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The Effect of Exports on Growth of Small and Medium-Sized Enterprises: Evidence from Vietnamese Manufacturing Firms

  • LE, Ngan Thi Thanh
    • The Journal of Asian Finance, Economics and Business
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    • v.9 no.1
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    • pp.35-42
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    • 2022
  • The paper aims to examine the impact of exports on the growth of Vietnamese manufacturing small and medium-sized enterprises (SMEs) by exploring the information of 36,053 enterprises across 24 manufacturing sectors from the Vietnam Annual Enterprise Survey (VAES) in the period 2014-2019. To deal with the problem of variable variance, autocorrelation, and endogeneity of the model, the paper uses the OLS regression method with a strong standard error method and system GMM. Export participation by SMEs is positively associated with business growth in terms of sales and total assets, according to the findings. The GMM estimate shows that the rate of sales growth among exporters is 36.5 percent greater than that of non-exporting enterprises in the case of the sales growth measure. Exporters' average total asset growth rate is 19% greater than the rate estimated for non-exporting businesses. The study's findings indicate the need of adopting policies that promote SMEs in transition economies like Vietnam to engage in exporting activities. Furthermore, the findings show that financial assistance and suitable ownership would enable SMEs to take advantage of export opportunities to increase sales and total assets.

The Nexus between Capital Structure and Firm Value by Profitability Moderation: Evidence from Saudi Arabia

  • FATIMA, Nadeem;SHAIK, Abdul Rahman
    • The Journal of Asian Finance, Economics and Business
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    • v.9 no.9
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    • pp.181-189
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    • 2022
  • The current study examines the nexus between the capital structure (debt-equity) and firm value (Tobin's Q) by including profitability (alternatively Return on Assets (ROA) and Return on Equity (ROE)) as a moderator in the companies of Saudi Arabia. The study sample consists of 102 companies listed on Tadawul (the Saudi Arabian stock exchange) from different sectors of Saudi Arabia during the period 2013 to 2020. The study estimates pooled regression, panel regression with fixed and random effects, and dynamic panel regression models to report the results. The study results report that there is a negative and significant association between capital structure and firm value in model 1, while in models 2 and 3 there is a more negative and significant impact between the two study variables compared to model 1 after the inclusion of interaction variable, i.e. profitability in terms of ROA and ROE. The comparative result shows that the companies of Saudi Arabia hold more debt in their capital structure mix, hence evidencing a decrease in the firm value. The reported results also show that models 2 and 3 are better in explaining the impact of capital structure on firm value due to the interaction of profitability compared to model 1.

Analysis of Forestry Structure and Induced Output Based on Input - output Table - Influences of Forestry Production on Korean Economy - (산업관련표(産業關聯表)에 의(依)한 임업구조분석(林業構造分析)과 유발생산액(誘發生産額) -임업(林業)이 한국경제(韓國經濟)에 미치는 영향(影響)-)

