• Journal of Korea Technology Innovation Society
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• v.4 no.1
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• pp.79-95
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• 2001

This paper examines the effects of information telecommunication (IT) capital and R&D stock variation on the growth of Korean industry, using a time series approach. Most specifically, we apply the Granger causality and impulse response analysis to our examination of Koreas industrial growth, IT capital, and R&D stocks. The Johansen co-integration test is performed in order to analyze long-term relations among these variables. This research explores the way in which IT capital and R&D stocks variation from economic shocks affects the growth of Koreas industrial sector. The effects are ambiguous, however, across industrial sectors. An impulse response function analysis shows that the effects of IT capital and R&D stock fluctuations in each industrial sector are presented for different time periods.

• Journal of Convergence for Information Technology
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• v.11 no.1
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• pp.28-33
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• 2021

Since the stock price is a measure of the future value of the company, when analyzing the stock price, the company's growth potential, such as sales and profits, is considered and invested in stocks. In order to set the criteria for selecting stocks, institutional investors look at current industry trends and macroeconomic indicators, first select relevant fields that can grow, then select related companies, analyze them, set a target price, then buy, and sell when the target price is reached. Stock trading is carried out in the same way. However, general individual investors do not have any knowledge of investment, and invest in items recommended by experts or acquaintances without analysis of financial statements or growth potential of the company, which is lower in terms of return than institutional investors and foreign investors. Therefore, in this study, we propose a research method to select undervalued stocks by analyzing ROE, an indicator that considers the growth potential of a company, such as sales and profits, and predict the stock price flow of the selected stock through deep learning algorithms. This study is conducted to help with investment.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.777-784
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• 2021

This study explores the impact of COVID-19 pandemic and the lockdown policies that are used to tackle the pandemic on stock market returns in Indonesia. This study uses fixed-effects panel-data regression method to evaluate the impact of the growth in COVID-19 total confirmed cases and death as well as the lockdown policies on daily stock returns of 272 firms that are listed on the Indonesia Stock Exchange's main board and operate in the real sector from 2 March 2020 to 27 November 2020. The study confirms the significantly adverse impact of growth in the total of confirmed cases and death due to COVID-19 on Indonesia's daily stock returns. Moreover, the lockdown policies regardless how strict they are, have a positive and significant impact on the Indonesia's daily stock returns. This study further considers the different impact of COVID-19 pandemic on each of eight observed sectors; where the sector of property as well as trade, service and investment have a significantly negative performance; while the sector of basic industry, consumer goods and mining have a significantly better performance. This study suggests that COVID-19 pandemic and the lockdown policies have a mixed impact on the Indonesia's stock market returns.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.7
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• pp.197-203
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• 2022

The agricultural sector has an important contribution to the economic development of Vietnam in particular and other countries in general. The growth of enterprises in the industry is an important bridge in promoting the economic development of the country. Currently, the policies of the Government of Vietnam always create favorable conditions for enterprises to conduct business, especially enterprises in the agricultural sector. The study aims to assess factors influencing the profitability of listed firms in Vietnam's stock market. Using 40 enterprises in the agricultural industry listed on the Ho Chi Minh City Stock Exchange and the Hanoi Stock Exchange and using advanced econometric modeling, dealing with defects in the regression model, the research results show that large-scale firm has higher economic efficiency than small-scale firm. In addition, a firm with higher use of loan capital is associated with a more efficient firm, reflected in the relatively good debt management ability of enterprises in the agricultural sector. Adversely, growth and age do not have any impact on firm performance. Macroeconomic factors do not impact profitability. Finally, the study has some policy implications for developing agricultural businesses in the case of Vietnam.

• Proceedings of the Korea Technology Innovation Society Conference
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• 2003.05a
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• pp.5-17
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• 2003

This paper examines the effects of IT technology capital and R&D stock's variation on the growth of Korea's industries with the empirical approaches. We analyze the Granger causality and Impulse response function analysis among the Korea's industrial real output, IT technology capital, and R&D stocks. When it comes to this research conclusion, we know that IT technology capital and R&D stock's shocks affect the growth of Korea's industrial sector in terms of increasing in the real output growth rate.

