• The Journal of Asian Finance, Economics and Business
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• v.6 no.2
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• pp.247-255
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• 2019

This study examines the different roles of cash flow in assessing investment returns in the Association of Southeast Asian Nations (ASEAN). The analysis covers over 900 listed firms across Malaysia, Indonesia, Philippines, Singapore and Thailand for the period post the Asian financial crisis of 2001-2017. Firm-level panel data analysis shows that cash flow factors are important in all contexts of cash return on assets, earnings quality and market value multiple across the region even after controlling for typical measures of profitability. The results suggest that firms should manage cash flow prudently in considerations of firm value from the shareholder's perspective, measured directly using stock return. Cash profitability on assets should become an important firm performance indicator, whilst higher cash component over reported earnings is preferred. The market also tends to respond favourably to cash flow yield as a price multiple in valuation, outpacing the role of earnings yield. Such findings are robust across the pre and post subprime crisis periods, across estimation methods pertaining to finance panel standard errors, as well as across static and dynamic considerations of returns. It is hence sensible to consider cash flow factors in the research pertaining to asset pricing and factor investing in the ASEAN region.

• International Area Studies Review
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• v.15 no.2
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• pp.331-350
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• 2011

This paper analyzes balance of goods for a panel data of 56 industry classification in the MTI from 1980 to 2009. This study also develops the equilibrium adjustment process, which is a trade-off between the adjustment costs towards equilibrium costs for balance of goods and the cost of being in disequilibrium. In this framework, the GMM estimation procedure is used to estimate this dynamic panel model consistently. It is found that equilibrium balances of goods in Korean adjust to the speed is very slow to 0.0389. because of this is necessary to adjust the equilibrium goods balance as the cost of goods balance deficit is larger than by the cost. In addition, the real income elasticity for goods balance of resin in Japan and Korea, the real income elasticity 4.38168 and -0.835225, respectively, the marks were consistent with economic theory. The exchange rate elasticity of goods balance in japan to 0.478435 were found in the inelastic.

• International Journal of Aeronautical and Space Sciences
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• v.6 no.1
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• pp.52-60
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• 2005

The CFD coupled aeroelastic analyses have significant advantages over linear panel methods in their accuracy and usefulness for the simulation of actual aeroelastic motion after specific initial disturbance. However, in spite of their advantages, a heavy computation time is required. In this paper, a method is discussed to save a computational cost in the time domain aeroelastic analysis based on the system identification technique. The coefficients of system identification model are fit to the computed time response obtained from a previously developed aeroelastic analysis code. Because the non-dimensionalized data is only used to construct the model structure, the resulting model of the unsteady CFD solution is independent of dynamic pressure and this independency makes it possible to find the flutter dynamic pressure without the unsteady aerodynamic computation. To confirm the accuracy of the system identification methodology, the system model responses are compared with those of the CFD coupled aeroelastic analysis at the same dynamic pressure.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.2
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• pp.95-104
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• 2019

Along with the economic globalization and network generalization, this provides a good opportunity to the development of cross-border e-commerce trade. Based on this background, this paper sets ASEAN countries as an example to exploit the determinants of cross-border e-commerce trade including the export and the import, respectively. The panel data from the year of 1998 to 2016 will be employed to estimate the relationship between cross-border e-commerce trade and relevant variables under the dynamic ordinary least squares and the error correction model. The findings of this paper show that there is a long-run relationship between cross-border e-commerce trade and relevant variables. Generally speaking, the GDP(+) and real exchange rate(-export & +import) have an effect on cross-border e-commerce trade. However, the population (+) and the terms of trade (-) only have an effect on cross-border e-commerce import. The empirical evidences show that the GDP and the real exchange rate always affect the development of cross-border e-commerce trade. Therefore, all ASEAN countries should try their best to develop the economic growth and focus on the exchange rate regime so as to meet the need of cross-border e-commerce trade development.

• 한국전산유체공학회:학술대회논문집
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• 1998.11a
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• pp.167-174
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• 1998

The numerical methodology for simulating water entry behaviors of the high-speed bodies has been developed. Since the present method assumed the impact occurs within a very short time interval, the viscous effects do not have enough time to play a significant role in the impact forces, that is, the flow around a water-entry object was assumed as an incompressible potential flow and is solved by the source panel method. The elements fully submerged into the water are routinely teated, but the elements intersected by the effective planar free surface are redefined and reorganized to be amenable to the source panel method. To validate the present code, it has been applied to the ogive model and compared with experimental data. Good agreement has been obtained. The water entry behavior of the bouncing phenomena from the free surface has been also simulated using the impact forces and two degree of freedom dynamic equation. Physically, acceptable results have been obtained.

• KIEE International Transactions on Electrophysics and Applications
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• v.5C no.5
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• pp.183-190
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• 2005

In order to drive the high-density plasma displays, a high-speed driving technology must be researched. In this experiment, the relationship between the width of the address electrode and high-speed driving is analyzed using the Vt close curve and the panel structure for high-speed driving is proposed. In addition we show that the wider the width of the address electrode is, the narrower the width of the scan pulse becomes. Therefore, we could achieve the minimum data voltage of 50.1V at a scan pulse width of $1.0/{\mu}s$ and a ramp voltage of 210V at an address electrode width of $180/{\mu}m$ for the high-speed driving 4-inch test PDP.

