• Journal of Contemporary Eastern Asia
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• 제19권1호
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• pp.97-122
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• 2020

This paper examines the existence of herd behaviour in fifteen (15) global stock markets, which consist of Developed Markets (Canada, Hong Kong, Japan, Singapore and the United Kingdom), Advanced Emerging Markets (Brazil, Malaysia, Mexico, Poland and South Africa) and Secondary Emerging Markets (Chile, China, Indonesia, the Philippines and Russia) by using Cross Sectional Absolute Deviation (CSAD) method of Chiang and Zheng (2010). It also seeks to explore the impact of social factors such as prosperity, education, ageing society, industry orientation and gender on the existence of market-wide herding. The findings of this paper indicate that herd behaviour exists in Singapore (Developed Market), Mexico, Poland and South Africa (Advanced Emerging Markets) and China and the Philippines (Secondary Emerging Markets). No evidence of herding is observed for Canada, Hong Kong, Japan, United Kingdom, Brazil, Malaysia, Chile, Indonesia and Russia. Ageing society is also found to have significant impact on the existence of herd behaviour. Nonetheless, prosperity, education, industry orientation and gender are found to be insignificant to herding. This study sheds some light on whether social factors determine herding behaviour in the 15 selected stock markets.

• 국제지역연구
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• 제15권3호
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• pp.77-94
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• 2011

이 논문에서는 글로벌 및 권역의 선진주식시장(미국, 영국, 독일)과 유럽 신흥주식시장(헝가리, 체코, 러시아, 폴란드) 사이의 수익률 및 변동성 연계를 VAR-이변량 GARCH 모형을 이용하여 연구하였다. 주요 실증분석 결과는 다음과 같이 요약할 수 있다. 첫째, 수익률 측면에서의 정보전이효과 경우 선진주식시장으로부터 신흥주식시장에로의 일방향의 인과관계를 발견하였고, 반대 방향의 인과관계는 유의하지 않았다. 이는 선진주식시장의 가격결정이 유럽 신흥주식시장의 가격결정을 선도한다는 것을 의미한다. 둘째, 변동성 측면의 정보전이효과 경우에서 선진주식시장 중에서도 권역 선진주식시장(특히, 독일)과 신흥주식시장 사이에서 강한 인과관계를 발견하였다. 이러한 결과는 유럽 신흥주식시장의 변동성이 글로벌 선진시장(미국)보다 권역 선진주식시장(특히, 독일)으로부터 더 유의하고 강한 영향을 받는다는 것을 의미한다. 따라서 유럽 신흥주식시장은 선진주식시장, 그 중에서도 독일주식시장에 상당히 긴밀하게 통합되어 있다고 볼 수 있다.

• Asia Marketing Journal
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• 제15권2호
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• pp.29-47
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• 2013

Distribution channel decisions involve long-term commitments with other firms that are very difficult to change or replace. In particular, marketing channel decisions in emerging markets are much more complicated due to unfamiliar conditions and problems such as lack of market data and distribution systems. Therefore, when a company considers changing or introducing a marketing channel in an area, it is much more difficult to judge its effectiveness in an emerging market than in a developed market. In this study, we investigate the development process of a new direct marketing channel of Hongfu Fertilizer Company (hereafter Hongfu), a medium-sized Chinese fertilizer manufacturer, and propose an approach to test the feasibility of this new marketing channel in the Chinese rural market. We measure the effectiveness of Hongfu's new marketing channel from two perspectives: i) from customers' perspective through direct responses of farmers, which showed that a new channel can increase the convenience and lower the purchasing costs for the farmers, and ii) from the company's perspective, by calculating the incremental profit of the company using the expansion factor (T/Q) method, which suggested that the execution of Hongfu's strategy to expand a new marketing channel will result in an increase in profits. The results of this study contribute to the development of a methodology to test the feasibility of a new direct marketing channel in the emerging markets such as the Chinese rural market. Traditional and indirect distribution channels in emerging markets are generally not very efficient and difficult to change. Especially, in emerging markets, like the Chinese rural market, the methods of testing channel feasibility must be different from that of developed markets. Considering market situations, market experiments can be more effective then systematic market surveys in testing channel feasibility in emerging markets. This study implies that managers must learn to cope with a transition from the traditional marketing channels in emerging markets. With the development in farmers' understanding of marketing concept, the transition from traditional marketing channel is unavoidable for all firms. Farmers in China are generally very conservative, however, their buying behaviors are changing. Therefore, fertilizer companies should try to adjust in accordance with farmers' demand characteristics that the efforts to meet the economic needs of farmers with new marketing channels as well as trust building are critical in the near future.

• 유통과학연구
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• 제12권10호
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• pp.37-45
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• 2014

Purpose - This study aims to analyze the relationship between trends in innovative EU industries and market distribution in smaller emerging markets under an open economy. Research design, data, and methodology - Although innovation was well-distributed, due to socio-economic factors following European integration, CEE had not achieved sustainable economic growth. However, this paper analyzes the differences among changes in CEE innovation for smaller emerging markets dominated since 2000. Market distribution has facilitated new markets for innovative industries, according to EU surveys and economic indicators. Results - The dominance of the local industrial market distribution has deterred innovation investment the survey shows that innovation investment has been shrinking, despite the EU's open innovation policy for CEE employment and R&D. For the CEE case, there were expectation gaps and uncertainty about whether to use the new distribution dominance or TNCs' innovation in smaller emerging countries without local industrial innovation. Conclusions - Innovation generates market growth and distribution power however, small growth requires stimulation, and creativity and innovative edge need further focus in local public and corporate strategy.

