• The Journal of Asian Finance, Economics and Business
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• v.7 no.2
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• pp.65-73
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• 2020

The purpose of this paper is to ascertain the key factors affecting tax compliance among Vietnamese firms in Vietnam. We employ both qualitative and quantitative research methods. Qualitative research has been carried out through focus group discussions with ten chief accountants and tax officers. Quantitative research has been conducted through interviews with 200 firms (chief accountants or financial directors) in Vietnam. Analysis of the model includes the following stages: (i) Cronbach's test for reliability of the scale, (ii) exploratory factor analysis (EFA), (iii) confirmatory factor analysis (CFA), and (iv) structural equation model (SEM). The results of the research show that voluntary tax compliance is directly affected by the three factors of audit probability, corporate reputation and business ownership. The probability of audit and severity of sanctions have the strongest impact on tax compliance. Therefore, the tax authorities need to strengthen the inspection of tax declarations, tax payments and tax refunds of firms. The paper confirms that enforced tax compliance is directly affected by the three factors of audit probability, sanction severity and social norms. Voluntary compliance and compulsory compliance have an effect on tax compliance, though voluntary compliance has a more powerful impact.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.231-239
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• 2020

The aim of this paper is to review the role of board size as part of the corporate governance system. This paper discusses one aspect of corporate governance, namely, boards, in the Indonesian context. Using the literature review method, this paper explores factors that need to be considered to determine the optimal number of boards, especially in Indonesia. We explore some determinants of board size, such as complexity and leverage, ownership structure, and financial ratio support. The results reveal that an understanding of the differences found in the two-tier board model helps us understand that the different functions of the board of commissioners and the board of directors require different test treatments from countries that adhere to one-tier systems. A review of the relationship between board size and company performance is expected to provide the corporate governance literature with insights into optimizing the sizes of boards that can improve company performance, both in terms of boards of commissioners and boards of directors. This paper proposes the simultaneous testing of board size's relationship with company performance. The results of this study are expected to make a more real contribution about the effect of board size on company performance.

• Journal of the Korean housing association
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• v.9 no.2
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• pp.1-11
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• 1998

This study has been performed to analyze housing status in later life. In this study, 234 Koreans aged 60 or more were interviewed for their current housing status. The results are drawn as follows: 1. The household size does not highly fluctuate in later life; it ranges from three to five overall. But there is a trend difference over region; The household size continuously increases until 70's in urban area, but it shows increase & decrease changes over five-year intervals. 2. The number of bedrooms slightly ranges from 3- to 3.8 over urban and rural areas without noticeable trend for age intervals. 3. Use of indoor area has regional difference; It ranges from 28 to 40 pyoung in urban area, but it does more widely form 27.7 to 50 in rural area. 4. There is a most significant region effect on structure type for the elderly; For the urban elderly, proportion of those living in single detached dwelling consistently decreases as age increases. For the rural elderly on the other hand, the rate of those living in single detached dwelling sharply increases in their 70's and the rate reaches 85.7%. 5. For the ownership trend, more than 70% of the elderly are home owners at the age 60-64, but the rate continuously decreases in later life stage while the rate of those living in their children-owned home increases.

• The Korean Journal of Financial Management
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• v.16 no.1
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• pp.61-82
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• 1999

