• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.71-79
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• 2021

This study investigates the capital structure policy among Indonesian public companies. Previous studies suggest that capital structure policy could follow either static or dynamic behavior. The sample data used in this study was companies in the manufacturing sector, divided into three sub-sectors: the basic and chemical industry, miscellaneous industry, and the consumer goods industry. This study uses panel data from 2010 to 2018, with the Generalized Least Square (GLS) method and compared whether the fixed effect model is better than the common effect model. The results show that the dynamic and non-linear model tests can explain the capital structure determinants than the static and linear models. The dynamic model shows that the capital structure of a certain year is influenced by the capital structure of the previous year. The findings indicate that the company performs some adjustments in its capital structure policy by referring to the previous debt ratio, which implies support to the trade-off theory (TOT). The study also shows that profitability, tangible assets, size, and age explain the variation of capital structure policy. The patterns on the dynamic and non-linear confirm that capital structure runs in a nonlinear pattern, based on the sector, company condition, and the dynamic environment.

• The Journal of Asian Finance, Economics and Business
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• 제8권12호
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• pp.337-343
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• 2021

The study's objective is to ascertain the state of the creative industry's market structure, the behavior of entrepreneurs ("conduct"), and the performance of the creative industry in Indonesia. Additionally, this study evaluates the relationship between structure, conduct, and performance within the context of the relationship between the three. This study analyzes longitudinal data from 2005 to 2015 for sub-sectors within the creative industry. The first step is to group statistical sub-sectors into creative-industry categories. The next step is to quantify and analyze the structure, behavior, and performance indicators of each creative industry subsector. Then, using a random effect panel data model, the relationship between structure and performance was estimated and examined. The findings of this study suggest that market share and concentration ratio calculations indicate that the creative industry in Indonesia has a monopolistic market structure. With this market framework, the creative industry's conduct can have an effect on prices. This is undoubtedly consistent with the features of the creative industry, which emphasize innovation as a means of adding value. The panel data estimation findings suggest the need for long-term efforts to maintain a market framework that enables businesses to compete fairly, innovate, and bring value.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.801-808
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• 2020

The purpose of the study is to find the factors that influence the financial leverage of Vietnam firms. The dependent variable is the financial leverage and the independent variables are firm size, asset structure, liquidity, growth opportunities, profitability, and firm age. The data are collected from Vietnam firms' annual financial reports in the period from 2010 to 2019. The study uses a sample of 448 Vietnam listed firms in the period. We also employ a panel regression model with pooled OLS and fixed effect to analyze the firms' financial data. The results of the model showed that financial leverage (FL) has a negative relationship with some factors such as asset structure (AS), liquidity (LQ), growth opportunities (GRW), profitability (ROA), and firm age (AGE) in the fixed effect regression. It means that when liquidity, profitability, and firm age increase, firms' financial leverage will decrease. While firms' financial leverage has still a positive relationship with the firm size (SIZE) in the model. As a result, when firm size increases, financial leverage will increase, too. The results showed that models are fit for the research and can be used to predict future findings. It is also useful for enterprises, financial advisors, investors, as well as the financial managers.

• The Journal of Asian Finance, Economics and Business
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• 제7권9호
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• pp.159-168
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• 2020

This is a quantitative research, underpinned by the philosophy of natural science and deduction approach that examines the impact of the various aspects of corporate governance mechanism on the choice of capital structure of Vietnamese listed firms. We focus on the effect of factors such as the board size, the board independence, and especially different ownership structures, which include the managerial ownership, the state ownership, the concentrated ownership, and the foreign ownership. They are the main scopes of corporate governance and are supposed to be relevant to determine the corporate financing choice. To explain the causal relationship between factors, we construct the regression model and then test it by using different statistical method approaches, including the pooled OLS, the fixed effects model, and the random effects model. Data are collected from 336 firms with shares listed in the Ho Chi Minh City Stock Exchange in Vietnam, totaling 1583 observations. Overall, the results reveal that the board size, state ownership, and concentrated ownership have positive impact on the firm's capital structure, whereas foreign ownership appears to have negative influence on the capital structure. The research does not find evidence of a the correlation between board independence, managerial ownership and corporate capital struture.