• Asia Marketing Journal
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• 제15권4호
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• pp.201-212
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• 2014

The global market is facing numerous changes nowadays, and also is the Southeast Asian market. Among those of some other regions, the Southeast Asian market is especially important to Korea for many reasons since it is one of the rapidly emerging markets, is geographically close to Korea, and has fair conditions for investigation. And in order to succeed in Southeast Asian markets, thorough examination about the countries is in need. This article catches a glimpse of the global market, the current status and changes of Southeast Asian markets, and Korean firms now doing business in these markets. Also, the article suggests some tips for successful marketing strategies.

• Asia Marketing Journal
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• 제24권4호
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• pp.143-151
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• 2023

In emerging countries, traditional retail, such as wet markets, still accounts for a large proportion of retail sales. Traditional retail has poor infrastructure compared to modern retail, and is often associated with problems of waste, water, and environmental pollution. Therefore, traditional retail faces extreme difficulties in achieving sustainability. This study aimed to determine what value traditional retail contributes to sustainability. We generated and applied a conceptual framework of sustainability to explore this question. We used a single case study of a small-scale wet market in Vietnam. The results showed that wet markets have significant value for the development of sustainable retail, including economic, environmental, social, and community value. This study extends the literature by providing a comprehensive and accurate view about the value of traditional retail in contributing to sustainability. It suggests strategies for traditional retail in emerging countries to survive sustainably.

• Asian Journal of Business Environment
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• 제13권4호
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• pp.19-28
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• 2023

Purpose: Emerging markets under industrialization have become increasingly influential over the global natural-resource transactions. However, their average deal completion rates have been relatively low. The international business (IB) literature regards the low rate as evidence of 'double hurdle', the extra disadvantages in doing overseas business for firms from developing countries. Because legitimacy building mitigates liability of foreignness, we argue that an acquirer's environmental responsibility effectively builds legitimacy. Research design, data and methodology: Stakeholders in the host country spread the acquirer's environmental responsibility so that, by raising legitimacy, they may strengthen the link between environmental responsibility and deal completion. Our dataset consists of the 608 cross-border acquisition deals announced by the 196 firms in Brazil, Russia, India, and China over 2008-2019 period. Results: A logit regression result confirms that environmental responsibility increases the likelihood of acquisition deal completion. Also, host-market stakeholders positively moderate the relationship between environmental responsibility and the likelihood of deal completion. Conclusions: Overall, this study contributes to the IB literature by identifying environmental responsibility as a key approach to lowering the double hurdle in internationalization of firms in emerging markets. Any emerging multinationals interested in the foreign, brownfield entries to the natural-resource industries must enhance the environmental responsibility, which turns out extremely important.

• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.387-399
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• 2021

This study mainly aims to examine the effect of intangible assets on the value relevance of the Gulf Cooperation Council (GCC)-listed non-financial firms. This study tested three types of models by using a large sample of non-financial firms listed in GCC countries as emerging markets from 2008 to 2016. The types of models are accounting information (earnings per share and book value of share) without intangible assets model, intangible assets model, and accounting information (earnings per share and book value of share) with intangible assets model. Ordinary least square (OLS) shows mixed results as intangible assets improve the value relevance of accounting information positively in UAE and negatively in Kuwait but not in other countries. The study documents a robust positive relationship between intangible assets and earnings quality in terms of value relevance in KSA and Qatar. The findings provide implications for policymakers, investors, and managers. The results suggest that intangible assets can improve the value relevance in emerging markets, such as GCC, as the need to organize the requirements of information disclosures on intangible assets and provide great transparency and additional disclosure of information about intangible assets and their components.

• 아태비즈니스연구
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• 제12권4호
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• pp.13-40
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• 2021

Purpose - The purpose of this study is to predict corporate corruption in emerging markets such as Brazil, Russia, India, and China (BRIC) using different machine learning techniques. Since corruption is a significant problem that can affect corporate performance, particularly in emerging markets, it is important to correctly identify whether a company engages in corrupt practices. Design/methodology/approach - In order to address the research question, we employ predictive analytic techniques (machine learning methods). Using the World Bank Enterprise Survey Data, this study evaluates various predictive models generated by seven supervised learning algorithms: k-Nearest Neighbour (k-NN), Naïve Bayes (NB), Decision Tree (DT), Decision Rules (DR), Logistic Regression (LR), Support Vector Machines (SVM), and Artificial Neural Network (ANN). Findings - We find that DT, DR, SVM and ANN create highly accurate models (over 90% of accuracy). Among various factors, firm age is the most significant, while several other determinants such as source of working capital, top manager experience, and the number of permanent full-time employees also contribute to company corruption. Research implications or Originality - This research successfully demonstrates how machine learning can be applied to predict corporate corruption and also identifies the major causes of corporate corruption.

• East Asian Economic Review
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• 제24권4호
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• pp.469-495
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• 2020

This paper overviews different exit strategies for the U.S. from the debt-overhang, and analyses their implications for emerging markets and global stability. These strategies are discussed in the context of the debates about secular-stagnation versus debt-overhang, the fiscal theory of the price level, the size of fiscal multipliers, prospects for a multipolar currency system, and historical case studies. We conclude that the reallocation of U.S. fiscal efforts towards infrastructure investment aiming at boosting growth, followed by a gradual tax increase, aiming at reaching a modest primary fiscal surplus over time are akin to an upfront investment in greater long-term global stability. Such a trajectory may solidify the viability and credibility of the U.S. dollar as a global anchor, thereby stabilizing Emerging Markets economies and global growth.