• The Journal of Asian Finance, Economics and Business
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• 제9권4호
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• pp.73-81
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• 2022

The focus of the research is to determine the amount of financial information disclosure and the factors that influence it for non-financial enterprises listed on Vietnam's stock exchange. To evaluate the level of financial information disclosure, the study uses a set of disclosure indexes from the world's leading credit rating agency, Standard and Poor's (S&P). It makes some revisions in compliance with regulations for information disclosure on the Vietnam stock market. The study collects data in the form of annual reports for the year 2017-2020 from 350 non-financial firms listed on Vietnam's stock exchange and then uses a multivariate regression model to assess the effects of factors on the amount of financial information disclosure. The findings show that the size of the firm, the size of the board of directors, and foreign ownership all have a positive impact on financial transparency; however, the number of years the company has a negative impact. According to the findings of this study, companies with more total assets, a larger board of directors, and a higher rate of foreign ownership publish more financial information. Still, long-term listed companies on the stock exchange tend to disclose less.

• The Journal of Asian Finance, Economics and Business
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• 제9권5호
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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.

• 산업진흥연구
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• 제8권2호
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• pp.177-185
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• 2023

최근 물류기업은 경제활동의 중요한 구성요소로 빠르게 발전해 왔으나 물류기업의 특수한 성과관리 방식으로 인해 성과평가에 문제가 대두되고 있다. 본 논문은 중국 내 19개 상장 물류기업의 경영성과를 분석하여 실적개선 전략을 제시하였다. 투입변수로는 운영비, 연구개발비, 인건비, 일반관리비를, 산출변수로는 영업이익과 순이익을 채택하였다. DEAP 2.1 소프트웨어를 사용하여 2016년부터 2021년까지 BBC 모델에 의해 DEA 효율성을 평가하였다. 연도별 경영실적을 분석한 결과 일부 상장 물류기업이 안정적이고 전향적인 성과 결과를 보이고 있었다.

• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.91-97
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• 2021

The disclosure of corporate social responsibility (CSR) is an important part of the company. CSR disclosure (CSRD) is interesting to study because CSRD in the annual reports is very important in terms of attaining company objectives to satisfy the interests of stakeholders; protect employee's interests; clarify the extent of contribution of the company in both CSR activities and CSRD; assist appropriate investment decisions. This study examines the structure of share ownership and company size as determinants of CSRD in the banking industry. We use a quantitative approach in this approach, in which researchers start with hypotheses and then collect data that can be used to determine whether empirical evidence to support that hypothesis exists. The sampling technique used is purposive sampling so that the research sample was 14 banking companies that are listed on the Indonesian Capital Market Directory from 2015-2017. Data analysis techniques using multiple linear regression determined the relationship between research variables. The results of the study state that managerial ownership, institutional ownership, foreign ownership, and company size affect CSRD. This demonstrates that the role of managerial ownership, institutional ownership, and foreign ownership have an impact on CSRD and are deemed necessary for the corporate environment. Besides, company size determines the activities of CSRD so that it can increase public confidence in the company's operational activities.

• The Journal of Asian Finance, Economics and Business
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• 제8권7호
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• pp.447-456
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• 2021

State-Owned Enterprises (SOEs) are business entities that are owned mainly by the state. Good financial governance (GFG) is as important for SOEs as for the private sector companies. Prudence and GFG can affect the value of the company. This research aims to test the impact of macroeconomics, investment decisions, and financing decisions on prudence, Corporate Social Responsibility Disclosure (CSRD), dividend policy, and company value of SOEs registered on the IDX from 2014-2019. GFG and financing decisions are moderating variables. The population in this study is 16 SOEs listed on the Indonesia Stock Exchange from 2014-2019. The research method is quantitative and uses Partial Least Squares (PLS), which is an approach to Structural Equation Models (SEM) that allows researchers to analyze the relationships simultaneously. The results showed that macroeconomic factors, investment decisions, financing decisions, and prudence directly affect the company's value. However, CSRD and dividend policy directly do not affect the company's value. Prudence can mediate the influence of financing decisions on company value. GFG moderates the relationship between prudence and company value. Thus, GFG is key to producing compliant regulatory reports and disclosures. GFG aims at facilitating effective monitoring and efficient control of the business. Its essence lies in fairness and transparency in operations and enhanced disclosures for protecting the interest of different stakeholders.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.1249-1256
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• 2021

