• Smart Structures and Systems
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• 제21권3호
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• pp.373-387
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• 2018

Semi-active isolation systems based on leverage-type stiffness control strategies have been widely studied. The main concept behind this type of system is to adjust the stiffness in the isolator to match the fundamental period of the isolated system by using a simple leverage mechanism. Although this system achieves high performance under far-field earthquakes, it is unsuitable for near-fault strong ground motion. To overcome this problem, this study considers the potential energy effect in the control law of the semi-active isolation system. The minimal energy weighting (MEW) between the potential energy and kinetic energy was first optimized through a series of numerical simulations. Two MEW algorithms, namely generic and near-fault MEW control, were then developed to efficiently reduce the structural displacement responses. To demonstrate the performance of the proposed method, a two-degree-of-freedom structure was employed as a benchmark. Numerical results indicate that the dynamic response of the structure can be effectively dampened by the proposed MEW control under both far-field and near-fault earthquakes, whereas the structural responses resulting from conventional control methods may be greater than those for the purely passive control method. Moreover, according to experimental verifications, both the generic and near-fault MEW control modes yielded promising results under impulse-like earthquakes. The practicability of the proposed control algorithm was verified.

• International Journal of Contents
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• 제9권2호
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• pp.27-37
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• 2013

From the perspective of the domestic capital markets, there have been few researches on the financial characteristics of the firms belonging to the KOSDAQ(Korea Securities Dealers Automated Quotation) market, in comparison with those of the firms in the KOSPI. This study has performed three hypothesis tests to obtain the following results: By employing the 'panel data' analysis, it was found that, for the book-value based leverage, all of the six proposed IDVs were statistically significant as the financial determinants of leverage, across the two proxies measuring profitability (i.e., PFT and ROE), while all of the IDVs except VOLATILITY, also seemed to be the attributes to explain the market based dependent variable in the model with the PFT. Moreover, there may be statistically significant (structural) changes (or quasi-experiment) ) between the pre- and post-U.S. financial crisis in the year of 2008, when measured the leverage with the market-value basis with utilizing the Chow F-test. Finally, based upon the logistic regression results, the probability for a firm to be classified into the Prime section in the KOSDAQ market, may be higher, as its profit margin and asset turnover increase.

• The Journal of Asian Finance, Economics and Business
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• 제6권1호
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• pp.91-105
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• 2019

The paper aims to combine balance sheet analysis at the firm level with the International Monetary Fund's public debt sustainability assessment framework to assess state-owned enterprises' (SOE) leverage as a contingent liability to the public sector. Based on company data and the interest coverage ratio as a measure of debt at risk, aggregate baseline scenarios are projected to gauge the magnitude of SOE debt as a contingency. SOE's financial and debt ratios are first bootstrapped to generate firm-level distributions and then averaged into a fan chart of the economy-wide SOE contingent liability. Applied to the People's Republic of China as an example, the study finds that by the end of 2015 SOE leverage had grown to a substantial liability. However arbitrary the assumptions underlying these projections, it would appear that even if authorities had to mop up as much as 20% of SOE debt at risk gone bad, this would have been manageable at roughly 2.7% of the gross domestic product in 2016 or 5.5% by 2021. This projection framework is fully amenable to alternative assumptions and settings, which makes it a useful analytical tool to monitor contingent liabilities from non-financial corporate debt that have been building in emerging and advanced economies alike.

