• The Journal of Asian Finance, Economics and Business
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• v.7 no.5
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• pp.1-7
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• 2020

This paper investigates the determinants on decision to conduct seasoned equity offerings (SEOs) of listed companies on the Ho Chi Minh Stock Exchange in Vietnam. Seasoned equity offerings (SEOs) are defined as the issue of more stocks by a firm to raise more capital after a primary issue. Using panel data collected from audited financial statements of 99 listed companies on the Ho Chi Minh Stock Exchange during 2014-2018, the study employs a logit regression model by fixed effects method to examine factors that affect the decision to implement seasoned equity offerings of those companies. The findings of this study show that profit, revenue growth and company's size have a positively significant impact on the decision, while dividend pay-out ratio negatively significantly influences the equity issuing decision. Furthermore, these results are robust after controlling for the forms of equity offerings, i.e. bonus stocks, stock dividends and rights to buy shares. These findings are consistent with economic theories such as agency theory, pecking order theory, and growth opportunity theory, and also could be explained by the real situations of the Vietnamese stock exchange. This study has important implications for corporate managers, policy makers and investors.

• The Journal of Asian Finance, Economics and Business
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• v.5 no.4
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• pp.21-34
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• 2018

The study tests the Fama and French three-factor model by using the newly created Islamic equity style indices. Based on a dataset from May 2006 to April 2011, the three-factor model is tested based on returns of Islamic unit trust funds using the Generalized Method of Moments (GMM) methodology. The sample period is also divided between periods before and after the Global Financial Crisis in August 2008 to test for robustness, and the Bai and Perron (2003) multiple structural break test was used to determine the structural break in the series. The analysis shows that the Fama and French model is valid for Islamic unit trust funds before and after the collapse of Lehman Brothers. The result further indicates the reversal of size effect. As for trading strategies, value funds outperform growth funds by annualized 3.13 percent for the full period. During pre-crisis period, value funds perform better than growth funds while in post-crisis, size factor yields better return than other strategies. As policy suggestion, fund managers need to be aware of the reversal of size effect, and they need to ensure a more transparent stock selection process so that investors can make an informed decision in their asset allocation.

• Journal of Korea Society of Digital Industry and Information Management
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• v.14 no.1
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• pp.103-120
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• 2018

Global conglomerates in the late 2010s are seeking changes from the existing method of financial growth into that of sustainable growth, as they are facing the age of 4th industrial revolution. In preparation for this change of the times and to stay competitive, small businesses are required to produce creative knowledge, and systematically share and store it by means of implementing voluntary and specific changes in their convictions and actions. This study aims to empirically examine how the ICT small businesses' organizational learning participants' self-leadership affect their job satisfaction through organization orientation and Leader-Member Exchange(LMX). The research sample consists of the first to third-year employees that have previously participated in the small businesses' organizational learning support project, and of learning leaders, group leaders, and group members from companies that have previously concluded the project. The results are as follows: First, the self-leadership at the ICT small businesses' organizational learning project has been shown to have a positive effect on job satisfaction. The same positive results are shown in learning orientation and LMX. Second, the learning orientation has been shown to have a positive effect on job satisfaction. Third, the LMX has been shown to have a positive effect on job satisfaction.

• Journal of the Korean Home Economics Association
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• v.31 no.4
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• pp.115-132
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• 1993

This study was designed with the purpose to analyze the factor structure of family life events and to clear the influence of related variables on family life events. The frequence of experienced events and the degree of importance of events which were the constituent components of family life events was estimated by the 650 married woman in Kangju. The results were as follows: 1. 15 factors of family life events derived by factor analysis: F.1「Expenditure and economic loss」, F.2「Growth and change of children」, F.3「Change of family structure」, F.4「Family's change」, F.5「Change of life level」, F.6「Family's social problem」, F.7「Need of care」, F.8「Family's health」, F.9「Marital relationship」, F.10「Family's social damage」, F.11「Breach with acquaintance」, F.12「Financial difficulties」F.13「Husband's problem」, F.14「Housewives' social activity」, F.15「Kinship's support」. 2. There frequence of experienced family life events such as expenditure and economic loss and breach with acquaintance was highest. 3. The degree of importance about experienced family life events such as growth and change of children was highest. 4. Age, family life cycle have significantly differenced on the degree of importance and the frequence of experienced events. 5. Education's level, family size, income, housewives' employment and family structure have differently differenced on the degree of importance and the frequence of experienced events according event factor.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.8
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• pp.259-268
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• 2020

