• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.1371-1383
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• 2021

The study aims to investigate the organizational commitment and loyalty among millennial generation employees in Integrated Islamic Schools. The study gathered information and data from three different Islamic education institutions in Central Java, Indonesia. A total of 261 responses gathered using an online questionnaire distributed among millennial generation employees on each institution. The result then analyzed using confirmatory factor analysis with the help of SPSS and SEM AMOS. From the analysis, it is found that employee trust and satisfaction strongly impacted employee organizational commitment, and employee organizational commitment strongly impacted employee loyalty, both attitudinal and behavioral. Test for model robustness was also conducted accordingly within suggestions from the previous research, resulted in quite different findings especially in continuance commitment variable. This study pointed out the importance of trust and satisfaction to maintain the millennials employee, and the importance of millennial understanding especially in the education sector. This study provides the reference for future organizational commitment and loyalty study among the millennial generation especially in a growing nation like Indonesia and pointed out the importance of the generational study on organizational behavior topics.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.7
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• pp.67-78
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• 2021

The COVID-19 pandemic sweeping the world has rendered a large proportion of the workforce unable to commute to work, to mitigate the spread of the virus. This has resulted in both employers and employees seeking alternative work arrangements. Due to the pandemic, most if not all workers experienced work from home Hence work from home has become a policy priority for most governments. Individuals have started to change their behavior to stick to the curfew and rapidly conform to the new way of life. This study is conducted to understand how organizations and people adjust to these developments and challenges. Numerous organizations are changing to the online method of working because of the COVID-19. Because of the continuous adoption of a specific behavior after the COVID-19 pandemic situation ended, employees were expected to continue working from home. To investigate deep into the behavioral consequences of such a pandemic situation, in-depth interviews were conducted in several companies in Saudi Arabia. This study was conducted by extending the Theory of Planned Behavior (TPB) and the theory of reasoned action (TRA) to explore and assess the various factors that determine the continuous adoption intention of work-from-home by the Saudis. The finding shows that the employees' positive attitude, subjective norms, and self-efficacy affect the employees' intention to adopt work from home. The continuous adoption of work from home has been affected by employees' relevant intention and controllability.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.2
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• pp.281-288
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• 2021

The purpose of the study is to determine the poverty and distributional effects of the implementation of Tax Reform for Acceleration and Inclusion Law. The Computable General Equilibrium-Top Down Behavioral Microsimulation was used to obtain the effects of the tax reform on macroeconomic and microeconomic levels. Moreover, the Poverty Gap Index, Squared Poverty Gap Index, Foster, Greer, and Thorbecke Measures of Poverty, and Sen-Shorrocks-Thon Index were used to measure the poverty effect of the tax reform. Meanwhile, the Gini Coefficient and SST Gini Coefficient Index were used to measure the distributional effect of the tax reform. The results show that the implementation of the tax reform has resulted in a significant increase in household income and disposable income. Region IV has the highest estimated increase in household income. Meanwhile, Region IV remained to have the lowest household income. Further, the findings of this study suggest that the tax reform resulted in a significant decrease in the magnitude of poor and the number of poor in the Philippines. However, the result of the study also suggests that the effect of tax reform manifests no differences in terms of the poverty gap measured through the Foster, Greer, and Thorbecke poverty index due.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.6
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• pp.331-341
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• 2022

Through emotional exhaustion, this study empirically tests followers' behavioral responses to autocratic leaders. The current research focuses on effects caused by despotic leadership on followers' emotional exhaustion, which leads to employee outcomes such as interpersonal deviances and indirect aggression. The association between despotic leadership and results (employee interpersonal deviance and indirect violence) is investigated in this study. In this study, emotional exhaustion is used as a mediator. Furthermore, negative affectivity is used as a moderator between despotic leadership and emotional exhaustion. A time-lagged framework is employed with a sample of 255 respondents. Age, qualification, marital status, gender, grade, type of organization, department, and job experience are among the eight demographical questions in this study. After evaluating the data for normality, correlation analysis was performed, followed by moderation and mediation analysis. The current study explores the link between despotic leadership and emotional exhaustion among followers, arguing that a despotic leader will leave followers exhausted at work. Emotional exhaustion was also linked to interpersonal deviances, such as indirect aggression, in a significant and positive way. Employee outcomes, such as interpersonal deviances and indirect aggressiveness through emotional exhaustion, will be influenced by a despotic leader, according to the findings.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.4
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• pp.109-120
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• 2022

This study has incorporated the mechanics-dynamics-emotions (MDE) and two behavioral learning paths to investigate the customers' co-creation behavior in Taiwan. The intuitive path begins with a gamification design that reflects the customers' proactive and innovative behavior; the cognitive path begins with persuasion knowledge remarks based on rational and reactive reasoning. These two paths conclude what forms user co-creation. The study collects data of 505 active social media users in Taiwan and employs structural equation modeling. The empirical findings demonstrate persuasive knowledge and gamification design are significantly associated with self-reference, and in turn, positively associated with co-creation. It indicates that cognitive behavior plays the main role in forming co-creation. Participants are more drawn to co-creation behaviors by the marketing contents that prompt reactive behaviors than proactive ones. Therefore, marketing managers can use appropriate stimuli to enhance co-creation behavior. Companies can design activities related to users, and more accessible for reactive, instead of proactive behavior, i.e., asking for their initiatives. It also suggests that companies' marketing campaigns should involve key opinion leaders matching the product image and the target audience's preferences. The novelty of this study is to introduce a novel augmented MDE framework to extend the "dynamics" into the incubation and implementation stage.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.9
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• pp.301-311
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• 2021