대주주들이 경영권을 직접 행사하고 있는 우리나라의 경영환경에서 기업의 의사결정은 대주주의 보유지분 정도에 따라 상당히 달라 질 수 있다. 즉, 소유경영자의 지분이 적으면 적을수록 경영자 자신의 이익과 전체 주주의 이익은 괴리되고 경영자의 경영상의 위험수용성(危險受容性)은 높아지게 된다. 이에 따라 내부지분율이 낮은 기업일수록 보다 높은 성장을 선호하고 위험성이 높은 투자대안을 선택할 가능성이 증대된다. 상기한 연구가설을 검정하기 위하여 94년부터 97년까지 4년간의 상장기업 자료를 이용하여 내부지분율과 부채비율, 그리고 성장률과의 관계를 분석하였다. 특히, 내부지분율을 포함하는 기업의 재무구조 다중회귀모형과 성장률의 다중회귀모형을 구축하여 내부지분율이 기업의 재무구조와 성장률에 대한 유의적인 설명력을 보유하고 없는지 여부를 검정하였다. 실증분석 결과는 내부지분율이 낮은 기업일수록 부채비율과 성장률이 상대적으로 높다는 연구가설을 일관성 있게 지지하고 있다. 이러한 연구결과는 정부의 기업정책에 대한 중요한 시사점을 던져주고 있다. 즉, 이제까지 기업들은 경영권에 대한 위협없이 내부지분율을 저하시킬 수 있었고, 이러한 상황에서 기업의 고부채, 고성장 전략은 소유경영자의 시각에서 볼 때는 극히 합리적인 것이었다. 하지만, 정부가 기업의 매수합병시장을 활성화시키면 많은 기업들은 경영권의 보호를 위해 내부지분율을 높이게 될 것이다. 이 경우 기업들은 보다 보수적인 경영을 하게 되어 부채비율은 낮아지고 과도한 성장정책은 지양될 것으로 예상된다. 따라서, 보다 건전한 기업경영을 유도하기 위해서는 내부지분율이 제고되어야 하고, 이를 위해서는 아직도 남아있는 매수합병의 장애요인들을 조속히 제거하는 것이 필요할 것이다.

• Journal of the Korean Society of Clothing and Textiles
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• v.35 no.12
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• pp.1466-1476
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• 2011

This study explores if consumer perceptions about genuine luxury fashion merchandise are affected by the presence of counterfeits. A total of 504 consumers participated in an online survey. First, respondents were asked to indicate whether or not they agreed that counterfeits negatively affect genuine luxury fashion brands and to provide reasons for their responses. Approximately 57% replied that counterfeit goods negatively affect the image of genuine luxury fashion brand goods. The main reason mentioned was that counterfeit products damage the producer/copyright holder of genuine products, as well as the national economy; they believed that it damaged the genuine luxury brands' image due to the luxury goods becoming less rare; however, 43% of respondents stated that counterfeits did not negatively affect genuine luxury fashion brands. Thus, counterfeit availability reflects that a brand is renowned and popular in a market where consumers can recognize genuine luxury fashion products from counterfeits. Second, the respondents were asked about specific luxury fashion brands and indicated that seeing counterfeits did not negatively affect genuine luxury fashion brands' value, brand reputation or satisfaction of ownership. The majority of respondents disagreed that the availability of counterfeits negatively affects the value, reputation and satisfaction of owning original luxury brands.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.10
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• pp.373-383
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• 2021

This article aims to examine the one-way relationship between corporate social responsibility (CSR) and the financial performance of Vietnamese commercial banks, mainly focusing on the moderating role of ownership structure. Net interest margin (NIM), return on assets (ROA), and return on equity (ROE) are selected to represent the financial performance of the bank. CSR was measured using a multi-method approach that included both quantitative and qualitative methods. Corporate Social Responsibility Expenditure (CSRE) was estimated using financial data. The Corporate Social Responsibility Disclosure (CSRD) index was created using the content analysis method. Using a sample of Vietnamese commercial banks from 2012 to 2019 to perform regressions in the dynamic panel models with the two-step system generalized method of moments (GMM) estimator, the results show a positive effect of both CSRE and CSRD on the financial performance of the bank. Empirical evidence shows that the positive relationship between CSRE and financial performance is more robust in statecontrolled banks than non-state-controlled banks. In contrast, the positive impact of CSRD on the financial performance of state-owned commercial banks is weaker than that of private banks. Finally, the paper points out the limitations and proposes future research directions.

