• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.1
• /
• pp.813-821
• /
• 2021

The relationship between capital structure policy and firm value is interesting to study because the concept of capital structure was initiated by Modigliani and Miller who claimed that the company's capital structure is not a factor in its value. They asserted that linking leverage with firm value was irrelevant. Therefore, this study examined the role of growth opportunities as a moderating variable for the relationship between capital structure and firm value. The population of this study is 300 companies from the manufacturing sector that are listed on the Indonesia Stock Exchange (IDX) for the period 2015-2018. To analyze the data, the subgroup moderation method was employed by dividing the data into two parts: companies with high growth opportunities and companies with low growth opportunities. The results revealed that capital structure had a direct positive effect on firm value. Furthermore, the test results of the two regression models of growth opportunities as the moderating variable are very interesting. It was found that for companies with high growth opportunities, the use of debt had a negative effect on firm value, and conversely, the use of debt had a positive effect on firm value for companies with low growth opportunities. The statistical F-test results proved that growth opportunities are a moderating variable for the relationship between capital structure and firm value.

• The Korean Journal of Financial Management
• /
• v.27 no.2
• /
• pp.115-144
• /
• 2010

This study aims to empirically verify that the effect of investor protection on risk taking may differ according to growth opportunities. Furthermore, this paper intends to verify the hypothesis that the impact of risk taking upon corporate value will also be influenced by growth opportunities. The results of the analysis show that firms with high growth opportunities demonstrate greater risk taking as investor protection gets stronger while the degree of investor protection has little or no impact on their risk taking in case of firms suffering a lack of growth opportunities. In addition, risk taking has a statistically significant positive impact on improving corporate value for firms with sufficient growth opportunities, in contrast the impact is little or none when firms lack growth opportunities.

• The Korean Journal of Financial Management
• /
• v.24 no.1
• /
• pp.29-58
• /
• 2007

We develop a model to estimate the value of growth opportunities, which is based on the seminal papers of M&M(1961, 1963) and Lee(2006). Making use of the estimation model, we estimate a new proxy variable of the growth opportunities, other than the usual proxy variables such as quasi Tobin's Q, MBR, and so on. The new proxy variable of growth opportunities can represent a necessary condition to identify whether the increase in new investments are successful or not. The empirical findings on the growth opportunities during the IMF currency crisis period and the post-IMF period are as follows; First, the overall success rate of new investments is as low as 50%, that means only half of the listed firms were increasing new investments when they had the growth opportunities. Second, during the crisis, one third of the listed firms were experiencing negative growth opportunities. However, during the post-IMF period, the growth opportunities on new investments were turned to be positive due to the turnaround efforts of listed firms. Third, the value of intangible assets, which are resulting from the investment of R&D and human capital, are becoming more important than ever. It seems to be true that larger portions of the value of growth opportunities are coming from the intangible assets, not from the increases in new investments of the physical assets.

• The Korean Journal of Financial Management
• /
• v.24 no.2
• /
• pp.1-40
• /
• 2007

We test a model of investment-cashflow-growth opportunities relationship in order to estimate the sensitivities to investments. In this study, we use a new proxy variable for the value of growth opportunities(hereafter "VGO"), which is based on the seminal papers of M&M(1958:1961:1963) and Lee(2006;2007). The empirical findings on the sensitivities of cashflow and growth opportunities are as follows. First, when the traditional proxy variables for the growth opportunities such as Tobin's Q, MBR and sales growth are included with the new proxy VGO in the estimation, their coefficients are turned out to be insignificant. Second, only the new proxy variable VGO shows a statistically significant positive sensitibity to investment, which can be regarded that the growth opportunities hold the positive influences to investments. Third, the Tobin's Q can be decomposed into three factors such as the value of growth opportunities(VGO), the value of asset-in-place and valuation errors. It turns out that only the VGO shows a statistically significant positive relationship with investment among others. This means that the new variable VGO is a good proxy variable for the growth opportunities in the investment-cashflow sensitivity analysis. In sum, thanks to the above findings in this study, we can say that it will not be proper to choose a proxy variable for the growth opportunities from the traditional set of proxies such as Tobin's Q, MBR, or sales growth rate.

• Asian-Australasian Journal of Animal Sciences
• /
• v.31 no.7
• /
• pp.992-1006
• /
• 2018

Beef production extends over almost half of Australia, with about 47,000 cattle producers that contribute about 20% ($A12.7 billion gross value of production) of the total value of farm production in Australia. Australia is one of the world's most efficient producers of cattle and was the world's third largest beef exporter in 2016. The Australian beef industry had 25 million head of cattle in 2016-17, with a national beef breeding herd of 11.5 million head. Australian beef production includes pasture-based cow-calf systems, a backgrounding or grow-out period on pasture, and feedlot or pasture finishing. Feedlot finishing has assumed more importance in recent years to assure the eating quality of beef entering the relatively small Australian domestic market, and to enhance the supply of higher value beef for export markets. Maintenance of Australia's preferred status as a quality assured supplier of high value beef produced under environmentally sustainable systems from 'disease-free' cattle is of highest importance. Stringent livestock and meat quality regulations and quality assurance systems, and productivity growth and efficiency across the supply chain to ensure price competiveness, are crucial for continued export market growth in the face of increasing competition. Major industry issues, that also represent research, development and adoption priorities and opportunities for the Australian beef industry have been captured within exhaustive strategic planning processes by the red meat and beef industries. At the broadest level, these issues include consumer and industry support, market growth and diversification, supply chain efficiency, productivity and profitability, environmental sustainability, and animal health and welfare. This review provides an overview of the Australian beef industry including current market trends and future prospects, and major issues and opportunities for the continued growth, development and profitability of the industry.

