• 경영과정보연구
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• 제35권4호
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• pp.79-98
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• 2016

본 연구는 중국의 해외 인수 합병 현황과 영향 요인에 대한 관련 이론과 기존의 연구를 살펴본 뒤 중국기업의 해외 인수 합병의 성과에 미치는 영향을 실증분석 하였다. 분석의 결과 과거성과, 인수지분율, 국유지분율, 문화적 차이는 성과에 정의 영향을 미치는 것으로 나타났으며 문화적 차이가 클수록 과거성과의 인수합병의 성과에 미치는 영향이 크게 나타나는 중재효과가 있음을 보이고 있다. 그러나 조직 연령, 수출비중, 잉여현금흐름은 유의한 영향을 미치지 않고 있다.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.1045-1052
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• 2021

The main purpose of this paper is to explore the relationship between financial inclusion and socio-economic and demographic factors. Ownership of bank accounts, availing of credit facility, and use of mobile banking were considered the major indicators of financial inclusion. To achieved this objective, the present study was conducted in the rural regions of three hill districts of Uttarakhand. 780 rural households were selected by using stratified and judgment sampling technique. To measure the association between the variables, binary logistic regression model was employed. The findings of the study revealed that there is a significant association of socio-economic variables with financial inclusion. The overall analysis of the study indicates that the likelihood of having bank account, usage of mobile banking facility, and availing credit facility increases with the increase in the financial literacy of an individual in hill rural regions of the state. Further, the study also indicates the vulnerability of women relative to that of men in both cases of mobile usage and availing credit. The findings of the study suggest to target the economically vulnerable section of population (as identified in case of having low financial inclusion) and enhancing the financial literacy in these regions.

• The Journal of Asian Finance, Economics and Business
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• 제9권2호
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• pp.193-207
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• 2022

The purpose of this study was to find out what factors influence the preparation of financial statements in accordance with the International Financial Reporting Standards (IFRS) for Vietnamese businesses. The survey included 150 enterprises, including parent companies of state-owned economic groups, parent companies that are listed companies, large-scale public companies that are unlisted parent companies, and enterprises with 100 percent foreign direct investment, that will apply IFRS voluntarily from the year 2022 and switch to the mandatory application from the year 2025 (Ministry of Finance, 2016). The survey was carried out with the help of the Google Form tool, and the data was processed using EFA and regression analysis methods on the SPSS 22.0 software. The findings show, for enterprises in Vietnam, that six factors influence the preparation of financial statements in accordance with IFRS, ranked in order of influence from high to low: (i) Related party requirements; (ii) Professional qualifications of accountants; (iii) Roles of enterprise managers; (iv) Forms of capital ownership in enterprises, (v) Institutional regulations, and (vi) Operational characteristics of the enterprise. In addition, the study also shows that, for enterprises in Vietnam, the requirements of related parties are an important factor to promote the preparation of the financial statements of enterprises according to IFRS.

• The Journal of Asian Finance, Economics and Business
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• 제9권5호
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• pp.409-419
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• 2022

This paper examines the post-IPO price volatility in the first trading days after the IPO of SOEs that carry out equitization, on a sample of 76 IPOs on the Hanoi Stock Exchange (Vietnam) in the period 2013-2018. Oversubscription rate, firm size, issuance size, internal equity ownership, and listing delay are all factors that influence IPO price volatility in a primitive stock market. The results showed that the average initial market-adjusted return for the first three trading days was -11.95%; -9.58% and -7.29% and the level of price volatility is related to the rate of oversubscription and company size. Issuance price, issuance size, internal equity holdings, and listing delay do not seem to contribute significantly to post-IPO share prices. Individual investors based their valuation on information released during and after the IPO. In general, the number of IPOs that yield positive and negative returns in the first trading days is about the same, indicating that the two phenomena of undervaluation and overvaluation still occur in the process of valuing shares of Vietnamese SOEs for IPOs.

• 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.

