• The Journal of Asian Finance, Economics and Business
• /
• 제7권10호
• /
• pp.531-541
• /
• 2020

This study aims to determine the nature of the association between dividend policy and a corporation's financial performance in emerging countries, as well as the main variables that may have an effect on financial performance. The study included 92 industrial and service sector companies listed on the Amman Stock Exchange (ASE) during the period from 2015 to 2019. The study used Panel Data Analysis and cross-sectional time-series data and simple and multiple linear regression models. A multiple regression model was also developed in order to test whether guess factors may have a possible impact on financial performance (such as Dividend Yield, Dividend Pay-out Ratio, Firm Size, Leverage Ratio, Current Ratio). The data was collected from the annual reports and information that was available on the ASE website covering the period from 2015 to 2019. The results detect a strong relation between DY, DPR, and FSIZE variables that explain firm performance. Also leverage ratio is negatively and significantly associated with ROA and AOE. Moreover, no relations were detected between current ratio and financial performance. The study's conclusion is that dividend policy explains a lot of a company's financial performance, meaning that the dividend policy has a statistically significant impact on company financial performance.

• 수산경영론집
• /
• 제43권1호
• /
• pp.75-85
• /
• 2012

In this paper, we study the extent to which the pecking order theory of capital structure provides a satisfactory account of the financing behavior of Korean fisheries firms using financing deficit. The major results of this study are as follows. Firstly, we find that the financing deficit is a important factor that explains the pecking order theory of fisheries firms'capital structure. However, the financing deficit does not wipe out the effects of conventional variables. The information in the financing deficit appears to be factored in along with many other things that fisheries firms take into account. Such result is consistent with the result of Frank and Goyal(2003). Secondly, we find that profitability is only one factor explaining the capital structure of fisheries firms among conventional variables when we test the regression of leverage with financing deficit during post IMF period. This result is different from the previous researches of Korean fisheries firms. (Kang and Jeong; 1997, Nam, Lee, and Hong; 2011) Finally, we examine the dynamics of capital structure of Korean fisheries firms firstly. It will allow a more detailed analysis for capital structure determinants for Korean fisheries firms.

• 산업경영시스템학회지
• /
• 제38권2호
• /
• pp.72-81
• /
• 2015

This paper studied the differences of the inventories asset turnover change ratio and several characteristics variable between large and small manufacturing firm group. Large and small firm group were determined based on number of labors and asset size. Several characteristics variable of firms such as assets size, sales growth rate, return on assets, leverage ratio, credit rating and age of firm were used to find out the differences of firm group. As a result, the inventory asset turnover change ratio of large firm was 5.16% and that of the middle and small firm was 9.3%. For the large firm, sales growth rate, ROA and credit rating affect inventory assets turnover change ratio. For the middle and small sized firm, Assets size, sales growth rate and credit rating affect inventory assets turnover change ratio. Using this result, we can say that manufacturing company need to consider their firm size and their characteristics to make their own operation strategy of inventory.

• 한국시스템다이내믹스연구
• /
• 제10권4호
• /
• pp.53-72
• /
• 2009

More than 24.43 million people received a special pardon to mark the anniversary of Liberation Day on Aug. 15 and to commemorate other national event, during 15years(1995-2009), in this period six times of presidential pardon was implemented. The special pardon allows traffic law violator to drive again with their violation records wiped clean. But traffic records show that traffic accidents used to increase very fast in a short period by up to 3-15 percent after implementing the every massive pardons. This study explores the causal feedback relationship between presidential special pardon for traffic law violators and the occurrence of an traffic accidents using a system thinking approach and simulation modelling. Particularly, this study focused on the analysing significant negative impact of the traffic pardon on the occurrence of worrisome traffic accidents. The results of this study show that presidential special pardon have had impact on the traffic accidents as a increasing leverage of positive feedback loop and the obedience of traffic law as a decreasing leverage of negative feedback loop. Finally, this study conclude that the cyclical increasing pattern of traffic accident is resulting from the periodically conducted presidential pardons with political aims.

• 한국항해항만학회:학술대회논문집
• /
• 한국항해항만학회 2012년도 추계학술대회
• /
• pp.160-161
• /
• 2012

The traditional theory regarding the pivot point of a ship during maneuvering, so called apparent pivot point, is located nearly at 1/3 ship's length from the bow when the ship is moving ahead, and between 1/4 ship's length from the stern and the rudder post when going astern. The pivot point is sometimes considered to be the centre of leverage for forces acting on the ship. However, the pivot point is located out of ship due to strong lateral force, such as current and it is very inconvenient to use during maneuvering a ship. In this paper firstly, pivot points due to ship's condition are investigated carefully. And then the center of lateral resistance used at the present are determined. While a new lateral force is added, we can compare the pivot point with the center of lateral forces. Finally, we will suggest the center of all lateral forces for maneuvering instead of pivot point. Especially, it will be very helpful for pilots to handle ships in simulation.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권2호
• /
• pp.183-194
• /
• 2021