• Asia-Pacific Journal of Business
• /
• v.4 no.1
• /
• pp.25-30
• /
• 2013

Today a consumer is confused and he looks only for values in relation to the prices spent by him/her in the buying process. He/She relates value in terms product pricing, brand value, his experiences etc. This therefore gives a vast scope for organized retailing that can make products available as per the aspirations of the consumer. For these organized retailers, Shopping Malls are acting as a catalyst and helping them to enhance their growth all over the country. They are providing them the required infrastructure and also helping them to achieve a faster growth. The present study is therefore done visualizing the opportunities available in the Indian market and the issues faced by the mushrooming of Malls in Indian metropolitan cities making their survival difficult due to cut-throat competition. This is also resulting in poor occupation and is not able to find neither the right rentals nor the footfalls.

• International Journal of Advanced Culture Technology
• /
• v.12 no.1
• /
• pp.175-181
• /
• 2024

The paper examines the impact of digital media art on urban creative products, analyzing opportunities and challenges in the digital era. It emphasizes the development of urban cultural and creative products, highlighting their significance and future growth potential. The digital media era provides unprecedented innovation opportunities, utilizing advanced tools for efficient design, production, and marketing. Trends like personalization, customization, AI, and big data offer new expressions and market prospects. Cultural products evolve in design, marketing, and sales channels due to digital media, with tools like social media and e-commerce platforms opening new promotion avenues. Case studies illustrate digital media's role in driving innovation and enhancing user experiences. The paper addresses challenges in market competition, copyright, and technological renewal, while recognizing opportunities from AI and big data. The creative industries must adapt and innovate to remain relevant. Looking ahead, urban creative products will evolve under digitalization, relying on digital means to attract consumers and enhance brand value. Cultural products, beyond economic entities, disseminate urban culture and creative spirit. In the digital era, urban creative products demonstrate potential and necessity, prompting a reevaluation of digital technology's role. Through continuous innovation, this field contributes to cultural and economic levels, impacting urban characteristics and heritage. Urban creative products play an increasingly vital role in the global cultural and creative economy.

• International journal of advanced smart convergence
• /
• v.13 no.2
• /
• pp.249-257
• /
• 2024

As the main driver of economic growth and employment, the agricultural sector plays an important role in Vietnam's economy. However, in recent years, the sector has faced new challenges and also presented new investment opportunities to stimulate agricultural growth. Many Vietnamese agricultural producers currently lack the modern technology and decision support tools needed to maintain and improve productivity in a rapidly changing environment. Other stakeholders in the agricultural value chain, such as input suppliers, distributors, and consumers, also face significant challenges, including disrupted value chains, transportation costs. The cost of transporting goods across the supply chain continues to increase and information exchange remains fragmented. A potential solution to address these challenges is the application of digital transformation in agricultural supply chains. Farmers and other value chain participants can improve the production of their goods and procedures by utilizing new and cutting-edge technologies that are integrated into a unified system as part of the digital transformation of agricultural supply chains. In this study, we evaluate the current status of digital transformation in the supply chain of the agriculture industry by finding and examining pertinent publications from key agencies as well as prior research. From there, in the framework of the digital economy, this study suggests a digital transformation roadmap for the agricultural supply chain.

• Journal of Family Resource Management and Policy Review
• /
• v.15 no.4
• /
• pp.1-17
• /
• 2011

The purpose of this study is to analyze the correlation between the perspectives of Green Growth and Healthy Families, and to suggest an expansive paradigm for the study on Healthy Families in the context of Home Economics. From the perspective of Green Growth, the sustainability for future generations, the ecological value, and the foundation of the community network were searched as the key points. So, from the key points, and in the context of Healthy Families, two strategies were suggested: First, the care services in the Center for Healthy Families have to be extended to give more opportunities to the users and the various demands for the care services can be satisfied. Secondly, the exchange of services has to be more activate in the local community so that our society itself can become a completely family-friendly society. Moreover, this study suggested a mission of Home Economics, that the study for family policy, the development of related programs, and the education of professionals for the Center for Healthy Families can be more connected with the perspectives of Green Growth, especially the focus on family, its ecological living patterns and the detailed attitudes needed to balance between industry, the economy, and family in the context of Green Growth.

• Journal of the Korean Wood Science and Technology
• /
• v.51 no.3
• /
• pp.222-237
• /
• 2023

Eucalyptus pellita is one of the fast-growing tree species and has become predominant in Indonesian forest plantations. Meanwhile, tree breeding programs with clone development are the best way to provide greater genetic advantages. A better understanding of genetic control on growth and basic density in E. pellita is important for increasing wood productivity and quality. In this study, growth characteristics (tree height, diameter, and volume), basic density and its genetic parameters (heritability, genetic gain and genetic correlation) were determined. The number of clones tested in both trials was 50, divided into 5 blocks, and 5 trees/plot. The results showed that there were significant differences in growth and basic density among clones. There was an interaction between genetics and the environment further indicating the existence of unstable clones. The high heritability was found in tree height (0.82-0.86), diameter (0.82-0.90), and basic density (0.91-0.93). This implies that E. pellita has good opportunities for genetic improvement to increase wood productivity and quality. In addition, the results of genetic correlations among growth characteristics (height, diameter, and volume) and basic density showed positive moderate to highly significant value. It is suggested that these characters may be used to the advantage of the breeder for bringing improvement in these traits simultaneously. Therefore, this study provides important information of the genetic improvement of wood quality in E. pellita in Indonesia.