• The Journal of the Korea Contents Association
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• v.9 no.12
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• pp.253-260
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• 2009

Gold stock could include the U.K. in the European economy by the alternative plan of the problems that it was occurred while nationalizing industry and a company for economic recovery and national profit after the World War Ⅱ and it was wide and came to open in the country of European most. However, the negation was sentenced to it for the reason of the gold stock which the U.K. adopted in European many countries infringing "freedom of the capital movement" at a European court of law. However, I consider gold stock positively to protect it from hostile M&A of the company of the national strategy from the Middle East and an Asian national rich fund recently in France and Germany. If our country looks straight at reality, Urstatut or the agreement of the majority stockholder have a very strict matter assuming the protection of the existing shareholder and must be able to gain the favor if you look by the flow of such world economy.

• Management & Information Systems Review
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• v.38 no.1
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• pp.181-199
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• 2019

The purpose of this study is to examine whether or not the volatility of the 1997~1998 Asian crisis still affects the monthly stock returns of Korea, Japan, Singapore, Hong Kong and China from 1980 to 2018. This study investigated whether the volatility has already fallen to pre-crisis levels. To illustrate the possible structural changes in the unconditioned variance due to the Asian financial crisis, we use the MRS-GARCH model, which is a regime switching model. The main results of this study were as follows: First, the stock return of each country was weak in the high volatility regime except Japan resulted by the Asian financial crisis from 1997 to 1998 until March 2018, and the Asian stock market has not yet calmed down except for the global financial crisis period of 2007 and 2008. Second, the conditional volatility has been significantly and persistently decreased and eliminated after the Asian financial crisis. Thus, we could be judged that the Asian stock market was not fully recovered(stable) due to the Asian crisis including the capital liberalization high inflation, worsening current account deficit, overseas low interest rates and expansion of credit growth in 1997 and 1998, but the Asian stock market was largely settled down, except for the 2007 and 2008 in Global financial crises. Considering the similarity between the Asian stock markets and the similar correlation of the regime switching, it may be worthwhile to analyze the MRS-GARCH model.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.4
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• pp.735-740
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• 2021

The purpose of this study is to assess how accounting conservatism is practiced in the Jordanian pharmaceuticals and medical industry. It assesses the association between accounting conservatism and intellectual capital (IC) in this industry. This study measures IC performance using the market price per share less book value. Accounting conservatism is measured using the book-to-price ratio, and the data was collected from company annual reports and the Amman Stock Exchange (ASE) website. The data was collected for the period of six years (2014 to 2019). The sample was made up of four companies in the industry listed in the ASE. The data was analyzed using the SPSS program though the ordinary least squares regression model to assess how accounting conservatism is associated with IC. The findings indicate a negative association with companies having higher IC performance and reporting lower accounting conservatism. IC is applied more in these companies, although it might be lower than in other companies in other sectors. This study provides empirical evidence on how IC is applied in the industry and how it might be negatively associated with accounting conservatism. Findings indicate the need for more effective policies to promote recognition of intangible assets in the sector.

• Analyses & Alternatives
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• v.5 no.2
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• pp.39-76
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• 2021

This article examines the effect of CEO's political connections on firm performance in Chinese private firms. Following the upper echelon theory and human capital theory, CEO's personal characteristics affect the strategic decision-making of the firm, and it is also firm-specific advantages that work as the human capital for the sustainable growth of the firm. In this regard, this article tries to empirically confirm whether CEO's political connections have positive effects on firm performance as the firm's human capital by dividing the Chinese local governments, which is a direct subject of political connections hierarchically. In addition, this research examines the mediating effects of government subsidies between political connections and firm performance. To verify these questions, we use a sample of 9,849 observations of 1,451 private firms listed on the Shanghai and Shenzhen stock exchanges from 2008 to 2016, the results show that the CEO's political connections are positively related to firm performance. Moreover, we find that only political connections with the provincial local government had a positive effect on firm performance. It indicates that values and influences of human capital held by CEOs only affect when they are related to the highest local government. Finally, when CEOs have political connections with city-level, it shows complete mediating effect. It provides empirical evidence to find that CEO's political connections affect firm performance as the results of non-market strategic of firms.

• International journal of advanced smart convergence
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• v.8 no.3
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• pp.193-200
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• 2019

Accruals-Quality(AQ) is an important proxy for evaluating the quality of accounting information disclosures. High-quality accounting information will provide high predictability and precision in the disclosure of earnings and will increase the response to stock prices. And high Accruals-Quality, such as mitigating heterogeneity in accounting information interpretation, provides information usefulness in capital markets. The purpose of this study is to suggest how AQ, which represents the quality of accounting information disclosure, is transformed into digitized data in real-time in combination with IT information technology and provided to financial analyst's information environment in real-time. And AQ is a framework for predictive analysis through big data log analysis system. This real-time information from AQ will help financial analysts to increase their activity and reduce information asymmetry. In addition, AQ, which is provided in real time through IT information technology, can be used as an important basis for decision-making by users of capital market information, and is expected to contribute in providing companies with incentives to voluntarily improve the quality of accounting information disclosure.

