• The Journal of Asian Finance, Economics and Business
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• 제4권1호
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• pp.25-38
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• 2017

This study investigates the causal relationship between stock prices and exchange rates for six Middle Eastern countries, namely, Egypt, Iran, Jordan, Kuwait, Oman, and Saudi Arabia before and during (after) the 2007 global financial crisis for the period between January 2004 and September 2015. The sample is divided into two sub-periods, that is, the period from January 1, 2004 to September 30, 2007 and the period from October 1, 2007 to September 30, 2015, to represent the pre-crisis period and the post-crisis period, respectively. Using Vector Autoregressive (VAR) model in a multivariate framework (including two control variables, inflation rates and oil prices) the results suggest that in the case of Jordan, Kuwait and Saudi Arabia, there exists bidirectional causalities after the crisis period but not the before. The opposite status is available for the case of Iran. In the case of Oman, there is bidirectional causality between the variables of interest in both periods. The results also reveal that the relationship between stock prices and exchange rates has become stronger after the 2007 global financial crisis. Overall, the results of this study indicate that fluctuations in foreign exchange markets can significantly affect stock markets in the Middle East.

• 유통과학연구
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• 제19권5호
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• pp.23-34
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• 2021

Purpose: This study identifies the critical elements of relationship management required to be studied in distribution sciences to create a relational bond of watch manufacturers with their retailers in India. The offline watch retail market is undergoing a rapid transformation due to technology intervention in the product portfolio and the advent of online retailing. The study identifies the interrelationships amongst the constructs of interdependence, trust, affective commitment, and information exchange to form long-lasting relational bonds in the watch industry. Research design, data and methodology: We used a path analysis to investigate the relationship between interdependence, trust, affective commitment, and information exchange. Data has been collected from 143 watch retailers using judgmental sampling method. Results: The data analysis suggested the establishment of measurement and structural model. The absolute and relative goodness of fit models in the causal analysis are 0.628 and 0.959 suggesting a sufficient fit index. Based on the analysis of direct and indirect effects, the results indicate that trust fully mediates the effect of interdependence and information exchange of retailers with the manufacturer. Conclusions: Trust plays an important role in driving commitment and information exchange between watch manufacturers and retailers. Interdependence in the manufacturer-channel relationships would lead to affective commitment only when trust exists in the relationship. [AMAWATE, Vibhas.] in Web of Science and Scopus).

• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.37-41
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• 2021

This study aims to investigate the relationship between the exchange rate and Trade Balance. Trade Balance is used as the dependent variable, and the independent variables are Exchange Rate, Gross Domestic Product, and Inflation. Augmented Dickey-Fuller unit root test was adopted to test the stationary property of time series data, Auto Regressive Distributed Lag model was employed to find the long run and short-run relationship and long-run adjustment, Bound test approach, the unrestricted Error Correction Model and Granger Causality Test are used to analyze the data from 1977 to 2019. The research findings suggest that inflation has a positive impact on the trade balance in the short run. The exchange rate and the Gross Domestic Product have adverse effects on Trade balance in the long run. The coefficient of ER in the previous year is negative, and the coefficient of TB in the previous year is positive and significant. This is consistent with the J-Curve phenomenon, which states that devaluation may not improve trade balance in the immediate period, but will significantly impact the trade balance improvement in subsequent periods. Hence Marshall Lerner Condition exists in Sri Lanka.

• 한국중재학회지:중재연구
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• 제31권4호
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• pp.99-117
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• 2021

In this study, the effect of reducing and increasing factors in relationship conflict on the relationship exit between auto parts suppliers and buyers was analyzed based on transaction cost theory and relational exchange theory. As a result of the hypothesis test, Hypothesis 1, which states that relationship commitment will hurt relationship exit, and Hypothesis 3 that replacement will harm relationship exit were supported. In addition, Hypothesis 2 which states that transaction-specific investment will positively affect relationship exit was not supported. The theoretical and practical implications of this study are as follows. This study has identified the antecedents of relationship exit by comprehensively applying the transaction cost theory and relational exchange theory. In addition, this study can identify what a company should manage specifically to lower conflict and relationship exit by identifying the antecedents of relationship exit. The limitations of this study and the directions for future studies are as follows. First, not all of the antecedents of relationship exits between auto parts suppliers and buyers have been extensively investigated in the viewpoint of the transaction cost theory and relational exchange theory. In the future, it is necessary to identify additional factors. Second, the study was conducted only from the supplier's viewpoint. In future studies, it is expected that more accurate research results can be obtained by simultaneously examining the supplier's point of view and the buyer's point of view.