• 한국가정과교육학회지
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• 제28권2호
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• pp.1-19
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• 2016

본 연구는 2009 개정 현행 가정과 교육과정에서 실행할 수 있는 세 행동체계 중심의 교육과정 안을 개발하여 새로운 관점에서 큰 어려움 없이 개별 가정과 교사가 활용할 수 있도록 돕고자 하였다. 세 행동체계에 대한 본질적 이해는 2009 개정 현행 교육과정에서는 물론 2015 개정 교육과정의 실행에도 필수적으로 요구되는 부분이다. 이에 본 연구에서는 2명의 개발진, 3명의 검토진, 15명의 전문가 협의진을 구성하고 3차안에 걸쳐 세 행동체계 중심 교육내용 체계를 개발하였다. 1차안은 의, 식, 주, 가족 아동, 소비 가정경역과 세 행동체계를, 2차안은 2009 개정 현행 가정과 교육과정의 중단원 수준에서 세 행동체계를, 최종안은 2009 개정 현행 가정과 교육과정의 소단원 수준에서 세 행동체계를 접목하여 내용체계를 개발하였다. 이 교육과정의 실행을 위한 지원체계를 모색하여 제시하였다.

• The Journal of Asian Finance, Economics and Business
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• 제8권9호
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• pp.23-33
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• 2021

The main objective of this research is to examine the effect of organizational culture, environmental uncertainty, and manager's personnel value on environmental disclosure through the environmental organizational structure of manufacturing companies on the Indonesia Stock Exchange. This research uses the structuration and contingency theory. The sample in this study focused on the level of heads or managers or directors of manufacturing companies listed on the Indonesia Stock Exchange. The research data was obtained through an online questionnaire distributed to heads or managers. The total sample of this study is 161 manufacturing companies. The data comprising of 64 respondents was completed and can be processed. Empirical testing used Structural Equation Modeling (SEM) through Partial Least Square (PLS). The result shows that environmental uncertainty and management personnel value have a positive effect on the environmental organizational structure, as well as the environmental organizational structure has a positive effect on the environmental disclosure. However, organizational culture has no effect on the environmental organizational structure. This research can provide benefits for manufacturing companies. The limitation include the low level of response from the respondents. Also the results cannot be generalized due to its specific focus on the manufacturing companies.

• 한국가정과교육학회지
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• 제36권2호
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• pp.65-88
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• 2024

이 연구는 한국가정과교육학회지를 중심으로 가정교육학의 지식구조를 탐색하는 데 목적이 있다. 이를 위해 한국가정과교육학회지에 2004년부터 2023년까지 게재된 758편의 논문을 대상으로 소셜 네트워크 분석을 활용해 가정교육학의 지식 네트워크를 분석하였다. 주요 연구 결과는 다음과 같다. 첫째, 가정교육학 지식 네트워크는 구조적으로 좁은 세상 네트워크의 특성을 보였으며, 아동⋅가족 영역 및 진로성숙도와 관련된 논문이 인용횟수가 많아 이 영역의 연구가 가정교육학 지식구조에 영향력이 큰 것으로 나타났다. 둘째, 가정교육학의 지식구조는 가정교과와 교육과정 등을 중심으로 (1) 교과서의 내용 분석과 교수학습 설계 그룹, (2) 실천적 문제 및 프로그램의 개발 및 적용 그룹, (3) 가정과 수업이 중등학교 청소년의 행동과 태도 등에 미치는 영향 그룹, (4) 가정과 교육환경과 관련된 가정과교사의 인식이나 실태 그룹으로 구조화되었다. 시계열적으로 분석한 결과 인식, 내용, 단원, 가정과교사, 실천, 행동, 영향 등의 핵심 키워드는 그 영향력이 줄어들고, 교육과정, 교과서, 개발 등은 그 영향력이 점차 커지는 추세를 보였다. 셋째, 가정교육학의 하위 지식구조로 7개(가정과교육과정 방향, 가정과 교수학습 적용과 효과, 가정과교육의 인식 및 요구, 가정과교육과정과 교과서, 청소년의 자아존중감과 가족관계, 청소년 소비행동 및 의복, 영양과 건강한 식생활)를 도출하였으며, 가정교육학 지식구조에서 '가정과교육의 인식 및 요구'의 비중은 감소하고, '가정과교육과정과 교과서', '가정과 교수⋅학습과정안 적용'의 비중은 증가하는 추세를 보였다. 또한 '청소년의 자아존중감과 가족관계'와 '가정과 교육과정과 교과서'가 가정교육학 지식구조에서 가장 영향력이 있음을 확인하였다. 이 연구는 가정교육학 지식구조의 핵심 키워드와 하위구조의 시계열적인 변화를 보여줌으로써 가정교육학 연구의 지식구조를 이해하고, 확장하는 토대를 마련했다는 데 의의가 있다.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.657-668
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• 2020

