• Journal of Distribution Science
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• v.12 no.5
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• pp.61-69
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• 2014

Purpose - Many studies report that returns on hedge portfolios that eliminate particular risk types are abnormal from traditional asset pricing models' perspectives. This study examines the pervasiveness of anomalous returns conditioned on business cycle and group size. Research design, data, and methodology - Using KOSPI and KOSDAQ market data from July 1991 to December 2013, we categorize stocks into appropriately sized groups, and dichotomize our sample periods into expansion and recession periods then, we construct hedge portfolios by sorting stocks by anomaly variables and calculate their returns. Results - Four anomalies, including earnings yield, net stock issue, total asset growth, and liquidity appear pervasive across all groups for the entire sample period. However, only the hedge returns of net stock issues are significant across all group sizes during both expansion and recession. Conclusions - A net stock issue can be an appropriate proxy for expected growth of book equity for all group sizes in recessions. This finding could provide insights to investment industry participants and to researchers interested in the relationship between expected growth of book equity and business cycle risk.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.9
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• pp.329-340
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• 2020

This study investigates the effect of capital structure on the financial performance of pharmaceutical enterprises which are listing on Vietnam's stock market. The study builds the regression using ROE as dependent variable and four independent variables, including self-financing, financial leverage, long-term asset and debt to assets ratios. In addition, we use other variables as controlling ones, such as firm size, fixed asset rate and growth. We collect data for the period from 2015 to 2019 of all 30 pharmaceutical enterprises which are currently listing on Vietnam's stock market. The least square regression (OLS) is used to test the effect of capital structure to the firms' financial performance. The analysis results show that the financial leverage ratio (LR), long-term asset ratio (LAR) and debt-to-assets ratio (DR) have positive relationship with firm performance, meanwhile the self-financing (E/C) affects negatively to the return on equity (ROE). Upon the findings we suggest that the Vietnamese government should focus on stabilizing macro environment to create favorable environment for enterprises. And the pharmaceutical enterprises should build more reasonable capital structure with higher debt proportion than equity, diversifying loan mobilization channels such as issuing long-term bonds. Additionally, the firms should expand the scale appropriately to maintain development and ability to pay debts.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.9
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• pp.39-49
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• 2020

This study empirically examines herd behavior for fast moving consumer goods (FMCG) sector stocks under varied market return conditions and the period during the global financial crisis and its aftermath. We examine the sample of stocks trading on the Nifty FMCG Index of the Indian equity market from January 2008 up to December 2018 using the dispersion measure of cross sectional absolute deviation and examine its relationship with the market return to explore herd phenomenon. Quantile regression estimate is used and the results of the study validate rational asset pricing models as the sector does not display herding. In contrast, anti-herd behavior at lower and median quantile values is observed. A possible reason can be the non-cyclical nature of the industry where investors rely more on the fundamentals rather than crowd chasing. We also findthe absence of herd phenomenon during the market asymmetries of bull and bear phases, extreme movements, the period of the global financial crisis, and afterward. We further examine herding under the impact of the information technology (IT) industry and conclude that significant return movements in IT sector impact dispersions in the FMCG industry. Also, there is a co-varying risk between the two sectors confirming the spillover in an integrated market.

• The Journal of Information Systems
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• v.14 no.1
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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 Distribution Science
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• v.17 no.12
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• pp.23-32
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• 2019

Purpose As consumer awareness grows, the importance of CSR becomes even more important for long-term growth. In response to this current trend, the purpose of this study is to analyze the effect of CSR activities on business performance for logistics companies. Research design, data, and methodology - Between CSR activities and growth, there was a generally positive(+) relationships between activities such as donation and volunteerism and the growth of the enterprise. In terms of the relationship between environmental factors and growth, negative results were expressed. In case of profitability, improved welfare for workers has had a positive impact on corporate profitability. Results - With respect to stability, a high proportion of equity capital is not considered to be more active in SCR activities. Significant negative results were given between the minimum factors for entry, transportation, and noise generation factors and the ratio of liabilities, which are representative friction factors in the community. Conclusions - With respect to stability, a high proportion of equity capital is not considered to be more active in SCR activities. Significant negative results were given between the minimum factors for entry, transportation, and noise generation factors and the ratio of liabilities, which are representative friction factors in the community.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.785-793
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• 2021

