• The Journal of Asian Finance, Economics and Business
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• v.8 no.4
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• pp.263-276
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• 2021

This study examines the effect of international capital flows on corporate capital structures in Vietnam by analyzing panel data from all non-financial listed firms from 2005 to 2014 using pooled ordinary least square (OLS) with a variance estimator. The analysis includes a comparison of the signs and significance of the variable coefficients from the perking order and static trade-off theories to the empirical results to determine the optimum approach to the corporate capital structure given Vietnam's high-inflation environment. The results indicate that international capital flows have a positive relation to the debt ratio in the long term, and the relationship is more robust for 2005-2009 than for 2010-2014. Corporate capital structures adjusted to changes in the business environment in different sub-periods (2005-2009 and 2010-2014). When the economic environment became more favorable, the pecking order theory's predictive power increased, and that of trade-off theory lessened. Manufacturing and non-manufacturing firms required different capital structure decisions to fuel their operations and grow under foreign competition. The analysis demonstrates that firms should intensify their use of long-term debt relative to the availability of capital, which is an implication not only for firms in particular but also for industrial innovation overall.

• Asia Pacific Journal of Business Review
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• v.5 no.2
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• pp.19-44
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• 2021

Sub Saharan Africa (SSA) is receiving increased investments in the energy sector under the belt and road initiative (BRI) project since its inception in 2013. SSA has a worse energy efficiency ratio coupled with deficient electricity access, through analysis showed varied impacts on the SSA countries due to the BRI initiative. This study dilves into the influencing factors for Energy Efficiency (EE) in 38 SSA countries, applying the probit and logit approach for 2000-2018. The Multiple-regression model shows significant results of some variables such as foreign direct investment, gross domestic product, and port infrastructure quality being significant on EE under BRI initiative countries. However, the logit and probit models produce similar results and the marginal effect for the entire variable, except energy imports that do not likely impact EE. Furthermore, the interaction of quality of port infrastructure and foreign direct investment variables produces significant results, highlighting the increased investments SSA receives under the BRI initiative in the energy and transport sectors. The model Percent correctly predicted (PCP) value was about 84%, indicating it correctly classified the variables and about 16% not classified. The study recommends EE performance standards should be incorporated on energy projects in SSA to ensure that these projects are energy efficient and decouple SSA's energy demand from economic growth. The research proffers suggestions for policy regarding the BRI initiative in SSA and the implications on sustainable energy and building a community with a shared future.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.6
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• pp.11-21
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• 2022

The perspectives on aging women's financial security during their retirement years are based on their behavior, planning, and decision-making processes during their working years. Elderly women are considered vulnerable and have a longer life expectancy, lower-income, and limited financial understanding compared to males; therefore, drastic steps need to be taken to improve their financial stability and quality of life. The current study sought to determine the most important contributors to retired women's financial health by measuring the value of four factors/variables: capability, opportunity, willingness, and biopsychosocial. This study used a mixed model approach, with qualitative analysis in the first phase involving a focus group discussion session, a pilot analysis, and quantitative analysis for phase two involving the distribution and collection of questionnaires completed by retired women. The surveys were distributed across Malaysia in five distinct zones and yielded 339 usable replies to support the theory. The outcomes of the Multiple Regression Analysis in Malaysia revealed that capability, opportunity, and biopsychosocial factors are significant predictors of retired women's financial security, whereas the willingness indicator lacked statistical significance.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.2
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• pp.313-324
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• 2022

The Chinese outward foreign direct investment (OFDI) involves various bilateral trade agreements and regional agreements signed between China and other countries. This study examines the impact of Chinese OFDI in ASEAN-5 countries through ASEAN-China Free Trade Agreement (ACFTA) namely Indonesia, Malaysia, Philippines, Singapore, and Thailand from 2000 to 2016. This study attempts to address three research objectives. The first is to examine the motives for China's investment in ASEAN-5. The second is to explore the different impacts of China's investment across countries. The third is to investigate whether the OFDI conducted by state-owned enterprises (SOEs) will produce different impacts on the firm's efficiency score. Using the DEA approach, this study finds evidence that the overall Chinese OFDI is relatively efficient. We find that the estimated efficiency score of this OFDI has improved in pre- and post ACFTA where a higher overall efficiency score was reported when comparing pre- and post ACFTA signing for both SOEs and NSOEs. Finally, China's parent firms' efficiencies showed higher scores among NSOEs compared to SOEs after the signing of ACFTA for all ASEAN countries except Malaysia. We highlight that the country's institutional infrastructure, earlier investment presence, and diplomatic ties help in shaping an effective trade agreement.

