• Journal of Forest and Environmental Science
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• v.34 no.5
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• pp.412-417
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• 2018

Agroforestry is emerged as climate smart agriculture system and known to help in maintaining soil nutrient sustainability but its rate of expansion is still not appreciable. The present paper incorporates the different species under various agroforestry practices its density, growth and growing stock. The most dominated agroforestry practices in Bilaspur district identified as boundary tree based agri- silviculture (32%) followed with inside field tree based agri-silviculture (21%). Agri-horti-silvicultural system found merely in 5% farmer's field while silvo-pastoral practice in 8% fields. The result depicts that the most prevailing agroforestry tree species in non-forest area of Bilaspur comprises Acacia nilotica 36%, Butea monosperma 22%, Albizia spp 16%, Terminalia arjuna 7%, Azadirachta indica 3.5% and other species 15.5%. More than 90% farmer allows tree species growing naturally in their fields mainly for fuel wood, timber and as source of additional income as these species need not require special attention and care, while only 5% farmer's has adopted Tectona grandis, Dalbergia sissoo etc commercially for higher future return. The paper also discusses the constraints on agroforestry for enabling development of agroforestry in future.

• 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.

• Asia-Pacific Journal of Business
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• v.13 no.2
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• pp.123-138
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• 2022

Purpose - This study compares the performances of dynamic asset allocation strategies using Korean stocks and U.S. dollar, which have been negatively correlated for a long time, to examine the diversification effects in the portfolios of them. Design/methodology/approach - In the current study, we use KOSPI200 index, as a proxy of the aggregated portfolio of Korean stocks, and USDKRW foreign exchange rate to implement various portfolio management strategies. We consider the equally-weighted, risk-parity, minimum variance, most diversified, and growth optimal portfolios for comparison. Findings - We first find the enhancement of risk adjusted returns due to risk reduction rather than return increasement for all the portfolios of consideration. Second, the enhancement is more pronounced for the trading strategies using correlations as well as volatilities compared to those using volatilities only. Third, the diversification effect has become stronger after the global financial crisis in 2008. Lastly, we find that the performance of the growth optimal portfolio can be improved by utilizing the well-known momentum phenomenon in stock markets to select the length of the sample period to estimate the expected return. Research implications or Originality - This study shows the potential benefits of adding the U.S. dollar to the portfolios of Korean stocks. The current study is the first to investigate the portfolio of Korean stocks and U.S. dollar from investment perspective.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.7
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• pp.15-25
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• 2020

This empirical research aims to identify the relationship between fiscal and financial macroeconomic fundamentals and the volatility of government bonds' borrowing cost in an emerging country - Vietnam. The study covers the period from July 2006 to December 2019 and it is based on a sample of 1-year, 3-year, and 5-year government bonds, which represent short-term, medium-term and long-term sovereign bonds in Vietnam, respectively. The Generalized AutoRegressive Conditional Heteroskedasticity (GARCH) model and its derivatives such as EGARCH and TGARCH are applied on monthly dataset to examine and suggest a significant effect of fiscal and financial determinants of bond yield volatility. The findings of this study indicate that the variation of Vietnam government bond yields is in compliance with the theories of term structure of interest rate. The results also show that a proportion of the variation in the yields on Vietnam government bonds is attributed to the interest rate itself in the previous period, base rate, foreign interest rate, return of the stock market, fiscal deficit, public debt, and current account balance. Our results could be helpful in the macroeconomic policy formulation for policy-makers and in the investment practice for investors regarding the prediction of bond yield volatility.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.1
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• pp.599-608
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• 2021

The oil and gas industry is widely known as a vital engine of Vietnam development, stimulating researchers to examine the association of various factors with this industry. The aim of this study is to identify the relationship between different variables affecting profitability of the firms in the oil and gas sector in Vietnam. The total of 203 samples were collected from 29 companies listed on Vietnam Stock Market during a 6-year period from 2012 to 2018. Informed by prior research, this investigation employs financial leverage (FL), government ownership (GOV), dividend payout (DIV), fixed assets to total assets (FA) and exchange rate (EXR) as independent variables, while the profit is described by return-on-assets (ROA). The study results show that there are four factors that have an impact on ROA, namely, leverage, government ownership, dividend, and exchange rate. Whereas leverage and exchange rate have negative influence on ROA, government ownership and dividend payment have a positive effect. The findings of this study suggest that high debt ratio in capital structure and the negative effect of exchange rate on their companies' efficiency can adversely affect the profit of enterprises. Also, plausible extent of government ownership and dividend payment could also be considered to optimize corporate performance.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.20 no.44
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• pp.129-134
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• 1997