  • Lee, Sung-Yoon
    • Journal of the Korean Wood Science and Technology
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    • v.2 no.4
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    • pp.4-14
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    • 1974
  • The total forest land area in Korea accounts for some 67 percent of the nation's land total. Its productivity, however, is very low. Consequently, forest production accounts for only about 2 percent of the gross national product and a minor proportion of no more than about 5 percent versus primary industry. In this case, however, only the direct income from forestry is taken into account, making no reference to the forestry output induced by other industrial sectors. The value added Or the induced forestry output in manufacturing the primary wood products into higher quality products, makes a larger contribution to the economy than direct contribution. So, this author has tried to analyze the structure of forestry and compute the repercussion effect and the induced output of primary forest products when utilized by other industries for their raw materials, Hsing the input-output table and attached tables for 1963 and 1966 issued by the Bank of Korea. 1. Analysis of forestry structure A. Changes in total output Durng the nine-year period, 1961-1969, the real gross national product in Korea increased 2.1 times, while that of primary industries went up about 1. 4 times. Forestry which was valued at 9,380 million won in 1961, was picked up about 2. 1 times to 20, 120 million won in 1969. The rate of the forestry income in the GNP, accordingly, was no more than 1.5 percent both in 1961 and 1962, whereas its rate in primary industries increased 3.5 to 5.4 percent. Such increase in forestry income is attributable to increased forest production and rise in timber prices. The rate of forestry income, nonetheless, was on the decrease on a gradual basis. B. Changes in input coefficient The input coefficient which indicates the inputs of the forest products into other sectors were up in general in 1966 over 1963. It is noted that the input coefficient indicating the amount of forest products supplied to such industries closely related with forestry as lumber and plywood, and wood products and furniture, showed a downward trend for the period 1963-1966. On the other hand, the forest input into other sectors was generally on the increase. Meanwhile, the input coefficient representing the yolume of the forest products supplied to the forestry sector itself showed an upward tendency, which meant more and more decrease in input from other sectors. Generally speaking, in direct proportion to the higher input coefficient in any industrial sector, the reinput coefficient which denotes the use of its products by the same sector becomes higher and higher. C. Changes in ratio of intermediate input The intermediate input ratio showing the dependency on raw materials went up to 15.43 percent m 1966 from 11. 37 percent in 1963. The dependency of forestry on raw materials was no more than 15.43 percent, accounting for a high 83.57 percent of value added. If the intermediate input ratio increases in any given sector, the input coefficient which represents the fe-use of its products by the same sector becomes large. D. Changes in the ratio of intermediate demand The ratio of the intermediate demand represents the characteristics of the intermediary production in each industry, the intermediate demand ratio in forestry which accunted for 69.7 percent in 1963 went up to 75.2 percent in 1966. In other words, forestry is a remarkable industry in that there is characteristics of the intermediary production. E. Changes in import coefficient The import coefficient which denotes the relation between the production activities and imports, recorded at 4.4 percent in 1963, decreased to 2.4 percent in 1966. The ratio of import to total output is not so high. F. Changes in market composition of imported goods One of the major imported goods in the forestry sector is lumber. The import value increased by 60 percent to 667 million won in 1966 from 407 million won in 1963. The sales of imported forest products to two major outlets-lumber and plywood, and wood products and furniture-increased to 343 million won and 31 million won in 1966 from 240million won and 30 million won in 1963 respectively. On the other hand, imported goods valued at 66 million won were sold to the paper products sector in 1963; however, no supply to this sector was recorded in 1963. Besides these major markets, primary industries such as the fishery, coal and agriculture sectors purchase materials from forestry. 