• Proceedings of the KSR Conference
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• 2010.06a
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• pp.124-132
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• 2010

To predict and analyze the rolling stock's fire growth is considered not only important factor in estimating hazard analysis of rolling stock, but also a primary factor in aspect of a rail load facility. Because it's could be regarded as a ignition source in risk assesment for the facility i.e. tunnel and station. However, currently, standardized method to predict and analyze the fire growth has not been completed yet. it is due to the fact that fire growth is not only depended on thermal property of interior materials, but also is affected dominantly by various factors such as ignition source (characterized by location, duration, and intensity), train running condition and in/exterior ventilation condition. Especially, ventilation condition is one of the most effective factor to affect fire growth in compartment space as noticed by under-ventilation fire condition. In this study, the effect of each ventilation condition on fire growth and load were examined through the numerical method through FDS (Fire Dynamics Simulator).

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.699-705
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• 2020

This study aims to examine the antecedent factors of debt policy on the influence of firm growth on firm value. There was a total of 19 companies involved accounting for 95 observational data from a population of 169 companies listed on the Kompas 100 Index of the Indonesia Stock Exchange from 2014 to 2018. The data were analyzed through descriptive statistics, classic assumption tests, multiple regression, and hypothesis testing. The results prove that the firm growth, proxied by asset growth or sales growth, did not have a significant influence on the debt policy. Further, there was no significant influence of debt policy on firm value when using debt ratio and also dividend policy as a control variable. In contrast, there was a positive and significant influence on the firm value when using debt to equity ratio proxy, both with or without using the control variable. Therefore, the debt policy was not proven as an antecedent on the influence of firm growth on firm value. This finding implies that there was a tendency for the company management to adopt the policy, which would increase the debt ratio to increase the investors' confidence in the stock market and investors neglect the company's dividend policy.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.3
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• pp.195-202
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• 2022

This study investigates whether institutional investors increase or decrease the volatility of stock returns in the Thai stock market. For the purpose we used the data from SETSMART, a database provided by the Stock Exchange of Thailand (SET). Our sample is a balanced panel data covering 3,160 firm-year observations from 316 nonfinancial firms listed on the SET from 2011 to 2020. We analyze the link between institutional holdings and the volatility of stock returns by the pooled Ordinary Least Squares (OLS) model, the fixed effects model, and the random-effects model. In particular, we regress the stock return volatility on institutional ownership while controlling for firm size, financial leverage, growth opportunities, and stock turnover and accounting for industry effects and year effects. Our results indicate institutional investors' positive and significant influence on the volatility of the stock returns. Additionally, we performed the dynamic Generalized Method of Moment (GMM) estimator to alleviate concerns of possible endogeneity. The result still shows a positive impact of institutional investors on the volatility in stock returns. Overall, the findings of this study suggest that an increase in the volatility of stock returns in the Thai stock market may stem from a higher proportion of equity held by the institutional investors.

• KDI Journal of Economic Policy
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• v.37 no.2
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• pp.64-97
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• 2015

This paper studies a series of capital market promotion policies Korea pursued over a 30-year period during its development era (1960s - 1980s). The purpose of this paper is twofold. The first purpose is to understand the policy approaches Korea took, and the second is to extract lessons that can benefit policymakers in the developing world, where capital market promotion is an important policy goal. There are two key features of Korea's capital market promotion policies. First, the government was actively involved, sometimes indirectly by giving tax incentives to encourage IPOs. However, in other times, it was directly involved by giving IPO orders and threatening those that did not comply. No stock exchange in a developed country has ever experienced such government involvement. Combined with rapid economic growth, this interventionist approached allowed the Korean stock market to experience phenomenal growth over a short period of time. Second, the capital market promotion policies had multiple objectives. One was to mobilize domestic capital for economic development. Another was to lower firms' debt-to-equity ratios. Most interestingly, however, the Korean government wanted to popularize stock ownership, thereby allowing ordinary Koreans to share in the fruits of economic growth.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.689-698
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• 2020

The aim of this article is to determine the influence of factors on the capital structure of construction companies listed on the Hanoi Stock Exchange. The data of the article were collected and calculated from the financial statements of 54 construction companies listed on Hanoi Stock Exchange from 2012 to 2019. With the application of E-view software in quantitative analysis to build panel data regression model (panel data), the article has built a regression model to determine the relationship of intrinsic factors affecting the capital structure of construction companies listed on Hanoi Stock Exchange. In the study, dependent variable is capital structure, determined by the debt-to-equity ratio. Profitability, coefficient of solvency, size, loan interest rate, structure of tangible assets, and growth are independent variables. The results showed that the two factors of growth and firm size positively affect the capital structure, the profitability factor has the opposite effect on capital structure. Factors of short-term debt solvency, average loan interest rate and tangible asset structure have no correlation with capital structure. The findings of this article are useful for business administrators, helping business managers make the right financial decisions to make capital structure decisions in their own conditions.