• Journal of Environmental Science International
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• v.30 no.10
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• pp.863-877
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• 2021

While there a growing interest in Voluntary Carbon Disclosure (VCD), comparatively little is discussed whether the improved quality of voluntary carbon disclosure can lead to subsequent changes in a company's carbon reduction performance. Drawing on companies under the Korean Emission Trading Scheme (ETS) with the contents analysis of their sustainable reports, the present research seeks to address the existing knowledge gaps in the current literature on environmental disclosure. Findings empirically show that an increase in the voluntary carbon disclosure score is positively transformed into changes in carbon performance and further develop that the effect of voluntary carbon disclosure on carbon performance varies depending on changes in management capability with the moderation effect.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.10
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• pp.359-368
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• 2020

This research seeks to explain factors and relationship models of entrepreneurs capable of building service innovations in Andaman coast with the ultimate aim to ignite sufficient development of regional tourism, increase working potentials, and provide a guideline for tour operations. Initially, document examination and discussions with five experts were conducted to build in-depth interview questions. 19 entrepreneurs were interviewed to examine factors involved and we consulted later with the five experts and six successful entrepreneurs in the regions, as well as with the representatives of the Association of Thai Tour Operators and Tourism Authority of Thailand (TAT) of Phuket, Krabi, and Trang. The results were analyzed according to the theory of resource-based and innovative entrepreneurs. The factors obtained were generated from systematic causes: Nature of Entrepreneurships and Organizational capabilities, the mediator variables of Service Innovation Capability; and Organizational Performance (non-finance). Moreover, the external factors needing to be adjusted regarding the environmental changes were described. The tour operators are suggested to build networking to increase tourism potential with sustainability by providing the entrepreneurs opportunities to be involved in tourism development, accessing the knowledge, technology and innovations resulting in sustainable tourism, quality livelihood, and sustainable ecological management of communities.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.2
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• pp.15-27
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• 2022

The paper addresses the importance of redesigning strategies for resilient and sustainable regional economic development - by applying strategic approaches to free economic zones for the digital economy. The purpose of the paper is to provide a broad comparative perspective on developed versus developing country efforts to use free economic zone programs to enhance various economic and social objectives. First, the paper introduces the chronicle experiences of free economic zone programs in South Korea and mainland China - developed versus developing economies. The main results of the analysis indicate that (1) achieving the goals and objectives of free economic zones is challenging over time; (2) trying to upgrade the technical component, develop knowledge-based and eco-friendly new industries, or value-added to the economy through free economic zone policies is even challenging; and (3) incentives and other program-specific variables are highly context-specific and not structurally correlated with free economic zone performance. In addition, the paper shows that the initial conception of the role of free economic zones has undergone significant change as individual countries have tried to enhance the contributions and avoid damages from incorporating free economic zones into their development strategy respectively, over time.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.7
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• pp.41-52
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• 2022

This paper analyzes the advantages and opportunities of regional development prospects of the China (Anhui) Pilot Free Trade Zone. In addition, it provides suggestions for the future development of the Anhui Pilot Free Trade Zone. The establishment of the Anhui Pilot Free Trade Zone is a major platform for Anhui Province, China, to serve the nation's opening-up strategy to the world and an opportunity for the Anhui region to enhance the level of an open economy. The development plan points out that the Anhui Pilot Free Trade Zone 1) takes institutional innovation as the core, 2) complies with the requirements of the innovation-driven development and promotion of the Yangtze River Delta regional integration development strategy, and 3) plays a vital node role in promoting the construction of the Belt and Road Initiative, and 4) accelerates the construction of scientific and technological innovation sources, advanced manufacturing and strategic emerging industries. The findings of this study highlight three critical achievements as follows: 1) optimization and improvement of the business environment have progressed, 2) the conversion rate of scientific and technological innovation achievements has increased, and 3) advanced high-tech manufacturing and strategic emerging industries are clustered and developed.

• Journal of Korea Port Economic Association
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• v.39 no.4
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• pp.107-125
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• 2023

The pace of sustainability transition within the maritime industry has been accelerating. This shift primarily necessitates changes in the industry's heavy reliance on fossil fuel-driven ecosystems. Additionally, numerous sustainability laws and regulations, such as the EU's CBAM and IMO's EEXI, have been implemented. This transition is poised to amplify the competitive edge of firms equipped with greater resources, as it introduces substantial operational burdens due to expensive eco-friendly fuel adoption and regulatory compliance. To diverge from the traditional competitive landscape, this paper aims to explore innovative maritime finance models enabling domestic firms to gain competitive advantages on a global scale. Employing analogical reasoning and modeling as a research method, this paper demonstrates that maritime firms can leverage the sustainability transition by aligning sustainable maritime operations with ETS (Emission Trading Schemes). Expanding on this novel approach, the paper delves into potential connections between CCM (Compliance Carbon Market), VCM (Voluntary Carbon Market), and digital asset exchanges. This newly proposed digital/net-zero maritime ecosystem holds the potential to significantly impact the shipping, shipbuilding, and ship finance industries, positioning Busan as a sustainable maritime finance hub. This study holds significance as pioneering research that may stimulate subsequent case-based studies and offer strategic guidance to market participants and policymakers as the maritime industry moves towards a net-zero transition

