• The Journal of Asian Finance, Economics and Business
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• 제4권3호
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• pp.5-17
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• 2017

This study extends research into whether disclosure of corporate and financial information is associated with firms' costs of equity capital. This study sets out to examine empirically the determinants of corporate disclosure in the annual reports of 37 largest and most liquid firms listed on Kazakhstan Stock Exchange (KASE) in Kazakhstan. It also reports the results of the association between company-specific characteristics and disclosure of the sample companies. Based on the analysis of existing empirical research, the disclosure index has been constructed and regression analysis of the influence of the disclosure index on the cost of equity capital has been conducted. The obtained results show that the received findings correlate with foreign empirical studies, and the disclosure index in this sample has a negative impact on the cost of equity capital. Using cost of equity capital estimates derived from capital asset pricing model, we find that firms with higher levels of financial transparency are associated with significantly lower costs of equity capital. Economic theory assumes that by increasing the level of corporate reporting, firms not only increase their stock market liquidity, but also decrease the investors' estimation risk, arising from uncertainty about future returns and payout distributions. The results show that firms on the Kazakhstan market can reduce their cost of equity capital by increasing the level of their voluntary corporate disclosures.

• 한국콘텐츠학회논문지
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• 제16권5호
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• pp.46-57
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• 2016

본 논문에서는 사회적 기업에서 기업가정신과 사회적 자본을 기반으로 기업과 지역사회의 공진화의 기반을 구축하기 위한 선순환 요소를 발굴하고자 한다. 이를 위해서 기업가정신의 구성변인으로서 혁신성, 진취성, 위험감수성에 사회적가치추구를 추가하고, 사회적 자본을 구조적 자본, 인지적 자본, 관계적 자본으로 분류하였다. 기업가정신과 사회적 기업의 성과의 관계에서 사회적 자본의 매개효과에 대한 실증 분석을 위해 6개의 가설을 정한 후 상관 분석과 회귀 분석을 실시하였다. 본 연구 결과를 하면 다음과 같다. 첫째, 기업가정신과 사회적 기업의 경제적 성과에서 관계적 자본은 완전매개효과를 갖는다. 둘째, 기업가정신과 사회적 기업의 사회적 성과에서 관계적 자본은 완전매개효과를 갖는다.

• Journal of Korean Neurosurgical Society
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• 제60권5호
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• pp.504-510
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• 2017

Objective : To investigate the morphological and hemodynamic parameters associated with middle cerebral artery (MCA) bifurcation aneurysm rupture. Methods : A retrospective study of 67 consecutive patients was carried out based on 3D digital subtraction angiography data. Morphological and hemodynamic parameters including aneurysm size parameters (dome width, height, and perpendicular height), longest dimension from the aneurysm neck to the dome tip, neck width, aneurysm area, aspect ratio, Longest dimension from the aneurysm neck to the dome tip (Dmax) to dome width, and height-width, Bottleneck factor, as well as wall shear stress (WSS), low WSS area (LSA), percentage of LSA (LSA%) and energy loss (EL) were estimated. Parameters between ruptured and un-ruptured groups were analyzed. Receiver operating characteristics were generated to check prediction performance of all significant variables. Results : Sixty-seven patients with MCA bifurcation aneurysm were included (31 unruptured, 36 ruptured). Dmax (p=0.008) was greater in ruptured group than that in un-ruptured group. D/W (p<0.001) and the percentage of the low WSS area ($0.09{\pm}0.13$ vs. $0.01{\pm}0.03$, p<0.001) were also greater in the ruptured group. Moreover, the EL in ruptured group was higher than that in unruptured group ($6.39{\pm}5.04$ vs. $1.53{\pm}0.86$, p<0.001). Multivariate regression analysis suggested D/W and EL were significant predictors of rupture of MCA bifurcation aneurysms. Correlation analyses revealed the D/W value was positively associated with the EL (R=0.442, p<0.01). Conclusion : D/W and EL might be the most two favorable factors to predict rupture risk of MCA bifurcation aneurysms.

• 산경연구논집
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• 제12권3호
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• pp.43-49
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• 2021

Purpose: This study attempted to examine the risk of stock price plunge according to the firm's management strategy. Prospector firms value innovation and have high uncertainties due to rapid growth. There is a possibility of lowering the quality of financial reporting in order to meet market expectations while withstanding the uncertainty of the results. In addition, managers of prospector firms enter into compensation contracts based on stock prices, thus creating an incentive to withhold negative information disclosure to the market. Prospector firms' information opacity and delays in disclosure of negative information are likely to cause a sharp decline in share prices in the future. Research design, data and methodology: This study performed logistic analysis of KOSPI listed firms from 2014 to 2017. The independent variable is the strategic index, and is calculated by considering the six characteristics (R&D investment, efficiency, growth potential, marketing, organizational stability, capital intensity) of the firm. The higher the total score, the more it is a firm that takes a prospector strategy, and the lower the total score, the more it is a firm that pursues a defender strategy. In the case of the dependent variable, a value of 1 was assigned when there was a week that experienced a sharp decline in stock prices, and 0 when it was not. Results: It was found that the more firms adopting the prospector strategy, the higher the risk of a sharp decline in the stock price. This is interpreted as the reason that firms pursuing a prospector strategy do not disclose negative information by being conscious of market investors while carrying out venture projects. In other words, compensation contracts based on uncertainty in the outcome of prospector firms and stock prices increase the opacity of information and are likely to cause a sharp decline in share prices. Conclusions: This study's analysis of the impact of management strategy on the stock price plunge suggests that investors need to consider the strategy that firms take in allocating resources. Firms need to be cautious in examining the impact of a particular strategy on the capital markets and implementing that strategy.

