• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.285-294
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• 2021

The most basic forces of stock market are supply and demand, which increases or decreases on the basis of information. The crucial point is that investor's perception is depending on the availability of information at a particular time. But it is very difficult to understand what they take from a piece of information, and the decision varies from person to person; hence, it is important to understand the behavior of investors in the stock market. In this context, this study is focusing on behavioral investor-type diagnosis testing among financial market players (FMPs) in Oman. The study conducted a review of behavioral types among stock market investors, and attempted to assess the influence of age and gender factors on investor bias. It classifies investor type biases according to the gender and age of respondents. This study employs primary data with a structured questionnaire distributed to an equal number of male and female stock market investors in Muscat Securities Market. The study used sample t-test, one-way ANOVA, CATPCA and ALSCAL to identify the significant difference among age, gender and experience of the respondents. The present study found that all of the investors are influenced by different cognitive biases and, moreover, it depends on investor's gender.

• 산경연구논집
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• 제13권1호
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• pp.1-9
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• 2022

Purpose: This study aims to find empirical evidence and clarity on the phenomenon of the direct and indirect effect of perceived behavioral control on fraud prevention through whistleblowing intention. This study also aims to understand the influence of organizational ethical culture moderating between whistleblowing intention and fraud prevention. Research design, data, methodology: The samples of this research are 236 respondents consisting of the Head of the Finance Subdivision and Head of the Reporting Planning Subdivision and the finance staff who were determined using the purposive sampling method. The data obtained were analyzed using the Structural Equation Modeling technique. Results: The study results show that perceived behavioral control positively and significantly affects whistleblowing intention. In addition, perceived behavioral control does not affect fraud prevention mediated by whistleblowing intention. Furthermore, organizational ethical culture moderates whistleblowing intention and has a positive and significant effect on fraud prevention. Conclusions: This study concludes that the phenomenon of scandal that often occurs on a television is not a habit that must be followed. It requires an active role from the community as a form of concern for whistleblowing. Futher researchers can add other construct variables, such as good corporate governance to assess the performance improvement of the organizational layers, both internally and externally

• 가정과삶의질연구
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• 제34권5호
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• pp.53-68
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• 2016

Financial preparation for retirement means making financial plans by predicting expected incomes and expenditures needed for maintaining success in later life. Because this preparation needs long-term planning, preparing as early as possible is recommended. This study, therefore, uses theory of planned behavior for examining the intention of financial preparation for retirement of consumers in their 20s and 30s. By using financial education and its understanding as additional variables, this study also intends to examine the ultimate effects on the intention. The following is a summary of the main results and suggestions. First, the level of consumer financial education is lower than the average. The level of understanding finance is lower than the average, and particularly, the level of understanding retirement related finance is much lower. Second, the more the attitude of financial preparation for retirement is positive, and the higher the level of subjective norm or perceived behavioral control is, the level of the intention of financial preparation for retirement tends to be more higher. Therefore, relevant efforts to encourage this preparation are needed. Third, the level of the intention of financial preparation for retirement is higher than the average, whereas financial education has no effects on the intention. This means that despite the importance of the financial education, its current implementation has many problems. The suggestions of this study are as follows. First of all, this study can provide preliminary data for developing retirement planning programs. In addition, in terms of the policy, given that this study targets relatively young consumers in their 20s and 30s, it can provide preliminary data for making policies for their future retirements.

• The Journal of Asian Finance, Economics and Business
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• 제5권4호
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• pp.45-56
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• 2018

The paper aims to examine relationships between search-based sentiment and stock market reactions in Vietnam. This study constructs an internet search-based measure of sentiment and examines its relationship with Vietnamese stock market returns. The sentiment index is derived from Google Trends' Search Volume Index of financial and economic terms that Vietnamese searched from January 2011 to June 2018. Consistent with prediction from sentiment theories, the study documents significant short-term reversals across three major stock indices. The difference from previous literature is that Vietnam stock market absorbs the contemporaneous decline slower while the subsequent rebound happens within a day. The results of the study suggest that the sentiment-induced effect is mainly driven by pessimism. On the other hand, optimistic investors seem to delay in taking their investment action until the market corrects. The study proposes a unified explanation for our findings based on the overreaction hypothesis of the bearish group and the strategic delay of the optimistic group. The findings of the study contribute to the behavioral finance strand that studies the role of sentiment in emerging financial markets, where noise traders and limits to arbitrage are more obvious. They also encourage the continuous application of search data to explore other investor behaviors in securities markets.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.55-65
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• 2020

The objective of this study is to investigate how investors in the Stock Exchange of Thailand practically trade in response to a magnitude of profits and losses, given a discussion of the widely well-known behavioral explanation, so called as the disposition effect. We provide empirical evidence of an existence of the V-shaped disposition effect, which has been recently found in several advanced equity markets. By adopting the methodology suggested by An's (2016) and Fama and Macbeth (1973), we document that stock return patterns in relation to aggregate unrealized gains and losses of investors are consistent with the V-shaped selling schedule, given an increase in unrealized gains and losses over the period of January 1996 to December 2015. The effect of unrealized gains is stronger than that of unrealized losses and this asymmetry underlies the existence of the V-shaped disposition effect in the Thai equity market. Interestingly, the effect of the V-shaped selling schedule is strongest over the short-term holding time horizon. Last but not the least, stocks for which investors have large unrealized gains and losses outperform in the following month and the long-short trading strategy, based on this premise, generates the average 1.7% monthly (equivalent to 20.0% per year) abnormal return.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.303-313
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• 2020

