• The Journal of Asian Finance, Economics and Business
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• 제7권6호
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• pp.29-37
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• 2020

This research seeks to determine the influence of investment opportunity set (IOS); profitability (Return on Assets - ROA), liquidity, business risk and firm size on debt policy. We used 42 manufacturing companies registered on the Indonesian Stock Exchange (Bursa Efek Indonesia) as object research. We used purposive sampling method to determined samples, consider the period observation from 2012 to 2016, and produce 168 units analysis. Data analysis uses the multiple regressions with the SPSS tools. The results of the study found that companies' debt policies in Indonesia are negatively affected by the liquidity. Investment opportunity set (IOS) has negative effect on debt policy. Meanwhile, ROA, Return on Invested Capital (ROIC), and firm size of a company has no impact on debt policy. These findings indicate that Indonesian manufacture companies do not see the high investment opportunity set and profitability as a policy basis for increasing debt. Moreover, the high profitability also does not cause companies to increase their debt ratio. Our study indicates that Indonesian manufacture companies use internal funds to fund their investment. This finding is a concern for creditors, as they can now see the ability of the companies, and especially their performance, in determining their credit policies.

• 통상정보연구
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• 제12권1호
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• pp.75-95
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• 2010

This paper examined the factors affecting the implementation of information technology in Korean Global Logistics Companies. Nowadays, the spread of electronic commerce using internet demands a large changes doing business with company to company and give that company a change to recognize logistics. To support logistics activity, all kinds of companies are using the computer and are recognized that the efficient using of Cyber Logistics Information will mainly play a roll to strength the companies competition power. We gathered detailed data on our sample companies mainly from publicly available sources : Korea International Freight Forwarder Association (KIFFA), and companies' web sites. A structured questionnaire was used to collect information about: (1) the company (2) To investigate the factors of the three contexts described above on korean Global Logistics companies's electronic trade adoption and implementation. (3) Usage level of electronic logistics. Most of the approximately 70 questions enumerated in the questionnaire were open-ended, which was consistent with our primary objective of developing a conceptual framework that was informed by empirical evidence. This study suggests that top management support and influential power are main factors for the Korean Global Logistics Companies.

• 한국의류산업학회지
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• 제13권6호
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• pp.888-899
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• 2011

Fashion companies make use of diverse strategies to have a competitive edge as there is a growing fierce competition. According to earlier studies, consumers prefer the products and services of companies that direct their energy into CSR activities if there's little disparity in quality of products and services among the companies. The way consumers look at the CSR activities of businesses is very important for the companies since it is linked to their evaluation and image of the companies and indulgencies on their word-of-mouth, purchase and loyalty. It's not quite advisable for fashion companies to make an investment in CSR activities without any specific plans or conviction of the effectiveness of the activities. Actually, lots of domestic companies fail to success their CSR activities, despite of their hard efforts. This study was to examine the appropriateness of corporate CSR activities, the attitude of customers to companies and their intention of recommendation and purchase in detail, and to provide some information on strategy setting for the CSR activities of fashion businesses.

• The Journal of Asian Finance, Economics and Business
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• 제7권9호
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• pp.293-304
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• 2020

The study reveals the extent of changes in selective financial numbers caused by fixed asset revaluation (FAR) and explores whether there was a management motive for playing the financial numbers game through using the FAR model. The data set consists of a sample of 142 listed companies purposively selected from 13 industries. The study found a significant impact of FAR on the net asset value (NAV), fixed asset intensity (FAI), and debt-to-equity ratio (DER). These findings are supported by the political cost and the debt covenant hypotheses. The study also observed a high growth of fixed assets by 9.5% to 14,603.8% resulting from FAR. More revealing is that FAR increased NAV in revaluer companies by an average of 427.20% as compared to 6.86% in non-revaluer companies. Even some companies with negative NAV took resort on FAR to show positive NAV. Besides, revaluer companies managed to reduce their DER by 70.45% as opposed to an increase of 8.45% in non-revaluer companies. Hence, the study concludes that most of the publicly-listed companies are involved in financial numbers game by the use of the FAR model. To build confidence among investors, companies should practice FAR rightly and disclose related information to help reduce information asymmetry.

• Asian Journal of Business Environment
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• 제10권4호
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• pp.5-13
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• 2020

Purpose: The purpose of this paper is to empirically investigate the relationship between government subsidies and research and development (R&D) investment of animal husbandry companies in China. The moderating effects of firm size, debt ratio, and firm profitability on this relationship are also examined. Research design, data and methodology: The analysis is based on 14 animal husbandry companies listed on the Shanghai and Shenzhen stock exchanges over the period of 2012-2016. Data are obtained from the China Stock Market & Accounting Research (CSMAR) database and the RESSET database, and multiple regression analysis is utilized with the aid of Stata. Results: The empirical results show that government subsidies can promote R&D investment of animal husbandry companies in China. In addition, firm size, debt ratio, and firm profitability have positive moderating effects on the relationship between government subsidies and R&D investment. Conclusions: Based on the results, the paper concludes that government subsidies play an important role in the process of R&D of China's animal husbandry companies. This paper recommends that managers of animal husbandry companies should enhance the utilization efficiency of government subsidies and put great emphasis on R&D investment. The policymakers should implement more incentives to encourage animal husbandry companies to invest more in R&D.