This study aimed to examine the effect of corporate characteristics, including the industrial sector and scale of operation, financial leverage, profitability, operating period, and social reputation, on socio-ecological responsibility based on Global Reporting Initiative (GRI) standards. The study was conducted in the Indonesian context. A total of 90 public companies listed on the Indonesia Stock Exchange were selected as samples, with an observation period of 10 years. A univariate regression analysis was applied to test the hypotheses. The results showed that the industrial sector, scale of operation, financial leverage, profitability, operating period, and social reputation of the corporate had a positive effect on socio-ecological responsibility. This study also obtained evidence that there were differences in the level of socio-ecological responsibility among the industrial sectors. The higher the relationship between the industrial sector and the possibility of the emergence of social and environmental issues, the higher the level of corporate socio-ecological responsibility. From a policy perspective, the implication of the results of this study was that it could be used as a consideration by the authorities or regulators in Indonesia, particularly the Financial Services Authority (OJK), in determining specific indicators of socio-ecological responsibility that must be carried out by corporates.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권2호
• /
• pp.243-253
• /
• 2021

This study aims to examine (1) the association between the chief executive officer tenure and audit quality, (2) the relationship between chief executive officer duality and audit quality, (3) the association between board independence and audit quality, (4) the relationship between board size and audit quality, and (5) the role of controlling variables (client size, leverage debt, and business complexity) in controlling these relationships. The research sample includes 325 financial reports from manufacturing firms listed in Amman Stock exchange over the 2014-2018 period. The study relationships are tested by using logistic regression. The results revealed a negative relationship, but not significant between CEO tenure and independent directors with audit quality. In addition, the results showed there is a negative effect of CEO duality on audit quality; also the results revealed that there is a statistically significant effect on the board of directors (board size) on the AQ. In general, the coefficient estimates of controlling variables show that client size and leverage debt positively affect audit quality, and on the contrary, business complexity has an insignificant positive relationship with audit quality. The summary of the study findings play an active role to external auditor opinion on business practice in towered the corporate governance system.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권1호
• /
• pp.733-739
• /
• 2021

This study investigates the relationships of energy firm-level characteristics, namely; firm size, firm leverage, and firm performance with board diligence among companies listed in Saudi Stock Exchange (Tadawul) for the periods ranging from 2012 to 2019. The final sample of this study consists of 32 firm-year observations. A quantitative approach was adopted to test 3 specific hypotheses developed for the board diligence model. Using the Pooled OLS regression, this study finds that firm size and firm performance are negatively associated with board diligence. The results of this study indicate an insignificant association of firm leverage with board diligence. Besides, firm performance is related negatively to board diligence. This indicates that the board of companies with poor performance increases the number of its meetings because of the increased pressure on the board to improve its oversight operations and address the severe performance challenges. The increased number of board meetings observe the daily management of the company, increase the chances for discussions concerning the performance challenges, and come up with solutions faster. The directors are also likely to encounter heightened pressure to appear more engaged during a company's financial distress since lenders require a meeting of the board or with the board.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권1호
• /
• pp.45-52
• /
• 2021

The capital structure is one of the hot financial topics among researchers and scholars. Its importance comes from the fact that capital structure is closely related to companies' ability to meet different stakeholders' needs. A suitable capital structure will boost the business and create a competitive advantage in the context of fierce competition. Many companies choose an optimal debt level based on the trade-off between interest and debt costs. This study aimed to test the existence of trade-off theory in capital structure, the case of Vietnam's real estate companies, which are growing very fast recently. Instead of considering constant optimal leverage to test the trade-off model, we take advantage of the dynamic capital structure determined by growth opportunities, profitability, tax incentives, tangibility, liquidity, and firm size. The dynamic panel data regression was estimated by the system Generalized Method of Moment (Sys-GMM). The empirical evidence showed that real estate companies listed in the Vietnamese stock market might change their leverage toward a target capital structure determined by influential factors in a long-term perspective. In particular, the debt-to-asset ratio will change by approximately 14 percent, positively, in response to the difference between the current debt-to-asset ratio and the dynamic target debt-to-asset ratio.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권3호
• /
• pp.517-525
• /
• 2021

The study investigates the behavior of Asian banks in response to the subprime mortgage crisis and examines how countries that have experimented with a mix of conventional and Islamic banking managed their balance sheet during that period. The study carries out an independent mean t-test comparing the difference of leverage of 464 conventional commercial Asian banks pre- and post-crisis from the largest twenty-five Asian economies based on GDP (2007). The analysis uses 10-year unbalanced panel data of conventional banks and employs the generalized least squares estimation using a dummy variable event window method to capture the response of Asian banks. The study finds evidence of a structural change in the capital structure of Asian commercial banks in response to the financial crisis. Findings suggest that conventional banks increased their capital position more in countries that have both Islamic and conventional banking than those countries without Islamic banking services. By having Islamic banking in their product portfolio, countries can exert market discipline on conventional banks. The study identifies a significant role of global macroeconomic shocks on banks liability structure decision-making. Evidence shows that this increase in capital positioning by banks was a permanent rather than a temporary response.