• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.373-381
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• 2021

This study aims to investigate the impact of financial distress on the cash holding of non-financial companies in Indonesia as the largest emerging economy among ASEAN countries. Furthermore, the sub-sample business group to be investigated were divided into two, groups namely affiliated and non-affiliated groups. This was carried out to ascertain the difference in the impact of financial distress on cash holding between both groups. Sample collection was based on all firms listed on the Indonesian Stock Exchange (IDX) during 2008-2017, comprising 137 firms. The results showed that using the two-step system Generalized Method of Moments (GMM), the coefficients for financial distress (Z-Score) indices were positive and significant for all models. Therefore, the higher the Z-Score value, the lower the company's financial distress and vice versa. This implies that the lower the company's financial distress, the lower the cash holding. Furthermore, a positive and significant impact of the Z-Score on cash holding for non-affiliated groups was discovered. This implies that there are differences in the amount of cash holding between affiliated and non-affiliated groups. This result indicates that non-affiliated groups hold more cash during financial distress. However, these results had cash policy implications, particularly for non-affiliated groups.

• Journal of IKEEE
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• v.24 no.4
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• pp.998-1003
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• 2020

In this paper, an emotion training method using emotional adaptation is proposed to improve the performance of the existing emotion recognition system. For emotion adaptation, an emotion speech model was created from a speech model without emotion using a small number of training emotion voices and emotion adaptation methods. This method showed superior performance even when using a smaller number of emotional voices than the existing method. Since it is not easy to obtain enough emotional voices for training, it is very practical to use a small number of emotional voices in real situations. In the experimental results using a Korean database containing four emotions, the proposed method using emotional adaptation showed better performance than the existing method.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.1
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• pp.385-393
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• 2021

This study investigates the effect of infrastructure, economic sectors and its status, foreign direct investment and private investment, as well as the role of political stability in enhancing the tourism demand in the ASEAN region. The research collected the secondary data from the World Bank database and the UNWTO website of 10 ASEAN countries over 17 years from 2000 to 2016. Applying the generalized method of moments, this research found that, "private investment", "economic sectors", "exchange rate and infrastructure measured by "using of the internet" can increase the tourism demand of a country in the ASEAN region. This research provided evidence indicating that the "foreign direct investment" and "inflation" are two detrimental factors for tourist attraction. The major finding confirmed the positive role of "political stability" in increasing tourist arrivals. First, attracting tourists to a country always poses many challenges to its government. It has been observed in the past decades that though there were many documents, which confirmed that industry can help in promoting tourism, very few studies investigated the role of both agriculture and manufacturing sectors in tourism promotion. Secondly, there are only a few studies which verifies the stability of the political system to the tourism demand in the ASEAN region and that this variable (political stability) has the strongest impact.

• Journal of Korea Trade
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• v.25 no.7
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• pp.41-55
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• 2021

Purpose - This paper empirically investigates the relationship between the Economic Complexity Index (ECI) and the level of development. Moreover, this research attempts to discover the determinants of ECI in the globalization wave. Design/methodology - Our empirical model considers the relationship between ECI and the level of development in middle- and high-income economies from 1995 to 2010 by using systemic qualitative analysis, including OLS, fixed-effects, and system GMM. Next, this research used OLS regression to find the determinants of ECI. In particular, we compared the effects of different factors on ECI in the different development stages. Findings - Our main findings can be summarized as follows: 1. If the ECI increases by 1, it could lead to an increase of about 30% in the level of development in middle- and high-income economies. 2. Human capital plays an important role in the development of and increase in ECI. 3. GVC participation and outflow FDI enhance an increase in ECI, in particular in middle-income economies. 4. The development of manufacturing industries is helpful to increase ECI; however, middle-income economies should pay more attention to their comparative advantage industries. 5. R&D has positive effects on the ECI. Originality/value - To the best of our knowledge, this is the first paper that uses systemic qualitative analysis to investigate the relationship between ECI and the level of development. The paper provides suggestions for policy makers to increase ECI under the current wave of globalization, in particular in middle-income economies.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.9
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• pp.25-37
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• 2022

Investment decisions are one of the most fundamental issues in financial management. This study aims to determine the factors that affect investment decisions in the energy industry and to contribute to the companies in this industry to develop strategic policies. The System GMM analyzes were carried out using the data of companies registered on the stock exchange for the period 2000-2015. The findings showed that industrial competition and firm size were important factors influencing the investment decisions of firms in the energy industry. The findings indicated a nonlinear relationship between industrial competition and the rate of investment in the energy sector. Depending on the firm's size, the effect of industrial competitiveness on investment varies. Smaller businesses are more impacted by the level of competition than larger ones. The investment rate decreases depending on the increase in cash holding level and firm risk. When the subgroups in the energy industry are examined, it is determined that they reveal some differences in terms of financial structure. A higher investment rate results from a higher retained earnings ratio. The investment rate of firms falls as a company's risk level and sales revenue variability increase.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.5
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• pp.355-363
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• 2022

