• The Journal of Asian Finance, Economics and Business
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• v.8 no.7
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• pp.447-456
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• 2021

State-Owned Enterprises (SOEs) are business entities that are owned mainly by the state. Good financial governance (GFG) is as important for SOEs as for the private sector companies. Prudence and GFG can affect the value of the company. This research aims to test the impact of macroeconomics, investment decisions, and financing decisions on prudence, Corporate Social Responsibility Disclosure (CSRD), dividend policy, and company value of SOEs registered on the IDX from 2014-2019. GFG and financing decisions are moderating variables. The population in this study is 16 SOEs listed on the Indonesia Stock Exchange from 2014-2019. The research method is quantitative and uses Partial Least Squares (PLS), which is an approach to Structural Equation Models (SEM) that allows researchers to analyze the relationships simultaneously. The results showed that macroeconomic factors, investment decisions, financing decisions, and prudence directly affect the company's value. However, CSRD and dividend policy directly do not affect the company's value. Prudence can mediate the influence of financing decisions on company value. GFG moderates the relationship between prudence and company value. Thus, GFG is key to producing compliant regulatory reports and disclosures. GFG aims at facilitating effective monitoring and efficient control of the business. Its essence lies in fairness and transparency in operations and enhanced disclosures for protecting the interest of different stakeholders.

• The Journal of Asian Finance, Economics and Business
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• v.10 no.2
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• pp.163-174
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• 2023

This study aims to investigate the effect of the composition of the board and ownership structure on a firm's value in Jordanian firms. Specifically, it aims to determine the effect of board size, (CEO) duality, and family, foreign, institutional, and government ownership on a firm's value. An ordinary least square regression (OLS) was employed to examine the study hypotheses in a sample of 35 Jordanian industrial firms (175 firm-year observation) for a period of five years from 2016-2020. As measured by Tobin's Q (Q ratio) and market-to-book (MB ratio) for Jordanian industrial firms listed on Amman Stock Exchange (ASE). The result found that foreign ownership, institutional ownership, and family ownership have a significant and positive effect on firm value. By contrast, government ownership does not have a significant effect on firm value. With respect to board composition (CEO duality and board size), the study results found no evidence to support the effect of board composition on firm value. The study recommended the concerned authorities with several recommendations, most notably: taking the necessary measures to ensure the continuity and growth of family businesses because of their positive impact on the value of the company and economic growth, spreading awareness about how governance protects the interests of investors.

• Asia Marketing Journal
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• v.18 no.3
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• pp.47-63
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• 2016

Rational choice theory holds that the alternative with largest expected utility in the choice set should always be chosen. However, it is often observed that an alternative with the largest expected utility is not always chosen while the choice task itself being avoided. Such a choice phenomenon cannot be explained by the traditional expected utility maximization principle. The current study posits shows that such a phenomenon can be attributed to the gap between the expected perceived gain (or loss) and the expected perceived value. This study mathematically analyses the relationship between the expectation of an alternative's gains or losses over the reference point and its expected value, when the perceived gains or losses follow continuous probability distributions. The proposed expected value (EV) function can explain the effects of loss aversion and uncertainty on the evaluation of an alternative based on the prospect theory value function. The proposed function reveals why the expected gain of an alternative should exceed some positive threshold in order for the alternative to be chosen. The model also explains why none of the two equally or similarly attractive options is chosen when they are presented together, but either of them is chosen when presented alone. The EV function and EG-EV curve can extract and visualize the core tenets of the prospect theory more clearly than the value function itself.

• Journal of the East Asian Society of Dietary Life
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• v.17 no.1
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• pp.136-142
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• 2007

This study measured the causal relationships among tourist-perceived sacrifice, service quality, service value, and behavioral intention of employee's service. A total of 224 questionnaires were completed. The equation model was used to measure the causal effect. The results demonstrated that the structural analysis result for the data was an excellent model fit. The influences of perceived value and service quality on service value were statistically significant. As expected, service quality and service value had significant effects on behavioral intention. Moreover, overall service quality played a mediating role in the relationship between perceived sacrifice and service value. Service value played a mediating role in the relationship between service quality and behavioral intention.

