• The Journal of Asian Finance, Economics and Business
• /
• 제7권7호
• /
• pp.159-167
• /
• 2020

The study examines the impact of corporate social responsibility (CSR) activity on the firm market value, in particular, market capitalization of tour operators listed on Chinese stock markets. This study employs panel data analysis methods to examine endogeneity concerns in observational data. The balanced panel data includes a total of 1,296 observations with 27 cross-sections of tour operators listed on Chinese stock markets and with 48 time-specific periods from March 2006 to December 2017. The results indicate that CSR activity has a negative impact on the market value of the firm for the concurrent period, but from one-period time lag and afterwards CSR activity has a strong positive impact on the market value and sustains its positive impact on the market value even for a two-period time lag. The findings suggest that the economic effect of CSR activity on the firm market value tends to take some degree of lagged effects to be fully showcased in the market capitalization of tour operators and travel companies listed on Chinese stock markets. The findings suggest that, though CSR activity may carry some financial risk for an immediate short-term, tour operators must put a lot of time and effort into making CSR actions effective.

• The Journal of Asian Finance, Economics and Business
• /
• 제7권9호
• /
• pp.11-18
• /
• 2020

This paper analyzes factors affecting enterprise's financial risk listed on the Vietnam stock market. The panel data of research sample includes 524 non-financial listed enterprises on the Vietnam stock market for a period of eleven years, from 2009 to 2019. The Generalized Least Square (GLS) is employed to address econometric issues and to improve the accuracy of the regression coefficients. In this research, financial risk is measured by the Alexander Bathory model. Debt structure, Solvency, Profitability, Operational ability, Capital structure are independent variables in the study. Firm Size, firm age, growth rate are control variables. The model results show that in order to prevent and limit financial risk for enterprises listed on the Vietnam Stock Market, attention should be paid to variables reflecting Liability structure ratio, Quick Ratio, Return on Assets, Total asset turnover, Accounts receivable turnover, Net assets ratio and Fixed assets ratio. The empirical results show that there are differences in the impact of these factors on the financial risk in state-owned enterprises and non-state enterprises listed on the Vietnam stock market. The findings of this article are useful for business administrators, helping business managers make the right financial decisions to improve the efficiency of financial risk management in enterprises.

• The Journal of Asian Finance, Economics and Business
• /
• 제9권9호
• /
• pp.49-59
• /
• 2022

Based on assessing the impact of factors on the business efficiency of construction enterprises, the research team proposes policy implications to improve the business performance of listed construction enterprises in Vietnam in the coming time. The study used secondary data collected from the audited financial statements of 25 enterprises listed on Vietnam's stock market in the period 2015-2021 to estimate the factors affecting the business performance of construction enterprises. After collecting, the data will be encrypted and checked. The article uses a quantitative research method by using a linear regression model on Eviews 10 to analyze the data and analyze the impact of factors on the business performance of construction enterprises listed on Vietnam's stock market. The research result shows that firm size and growth rate positively affect business performance while capital structure, receivable management, fixed asset investment, and economic growth have a positive impact on the business performance of construction companies listed on the Vietnamese stock market. Based on this result, the paper also makes recommendations to the Vietnamese construction companies to enhance their business performance.

• 융합정보논문지
• /
• 제10권11호
• /
• pp.302-312
• /
• 2020

본 연구는 국내 상장시장 간 원가의 비대칭성의 차이가 있는지, 상장기업의 기업 규모에 따라 원가의 비대칭성이 차이가 있는지 검증하였다. 기존의 연구에서는 상장기업만을 대상으로 한 원가의 비대칭성은 살펴보았지만, 상장기업 간의 규모의 차이는 살펴보지 않았다. 그러나 다수의 연구에 따르면 상장시장 간 또는 상장기업이라 할지라도 기업의 특성이나 기업고유의 위험(firm risk)이 서로 다르기 때문에 이와 같은 영향이 기업 내부 자원배분 의사결정에 미치는 영향에 차이가 있을 것이라고 보고 분석을 실시하였다. 이를 위해 2011년부터 2019년까지 유가증권시장과 코스닥시장을 대상으로 Anderson et al.(2003)의 원가행태 모형을 이용하여 분석한 결과, 유가증권시장과 코스닥시장의 원가행태는 차이가 있는 것으로 나타났다. 전반적으로 선행연구와 마찬가지로 원가의 하방경직성이 보고되었으나 유가증권시장의 경우 원가의 하방경직성이 완화됨을 확인할 수 있었다. 기업규모가 클수록 매출액이 감소할 때 유휴자원의 처분의사결정이 더 뚜렷한 것으로 나타났다. 추가적으로 외국인투자자 지분율이 높은 경우, 유가증권시장일수록, 기업규모가 클수록 원가의 하방경직성의 완화는 더 크게 나타남을 관찰할 수 있었다. 본 연구는 원가의 비대칭성에 관한 연구를 확장하고 상장시장 간, 기업규모 간의 차이가 존재함을 밝힌 연구로써 선행 연구와의 차별성을 갖는다.

