• The Journal of Asian Finance, Economics and Business
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• 제7권5호
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• pp.217-224
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• 2020

This study investigates the impact levels of determinants on the Balanced Scorecard application in evaluating the performance of tourism firms in Hanoi. The tourism industry not only promotes economic development, but also contributes to expanding cultural exchanges and improving people's knowledge. However, Vietnam's tourism industry is under fierce competitive pressure, with the participation of foreign enterprises, with large amount of capital, high professionalism and wide network. The rivalry is happening aggressively on many aspects such as products and human resources. Therefore, tourism firms are in urgent needs of having effective methods to evaluate its performance in order to improve business and development efficiency. This study uses data of tourism firms in Hanoi during 2018-2019. The data used for analysis and regression consists of 135 observations. We use Cronbach's Alpha, EFA and regression model to learn the effect of different variables on the Balanced scorecard application in evaluating the performance. The results show that two determinants, including internal factors of tourism firms (IF) and external factors of tourism firms (EF) had positive relationships with the Balanced scorecard application in evaluating the performance. Based on the findings, recommendations are given for improving the Balanced scorecard application in evaluating the performance of tourism firms in Hanoi.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.707-716
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• 2020

The study investigates the relationship between broad-scope management accounting information usage, market orientation, and the firm performance. This study employs a survey data of 149 top-level and mid-level managers working in Vietnamese tourism enterprises. To analyze research data, we employ SmartPLS 3 software. The analytical process include measurement model evaluation (evaluate the scale's validity and reliability) and structural model evaluation (test research hypotheses). The results reveal that broad-scope management accounting information usage has a positive direct effect on market orientation dimensions (include information generation, information dissemination, and responsiveness). Then, market orientation dimensions also have positive direct effects on the performance of Vietnamese tourism firms, excluding information dissemination. Moreover, this study also reveals that the market orientation dimensions mediate the relationship between broad-scope management accounting information usage and firm performance. The findings of this study suggest that tourism firms should pay more attention to the use of management accounting information in decision-making. With the increasingly fierce competition of the tourism firms today, capturing and meeting the needs of the market is a prerequisite to help firms enhance their competitiveness and improve their performance. To do that, Vietnamese tourism firms need to consider pursuing market orientation and enhancing broad-scope management accounting information usage.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.431-442
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• 2021

The purpose of this study is to identify the effect of seasonality on the tourism and hospitality industry in ArugamBay after the civil unrest across the different firms in tourism. This study uses both quantitative and qualitative analyses using primary data. Fifty questionnaires give valid responses that were used for analysis. Out of 80 questionnaires, the average response rate was 62.5%. An exploratory study, descriptive analysis, and an Independent Sample Test were used to identify the potentials of tourism, the overall impact of seasonality, and the impact of seasonality across different travel and tourism sector of the study area. According to the results, 83%, 75%, 68%, and 59.9% of firms agreed on the impact of seasonality on environment, workers, supply, and quality of services, respectively in ArugamBay. It also concluded that the impact of seasonality on workers, supply, and quality of services is not the same among all the categories of firms except environment. The variation in seasonality in the travel and tourism sector is because of the lack of regional planning considering the types of firms in the tourism sector. Also, insufficient resources and lack of consistent capacity between various firms in the sectors are also course variations because of the effect of seasonality.

• 한국병원경영학회지
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• 제23권3호
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• pp.39-51
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• 2018

The purpose of this study is to find out the relationship among self-efficacy, emotional labor, organizational commitment and job satisfaction of medical tourism employees. This survey was conducted from March 2 to March 31, 2018 and targeting medical tourism employees who work at hospitals, travel agencies, medical tourism agencies and consulting firms in Seoul. 282 questionnaires were analyzed using SPSS 12.0 and AMOS 18.0. The result of this study is as follows. First, self-efficacy positively influenced on emotional labor and organizational commitment. Second, self-efficacy positively influenced on all job satisfaction factors as like job itself satisfaction, salary/promotion satisfaction and relationship satisfaction. Third, deep acting factor of emotional labor positively influenced on job itself satisfaction and relationship satisfaction. Forth, job itself satisfaction and relationship satisfaction positively influenced on organizational commitment. These research findings can be summarized as follows. Medical tourism employees of hospitals, travel agencies, medical tourism agencies and consulting firms have to be supported greatly to improve their own job competency and job qualifications. Second, medical tourism organizations try to understand the real emotion of medical tourism employees when they are dealing with medical tourists. Third, medical tourism employees have to be recognized their job performance and provided suitable incentives for the results. The findings of this study provide practical implications about strategical human resource management of medical tourism agencies. Moreover, it will be useful for hospitals and government officials to establish a management framework in medical tourism industry.