• The Journal of Asian Finance, Economics and Business
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• 제8권10호
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• pp.1-10
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• 2021

This paper attempts to investigate the determinants of capital structure of Vietnamese firms and also shed light on some of the factors of the modern theory of capital structure which is relevant for explaining the capital structure in advanced countries which are also relevant in the context of Vietnam. Using panel data from more than 1000 Vietnamese listed enterprises census 2017-2020, the paper finds that leverage ratio of Vietnamese firms is significantly related to probability. The firms have high level of fixed assets which they use as collateral, resulting in higher debt ratio, which is in line with the pecking order theory. The result also confirm that highly targeted debt ratio is positively correlated with the industry characteristics (using real estate firms as a benchmark), in which firm operates. Furthermore, consistent with the trade-off hypothesis, the leverage ratio is positively affected by non - debt tax shield. The result confirms that a large number of companies are state - owned, will have an insignificant impact of firm's size (as reverse proxy for bankruptcy cost) on leverage ratio. We also find that there is no distinction between state-owned enterprises and private enterprises due to strict adherence to the rules set by the Vietnamese government. Distinct from other countries, corporate income tax has slight impact on capital structure in Vietnamese firms.

• 아태비즈니스연구
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• 제9권4호
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• pp.85-97
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• 2018

This paper investigates factors underlying a decrease in trading values in KOSPI 200 futures/options market on the basis of the current state of the markets. Among the factors that could affect trading values in KOSPI 200 derivatives market, we focus on the market activity of underlying assets as it has an impact on the trading of financial derivatives. Trading value and volatility are designated as market activity and the empirical results confirm that the market activity of the underlying assets is significant in explaining the decrease in trading values in KOSPI 200 futures/options market. To figure out fundamental reasons of the decrease in trading values in this market, we examine mitigation of home bias and decrease in leverage incentives as they are presumed to have influence on KOSPI 200 index market. As the global and local financial environment is time-varying, the degree of home bias and the leverage demand also changes. It implies that institutional change and/or policy effort to promote the trading of KOSPI 200 financial derivatives should be made taking into account the fact that considerable portion of the change in trading values in financial derivatives market depends on the state of the market.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.201-208
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• 2021

This study aimed to identify the key factors that affect the financial market performance (Price-Earnings Model) through a sample of 35 public shareholding industrial companies on the Amman Stock Exchange for the period 2010-2019, using statistical models and methods, such as the Simple Linear Regression Model, Correlation Coefficient, and dispersion board. The study results showed the nonexistence of a statistically significant effect between the intellectual capital and market value added (MVA) and market performance. Results also showed a statistically significant positive effect between financial leverage (FL) and the market performance, where the interpreted variation reached 64%. It showed from the analysis results that the relationship between (MVA) and market performance (P/E) agrees with the study hypotheses, while the result related to (FL) disagrees with the study hypotheses. The study recommends that public shareholding industrial companies should focus more on intellectual capital and show its value in the annual financial statements and reports, and those companies that have high profitability and the chance to hold gains and profits should rely less on debt and more on retained earnings, due to the high risk of debt and in line with the present unstable circumstances in Jordan, especially in light of the global Covid-19 crisis.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.487-495
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• 2021

As Islam supports fair trade, the Murabaha is the most popular and most common mode of Islamic financing. It is a contract of sale between the bank and its client for the sale of goods at a price plus an agreed profit margin for the bank. The contract involves the purchase of goods by the bank which then sells them to the client at an agreed mark-up. While their characteristics and values are unique, they are also subject to conventional measurement of efficacies. This study investigates how the primary health predictors of conventional banks under the Basel III regime could provide a positive means to assess the Murabaha funding and subsequently secure long-term profitability. This study constructed a path analysis (from 120 databases) to assess whether Islamic banks' leverage and capital adequacy may alter the Murabaha funding and increase stock equity directly and indirectly. The research findings are mixed where leverage does not alter the Murabaha funding but only affects the profitability; besides, capital adequacy increases the outgoing funding significantly but does not increase stock equity. Murabaha funding is essential to Islamic bank equity. This study implies Murabaha funding are expensed, despite increasing debts in Islamic banks.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.599-608
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• 2021