• Asian Journal of Business Environment
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• v.11 no.1
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• pp.17-25
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• 2021

Purpose: This study extends previous empirical work on the threshold effects of institutions on the relationship between infrastructure and economic growth. It does so by using three sub-indices of institutions as the threshold variable in place of aggregate index. This is with a view to determining the roles of the sub-indices in the nexus between infrastructure and economic growth. Research design, data and methodology: The analysis is based on a dynamic panel threshold regression model using a panel data set comprising 41 countries in Sub-Saharan Africa over the sample period of 1996-2015. Data are obtained from Ogbaro (2019). Results: The study finds that infrastructure exerts significant positive effects on economic growth below and above the threshold values of the three sub-indices, with higher effects above the threshold values. Results also show that on average, the Sub-Saharan African countries are not able to satisfy any of the threshold conditions, which accounts for their poor growth experience. Conclusion: The study concludes that countries with weak institutions do not benefit maximally from infrastructure development policies. The paper, therefore, recommends that countries in Sub-Saharan Africa need to focus on improving their institutional patterns if they are to reap the optimum benefits from their infrastructure development efforts.

• Asia-Pacific Journal of Business
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• v.15 no.3
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• pp.17-45
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• 2024

Purpose - This paper studies the impact of digital transformation on corporate performance based on the stakeholder and dynamic capability theories. Digital transformation is divided into digital technologies (big data, artificial intelligence, blockchain, and cloud computing) and digital technology practical applications. Corporate performance includes financial performance and non-financial performance. The mechanism of dynamic capabilities (innovation capability, absorptive capacity, and adaptive capacity) is further explored. Design/methodology/approach - A fixed-effects model is used to construct a panel data of China's Shanghai and Shenzhen A-share listed companies from 2011 to 2023, and Stata is used for empirical analysis. Findings - In general, digital transformation directly improves corporate performance and indirectly promotes corporate performance through dynamic capabilities (innovation, absorptive capacity, and adaptive capacity). After robustness and endogeneity tests, the conclusion still support. In terms of subdivision, the two dimensions of digital transformation and the practical application of digital technology have different effects on corporate financial performance and non-financial performance. Research implications or Originality - Theoretically, the mechanism of digital transformation on corporate performance is fully and deeply explored, filling the research gap whiting this study. Additionally, the model is constructed using the innovation, absorption and adaptability of dynamic capabilities, providing a different perspective. Practically, it helps to alleviate the current situation of some companies "not wanting to transform" or "not daring to transform", and also clarifies how digital transformation can help companies use dynamic capabilities to improve performance. It provides a decision-making basis for government departments to promote the integration of digital economy and real economy, so that digital transformation can better empower and release corporate performance, thereby promoting the development of China's economy.

• Korean Management Science Review
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• v.32 no.2
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• pp.91-109
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• 2015

The M&A of firms has been emerged as the effective means of fast diversification and growth in dynamic environment. However, the empirical research about M&A in Korea has not been implemented rich due to the difficulty of obtaining M&A data. In this research, we empirically investigate the relationships among M&A, environment and firms' performance focused on Korean manufacturing firms, understanding the current practice of M&A in Korea. We use the Manufacturing Productivity Panel Survey Data, which are collected by Korea Productivity Center in 2013. The sample size is 575 and the sample is divided into M&A group and non-M&A group. We conduct logit analysis with the independent variables of environment factors (munificence, dynamic, uncertainty), and firms' performance (sales growth, ROS, labor productivity and Inventory turnover), and dependent variable of M&A group or non M&A group. The results show that M&A is closely related to environment feature and firm performance: M&A firms are likely to be the higher munificence and dynamic and the lower sales growth and higher profitability than non-M&A group. In addition, we also examine the characteristics of firms by M&A types (competitors, customer/supplier and firms from unrelated industry). These results imply that if firms confront the pressure of uncertainty (dynamic) and the lower growth, they tend to choose M&A. Futhermore, to profoundly understand the behavior of firms about M&A, it is required to classify the M&A firms by merge types.

• Korean Journal of Organic Agriculture
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• v.29 no.4
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• pp.471-484
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• 2021

The characteristics of poverty can be comprehensively revealed from the two angles of income and multidimensional. This paper compares China's rural income poverty measure with multidimensional poverty index using data from China Family Panel Studies (CFPS) by focusing on the static and dynamic disparities, and analyzes the factors influencing poverty through the Logit model. The results show that there exists a substantial mismatch in who is deemed poor, 60 percent of multidimensional poverty households are not considered poor in terms of income poverty, and 70 percent of income poverty households are not considered poor in terms of multidimensional poverty; There is a high level of disparity between the dynamics of the two measures of poverty. Among those who rose in the income dimension, only about 7 percent also rose in the multidimensional measure from 2016 to 2018.