• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.11
• /
• pp.223-234
• /
• 2021

This study aims to examine whether operating cash flows influence banks' financial stability in Pakistan. The study employed annual panel data collected from annual reports of 20 commercial banks listed on the Pakistan Stock Exchange for the year 2011 to 2019. Free cash flow yield was taken as the dependent variable while cash flow ratio was selected as the independent variable, and net interest margin, income diversification, asset quality, financial leverage, the cost to income ratio, advance net of provisions to total assets ratio, capital ratio, financial performance, breakup value per share and bank size were taken as control variables. The study performed ordinary least square technique, random and fixed effects models, Hausman test, Lagrange multiplier test, descriptive and correlation analysis. Results showed that operating cash flows and net interest margin significantly and positively influenced banks' financial stability while the cost to income ratio and advances net of provisions to total assets ratio significantly and negatively associated with banks' financial stability. To improve financial stability, banks should become more cost-effective and enhance their liquidity levels by lowering lending activities. In the future, it would be useful to compare commercial and investment banks, also Islamic and conventional banks in the same research setting.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.10
• /
• pp.523-530
• /
• 2020

The efficient market hypothesis explains the random walk hypothesis suggesting that stock prices are independent of each other, hence, it is impossible to earn abnormal profits. The positive effect of a well-functioning and highly efficient stock market on the performance of an economy motivated the Philippine Stock Exchange to pursue massive modernization initiatives. This research provides evidence of the existence of random walk in the Philippine stock market employing the Augmented Dickey-Fuller (1981) and Phillips-Perron (1988) unit root tests, the Lo-MacKinlay's (1988) conventional variance ratio test, and Chow-Denning's (1993) simple multiple variance ratio test. Results of the ADF and PP unit root tests confirm the necessary condition for a random walk. The Chow-Denning (1993) maximum /z/ statistic and the Wald test statistic as in Richardson and Smith (1991) for the joint hypotheses and the Lo and MacKinlay (1988) individual statistics variance ratio test generally accepted the null hypothesis of a random walk. That is, the unit root and variance ratio tests consistently indicate that the null hypothesis of random walk cannot be rejected. The existence of a random walk in weak-form efficiency can be attributed to market liquidity as a result of continuous development and modernization of the Philippine equity market.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.2
• /
• pp.75-87
• /
• 2020

This paper aims to not only investigate the nature of financial security and its measurement, but also to compare financial security level in 629 listed companies divided into four different industries (materials, industrials, health care, and consumer goods) before building a theoretical framework and regression models to examine the determinants of financial security. By gathering 2,167 financial statements published in Vietnamese Stock Exchange during eight years from 2012 to 2019, with the support of STATA, the research results indicate that six different internal factors, which are liquidity, profitability, firm size, debt management ratios, asset management ratios, and cash flows, explain 77.7% the change of financial security ratio and 3.4% the change in sustainable growth ratio. Specifically, while firm size has a positive impact on sustainable growth ratio but a negative impact on financial security ratio, deb management and profitability have an insignificant influence on the financial security level. Furthermore, an increase in asset management ratios would result positively in both two dependent variables whereas a rise in sustainable growth and a decline in financial security ratio are expected to witness if there is an increase in cash flows.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.11
• /
• pp.101-106
• /
• 2020

The research was conducted with the aim of knowing the effect of the CAMELS ratio either partially or simultaneously on stock prices. The CAMELS ratio (Capital, Asset Quality, Management, Earning, Liquidity) is used to measure the soundness of a bank, where by the better the soundness of the bank, the more profitable the bank will be for potential investors and other interested parties. The population of this research consists of the four state banks documented on the Indonesia Stock Exchange over the 2012-2019 period. The sample selection technique is a saturated sampling. This study provides the results that partially CAR has a significant effect on the share price of government banks listed on the IDX. Meanwhile, NPL, NPM, ROA, and LDR do not have a significant effect on stock prices of state banks listed on the IDX. The results of the regression analysis show that, together the CAMELS ratio, which is proxied by CAR, NPLS, NPM, ROA, and LDR has a positive and significant influence on the share price of state-owned banks documented on the Indonesia Stock Exchange, so this can be used as a reference for investors in predicting the share price of a state-owned bank before investing in shares.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.7
• /
• pp.469-476
• /
• 2021

This study aims to examine and measure the impact of capital structure on the profitability of companies in emerging markets. The research sample includes eighteen rubber companies listed on the Vietnam stock exchange from 2015-2019. After collecting the research data, it was imported into excel to calculate the criteria for the research model. By using Stata 16 software, the study selected a data processing model and evaluated the relevance of the regression analysis model. The research results show that the profitability of listed rubber companies in Vietnam (measured by return on equity (ROE) has a positive relationship with the debt-to-asset ratio but has a negative relationship with the long-term debt-to-asset ratio. The results also show a positive impact of firm size and revenue growth on profitability while liquidity and the ratio of tangible fixed assets to total assets do not affect significantly. These results are consistent with most of the previously published studies. However, in contrast to many previous studies, our study shows that the long-term debt-to-assets ratio has a negative effect on profitability while the debt-to-asset ratio has a positive effect. This is entirely consistent with the characteristics of long-term debt use in emerging markets.