• Journal of East Asia Management
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• 제1권1호
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• pp.1-27
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• 2020

Military experience has a great impact on a soldier ability to handle risks. Therefore, when those soldiers become managers, they may behave differently in making risky corporate decisions, especially in activities like the R&D investment. However, studies on how military experience affect R&D have been largely missing in the largest emerging economy, i.e. China, despite that the country hires a higher percentage of military managers than the US. In addition, it remains a question whether military managers affect the state-owned enterprises (SOEs) in China, as many of the corporate decisions are made by the government. This paper tries to address these questions. The imprinting theory and the upper echelon theory suggest that managers' personal experience can affect their behaviour, which in turn influences their corporate decisions. In this paper, we examine whether managers with military experience lead to higher R&D investment and whether such an effect exists in state-owned enterprises. Based on a sample of listed firms in China's A-share market over 2008-2017, we make two findings. First, companies with military managers have high R&D investment. By dividing managers' military positions into high and low rank, we find that companies tend to have higher (lower) R&D investment if their managers hold a high-rank (low-rank) position. Second, the effect of high-rank military managers on R&D investment is more pronounced if the manager is also the founder and the company is a non-state-owned enterprise. For low-ranking military managers, a stronger effect on R&D investment is also observed if they are also the founder, but whether their companies are state-owned or not has no impact on R&D investment. This study identifies managers' military experience as a contributing factors to corporate R&D investment in the largest emerging economy. This paper tests an implication of the imprinting theory and the upper echelon theory, i.e., managers' personal experience can affect their behaviour, which in turn influences their corporate decisions. Specifically, we focus on one aspect of personal experience - military experience - and look at whether it is beneficial to firms' technological innovation, therefore enriches the literature of managerial heterogeneity. Our findings on the influence of managers' military experience on firms' technological innovation can help us better understand the role of managers play in corporate decision making, and how managers' individual traits interact with the firm's characteristics.

• 수산해양교육연구
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• 제3권1호
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• pp.35-43
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• 1991

The fishing vessels operation is a kind of maritime profit-making activities, which are complicatedly integrated by the basic and supplemental fishing activities with navigation. The Fishing Vessels Act of Korea defines the character of fishing vessels and gives a legal status to them, and this Act itself is linked with the allied public laws including the Ships Act of Korea. For this reason, the legal status of fishing vessels as Korean flagged ships by the public law is analogous to the general commercial vessels. And the specific character of ownership of the fishing vessels by the Korean Maritime-Commercial Act as a privated law is analogous to the general commercial vessels, nevertheless the Chapter 4(Carriage of goods) and the Chapter 5(General average) of this Act do not apply to the fishing vessels except the fish carriers. A fishing vessel possesses the legal status as a Korean flagged ship by having it registered and putting it on record under the provision of national law, however the principle of genuine link is an important factor for acquisition of nationality. Especially, the basic rules by the Law of the Sea those are attended with the distant-water fishing vessels operation at the overseas fishing ground are summarized as follows ; Firstly, the rights of navigation and fishing activities on the high seas are fundamentally recognized to all states, but the freedom is restricted according to the international legal order aiming at protection of reasonable interests of other states and conservation of the living resources and marine environment. Secondly, in the EEZ or EFZ the freedom of navigation is recognized, but fishing activities are exclusively ruled by the national law of the coastal state. Thirdly, foreign fishing activities are prohibited but the right of innocent passage is recognized in the territorial sea, while both activities are prohibited in the internal waters of the coastal state.

• International Journal of Computer Science & Network Security
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• 제22권7호
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• pp.109-116
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• 2022

The article is devoted to perfecting the system of management of the financial potential of transport enterprises. It is established that transport as an integral part of the state economy has to organically enter the market economy and provide sustainable transport services to national economy enterprises regardless of ownership, as well as ensure passenger transportation. It is also determined that in the conditions of market relations, transport highways must perform their functions with sufficient economic benefit to keep their material and technical resources in good order, conduct an investment policy with extensive use of scientific and technological progress, as well as a social policy guaranteeing the conditions for employees' motivated work. The study reveals an association between the financial and strategic goals of transport enterprises and the minimization of their economic risks, the prevention of bankruptcy and profit margin shortfalls. It is found that transport enterprises need to strive for the overall improvement of their financial potential through increasing the components of financial potential and assessing the impact of risk factors on them: the capacity of fixed assets, the capacity of financial resources, the capacity of services, and the capacity of credit opportunities. These are the elements of transport enterprises' financial potential that ensure its desired level. It is demonstrated that of critical importance in managing the financial potential of a transport enterprise is the role of financial resources, as a subject cannot reach the desired strategic goals without them.

