firms to expand.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.2
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• pp.121-131
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• 2022

The goal of the study was to see how quality management (QMA), strategy (STR), and innovative capability (INC) influence the competitive advantage of a Thai information communication technology (ICT) firm (COA). The researchers collected 431 surveys from Thailand's owners and managers employed in ICT enterprises from the beginning of June 2021 to the end of September 2021using diverse sample strategies. A questionnaire with an index of item-objective congruence (IOC) value of 0.60-1.00 and a reliability value of 0.92-0.96 was used as the research tool. Participants in the survey were requested to fill out a seven-level opinion survey posted on Google Forms. A latent variable structural equation model (SEM) path analysis using LISREL 9.1 was used for the four latent variables, 31 manifest variables, and the five hypotheses testing. The analysis showed that all three causal variables positively affected COA, which had a total effect (TE) R² value = 80% when combined with the other latent variables. Moreover, the values for the latent variables when ranked by total effect (TE) were STR, QMA, and INC with TE values of 0.95, 0.89, and 0.25, respectively. Finally, there were very strong influences from COA to STR (0.95), INC to QMA (0.86), and STR to QMA (0.71).

• Journal of the Korea Academia-Industrial cooperation Society
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• v.21 no.2
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• pp.565-577
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• 2020

This study empirically examined how a firm size affects the determinants of innovative activities using the data of the Korean Innovation Survey (KIS) 2016. With data from 2,003 firms in the manufacturing sector, we performed logistic regression analysis and zero-inflated negative binomial regression analysis. R&D expenditure and patent applications were used as proxies for innovative activity. The independent variables included the firm's characteristics variables such as the firm's age, tech-level industry, RDemp (R&D employee ratio), venture, export, and industrial characteristics variables such as networking, appropriability, and spillovers. The empirical findings are that there are some differences in firms' innovative activity determinants among the firms' size groups. Next, strategic appropriability has negative impacts on small firms' R&D expenditure and medium-firms' patents. Networking is an important determinant of innovative activity for all firms, except for large firms. Furthermore, in deciding R&D activities, small and medium-sized firms were significantly influenced by industrial characteristics as compared to that of large firms. Our findings suggest some R&D promotion policies. Policies fostering firms' technological interaction would allow firms to take advantage of technological spillovers and thus raise the probability of investing in R&D.

• Journal of Korea Trade
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• v.25 no.1
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• pp.65-88
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• 2021

Purpose - This paper aims to examine the determinants of SWFs' investment in Asian countries and to identify consistent investment patterns of SWFs in specific target firms from Asia, particularly China and South Korea. Design/methodology - This study extends the Tobin's Q model to examine the relationship between SWF investments in target firms and their returns with other firm-level control variables. We collect consistent data on SWF investments and the matched firm-level data on target firms, which of observation is 1,512 firms (333 in South Korea and 1,179 in China) targeted by 20 SWF sources during 1997-2017. The panel random effect model is used to estimate the extended Tobin's Q model. The robustness of the estimations is tested by the simultaneous equation models and the panel GEE model. Findings - The evidence shows that sovereign wealth funds are more inclined to invest in the financial sector with a monopoly position and in large firms with higher growth opportunity and superior cash asset ratios in China. In contrast to their investments in China, sovereign wealth funds in South Korea prefer to invest in strategic sectors, such as energy and information technology, and in large firms with high performance and low leverage. Sovereign wealth funds' investments tend to significantly improve the target firm's performance measured by sales growth and returns in both Korea and China. Originality/value - The existing literature focuses on examining the determination of SWFs investment in the developed countries, such as Europe and the United States. Our paper contributes to the literature in three ways; first, we analyzes case studies of SWF investments in Asian markets, which are less developed and riskier. Second, we examine whether the determination of SWF investment in Asian target firms depends on the different time periods, on types of sources of SWFs, and on acquiring countries. Third, our research uses vast sample data on target firms in longer time periods (1997-2017) than other previous studies on the SWFs for Asian markets.