• International Journal of Reliability and Applications
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• v.2 no.3
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• pp.161-187
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• 2001

Starting with the meaning of the word quality, diverse concepts connoted by the term are examined. Instead of a bathtub curve, the desirable shape of a failure rate covering the entire life of a good product, which might be called hockey-stick line, is introduced. From the hockey-stick line and the definition of reliability, two measurements are extracted. The terms reliability, failure rate, product life, and durability are explained. From the customer's standpoint, the concept of product quality is classified in five factors, according to related technology: performance, reliability, conformance to specifications, customer perception, and fundamentals advantage. The correlation of the five factors for a first-class product is discussed, Since the market share of a company is determined as the competition result of its product value, defined as product quality and price, the market share increase is derived mathematically from the increment of product value. The market share increase, $\Delta$S, can be calculated from the present market share, S, and the oriented relative value increment of new product, R, to the current product in the same company for the same market target: $\Delta$S : $\Delta$(1-S). R/(1+S.R). Finally, the importance of separating warranty cost from the profit equation for the durables is explained.

• The Research Journal of the Costume Culture
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• v.3 no.2
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• pp.371-391
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• 1995

This study is to infer consumer's value and demographics towards Missy, who are womens of new generation which represents new consumer group in fashion industry. The concrete purpose of the study is as follows : First : To find out the differences of value inference towards Missy depending on demographics of researched group. Second : To find out differences of value inference towards Missy depending on self-evaluation. Third : To find out differences of perception towards Missy's demographics between the groups of career women, housewives, students. Fouth : To find out differences of perception towards Missy's demographics depending on self-evaluation about Missy's of researched group. The researched group was 251 women aged between $20\sim30$ living in Seoul and sample have been selected from various profession. Method of the study was by using questionnares which were based on results of pretest and preceding research. Analysis of the study was achieved by using SPSS package which are frequency, percentage, $x^2$-test, t-test and Anova, Duncan-test and the results are as follows: First : There are significant differences of value inference towards Missy between the groups who are perceived themselves Missy by self evaluation and the groups who are not. Third : There are significant differences of perception towards Missy's demographics between the groups of career women, housewives, students. Fourth : There are significant differences of perception in regards to Missy's demographics between perceived themselves Missy and the others who are not.

• Journal of Sericultural and Entomological Science
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• v.40 no.1
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• pp.78-85
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• 1998

Colorants were prepared by extraction of natural indigo which was harvested just in the blooming season(in the late of July). 100 g of fresh leaves soaking in 1 ιwater was kept at 3$0^{\circ}C$, 30 hours. A solution of 3g/l calcium hydroxide was added into it to precipitate dye substance and it was freezing-dried into powder form. The fermentation and dyeing conditions were investigated. The results obtained are summarized as follows; K/S value of dyed silk fabrics of fermentation conditions was higher at 95$^{\circ}C$ for 20 min. than at 4$0^{\circ}C$ for 20 hours. Furthermore, K/S value of dyed silk fabric was raised by the addition of 5g/l of glucose and 5g/l of NaOH. K/S value of dyed silk fabric was raised by the addition of 5g/l of glucose and 5g/l of NaOH. K/S value increased as extending of dyeing time when dyed till 2 hours at 3$0^{\circ}C$. K/S value decreased in order of 3$0^{\circ}C$, 4$0^{\circ}C$ and 5$0^{\circ}C$, at the various dyeing temperatures and dyeing concentrations, and colour fastness ranged from 4 to 5 grade in terms of washing, perspiration and light fastness.

• Journal of the Semiconductor & Display Technology
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• v.9 no.1
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• pp.67-71
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• 2010

Head up display’s cooling system is auto-diagnosed resulting from the external environment. The quantity of heat depending on this Head up display’s cooling system layout determines the speed of FAN for system cooling. In other words, a system’s heat quantity is planned through the air density depending on altitude, the amount of wind in air depending on FAN control condition, and the algorithm that is proportional to delta temperature. To detect the altitude, we use the criteria of delta T, which is determined by the subtracted value of LED junction temperature, and atmospheric temperature that is recorded on the Head up display system. Depending on the classification of delta T value, the altitude section is determined. While we can use GPS as the tool to detect the altitude, we should predict the change of the air density as the altitude alters, and should not just measure the altitude. And the value of delta T is used as the criterion of detecting the altitude for increasing the cooling efficiency of the car’s inner Head up display system with reflecting the speed of the FAN dependent upon the air density. In our theory, altitude is depending on the value of delta T and stabilizing or maintaining the system’s temperature by changing FAN’s rpm depending on determined value of altitude.

