• 한국중재학회지:중재연구
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• 제26권4호
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• pp.111-128
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• 2016

Trade between nations has been considered as exchange for material things. According to recent changes in the paradigm of global trade, trade is shifting focus on the exchange of an immaterial being. Among them, the service sector is growing fast and the health service has shown exceptional growth as the healthcare market is consistently expanding. It is also part of the global service targeting people all around the world. People visiting other countries for medical service tend to spend more money and stay longer than a traveler. For these reasons, global medical service is in the spotlight as a promising and higher value-added business. The global medical service industry has been developed around Asia, specifically Thailand, Singapore, India, etc. Compared to them, Korea has come late into the market of global healthcare and the Korean government is striving to attract foreign patients. Nevertheless, there is a lack of effort to make foreign patients visiting Korea revisit Korea. Regarding foreign patients' medical disputes, these are not yet a problem officially; however, the government cannot leave the matter as it is. Medical dispute related with foreign patients is a highly complex issue due to different languages, nationalities, cultures, etc. Particularly, Korea's medical tourism is developed with Chinese visiting Korea for plastic surgery and cosmetic procedure. Thus, the Korean medical tourism market can be crowded with a lot of minor medical agencies, so-called brokers, getting foreign patients connected to the medical institutions. Consequently, Korea has received a large number of complaints and dissatisfaction. No one can predict and know what's supposed to happen in the future. Efforts of the Korean government and medical institute attracting foreign patients could be in vain. In order to take a step forward, this paper will do research on present conditions and look for strategies of improving this industry, focusing on the part of medical agency and contributing to the improvement of the Korean medical tourism industry.

• 대한안전경영과학회지
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• 제6권2호
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• pp.263-274
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• 2004

The foreign capital of appropriate scale is affirmative in stabilizing the domestic foreign exchange and stock market. But its excessive scale threatens corporate governance by a hostile M&A and causes the out-flow of national wealth and the unhealthiness of finn because foreign investors require high dividend through the superiority of stock ownership ratio. Therefore, the government and corporate must make the defensive countermeasure of corporate governance for the foreign capital immediately.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.361-372
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• 2021

This research aimed to analyze the momentum strategy of foreign investors with the smallest trading transactions in the Indonesian stock market. This study applied a quantitative method approach using intraday transaction data of companies listed on the LQ-45 Index for March, April, and May 2017, obtained from the Indonesia Capital Market Institute (TICMI) which is a subsidiary of the Indonesia Stock Exchange (IDX). The number of companies with available data is 35 companies, consisting of 23 non-government stocks and 12 government stocks. The number of observations from the 35 companies was 8,686,030 observations where the government companies recorded 2,751, 545 and the non-government companies 1,387,016 observations. All data was then squeezed and grouped into small, medium, and large trade transaction orders. The data analysis method used was paired t-test with SPSS to analyze cumulative abnormal returns in the formulation and test periods. This study found that small foreign investors carried out momentum strategies on stocks listed on the LQ-45 Index. However, re-testing was done by separating government and non-government shares. It turned out that small foreign investors performed a momentum strategy on non-government and a contrarian strategy on government.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.629-639
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• 2020

The current study explains how corruption, terrorism, political stability and oil price has an effect on on the Iraq stock exchange utilizing corruption perception index as a proxy of corruption, global terrorism index as proxy for terrorism, political stability and oil price with ISX60 index as proxy of stock market for the period (2005-2019) using Ordinary Least Square method. The results show that the level of corruption, terrorism activities and political stability coefficient is significantly positive with Iraq stock exchange. In contrast, the oil price coefficient is significantly negative with Iraq stock exchange, which means that lower levels of corruption, less terrorism activities and more stability in political system have strong influence on stock market development in Iraq. The study concludes that the explanatory variables are important for Iraq stock exchange. Hence, the study suggests the policy makers to develop stock market by implementing policies and strategies to overcome high level of corruption, terrorism activities especially after ISIS/ISIL announcement has been made public. There is a need for transparency and creating stable political environment through good governance practices in order to attract more foreign investment and promote economic development. Factors like terrorism and corruption make economic and political systems unstable and has an adverse effect on on Iraq's stock exchange performance.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.7-14
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• 2021

This paper examines the impact of foreign ownership on stock price volatility in an emerging market, namely, Thailand. The data were obtained from SETSMART, the database of the Stock Exchange of Thailand (SET). After removing financial firms, banks, and insurance companies as well as filtering outliers, the final sample covers 1,755 firm-year observations from 371 nonfinancial firms listed on the SET over the five-year period from 2014 to 2018. The regression model consists of stock price volatility, measured by two methods, as the dependent variable, foreign ownership as the main independent variable, and firm characteristics including firm size, leverage, market-to book ratio, and stock turnover as the control variables. The pooled OLS, fixed effects, and random effects estimations are employed to examine the relationship between foreign ownership and stock price volatility. The results reveal that foreign ownership has a negative and significant impact on stock price volatility. The two-stage least squares (2SLS) are also performed to address potential endogeneity problem. The results still indicate a negative relationship between foreign ownership and stock price volatility. Taken together, the findings of this study suggest that foreign investors help reduce stock price volatility and thus stabilize share price in the Thai stock market.