• 한국콘텐츠학회논문지
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• 제21권12호
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• pp.448-462
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• 2021

온라인 커뮤니티에서 교환구조가 커뮤니티 결속력에 미치는 영향에 관한 연구는 매우 드물다. 더욱이 이 연구들은 서로 상충된 연구결과를 보고하고 있다. 본 연구는 이러한 연구결과를 재조명하기 위해 사회적 교환이론에 근거하여 커뮤니티 내 교환구조를 직접적 및 일반적 교환구조로 분류하고, 일반적 교환구조의 결정요인으로 지식의 분산도를 포함하였다. 그리고 상충된 연구결과를 설명하기 위해 교환혜택을 조절변수로 도입하였다. 본 연구는 네이버에서 활동하는 380개의 온라인 커뮤니티에서 데이터를 수집하여 분석하였다. 그 결과 지식의 분산도는 일반적 교환구조를 촉진하는 것으로 나타났다. 그리고 직접적, 일반적 교환구조 모두 커뮤니티 결속력에 긍정적 영향을 미치나, 이 관계는 교환혜택의 수준에 따라 조절되는 것으로 나타났다. 즉, 교환혜택이 높은 그룹에서는 일반적 교환구조가 직접적 교환구조보다 커뮤니티 결속력에 미치는 영향이 더 큰 반면, 교환혜택이 낮은 그룹에서는 두 교환구조의 영향력 사이에 통계적으로 유의미한 차이가 없는 것으로 나타났다.

• 통상정보연구
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• 제7권3호
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• pp.269-286
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• 2005

The exchange rate volatility has been increased since the time when the floating exchange rate system was introduced in Korea. As a result, the increase of the exchange rate volatility raised the risk in international trades in Korea. The purpose of this study in to study the feature of exchange rate volatility and the main sources of its increase and to confirm whether the exchange rate volatility influence export volume and price of Korea. In the first place, I measured exchange rate volatility with two methods. The one is descriptive statistic method such as the width of daily exchange rate fluctuation and the rate of exchange rate devaluation. The other is the time varying conditional variance of exchange rate. Then, I studied the sources of exchange rate volatility. In the second place, I defined the exchange rate volatility as the time varying conditional variance and estimated it by using elastic a approach model which shows exchange rate is affected by itself and its conditional variance, I estimated its effects on export volumes and prices of electric home appliances, information & communication equal and semi-conductor. The result of this study is as follows. With presumed result EU and Korea because is not the goods which is to substantial competition relationship, The effect where the relative value change of presumed result expression anger and the dollar of import and export function goes mad to the import and export of Korea the income compared to is to export and it is appearing a lot. The EU goods is sold more expensively the Korean goods than from about length being caused by American market of the dollar and the balance of trade of Korea is visible like being visible the improvement of single breadth. Because the relationship of competition is weak but substantially there is to a short term and expression - the effect where the dollar rate fluctuation is big in Korean trade there is a possibility of saying that widely known it is not.

• The Journal of Asian Finance, Economics and Business
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• 제7권4호
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• pp.21-28
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• 2020

The objectives of this study are threefold: 1) to identify the concepts of earnings, stock return and liquidity risks on public shareholding industrial companies listed in the Amman Stock Exchange, 2) to investigate the relationship between earnings, stock return, strength and direction of this relationship, and 3) to find out the effect of liquidity risks at stock return and the effect of liquidity risks on the relationship between earnings and stock return on Jordanian public shareholding industrial companies. To achieve the objectives, an analytical descriptive approach was used. As the data on the public shareholding industrial companies listed in the Amman Stock Exchange were accredited by 52 companies for the period between 2014-2019, data validation tests and their suitability for analysis were considered. A linear regression test was used to test the study hypotheses on the statistical analysis program. The results show that there is a positive and significant correlation at significance level between the earnings and stock return. The results of the study also showed that there is a statistically significant negative effect at significance level of liquidity risk on stock return. In addition, it was demonstrated that liquidity risks have significant negative effects on the relationship between earnings and stock returns.