• Proceedings of the Korean Institute of Building Construction Conference
• /
• 2015.11a
• /
• pp.103-104
• /
• 2015

This study is an experiment about what affects the compressive strength by using a reducing agent (PNS based admixtures) to play cement using the cement paste based Waste Concrete Powder of waste concrete, which accounts for more than 60% of construction waste around the latest domestic and international It was. Securing the replacement of cement with Waste Concrete Powder and, by varying the admixture was to compensate for the low absorption of liquidity and obtain a fine powder. And the experiment was conducted with a constant water cement ratio and aggregate usage for the purpose of lowering the water cement ratio promoting strength development. When substituted with the experimental results of 0.3% based on 3 ~ 28 days as strength 36Mpa exhibited the highest strength.

• Journal of Families and Better Life
• /
• v.16 no.2
• /
• pp.83-96
• /
• 1998

The purpose of this study was to investigate the level of assets and liabilities of farm households and to evaluate the financial status of rural middle-aged and old-aged household using financial ratios. For these purposes an empirical survey data was gathered from rural middle-aged and old-aged households in 8 provinces using structured questionnaires. 877 households data were used in final analysis. The statistical methods used for data analysis are frequency percentile mean The statistical methods used for data analysis are frequency percentile mean median standard deviation $\chi$2 and t-test using SPSS/PC WIN program. Among financial ratios 64.7% of total households could meet the guideline of consumption to income ratio 5.9% of total households could meet the appropriate level of short-term and long-term liquidity. In the case of debt burden ration 82% of total households could meet the guideline. And 28.5% of total households could meet the guideline of capital stock ratio .

• Proceedings of the Korean Institute of Building Construction Conference
• /
• 2009.05b
• /
• pp.69-72
• /
• 2009

This study reviewed the reduction effect of autogenous shrinkage of high strength mortar by plant edible oils based on existing studies, in an effort to find the method of reducing autogenous shrinkage of high strength concrete. To summarize the results, first as characteristics of fresh mortar, substitution of plant edible oil showed slight reduction in liquidity. Compressive strength was reduce at age of 28 days compared to plain mix regardless of type and substitution ratio. Ratio of change in the length of autogenous shrinkage of high strength mortar by plant oils was found to reduce compared to the plain, and the reduction effect was most satisfactorγ in bean oil.

• Journal of the Korean GEO-environmental Society
• /
• v.15 no.4
• /
• pp.5-11
• /
• 2014

Recently, there have been various lifeline installations constructed in the underground space of urban area due to the effective use of land. For newly installed lifelines or the management of the installed lifelines, many construction activities of excavation and backfilling are observed. Around these area, there are possibilities of collapse or excessive settlement due to the leaking of the pipe or unsatisfactory compaction of backfill material. Besides, construction costs can be saved since the on-site soils are used. The application of this liquidity filling material is not only to the lifeline installation but also to underpin the foundation under the vibrating machinery. On the evaluation of the applicability of this method to this circumstance, the strength should be investigated against the static load from the machine load as well as the vibration load from the activation of the machine. In this study, the applicability of the liquidity fill material on the foundation under the vibrating machinery is assessed via uniaxial compression and resonant column tests. The liquidity filling material consisting of the on-site soils with loess and kaolinite are tested to investigate the static and dynamic characteristics. Furthermore, the applicability of the reclaimed ash categorized as an industrial waste is evaluated for the recycle of the waste to the construction materials. The experimental results show that the shear modulus and 7 day uniaxial strength of the liquidity filling material mixed with reclaimed ash show higher than those with the on-site soils. However, the damping ratio does not show any tendency on the mixed materials.

• Journal of the Korea Society of Computer and Information
• /
• v.3 no.3
• /
• pp.129-137
• /
• 1998

A position of small and medium size business is increasing in the national economic. On the other hand, there are many difficulties in the small and medium size business. The most difficult problem is the financial supply for the small and medium size business. This study is analzing the financial stability ratios of the small and medium size business in comparision with financial ratios of a large enterprise and industrial average ratio. As the result, the degree of financial stability ratio of small and medium size business is lower than industrial standard ratio. While the degree of financial stability and liquidity ratios of the small and medium size business is higher than industry average ratio. the degree of dependence of borrowing of the small and medium size business is lower. Therefore, it is necessary for nation and administration organization to supply financing for the small and medium size business.