• 한국정보시스템학회지:정보시스템연구
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• 제17권4호
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• pp.157-180
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• 2008

The majority of studies was undertaken on large companies that had adopted e-Business or on the specific case of dot.com companies. However, despite this interest in the effect of the size of an organization on its approach to e-Business, little direct comparison has been undertaken between small and large companies. This study examined the differences of e-Business adoption factors and e-Business performance between large and small companies. Reviewing the literature, we suggest a research model and develop nine hypotheses to be tested. Data are collected from 109 companies Implemented e-business. The results of hypothesis testing show as follows. First, e-Business performance of efficiency has a positive influence of perceived e-Business advantage, top management support, organizational learning ability and financial slack. Second, e-Business performance of sales performance has a positive influence of top management support. Third, e-Business performance of customer satisfaction has a positive influence of technology competence, perceived e-Business advantage, top management support, financial slack and institutional pressure. Finally, there are differences in the e-business factors(perceived e-Business advantage, top management support, institutional pressure) and e-Business performance(efficiency) between large and small companies.

• The Journal of Asian Finance, Economics and Business
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• 제7권5호
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• pp.249-258
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• 2020

This study examines and analyzes the effect of innovation on the price to book value mediated by managerial ownership in Indonesian companies. In order to achieve the goals and objectives, the company increases its value by increasing shareholders. Improving the welfare of shareholders can be done through investment and financial policies, and is reflected in share prices in the capital market. The higher the share price, the better the owner's welfare, and the company's value will also increase. The population of this study is the manufacturing companies - as many as 162 - listed on the Indonesia Stock Exchange in 2012-2017. By using a purposive sampling method, 25 companies met the criteria for the sample. The data comes from the companies' annual report taken from the Indonesia Stock Exchange website. The data is further analyzed using partial least square (PLS). The results of the study showed that innovation has a significant effect on price to book value. The companies with high marketing innovation produce high company performance as well. The companies get a commensurate reward from marketing innovation activities to carry out continuous marketing innovations. In addition, managerial ownership does not mediate the relationship between innovation and price to book value.

• 경영과학
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• 제30권2호
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• pp.43-61
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• 2013

With the recent introduction of supply chain management (SCM), quality management has extended from within companies to between companies. As a result, supply chain quality management (SCQM) has received increased attention. However, existing SCQM studies only focus on what impact quality control in supply chains have on company performance while virtually no studies examine quality control efficiencies. This paper, therefore, evaluated the SCQM efficiency of a parent company and its partner companies by using Data Envelopment Analysis (DEA) based on the Quality Collaboration Index for Supply Chain Management (QCI-SCM) conducted by the Korean Standards Association for its 'Quality Innovation-Based Building and Expansion of Business.' Study results showed that a parent company and its partners showed an overall average efficiency of approximately 80% (parent company 80.37%, partner company 79.05%). By also performing a discriminant analysis based on the calculated efficiency scores using DEA, factors that made companies efficient or inefficient were different between the two groups. In parent companies, efficiency and inefficiency were determined by factors such as communication, infra-structure, support, delivery of quality, and benefit sharing, whereas in partner companies, talent development, infrastructure, crisis management, and delivery of quality were the determining factors. In this paper, we examined the efficiency of SCQM and analyzed them from the perspective of both the parent company and partner companies to offer strategic SCQM insights.

• The Journal of Asian Finance, Economics and Business
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• 제7권2호
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• pp.107-117
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• 2020

The research objective of the paper is to clarify the factors influencing system risks of listed companies in Vietnam, with a focus on clarifying the relationship and quantifying the impacts of ownership structure on systemic risk of listed companies. The data used in this study included financial statements and stock price data of listed companies on the Ho Chi Minh City Stock Exchange and Hanoi Stock Exchange of Vietnam stock market in the period from 2010 to 2017. The paper used the method of estimation in establising the regression models to choose among three models: Random Effect Model, Fixed Effect Model or Pooled OLS for regression using Stata statistical software. The research results showed that state ownership and ownership by foreign investors were positively related to systemic risk, while ownership by domestic investors had a reverse relationship with systemic risk of listed companies in Vietnam. In addition, as a control variable, both company size and profitability had an effect on the systemic risk of listed companies in the research sample. Based on the research results, the authors interpreted some of the implications in order to minimize systemic risks in the operation of listed companies in Vietnam.

• 동아시아경상학회지
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• 제9권1호
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• pp.41-51
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• 2021

Purpose - The purpose of this study is to propose strategies of improving efficiency of 20 listed port companies in China based on analysis of their input-output indexes from 2014 to 2018. Research design, data, and methodology - In this paper, the relevant input-output indicators of 20 listed port companies in China from 2014 to 2018 were adopted. Data derived from the company annual reports announced by Shanghai stock exchange and Shenzhen stock exchange. Comprehensive efficiency and pure technical efficiency were measured from output perspective by DEA and Malmquist index, and efficiency changes and regional efficiency were analyzed. Result - The results showed that the efficiency value of 20 listed port companies in China fluctuated and increased during 2014-2018, regional efficiency was unbalanced, and change of MPI was influenced by internal factors and external factors. Listed port companies affected by internal and external factors needed to make appropriate response to internal and external factors. Conclusion - The research conclusion can provide important reference information about management and planning for port companies in China and related areas. However, this paper is limited to the availability of data. So the improvement scheme for listed companies in inefficient regional ports needs further study, such as using AHP method.