This study investigates the factors affecting Industry 4.0 adoption in the curriculum of university students in Ho Chi Minh City, Vietnam. Universities need to respond to the changing faces of Industry 4.0 and, hence, Education 4.0. A mixed method including both qualitative and quantitative methodologies was utilized. An in-depth interview was carried out for exploring, reviewing, and testing content validity of constructs and measurement items. The pilot study was conducted with 120 respondents. The conceptual model and hypotheses were developed using data collected by a questionnaire survey distributed to 584 respondents by both electronic and paper forms with non-probability and convenience sampling techniques. The result of structural equation modeling showed that occupation relevance, skills, facility conditions, and social influence impacted on the intermediates variables, namely, relevance advantage, perceived usefulness, behavioral intention-to-use, and actual use. The independent variables are occupation relevance, skills, facility conditions, and social influence. They impact actual use through mediating constructs such as relevance advantage, perceived usefulness, and behavioral intention-to-use. The findings suggest that universities and students' efforts aimed at increasing the factors' perceptions of adoption of Industry 4.0 will contribute to implementation success, where success is defined as effectual usage of Industry 4.0.

• Asia pacific journal of information systems
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• 제32권3호
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• pp.477-495
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• 2022

This paper proposes how to design and implement data-driven strategies by investigating how a firm can increase its value using data science. Drawing on prior studies on architectural innovation, a behavioral theory of the firm, and the knowledge-based view of the firm as well as the analysis of field observations, the paper shows how data science is abused in dealing with meso-level data while it is underused in using macro-level and alternative data to accomplish machine-human teaming and risk management. The implications help us understand why some firms are better at drawing value from intangibles such as data, data-science capabilities, and routines and how to evaluate such capabilities.

• The Journal of Asian Finance, Economics and Business
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• 제5권3호
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• pp.81-93
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• 2018

This study developed and tested the impact of hallyu 4.0, social media, and consumer ethnocentrism on the decision to purchase Korean products of Generation C in Vietnam. Both qualitative and quantitative methodologies were utilized in this study. Qualitative research was first carried out with in-depth interview, conducted to derive measurement items for the interested constructs. Quantitative research used cross-sectional field design by pilot study and official study. The model was tested and developed using data collected by questionnaires, from a sample of 575 respondents, by both electronic and paper surveys with non-probability and convenience sampling techniques. SPSS 20 and AMOS 20 software were employed to analyze the data. The results of structural equation modeling showed that hallyu 4.0, social media, and consumer ethnocentrism influenced the intermediates variables: subject norms, trust, attitude and behavioral intention and influenced purchase decision. The hallyu 4.0, social media, and consumer ethnocentrism are independent variables. They impact purchase decision through mediating variables such as trust, subjective norms, attitude and behavioral intention. Social media influences not only to trust but also to subjective norms. Subjective norms influence on purchase decision. This study also discovers an interesting fact that trust and attitude variables have an impact on behavioral intention and purchase decision.

• The Journal of Asian Finance, Economics and Business
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• 제8권9호
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• pp.341-349
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• 2021

This study is conducted to fill the research gap in proposing and testing the relationship between "Attitudes about the overall image of the destination", "Subjective norms" and "Perceived behavioral control". Simultaneously, we examine the relationship between these variables and tourists' "intent to choose a destination.". While most previous studies only deal with the relationship between destination image and intended behavior of tourists, this study uses the theory of planned behavior (Ajzen, 1991) to explain the intended behavior of tourists. In addition, the Theory of Destination Image (Echtner & Ritchie, 1991) is used to explain the factor "attitudes about the overall image of the destination", contribute to supplementing and perfecting the Theory of Planned Behavior. This study uses a Structural Equation Modeling (SEM) to analyze a sample of 993 observations, the subjects of which are international tourists to Vietnam, to test the relationship between second-order constructs. The test results show that "Subjective norms" and "Perceived behavioral control" have an impact on "Attitudes about the overall image of the destination". Moreover, all these three factors have an impact on "Intent to choose destination", in which the factor "Perceived behavioral control" has the greatest impact on "intention to choose destination".

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.845-853
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• 2021

The stock market shows the current health of an economy, and investment performance represents it. This study aims to clarify the relationship between financial behavior and investment decisions as well as its impact on investment results. Determine the influence of behavioral factors on individual investors' investment decisions and investment performance on the Vietnam stock market. The study surveyed 250 investors. The main analytical methods used are Exploratory Factor Analysis (EFA), Confirmatory Factor Analysis (CFA), and Structural Equation Modeling (SEM). Research results show that Heuristic, Prospect, Market, and Herding directly and positively affect investment decision-making. Besides, the above factors have a direct and positive effect on investment performance. In particular, the Prospect factor has the strongest influence on investment decision-making and investment performance. The major findings of this study suggested that the important role of Heuristic, Prospect, Market, and Herding on Investment Decision-making and Investment Performance. Prospect had the strongest impact on Investment decision-making (β = 0.275). Heuristic had the second strongest impact (β = 0.257), then Herding (β = 0.202), and finally Market (β = 0.189) had the weakest effect. Regarding Investment Performance, the Prospect factor has a higher degree of impact than Heuristic Herding and Market.