• 통상정보연구
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• 제14권2호
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• pp.55-79
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• 2012

이 논문은 관계적 관점(a relational view)과 네트워크 관점에서 소유특유우위가 부족한 관광관련기업이 국제화 역량을 어떻게 보완하고 축적할 것인가 하는 의문에 답을 하고자 한다. 즉, 현재 국제화를 추진하는 과정에서 부족한 자원과 역량을 효과적인 네트워크를 구축하고 활용함으로써 보완할 수 있는 방안에 대해 설명하였다. 특히, 가칭 글로벌 코리안 관광네트워크(Global Korean Tourism Network)를 구축하고 발전시킴으로써 인바운드 국제화를 촉진시키는 방안에 대해 논의하였다. 이 네트워크를 통해 얻을 수 있는 이점을 요약하면 다음과 같다. 글로벌 코리안 관광네트워크는 (1) 글로벌 시장 진출에 도움이 되는 지식과 역량의 공유 기회 제공 (2) 지식과 정보의 교환에서 거래비용을 절감 (3) 전 세계에 분산된 기업과의 연계를 통해 새로운 아이디어를 획득하고, 상호보완적 자원의 결합을 통한 창의적인 지식 창출 (4) 인적자원의 국제적 교류를 촉진시켜 국제전문인력의 양성에 도움이 된다. 이러한 이점을 실현하기 위해서는 글로벌 코리안 관광네트워크를 성공적으로 구축하여야 한다. 이를 위해, 이 네트워크의 중심조직이 수행해야 할 핵심기능을 세 가지(참여유도와 지식공유 동기유발, 무임승차 제재와 규범 정립, 지식이전채널과 이전과정 관리)로 제시하였다. 다음으로 상호보완적이고 효과적인 네트워크의 성공요건을 제시한 후에 글로벌 코리안 관광네트워크가 이러한 요건을 얼마나 충족할 수 있는지에 대해 평가하였다. 마지막으로 글로벌 코리안 관관네트워크가 목표로 하는 성과를 달성하기 위한 효과적인 성공전략을 세 단계로 제시하였다. 첫 번째 단계는 네트워크를 구축하여 강한 연계를 가진 밀집된 네트워크를 구성하는 것이며, 두 번째 단계는 관광네트워크의 관계적 렌트를 창출하는 단계이다. 세 번째 단계는 네트워크 참여기업이 관계적 렌트를 누림으로써 개별 기업의 성과를 높이는 단계로 (1) 새로운 관광서비스의 개발 (2) 인바운드 국제화역량의 축적 (3) 아웃바운드 국제화 역량의 개발이 이루어지는 단계이다.

• The Journal of Asian Finance, Economics and Business
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• 제8권4호
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• pp.317-328
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• 2021

This study aims to determine the factors that affect dividends initiation by initial public offering firms in Malaysia. The ownership structure is examined from a corporate governance theoretical perspective in order to evaluate the impacts of managerial, institutional, and family ownership on the dividend's initiation decision of IPO firms. This study employs a quantitative pooled cross-section of 372 Malaysian IPO companies active during the period of 2002-2013. The number of firms that went public each year varies, thus the pooled cross-section data takes place in this case rather than the panel data. The logistic model was employed to test the proposed hypotheses. The results revealed that the presence of institutional investors in the ownership structure make it more likely for IPO firms to initiate dividends. On the contrary, the presence of a family ownership structure in IPO companies as the controlling shareholder makes these companies less probable to initiate dividends. Managerial ownership was found to have no effect on the decision of initiating dividends by IPO firms. The findings of this study suggest that the existence of institutional and family ownerships are agency cost mitigators, as these ownership types could prompt IPOs firms to initiate dividends to overcome the agency conflicts.

• 국제지역연구
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• 제15권1호
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• pp.135-169
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• 2011

본 논문은 한국 관광기업의 경쟁우위요인이 과연 해당기업들의 경영성과에 어떠한 영향을 미치는 가에 대한 실증연구이다. 즉, 한국의 수도권 및 경남권에서 경영활동을 수행하고 있는 관광기업들의 기본적인 현황과 문제점을 파악하고, 이어 FTA환경이라는 기회와 위협의 요인을 어떻게 적응하여 경쟁우위를 강화시키며 그들 자신의 경영성과를 제고할 것인가에 대한 연구인 것이다. 한국 관광기업의 경쟁우위는 일반적으로 중요하게 인식되고 있는 마케팅, 제품개발, 서비스 공급, 재무, 그리고 조직문화 등의 요인 등으로 분류하였으며 이들의 요인들이 경영성과에 미치는 영향력을 살펴보기로 한다. 종속변수인 경영성과는 매출, 이윤, 경영만족도로 분류하였다. 이들 간의 원인 관계를 실증적으로 분석하기 위해 구조방정식모델링 기법을 사용하였다. 분석 절차를 요약하면, 선행연구를 통해 문헌분석을 실행하고 이를 토대로 연구가설을 설립한 후 이를 검증하기 위한 실증분석을 실시하는 것이다. SPSS를 이용하여 상관분석, 신뢰성과 타당성 분석을 실행하였고, 가설검정을 위한 최종 추리통계분석인 구조 방정식 모델링을 통한 경로분석은 AMOS 통계프로그램을 활용하였다. 분석결과, 경영성과 변수들인 매출, 이윤과 경영만족도에 영향을 미치는 경쟁우위요인들은 다양하게 나타났으며 공통적으로 영향을 미치는 요인은 마케팅인 것으로 확인되었다.