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.693-702
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• 2020

The present study aims to investigate the impact of tourism growth on human development in Indian economy. For this purpose, the study uses annual data from 1980 to 2018 and utilizes two proxies for tourism growth - tourism receipt and tourist arrivals - and uses human development index calculated by UNDP. The study uses control variables such as government expenditure and trade openness. The study employs auto regressive distributed lag (ARDL) approach to investigate the cointegrating relationship among the variables in the model. Further, the study also explores the causal nexus between tourism sector and human development by using the Toda-Yamamoto Granger non-causality test. The result of ARDL bounds test reveals the existence of cointegrating relationship between human development indicators, government expenditure, trade openness, and tourism sector growth. The cointegating coefficient confirms a positive and significant relationship between tourism sector growth and human development in India. The causality result suggests that economic growth and tourism have a positive impact while trade openness has a negative impact on human development in India. The major findings of this study suggest that tourism plays an important role in the socio-economic development of Indian economy in recent years and the country must develop this sector to achieve sustainable development.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.177-184
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• 2020

This paper analyzes factors affecting corporate investment decisions in economic groups listed on the Vietnam stock market. The panel data of the research sample includes 39 economic groups listed on the Vietnam stock market from 2009 to 2019. The Generalized Least Square (GLS) is employed to address econometric issues and to improve the accuracy of the regression coefficients. In this research, the investment rate is a dependent variable. Cash-flow (CF), Investment opportunities (ROA), Fixed capital intensity (FCI), Leverage (LEV), Sales growth (GR), Size (SZ), Business risk (RISK) are independent variables in the study. The model results show that cash flow and sales growth have the same impact on investment decisions of economic groups in Vietnam. In addition, investment opportunities have a negative impact on the capital investment decisions of economic groups. The remaining factors include fixed capital intensity, leverage, firm size, and business risks that have a weak and insignificant impact on capital investment decisions of economic groups in Vietnam. The findings of this article are useful for business administrators, and helping business managers make the right financial decisions. Besides, the research results are also meaningful to money management agencies. The authors recommend that the State Bank of Vietnam should maintain a sustainable monetary policy.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.1041-1047
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• 2020

The intention of this paper is to give a better understanding about the implementation of sustainable manufacturing practice in the textile companies in Indonesia as one of the promising sectors in the manufacturing industry. The data was collected by taking a case study approach in one of the leading textile companies in Indonesia. Questionnaire and interview techniques were used to gather in-depth information about the implementation of a sustainable concept in the company. The result reveals that the extent of the implementation of Sustainable Manufacturing Practices (SMP) in the companies are at a level of moderate to high. From the three dimensions measured which are environment, economy, and social dimensions, the evaluation result shows good performance in terms of the implementation of sustainable concepts, like low level of gas emission, high percentage of renewable energy usage, cost reduction rate, high quality of life, etc. From this result, the authors then develop a sustainable manufacturing model in the wider coverage to be implemented not only in the textile industry but is expected to be implemented in manufacturing sectors as well. This model consists of at least seven basic archetypes which are divided into three dominant areas: technological innovation, economical, and social areas which aim to bring better performance in the manufacturing industry of Indonesia.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.3
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• pp.73-85
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• 2020

The study aims to provide better understanding of sustainable earnings by a comprehensive analysis of earnings persistence of business firms in Vietnam as an example of developing economies in South-East Asia. Dataset of 1,278 publicly listed firms (excluding banking and financial services firms) on Vietnam Stock Exchange for the period from 2008 to 2017 was collected. By applying fixed effect regression model, the empirical results provided the basis to measure the persistence index (Pers index) and find low level of their earnings persistence. The literature of earnings quality analysis in developed countries suggests earnings persistence as a noteworthy determinant of future earnings forecast and stock valuation. However, research of sustainable earnings in developing countries is still highly underdeveloped. For Vietnamese listed firms, the average Pers index was estimated for the period from 2008 to 2010, indicating low level of earnings persistence. We also incorporated earnings persistence level into future earnings forecast by running the quintile regression model divided the data into four equal levels and conducted each section independently to see the difference in each percentile, thence assessed the factors' influence on the specific model. The findings provide important information on the expected returns of firms, especially helping investors make sound decisions.

• The Journal of Asian Finance, Economics and Business
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• v.5 no.3
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• pp.143-155
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• 2018

The article compares economic and environmental performance of Taipei and Almaty from the point of view of "green" economy, which is able to act as a key tool to ensure sustainable development of the region. As the comparison of the parameters of ecological and economic development of the Taipei and Almaty cities shows, they are similar in population size, but demonstrate completely different trends of sustainable development. Economic performance of the Taipei city is achieved with a decrease in the consumption of natural resources and the production of pollution, while the situation in Almaty is the opposite. Almaty maintains a high level of air pollution due to the use of coal in electricity production, as well as increased traffic and density of construction, including the southern part of the city, which is a zone for the transit of mountain air flows. The article discusses the activities jointly conducted by the Government of Taiwan and non-governmental organizations on environmental issues, as well as environmental NGOs, which resulted in significant improvements in the environmental field. Measures to stimulate the development and implementation of environmental innovations applied in the field of sustainable development in the city of Taipei can be adapted for the city of Almaty, where the environmental situation deteriorates year by year.