• The Journal of Asian Finance, Economics and Business
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• v.7 no.8
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• pp.95-102
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• 2020

The purpose of this study is to test both the alignment theory and entertainment theory on family firms listed on the Pakistan Stock Exchange. To achieve these goals, we collected secondary data from 164 non-financial family firms in various sectors during 2014-18. These family firms are classified into two categories: family control firms and family owned firms. We take the audit fee and the audit quality as dependent variables while family control firms, family-owned firms, and family CEOs as independent variables. In addition, the study uses leverage, profit and export as control variables. To test the effect of the explanatory variables on the output variables, we use two econometric models, Ordinary Least Square and the Probit regression model. In addition, Huber Sandwich test is used to check the non-normality and heteroscedasticity of panel data. Contrary to the alignment effect, the study supports the entrenchment effect and advocates that family-controlled firms as well as family-owned firms are not conscientious regarding the selection of external auditors during their contracts with audit firms. They are less likely to pay high audit fees for good quality audit in Pakistan. Furthermore, the study shows a statistically significant and positive relationship between audit quality and audit fees.

• Proceedings of the Korea Water Resources Association Conference
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• 2019.05a
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• pp.163-163
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• 2019

The rapidly growing global population increases the awareness of water, energy, and food security worldwide. The concept of Water, Energy, and Food nexus (hereafter, WEF nexus) has been widely introduced as a new resources management concept that integrate the water, energy, and food in a single management framework. Recently, WEF nexus analyzes not only the interconnections among the resources, but also considers the external factors (such as environment, climate change, policy, finance, etc) to enhance the resources sustainability by proper understanding of their relations. A nation-level resources management is quite complex task since multiple regions (e.g., watersheds, cities, and counties) with different characteristics are spatially interconnected and transfer the resources each other. This study proposes a multiple region WEF nexus simulation and transfer model. The model is equipped with three simulation modules, such as local nexus simulation module, regional resources transfer module, and optimal investment planning module. The model intends to determine an optimal capital investment plan (CIP), such as build-up of power plants, water/waste water treatment plants, farmland development and to determine W-E-F import/export decisions among areas. The objective is to maximize overall resources sustainability while minimize financial cost. For demonstration, the proposed model is applied to a semi-hypothetical study area with three different characterized cities. It is expected the model can be used as a decision support tool for a long-term resources management planning process.

• Journal of Korea Trade
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• v.24 no.5
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• pp.35-54
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• 2020

Purpose - It seems common sense that corporate social responsibility (CSR) is a key driver of business sustainability. Nevertheless, there has been little research on the performance of socially responsible activities, including economic and environmentally responsibility activities, in internationally diversified firms. Design/methodology - The purpose of this study was to evaluate the effects of CSR activities on management performance. For this evaluation, an empirical analysis was conducted with total of 2,520 cases, selected from companies listed on the Korea Composite Stock Price Index market for six years from 2013 to 2018. As proxies for management performance, financial data such as a total asset net profit ratio and a total asset operating ratio were used. A multivariate regression analysis was conducted to test hypotheses. Findings - The results of this analysis indicated that firms in the CSR outstanding group were ranked significantly higher than other groups in management performance. In addition, CSR activities of internationally diversified firms positively influenced the total asset net profit ratio and total asset operating ratio. Originality/value - The results suggest that the CSR activities of these firms can play a significant role in enhancing management performance in the economic status of Korea, where the degree of export dependency is high.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.111-118
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• 2021

The purpose of this paper is to study the impact of trade openness on foreign direct investment (FDI) inflows into Vietnam, an emerging country with relatively high trade openness in recent years. The study used the vector autoregression (VAR) model to examine the impact of trade openness on FDI in Vietnam, in the period from 2005 to 2019. The research data are time-series data, with quarterly frequency, from 2005:Q4 to 2019:Q3. The FDI data were collected by International Financial Statistics. The data of trade openness were calculated based on Vietnam's export, import, and GDP data collected by the General Statistics Office of Vietnam. The estimated result shows that the trade openness has a positive effect on FDI. The current FDI is heavily influenced by FDI in the past with an average explanation of 74%. The main findings indicate that trade openness has a positive effect on FDI inflows into Vietnam. The findings also show that FDI in Vietnam is significantly affected by the shocks of the FDI itself in the past. The findings of the study suggest the Vietnamese Government improves the quality of trade openness and FDI, continues and maintains economic relations with other countries to increase trade openness.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.6
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• pp.325-329
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• 2022