This study investigates the company value determinant by observing the effect of financial performance and Corporate Social Responsibility (CSR) and its role in moderating performance achievement. The macro-economy variables such as inflation and interest rate are also used as the controlling variable. This research employs the sample of manufacturing companies of the food and beverage sub-sector listed on the Indonesia Stock Exchange. This study used panel data from 2013 to 2017, with the moderating regression analysis. The result shows that the profitability of the current or previous period affects the company's value. CSR and company size affect the company value at the next period shows that stock price, which reflects the investor's perception today, will be affected by the CSR, Size, and Return On Asset of the previous year. CSR also shows that it can be the substitute for profitability since a company that performs CSR is the one that has a good performance. The regression moderating model and the profitability of the previous period have a higher explanatory power than the higher R square value in explaining company value.

• Asian Journal of Innovation and Policy
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• 제5권2호
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• pp.129-145
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• 2016

This is a case study to analyze the role of technology licensing or transfer office (TLO) as factors of success for the spin-off from government research lab. The case company is a research lab startup, which is a joint venture through technology investment by a government research lab or university in the designated R&D parks and cash investment by the partner company. The case company listed on the stock market in 2015 reaching a market capitalization of US$ 1.2 billion. We confirm the success factors of startups pointed out in many studies: original technology, good understanding of core technology and production technology, technological competitiveness in the market. However, there is an important factor not well discussed in the previous studies, the role of TLO. TLO guided the company ownership, management, technology, and solved problems that pause business itself. The case became the sample of research lab startup and technology investment in Korea.

• Journal of Pharmaceutical Investigation
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• 제38권6호
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• pp.429-432
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• 2008

Drug delivery systems (DDS) have entered mainstream in the pharmaceutical industry in the recent years. Major pharmaceutical companies as well as small or medium-sized biotechnology companies are developing various DDS-based products. We have established Drug Delivery System Company Database, which is an online searchable database of companies that develop DDS-based products and technologies or supply formulations and/or materials. Company summary, products and key technologies are listed in the database. DDS technology fields also include administration routes and indications of drugs. DDS terminologies, Statistical analysis, Useful Links, Glossary and Comments pages are also provided.

• Asian Journal of Innovation and Policy
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• 제10권3호
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• pp.330-354
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• 2021

To know the long-term growth patterns and determinants of successful startups, 15-year (2006-2020) panel data of 252 companies that had a growth rate of over 20% every year in the last three years were used. In the first analysis, statistics on the period required to designate a gazelle company or listed on the stock market were examined. In addition, five long-term growth patterns were presented. In the panel analysis, the R&D intensity, operating profit ratio, size, and age of the company were pointed out as determinants of growth. The operating profit margin and R&D intensity have a positive effect on growth. Gibrat's law was not supported, but an inverted U-shape was observed. Jovanovic's law was confirmed. Although many studies tend not to point to profitability as a determinant of long-term growth, this is an important long-term growth factor of a company. The operating profit ratio was used in this study.

• 국제학술발표논문집
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• The 5th International Conference on Construction Engineering and Project Management
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• pp.133-140
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• 2013

The purpose of this study is identifying the relationship among the business strategy, order receiving capability and leverage variables of a construction company using industry characteristic variables, in addition to the explanation variables used in the previous studies. The samples of this study were limited to the construction companies listed in Korean stock market. This study built multiple regression analysis models, which have been frequently used in traditional previous studies, in the explanation of company capital structure. Empirical analysis on Static Trade-off Theory and Pecking Order Theory was done by the built model. The study results suggested that the capital structure determination behavior of a construction company generally follows Static Trade-off Theory; however, profitability was found to follow Pecking Order Theory. The explanation variables used in the previous capital structure studies mostly produced significant results; however, the variables, which this study experimentally used, did not produce significant results. It is believed that it implies that additional studies are required in the selection of variables and study methodology. Consequently, a case that unconditionally supports a particular theory is scarce. It has been also found that a case can support both theories at the same time. Therefore, it is believed that development study methodology or introduction of new study methodology that can identify the dynamic characteristic of construction company capital structure formation is required.