• The Journal of Asian Finance, Economics and Business
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• v.8 no.12
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• pp.345-352
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• 2021

Guided by a resource-based theory, this study is the first one that takes a quantitative approach to identify determinants of competitiveness of women-owned small and medium enterprises (SMEs) in Vietnam. The study employs time series data of Vietnamese SMEs extracted from the Vietnam Small and Medium Enterprises Survey conducted biennially from 2005 to 2015 in ten Vietnamese provinces. Firm competitiveness hereby is indicated by revenue, market share, profitability, and export volume. The research reveals a number of determining factors, of all, research and development, labor skills, business environment, technology investment are the most important factors, followed by capital and headcount. It is indicated that the determining factors have different influences on competitiveness obtained by different measurements. Therefore, it is based on specific targets and situations to make wise business decisions. The authors also make comparisons among groups of women-owned enterprises divided by their firm age, location, ownership, export, age, and educational background of business owners. The findings serve as critical empirical evidence and provide policy recommendations for improving the competitiveness of women-owned SMEs in Vietnam. The recommendations range from technology support, education and professional support for female entrepreneurs, access to capital and human resources to business environment improvement.

• Journal of Korea Trade
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• v.24 no.3
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• pp.37-54
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• 2020

Purpose - This study is to investigate the determinants of suppliers' dependence on buyers in the home country by developing a theoretical model of innovative activities. The high dependence of auto parts suppliers on a single local buyer in South Korea due to firm ownership issues and incremental innovation is examined using data from a set of organizations that supply intermediate goods to this automotive manufacturer. Furthermore, we tested the moderating effect of FDI and global knowledge sourcing on the relationship between firm ownership and suppliers' dependence on the local buyer. Design/methodology - To test the hypotheses, we examined a sample of 101 suppliers over 10 years in the Korean automobile parts industry. In this empirical analysis, we utilized a fixed-effects generalized least squares model using panel data. Findings - In this study, domestic firms (automobile parts suppliers) were more dependent on a single local buyer (automobile assembler) than foreign-owned suppliers operating in Korea. In addition, incremental innovation was the mediating mechanism between domestic firms and dependence on the local buyer. To reduce this dependence on the buyer, we suggest two different international strategies: geographical diversification through FDI and global knowledge sourcing. Originality/value - Previous studies showed that asymmetric dependence between firms has many adverse effects. This study proved that domestic and foreign-owned suppliers have different levels of dependence on local buyers due to their heterogeneous characteristics and business strategies. We distinguish two different types of innovation - radical innovation and incremental innovation - that previous studies have often treated as equal when it comes to firm autonomy. Finally, we propose that both FDI and international knowledge sourcing as global strategies to weaken suppliers' asymmetric dependence on a single buyer.

• The Journal of the Korea Contents Association
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• v.19 no.9
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• pp.233-241
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• 2019

The purpose of this study is to empirically analyze whether the influence of foreign investors from the monitoring role in Korean capital market is observed differently in accordance with the global financial crisis situation. We collected a total of 2,919 firm data from 2003 to 2015 and performed the empirical tests between foreign investor ownership and firms' cost of equity capital separately according to the situation of the global financial crisis. From the empirical results, foreign investors in general were playing a positive function in the Korean capital market by effectively performing the monitoring role for companies. However, we observed that their monitoring role is not effectively performed when the risk level of capital market is maximized, such as during the global financial crisis. The study suggested that the influence of foreign investors may vary depending on the level of risk in the capital market, which is expected to contribute to the market participants and academia.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.13 no.7
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• pp.2930-2936
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• 2012

This paper examines the effects of corporate ownership structure variables on stock returns. The dependent variables identified in this paper include the equity ratio of large shareholders, institutional investors and foreign investors, and the control variables are firm size, book-to-market ratio, and earning-to-price ratio and leverage. This paper finds that the results of regressions say that institutional investors and foreign investors, firm size, book-to-market ratio and earning-to-price ratio can explain the differences in stock returns using panel data.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.6
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• pp.73-84
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• 2020

The paper investigates the effect of the factors on the disclosure of sustainable development information of enterprises. The research sample includes 120 manufacturing companies listed on Vietnam stock market in 2019. This research uses ordinary least squares (OLS) to address econometric issues and to improve the accuracy of the regression coefficients. The empirical results show that five variables have a statistically significant positive effect on disclosure of sustainable development information of manufacturing companies, including firm size (SIZE), independence of board of directors (BOD), foreign ownership (FRO), return on equity (ROE), and financial leverage (LEV). The results indicate that state ownership (STO) has a statistically significant negative effect on disclosure of sustainable development information of manufacturing companies listed on Vietnam stock market. Besides, the research results also show there is a large difference in the disclosure of sustainable development information between listed companies in Vietnam, those of other emerging economies in the region, and the companies in developed markets. Therefore, this paper provides a new insight to managers and related parties on how to improve the firm's sustainability disclosure to bring benefit for the firm itself and the stakeholders by reasonable decisions about the factors that affect disclosure of sustainable development information.