2. Analysis of repercussion effect on production The repercussion effect of final demand in any given sector upon the expansion of the production of other sectors was analyzed, using the inverse matrix coefficient tables attached to the the I.O. Table. A. Changes in intra-sector transaction value of inverse matrix coefficient. The intra-sector transaction value of an inverse matrix coefficient represents the extent of an induced increase in the production of self-support products of the same sector, when it is generated directly and indirectly by one unit of final demand in any given sector. The intra-sector transaction value of the forestry sector rose from 1.04 in 1963 to 1, 11 in 1966. It may well be said, therefore, that forestry induces much more self-supporting products in the production of one unit of final demand for forest products. B. Changes in column total of inverse matrix coefficient It should be noted that the column total indicates the degree of effect of the output of the corresponding and related sectors generated by one unit of final demand in each sector. No changes in the column total of the forestry sector were recorded between the 1963 and 1966 figures, both being the same 1. 19. C. Changes in difference between column total and intra-sector transaction amount. The difference between the column total and intra-sector transaction amount by sector reveals the extent of effect of output of related industrial sector induced indirectly by one unit of final demand in corresponding sector. This change in forestry dropped remarkable to 0.08 in 1966 from 0.15 in 1963. Accordingly, the effect of inducement of indirect output of other forestry-related sectors has decreased; this is a really natural phenomenon, as compared with an increasing input coefficient generated by the re-use of forest products by the forestry sector. 3. Induced output of forestry A. Forest products, wood in particular, are supplied to other industries as their raw materials, increasng their value added. In this connection the primary dependency rate on forestry for 1963 and 1966 was compared, i. e., an increase or decrease in each sector, from 7.71 percent in 1963 to 11.91 percent in 1966 in agriculture, 10.32 to 6.11 in fishery, 16.24 to 19.90 in mining, 0.76 to 0.70 in the manufacturing sector and 2.79 to 4.77 percent in the construction sector. Generally speaking, on the average the dependency on forestry during the period 1963-1966 increased from 5.92 percent to 8.03 percent. Accordingly, it may easily be known that the primary forestry output induced by primary and secondary industries increased from 16, 109 million won in 1963 to 48, 842 million won in 1966. B. The forest products are supplied to other industries as their raw materials. The products are processed further into higher quality products. thus indirectly increasing the value of the forest products. The ratio of the increased value added or the secondary dependency on forestry for 1963 and 1966 showed an increase or decrease, from 5.98 percent to 7.87 percent in agriculture, 9.06 to 5.74 in fishery, 13.56 to 15.81 in mining, 0.68 to 0.61 in the manufacturing sector and 2.71 to 4.54 in the construction sector. The average ratio in this connection increased from 4.69 percent to 5.60 percent. In the meantime, the secondary forestry output induced by primary and secondary industries rose from 12,779 million Wall in 1963 to 34,084 million won in 1966. C. The dependency of tertiary industries on forestry showed very minor ratios of 0.46 percent and 0.04 percent in 1963 and 1966 respectively. The forestry output induced by tertiary industry also decreased from 685 million won to 123 million won during the same period. D. Generally speaking, the ratio of dependency on forestry increased from 17.68 percent in 1963 to 24.28 percent in 1966 in primary industries, from 4.69 percent to 5.70 percent in secondary industries, while, as mentioned above, the ratio in the case of tertiary industry decreased from 0.46 to 0.04 percent during the period 1963-66. The mining industry reveals the heaviest rate of dependency on forestry with 29.80 percent in 1963 and 35.71 percent in 1966. As it result, the direct forestry income, valued at 8,172 million won in 1963, shot up to 22,724 million won in 1966. Its composition ratio lo the national income rose from 1.9 percent in 1963 to 2.3 per cent in 1966. If the induced outcome is taken into account, the total forestry production which was estimated at 37,744 million won in 1963 picked up to 105,773 million won in 1966, about 4.5 times its direct income. It is further noted that the ratio of the gross forestry product to the gross national product. rose significantly from 8.8 percent in 1963 to 10.7 percent in 1966. E. In computing the above mentioned ratio not taken into consideration were such intangible, indirect effects as the drought and flood prevention, check of soil run-off, watershed and land conservation, improvement of the people's recreational and emotional living, and maintenance and increase in the national health and sanitation. F. In conclusion, I would like to emphasize that the forestry sector exercices an important effect upon the national economy and that the effect of induced forestry output is greater than its direct income.

