• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.12
• /
• pp.85-94
• /
• 2021

Infrastructure capacities are essential elements and one of the sustainable lines to drive economic growth. Infrastructure development, both physical and social, is vital to sector-wise economic development. However, there is limited evidence of how infrastructure development in certain sectors benefits the economy as a whole. This study explains the relationships between infrastructure and economic growth in selected middle-income Asian countries, highlighting the essential criteria to benefit from both physical and social infrastructure, as well as sectoral (agriculture, industry, and services) economic output. The research uses the data from 1990 to 2020 for empirical estimations. The study used Levin, Lin, & Chu test, ADF- Fischer chi- Square, and PP- Fischer Chi-Square to test unit root and to observe the stationary nature of the panel. Padroni and Kao cointegration is applied to check the cointegration among different panes. A Fully Modified OLS was employed for checking the association between physical and social infrastructure and economic growth. Results show that physical and social infrastructure negatively impact sectoral output in Asia's middle-income countries. Apart from infrastructure the per capita GDP growth, tax to GDP ratio, and population growth shows a simultaneous relation between infrastructure and sectoral economic growth.

• Journal of Preventive Medicine and Public Health
• /
• v.54 no.5
• /
• pp.352-359
• /
• 2021

Objectives: The aim of this study was to examine the geographic distribution of diabetes mortality in Japan and identify socioeconomic factors affecting differences in municipality-specific diabetes mortality. Methods: Diabetes mortality data by year and municipality from 2013 to 2017 were extracted from Japanese Vital Statistics, and the socioeconomic characteristics of municipalities were obtained from government statistics. We calculated the standardized mortality ratio (SMR) of diabetes for each municipality using the empirical Bayes method and represented geographic differences in SMRs in a map of Japan. Multiple linear regression was conducted to identify the socioeconomic factors affecting differences in SMR. Statistically significant socioeconomic factors were further assessed by calculating the relative risk of mortality of quintiles of municipalities classified according to the degree of each socioeconomic factor using Poisson regression analysis. Results: The geographic distribution of diabetes mortality differed by gender. Of the municipality-specific socioeconomic factors, high rates of single-person households and unemployment and a high number of hospital beds were associated with a high SMR for men. High rates of fatherless households and blue-collar workers were associated with a high SMR for women, while high taxable income per-capita income and total population were associated with low SMR for women. Quintile analysis revealed a complex relationship between taxable income and mortality for women. The mortality risk of quintiles with the highest and lowest taxable per-capita income was significantly lower than that of the middle-income quintile. Conclusions: Socioeconomic factors of municipalities in Japan were found to affect geographic differences in diabetes mortality.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.5
• /
• pp.135-141
• /
• 2021

The study aims to examine the impact of liquidity and solvency management on the financial performance of Jordanian manufacturing companies listed on the Amman Stock Exchange, for a period of 10 years from 2010 to 2019. The size of the company was used as a control variable. The study employs Return on Assets (ROA) and Earnings Per Share (EPS) to measure financial performance. Current ratio (CR) and total debts to total assets were used as proxies for liquidity and solvency management, while logarithm of total assets was used to measure the size. Correlation and multi regression analyses have been applied to analyze the data. The results show a statistically significant impact of independent and control variables (liquidity and solvency management and the size of the company) on financial performance, while the detailed results of the hypotheses indicate that liquidity has an insignificant reverse impact on financial performance. With respect to other variables, there is a significant positive impact of size on performance and a significant negative impact of solvency on performance. The study suggests in light of results, increasing investments in companies' assets by focusing on internal financing, such that large-sized companies with low leverage will have a good performance.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.5
• /
• pp.21-27
• /
• 2021

The financial sector is one of the most important building blocks of the economy. When this sector efficiently implemented a well-crafted program on banking and financial system to translate financial activities to income-generating activity, economic growth will be realized. Hence, this study analyzed the effect of financial intermediation on economic growth and the existence of cointegrating relationship using time-series data from 1986 to 2015. The influence of financial intermediation in terms of bank credit to bank deposit ratio, private credit, and stock market capitalization and time trend to economic growth was estimated using ordinary least squares (OLS) multiple regression. The results showed that all the financial intermediation indicators and time trend exert significant effect on Gross Domestic Product (GDP) per capita. The positive sign of the time trend indicates that there is an upward trend in GDP per capita averaging approximately 0.06 percent annually. Furthermore, the cointegration test using the Johansen procedure revealed that there is a presence of long-term equilibrium relationship between financial intermediation and time trend and economic growth, and rules out spurious regression results. This study established the idea that financial intermediation in the Philippines has a significant and vital role in stimulating growth in the economy.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.5
• /
• pp.749-759
• /
• 2021

We investigate the relationship between ownership control disparity and future firm value in high-technology industries, and whether the effect of ownership control disparity on future firm value is differentiated when high-tech industry firms belong to chaebol groups. Using 11,848 firm-year observations of Korean firms listed on the stock market from 2006 to 2019, we employ univariate analysis and Heckman 2 stage analysis to test our hypotheses. We define high-technology industries as ICT industries based on the Korean Standard Industrial Classification. We measure future firm value using average Tobin's q for the next three years and ownership control disparity using the shareholding ratio of affiliated companies. Our univariate test results show that mean of Tobin's q is higher in ICT firms than non-ICT firms and firms largely owned by affiliates. In multivariate test, we find that the ICT firms with higher ownership control disparity are positively associated with future firm value. However, this association is lessened when firms belong to a chaebol group. Based on our findings, we suggest ownership control disparity has an additional positive effect on future firm in high-technology industries. The negative impact of chaebol groups on the association suggests the possibility of diversification discount in business group.