• The Journal of Asian Finance, Economics and Business
• /
• 제7권8호
• /
• pp.69-76
• /
• 2020

The study examines lagged economic effects of research and development (R&D) investment on the market value of manufacturing firms listed on the Shanghai Stock Exchange or the Shenzhen Stock Exchange in China. This study applies panel data analysis methods to address the following issues: 1) There might be an adjustment lag in the impact of R&D investment on corporate market value, and 2) Unobserved firm effects must be taken into account. The balanced panel data includes a total of 1,462 observations with 34 cross-sections of manufacturing firms listed on Chinese stock markets and with 27 time-specific quarterly periods from 2007 to 2017. The results indicate that the R&D investment of Chinese manufacturing firms tends to yield favorable market value of the firm with some adjustments to time. The results show that R&D investment exhibits a strong positive impact on their market value of manufacturing firms in Chinese stock markets. Moreover, R&D investment has a positive time-lag effect on the market value of the firm. Interestingly, the R&D investment of Chinese manufacturing firms generate a relatively constant positive effect on their market value, supporting the notion that the corresponding returns of R&D investment for such firms yield lagged but added market values.

• International Journal of Computer Science & Network Security
• /
• 제22권4호
• /
• pp.274-284
• /
• 2022

By explaining the essence of corporate governance as well as disclosure and transparency, the study examined the guarantees of applying disclosure and transparency to firms listed on the Saudi stock exchange. The research also addressed the disclosure and transparency duties of firms listed on the Saudi stock exchange. Finance to prepare a prospectus, as the Capital Market Authority's regulations required that the prospectus includes information that enables the investor in securities to make his investment decision based on real foundations based on the issuing company's financial position and to ensure that companies fulfill that disclosure in the prospectus. Firms who fail to disclose are required by law to do so, and the Capital Market Authority's laws mandate companies listed on the financial market to regularly report fundamental events linked to the issuer or the securities issued by it. The Capital Market Authority must make it available to the public dealing with the business issuing the securities, and The Capital Market Authority's Law and Regulations have imposed fines on corporations that do not comply with disclosure and make the Board of Director's report available. The research focused on activities that the legislator deemed to be a breach of the obligation of openness, such as the danger of many measures aimed at ensuring the impartiality and transparency of trading in the Saudi financial market, as well as the absence of conflicts of interest. The research also addressed the sanctions imposed on The source for failing to meet the obligation of disclosure and openness, as well as the mechanisms of compensating persons harmed by the failure to meet that responsibility.

• 한국경제지리학회지
• /
• 제10권3호
• /
• pp.245-262
• /
• 2007

본 연구는 호주의 LPT(Listed Property Trusts)의 성과 분석을 통해 펀드형 부동산 간접투자상품으로서 LPT의 성과와 특성을 분석하고, LPT 성과에 영향을 미치는 LPT의 자산관리 특성을 분석하여, 우리나라 부동산 간접투자제도의 발전을 위한 시사점을 도출하는 것을 목적으로 한다. 연구결과를 요약하면 다음과 같다. LPT는 1971년 최초로 설립된 이후 빠른 성장을 통해 호주의 대표적인 부동산간접투자제도의 지위를 차지하고 있다. LPT 성과 특성을 보면, LPT는 명목수익률 및 위험조정수익률의 관점에서 여타 금융상품에 비해 우월한 성과를 보이고 있으며, LPT를 영입함으로 복합자산 포트폴리오 다변화 효과를 누릴 수 있음을 확인하였다. 또한, LPT는 자산관리 방안으로 결합주식 구조를 활용하고 있는데, 결합주식 구조를 활용하는 LPT가 비결합 LPT보다 우수한 성과를 보이고 있으며, 결합주식 LPT의 포트폴리오 다변화 효과도 더 뛰어나, 결합주식 구조는 LPT가 고도 성장을 하는데 중요한 요인으로 작용하고 있음을 확인하였다. 마지막으로, 이러한 연구결과를 통해 LPT의 결합주식 구조를 우리나라 부동산투자회사 제도에 활용하는 방안, 개발사업의 활성화를 위한 LPT의 사례를 적용하는 방안 등을 모색하였다.