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A Study on the Risk Management Strategy of the Large Scale Construction Company According to the Change of Real Estate Market (부동산시장 변화에 따른 대형건설사 리스크관리 방안에 관한 연구)

  • Lee, Yun-Hong;Ji, Kyu-Hyun
    • Land and Housing Review
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    • v.9 no.1
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    • pp.1-9
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    • 2018
  • As the government announced Real Estate Policies on August 02, most areas except for Seoul cities face increasing business risks. Moreover, the government control over financial sectors' loan leads to the highly possible contraction of new distribution markets. The market trend could bring about the reduction of new demand in PF (Private Financing) business that large construction companies mainly concentrate on, and even the business already obtained has a high risk of being distributed, which could result in substantially low profitability. The currently unstable financial structure of most construction companies is caused by the hike of the prime cost of foreign plants except for that of a few construction companies. If PF (Private Financing) business also faces a difficult situation in such a financial condition, even large construction companies come to have the high possibility of a deficiency in credit rating. Accordingly, the major business that large construction companies concentrate on needs the sufficient business review. It is desirable to make a bid for business guaranteeing stability rather than business solely in consideration of profitability, when participating in a competition for a new construction contract.

Public-Private Partnership in the System of Economic Development of the Country

  • Muliar, Volodymyr;Ryda, Tetyana;Dolot, Volodymyr;Didych, Oleg;Grechanyk, Bogdan;Chornysh, Iurii
    • International Journal of Computer Science & Network Security
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    • v.22 no.9
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    • pp.83-88
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    • 2022
  • The main purpose of the study is to determine the key aspects of the public-private partnership system in the context of the economic development of the state. At first glance, the mutually exclusive interests of the state and business do not contribute to the development of common and agreed development goals. At the same time, ignoring the versatility of interests and the aggravation of the discussion regarding the two sides under consideration, the study of the theoretical foundations of the interaction between the public and private sectors of the economy allows us to draw the following conclusion: world economic theory from classical political economy to new institutionalism has a clear structured position on the ancient historical depth of existence of the form of partnerships Based on the results of the study, the main elements of the public-private partnership system in the context of the economic development of the state were identified.

Best Buffer Width of Riparian Buffer Zone using a Pilot with Different Plant Species for Reduction of Non-point Pollutant Loading (비점오염저감을 위한 수변완충지대의 적정 설계)

  • Kim, Sung-Won;Choi, I-Song;Oh, Jong-Min
    • Journal of Environmental Impact Assessment
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    • v.17 no.1
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    • pp.1-9
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    • 2008
  • Non-point pollution is caused by many diffusive sources, unlike a point pollution derived from industrial wastewater treatment plants or sewage treatment plants. Runoff of non-point pollutants is originated from rainfall or thawing in short period of time moving over and through the a ground surface. They cause ill effect on the quality of neighboring aquatic environment. To prevent effectively the wash off from non-point pollutant, it should be immediately reduced at the source or be treated after gathering of runoff water. This study has been carried out for the best width of riparian buffer zone. So we implemented the experiment in terms of its depth, width and kind of vegetations and calculated the reduction of pollutants loading. The experimental zone encompasses the watershed of Namhan River (Kyunggido Yangpyunggun Byungsanri). The region was divided into 5 land cover sectors : grass, reed, pussy willow, mixed(grass+pussy willow) and natural zone to compare effectiveness of vegetation. Water samples from four points have been collected in different depths. And the pollutant removal efficiency by sectors with different plant species was yielded through influent with one of each sample. And we obtained the correlation between the width of riparian buffer zone and the removal efficiency of pollutants. Using correlation result, the width of riparian buffer zones which needs to improve the water quality of river could be derived.

A Study on Correlation between Job Stress and Metabolic Syndrome of Male Employees of Electronic Goods Manufacturer (전자제품 제조업체 남성근로자의 직무 스트레스와 대사증후군의 관련성)

  • Kim, Tae-Hee;Jung, Myung-Hee;Lee, Se-Hun
    • Korean Journal of Occupational Health Nursing
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    • v.25 no.1
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    • pp.55-64
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    • 2016
  • Purpose: The aim of this study was to investigate the association between job stress and metabolic syndrome among male workers. Methods: A total of 396 male workers employed in an electronic company, located in 'P' city, Gyeonggi Province, who had taken medical examination at the 'D' hospital, volunteered in this study. All the data used in this study were obtained from 'D' hospital after getting consent and permission from the workers. General and occupational characteristics, medical history, and health-related behaviors of the subjects were obtained by self-administered questionnaire. Results: The highest occupational stress by sub-sector was reported in the order of insufficient job control, organizational system, lack of reward, job demand, job insecurity, physical environment, job culture, and relationship conflict. The prevalence rate of metabolic syndrome of the participants was 19.9%. The results of the multiple logistic regression analysis on metabolic syndrome of the subjects indicated that the syndrome was significantly higher among those with family history, smoking habit and ex-smoking, working duration of 3 years and over, and with higher total score of occupational stress. It was significantly more prevalent, when the degree of stress was high in the sub-sectors of occupational stress; job autonomy, job insecurity, lack of reward, and job culture. Conclusion: In conclusion, it is necessary to implement a plan to efficiently manage the job stress of these male workers, as the probability of metabolic syndrome increased with the increase of occupational stress. Furthermore, considering the highest occupational stress was found to be job autonomy among its sub-sectors, it is necessary to prepare various measures to enhance the autonomy of such employees.

