• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.609-621
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• 2021

Faith-based investment instruments, such as sharia-based stocks, have developed rapidly in recent years. When investing in these instruments, investors tend to emphasize materialistic returns as measured with monetary returns and metaphysical returns, such as blessings from God (Allah) because of their observance of Islamic teachings. In this respect, it is important to investigate the role of individuals' religiosity in investment decision making in Sharia-based financial products. An equally crucial research question is whether individuals' religiosity levels affect expected material returns as measured by the tolerable negative returns of sharia-based stocks. This study relies on a survey method that involves university students in Java island who actively invest through the Investment Gallery of their faculties/ universities as the sample. Data is then analysed with the multinomial regression analysis technique. The results show that individuals who are more observant of their religious teachings are more likely to fully invest their funds in Sharia-based stocks and exhibit greater tolerance towards the negative returns of Sharia-based stocks. The findings indicate that Muslim investors who are more observant of Islamic teachings emphasize metaphysical returns from their investment decisions.

• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.243-253
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• 2021

This study aims to examine (1) the association between the chief executive officer tenure and audit quality, (2) the relationship between chief executive officer duality and audit quality, (3) the association between board independence and audit quality, (4) the relationship between board size and audit quality, and (5) the role of controlling variables (client size, leverage debt, and business complexity) in controlling these relationships. The research sample includes 325 financial reports from manufacturing firms listed in Amman Stock exchange over the 2014-2018 period. The study relationships are tested by using logistic regression. The results revealed a negative relationship, but not significant between CEO tenure and independent directors with audit quality. In addition, the results showed there is a negative effect of CEO duality on audit quality; also the results revealed that there is a statistically significant effect on the board of directors (board size) on the AQ. In general, the coefficient estimates of controlling variables show that client size and leverage debt positively affect audit quality, and on the contrary, business complexity has an insignificant positive relationship with audit quality. The summary of the study findings play an active role to external auditor opinion on business practice in towered the corporate governance system.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.605-618
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• 2021

The use of human resources determines the success of enterprises. This study applies the questionnaire design method to analyze the relationship between job stress, job satisfaction, and job performance, noting that few studies have comparatively examined these variables between industries, especially between high-tech and traditional industries. The proposed assessment model in this study can facilitate decision-makers' ability to make the optimal business decisions through their personnel systems, thereby improving employee satisfaction and increasing job performance. This study found that in the traditional and high-tech industries, some demographic variables have significant differences in the job stress, job satisfaction and job performance, but the demographic variables that can significantly affect the differences in these job's variables are differences between industries. This study acknowledges that job stress and performance have a significantly negative correlation, and traditional industries will have more stress factors than high-tech industries. In addition, support for traditional industries exist in job satisfaction and performance has a significantly positive correlation, but not in high-tech industries. Job stress for performance has a significantly negative correlation in two industries. This study reconfirmed the relationship between job stress, satisfaction and performance, found some differences in this relationship and the respective industrial characteristics.

• The Journal of Asian Finance, Economics and Business
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• 제7권9호
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• pp.19-30
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• 2020

This paper investigates, in a single equation framework, the effect of bank-specific and macroeconomic determinants on micro-, small- and medium-sized loans by commercial banks in Indonesia. This study uses a sample of 790 observations from 79 commercial banks in Indonesia over the years 2006-2015. This study uses two estimation methods for our panel regressions: static and dynamic generalized method of moments (GMM) panel estimator. In static relationships, the literature usually uses the least square methods on fixed effects (FE) or random effects (RE). I found evidence that all banks, bank profitability and size are positively and significantly related to micro-, small- and medium-sized loans, while the coefficients of liquidity are significantly positive in all specifications, except government banks which is significantly negative. The relationship between risk and credit growth is negative for non-government banks. All estimated equations show that the effect of the capital variable on lending banks to MSMEs is not important in government banks and non-government banks. Finally, macroeconomic variables, such as inflation and gross domestic product, clearly affect the lending of the banking sector particularly non-state banks. The findings have several policy implications to Indonesia government, regulatory authority and bank managers in order to improve bank profitability through bank lending.

• The Journal of Asian Finance, Economics and Business
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• 제7권3호
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• pp.303-310
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• 2020

The study aims to evaluate the factors affecting the intention to use digital banking in Vietnam. Multivariate data analysis techniques (Cronbach's Alpha test, Confirmatory Factor Analysis, Structure equation model) are used for the survey data collected from 201 customers who have access to digital banking. The analysis results show that: (1) attitude towards the service, perceived usefulness has a positive impacts on the intention to use; (2) convenience does not affect the intention to use digital banking services; (3) perceived usefulness factor has a positive effect on the attitude towards the service; (4) The perceived risk has a negative impact on attitude towards the service; (5) trust has no effect on the attitude towards the service; (6) ease of use has a positive impact on perceived usefulness; (7) trust has a positive effect on perceived risk. From the results of this study, perceived usefulness has a positive effect on attitude and intention to use the service. Therefore, it is necessary to enhance the sense of the usefulness of customers through media advertising and consulting so that customers fully understand the benefits brought about by using digital banking services. Perceived risk has a negative impact on attitude towards the service.

