• 산경연구논집
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• 제9권1호
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• pp.25-38
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• 2018

Purpose - The purpose of this study is to empirically investigate the impact of donor's fiscal status on aid decisions before and after the 2008 global financial crisis. The effects on aid can change depending on the donor country's fiscal status and the period of financial crisis. Research design, data, and methodology - A fixed effect regression and dynamic panel GMM is conducted using a comprehensive dataset combining 31 donor and 167 recipient countries during 1996-2015. The key explanatory variable is central government debt-to-GDP ratio of donor country. Recipient countries' GNI per capita, population, governance indicators, and bilateral trade-to-GDP ratio between donor and recipient countries are included as control variables. Results - We can confirm the relationship between donor country's fiscal status and aid flow. The cyclical component of government debt is found to have a negative impact on grant decisions particularly after the 2008 global financial crisis. This effect becomes larger in the countries with high government debt-to-GDP ratio. ODA decisions from the countries with low financial constraint do not significantly affected by the recipient countries' factors such as GNI, population, and governance indicator. Conclusions - Based on the empirical results of this study, the source of aid should be diversified by incorporating private sector and innovative financing sources.

• The Journal of Asian Finance, Economics and Business
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• 제6권1호
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• pp.315-319
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• 2019

The paper aims to investigate empirical causes of poverty of the Khmer ethnic people and suggest policy implication to help the Khmer ethnic people escape poverty in Tra Vinh province and the Mekong Delta. The study has been conducted with direct interviews with 300 Khmer households living in seven districts and cities in Tra Vinh province and with the use of multivariate regression. The research results show that a number of causes that affect poverty of poor households include lack of capital for production, lack of means of production, poor health and lack of labor, large families, lack of job opportunities or unemployment, and lack of willingness to escape poverty and education. Thus, there should be poverty reduction policy for the poor househlods in the coming time. Based on the current situation and regression results, the authors propose a number of recommendations: 1) Focus on preferential loan policies for poor people 2) Provide occupational training programs for improving incomes for the Khmer ethnic households 3) Build up special infrastructure in the Khmer ethnic areas 4) Focus on promoting cultural and belief institutions in areas of the Khmer ethnic people and 5) Improve and build up healthcare clinics services and facilities.

• The Journal of Asian Finance, Economics and Business
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• 제6권2호
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• pp.33-44
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• 2019

The Indonesian government launched a new people's business credit program as part of a package of economic policy and deregulation. The interest rate is set lower than the average of the current loan interest rates, especially when compared with rural bank interest rates. To capture the social spatial aspects, quota sampling is applied to ten areas that divided based on the social culture. Further, the method utilized in this research is logit models, which designed to analyse the determinants of asymmetric information particularly on the rural bank and small micro enterprises. The study was conducted in East Java as the province with the largest number of rural banks in Indonesia. Based on the estimation of asymmetric information model to the respondent of rural banks and small businesses, the result shows that adverse selection can be avoided by strengthening the information about prospective borrowers. Regarding moral hazard, rural banks and small businessmen argued that the imposition of the collateral to the debtor has an important role to avoid moral hazard. Rural bank respondents stated that the KUR program with low-interest rates has affected their business development. The results implied the need of broadening the collaboration schemes between this people's business credit program and rural banks.

• 사회경제평론
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• 제38호
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• pp.199-240
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• 2012

포스트케인즈학파(PK) 내생화폐이론에 따르면, 기업은 신규투자를 수행하기 위해 은행에 대한 대부수요를 만들고, 이에 대한 은행의 대출공급으로 예금화폐가 창조된다. 은행의 자산 측면에서의 신용창조가 부채측면에서 화폐창조로 이어지면서 은행의 대차대조표에서 실물과 화폐가 연결된다. 이 글은 은행의 기능을 중심으로 황재홍(2005)에 대한 비판적 고찰을 통하여 케인즈와 PK 내생화폐이론을 살펴보고자 한다. 이로써 다음과 같은 결론이 도출된다. 첫째, PK 내생화폐이론의 기반을 케인즈에게서 찾을 수 있다. 둘째, 케인즈의 화폐내생성과 빅셀의 그것은 본질적 측면에서 서로 다르다. 마지막으로, PK 내부의 수평주의자와 구조주의자의 논쟁을 이들의 논의의 결론이 아닌 분석상의 차이점에 초점을 두고 보면, 내생화폐이론과 유동성 선호이론은 케인즈 이론 체계에서 양립가능한 이론이 될 수 있다.

• The Journal of Asian Finance, Economics and Business
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• 제8권12호
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• pp.107-115
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• 2021

Currently, small and medium-sized enterprises (SMEs) are accounting for about 98% of the total number of enterprises in Vietnam. Each year, SMEs create over one million new jobs, utilize up to 51% of the labor force in the society, and contribute more than 40% of GDP to the country. The study aims to analyze factors affecting the management competency of directors in small and medium enterprises in Vietnam. To achieve these research objectives, quantitative and qualitative methods were used concurrently. 300 questionnaires were sent out, but only 276 were collected and used for the quantitative analysis through SPSS 20.0 software. Cronbach's Alpha, EFA, and regression were used to further confirm the research findings. The research findings show that all four proposed factors have impacts on the management competency of SME directors, among which enterprise features and specific policies for entrepreneur development in the locality have the strongest impacts, followed by personal features and business environment. The findings of this study suggest that managers need to focus on factors affecting the management competency of directors. This paper also provides new insight into the management competency of directors. Based on the findings, some recommendations are given for SMEs to improve management competency.