Defining Essence and Research Scope of Design Marketing (디자인마케팅의 본질과 연구영역에 관한 연구)

  • Lee, Jin-Ryeol
    • Science of Emotion and Sensibility
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    • v.9 no.spc3
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    • pp.197-208
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    • 2006
  • Modern corporations are changing their strategies from 4P-based marketing strategies which have been used for logic-based consumers in the past to perception-based marketing strategies which will be performed for current emotion-based consumers. Therefore, the importance of emotional marketing, which means the integrated strategies approaching consumers by combining logic-based marketing strategies and emotion-based design strategies, has been increased. However, existing researches have not tried to suggest the essence and research scope of design marketing and verify the applicability of each research sectors but only tried to apply some marketing tools in design process. Regarding this, this study suggests that the essence of design marketing has to be defined first then various and systematic academic reviews have been performed on each research sectors of it before design marketing tools are applied in design practices. In addition, this study suggests 3 research categories of design marketing based on traditional marketing. They are first, understanding consumer's decision making precess for design and next, introducing and applying various research tools ant last, applying various strategic tools for strategy-making based on situation understanding. Finally, this study suggests future research directions on 3 research categories mentioned above.

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A Study on the Establishment of the Fresh Water Plant Industry for the Response of the Nagoya Protocol (나고야의정서 대응을 위한 담수식물 산업화 방향 설정 연구)

  • Ryu, Yoon-Jin;Cho, Dong-Gil;Kim, Sang-Cheol;Shin, Su-Young;Cho, Soo-Hyun
    • Journal of the Korean Society of Environmental Restoration Technology
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    • v.20 no.6
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    • pp.161-180
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    • 2017
  • As the competition for securing cross-border biological sovereignty becomes intensified due to the adoption of the Nagoya Protocol, this study analyzed patent trends only for freshwater plants in order to secure national biological sovereignty. As a result, freshwater plants include a total of 68 genera and 128 species, and a total of 60 genera and 3,256 patents were surveyed. Among them, iris was the most industrialized, 14.71% followed by angelica(8.48%) and Mentha(6.94%). However, unconfirmed eight genera (Aneilema, Artemisia Cabomba, Nymphoides, Pistia stratiotes L., Pseudoraphis Griff., Ruppia) are not patented freshwater plants and it is expected that patent entry is high and barrier is low in the future. Based on patent results, Cooperative Patent Classification analysis was carried out and as a result, a total of 15 industry sectors were derived. And biopharmaceutical(30.24%) was found to be the most industrialized industry sector followed by agricultural chemistry (28.89%), biochemical industry (16.25%). In the biomedical industry, angelica(17.74%) was the most used and Iris (9.55%), Sium(20.56%) and angelica (20.48%) were found to be the most used in agricultural chemistry, biochemical industry and bio food industry, respectively. The analysis of detailed industry fields for 15 industry sectors showed that medicines of unknown structure containing substances from plants (37.77%), raw materials (46.57%) such as insect repellants, attracting agents and preparation of peptides(16.82%) with more than 21 amino acids were most frequently used in biopharmaceutical, agricultural chemistry and biochemical industry, respectively. This study is of significance as a basic data to know which freshwater plants are used in which field in order to secure biological sovereignty and patent analysis is considered necessary to continuously secure the biological sovereignty for freshwater plants.

A Design of Organizational Structure for Information Technology Service Management in Public Sector (공공부문의 정보기술서비스관리를 위한 조직구조의 설계)

  • Park, Sang-Soon;Lee, Goo-Beom;Lee, Nam-Yong
    • Journal of KIISE:Software and Applications
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    • v.37 no.9
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    • pp.687-693
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    • 2010
  • Information Technology Service Management (ITSM) System has been adopted and operated by many governments and public institutions to intensify their global competitiveness. Recently these organizations are facing many problems because of the increased demands and complexity of Information Technology (IT) service. Especially, difficulty with ITSM gets bigger and bigger because of increasing IT outsourcing. An expectation regarding ITSM is grown up when facing to solve problems. Therefore, this study suggests effective alternatives about ITSM organization structure for public sectors. The ITSM organization structures changes from traditional structures based on functions to new structures based on its goal, customer, and its process. In other words, ITSM organizational structure can be composed of Service Strategy directorate, Service Design directorate, Service Transition directorate, Service Operation directorate, and Service Improvement directorate. To ensure the effectiveness and the professionalism of ITSM in an organization, this paper specifies the roles of participants and the responsibilities for each unit. The proposed ITSM organization structures will be useful for public sectors.