• The Journal of Asian Finance, Economics and Business
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• 제9권1호
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• pp.133-142
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• 2022

This study examines the relationship between debt maturity structure and bankruptcy risk. There are various studies of leverage's effect on bankruptcy risk. Debt maturity, however, has not received the attention it deserves, especially in emerging markets with a high degree of information asymmetry. Using Vietnamese listed company data and various estimations, we find that leverage is positively associated with the likelihood of default. Importantly, short-term leverage shows a significantly positive effect on bankruptcy risk, while long-term leverage does not show significant results. The findings highlight that rollover risk firms are exposed to when using short-term debt increases bankruptcy risk. Meanwhile, firms do not cope with this risk in case of long-term debt adoption. High information asymmetry in emerging markets may be the main reason for the difference. The result is robust for subsamples of firms in different financial conditions, in concentrated and competitive industries, as well as for manufacturing and non-manufacturing companies. We also find that firms in a better financial situation and concentrated industries experience a higher short-term leverage effect than their counterparts. We, however, do not find a significant difference in the impact between manufacturing and non-manufacturing companies. This paper is among the first to examine the relation between debt maturity and bankruptcy risk in Vietnam.

• The Journal of Asian Finance, Economics and Business
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• 제7권3호
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• pp.149-156
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• 2020

The study aims to investigate a close relation between macro and non-macro variables on stock performance of tourism companies in Korea. The sample used in this study includes monthly data from January 2001 to December 2018. The stock price index of the tourism companies as a dependent variable are obtained from Sejoong, HanaTour, and RedcapTour as three leading Korean tourism companies that have been listed on the Korea Stock Exchange. This study assesses the tourism stock performance using the quantile regression approach. This study also investigates whether global crisis events as the Iraq War and the global financial crisis as non-macro variables have a significant effect on the stock performance of tourism companies in Korea. The results show that the oil prices, exchange rate and industrial production have negative coefficients on stock prices of tourism companies, while the effects of tourist expenditure and consumer price index are positive and significant. We estimate the result of quantile regression that non-macro determinants have statistically a significant and negative effect on tourism stock performance because the global crisis could threaten traveler's safety and economy. Overall, empirical results suggest that the effects of macro and non-macro variables are statistically asymmetric and highly related to tourism stock performance.

• The Journal of Asian Finance, Economics and Business
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• 제4권1호
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• pp.5-18
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• 2017

Total debt in the People's Republic of China surged to nearly 290% as a ratio to GDP by the second quarter of 2016, mostly on account of non-financial corporate debt. The outpouring of credit to stem the impact of the global financial crisis accentuated industrial overcapacity in traditional sectors, such as steel, cement, and energy, while feeding asset bubbles in the property, equity and bond markets. At the Chinese corporate level, this has translated into weakened fundamentals and a fall in industrial profits, particularly of SOEs. As debtors struggle to service interest payments, non-performing loans (NPLs) have been on the rise. This paper assesses the financial fragility of the Chinese economy by looking at risk factors in the non-financial sector. We apply quantile regressions to a dataset containing all Chinese listed companies in Standard & Poor's IQ Capital database. We find higher sensitivity over time of corporate leverage to some of its key determinants, particularly for firms at the upper margin of the distribution. In particular, profitability increasingly acts as a curb on corporate leverage. At a time of falling profitability across the Chinese non-financial corporate sector, this eases the brake on leverage and may contribute to its continuing increase.

• 디지털융복합연구
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• 제14권8호
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• pp.163-175
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• 2016