• The Journal of Asian Finance, Economics and Business
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• 제8권9호
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• pp.79-89
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• 2021

Green finance plays an important role in environmental protection missions and fighting climate change. The Environment Fund in Vietnam is the main channel of preferential capital offered to firms for environmental protection. Unfortunately, it was previously unknown which criteria influenced these companies' ability to obtain green financing. Using a survey method, we collected data through a structured questionnaire of 203 respondents that represent firms that had received concessional loans from 26 Environment Funds. A Multiple Linear Regression model was used to examine the determinants of access to concessional loans for environmental protection. We found relationships between age, size, ownership type, and industry sector, and access to green finance. Third-party guarantees were a significant factor in financing through Environment Funds. Moreover, we found commercial environmental projects face fewer green financing obstacles. Surprisingly, showing audited financial statements does not mitigate the information asymmetry between firms and these financial institutions. These findings suggest that Environment Funds should classify environmental project types to develop appropriate lending policies. In emerging markets, enterprises need to build a trusted relationship with financial institutions so that they can replace asset-based lending techniques, thereby increasing the firms' accessibility to green finance.

• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.61-68
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• 2021

The exchange rate is considered a tool improving the volume of exports and reducing imports. This paper aims to determine the impact of the exchange rate on exports and imports between Vietnam and the United States in the context of the trade war. The research uses Autoregressive Distributed Lag (ARDL) and Nonlinear Autoregressive Distributed Lag (NARDL) Model in the time-series data from 2010:1 to 2020:9. The ARDL's results support that real exchange rate impact on export and import volumes, but less than the trade war. The trade war helps trade balance increase 0.35%, while the exchange rate increases trade balance 0.191% when the Vietnamese currency devalues 1% in the long run. In the short term, the real exchange rate makes the trade balance decrease. Therefore, the J curve exists between Vietnam and the U.S. The NARDL expresses that the exchange rate is asymmetric both in the short term and the long term. The findings of this study point to two important elements. Firstly, the exchange rate plays a minor role in exports and imports. Secondly, trade war plays a vital role in increasing exports and imports volume between two countries, and the J curve exists between the two countries.

• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.829-837
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• 2021

The study investigates the impact of the Counter-Cyclical Buffer Policy (CCB) on regional development bank profitability in Sumatra, Indonesia. CCB requires banks to hold capital at times when credit is growing rapidly so that the buffer can be reduced if the financial cycle turns down or the economic and financial environment becomes substantially worse. This study employs time series data of regional development banks (RDBs) in Sumatra Island, Indonesia. The methodology applied in this study is a panel dynamic model with Generalized Methods of Moments (GMM). The results show that increasing capital through the implementation of CCB did not have a significant effect on RDBs' profitability. The findings of this study suggest that the activation and implementation of CCB lead to an increase in the amount and cost of loans to companies but do not affect the profitability of RDBs. The value of a Non-Performing Loan (NPL) proved to have a negative and significant effect on bank profitability. The CCB policy aims to overcome the pro-cyclicality of credit growth and improve bank resilience through increased capital which is expected to reduce excessive credit growth as a source of systemic risk. This causes a lack of lending to the community so that the profits obtained by the bank decrease.

• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.649-656
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• 2021

This paper aims to examine the moderating role of bank competition on the effect of liquidity creation on bank capital. We measure bank competition using the Lerner index approach, liquidity creation using the Catfat approach, and bank capital using the capital to total asset ratio approach. This test also considers control variables from bank-specific factors such as Return on Assets, Loan to Deposit Ratio, and Non-Performance Loans as well as macroeconomic factors such as Gross Domestic Product, inflation, and Bank Indonesia interest rates. The sampling technique used was purposive sampling. The data sample obtained was 96 banks from a population of 114 banks in Indonesia which consistently operated during the period 2008-2018. Hypothesis testing uses panel data regression analysis techniques through the first model of the Hayes method. The results show that the negative effect of liquidity creation on bank capital depends on competition. We found that bank competition at any level (low, medium, high) negatively moderates (weakens) the effect of liquidity creation on bank capital in all banks. This finding is consistent with the view that banks may strengthen their capital in response to bank competition which may decrease the level of bank liquidity creation.

• International Journal of Oral Biology
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• 제44권2호
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• pp.43-49
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• 2019

Tannic acid (TA) is a water-soluble polyphenol compound found in various herbal plants. We investigated the chemopreventive effects of TA on FaDu hypopharyngeal squamous carcinoma cells. In an 3-(4,5-dimethylthiazol-2-yl)-2,5-diphenyltetrazolium bromide (MTT) assay, TA showed dose-dependent cytotoxicity with a half maximal inhibitory concentration (IC50) of 50 ?M. Cell cycle analysis and immunofluorescence imaging demonstrated that under low-dose ($25{\mu}M$) treatment, FaDu cells were arrested in G2/M phase, and as the dose of TA was increased, apoptosis was induced with the increase of cell population at sub-G1 phase. The expressions of various cyclins, including cyclin D1 and cyclin-dependent kinases (CDK-1 and CDK-2), were down-regulated at low doses of TA, whereas apoptotic effectors such as cleaved caspase 3, cleaved caspase 7, and poly (ADP-ribose) polymerase (PARP) were expressed in a dose-dependent manner in Western blotting. In addition, TA-induced apoptosis of FaDu cells might be mediated by the extracellular signal-regulated kinase (ERK)/mitogen-activated protein kinase pathway, with the upregulation of p-AKT/p-PKB (phosphorylated protein kinase B) and p-ERK. Overall, our data support the hypothesis that TA is a potential candidate agent for the treatment of hypopharyngeal cancer.