• The Journal of Asian Finance, Economics and Business
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• v.10 no.2
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• pp.49-60
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• 2023

The study attempts to examine the relationship among revenue growth factors from different angles and provides a comprehensive overview of tax revenue collection for developing countries. The impact of income tax, customs duty, and value-added tax on the gross domestic product is examined using the ordinary least-square (OLS) multiple regression approach. To confirm the association, a multiple regression model is applied to time-series data. SPSS software, MS Excel, is used to draw the empirical results, trend analysis, and some graphical presentation to reach the study's objective. The findings show that while the value-added tax has a significant impact and the highest coefficient, regardless of country, income tax and customs duty may or may not be significant depending on the circumstances. It triggers effectual and efficacious economic growth. The paper has implications in policy-making areas where governments are seeking how to stimulate revenue growth effectively and efficiently. To promote economic growth, the tax net and tax rate on luxury goods should be increased along with human resources in the tax administration for the short term. But in the long term, decentralization & digitization of tax administration, dismantling the existing tax barriers and good governance are necessary.

• East Asian mathematical journal
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• v.32 no.2
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• pp.233-251
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• 2016

This study aims to investigate the presence/absence of subjects in the area of finance insurance sector in the past and corresponding areas of the courses in accordance with the reform of Korean school mathematics curriculum. In addition, the study had analyzed the linkage to the curriculum of the subjects for the Junior High, and High School in accordance with the school mathematics as mathematical knowledge base. As the results of this study, it was identified that the knowledge of mathematical contents addressed in the school mathematics education had a very high connectivity as basic mathematical knowledge to understand and utilize high level of the insurance mathematics required for the job performance in the finance insurance sector.

• International Commerce and Information Review
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• v.8 no.1
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• pp.417-435
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• 2006

A Systematic Wealth Management Framework (SWMF) was developed as a private banking management tool to enable more integrative personal finance management of personal wealth. It is a reference model that provides an unified framework for development, operation, and management and makes provision for personal financial services in today's complex financial environment. This study suggested some practical results from banks and insurance companies that have established SWMF as the differentiation business strategy for wealthy customers. The focus of this manuscript is on capturing the methodological approach most financial institutions in Korea adopted to execute new e-finance planning and implementation based on the SWMF. The alignment between the wealth management business goals and information system architecture at an organization constitutes the main theoretical basis of the study. Relevant discussions are made on the wealth management framework as a general business model for financial industry, on the functional relationship between new information systems and business organizations. Finally, lessons learned from the SWMF implementation are discussed.

• Communications for Statistical Applications and Methods
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• v.29 no.1
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• pp.103-125
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• 2022

In this paper, we analyze the time series data of the case and death counts of COVID-19 that broke out in China in December, 2019. The study period is during the lockdown of Wuhan. We exploit functional data analysis methods to analyze the collected time series data. The analysis is divided into three parts. First, the functional principal component analysis is conducted to investigate the modes of variation. Second, we carry out the functional canonical correlation analysis to explore the relationship between confirmed and death cases. Finally, we utilize a clustering method based on the Expectation-Maximization (EM) algorithm to run the cluster analysis on the counts of confirmed cases, where the number of clusters is determined via a cross-validation approach. Besides, we compare the clustering results with some migration data available to the public.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.3
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• pp.1-10
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• 2022

This research proposes a novel trading method based on sample entropy for the FTSE China A50 Index. The approach is used to determine the points at which the index should be bought and sold for various holding durations. The findings are then compared to three other trading strategies: buying and holding the index for the entire time period, using the Relative Strength Index (RSI), and using the Moving Average Convergence Divergence (MACD) as buying/selling signaling tools. The unique entropy trading method, which used 90-day holding periods and was called StEn(90), produced the highest cumulative return: 25.66 percent. Regular buy and hold, RSI, and MACD were all outperformed by this strategy. In fact, when applied to the same time periods, RSI and MACD had negative returns for the FTSE China A50 Index. Regular purchase and hold yielded a 6% positive return, whereas RSI yielded a 28.56 percent negative return and MACD yielded a 33.33 percent negative return.

• East Asian mathematical journal
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• v.40 no.3
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• pp.307-318
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• 2024

This paper explores the application of matrix factorization, specifically CUR decomposition, in the clustering of Korean language documents by topic. It addresses the unique challenges of Natural Language Processing (NLP) in dealing with the Korean language's distinctive features, such as agglutinative words and morphological ambiguity. The study compares the effectiveness of Latent Semantic Analysis (LSA) using CUR decomposition with the classical Singular Value Decomposition (SVD) method in the context of Korean text. Experiments are conducted using Korean Wikipedia documents and newspaper data, providing insight into the accuracy and efficiency of these techniques. The findings demonstrate the potential of CUR decomposition to improve the accuracy of document clustering in Korean, offering a valuable approach to text mining and information retrieval in agglutinative languages.