Enterprises play an increasingly important role in economic development in each country. Effective businesses will make the economies of countries also become efficient and develop. Enterprises play a role in creating jobs, improving labor productivity, and connecting foreign trade and import-export activities. The study aims to evaluate the factors affecting the profitability of small and medium enterprises in Hanoi by using a study of 210 enterprises in the area as well as advanced econometric regression analysis. The research results show that firm size and human capital have no impact on business performance. However, older firms are likely to have higher firm performance, and conversely, younger firms have lower firm performance. The research also confirms that the growth of businesses often has higher firm performance than low-growth ones. Furthermore, a firm with greater value is also more likely to stimulate business performance than lower its value, and this effect is the largest among the analyzed factors. Finally, the study also has some recommendations for the Vietnamese government to develop small and medium enterprises. Specifically, the government needs to create an open mechanism for the start-up movement and create a favorable financial mechanism for small and medium-sized enterprises to be able to access.

• Asia-Pacific Journal of Business
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• v.13 no.3
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• pp.281-291
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• 2022

Purpose - We study whether the bullwhip effect is prevalent among Korean firms and how the characteristics of it differ from the ones in other countries. Design/methodology/approach - We obtained quarterly financial and operational information on KOSPI-listed firms in manufacturing, wholesale, and retail industries from 2013 to 2019. We explore the variation of the bullwhip effect across firms and validate hypotheses. Findings - First, we find that for the KOSPI-listed firms, the bullwhip effect is more prevalent compared with the production smoothing. We provide additional findings by using sub-samples of manufacturing firms, wholesaling and retailing firms, big-sized firms, small- and medium-sized firms, domestic-sales intensive firms, and export intensive firms. Second, we show that in general, the bullwhip effect of Korean firms increases with the days in inventory or the demand seasonality ratio. However, the persistence of demand shock does not affect the bullwhip effect of Korean firms. Research implications or Originality - We compare our results with those in other studies that use information on the U.S. and Chinese firms. Our findings show that factors explaining the bullwhip effect across Korean firms have similarities and differences compared with firms in the U.S. and Chinese firms.

• International Journal of Advanced Culture Technology
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• v.11 no.1
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• pp.171-180
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• 2023

This study is to develop a performance analysis model for SMEs.Based on similar performance indicators through previous studies, performance indicators for SMEs were rewritten.Through the Korean Journal Citation Index (KCI), 75 related data were classified and a comprehensive SME performance analysis model was developed.Performance analysis was divided into two axes and classified into tables.The horizontal axis is the spatial performance range, which is divided into three areas: performance management by department/function, integrated performance management for the entire organization, and governance performance management requiring policy feedback. The vertical axis is subdivided into short-term, mid-term, and long-term by time and growth stage, and is divided into three parts: technical performance according to technological input, economic performance as organizational performance, and social performance for policy utilization. Then, performance indicators were mapped to each column. As a result of the survey, 28% of technical performance was analyzed as a result of frequency analysis, and performance indicators were organized into five categories: IT, R&D, certification, patent, and innovation. Economic performance was divided into 29%, BSC, HRD, logistics, production quality management, financial support, asset management, etc. 6 categories, social performance 43%, ESG, marketing, export, policy support, consulting, cooperation, etc. 7 categories.Limitations of the study include the narrowness of the survey that derived only performance indicators despite being a meta-analysis, and the performance model was mapped and classified according to growth stage and support period.however Insufficiency of validity due to lack of evidence, performance indicators were developed, but there were limitations in utilization for practical use.