• Journal of Korea Trade
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• 제26권6호
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• pp.118-135
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• 2022

Purpose - The purpose of this study is to investigate the relationships among Chinese state-owned enterprises (SOEs), previous M&A experience, and the probability of deal completion in cross-border mergers and acquisitions (CBMAs). Since Chinese SOEs tend to be recognized by host countries as agents of their home country government, this study argues that SOEs will face difficulties in completing CBMA deals. However, the study expects that these difficulties may vary depending on whether the firm has previous M&A experience because firms can gain the knowledge and capabilities necessary to implement subsequent M&As successfully from past M&A experience. Design/methodology - To investigate our argument, we conduct a logistic regression using a sample of 363 CBMA deals from 304 Chinese publicly listed firms during 2007 to 2017. We used SOEs as an independent variable, experience of domestic and foreign M&As as moderating variables, respectively, and CBMA deal completion as the dependent variable. Findings - The study shows a negative and significant relationship between Chinese SOEs and the completion likelihood of CBMA deals. We find that this negative relationship is strengthened when the firm had prior domestic M&A experience, whereas foreign M&A experience alleviated the negative relationship. Originality/value - The issue of government ownership has remained unclear since government intervention has both advantages and disadvantages in pursuing CBMAs. Our findings support literature that argues Chinese SOEs face legitimacy concerns in the host countries, thereby lowering their CBMA deal completion likelihood. Furthermore, the study enriches the literature by identifying different moderating effects of domestic and foreign M&A experience on the negative relationship between SOEs and CBMA deal completion.

• Journal of Preventive Medicine and Public Health
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• 제6권1호
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• pp.133-160
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• 1973

1. Introduction Community medicine with the concept of comprehensive medical care and an ideal medical care delivery system not only for an individual or family but for the whole community has emerged. In April 1970, the Presbyterian Medical Center started a hospital based community health service project in order to improve the health of the people in rural areas. Prior to commencing a comprehensive medical care system, a family survey was needed. The major objective of this survey was to obtain information concerning the people and their environment so as to be able to plan and implement a comprehensive medical care program in Soyang-Myun. 2. Survey Method An interview using a family record form was carried out for each household. This family record form was designed to get information about demography, family planning, environmental sanitation and vital statistics. Prior to beginning, the members of the survey team were trained in interviewing techniques for three days. The team consisted of a public health nurse, four nurse-aides, a sanitarian and four health extension workers who are working in our project, The survey was carried out during the period November 1971 to March 1972. 3. Project area 1) Population of Soyang-Myun was 11,668; male, 5,962 and female, 5,706. Sex ratio: 104.5. 2) Households : 1,858 3) Family size: The average household consisted of 6.3 persons. 4) Educational level of householder a. Illiterate 13% b. No schooling but able to read 10% c. Preschool children 19% d. Primary school 47% e. Middle school 7% f. High school 3% g. College or University 1% 5) Occupational distribution of householders a. Farmer 67% b. Laborer 13% c. Office worker 4% d. Merchant 4% e. Industrial worker 2% f. Unemployed 8% g. Miscellaneous 2% 6) Religious affiliation a. No religion 74% b. Buddhist 12% c. Protestant 10% d. Catholic 4% 4. Survey results Living Environment : a. Home ownership 95% b. Kinds of roofing Straw-thatched house 84% Tile-roofed house 10% Slate-roofed house 5% Other 1% c. Floor space Less than 6 pyong 10% 6-10 pyong 53% 11-15 pyong 24% 16-20 pyong 9% More than 20 pyong 4% d. Radio ownership 80% Environmental Sanitation : a. the source of drinking water public well 49% private well 30% drainage water 9% steam water 8% well pump 3% water distribution system 1% b. Distance between well and toilet more than 16meters 38% 6-10 meter 31% 11-15 meters 14% Less than 6 meters 17% c. The status of well management Bad 72% Fair 26% Good 2% d. General sanitary state of house Bad 37% Fair 51% Good 12% e. House drainage system had no house drainage. 77% Family Planning : a. 24% of the people have used contraceptives, but 12% ceased to use them. 76% have never used contraceptives. b. used methods 1oop 68% oral pill 16% vasectomy 4% condom 1% tubal ligation 1% two or more methods 10% Maternal Health : a. The number of conceptions of housewives under 50 years of age. 11 times 26% 6 times 11% 5 times 11% 4 times 9% b. The place of delivery own house 88% hospital 1% others 11% Treatment of general sickness : a. The place of treatment Soyang Health Center 31% Hospital (private or otherwise) 26% Pharmacy 14% Herb medicine 5% Private care 5% No treatment 12% Miscellaneous 7% b. Usual causes of diseases Unknown 46% Tuberculosis 29% Neuralgia 8% CVA 3% Bronchitis 3% Others 11%