• The Korean Journal of Community Living Science
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• v.16 no.1
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• pp.113-121
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• 2005

In this study, those previous research works are reviewed and summarized in various contexts, and this paper also describes the results of an empirical study done for the sample business workers in Korea, analyzing SQC and consumer's value. The surveyed data are statistically analysed to examine the relationship between SQC acquisition and consumer's value in the lodging industry, considering additional factors of business types of companies as well as the consumer's using purpose of service facilities. The important findings of the study can be summarized as follows: First, the business types of companies is an insignificant factor on the consumer's value by the quality certificated services, while the using purpose of service facilities(Hotel and Pension) is an significant factor. Second, the descriptive result is shown that consumers are willing to pay 21.47～31.24 % more than the un-certificated services for quality-certificated services. On the basis of these findings, some practical implications can be drawn for the effective management of the lodging industry. When a firm decides to establish a business plan, it should be considered the using purpose of service facilities.

• Asia Marketing Journal
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• v.15 no.3
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• pp.53-77
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• 2013

As advertising and promotions are categorized as operating expenses, managers tend to reduce marketing budget to improve their short term profitability. Gauging the value and accountability of marketing spending is therefore considered as a major research priority in marketing. To respond this call, recent studies have documented that financial market reacts positively to a firm's marketing activity or marketing related outcomes such as brand equity and customer satisfaction. However, prior studies focus on the relation of marketing variable and financial market variables. This study suggests a channel about how marketing activity increases firm valuation. Specifically, we propose that a firm's marketing activity increases the level of the firm's product market information and thereby the dispersion in financial analysts' earnings forecasts decreases. With less uncertainty about the firm's future prospect, the firm's managers and shareholders have less information asymmetry, which reduces the firm's cost of capital and thereby increases the valuation of the firm. To our knowledge, this is the first paper to examine how informational benefits can mediate the effect of marketing activity on firm value. To test whether marketing activity contributes to increase in firm value by mitigating information asymmetry, this study employs a longitudinal data which contains 12,824 firm-year observations with 2,337 distinct firms from 1981 to 2006. Firm value is measured by Tobin's Q and one-year-ahead buy-and-hold abnormal return (BHAR). Following prior literature, dispersion in analysts' earnings forecasts is used as a proxy for the information gap between management and shareholders. For model specification, to identify mediating effect, the three-step regression approach is adopted. All models are estimated using Markov chain Monte Carlo (MCMC) methods to test the statistical significance of the mediating effect. The analysis shows that marketing intensity has a significant negative relationship with dispersion in analysts' earnings forecasts. After including the mediator variable about analyst dispersion, the effect of marketing intensity on firm value drops from 1.199 (p < .01) to 1.130 (p < .01) in Tobin's Q model and the same effect drops from .192 (p < .01) to .188 (p < .01) in BHAR model. The results suggest that analysts' forecast dispersion partially accounts for the positive effect of marketing on firm valuation. Additionally, the same analysis was conducted with an alternative dependent variable (forecast accuracy) and a marketing metric (advertising intensity). The analysis supports the robustness of the main results. In sum, the results provide empirical evidence that marketing activity can increase shareholder value by mitigating problem of information asymmetry in the capital market. The findings have important implications for managers. First, managers should be cognizant of the role of marketing activity in providing information to the financial market as well as to the consumer market. Thus, managers should take into account investors' reaction when they design marketing communication messages for reducing the cost of capital. Second, this study shows a channel on how marketing creates shareholder value and highlights the accountability of marketing. In addition to the direct impact of marketing on firm value, an indirect channel by reducing information asymmetry should be considered. Potentially, marketing managers can justify their spending from the perspective of increasing long-term shareholder value.