• The Journal of Asian Finance, Economics and Business
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• 제8권11호
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• pp.213-221
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• 2021

The paper attempts to investigate the optimal capital structure of Vietnamese listed firms based on a structural approach. Using the data from around 70 companies in the Consumer Staples sector listed on the Vietnamese Stock Exchange during the period 2018-2020, this study finds that the optimal capital structure of examined companies has a wide range of diversification. This can be explained by the various types of actual products for each typical firm within the chosen sector. The result also confirms that a large proportion of researched firms were actually overleveraged, which is consistent with the trade-off hypothesis that firms wish to take tax advantages while using more debt, which creates the benefits from tax-shield. Furthermore, the research highlights the reversed correlation, which suggests that the lower the company's risk (the lower the sigma of the assets), the greater the optimal capital structure is suggested. Another interesting finding is that almost all consumer staples companies have a better optimal capital structure under the Leland and Toft (1996) model than under the Leland (1994) model. Furthermore, there is a strong correlation of optimal financial leverage ratio between years. In other words, the optimal debt levels of the latter year are strongly dependent on the gearing levels of the previous years.

• 한국프랜차이즈경영연구
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• 제13권4호
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• pp.39-48
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• 2022

Purpose: COVID-19 has negatively influenced the financial performance of restaurant firms. Previous literature suggests that the franchising strategy effectively helps restaurant firms recover from difficult business conditions through various methods for expanding business size and enhancing business efficiency. According to risk-sharing theory, restaurant franchisors may minimize operational risks by sharing the risks with their franchisees. For instance, restaurant franchisors could generate more stable cash flow using franchise fees from their franchisees. However, research on the effect of franchise's risk reduction factor on business performance during pandemic is scarce. Thus, this study aims to examine the positive moderating effect of franchising between COVID-19 and restaurants' financial performance. Research design, data, and methodology: Panel data including financial information and franchising status of restaurant firms were collected for analysis. In order to control for unobserved firm-specific factors, generalized least squared estimation in fixed effects model was conducted. Huber-White robust standard errors were used to deal with heteroscedasticity issues. Results: It was found that COVID-19 pandemic has a negative effect on the restaurants' financial performance such as ROA (return on assets), ROE (return on equity), and PM (profit margins), which confirms the findings from existing literature. More importantly, results show that the degree of franchising has a positive moderating effect on the relationship between COVID-19 and financial performance of restaurant firms. This suggests that more active engagement in franchising may decrease negative impacts of COVID-19 on the restaurants' financial performance. Conclusions: The study supports existing literature related to risk-sharing theory, by confirming that pandemics, such as COVID-19, negatively affect financial performance of the restaurants. Furthermore, it was found that franchising strategy can help lessen negative impacts of pandemics on the firm performance. These findings can contribute to the franchise and restaurant management literature by suggesting the role of franchising in reducing business risks, thereby positively affecting financial performance. Moreover, this study offers business managers of franchisors and franchisees insights for utilizing franchising in restaurant risk management. Policymakers may also gain information on aiding restaurant firms during global crisis, such as COVID-19.

• 국제지역연구
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• 제14권1호
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• pp.221-254
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• 2010

본 논문은 FTA 체결을 통한 한국 관광산업에 대한 경제적 효과가 한국 관광기업의 경영성과에 어떠한 영향을 미치는 가에 대한 실증연구이다. 즉, 한국의 수도권 및 경남권에서 경영활동을 수행하고 있는 관광기업들의 기본적인 현황과 문제점을 파악하고, 이어 FTA환경이라는 기회와 위협의 요인을 어떻게 적응하여 경영성과를 제고할 것인가에 대한 연구인 것이다. 즉, FTA 환경에 대한 이해/준비를 체계화하고 영향력을 구체적으로 분석하기 위해 FtA의 경제적 효과를 직접과 간접으로 분류하여 경영성과에 미치는 영향력을 살펴본다. 직접효과는 다시 Inbound와 Outbound 효과로 세분하였다. 종속변수인 경영성과는 매출, 이윤, 경영만족도로 분류하였으며, 독립변수인 Inbound 효과는 외국 관광소비자의 한국 방문 증대 가능성, Outbound 효과는 국내 관광소비자의 외국 방문의 증대 가능성을 의미한다. 간접효과는 직접효과 이외의 경제적 효과를 뜻하는 것이다. 이들 변수 간의 원인 관계를 실증적으로 분석하기 위해 최종적으로 구조방정식모델링 기법을 사용하였다. 실증분석은 SPSS 12.0 for windows 를 이용하여 상관분석, 신뢰성과 타당성 분석을 실행하였고, 가설검정을 위한 최종 추리통계분석인 구조 방정식 모델링을 통한 경로분석은 AMOS 11.0 for windows 통계프로그램을 활용하였다.