This paper investigates the effect of market structure, including some bank-specific variables and macroeconomic conditions, on the profitability of Indonesian Islamic rural banks. We apply the structure conduct performance (SCP) and the relative market power (RMP) hypothesis. Panel data comprising 142 Islamic rural banks from 2013Q1 to 2018Q4 are employed. This study breaks them apart, associated with the level of economic development consisting of Java as developed regions and outside Java as less developed regions. This study employs static and dynamic panel regression. The GMM method, however, is appropriate because of the dynamic nature of profitability. Our results confirm the SCP hypothesis and fail to support the RMP hypothesis. The higher market concentration allows Islamic rural banks to generate a significantly higher profit by conducting a collusive strategy. More interestingly, the collusive behavior may result in more profit for Islamic rural banks located in the developed regions than those in less developed regions. Evidence also highlights the importance of operating efficiency and impaired financing on profitability. High operating efficiency and low impaired financing can improve profit. Our results suggest that capitalizing market share by improving efficiency and optimizing financing contracts between PLS and non-PLS contracts also improve profit.

• Asian Journal of Business Environment
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• 제10권3호
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• pp.23-33
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• 2020

Purpose: The purpose of this study is for the leading sector, a pattern of shifting structure of the economic sector, and community export competitiveness on the economy Malinau Regency. Research design, data, and methodology: The type of data used is secondary data with a quantitative approach of 2009-2018. The study data used Location Quotient (LQ), Shift Share Analysis (SSA), and Revealed Comparative Advantage (RCA) analysis tools. Results: There are 6 leading sectors: agriculture; electricity, gas, and clean water; building and construction; trade, hotels, and restaurants. That has been classified has changed the economic structure of the Malinau Regency from the secondary sector to the tertiary and primary sectors in 10 years. While, community export competitiveness of the Malinau Regency through RCA Analysis, see if the export products of coal and excavation (types A, B, C) are shown to have a higher comparative advantage with comparative advantage. This shows that only a few commodities that can provide the good performance of export. Conclusions: Analysis of economic growth in the Malinau Regency after regional autonomy shows that there has been a shift in the economic structure of the economy which is dominated by the structure of the primary sector.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.769-778
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• 2020

The purpose of this study was to examine the role of profitability as a mediating variable in influencing firm value. This study uses a sample of manufacturing companies listed on the Indonesia Stock Exchange from 2016 to 2018. The data used is panel data, with data analysis using multiple regression. Based on the Sobel test, profitability plays a role in mediating the effect of firm size on firm value. The effect of firm size on firm value is indirect, however, through profitability. Therefore, the market price of the shares of large-scale companies will increase if the resulting profitability is high. The capital structure and managerial ownership directly influence firm value. The results showed that managerial ownership and firm size had a positive effect on profitability, while capital structure had no effect on profitability. Capital structure and managerial ownership have a negative effect on firm value, while firm size and profitability have a positive effect on firm value. The main finding of this study is that profitability acts as an intervening variable in mediating the relationship between firm size and firm value.