• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.895-904
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• 2021

This study aims to investigate the impact of innovation on firm efficiency. Panel data of fourteen finance companies and nine technology companies from 2011 to 2019 on the Vietnam Stock Exchange Market is derived from audited financial statements, annual reports, and other crucial reports that are provided by Vietstock; macroeconomic variables are collected from the World Bank Database. A two-stage approach is used. First, use of the Data Envelopment Analysis methodology to measure firm efficiency. Second, use of the Pooled ordinary least squares, the Fixed effects model, and the Random effects model to investigate the impact of innovation on firm efficiency. Furthermore, the Generalized Method of Moments and the Tobit model are used to validate the impact of innovation on firm efficiency, and the t-test is used to confirm the difference in efficiency with and without the impact of innovation between two industries. The results show that there is a significant impact of innovation on efficiency, and innovation plays a more important in increasing the efficiency of the finance industry than the technology industry. Moreover, the relation between age and efficiency is like the U-shaped, and between size and efficiency is like the inverted U-shaped, whereas efficiency is not associated with inflation.

• The Journal of Asian Finance, Economics and Business
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• 제6권3호
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• pp.67-79
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• 2019

This study examines the impact of corporate governance on capital structure decisions based on a large panel of Chinese listed firms. Using the system Generalized Method of Moments (GMM) estimator to control for unobserved heterogeneity, endogeneity, and persistency in capital structure decisions, we document that the ownership structure plays a significant role in determining leverage ratios. More specially, we find that managerial ownership has a positive and significant impact on firms' leverage, consistent with the incentive alignment hypothesis. We also find that managerial ownership only affects the leverage decisions of private firms in the post-2005 split share reform period. State ownership negatively influence leverage decisions implying that SOEs may face fewer restrictions in equity issuance and may receive favourable treatments when applying for seasoned equity ¿nancing, thus use less debt. Furthermore, our results show that while foreign ownership negatively influences leverage decisions, legal person shareholding positively influences firms' leverage decisions only for state controlled firms. We also find that the board structure variables (board size and the proportion of independent directors) do not influence firms' capital structure decisions. Our findings suggest that recent ownership reforms have been successful in terms of providing incentive to managers through managerial shareholdings to take risky financial choices.

• 유통과학연구
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• 제14권3호
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• pp.39-44
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• 2016

Purpose - The purpose of this research is to investigate whether Korea's economic growth can be explained by the endogenous growth theory. Specifically, we test whether R&D expenditure has a positive and significant effect on the economic growth. Research design, data, and methodology - We hypothesize that R&D expenditure has a positive effect on the economic growth after adding control variables in the growth equation. Korean annual data from 1963 to 2011 from Science and Technology Annual of the Ministry of Education, Science and Technology, the Bank of Korea, etc. are used. We estimate the growth equation by GMM in addition to OLS. Results - We found that R&D expenditure has a positive and significant effect on the economic growth after adding the ratio of investment to GDP, the ratio of FDI to GDP, the ratio of government expenditure to GDP, inflation and the ratio of trade openness to GDP as control variables in the growth equation. Conclusions - Our results show that Korea's rapid economic growth for the past five decades can be explained by the R&D-based endogenous economic growth theory. Our results suggest that the policy attention of the Korean government be paid to R&D promotion.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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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 Magnetics
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• 제13권4호
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• pp.115-119
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• 2008

The authors predicted that $Co_2HfSi$, a $Co_2$-based full Heusler alloy, is being a half-metallic ferromagnet by first-principles calculations using the all electron full-potential linearized augmented plane wave method which adopts the generalized gradient approximation. The integer value of the calculated total magnetic moment of 2.00 ${\mu}_B$ per formula unit and a spin gap of 0.69 eV in spin down state confirmed the half-metallicity of bulk $Co_2HfSi$. For the $Co_2HfSi$(001) surface, we considered two possible surface terminations, namely, Co terminated and HfSi terminated surfaces. It was found that half-metallicity was retained at the HfSi-terminated surface but not at the Co-terminated surface. The magnetic moment of surface Co atoms in the Co-terminated surface was slightly lower than that of Co atoms in deep inner-layers, whereas the magnetic moments of Hf and Si atoms at the HfSi-terminated surface were almost same as those in deep inner-layers.

• The Journal of Asian Finance, Economics and Business
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• 제7권7호
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• pp.73-84
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• 2020

Existing studies disagree over the core predictors of firm-level financial choices in developing countries. The general practice only validates the traditional capital structure model, which leads to inconsistency and a lack of novelty. This study removed overfitting issues among existing factors and presented the most reliable and advanced capital structure model in Pakistani firms. The panel data include 368 Pakistani companies from 19 non-financial sectors over the period 2004 to 2017. We apply Akaike and Bayesian Information Criteria to remove overfitting issues among inconsistent proxies in the capital structure model. The fixed effects regression is used for basic results and the Generalized Method of Moments is applied to control the endogeneity. Besides the conventional proxies, we report that credit rating, distance from bankruptcy, managerial concentration, and institutional quality are the most advanced capital structure determinants in Pakistan. These predictors remain significant across firm size and growth levels. Also, the findings confirm that new predictors are reliable to define capital structure dynamics and improve the speed of adjustment in overall and sub-sample analysis. The major findings suggest that managers and policymakers should consider these advanced predictors to design their financial settings in firms.

