• The Journal of Industrial Distribution & Business
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• v.5 no.2
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• pp.13-20
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• 2014

Purpose - The purpose of this study is to empirically investigate the impact of capital structure on firm performance. Research design, data, and methodology - This study examined the impact of capital structure on the performance of cement companies listed on the Karachi Stock Exchange during the period 2009-2013. The authors hypothesize that there is a negative relationship between capital structure and firm performance. To examine the association, the authors run a Pearson correlation and multiple regression analysis. Results - Results reveal a strong negative relationship between debt to asset and firm performance variables (GPM, NPM, ROA, and ROE). Further, there is a positive relationship between debt to equity and firm performance variables (GPM and NPM), anda negative relationship between debt to equity and firm performance variables (ROA and ROE). Moreover, capital structure variables significantly impact firm performance. Conclusions - This study concluded that financial analysts and managers should emphasize on the optimal level of capital structure and efficient utilization and allocation of resources to achieve the targeted level of productive efficiency in business.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.739-748
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• 2020

The study aims to estimate the effect of current ratio (CR), current liability to inventory (CLI), total asset turnover (TAT), net profit margin (NPM), sales growth (SG), and company size (FS) on profit growth (PG). The research population was 18 companies in the Food and Beverage (F&B) sector listed on the Indonesia Stock Exchange (IDX) from 2014-2018. The data estimation method uses the common effect panel data regression model. The empirical findings show that the CR and CLI ratios have a negative effect on PG, while the TAT, NPM, and SG ratios have a positive effect. Company size is a factor that does not affect the growth of company profits. The results of the study imply that an increase in company profits can be achieved if the company operates efficiently and with low liquidity to encourage higher sales growth. The limitations of the research are as follows: first, this research considers only one type of industry, hence the results of this study would not be the same if applied to another type of industry. Second, the author observes profit growth by using the company's financial ratios and size and ignores other factors that may affect profit growth, for example, the number of employees, total net sales, and market capitalization.

• Proceedings of the Korea Technical Association of the Pulp and Paper Industry Conference
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• 2001.11a
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• pp.168-182
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• 2001

A new concept of stock preparation for the increase of bending stiffness in paper and board was proposed. The 'stiff' fibers, which were mechanically not treated or treated slightly to remove fiber curls, were combined with extensively refined fibers (ERF) to produce higher stiffness papers than those where the whole fibers were refined. The combination of 'stiff' fibers and extensively refined fibers produced higher stiffness at the same tensile strength than the control furnish, in which all the fibers are refined together. In this concept, the fibers from recycled papers could be as much useful as the virgin fibers as long as they are stiff enough or they can produce highly bondable fiber fractions by extensive refining. Use of the concept in real paper mill needs considerations such as increase of refining energy, slower drainage, and added drying burden, but savings of wood fibers, utilization of more recycled fibers, and increase of physical properties may offset the negative concerns. The success of this concept implementation in mills, therefore, depends on the wood fiber market around the mills and the proper decision making for the papermakers about how to apply this concept.

• Journal of Korea Technical Association of The Pulp and Paper Industry
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• v.34 no.5
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• pp.63-69
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• 2002

A new concept of stock preparation for the increase of bending stiffness in paper and board was proposed. The "stiff" fibers, which were mechanically not treated or treated slightly to remove fiber curls, were combined with extensively refined fibers (ERF) to produce higher stiffness papers than those where the whole fibers were refined. The combination of "stiff" fibers and extensively refined fibers produced higher stiffness at the same tensile strength than the control furnish, in which all the fibers are refined together. In this concept, the fibers from recycled papers could be as much useful as the virgin fibers as long as they are stiff enough or they can produce highly bondable fiber fractions by extensive refining. Use of the concept in real paper mill needs considerations such as increase of refining energy, slower drainage, and added drying burden, but savings of wood fibers, utilization of more recycled fibers, and increase of physical properties may offset the negative concerns. The success of this concept implementation in mills, therefore, depends on the wood fiber market around the mills and the proper decision making for the papermakers about how to apply this concept. apply this concept.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.749-759
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• 2021

We investigate the relationship between ownership control disparity and future firm value in high-technology industries, and whether the effect of ownership control disparity on future firm value is differentiated when high-tech industry firms belong to chaebol groups. Using 11,848 firm-year observations of Korean firms listed on the stock market from 2006 to 2019, we employ univariate analysis and Heckman 2 stage analysis to test our hypotheses. We define high-technology industries as ICT industries based on the Korean Standard Industrial Classification. We measure future firm value using average Tobin's q for the next three years and ownership control disparity using the shareholding ratio of affiliated companies. Our univariate test results show that mean of Tobin's q is higher in ICT firms than non-ICT firms and firms largely owned by affiliates. In multivariate test, we find that the ICT firms with higher ownership control disparity are positively associated with future firm value. However, this association is lessened when firms belong to a chaebol group. Based on our findings, we suggest ownership control disparity has an additional positive effect on future firm in high-technology industries. The negative impact of chaebol groups on the association suggests the possibility of diversification discount in business group.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.895-904
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• 2021