Most leadership styles are generally designed to enhance the cognitive and behavioral skills of leaders with the implicit assumption that this would ultimately translate into high performance. As we are moving towards Industry 4.0, organizations must employ leadership styles that will help the organization succeed. Thus, the objective of this paper is to confirm the determinant factors for Fourth Industrial Revolution (4IR) leadership attributes in Malaysian manufacturing companies. Stratified sampling was used to select the sample. Data was collected using the online survey method, where the response rate was 43 percent. The respondents consisted of respondents aged from 31-40 years old, with 69 respondents. In terms of race, the highest number of respondents are the Malays. Questionnaires were distributed to middle and top-level managers from manufacturing companies which were listed in the Federation of Malaysian Manufacturers (FMM). Confirmatory Factor Analysis (CFA) was used to confirm the reliability and validity of the construct. Based on the analysis, 66 items could be used to measure the 4IR leadership attributes. The validation of 4IR leadership can also provide predictive implications on improving leaders' performance, given the different attributes confirmed by the findings.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.5
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• pp.421-429
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• 2022

Entrepreneurship research has focused on several factors that might affect the intention of an individual to start an enterprise. Using principles from social network theory and the entrepreneurial intention model (EI), the current research intends to investigate how social capital is formed on Social Networking Sites (SNS) and how the resulting social capital influences entrepreneurial intention. Using an online survey, 151 valid responses were received from university students. Applying partial least square structural equation modeling, positive and significant relationship was found between the SNS usage and bonding and bridging social capital. Further, it was also found that online-bonding social capital does not impact any of the three antecedents of entrepreneurial intention. On the other hand, online-bridging social capital significantly influences personal attitudes and subjective norms. It was also found that both personal attitude and perceived behavioral control significantly relate to EI, while the subjective norms do not relate significantly to EI. The paper contributes to the literature on technology-based human behavior and entrepreneurship in emerging countries, opening some areas for future research, while also providing some managerial insights. It also should be beneficial to educational institutions in understanding how the use of SNS use by students may be optimized.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.1
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• pp.373-385
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• 2022

Due to the lack of information, medical tourists are regarded to be at high risk. Prior medical tourism research has found that various types of perceived risks have a significant impact on medical tourists' purchase behavior. Even though medical tourism is predicted to increase, there is a lack of behavioral research to explain how perceived risks affect medical tourists' purchase behavior. In the context of Korean medical tourism, this study attempts to evaluate the effects of multi-level (macro, organizational, and personal) factors on medical tourists' perceived risks and purchase intentions. A conceptual model and hypotheses were built and empirically validated to investigate links between multi-level characteristics, perceived risks, and purchasing intentions. The data for this study was collected from Chinese tourists using a questionnaire. The impact of cognitive country image, affective country image, and medical service quality on fundamental risk is confirmed by statistical testing. Surprisingly, expectancy discrepancy risk is influenced only by cognitive country image and information search capabilities. Both fundamental and expectation discrepancy risks lower medical tourists' purchase intentions. The findings of this study show that a multi-level strategy is required to investigate the links between perceived risks and medical tourism purchasing intentions based on macro, organizational, and personal factors.

• The Journal of the Korea Contents Association
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• v.21 no.11
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• pp.320-332
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• 2021

This paper investigates the influence of stock-level left-tail risk, which is defined using Value-at-Risk(VaR) estimates of past one-year daily stock returns, in the expected stock returns in the Korean stock market. Our results are summarized as follows: First, monthly-constructed zero-cost portfolios that buy (shortsell) the highest (lowest) left-tail risk decile in the previous month exhibit an average monthly return (called left-tail risk premium) of -2.29%. Second, Fama-MacBeth cross-sectional regressions suggest that left-tail risk in the previous month shows significant and negative explanatory power over return in this month, after controlling for various firm characteristics such as firm size, B/M, market beta, liquidity, maximum daily return, idiosyncratic volatility, and skewness. Third, the stocks with larger recent month loss have lower returns in the next month. Fourth, the magnitude of left-tail risk premium is negatively related with lagged market-level volatility. These results support the hypothesis from a perspective of behavioral finance that the overpricing of stocks with left-tail risk is attributed to the investors' underreaction to it.

• Journal of Digital Convergence
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• v.15 no.11
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• pp.107-112
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• 2017

This paper performed an experimental study to test the validity of the prospect theory proposed by Tversky and Kahneman as an alternative to the expected utility theory. 115 college students attended the hypothetical games to choose one of two lotteries, one is safe option while the other one is risky. The risky options were set up to have low, medium or high probability of payoffs or losses. The amount of payoffs and losses of the lotteries was either large or small. Maximum likelihood estimation of the hypothetical games have shown that in case of high probability of positive payoffs the respondents were risk averse and when the probability of positive payoffs were small the respondents were risk loving. when the possibility of loss is high they were risk loving, while the probability is of loss is low the respondents were found to be risk averse. When the probability of risky options were medium the results were significant statistically in case of only losses. The amount of positive payoff or losses does not affect the results. Overall the results of this experiments support the prospect theory more than those of Laury & Holts (2008).