The purpose of this study is to estimate the distribution rate of R&D input on R&D output in major manufacturing industrial sector. The distribution rate is estimated on time-series data for the period 1980 to 1996. The data used in this study can be divided into the two categories. 1) R&D output data (Patent, Utility) 2) R&D input data (R&D expenditure, R&D workers) The raw data of R&D expenditure is transformed into R&D stock. And the specific production function is used to represent the interaction between R&D input and output. The production function shows the maximum rate of R&D output that can be achieved by certain given, technologically possible, R&D input combinations. The main findings can be summarized as follows. 1) There was a diminishing return between R&D input and output$(\alpha+\beta<1). 2) R&D output growth was more affected by R&D expenditures than R&D workers. 3) R&D workers were more contributed highly to Patent granted than Utility model.

• Journal of Navigation and Port Research
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• v.41 no.2
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• pp.71-78
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• 2017

This paper aims to investigate the time-varying systematic risk of the stocks of Korean logistics firms. For this purpose, the period from January 1991 to October 2016 was examined with respect to 21 logistics companies that are listed on the Korea Exchange. The systematic risk of the logistics stocks is measured in terms of the Capital Asset Pricing Model (CAPM) beta for which the sensitivity of a stock is compared to the return changes of the whole market. Overall, the betas of the stocks of the Korean logistics companies are significantly lower than those of the market unity; however, it was revealed that the logistics betas are not constant, but are actually time-varying according to different economic regimes, which is consistent with the previous empirical findings. This finding is robust across different measurements of the logistics betas. In addition, the impact of macroeconomic factors on the logistics betas was examined. The present study shows that the logistics betas are positively associated with foreign exchange-rate changes.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.32 no.4
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• pp.63-71
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• 2009

The traditional portfolio optimization problem is to find an investment plan for securities with reasonable trade-off between the rate of return and the risk. The seminal work in this field is the mean-variance model by Markowitz, which is a quadratic programming problem. Since it is now computationally practical to solve the model, a number of alternative models to overcome this complexity have been proposed. In this paper, among the alternatives, we focus on the Mean Absolute Deviation (MAD) model. More specifically, we developed an algorithm to obtain an optimal portfolio from the MAD model. We showed mathematically that the algorithm can solve the problem to optimality. We tested it using the real data from the Korean Stock Market. The results coincide with our expectation that the method can solve a variety of problems in a reasonable computational time.

• Journal of Korea Technology Innovation Society
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• v.12 no.3
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• pp.457-470
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• 2009

This paper applies a income mobility method to technology inequality using conditional human capital stock and shows their empirical results during the 1980 to 2000. There are several interesting empirical results coming out this analysis. Among the results, the paper turns out that world technology inequality mobility measurement is significantly higher for rapid formation of human capital stock countries than for slow formation of human capital stock countries. This paper, therefore, suggests that technology policy need to focus on improving the public education structure to recover the rate of return to human capital investment and to speed up technology development and deployment in Korea.

• International Journal of Quality Innovation
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• v.9 no.3
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• pp.15-27
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• 2008

As a sign of international quality system, ISO9000 certification has been adopted by more and more enterprises. In recent five years, there have been 560,000 certified companies in Europe and America, and there have been more than 390,000 ones in China. It has being attracted many quality scholars' attentions whether ISO9000 certification can bring more benefits to certified companies or not. This paper investigates the ISO9000 certification effect on market performance by the samples from Chinese list companies in shanghai stock exchange. Considering ISO9000 certification as an event, a certification effect model will be set up by means of the event study method, which takes abnormal return rate as a basic indicator to measure the ISO9000 certification effect on Chinese market performance in different event times. Investigation results show that the Chinese certified companies have some positive effects on market performance in the short term. From a long standpoint, the relation between certification and performance has a positive trend.