• The Journal of Asian Finance, Economics and Business
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• v.8 no.2
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• pp.273-280
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• 2021

Financial behavior and financial well-being are two closely related aspects of an individual's financial decision making. This study attempts to investigate the extent to which financial behavior influences financial well-being in the Indian scenario. The data is collected using a structured questionnaire from a sample of 150 respondents. The study employs Financial Management Behaviour Scale (FMBS) (Dew & Xiao, 2012) to measure financial behavior. Factor analysis and multiple regression are performed to find the influence of financial behavior on financial well-being. The findings of the study suggest that except for credit commitment all the other behavioral factors like future security, savings and investments, credit indiscipline, and financial consciousness have a significant impact on the financial well-being of an individual in the Indian scenario. The regression coefficients of financial well-being are strongly determined by financial consciousness. The study is a contribution to the existing behavioral studies literature and the model used identifies the factors that influence the financial well-being in the Indian scenario. The study is conducted during the year 2020, so the results could have been influenced by the economic scenario of the period. The results of the study can be used by financial advisors to understand the financial well-being in the Indian scenario.

• Journal of Korean Society for Quality Management
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• v.37 no.3
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• pp.94-101
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• 2009

It is important to measure financial effect of six sigma projects accurately for successful implementation of six sigma in a company. However, researches on methods of six sigma financial effect measurement are relatively new. In this study, frequent error patterns of six sigma financial effect measurement are defined and accurate measurement methods are suggested. And a method of connecting six sigma financial effect to corporate income performance is also suggested which not only assures reliability of financial effect measurement but also helps to align with business strategy.

• Journal of Korean Institute of Industrial Engineers
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• v.39 no.4
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• pp.260-270
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• 2013

This paper proposes a strategic portfolio model for managing performance of online games. The portfolio matrix is composed of two dimensions: financial performance and non-financial performance. Financial performance is measured by the conventional measure, average revenue per user (ARPU). In terms of non-financial performance, five non-financial key performance indicators (KPIs) that have been widely used in the online game industry are utilized: RU (Register User), VU (Visiting User), TS (Time Spent), ACU (Average Current User), MCU (Maximum Current User). Data envelopment analysis (DEA) is then employed to produce a single performance measure aggregating the five KPIs. DEA is a linear programming model for measuring the relative efficiency of decision making unit (DMUs) with multiple inputs and outputs. This study employs DEA as a tool for multiple criteria decision making (MCDM), in particular, the pure output model without inputs. Combining the two types of performance produces the online game portfolio matrix with four quadrants: Dark Horse, Stop Loss, Jack Pot, Luxury Goods. A case study of 39 online games provided by company 'N' is provided. The proposed portfolio model is expected to be fruitfully used for strategic decision making of online game companies.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.10
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• pp.169-177
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• 2022

The main aim of the paper is to assess the level of financial literacy among business students. It further aims to investigate the role of external factors that may determine financial literacy. The external factors considered in this study are gender, grade point average, specialization, financial education, and financial socialization. Standard scales such as the Test of Financial Literacy, the Big Three, and other instruments were adapted to measure Financial Knowledge. Further, the study also explored relationships between several factors and the financial knowledge of students. These factors included a student's gender, specialization, number of finance or related courses studied, current Grade Point Average, and financial socialization. A total number of 303 valid responses were received through an online questionnaire administered to business students studying in a public university in the country. Statistical tests namely independent samples t-Test, one-way ANOVA, and correlation analysis were performed in SPSS 28.0. Results show that the overall financial knowledge of students is above average. Gender, number of finance or related courses, and financial socialization do not exhibit any significant relationship with financial knowledge. Current GPA and specialization show significant relationships. The findings of this study have important sectoral and research implications.

• KDI Journal of Economic Policy
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• v.42 no.1
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• pp.31-56
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• 2020

Does financial development contribute to economic growth? The literature finds that an expansion in financial resources is useful for economic growth if the degree of financial development is under a certain threshold; otherwise, the expansion is detrimental to growth. Almost every published study, however, considers country-panel data. Accordingly, the results are not directly applicable to the Korean economy. By examining Korean time-series data, this paper finds that there is an inverse U-shaped relationship between the per capita real GDP growth rate and private credit (as a percentage of nominal GDP)-a well-known measure of quantitative financial development, where the threshold is 171.5%. This paper also finds that private credit is positively associated with economic growth if the share of household credit out of private credit is less than 46.9%; otherwise, private credit is negatively associated with economic growth. As of 2016, the ratio of private credit to GDP and the ratio of household credit to private credit are both higher than the corresponding thresholds, which implies that policymakers should place more emphasis on qualitative financial development than on a quantitative expansion of financial resources.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.9
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• pp.169-178
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• 2020

