• The Journal of Asian Finance, Economics and Business
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• 제7권5호
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• pp.1-7
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• 2020

This paper investigates the determinants on decision to conduct seasoned equity offerings (SEOs) of listed companies on the Ho Chi Minh Stock Exchange in Vietnam. Seasoned equity offerings (SEOs) are defined as the issue of more stocks by a firm to raise more capital after a primary issue. Using panel data collected from audited financial statements of 99 listed companies on the Ho Chi Minh Stock Exchange during 2014-2018, the study employs a logit regression model by fixed effects method to examine factors that affect the decision to implement seasoned equity offerings of those companies. The findings of this study show that profit, revenue growth and company's size have a positively significant impact on the decision, while dividend pay-out ratio negatively significantly influences the equity issuing decision. Furthermore, these results are robust after controlling for the forms of equity offerings, i.e. bonus stocks, stock dividends and rights to buy shares. These findings are consistent with economic theories such as agency theory, pecking order theory, and growth opportunity theory, and also could be explained by the real situations of the Vietnamese stock exchange. This study has important implications for corporate managers, policy makers and investors.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.291-301
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• 2020

This paper aims to investigate the impact of chief executive officer's (CEO) attributes on firms' performance. Specifically, it examines the influence of CEOs' education, professional experience, and tenure on Saudi firms' performance. We look at a sample of 120 listed firms on Tadawul stock exchange from 2014 to 2017. Data on financial and accounting variables are obtained from the annual reports of the selected companies. We follow the existing empirical literature and use a panel model and formulate three different equations using the GMM estimator. Findings prove that CEO educational background does matter. In particular, companies employing CEOs with business administration, economics, finance, or accounting degree will perform outstandingly better. Similarly, stock performance gets improved when the CEO has a postgraduate qualification, i.e., when the CEO holds an MBA, a master, or a PhD degree. Besides, results reveal that executives who have an experience in a related field will positively affect the firm's performance. Finally, evidence shows that high CEOs tenure improves corporate performance. Overall, these findings demonstrate that executives' attributes are key factors that would explain differences in Saudi firms' performance. These results would help shareholders to make the right decision in selecting CEOs to manage the company.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.877-883
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• 2020

The purpose of the article is to evaluate the factors that affect the degree of environmental accounting information disclosure. Data are collected from 87 industry companies listed on the Vietnamese stock market from 2009 to 2019. I focus on the effect of factors such as the Firm size, Profitability, Leverage, Firm age, and Independent auditors. To explain the causal relationship between factors, I construct the regression model and then test it by using different statistical method approaches, including the pooled OLS, the fixed effects model, and the random effects model. Then I conduct testing of model defects: White Test, Wooldridge Test, Hausman Test, and Wald Test. The Feasible Generalized Least Squares (FGLS) method is used to analyze the image factors that affect environmental accounting information disclosure. The results show that the extent of environmental accounting information disclosure is influenced by factors: firm size, uptime and independent audit. These factors positively affect the level of environmental accounting information disclosure; independent audit has the greatest influence. Based on the research results, the author gives recommendations to improve the disclosure of environmental accounting information for industrial enterprises listed on the Vietnamese stock market, increasing the competitiveness of the public company in terms of global integration.

• The Journal of Asian Finance, Economics and Business
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• 제8권11호
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• pp.213-221
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• 2021

The paper attempts to investigate the optimal capital structure of Vietnamese listed firms based on a structural approach. Using the data from around 70 companies in the Consumer Staples sector listed on the Vietnamese Stock Exchange during the period 2018-2020, this study finds that the optimal capital structure of examined companies has a wide range of diversification. This can be explained by the various types of actual products for each typical firm within the chosen sector. The result also confirms that a large proportion of researched firms were actually overleveraged, which is consistent with the trade-off hypothesis that firms wish to take tax advantages while using more debt, which creates the benefits from tax-shield. Furthermore, the research highlights the reversed correlation, which suggests that the lower the company's risk (the lower the sigma of the assets), the greater the optimal capital structure is suggested. Another interesting finding is that almost all consumer staples companies have a better optimal capital structure under the Leland and Toft (1996) model than under the Leland (1994) model. Furthermore, there is a strong correlation of optimal financial leverage ratio between years. In other words, the optimal debt levels of the latter year are strongly dependent on the gearing levels of the previous years.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.229-235
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• 2021

The ability of entrepreneurs to arrange working capital is the key to maximizing the profitability of small- and medium-sized enterprises and the wealth of entrepreneurs. The study investigates the correlation between entrepreneurs' working capital management and the profitability of SMEs listed on six Gulf Cooperation Council (GCC) stock exchanges between 2019 and 2020. The secondary data is collected from the financial statements of SMEs listed on the six GCC stock exchanges. Actual sample for the research study was a total of 136 small- and medium-sized enterprises selected using purposive sampling methods. Four research models were considered in this analysis, all ending up affecting gross profits. The selected entrepreneurial SMEs were listed on six different Gulf Cooperation Council stock exchanges during 2019-2020. The fixed financial assets ratio, financial debt ratio, and company size are used as control variables and data were analyzed using multiple regression. The research results demonstrate that there is a statistically significant negative correlation between profitability measured by gross profit and cash cycle and the components of the cash cycle (including days of accounts receivable and days of inventory). The study further reveals that there is no significant correlation between gross profit and days of accounts payable.