The purpose of the research is to assess the factors affecting the liquidity of the commercial banks that are conducting mergers and acquisitions activities in Vietnam during the 2008-2018 period. This study employs samples based on 2-component data sets with cross-section and time-series data collected from the annual report of the State Bank and the audited acquisitions financial statements of nine commercial banks engaged in mergers and acquisitions activities. To carry out the research objectives, the authors conducted quantitative analysis through the Pooled OLS, REM, FEM and GMM models. The results shown that: (i) bank liquidity is positively affected by liquidity lagged, the return on equity (ROE) and economic growth; negatively affected by bank size, non-performing loan, short-run loan to deposit ratio; (ii) there is not enough evidence to conclude about the relationship between net profit margin, equity-to-assets ratio and inflation rate to bank liquidity; (iii) notably, we found evidence that, after the mergers and acquisitions, the liquidity of Vietnamese commercial banks decreased. The findings of this study suggest that bank managers take a more comprehensive view of the results of mergers and acquisitions and implications for banks to improve liquidity in the post-merger and acquisitions conditions.

• Journal of Korea Game Society
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• v.21 no.6
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• pp.3-12
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• 2021

In this study, we verified the relationship of major variables that affect brand awareness, brand image and brand loyalty in the game industry. Six hypotheses for five variables were established and tested using K-BPI data. Distribution accessibility had the only significant effects on brand awareness, whereas marketing communication and distribution accessibility had significant effects on brand image. Only the brand image had a significant effect on brand loyalty. Brand communication to improve brand image and distribution to promote experiential marketing seem to be important.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.4
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• pp.1-12
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• 2022

Our study adds to the body of knowledge about the relationship between credit ratings and the capital structure of bond issuers. Using Bloomberg and Datastream databases and employing panel regression models, we study the capital structure changes of Japanese enterprises after credit rating changes by global rating agencies (S&P and Moody's) as well as their local counterparts (R&I and JCR) from 1998 to 2016. We find that after rating downgrades, Japanese enterprises considerably reduce net debt or net debt relative to net equity, similar to the findings of Kisgen (2009), who focused on U.S. industrial firms. They do not, however, make adjustments to their financial structure as a result of rating improvements. In comparison to downgrades by S&P and Moody's, Japanese corporations issue 1.89 percent less net debt and 1.50 percent less net debt relative to net equity after R&I and JCR rating downgrades. To put it another way, Japanese companies consider rating adjustments made by local agencies to be more significant than those made by global rating organizations. Our findings contradict earlier research that suggests S&P and Moody's are more prominent in the investment community than R&I and JCR in Japan.

• Management & Information Systems Review
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• v.5
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• pp.61-79
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• 2000

This research suggests the strategic adoption methodology of Customer Relationship Management. The backgrounds of CRM is the business environment changing that Market power is shifting to the customer who has unprecedented powers of choice today. The strategic adoption of Customer Relationship Management determines the value, needs and preferences of each customer or customer segment. Customer Relationship Strategy is an explicitly defined plan for how a company has decided to connect with, relate to, and focus on its chosen customers to create value. Deliberate decisions must be made, often involving trade-offs, so that investments are aligned with customer needs and value. Plan defined in terms of target customers value proposition, role in value delivery, and risk/reward sharing. All customers are not created equal; specific customers and/or customers segments are more desirable/valuable to pursue. Key premise of CRM is that value can be created by changing company's business model to better connect with customers. Area of service of Customer Relationship Management are as follows. Portfolio strategy, Market Opportunity Assessment, Brand Equity, Market Positioning, Pricing, Channel Strategy, Market Segmentation. Target Market Identification, Customer LifeTime Value Analysis, Customer Profitability, Customer Connections Economics Analysis. The objects of CRM are maximizing customer service effectiveness, improving customer loyalty, increasing customer service efficiency, optimizing intelligence about customer behaviors and preferences.

• Korea Trade Review
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• v.46 no.2
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• pp.161-175
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• 2021

The purpose of this study is to empirically analyze the effect of cultural distance between partner firms on international joint venture performance, focusing on the moderating effects of the conflict resolution techniques and the competitive relationship between partner firms. We tested hypotheses based on joint venture firms that were surveyed which formed by equity investment between Korean and foreign firms in the manufacturing industry. The empirical analysis results of this study are as follows. First, in international joint ventures, the cultural distance between partner firms was found to have a negative effect on the international joint venture performance, and the higher the cultural distance, the lower the joint venture performance. Second, it was found that constructive conflict resolution techniques weaken the negative impact of the cultural distance between partner firms in international joint ventures on the performance of international joint ventures. Third, competitive relationship between international joint venture partners showed no moderating effect on the relationship between cultural distance and international joint venture performance.