• Journal of Distribution Science
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• v.22 no.5
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• pp.39-57
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• 2024

Purpose: Various policies continue to be strengthened to develop Micro, Small and Medium Enterprises (MSMEs), which have a strategic role in the economy through the pillars of corporatization, capacity and financing to support strong and inclusive economic growth. Efforts to transform MSMEs marketing strategies are undertaken through eco-friendly digitalization to increase resilience and more productive and innovative capacity. Research design, data and methodology: This research is an exploratory qualitative approach taken to investigate the transformation of eco-friendly marketing strategies for MSMEs to increase competitiveness at the global level. The samples obtained were 425 MSMEs assisted by the DKI Jakarta, Bali, Java, Borneo, and Sumatera. The data collection technique used non-probability sampling (snowball sampling). Data is analyzed through collection, reduction, analysis, validity testing, presentation and conclusion. Results: This research shows the transformation of eco-friendly digital-based MSME marketing strategies occurred through four stages, namely production and institutional activities, expanding market share, digitalization and financing, and export market access. Conclusions: Eco-friendly digital transformation allows MSMEs competencies to be refined to improve business processes and business competitiveness at the international level. The contribution of this marketing strategy transformation is expanding MSMEs access to financial institutions (fintech), marketplaces, and QRIS (QR Code Indonesian Standard) digital payments.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.5 no.1
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• pp.45-67
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• 2010

On July 21st in 2005, People's Bank of China (PBOC) turned the currency peg against the U.S. dollar into managed currency system based on a basket of unnamed currencies under China's exchanged rate regime. This change means that China's enterprises are not free from currency fluctuations. The purpose of this study is to analyze the relations between Renminbi fluctuations in the floating exchange rate and financial results of venture companies. The process and outcomes of this study are as follows, First, in order to measure the financial results of venture companies, I choose venture companies in Shandong Province listed on the Shanghai Stock Exchange (SSE) at random and several quarter financial sheets according to safety ratios, profitability ratios, growth ratios, activity ratios. Second, I arrange the daily Renminbi exchange rate data announced from July 21st, 2005 to December 31st, 2008 by PBOC into the quarterly data. Third, in order to confirm the relations between Renminbi fluctuations and financial results of venture companies, I carry out Pearson's correlation analysis. As a result, the revaluation of the Chinese Renminbi has weakly negative effects on debt ratio, total assets turnover ratio and equity turnover ratio in statistics. But the revaluation of the Chinese Renminbi is not related to other financial index in statistics. The result of this study is that the revaluation of the Chinese Renminbi has little influence on the export and import of Chinese venture companies and certifies the fact that Chinese venture companies have much foreign currency assets. In addition to avoid the currency exposure risk, this study shows the effective method about currency exposure risk which adjusts proportion of Renminbi to foreign currency.

• 한국벤처창업학회:학술대회논문집
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• 2010.08a
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• pp.139-160
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• 2010

On July 21st in 2005, People's Bank of China (PBOC) turned the currency peg against the U.S. dollar into managed currency system based on a basket of unnamed currencies under China's exchanged rate regime. This change means that China's enterprises are not free from currency fluctuations. The purpose of this study is to analyze the relations between Renminbi fluctuations in the floating exchange rate and financial results of venture companies. The process and outcomes of this study are as follows, First, in order to measure the financial results of venture companies, I choose venture companies in Shandong Province listed on the Shanghai Stock Exchange (SSE) at random and several quarter financial sheets according to safety ratios, profitability ratios, growth ratios, activity ratios. Second, I arrange the daily Renminbi exchange rate data announced from July 21st, 2005 to December 31st, 2008 by PBOC into the quarterly data. Third, in order to confirm the relations between Renminbi fluctuations and financial results of venture companies, I carry out Pearson's correlation analysis. As a result, the revaluation of the Chinese Renminbi has weakly negative effects on debt ratio, total assets turnover ratio and equity turnover ratio in statistics. But the revaluation of the Chinese Renminbi is not related to other financial index in statistics. The result of this study is that the revaluation of the Chinese Renminbi has little influence on the export and import of Chinese venture companies and certifies the fact that Chinese venture companies have much foreign currency assets. In addition to avoid the currency exposure risk, this study shows the effective method about currency exposure risk which adjusts proportion of Renminbi to foreign currency.