• 지식경영연구
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• 제19권3호
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• pp.135-171
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• 2018

Due to its nature, business foundation accompanies high levels of risk taking and responsibility. For this reason, entrepreneurs come to experience various negative emotions in the process of business foundation such as anxiety about risks, fear of failure, and pressure of success. However, entrepreneurs' negative emotions reduce individual inclinations for business foundation. Thus, it is necessary to research individual psychological characteristics that could reduce and attenuate entrepreneurs' negative emotions. To this end, this study examined the effects of Self-forgiveness, and Narcissism, psychological motivation variables, and Positive psychological capital and Career ambition, goal motivation variables, on entrepreneurial intentions. In order to verify research hypotheses, 326 questionnaires collected from prep-entrepreneurs were used for the empirical analysis. Looking at the analysis results, Self-forgiveness, Narcissism, Positive psychological capital and Career ambition had significant effects on entrepreneurial intentions. This study has a meaning in that it confirmed the influential relationship between the psychological characteristics reducing entrepreneurs' negative emotions and entrepreneurial intentions. In addition, this study suggested its implications, limitations, and future research directions based on the study results.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.1-8
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• 2020

The objective of the study is to investigate the effect of growth opportunities on capital structure and dividend policy in Indonesia. The study employs panel data of companies listed on Indonesia Stock Exchange that distribute dividends from 2007 to 2017. Fixed and random effect regression models are used. Findings based on growth opportunities on capital structure and dividend policy in Indonesia are in line with the existing theory (i.e., contracting theory). Growth opportunities have a significant negative correlation with debt ratio and dividend yield, which suggests that firms with high growth opportunities are discouraged to generate debt to resolve underinvestment and asset-substitution problem. Firms with more investment opportunities tend to adopt a low dividend payout policy because the cash flows will be used up for investment. The positive impact of firm size on leverage is due to the low bankruptcy risk and cost of a large company. Profitability has a positive impact on the dividend policy because profitable companies can reserve larger free cash flows and, thus, pay higher dividends. The positive influence of ownership on leverage is interpreted by the unwillingness of majority stockholders to commit to equity financing in order to avoid reducing the ownership and preserve control of the company.

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

• 산업경영시스템학회지
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• 제36권1호
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• pp.17-23
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• 2013

This study analyzed the efficiencies of Korean fisheries cooperative's 97 operation offices in the capital and surrounding area. We used the DEA model for checking the technical and scale efficiencies in the financial business of them. We divided the business into two parts, the productivity (efficiency for increasing deposit and loan) and profitability (efficiency for increasing the profit and reducing the risk from the loan). The results show that the additional profitability increase is very difficult because most of the offices have full technical efficiency for profitability. But additional analysis based on Slack-based Measure (SBM) DEA model shows that Kyung-Gi region can increase the profitability. SBM model analysis also gives us the possibility that customized policy can apply to each offices considering each factors affecting the productivity and profitability.

• Asia Pacific Journal of Business Review
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• 제4권1호
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• pp.1-34
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• 2019

This study investigates whether and how a firm's cost of equity capital is influenced by the extent of a firm's real earnings management (REM). Using a large sample of Hong Kong and Chinese firms over the 9-year period 2009-2017, we find that our implied cost of equity estimates are positively associated with both the extent of REM and the extent of accrual-based earnings management (AEM), but the positive association is stronger for REM than for AEM. We also provide evidence suggesting that the effect of AEM and REM on the cost of equity is more pronounced for Hong Kong firms than Chinese firms, and within Chinese firms, it is less pronounced for the state-owned enterprises (SOEs). Collectively, our results suggest that while both REM and AEM exacerbate the quality of earnings used by outside investors, REM does so to a greater extent than AEM, and thus the market demands a higher risk premium for REM activities than for AEM activities and that this cost of capital-increase effect is more prominent in a developed market like Hong Kong and mitigated by state ownership in China because of investors' expectations for a lower level of detriments to firm fundamentals by REM due to government's protection in a less developed market like China.

• Management Science and Financial Engineering
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• 제10권1호
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• pp.25-41
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• 2004

There have been many studies to build a model that can help investors construct optimal portfolio. Most of the previous models, however, are based upon the path-breaking Markowitz model (1959) which is a quantitative model. One of the most important problems with that kind of quantitative model is that, in reality, most of the investors use not only quantitative, but also qualitative information when they select their optimal portfolio. Since collecting both types of information from the markets are time consuming and expensive, making a set of target assets smaller, without suffering heavy loss in the rate of return, would attract investors. To extract only desired assets among all available assets, we need knowledge that identifies investors' preference for the risk of the assets. This study suggests two-layer decision-making rules capable of identifying an investor's risk preference and an architecture applying them to a quantitative portfolio model based on risk and expected return. Our knowledge-based portfolio system is to build an investor's preference-oriented portfolio. The empirical tests using the data from Korean capital markets show the results that our model contributes significantly to the construction of a better portfolio in the perspective of an investor's benefit/cost ratio than that produced by the existing portfolio models.