The debt maturity structure has a significant impact on a company's financial situation. Any debt maturity structure decisions substantially impact investment decisions due to changes in capital cost and dividend decisions due to cash flow consequences. This study used the system generalized method of moment (Sys-GMM) to investigate the debt maturity structure of real estate companies listed on the Ho Chi Minh Stock Exchange (HOSE) in the duration from 2008 to 20019. It found that the firm size, liquidity, and tangible assets affected the decision on debt maturity structure. The tangible asset had the most significant impact on the possibility for companies to access long-term loans. This finding revealed that the majority of the real estate companies listed on HOSE borrowed money from banks. Such decisions are most likely affected by the collateral. Another finding of the study is that financial institutions had a major impact on loan maturity structure, whereas the effects of the financial market were negligible. Besides, the real estate companies listed on HOSE seemed not to pay attention to changes in inflation, economic growth, and institutional qualities when deciding on the debt maturity structure.

• Journal of the Korea Institute of Information and Communication Engineering
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• v.20 no.3
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• pp.471-476
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• 2016

This paper presents our study on speech recognition performance prediction. Our initial study shows that a combination of speech quality measures effectively improves correlation with Word Error Rate (WER) compared to each speech measure alone. In this paper we demonstrate a new combination of various types of speech quality measures shows more significantly improves correlation with WER compared to the speech measure combination of our initial study. In our study, SNR, PESQ, acoustic model score, and MFCC distance are used as the speech quality measures. This paper also presents our speech database verification system for speech recognition employing the speech measures. We develop a WER prediction system using Gaussian mixture model and the speech quality measures as a feature vector. The experimental results show the proposed system is highly effective at predicting WER in a low SNR condition of speech babble and car noise environments.

• Environmental and Resource Economics Review
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• v.25 no.4
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• pp.471-494
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• 2016

This study investigates the effect of remittance and agricultural aid inflows on GDP growth rate volatility in response to climate change shocks in twenty-eight African countries by using system generalized method of moments from 1996 to 2013 with three years grouped data. The climate change shocks are indicated by four variables; natural disasters, rainfall variability, fluctuation in temperature and the weighted anomaly standardized precipitation (WASP) index. Consequently, natural disasters and temperature variability have a significant effect on GDP volatility, while rainfall variability and WASP index have no adverse consequence on stabilization of the economy. On the other hand, in general, remittances and agricultural aid are helpful to stabilize the economy and especially remittances inflows can play a crucial role as insurance when natural disasters occur.

• The Journal of the Acoustical Society of Korea
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• v.34 no.2
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• pp.171-176
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• 2015

We present a speaker verification method by extracting i-vectors based on dominant state information of Hidden Markov Model (HMM) - Universal Background Model (UBM). Ergodic HMM is used for estimating UBM so that various characteristic of individual speaker can be effectively classified. Unlike Gaussian Mixture Model(GMM)-UBM based speaker verification system, the proposed system obtains i-vectors corresponding to each HMM state. Among them, the i-vector for feature is selected by extracting it from the specific state containing dominant state information. Relevant experiments are conducted for validating the proposed system performance using the National Institute of Standards and Technology (NIST) 2008 Speaker Recognition Evaluation (SRE) database. As a result, 12 % improvement is attained in terms of equal error rate.

• The Journal of the Acoustical Society of Korea
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• v.25 no.1
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• pp.36-42
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• 2006

A Principal component analysis (PCA)-based Mel-Frequency Discrete Wavelet Coefficients (MFDWC) feature Parameters for speaker verification system is Presented in this Paper In this method, we used the 1st-eigenvector obtained from PCA to calculate the energy of each node of level that was approximated by. met-scale. This eigenvector satisfies the constraint of general weighting function that the squared sum of each component of weighting function is unity and is considered to represent speaker's characteristic closely because the 1st-eigenvector of each speaker is fairly different from the others. For verification. we used Universal Background Model (UBM) approach that compares claimed speaker s model with UBM on frame-level. We performed experiments to test the effectiveness of PCA-based parameter and found that our Proposed Parameters could obtain improved average Performance of $0.80\%$compared to MFCC. $5.14\%$ to LPCC and 6.69 to existing MFDWC.