• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.1-9
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• 2021

The purpose of this study is to examine the effects of economic uncertainty on MNC investment in Malaysia from 2009 to 2019 by employing an ARDL method. The results revealed that Economic Policy Uncertainty (EPU) has a positive association with the capital expenditures of Nestle, British American Tobacco, and Public Bank in the long run. In a similar period, the Gross Domestic Product (GDP) is positively significant with the capital expenditures of British America Tobacco and Heineken. However, inflation is negatively related to the capital expenditures of British America Tobacco and Heineken. Additionally, the exchange rate has a significant and negative relationship with the capital expenditures of Nestle and Petronas, while the ECT value is negative and significant in the short run, hence confirming that co-integration exists. In view of this, it is imperative that the government plays a prerogative role to support MNC operations, as MNCs foster the developing countries' economic development through facilitating full employment. This study sets to enhance the personal knowledge of those with a strong interest in the Malaysian financial market. As long as MNCs believe that the Malaysian market has the potential to grow, they will continue to invest for the benefit of the country.

• Journal of Korea Trade
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• 제23권7호
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• pp.128-146
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• 2019

Purpose - The purpose of this paper is to investigate the relationship between internal control, economic policy uncertainty, and performance of cross-border merger and acquisition (M&A) based on the panel data of Chinese listed firms. The authors expected that internal control has a positive moderating effect on the performance of cross-border M&A and that it mainly occurs during periods when economic policies are relatively stable. In addition, the authors tried to find out the mechanism of internal control affecting cross-border M&A and the corporate performance. Design/methodology - The authors tested the hypotheses by a multivariate regression model based on the panel data of Chinese listed firms from 2009 to 2017. The dependent variable is the change value of business performance (DROA_1,2,3) and the explanatory variables are cross-border M&A (MA), China's uncertainty of economic policy (EPU), and internal control level (IC) respectively. Findings - The authors find that internal control has a positive moderating effect on the relationship between cross-border M&A and corporate performance. Further, the authors find that the moderating effect is more significant in state-owned enterprises and that it mainly occurs during periods when economic policies are relatively stable. Originality/value - This paper is the leading study that tries to analyze empirically the relationship between internal control, economic policy uncertainty, and performance of cross-border M&A. It provides a new avenue through which internal control might reasonably mitigate the risks of cross-border M&A and correspondingly improve the performance of cross-border M&A. It also confirms the moderating effect of internal control on the performance of cross-border M&A under the uncertainty of economic policy.

• Journal of Korea Trade
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• 제24권4호
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• pp.1-17
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• 2020

Purpose - Since China has been South Korea's biggest export destination, uncertainty shocks originating from it would influence South Korea's exports. This paper evaluates the effects of China's economic policy uncertainty on Korea's exports to explore the transmission channels. Design/methodology - Incorporating endogeneities and nonlinearities, this study employs a quarterly time-varying parameters vector autoregressive model to investigate the relationships between China's economic policy uncertainty and Korea's exports, where the overparameterization due to time-varying specifications is overcome by a novel stochastic model specification search framework. According to previous theoretical studies, this paper assesses two channels, demand shock channel and exchange rate channel, through which foreign uncertainty affects Korea's exports. This paper identifies the primary drivers of Korea's aggregate exports and analyzes the rationales for the time-variant impacts of China's economic policy uncertainty on Korea's exports to China. Findings - Our empirical results reveal that Korea's aggregate exports are less responsive to China's economic policy uncertainty shocks and significantly move together with global demand. In contrast, its bilateral exports to China are highly responsive in a negative and time-variant way. Moreover, Chinese investment is an important channel through which China's economic policy uncertainty affects Korea's exports to China after 2010. Further, the time-variant effects of China's economic policy uncertainty on Korea's exports to China are related to changes in China's foreign trade policies, global economic conditions, and China's degree of economic freedom. Originality/value - Few previous studies touch the effects of external uncertainty shocks on South Korea's exports. This paper attempts to fill this gap and explicitly investigate the impacts of China's economic policy uncertainty on Korea's exports from a time-varying perspective. As Korea is an export-oriented economy, this study provides insights for the Korean government to understand the transmissions of external uncertainty better.

• 한국진공학회:학술대회논문집
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• 한국진공학회 2012년도 제42회 동계 정기 학술대회 초록집
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• pp.312-312
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• 2012

Magnesium oxide has become focus for research activities due to its use in magnetic tunnel junctions and for understanding of do ferromagnetism. Theoretical investigations on such type of system indicate that the presence of defects greater than a threshold value is responsible for the magnetic behaviour. It has also been shown experimentally that by decreasing the film thickness and size of nanoparticles, enhancement/increase in magnetization can be achieved. Apart from the change in dimension, swift heavy ions (SHI) are well known for creating defects and modifying the properties of the materials. In the present work, we have studied the irradiation induced effects in magnesium oxide thin film deposited on quartz substrate via X-ray absorption spectroscopy (XAS). Magnesium oxide thin films of thickness 50nm were deposited on quartz substrate by using e-beam evaporation method. These films were irradiated by 200 MeV Ag15+ ion beam at fluence of $1{\times}10^{11}$, $5{\times}10^{11}$, $1{\times}10^{12}$, $3{\times}10^{12}$ and $5{\times}10^{12}ions/cm^2$ at Nuclear Science Centre, IUAC, New Delhi (India). The grain size was observed (as studied by AFM) to be decreased from 37 nm (pristine film) to 23 nm ($1{\times}10^{12}ions/cm^2$) and thereafter it increases upto a fluence of $5{\times}10^{12}ions/cm^2$. The electronic structure of the system has been investigated by X-ray absorption spectroscopy (XAS) measurements performed at the high energy spherical grating monochromator 20A1 XAS (HSGM) beamline in the National Synchrotron Radiation Research Center (NSRRC), Taiwan. Oxides of light elements like MgO/ZnO possess many unique physical properties with potentials for novel application in various fields. These irradiated thin films are also studied with different polarization (left and right circularly polarized) of incident x-ray beam at 05B3 EPU- Soft x-ray scattering beamline of NSRRC. The detailed analysis of observed results in the wake of existing theories is discussed.