• 융합경영연구
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• 제4권4호
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• pp.17-24
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• 2016

The purpose of the present study is to investigate the relationship between Management bonuses and earnings stability of the listed companies on the Tehran Stock Exchange (TSE). The population includes 94 firms selected through systematic sampling. The data is collected from the audited financial statements of the firms provided by TSE's website from 2009 to 2016. The results of multiple linear regression analysis show that there is a significant relationship between Management bonuses and earnings stability. The aim of this study primarily investigating the relationship between earnings stability and management bonus. In the case of this target, the next goal of this research is to develop a proposal for legislation in the domain of capital market, students and faculty as well as accounting information users provide research interests. Observations show many companies despite the decline in profitability, bonus managers to continually pay. Increase in listed companies Stock Exchange as well as the importance of communication between earnings quality and bonus managers in Financial Accounting the authors created an incentive to research about this relationship do. The results of this research could be the development of literature done in the past. Thus, more knowledge about the issue of sustainability and its relation to bonus managers the users of accounting information, accounting courses provide students and faculty.

• 시큐리티연구
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• 제20호
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• pp.313-338
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• 2009

본 연구는 아직까지 민간경비업체 경비원을 대상으로 거의 적용되지 않았던 상사-부하 교환 관계의 질 이론의 적용을 통해 민간경비업체의 낮은 직무만족과 높은 이직을 개선하는 방안을 찾고자 상사-부하 교환관계의 질과 직무만족 그리고 이직의도를 주요 연구변수로 한 이론적 논의를 통해 그들의 관계를 설정하고 이를 바탕으로 실증분석을 시도한 연구이다. 이를 통해 이론적용의 가능성 확대에 기여하고, 민간경비업체들의 보다 효율적인 조직 관리를 위한 근거를 제시하여 이론적 실무적 공헌을 시도하였다. 따라서 본 연구에서는 다음의 세 가지를 확인하고자 하였는데 그것은 첫째, '민간경비업체에서 상사-부하 교환관계의 질이 구성원의 이직의도와 관계가 있는지', 둘째, '민간경비업체에서 상사-부하 교환관계의 질이 구성원의 직무만족과 관계가 있는지' 그리고 마지막으로 '민간경비업체에서 구성원의 직무만족이 이직의도의 감소와 관련이 있는지'의 여부이다. 이를 위해 서울 경기지역에 소재한 민간경비업체에서 실제로 종사하고 있는 경비원 238명을 대상으로 실증분석을 시도해 본 결과 상사-부하 교환관계의 질은 이직의도에 직접적인 영향을 미치는 요인은 아닌 것으로 나타났지만 직무만족에는 유의한 영향을 미치는 것으로 나타났다. 또한 직무만족은 이직의도에 유의한 영향을 미치며 상사-부하 교환관계의 질과 이직의도를 매개하는 것으로 나타났다. 따라서 민간경비업체에서 부하와의 교환관계의 질을 높이려는 상사의 노력은 부하의 직무만족의 향상을 통해서 간접적으로 이직의도 감소에 영향을 미칠 수 있음이 확인되었다. 이에 우리는 민간경비업체에서 상사의 위치에 있는 구성원들에게 자신의 부하와 맺는 관계의 질적 수준을 높일 것을 제안하고자 한다.

• 유통과학연구
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• 제10권9호
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• pp.5-11
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• 2012

Purpose - The objective of the paper is to explain both the price sensitivity of international tourists to South Korea and the price sensitivity of Korean tourists to international travel. The study examines long-run equilibrium relationships and Granger causal relationships between foreign exchange rates and inbound and outbound tourism demand in South Korea. Research design/ data / methodology - The study employs monthly time series data from January 1990 to September 2010. The paper examines the long-run equilibrium relationship using the Johansen cointegration test approach after unit root tests. The short-run Granger causality was tested using the vector error correction model with the Wald test. Results - Hypothesis 1 testing whether there is a long-run equilibrium relationship between exchange rates, inbound and outbound tourism demand is supported. Hypothesis 2 testing whether exchange rates lead to a change in touristarrivals and expenditure is not supported. Hypothesis 3 testing whether exchange rates lead to a change in tourist departures and expenditure is supported. Conclusions - The findings of this study show that the impacts of tourism price competitiveness are changing quite significantly with regard to destination competitiveness. In other words, the elasticity of tourism price over tourism demand has been moderated.