• Journal of Korea Trade
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• 제25권1호
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• pp.133-151
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• 2021

Purpose - This study examines the effects of expatriate transfer on foreign affiliate's labor productivity. Design/methodology - Using Korean-owned foreign affiliate-level data, we estimate the effect of expatriate transfer on foreign affiliate's labor productivity using the system generalized method of moments model. We also consider foreign affiliate- and host country-specific contingencies and test how they are associated with expatriates in enhancing foreign affiliate's labor productivity. Findings - We consider foreign production intensity and cultural distance between the home (i.e., South Korea) and host countries as key contingencies that influence the effect of expatriates on foreign affiliate's labor productivity. We find that expatriates are effective in enhancing the labor productivity of less production-intensive foreign affiliates. This effect is strengthened as expatriates are deployed to countries that share cultural similarities with the home country. Originality/value - Considering that previous studies provide mixed results on the effect of expatriates, our findings suggest that foreign affiliate-specific operational orientation and cultural distance should be considered jointly to understand the true effect of expatriate staffing on foreign affiliate performance.

• The Journal of Asian Finance, Economics and Business
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• 제7권7호
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• pp.251-260
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• 2020

The purpose of this paper is to investigate the impact of total factor productivity (TFP), institutional quality, and interactive variable between them on economic growth in 13 low-middle income countries in Asia for the period 2000-2018. The paper uses the difference Generalized Method of Moments (GMM) to explore the dataset provided by the World Bank. The empirical results show that TFP and the interactive variable positively impact on the economic growth, while the institutional determinants have a negative influence. The negative effect is explained by the weak institutions in these low-middle income countries. The findings of the study suggest two points. First, the government should continue to improve TFP, which is associated with the application of technical advances, technological innovations, improvement of management methods, and skilled workers. Second, far more important, is that the authorities should pay special attention to implement institutional reform and strengthen the governance in the future. The successful experiences from Japan, Korea and Singapore will help other governments in Asian low-middle income countries to build developmental state. Probably, the developmental state actively interfere in the market to promote and realize the development goals. By doing so, these economies might overcome the so-called "middle-income trap".

• The Journal of Asian Finance, Economics and Business
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• 제7권7호
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• pp.59-72
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• 2020

This paper examines whether lending structure can lower credit risk by employing econometric techniques of panel data for the Vietnamese banking system at the bank level used by economic sectors from 2011 to 2016. New light is being shed on assessing the impact of each industry's debt outstanding on credit risk. Adopting findings from previous studies, we assess credit risk from two different sources, including loan loss provision and non-performing loan. Moreover, we also focus on observing lending structure in many different aspects, from concentrative levels to the short-term and long-term stability levels of lending structure. The Generalized Method of Moments (GMM) estimator was applied to analyze the relationship between concentration and banking risks. In general, the results show that lending concentration may decrease credit risk. It is interesting to observe that the Vietnamese commercial bank lending portfolios have, on average, higher levels of diversity across different sectors. In particular, the increase in hotel and restaurant lending contributes to decrease credit risk while the lending portfolios of banks in agriculture, electricity, gas and water increase credit risk. This study suggests the need for further analysis and research about portfolio risks in lending activities for maintaining efficiency and stability in the commercial banking system.

• 대기
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• 제29권2호
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• pp.227-239
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• 2019

This paper reviews various bulk-type cloud microphysics parameterizations (BCMPs). BCMP, predicting the moments of size distribution of hydrometeors, parameterizes the grid-resolved cloud and precipitation processes in atmospheric models. The generalized gamma distribution is mainly applied to represent the hydrometeors size distribution in BCMPs. BCMP can be divided in three different methods such as single-moment, double-moment, and triple-moment approaches depending on the number of prognostic variables. Single-moment approach only predicts the hydrometeors mixing ratio. Double-moment approach predicts not only the hydrometeors mixing ratio but also the hydrometeors number concentration. Triple-moment approach predicts the dispersion parameter of hydrometeors size distribution through the prognostic reflectivity, together with the number concentrations and mixing ratios of hydrometeors. Triple-moment approach is the most time expensive method because it has the most number of prognostic variables. However, this approach can allow more flexibility in representing hydrometeors size distribution relative to single-moment and double-moment approaches. At the early stage of the development of BMCPs, warm rain processes were only included. Ice-phase categories such as cloud ice, snow, graupel, and hail were included in BCMPs with prescribed properties for densities and sedimentation velocities of ice-phase hydrometeors since 1980s. Recently, to avoid fixed properties for ice-phase hydrometeors and ad-hoc category conversion, the new approach was proposed in which rimed ice and deposition ice mixing ratios are predicted with total ice number concentration and volume.