• The Journal of Asian Finance, Economics and Business
• /
• 제7권10호
• /
• pp.141-148
• /
• 2020

This paper analyzes factors affecting the debt maturity structure of enterprises listed on the Vietnam stock market. The panel data of research sample includes 549 non-financial listed enterprises on the Vietnam stock market from 2009 to 2019. The Generalized Least Square (GLS) tool is employed to address econometric issues and to improve the accuracy of the regression coefficients. In this research, debt maturity structure is the dependent variable. Capital structures, fixed assets, liquidity, firm size, asset maturity, profitability, corporate income tax, gross domestic product, inflation rate, credit growth scale are independent variables in the study. The model results show, that among the factors affecting the structure of debt maturity, the capital structure, asset structure, and firm size have the highest estimation coefficients, which shows that capital structure, asset structure, and firm size plays an important role in the decision-making process of debt maturity structure. The empirical results show that there are differences in the impact of these factors on the debt maturity structures in state-owned enterprises and non-state enterprises listed on the Vietnam stock market. The findings of this article are useful for business administrators, helping business managers make the right financial decisions to determine the target debt maturity structure in enterprises.

• The Journal of Asian Finance, Economics and Business
• /
• 제9권8호
• /
• pp.99-108
• /
• 2022

This study aims to examine the influence of capital structure on the business efficiency of joint stock commercial banks listed on the Vietnamese stock market. The article uses data collected from the financial statements of 15 prominent joint-stock commercial banks out of 27 joint-stock commercial banks listed in Vietnam from 2011 to 2021. The research uses E-view software in quantitative analysis to build regression models to determine the relationship and the impact of capital structure factors on the business efficiency of listed joint stock commercial banks. Research results show that ROA is affected by 2 variables of capital structure. It is the sum of customer deposits to total assets and total liabilities to total equity. Total debt to total equity and total customer deposits to total assets both have a negative effect on ROA. For the regression results of ROA with all control variables, the control variables have a positive relationship with the dependent variable. The article has provided recommendations based on the research findings to determine the proper capital structure. Managers must solve the outstanding amount of mobilized capital in previous years, combined with the bad debt handling activities that have arisen.

• 벤처창업연구
• /
• 제1권1호
• /
• pp.1-21
• /
• 2006

본 논문은 1999년과 2005년 두시점 간에 코스닥시장과 코스닥상장기업간의 진성성장 상관패턴을 분석하여 코스닥시장의 진성성장에 코스닥상장기업의 재무우량화가 기여한 정도를 평가하는 것에 초점을 두었다. 특히 본 연구는 진성성장 개념을 통해 코스닥시장과 코스닥상장기업의 단순한 외형성장만이 아닌 질적 성장까지를 포함하는 성장도를 평가하였으며 이에는 유동성, 공정성, 변동성, 건전성 등의 지표와 1999년 말과 2005년 말 기준 코스닥 시가총액 30위 기업으로 대상으로 한 외형재무(매출액, 이익 및 이익률) 등을 비교하였으며 질적 재무로 지속적 이익의 규모 변화를 측정하였다. 이러한 분석을 통해, 본 논문은 크게 세 가지의 연구결과를 도출하였다. 첫째, 상장기업수와 거래량 및 거래규모가 증가하는 가운데서도 코스닥시장이 질적으로 성장할 수 있었던 동인인 기업의 수만 양적으로 증가한 것이 아닌 재무적 성과가 질적으로 우수한 상장기업들이 늘어났기 때문이다. 둘째, 시장의 변동성이 낮아지며 시장이 안정성을 이루는 동인은 상장기업의 이익의 질이 우수하였기 때문이여 특히 지속적 이익의 증가는 기업의 미래성장성을 높이며 단기적 투자보다는 중장기적인 미래 가치투자를 가능하게 하였기 때문이다. 셋째, 코스닥시장이 시장과 재무지표 중심의 상장폐지제도를 운영하며 시장의 투명성을 제고하고 이를 통해 진성성장을 이룬 것은 상장기업들이 시장중심의 지표를 적용해도 충분히 소화해 낼 수 있는 진성 재무성과를 보였기 때문이다.