The oil and gas industry is widely known as a vital engine of Vietnam development, stimulating researchers to examine the association of various factors with this industry. The aim of this study is to identify the relationship between different variables affecting profitability of the firms in the oil and gas sector in Vietnam. The total of 203 samples were collected from 29 companies listed on Vietnam Stock Market during a 6-year period from 2012 to 2018. Informed by prior research, this investigation employs financial leverage (FL), government ownership (GOV), dividend payout (DIV), fixed assets to total assets (FA) and exchange rate (EXR) as independent variables, while the profit is described by return-on-assets (ROA). The study results show that there are four factors that have an impact on ROA, namely, leverage, government ownership, dividend, and exchange rate. Whereas leverage and exchange rate have negative influence on ROA, government ownership and dividend payment have a positive effect. The findings of this study suggest that high debt ratio in capital structure and the negative effect of exchange rate on their companies' efficiency can adversely affect the profit of enterprises. Also, plausible extent of government ownership and dividend payment could also be considered to optimize corporate performance.

• The Journal of Asian Finance, Economics and Business
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• 제9권1호
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• pp.249-257
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• 2022

COVID-19 struck without warning, and by the first quarter of 2020, the world had plunged into a state of total closure as a means of containing the pandemic's devastating effect. Certainly, the pandemic shook many economies; some countries were able to cope, while third-world countries lost their invulnerability. Based on this, the current study looked at financial reports from Kuwaiti conventional and Islamic banks from 2019 to 2020 (before and after the pandemic) and compared the findings to see how much of an impact Kuwaiti conventional and Islamic banks had during the COVID-19 epidemic. Financial analysis of financial reports was used as a quantitative methodology, and variables were compared and analyzed, including (the liquidity ratio, profitability ratio, and financial leverage) within (14) Kuwaiti conventional and Islamic banks. The study found that the pandemic had a detrimental impact on both conventional and Islamic banks in Kuwait, as they were the first line of defense for the Kuwaiti economy during lockdowns and quarantines. Furthermore, there were significant implications on the Rate of Return on Investment, Debt, Financial Leverage, and Return on Equity.

• 재무관리연구
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• 제22권1호
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• pp.1-36
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• 2005

본 연구에서는 자본구조 결정시 레버리지비율과 부채만기가 동시적으로 고려될 것이라는 가정하에 우리나라 기업에 대하여 이들의 결정요인을 연립방정식 체계하에서 2단계최소자승법에 의해 분석하였다. 이러한 분석 결과, 우리나라 기업에서 레버리지비율과 부채만기는 서로 양(+)의 상관관계에 있는 것으로 나타났다. 이것은 레버리지가 높은 기업은 채무불이행위험에 직면할 가능성이 높으므로 이를 회피하기 위해 장기부채를 선호할 것이라는 Leland와 Toft(1996)의 주장과 일관성이 있다. 그러나 또 한편 이것은 주로 단기부채 위주로 자금이 공급되고 기업의 신용위험의 양극화 현상이 심한 우리나라 현실에서 대외적 신인도가 높고 신용위험이 낮은 기업일수록 부채사용이 많고 또 동시에 안정적인 장기차입이 용이한 현상을 반영한 것으로도 풀이된다. 그리고 부채만기의 결정요인으로는 앞의 선행 연구에서와 마찬가지로 대리인비용가설과 자산만기대응가설, 신호전달 및 유동성위험가설 등이 모두 대체적으로 지지되었으며, 레버리지 면에서는 주로 기업규모가 크고 채무불이행위험이 낮을수록 부채사용이 많은 것으로 분석되었다. 그러나 은행차입금 수준과 재벌의 소속 여부에 따라 표본을 구분해 본 결과, 재벌소속 기업보다는 비재벌기업에서 정보비대칭과 자금조달의 제약이 높을 것이라는 가설은 지지되었으나, OLS에 의해 동일한 분석을 시행한 기존의 연구와는 달리 은행차입이 낮은 기업에서 정보비대칭이나 대리인문제가 더 심각할 것이라는 가설을 지지하는 증거는 미약하였다.