• 유통과학연구
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• 제21권6호
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• pp.91-97
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• 2023

Purpose: Interim financial statements provide timely and qualified financial information for users. Hence, the importance of the interim financial statement is increasingly noticeable among information users. This research studies determinants of interim financial statements disclosure in Vietnamese-listed enterprises. Research design, data and methodology: The sample is 55 enterprises listed in VNIndex and is in the list of Forbes top 100 largest companies in 2020. Data was collected from interim financial statements for four years, from 2018 to 2021. GMM is used in this study. Results: The regression analysis results show that reporting lag has a positive impact on the level of information distribution of interim financial reporting; companies audited by BIG4 tend to have a higher level of information disclosure. The higher the return on assets, the more disclosure is made; the larger the company size, the greater the disclosure level. Owner equity structure and Leverage do not affect the disclosure level of interim financial reporting. Conclusions: The information disclosure level on the interim financial statement should be improved to increase transparency. In addition to continuing to encourage these companies to provide more information voluntarily, government authorities should have effective regulations to require sufficient information disclosure from other listed companies.

• 유통과학연구
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• 제11권3호
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• pp.5-11
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• 2013

Purpose - Going concern is one of fundamental concepts in accounting and auditing and sometimes the assessment of a company's going concern status that is a tough process. Various going concern prediction models' based on statistical and data mining methods help auditors and stakeholders suggested in the previous literature. Research design - This paper employs a data mining approach to prediction of going concern status of Iranian firms listed in Tehran Stock Exchange using Particle Swarm Optimization. To reach this goal, at the first step, we used the stepwise discriminant analysis it is selected the final variables from among of 42 variables and in the second stage; we applied a grid-search technique using 10-fold cross-validation to find out the optimal model. Results - The empirical tests show that the particle swarm optimization (PSO) model reached 99.92% and 99.28% accuracy rates for training and holdout data. Conclusions - The authors conclude that PSO model is applicable for prediction going concern of Iranian listed companies.

• 의료법학
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• 제23권4호
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• pp.3-28
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• 2022

공단과 제약사 간 협상은 제도 도입 이후 지속적으로 범위와 대상을 확대하여 왔고, 최근에는 품질관리에 관한 사항 등이 협상 대상으로 추가되었다. 그에 따라 복지부의 상한금액 고시가 아닌 공단과의 협상만으로도 제약사들의 법익이 침해될 우려가 제기되었고, 그로 인해 협상의 법적 성격과 법익 침해에 대한 구제방법 등의 검토 필요성이 대두되었다. 복지부장관이 공단 이사장에 대한 협상'명령'을 내리면, 공단이 제약사에 이를 '통보'하여 '협상'이 진행된다. '명령'은 행정권 내부의 행위로서 항고소송의 대상이 되는 처분성이 부인된다. 이에 반해 '통보' 내지 '협상'은 제약사를 상대방 당사자로 하는 행위로서, 협상 결렬에 대한 불이익이 존재한다면 그 자체를 '처분'으로 볼 여지도 있을 것이다. 협상은 '대상(보험급여목록에 등재되어 있는지 여부)'과 '목적(협상대상이 가격인지 조건 부여인지)'에 따라 4개 유형으로 세분할 수 있다. 조건 부여에 관한 협상은 협약을 통해 부담(부관)을 설정하도록 하는 합의가 된다. 신규 등재 또는 가격 인상 약제 협상의 경우에는 수익적·재량적 행정행위에 부담을 부착하는 경우로서 조건 부여 협상이 적법할 것이지만, 기등재 약제의 가격 조정은 대부분 가격을 인하하는 침익적 처분으로서 협상을 통해 부담을 부착할 경우 위법할 여지를 배제하기 어렵다. 따라서 부담의 설정이 필요하다면 인센티브 등의 부여를 통해 협상에 따른 고시가 수익적·재량적 행정행위가 될 수 있는 길을 열어놓을 필요가 있을 것이다.

• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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• pp.1005-1015
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• 2020

This paper aims to propose a Comprehensive Decision Support Model to evaluate retail companies' financial performance traded on the Vietnam Stock Exchange Market. The financial performance has been examined in terms of the valuations ratios, profitability ratios, growth rates, liquidity ratios, efficiency ratios, and leverage ratios. The data of twelve companies from the first quarter to the fourth quarter of 2019 and the first quarter of 2020 were employed. The weights of 18 chosen financial ratios are calculated by using the Standard Deviation method (SD). Grey Relational Analysis technique was applied to obtain the final ranking of each company in each quarter. The results showed that leverage ratios have the most significant impact on the retail companies' financial performance and gives some long-term investment recommendations for stakeholders and indicated that the Taseco Air Services Joint Stock Company (AST), Mobile World Investment Corporation (MWG), and Cam Ranh International Airport Services Joint Stock Company (CIA) are three of the top efficient companies. The three of the worst companies are Viglacera Corporation (VGC), Saigon General Service Corporation (SVC), and HocMon Trade Joint Stock Company (HTC). Furthermore, this study suggests that the GRA model could be implemented effectively to ranking companies of other industries in the future research.

• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.697-706
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• 2021

This quantitative study aims to examine the effect of family ownership on company performance empirically. Specifically, this study examines the moderating effect of corporate governance on the relationship between family ownership and company performance which has never been explored in the previous studies. This study's main target population was all listed companies in the Indonesian Capital Market Directory (ICMD) for 2008-2018. The study used criteria, namely data completeness, to measure research variables and obtained 2996 data or firm-year observations. The research contingency model to test the proposed hypothesis was the General Moment Method (GMM). The study presents the results of data descriptions shows the average, median, maximum, minimum, and standard deviation values for each variable. The descriptive data shows that family ownership is common in Indonesia: 64% of 244 companies in the sample. The inferential analysis results using a multiple regression model test show that family ownership significantly reduces company performance. However, corporate governance proxied by the board of directors, managerial risk profile, and independent commissioners significantly moderate the relationship between family ownership and company performance. Besides, the managerial risk profile and independent commissioners strengthened while the board of commissioners' presence weakened the effect of family ownership on performance.