• The Journal of Asian Finance, Economics and Business
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• 제7권3호
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• pp.87-99
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• 2020

The study aims to investigate factors that determine dividend payout policy using 336 non-financial firm year observations covering the period 2005 to 2016 in Malaysia. We found a significant positive relationship between corporate board size, board members average age, board tenure and dividend payout policy. We also found a strong negative effect and statistically insignificant relationship of board diversity, board independence, CEO duality and dividend payout policy. Additional, financial leverage has a negative effect on dividend payout policy. It is also noticed that firms with diverse boards are more likely to pay dividends and tend to pay larger dividends than those with non-diverse boards. Our results suggest that board diversity has a significant impact on dividend payout policy. Impact of board diversity on dividend payout policy is particularly conspicuous for firms with potentially greater agency problems. Our findings are consistent with the argument that corporate board traits enhancement positively affect the dividend payout policy which is beneficial for shareholders. This study offers useful insights into the current global debate on board traits and its implications for firms. The dividend payout policy signals good news to investors. Corporate board traits and firm's financial decision are the factors that disrupt the dividend decision.

• 한국토양비료학회지
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• 제47권4호
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• pp.225-234
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• 2014

This study was carried out to investigate the sustainable agriculture of no-tillage technique including recycling of the ridge and the furrow of a field for following crops in Korea. No-tillage systems affect soil physical properties such as three phase (solid, liquid, and air phase) and distribution of soil granular. Solid ratio of subsoil in 3-year of no-tillage (NT) treatment was remarkably lower than that in conventional (CT, 2-year of no-tillage + 1-year of tillage) treatment, while air ratio of subsoil in NT remarkably increased. Bulk density of subsoil in NT remarkably decreased. Porosity of subsoil in NT remarkably increased. Deviation of air phase, bulk density, and porosity of top soil and subsoil in NT remarkably decreased in NT compared with CT. Solid phase ratio and liquid phase ratio in NT and CT had positive (+) correlation. Solid phase ratio and air phase ratio in NT and CT had negative (-) correlation, also liquid phase ratio and air ratio had negative (-) correlation. Bulk density and liquid ratio in soil had positive (+) correlation at top soil and subsoil in NT. Bulk density and air ratio in soil had negative (-) correlation in NT and CT. Porosity and liquid phase ratio had negative (-) correlation, r =1), the significant value was lower in NT than in CT. Porosity and air phase ratio had positive (+) correlation (r =1).

• Asian Journal of Business Environment
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• 제6권1호
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• pp.5-12
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• 2016

Purpose - The purpose of this study is to investigate the effect of corporate governance practices such as (board size, board composition, CEO duality and audit committee) on the performance of selected Pakistani firms. Research design, data, and methodology - This study examines corporate governance structure by using the data of 80 non-financial firms listed on Karachi Stock Exchange Pakistan during 2010-2014. Hypotheses of the study were tested by using both descriptive and inferential statistics. Result - The findings indicate that board size and audit committee is positively related to the firm performance (ROA & ROE). In contrast, board composition and CEO duality are negatively related to the firm performance (ROA & ROE). As far as controlling variables is concerned, leverage is negative, whereas firm size is positively related to all measures of performance. Conclusions - Empirical findings concluded that corporate governance practices affect the firm performance. Therefore, it is suggested that managers should understand the governance mechanisms to work more efficiently in the firm.

• The Journal of Asian Finance, Economics and Business
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• 제9권8호
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• pp.135-144
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• 2022

Organizational culture has been recognized as a determinant of corporate Effectiveness. Cultural components could affect corporate Effectiveness to different extents. However, it seems that none of the previous studies have evaluated and compared these influential extents of cultural components. The current research applies analytic hierarchy processes to assess and rate the significance extents that, cultural components play in resulting in corporate Effectiveness. Then, the current work utilizes regression analyses to re-evaluate the significance extents for the robustness of analytic hierarchy processes. The findings indicate that clan culture is the most vital component in explaining corporate Effectiveness. In contrast, adhocracy culture is the least important component in affecting corporate Effectiveness. Market culture is a cultural component that is ranked the second in determining corporate Effectiveness, and next is hierarchy culture which is the third. The findings are in support of the positive influences of clan, market, and adhocracy cultures on corporate Effectiveness; whereas it found the negative impact of hierarchy culture on corporate Effectiveness.

• 한국생산제조학회지
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• 제22권1호
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• pp.56-62
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• 2013

The laser cutting process which is flexible and rapid usually provides a better result in cutting of flexible printed circuit boards (FPCB). However, circuit-short by the re-deposition of debris from laser ablation or its heat affect zone (HAZ) on the cutting surfaces can be a problem. A laser cutting process of FPCB in the presence of liquid can minimize these negative effects. The temperature distribution of copper and polymer parts of FPCB was analyzed with numerical simulation and the experimental results were presented to evaluate this process. Generally, laser cutting under liquid has advantages of less re-deposition of carbides and less HAZ on the cutting edges. However, bubble generation and laser beam control through the liquid media should be considered carefully to obtain a successful result.