• Communications for Statistical Applications and Methods
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• v.28 no.5
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• pp.447-462
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• 2021

In insurance, the surrender rate is an important variable that threatens the sustainability of insurers and determines the profitability of the contract. Unlike other actuarial assumptions that determine the cash flow of an insurance contract, however, it is characterized by endogenous variables such as people's economic, social, and subjective decisions. Therefore, a microscopic approach is required to identify and analyze the factors that determine the lapse rate. Specifically, micro-level characteristics including the individual, demographic, microeconomic, and household characteristics of policyholders are necessary for the analysis. In this study, we select panel survey data of Korean Retirement Income Study (KReIS) with many diverse dimensions to determine which variables have a decisive effect on the lapse and apply the lasso regularized regression model to analyze it empirically. As the data contain many missing values, they are imputed using the random forest method. Among the household variables, we find that the non-existence of old dependents, the existence of young dependents, and employed family members increase the surrender rate. Among the individual variables, divorce, non-urban residential areas, apartment type of housing, non-ownership of homes, and bad relationship with siblings increase the lapse rate. Finally, among the financial variables, low income, low expenditure, the existence of children that incur child care expenditure, not expecting to bequest from spouse, not holding public health insurance, and expecting to benefit from a retirement pension increase the lapse rate. Some of these findings are consistent with those in the literature.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.1
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• pp.135-144
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• 2021

This study investigates the impact of gender diversity on the board of directors on corporate intellectual capital (IC) disclosure in Indonesia. For the study purpose, the sample was divided into two sections, i.e., companies with large capitalizations and companies with small capitalizations. A paired T-test was used to observe significant changes in the disclosure level between period and type of firm. Using linear regression analysis, the influence of gender diversity and other variables on IC disclosure was examined. The findings show that IC disclosure varies for large and small companies. The level of IC disclosure in large companies was stronger than in small companies. The results of the multivariate analysis showed that the profitability, leverage, ownership, and type of business of the company significantly affect IC disclosure. For companies with large capitalization, the presence of women directors on corporate boards or gender diversity on corporate boards does not impact IC disclosure. This is because the Indonesia Stock Exchange (IDX) does not insist on IC disclosure. However, for small companies, the existence of gender diversity has a significant effect on IC disclosure. The findings of this study suggest that policymakers and standard makers must consider the inclusion of IC disclosure on the annual report as mandatory.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.8
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• pp.109-121
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• 2022

The study empirically examines the horizontal spillover effects of foreign direct investment (FDI) on the productivity of Indian pharmaceutical firms. Robust least squares and the Generalized Method of Moments estimators are applied for the firm-level panel data of Indian pharmaceutical companies whose shares were traded on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). The information was collected from the Centre for Monitoring Indian Economy (CMIE) Prowess database from 2015 to 2019. Based on the regularity in data availability, the sample firms are limited to 112 companies, 100 of which are domestic firms and 12 international firms. Firms with more than 10 percent foreign equity are classified as FDI firms, while those with less than that are classified as domestic firms. Estimation results show that foreign ownership does not contribute to the productivity of domestic firms. Due to increased competition, the Indian pharmaceutical companies with foreign equity participation are not more productive than local ones. Moreover, the findings reveal a negative and insignificant horizontal spillover effect from FDI on the productivity of domestic enterprises. The absence of horizontal spillovers may be attributable to foreign enterprises' ability to prevent technological outflow to competitors in the same industry.

• Journal of Information Technology Applications and Management
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• v.29 no.3
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• pp.25-41
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• 2022

While there exists voluminous literature on the internationalization of the firms, it has focused on mature firms or born-global firms. There is still a lack of research on firm that is in the growth stage between venture and mature firm. To fill this gap, this paper focuses on the newly public firm which is enter the stock market through initial public offerings (IPO). Specifically, I examine the relationship between the early listing and internationalization. In the venture firm aspect, the decision of the IPO necessary to allow to change organization structure, ownership and take a risk from environmental movements. This paper suggests early listing is a behavior of entrepreneur orientation. According to empirical results, there is a positive relationship between early listing and internationalization. It implies that early listing may help international expansion by sourcing finance, reputations from market. Furthermore, this study emphasizes the importance of financial slack resources to international expansion. I conclude that ventures need not only early entering in stock market but also securing sufficient financial slack resources to achieve sustainable growth in the international market.