• ETRI Journal
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• v.36 no.1
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• pp.51-61
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• 2014

In the Mobile IPv6 (MIPv6) protocol, a mobile node (MN) is a mobile device with a permanent home address (HoA) on its home link. The MN will acquire a care-of address (CoA) when it roams into a foreign link. It then sends a binding update (BU) message to the home agent (HA) and the correspondent node (CN) to inform them of its current CoA so that future data packets destined for its HoA will be forwarded to the CoA. The BU message, however, is vulnerable to different types of security attacks, such as the man-in-the-middle attack, the session hijacking attack, and the denial-of-service attack. The current security protocols in MIPv6 are not able to effectively protect the BU message against these attacks. The private-key-based BU (PKBU) protocol is proposed in this research to overcome the shortcomings of some existing MIPv6 protocols. PKBU incorporates a method to assert the address ownership of the MN, thus allowing the CN to validate that the MN is not a malicious node. The results obtained show that it addresses the security requirements while being able to check the address ownership of the MN. PKBU also incorporates a method to verify the reachability of the MN.

• International Commerce and Information Review
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• v.14 no.2
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• pp.81-119
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• 2012

In order to maintain high level of control over and close coordination of foreign marketing activities, export manufacturers often consider vertical integration strategy into global distribution. However, full integration is not always a feasible option. The purpose of this study is to investigate the alternative ways to achieve optimal level of control over export channel system for desirable channel performance. This study investigates different options for integration of the vertical channel structure, and examines their effect on the performance. The findings of this study suggest different combination of ownership and coordination level has varying impact upon channel performance: efficiency, effectiveness, and adaptiveness. This implies exporters may achieve desirable performance control over export channel without fully integrating the channel via ownership.

• The Journal of Economics, Marketing and Management
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• v.9 no.5
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• pp.27-37
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• 2021

Purpose: By foreshadowing the historical background and cultural influence of Korean food and economic development in China, this paper demonstrates Chinese market entry strategies taken by TheBorn with its company history and CEO's background. Research design, data and methodology: The eclectic paradigm was utilized to analyze ownership, localization, and internalization advantages for TheBorn's first entry into the Chinese market. The research answers how TheBorn could expand its business in the early 2000s while most were skeptical about the globalization of Korean food. Results: First, possessing various restaurant franchises, food patents, and developments, and media use enabled to achieve a strong ownership advantage. Second, the Chinese market is conveniently located in South Korea. Thus, TheBorn could exercise direct management to its overseas restaurant to maintain the food quality and service. Lastly, establishing a sauce manufacturing plant and its branch company accelerated further expansions to other Chinese cities. Conclusions: Based on those success factors, TheBorn extended its business into different cities in China and emerged as a franchisor giant in the Korean restaurant franchise industry.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.3
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• pp.43-51
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• 2022

This paper examines the main factors affecting the bank performance under the Basel II implementation in Vietnam, a transitional economy in Asia. We pay special attention to the implementation duration of the Basel II convention and how it affects profitability. Thereby, we can evaluate the effectiveness of Basel II in the whole system according to the roadmap to 2020. We employ the panel data regression method to analyze a sample of 300 bank-year observations from 25 commercial banks during the 2008-2019 period. Our empirical findings show that the size of the bank, net interest margin, state ownership, and Basel II convention have positive effects on bank profitability. However, our empirical findings indicate that bank age and branch number negatively reduce bank performance. Finally, our results indicate that commercial banks earn extra profit from delaying the implementation of Basel II. However, commercial banks will encounter higher credit, and operational risks arising from delaying the implementation of Basel II standards. Therefore, our study contributes to the insights into the bank's management to enhance profitability, especially after implementing Basel II in a transitional economy. Finally, our study also provides policy implications for bank managers and banking supervisory to maintain the sustainable development of the banking system.

• Asia-Pacific Journal of Business
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• v.14 no.1
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• pp.131-148
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• 2023

Purpose - Since the 2020s, the management philosophy of Chinese firms' ESG has been rapidly established under the leadership of the Chinese government. We empirically analyze the ESG characteristics and effects on corporate value of Chinese firms. Design/methodology/approach - Using OLS and random effect panel regression analysis, we identify ESG determinants. In analyzing the impact on corporate value, likewise a large number of literatures, we adopt a 2SLS methodology using instrumental variables in the reason of endogeneity between ESG and firm value. We analyze using the G2SLS methodology, which is improving the efficiency of the estimation coefficients along with 2SLS. Findings - We find that ESG ratings are high in state-owned and foreign capital invested companies, ESG ratings are low in companies with a high proportion of non-floating stocks which implies information asymmetry. However, there are no significance in the institutional investor's, the major 10 largest shareholders' and manager's ownership. Furthermore, we can support most of the hypotheses that ESG ratings will be high in companies with high management performance. ESG ratings are significantly higher in companies with high ROA, rich in cash asset, low debt ratio, and large size. we strongly support the hypothesis that the higher the ESG rating, the higher the firm value, and ESG has a moderating effect on state-owned companies, non-floating shares, the ownership of institutional investors, manager, and the 10 major shareholder. In particular, state-owned companies, the proportion of non-floating shares, and the ownership of the 10 major shareholders have a negative impact on firm value, however, ESG attenuates this negative effect. Research implications or Originality - This study looks forward to enhancing our understanding of ESG characteristics in East Asia.