• The Journal of Asian Finance, Economics and Business
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• v.3 no.3
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• pp.67-77
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• 2016

Shareholders solely depend on annual reports to make investment, credit and other decisions. Investors expect that information should be reliable, relevant, comparable, consistent and thus easy to use for decision making. But whether the importance of annual reports to all shareholders is equally significant is a question of research. Thus, this research study tries to find out the importance of reading annual reports to the investors. A questionnaire survey is conducted on investors considering thirty one general shareholders and six brokers. This research based survey finds that most of the shareholders have no knowledge about accounting or finance and they have little knowledge about capital markets due to lack of training. This study also finds that general shareholders read an annual report at least moderately except value added statement, chairman's review, director's report and rumor. This study recommends human resource should be developed through adequate training, and annual reports should provide transparent and quality information which will ultimately increase the confidence of investors.

• Knowledge Management Research
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• v.11 no.3
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• pp.1-11
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• 2010

The importance of intangible assets have increased unprecedentedly with the advent of the knowledge-based society. Investment in R&D has contributed to the rise of productivity and firm-value in the capital markets. but it is very difficult to determine the economic benefits of R&D investment, due to elusive link between time requirements and the realization of firm value from R&D investment. This study examines the differential effects of R&D expenditure and patents on firm-value by industry. Patents are intangible, proprietary rights that develops new products, plays a crucial role in market competition and results in research and development activities. If firms get patents, their R&D expenditure is assumed to be successful. The study analyzes whether successful R&D expenditure has a significant effect on the firm-value. The study considers two industries : high-tech industries and low-tech industries. These industries are expected to have different effect on R&D expenditure and firm-vale. The results of the study indicate that the successful R&D expenditure increased the firm-value. Successful R&D expenditure in high-tech industries more increased the firm-value more than that in low-tech industries.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.5
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• pp.249-258
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• 2020

This study examines and analyzes the effect of innovation on the price to book value mediated by managerial ownership in Indonesian companies. In order to achieve the goals and objectives, the company increases its value by increasing shareholders. Improving the welfare of shareholders can be done through investment and financial policies, and is reflected in share prices in the capital market. The higher the share price, the better the owner's welfare, and the company's value will also increase. The population of this study is the manufacturing companies - as many as 162 - listed on the Indonesia Stock Exchange in 2012-2017. By using a purposive sampling method, 25 companies met the criteria for the sample. The data comes from the companies' annual report taken from the Indonesia Stock Exchange website. The data is further analyzed using partial least square (PLS). The results of the study showed that innovation has a significant effect on price to book value. The companies with high marketing innovation produce high company performance as well. The companies get a commensurate reward from marketing innovation activities to carry out continuous marketing innovations. In addition, managerial ownership does not mediate the relationship between innovation and price to book value.

• The Journal of Asian Finance, Economics and Business
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• v.4 no.1
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• pp.5-18
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• 2017

Total debt in the People's Republic of China surged to nearly 290% as a ratio to GDP by the second quarter of 2016, mostly on account of non-financial corporate debt. The outpouring of credit to stem the impact of the global financial crisis accentuated industrial overcapacity in traditional sectors, such as steel, cement, and energy, while feeding asset bubbles in the property, equity and bond markets. At the Chinese corporate level, this has translated into weakened fundamentals and a fall in industrial profits, particularly of SOEs. As debtors struggle to service interest payments, non-performing loans (NPLs) have been on the rise. This paper assesses the financial fragility of the Chinese economy by looking at risk factors in the non-financial sector. We apply quantile regressions to a dataset containing all Chinese listed companies in Standard & Poor's IQ Capital database. We find higher sensitivity over time of corporate leverage to some of its key determinants, particularly for firms at the upper margin of the distribution. In particular, profitability increasingly acts as a curb on corporate leverage. At a time of falling profitability across the Chinese non-financial corporate sector, this eases the brake on leverage and may contribute to its continuing increase.