In this paper, we provide an overview of financial development in Vietnam. Particularly, a new approach of this study is to measure financial development through improvements in depth, efficiency and access of the banking system and stock market. Further, the study examines the factors significantly affecting financial development in Vietnam. The data are collected in Vietnam, an emerging country with a limited financial development. We employ the Autoregressive Distributed Lag (ARDL) approach, which generates a high reliability and suits data characteristics of emerging countries like Vietnam. We observe that Vietnam's banking system plays a key role in supplying credits to the economy while the nascent stock market at a limited size shows its potential for a considerable growth in the future. We also find the influential determinants of financial development in Vietnam including real estate market (RE), economic growth (EG), consumer price index (CPI), and global financial crisis (GFC). These findings are essential for Vietnamese authorities in providing practical solutions in order to build a sustainable and synchronous financial development. They are also first empirical evidence relating to an overview of financial development in an emerging country, so they are not only valuable to Vietnam but also crucial to other emerging economies.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.181-193
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• 2020

This study examines the relationship between gender diversity (women on the board and women on the audit committee) and a firm's financial stability. The ordinary least square analysis was used to determine the relationship. To measure the financial stability of Malaysian suspect firms, i.e., firms with the lowest positive earnings, the Altman (1993) Z-Score measurement was utilized. The results indicate that women on the board are significantly and negatively associated with the firm's financial stability. That is, they are related to low financial stability, which contradicts the agency and resource dependence theories. Regarding women directors on the audit committee, there is no significant relationship with financial stability, meaning that they cannot protect the company against financial distress. These results are robust and do not change when using different measurements of gender diversity, one-year lag of independent variables, and other methods of analysis, namely random effect panel data. This study is the first to alert policymakers, stakeholders, researchers, and society in general to the need to re-evaluate and strengthen the role of women directors in improving firms' financial stability, particularly in emerging economies like Malaysia.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.12
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• pp.19-29
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• 2021

This study aims to measure financial inclusion and examine its impact on income inequality in a panel of 18 Asian countries over the period 1997-2017. Two alternative approaches for developing financial inclusion index are used: one approach following the methodology of Sarma (2008), while the other is the Dynamic Factor Model (DFM)-based index. The impact of individual indicators and index of financial inclusion on inequality in income is analyzed. The Generalized Method of Moment (GMM) approach is used for empirical analysis. The results indicate that micro-level financial inclusion has a weak negative and statistically significant impact on income inequality. Macro-level index and all individual indicators of financial inclusion do not affect income inequality in the selected sample of economies. The income inequality issues have different natures and cannot be fixed by financial inclusion only. It needs holistic structural reforms to enable fair distribution of income and make an equitable financial system. Financial inclusion is a relatively less important intervention tool regarding fixing the issue of income inequality. This is one of the first studies that used the DFM method for financial inclusion indices construction.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.8
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• pp.1-12
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• 2021

Altman's Z-score is used to measure a company's financial health and to predict the probability that a company will collapse within 2 years. It is proven to be very accurate to forecast bankruptcy in a wide variety of contexts and markets. The goal of this study is to use Altman's Z-score model to forecast insolvency in non-financial publicly traded enterprises. Non-financial firms are a significant industry in Malaysia, and current trends of consolidation and long-term government subsidies make assessing the financial health of such businesses critical not just for the owners, but also for other stakeholders. The sample of this study includes 84 listed companies in the Kuala Lumpur Stock Exchange. Of the 84 companies, 52 are considered high risk, and 32 are considered low-risk companies. Secondary data for the analysis was gathered from chosen companies' financial reports. The findings of this study show that the Altman model may be used to forecast a company's financial collapse. It dispelled any reservations about the model's legitimacy and the utility of applying it to predict the likelihood of bankruptcy in a company. The findings of this study have significant consequences for investors, creditors, and corporate management. Portfolio managers may make better selections by not investing in companies that have proved to be in danger of failing if they understand the variables that contribute to corporate distress.

• Asia-Pacific Journal of Business
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• v.13 no.3
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• pp.227-243
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• 2022

Purpose - This study surveyed real estate financial consumers and financial company staff regarding the components of the financial consumer protection system to seek detailed improvement plans for the Financial Consumer Protection Act. Design/methodology/approach - The Analytic Hierarchy Process (AHP) technique is applied. Findings - Both consumers and staff highly evaluated the importance of the preventive measures in the main classification factors. Regarding the sub-classification factors of preventive measures, consumers emphasized the responsible management of investment staff and financial institutions; however, the staff stressed the principle of effectiveness and efficiency. Regarding the elements of ex-post remedies, consumers answered that fast remedy would have a significant effect. At the same time, staff believed that punitive measures hinder free trading and investment activities. Regarding the sub-sub classification factors of prevention measures, the consumers value responsible management of staff and financial companies, while the staff tend to prefer the importance of the self-regulatory governance. Research implications or Originality - Based on the above results, financial regulatory authorities should find a balance between preventive and ex-post components once focusing on preventative measures. Our paper is one of the first research findings in this field of financial consumer protection system in Korea.