This study aims to investigate the impact of innovation on firm efficiency. Panel data of fourteen finance companies and nine technology companies from 2011 to 2019 on the Vietnam Stock Exchange Market is derived from audited financial statements, annual reports, and other crucial reports that are provided by Vietstock; macroeconomic variables are collected from the World Bank Database. A two-stage approach is used. First, use of the Data Envelopment Analysis methodology to measure firm efficiency. Second, use of the Pooled ordinary least squares, the Fixed effects model, and the Random effects model to investigate the impact of innovation on firm efficiency. Furthermore, the Generalized Method of Moments and the Tobit model are used to validate the impact of innovation on firm efficiency, and the t-test is used to confirm the difference in efficiency with and without the impact of innovation between two industries. The results show that there is a significant impact of innovation on efficiency, and innovation plays a more important in increasing the efficiency of the finance industry than the technology industry. Moreover, the relation between age and efficiency is like the U-shaped, and between size and efficiency is like the inverted U-shaped, whereas efficiency is not associated with inflation.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.7
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• pp.101-108
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• 2022

The outbreak of Coronavirus disease 2019 (COVID-19) has caused serious impacts not only on human health but also on the economies around the world. Enterprises play an important role in the development of every country but it is also one of the most affected sectors during the pandemic. Drawing on panel data of 131 enterprises listed on the Vietnamese stock exchange from 2016Q1 to 2021Q3, this study aims to investigate the impact of the COVID-19 pandemic on firm performance. Enterprises are classified into seven industries including Agriculture, Material, Industry, Real estate and Construction, Energy, Consumer, and Service. The paper also analyzes the variation of the effects among companies, focusing on differences in revenue and capital structure. The results show that the COVID-19 pandemic negatively affects business performance. In addition, the empirical findings indicate that revenue and debt decreasing can cause deterioration of firm performance during the pandemic period. The decrease in revenue has a direct impact on firm profitability. The reduction of debt levels affects the corporate leverage leading to adverse effects on firm performance. The negative effect is more pronounced for companies in some specific sectors including industry, real estate, construction, consumption, and services.

• Land and Housing Review
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• v.11 no.3
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• pp.11-19
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• 2020

This study aims to examine the relationship between the improvement of the income distribution index from the late 1980s to the 1990s and large-scale housing supply projects such as the 2 million housing construction project. Looking at Korea's economic development in terms of income growth and distribution, GDP has continuously increased since the establishment of the government, especially in the late 1980s. The Gini Index, a representative income inequality index, rapidly deteriorated in the early 1970s, and gradually improved from the late 1980s. The 2 million housing construction project, announced in 1988, supplied a third of the existing nationwide housing stock of 6.5 million units in three years. The project cost was 65 trillion won, equivalent to 50% of Korea's GDP at the time. This study questioned whether the ratio of the number of employed workers in the construction industry was a variable directly affecting the Gini Index. To verify this, the causal relationship between the proportion of employed workers in the construction and manufacturing industries and the Gini Index from 1979 to 2008 was statistically analyzed. For this, the ARIMA model was established for each variable, and the correlation of their residuals was verified. The 2 million housing construction project had the effect of improving income inequality in terms of rising wages for production workers and creating jobs for the low-educated and low-income class. During the project period, the number of middle-income earners increased sharply, and the income gap between the high-income and low-income earners greatly decreased. The expansion of the construction volume can be used as a powerful and direct policy tool for improving income distribution. However, the effect may be limited. When the proportion of workers exceeds the threshold, the effect is weakened.

• KIPS Transactions on Computer and Communication Systems
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• v.9 no.7
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• pp.157-164
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• 2020

As the consumption of fishery products continues to increase, aquaculture industry has emerged instead of fishing industry facing limitations of fish stock resources. Recently, smart fish farming industry has rapidly developed through convergence with 4th Industrial Revolution technology. Accordingly, it is important to derive a future model of smart fish farming platforms in order to secure the superiority of the aquaculture industry and the technology standard hegemony. In this study, the future direction of smart fish farm platform was derived through the analysis of environment related to politics, economy, society, and technology related to smart fish farming by applying PEST methodology of macro-environment analysis. It is expected that it will help the public and industrial circles in planning and implementing related projects by including the entire process of value chain of aquaculture industry of breeding, production, management and distribution, and by presenting advanced models based on artificial intelligence and digital twin.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.9
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• pp.409-418
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• 2020

The human and capital resources from foreign investors are important sources of finance for developing countries. Foreign ownership can help the firm to raise funds for operations and the foreign management can help the firm expand the market and improve management. However, does this really happen to Vietnamese firm? To find the answer to that question, this paper examines the impact of foreign ownership and management on the financial performance of listed firms on Vietnam's stock market. The data collected include 427 listed firms in all fields over five years, from 2014 to 2018. The financial performance is measured by Tobin's Q, ROA and ROE. The study carried out testing of each model by the least squares method of Pool OLS, assessing random effects (REM) and evaluating fixed effects (FEM). The most effective model is the FEM model. The results show that the foreign ownership ratio and the size of the firm have a positive impact on the financial performance. The foreign management, the age of the firms, the liquidity and financial leverage have a negative impact on the financial performance. Based on the research results, the study proposes some recommendations to improve the financial performance of listed firms in Vietnam.