• The Journal of Asian Finance, Economics and Business
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• v.5 no.4
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• pp.9-20
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• 2018

Global rating agencies, such as Moody's and S&P, have assigned credit ratings to corporate bonds issued by Japanese firms since 1980s. Local Japanese rating agencies, such as R&I and JCR, have more market share than the global raters. We examine the yield spreads of 1,050 yen-denominated corporate bonds issued by financial firms in Japan from 1998 to 2014 and find no evidence that bonds rated by at least one global agency are associated with a significant reduction in the cost of debt as compared to those rated by only local rating agencies. Unlike non-financial firms, the reputation effect of global rating agencies does not exist for Japanese financial firms. We also observe that firms with less information asymmetry are more likely to acquire ratings from Moody's or S&P. Additionally, the firm's financial profile does not affect its choice to seek out ratings from global raters. Our findings are contradictory to those by Han, Pagano, and Shin (2012), who employ bonds issued by non-financial firms in Japan. Our conjecture is that the asymmetric nature of financial firms makes investors less likely to depend on a credit risk assessment by rating agencies in determining the yields of new bonds.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.5 no.6
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• pp.571-579
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• 2004

The purpose of the study is to know the current status of the assets backed securities(ABS) in Korea. ABS enables banks, depository institutions, finance companies, and other corporations to liquefy their assets (i.e., raise cash by borrowing against assets) and develop new sources of capital. ABS are bonds that represent pools of loans of similar types, duration and interest rates. By selling their loans to SPC, the originator recover cash quickly, enabling them to make more loans. The ABS market in Korea has grown so rapidly since Financial Crisis in Korea. In current, So many different types of loans are securitized and sold in the investment markets. For more prospering ABS in Korea, some problems in ABS should be make up.

• Asian Journal of Business Environment
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• v.6 no.4
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• pp.19-26
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• 2016

Purpose - The purpose of this paper is to elicit antecedents that influence the buying of counterfeit products in Raipur, an emerging capital city. Research Design, Data, and Methodology - 203 responses to the questionnaire were collected to come out with the results of the study. From the exploratory study, 20 variables were identified to have an influence on the buying of counterfeit products. Factor analysis was applied on the data collected and these items were grouped into four factors. Result - The findings suggest that safety implications have a significant impact on the buying of counterfeits in an emerging city - Raipur, India. Further studies that are specific to geographical locations could be carried out to validate the findings of this paper as the tastes and preferences of each of the markets are unique. Conclusions - For manufacturers, marketers and law enforcers it might be of great interest to learn that safety concerns are uppermost on the minds of people who deliberately or inadvertently consume counterfeits. If it can be conveyed effectively that consumption of counterfeits can cause more harm than increase in perceived value, it can be checked to a good extent.

• Asia Pacific Journal of Business Review
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• v.4 no.2
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• pp.23-33
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• 2020

Uzbekistan has been gradually integrating into the world economy since gaining its independence back in 1991. The need to integrate stems from the desire to advance the national economy and social well-being of population through importing advanced technologies or stimulating exports. However, opening up the country also meant exposure to increase in the mobility of its human capital. As a result, Uzbekistan has witnessed labor migration in and out of the country in the past couple of decades, driven by various causes, which is having inevitable social and economic implications for the country. Intensifying processes in contemporary international labor market make migration as a mechanism, which has a back-to-back impact onto and from economic development of a country. From developing countries' perspective, international labor migration is an instrument for reducing tension in national labor markets, decreasing high rates of unemployment and expanding sources of income. From developed countries' perspective, international labor migration helps solve demographic problems like decreasing number of population, aging of population and shortage of labor force. Thus, this processes turned into a mechanism or a system, which is not possible to ignore. Uzbekistan, in particular, is increasing its participation in the international labor market due to its high rates of population growth and young population.

• Journal of KIBIM
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• v.11 no.3
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• pp.12-21
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• 2021

Existing real estate markets are monopolized because they are capital intensive and have information asymmetry. However, with the advent of the Fourth Industrial Revolution, technology is converging in various industries based on information technology (IT), and the real estate market is also developing a new field called "PropTech". According to this trend, new PropTech technologies are emerging in various real estate services sectors in Korea, but the electronic contract system, which accounts for the largest portion of the real estate industry, is still cited as a complex identification process and long processing time. Therefore, in this paper, we propose an improvement plan for the current electronic contract system through the introduction of blockchain technology, which is drawing attention with the development of PropTech, and explore the possibility of introduction by producing an experimental model of blockchain-applied electronic contract system in a programming language.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.9
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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.