본 연구는 기업의 내부통제 취약점 유무가 금융기관의 기업건전성 평가 분류와 유의적으로 작용하는지를 실증 분석함으로써, 기업에게는 효율적인 내부통제제도 형성유인을 제공하고 금융기관에게는 내부회계관리제도에 따른 정보유용성을 실증적으로 확인해 보는데 있다. 분석대상은 2008년부터 2013년까지 K_금융기관과 거래실적이 있는 유가증권 및 코스닥 상장기업과 자산 1,000억 원 이상의 비상장기업이다. 분석결과, 내부회계관리제도에 따른 내부통제 취약점 비보고기업은 평균적으로 'BBB' 신용등급을 받는데 반하여, 보고기업은 'CCC'등급을 받고 있으며, 자산 건전성 분류 역시 통계적으로 유의하게 비보고기업은 '정상'으로, 보고기업은 '요주의' 기업으로 분류되고 있다. 따라서 내부통제의 취약점 보고정보는 기업이 형성하는 재무자료의 신뢰성을 저하시켜 기업에게는 낮은 신용등급의 원인으로, 금융기관에게는 자산부실화 예방을 위한 충당금 추가 적립, 높은 대출금리 요구의 유인이 될 수 있다는 점을 시사한다. 내부회계관리제도에 따른 내부통제의 취약점 보고가 기업신용평가나 자산건전성 분류 등 기업 건전성에 대한 금융기관의 평가에 유의한 정보로써 활용될 수 있다는 점을 제시하고 있는 것이 본 연구의 주요의의이다.

• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.883-892
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• 2021

The issue of environmental crisis encourages companies to develop strategies and programs which incorporate social and environmental considerations into their processes. The objectives of this study are to identify the strategies used in implementing corporate social and environmental reporting (CSER) and to investigate the impact of these strategies on organization performance. This study uses as its sample companies listed on the Indonesia Stock Exchange (IDX) and engaged in environmentally sensitive business activities and applies content analysis to their annual reports. The data used in the study is secondary data in the form of annual and sustainability reports of companies, and primary data in the form of interviews. The results show that companies use both reactive and proactive strategies in reporting their social and environmental activities. The study also identifies the impacts of such reporting on both the financial and non-financial performances of the investigated companies. The study contributes to the social and environmental accounting literature by exploring the motivations and strategies of companies in their CSER. The empirical results will provide important insights into the influence of the strategies employed by companies in their corporate social and environmental reporting and the impacts of such strategies on organizational performance.

• 한국정보시스템학회지:정보시스템연구
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• 제14권1호
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• pp.107-124
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• 2005

ERP systems are comprehensive sorfware packages that seek to integrate the complete range of lbusiness processes and functions in order to present a heuristic perspectives of a firm from a single information and information technlogy architecture. The ERP systems have delicate internal controls with built-in devices. It is known that the delicate internal controls help to enhance the accounting transparency. We empirically investigate the relationship between the ERP systems inplementations and an accounting transparency. In order to measure the accounting transparency differences, we compare the ERP systems implementation firms with firms which did not implement the ERP systems by 6 financial ratios (accruals, net profit margin, operation cash folo to sales, total debt to equity, accounts receivable changes, assets quality). Data are collecte from 135 firms implemented the ERP systems and 135 firms non-implemented the systems (the firms listed in the Korea Stock Exchange). We analyze financial statements from 270 firms for the period 2001-2003 to ezamine the 6 financial ratios differences. The results of 810 firms analyses over the 3-year period indicate that the ERP systems implementation firms show the statistically significant differences in the accrual ratio, the net profit margin ratio, operating cash flow to sales ratio, and total debt to equity ratio from the ERP systems non-implementation firms. But there is statistically no differences between the two groups for accounts receivable changes to sales ratio and assets quality.

• Journal of Korea Trade
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• 제25권3호
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• pp.65-86
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• 2021

Purpose - This paper empirically investigates the relationship between the corporate value chain and performance of non- financial businesses of South Korean stock market companies. It aims to explore the evidence that can be used to infer the relationship between value chains and corporate performance in the case of firms forming a value chain with other companies with the means of an equity investment or a special business relationship. Design/methodology - Non-financial corporations listed from 2011 to 2017 on the securities market of South Korea are analyzed. The data used for analysis are found for transactions with the related party by year for all the corporations of non-financial industries in the securities market. Multiple analysis attempts are conducted including the relationship between the value chain and productivity, corporate value, risk-adjusted corporate value, and mediation effects of productivity. The empirical model employs sixteen variables including the value chain index which identifies its impact on various aspects of business performances. Findings - The results of this study clearly supports the phenomenon that corporate productivity and value are enhanced when the corporation expands its value chain established with domestic related firms and overseas companies. Such a positive effect is statistically significant even after the possible risk factors that accompany the expansion of value chain were considered, and productivity plays the role as a medicating variable in the effect of the value chain on the corporation values. Originality/value - The findings of this study confirms that domestic companies' expansion of their value chain centered on the related firms overseas that helped them in terms of the maximization of their productivity and corporate values. This study shows that Korean government's policy on expanding the corporate GVC can enhance the productivity and value of firms. The expansion of value chain and its impact on business performance has not been explored thoroughly, although it is getting more and more important in the global trade operation.