• Journal of Digital Convergence
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• v.11 no.2
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• pp.71-78
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• 2013

The purpose of the paper is to empirically investigate the role of human capital and labour market conditions in the growth process. To do so, cross-sectional data for 3062 counties across 50 states of the US. Firstly, findings from the empirical estimation suggest income convergence among US counties. Secondly, the stock of human capital appears to have the growth enhancing effect while education expenditures turn out to retard economic growth. Thirdly, it is found that the unemployment rate would have a negative association with regional growth whereas the net migration rate is likely to have a positive relationship with growth. Once the sample counties are divided into both the poor group and the rich group, finally, such main empirical results overall remain unchanged and statistically significant.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.863-867
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• 2020

This study was conducted on financial data of 38 economic groups listed on Vietnam's stock market for the period 2009 - 2019 and it aims to provide an empirical evidence on the impact of working capital management policy on performance in all phases of the economic cycle of Vietnamese economic groups. The study uses FGLS estimation method with 2 dependent variables ROA, GOP, independent variables including INV, AR, AP, CCC, dummy variable representing different phases of the economic cycle, variables Control includes CAT, CR, LEV, SZ, GR. Research shows that the greater the level of investment by companies in liquid assets corresponding to a certain level of activity (shown by average days of inventory (INV), average days of collection. (AR), cash flow cycle (CCC)) the lower the rate of return on assets. The study also provides additional evidence of the negative effects of economic crisis on the performance of economic groups. The study also shows that the number of short-term asset cycles has a positive impact on operational efficiency, and the level of debt use has a negative impact on operational efficiency. This result implies that the managers of economic groups can increase the efficiency of businesses through a reasonable working capital policy.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.6
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• pp.9-18
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• 2020

This study seeks to analyze the effect of Non-Performing Loans and Capital Adequacy Ratio on Return on Assets on ten conventional banks listed on the Indonesia Stock Exchange (BEI-IDX). This study uses secondary panel data for 2015-2019 in the form of CAR and NPL values from ten conventional banks listed on the BEI-IDX during the 2020 observation period. The research approach is quantitative descriptive with data analysis methods, namely, linear regression. The testing phase of this study includes: transform value, F-test, T-test and hypothesis test with significancy level sig < 0.05. The results of this study reveal that Non-Performing Loans had a significant negative effect (t = -2,637) (0.011 <0.0) on Return on Assets, while Capital Adequacy Ratio has no significant effect on ROA (0.760 > 0.05). R2 value is 0.128 or 12.8%. It has a significant effect on variables, calling efforts by banks, governments, and authorities monetary of related institutions to maintain the stability of finance. The reduction of Non-Performing Loan impacts on assets and capital adequacy ratio, besides, the normal NPL will control the stability of finance. If a balance is created either in the form of values or amounts of the variables, the reduction in Non-Performing Loans will be controlled.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.201-208
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• 2021

This study aimed to identify the key factors that affect the financial market performance (Price-Earnings Model) through a sample of 35 public shareholding industrial companies on the Amman Stock Exchange for the period 2010-2019, using statistical models and methods, such as the Simple Linear Regression Model, Correlation Coefficient, and dispersion board. The study results showed the nonexistence of a statistically significant effect between the intellectual capital and market value added (MVA) and market performance. Results also showed a statistically significant positive effect between financial leverage (FL) and the market performance, where the interpreted variation reached 64%. It showed from the analysis results that the relationship between (MVA) and market performance (P/E) agrees with the study hypotheses, while the result related to (FL) disagrees with the study hypotheses. The study recommends that public shareholding industrial companies should focus more on intellectual capital and show its value in the annual financial statements and reports, and those companies that have high profitability and the chance to hold gains and profits should rely less on debt and more on retained earnings, due to the high risk of debt and in line with the present unstable circumstances in Jordan, especially in light of the global Covid-19 crisis.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.7
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• pp.501-508
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• 2021

The largest source of revenue in Indonesia comes from the taxation sector. Taxes increase the state revenue, which the government utilizes for building public facilities and infrastructures, providing subsidies to the public, financing public interests, and so on. In addition to producing revenue, taxes may be used to promote economic stability. Thus, this study aims to examine and analyze the financial aspects of tax aggressiveness. The financial aspects include leverage, capital intensity, inventory intensity, and earning management. The population used in this study was manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2016-2019 period. Data analysis was carried out based on Eviews, with a selected sample of 32 companies of four observation years. Therefore, the number of samples was 128. The results of this study revealed that the best estimation model to use is the Fixed Effect Model (FEM). This study proved that leverage and earning management had a positive and significant effect on tax aggressiveness. In contrast, capital intensity and inventory intensity did not affect tax aggressiveness. In addition, the result of this study is still far from perfect. It is, therefore, hoped that further research can add other variables to find better results.