• Journal of Korean Society of Industrial and Systems Engineering
• /
• v.42 no.1
• /
• pp.41-54
• /
• 2019

Although retailers deals with a large number of single-term inventory items, but few cases have been considered in the areas of practical decision making. However, recent moves to strengthen fair trade have created a real need for single-period inventory decision-making problems. This study addresses the problem of ordering quantity decisions that are expected to maximize profits using classical newsvendor models. The research target is data on seasonal and perishable products from retail. We also use data from retailers to actually apply the newsvendor model and calculate the results to compare performance. It also suggests solutions for estimating demand for products sold in order to apply newsvendor models that utilize actual demand ratio versus forecast demand. This study would like to examine the effectiveness of this research through data analysis and make some suggestions for applying it to reality.

• Journal of Korean Society of Industrial and Systems Engineering
• /
• v.41 no.4
• /
• pp.81-90
• /
• 2018

Modern investment theory has empirically proved that stock returns can be explained by several factors such as market risk, firm size, and book-to-market ratio. Other unknown factors affecting stock returns are also believed to still exist yet to be found. We believe that one of such factors is the operational efficiency of firms in transforming inputs to outputs, considering the fact that operations is a fundamental and primary function of any type of businesses. To support this belief, this study intends to empirically study the relationship between firm efficiency and stock price performance. Firm efficiency is measured using data envelopment analysis (DEA) with inputs and outputs obtained from financial statements. We employ cross-efficiency evaluation to enhance the discrimination power of DEA with a secondary objective function of aggressive formulation. Using the CAPM-based performance regression model, we test the performance of equally weighted portfolios of different sizes selected based upon DEA cross-efficiency scores along with a buy & hold trading strategy. For the empirical test, we collect financial data of domestic firms listed in KOSPI over the period of 2000~2016 from well-known financial databases. As a result, we find that the porfolios with highly efficient firms included outperform the benchmark market portfolio after controlling for the market risk, which indicates that firm efficiency plays a important role in explaining stock returns.

• Journal of the Earthquake Engineering Society of Korea
• /
• v.23 no.2
• /
• pp.131-140
• /
• 2019

Diagonally reinforced concrete coupling beams (DRCBs) have been widely adopted in reinforced concrete (RC) bearing wall systems. DRCBs are known to act as a fuse element dissipating most of seismic energies imparted to the bearing wall systems during earthquakes. Despite such importance of DRCBs, the damage estimation of such components and the corresponding consequences within the knowledge of performance based seismic design framework is not well understood. In this paper, drift-based fragility functions are developed for in-plane loaded DRCBs. Fragility functions are developed to predict the damage and to decide the repair method required for DRCBs subjected to earthquake loading. Thirty-seven experimental results are collected from seventeen published literatures for this effort. Drift-based fragility functions are developed for four damage states of DRCBs subjected to cyclic and monotonic loading associated with minor cracking, severe cracking, onset of strength loss, and significant strength loss. Damage states are defined in a consistent manner. Cumulative distribution functions are fit to the empirical data and evaluated using standard statistical methods.

• International journal of steel structures
• /
• v.18 no.4
• /
• pp.1284-1296
• /
• 2018

Carbon fiber reinforced polymer (CFRP), plates bonding repair method is one of the simple repair methods for cracked steel structures. In this study, the influence of width of CFRP plates on bending fatigue life of out-of-plane gusset joint strengthened with CFRP plates was investigated from the experimental and numerical point of view. In the bending fatigue test of cracked out-of-plane gusset joint strengthened with CFRP plates, the effect of width of CFRP plates on crack growth life was clarified experimentally. Namely, it was revealed that the crack growth life becomes larger with increasing the width of CFRP plates. In the numerical approach, the stress intensity factor (SIF) at the surface point of a semi-elliptical surface crack was estimated based on the linear fracture mechanics. Furthermore, the extended fatigue life of cracked out-of-plane gusset joint strengthened with CFRP plates was evaluated by using the estimated SIF at the surface point and the empirical formula of the aspect ratio of semi-elliptical crack. As the results of numerical analysis, the estimated fatigue life of the specimen strengthened with CFRP plates showed the good agreement with the test results.

• Journal of the Earthquake Engineering Society of Korea
• /
• v.25 no.6
• /
• pp.233-240
• /
• 2021

The stochastic method is applied to simulate strong ground motions at seismic stations of seven metropolises in South Korea, creating an earthquake scenario based on the causative fault of the 2016 Gyeongju earthquake. Input parameters are established according to what has been revealed so far for the causative fault of the Gyeongju earthquake, while the ratio of differences in response spectra between observed and simulated strong ground motions is assumed to be an adjustment factor. The calculations confirm the applicability and reproducibility of strong ground motion simulations based on the relatively small bias in response spectra between observed and simulated strong ground motions. Based on this result, strong ground motions by a scenario earthquake on the causative fault of the Gyeongju earthquake with moment magnitude 6.5 are simulated, assuming that the ratios of its fault length to width are 2:1, 3:1, and 4:1. The results are similar to those of the empirical Green's function method. Although actual site response factors of seismic stations should be supplemented later, the simulated strong ground motions can be used as input data for developing ground motion prediction equations and input data for calculating the design response spectra of major facilities in South Korea.