• 지식경영연구
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• 제21권3호
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• pp.197-213
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• 2020

본 연구는 정보보호 서비스 기업의 보안 인증과 상장이 재무적 성과에 미치는 영향을 실증적으로 분석하고자 하였다. 정보보호 서비스 인증기업과 인증을 받지 않은 기업, 그리고 상장된 기업과 비 상장된 기업을 대상으로 "정보보호 서비스 인증기업" 제도의 효과를 검토하고 상장여부가 정보보호 서비스 기업의 재무적 성과에 미치는 영향을 분석하였다. 재무적 측면의 매출액, 영업이익, 이익율을 이원분산분석(two-way ANOVA)을 활용하여 성과 분석을 하였다. 본 연구에서 정보보호 서비스 인증 기업과 인증을 받지 않은 기업 간의 경영성과의 차이가 존재하는지 검정한 결과는 매출액, 영업이익, 이익율 등의 재무적 성과에서 정보보호 서비스 인증 기업이 인증을 받지 않은 상장 기업과 비 상장기업보다 양호한 경영성과를 보여 정보보호 서비스 인증 제도가 재무적 성과에 영향을 미치는 것으로 나타났다. 본 연구의 시사점은 정보보호 서비스 인증기업 제도가 정보보호 서비스 기업의 재무적 성과에 영향을 준다는 사실이다. 본 연구의 결과는 미래의 정보보호 산업을 활성화 시키기 위해서 정보보호 서비스 산업에 대한 무리한 정부 규제를 자제함으로써 성장 가능성이 높은 정보보호 서비스 기업을 육성하는 보안 정책의 기초자료로 활용될 수 있을 것이다.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.441-449
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• 2021

Bankruptcy is indicated by the inability of the company to meet its maturity obligations. The Covid-19 pandemic has had a terrible impact on the economy and businesses. The aim of this study to determine the effect of the ratios of activity, growth, leverage, and profitability in predicting bankruptcy projected by earnings per share (EPS). The sample of this research was non-banking financial sector companies listed on the Indonesia Stock Exchange in 2015-2019 and the purposive sampling technique was used. The data analysis method used was the logistic regression method to test the hypotheses. Company growth shows the company's ability to manage sales and generate high company profits, as such, the probability of the company experiencing bankruptcy will be lower. The results of this study showed that the debt to assets ratio (DAR), debt to equity ratio (DER), and return on assets (ROA) can predict bankruptcy. Meanwhile, this research found that the total assets turnover (TATO) ratio, sales growth, and net profit margin (NPM) cannot be used to predict bankruptcy.

• 동아시아경상학회지
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• 제12권2호
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• pp.1-7
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• 2024

Purpose: This study delves into the application of the Ohlson 1995 valuation model, particularly addressing the intricacies of the "Other information" variable. Our goal is to pinpoint the most suitable variables for substitution within this category, focusing specifically on the Mongolian Stock Exchange (MSE) context. Research design, data, and methodology: Employing data spanning from 2012 to 2022 from 60 MSE-listed companies, we conduct a comprehensive analysis encompassing both financial and non-financial indicators. Through meticulous examination, we aim to identify which variables effectively substitute for the "Other information" component of the Ohlson model. Results: Our findings reveal significant outcomes. While all financial variables within the model exhibit importance, certain non-financial indicators, notably the company's level and state ownership participation, emerge as particularly influential in determining stock prices on the MSE. Conclusions: This study not only contributes to a deeper understanding of valuation dynamics within the MSE but also provides actionable insights for future research endeavors. By refining key variables within the Ohlson model, this research enhances the accuracy and efficacy of financial analysis practices. Moreover, the implications extend to practitioners, offering valuable insights into the determinants of stock prices in the MSE and guiding strategic decision-making processes.