• 한국철도학회논문집
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• 제9권1호
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• pp.36-42
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• 2006

Studied was a strategic plan for the Korean High-Speed Train system to penetrate the Chinese railway market in exchange of the technology of KHST. Firstly, taken was a glance at Chinese Government plans to extend total length of his railway lines and to construct the Beijing~Shanghai high-speed railway line. Then, disparity of railway technology in Korea and China was reviewed. From the review, SWOT Analysis were carried out to penetrate the foreign markets. Countermeasures to cope with SWOT were also considered. Strategical governmental supports and the establishment of the special organization to be in charge of penetration of KHST into foreign markets were proposed. Finally, also proposed was the transfer of KHST technology to Chinese counterparts in exchange of tangible benefits for Korean side. The benefits may include (1) adoption of KHST as the type of rolling stock for the Beijing~Shanghai line, (2) guarantee of participation in the project and royalty for the KHST technology used for the future high-speed railway line construction, (3) prior written approval and partnership when making its way to third country, and (4) participation of Korean construction companies in Chinese railway construction project, etc. Adoption of KHST in China indeed gives chance to integrate the high-speed railway network after reunification of Korean peninsular, and enhance the economic ties between two countries.

• 한국철도학회:학술대회논문집
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• 한국철도학회 2005년도 추계학술대회 논문집
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• pp.907-914
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• 2005

Studied was a strategic plan for the Korean High-Speed Train system to penetrate the Chinese railway market in exchange of the technology of KHST. Firstly, taken was a glance at Chinese Government plans to extend total length of his railway lines and to construct the $Beijing\~Shanghai$ high-speed railway line. Then, disparity of railway technology in Korea and China was reviewed. From the review, SWOT Analysis were carried out to penetrate the foreign markets. Countermeasures to cope with SWOT were also considered. Strategical governmental supports and the establishment of the special organization to be charge of penetration of KHST into foreign markets were proposed. Finally, also proposed was the transfer of KHST technology to Chinese counterparts in exchange of tangible benefits for Korean side, The benefits may include (1) adoption of KHST as the type of rolling stock for the $Beijing\~Shanghai$ line, (2) guarantee of participation in the project and royalty for the KHST technology used for the future high-speed railway line construction. (3) prior written approval and partnership when making its way to third country, and (4) participation of Korean construction companies in Chinese railway construction project. etc. Adoption of KHST in China indeed gives chance to integrate the high-speed railway network after reunification of Korean peninsular, and enhance the economic ties between two countries.

• 동아시아경상학회지
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• 제6권3호
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• pp.1-15
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• 2018

Purpose - This study investigates the effect of MNEs' characteristics on the use of foreign currency denominated debt in the context of Korean firms. This study examines the relationship between MNEs and the use of foreign debt focusing on the accessibility to the capital market in addition to the motive of hedging against foreign exchange exposure. Research design and methodology - Probit estimation is employed for estimating significant factors in determination of the use of foreign debt by firms. The dependent variable is a dummy variable to indicate whether a firm uses foreign debt or not at the end of 2004. Independent variables include foreign subsidiaries ratio, export to sale, R&D expenditure to sale, and credit rating. Results - The results show that the interaction between the level of internationalization represented by intra-regional diversification and the strategic characteristics embedded in the region of entry affects the use of foreign debt. In case of a high level of diversification within the developing region with a strong pursuit of asset exploitation, MNEs are more likely to use foreign debt, whereas a high level of diversification within the developed region with a strong pursuit of asset seeking, MNEs are less likely to use foreign debt. Conclusions - The differences between MNEs in terms of intra-regional diversification, strategic orientation, and the accessibility to capital markets as well as the hedging motive affect the use of foreign debt.

• East Asian Economic Review
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• 제16권3호
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• pp.273-290
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• 2012

While the issue of RMB (Renminbi, Chinese Yuan) revaluation became the focus of world attention in 2003, the reform of the RMB exchange rate regime in 2005 didn't fundamentally solve the RMB appreciation problem, and even in 2008 the global financial crisis made RMB appreciation face new challenges and risks. It appears that the rise in RMB value is caused by supply exceeding demand in China's foreign exchange market; however, intrinsically it is due to the asymmetry in RMB exchange rate formation mechanism. The export tax rebates policy implemented by Chinese government is one of the leading causes of the asymmetry. This study constructs a transmission model between export tax rebates and foreign exchange rates, and applies the Granger Test to validate the causality between kernel variables based on correlative data from 1994-2011, and uses the error correction method to analyze the quantified relations of kernel variables, and finally gets the contribution rate of export tax rebates to RMB appreciation.

• The Journal of Asian Finance, Economics and Business
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• 제9권4호
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• pp.73-81
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• 2022

The focus of the research is to determine the amount of financial information disclosure and the factors that influence it for non-financial enterprises listed on Vietnam's stock exchange. To evaluate the level of financial information disclosure, the study uses a set of disclosure indexes from the world's leading credit rating agency, Standard and Poor's (S&P). It makes some revisions in compliance with regulations for information disclosure on the Vietnam stock market. The study collects data in the form of annual reports for the year 2017-2020 from 350 non-financial firms listed on Vietnam's stock exchange and then uses a multivariate regression model to assess the effects of factors on the amount of financial information disclosure. The findings show that the size of the firm, the size of the board of directors, and foreign ownership all have a positive impact on financial transparency; however, the number of years the company has a negative impact. According to the findings of this study, companies with more total assets, a larger board of directors, and a higher rate of foreign ownership publish more financial information. Still, long-term listed companies on the stock exchange tend to disclose less.