The study investigates the association between CEO education and firm performance with a sample of 85 nonfinancial firms listed on the Saudi stock exchange during 2018 applying ordinary least squares method. CEO education is defined by three variables, the level of education, if the degree-granting institution is domestic or foreign, and if the highest degree is in management or other fields of study. Financial performance is measured by return on assets and return on equity. Firm size, age, liquidity and growth are introduced as control variables. The study shows that 58 CEOs of the firms studied are graduates, 38 have obtained their degree from a domestic institution and 44 have a management degree. Graduate CEOs are found to enhance performance. Graduating from a domestic institution influences performance positively. Management degree of CEO does not seem to impact performance. Firm size, liquidity and growth are positively associated with performance. Firm age does not explain performance differences of firms. Results are robust to performance measures. The findings of the study suggest that firms can benefit from a CEO hiring policy that emphasizes on the minimum qualification set as graduation or higher, education from a domestic institution and no undue weight on management qualification.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.177-184
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• 2020

This paper analyzes factors affecting corporate investment decisions in economic groups listed on the Vietnam stock market. The panel data of the research sample includes 39 economic groups listed on the Vietnam stock market from 2009 to 2019. The Generalized Least Square (GLS) is employed to address econometric issues and to improve the accuracy of the regression coefficients. In this research, the investment rate is a dependent variable. Cash-flow (CF), Investment opportunities (ROA), Fixed capital intensity (FCI), Leverage (LEV), Sales growth (GR), Size (SZ), Business risk (RISK) are independent variables in the study. The model results show that cash flow and sales growth have the same impact on investment decisions of economic groups in Vietnam. In addition, investment opportunities have a negative impact on the capital investment decisions of economic groups. The remaining factors include fixed capital intensity, leverage, firm size, and business risks that have a weak and insignificant impact on capital investment decisions of economic groups in Vietnam. The findings of this article are useful for business administrators, and helping business managers make the right financial decisions. Besides, the research results are also meaningful to money management agencies. The authors recommend that the State Bank of Vietnam should maintain a sustainable monetary policy.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.759-768
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• 2020

The purpose of this study is to assess the state of competition in Nepalese banking over the period from 2010 to 2019. This study employs panel data and a non-structural Panzar-Rosse model to measure the degree of competition in the Nepalese banking industry. The first reduced-form equation is applied to gauge competition, and the second model is used to test the long-run equilibrium in the banking market. The finding reveals that the Nepalese banking market is equilibrium in the long-run. It implies that the factor prices do not affect ROA in the long-run. The result of the H-statistic shows that the Nepalese banking system is operating under the state of perfect competition and is shifted from monopolistic competition to perfect competition. The reduced-form model reveals that the interest income is positive and significantly affected by factor prices. Similarly, the macroeconomic variable GDP growth is positively related to interest income. On the contrary, the bank's specific factors risk and the number of bank branches are inversely associated with the regressand. The outcomes of the study may be advantageous to the policymakers, especially to Nepal Rastra Bank to implement monetary policy and M&A policy for the stability and growth of the financial system of Nepal.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.37 no.4
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• pp.168-176
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• 2014

The enterprise life cycle derived from the product life cycle consists of introduction, growth, maturity and decline. The enterprise tries to reach the growth stage early and stay at the maturity stage stably through expanding its businesses and investing for the new technology. The public enterprise is not different but its life cycle is more prone to be affected by the national development and policy. A typical example can be found in the case of the quasi market SOC public enterprise which spends massive amount of fund to provide social infrastructure. After the fulfillment of its mandated mission it is exposed to the pressure of a merger or a closure usually because large portion of the debt is directly linked to the national financial stability and credit ratings. This research is focused on the variables that influence the life cycle of the quasi market SOC public Enterprise for its future competitiveness is in connection with its normalization, advancement and rationalization. In this respect, categorical variables system centering on public characteristics and profitability drew eight categorical variables such as policy outcomes, public benefit, finance and business values etc.

• East Asian Journal of Business Economics (EAJBE)
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• v.3 no.1
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• pp.8-16
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• 2015

In the later quarter of the twentieth century, the need for foreign capital is realized among the various countries of the world. Developing countries especially developed multi-pronged strategies to attract foreign capital into the country. One such strategy is the adoption of liberalization policy. Almost all the developing countries started opening their economy, out of the compulsion, to achieve faster rate of economic growth and development. Even a communist country like China adopted liberalization policy as a strategy for accelerated economic growth during 1979. India also joined the race by 1991, when the government announced the policy of liberalization. The importance of FDI extends beyond the financial capital that flows into the country. The huge size of the market in this sector and high returns on investment are two important factors in boosting FDI inflows to power sector. 100 percent FDI is allowed under automatic route in almost all the sub sectors of power sector except the atomic energy. Major foreign investment is made in this sector during 2000 to 2009 is Mauritius with an investment of US$ 4490.96 i.e., 4.24 percent of the total FDI inflows into the country during the period. The estimation of future FDI flow shows a marginal decline in the year 2010. Then from 2011 to 2015 onwards upward trend of FDI was observed.

• Journal of the Korean housing association
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• v.15 no.1
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• pp.113-120
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• 2004

This study focuses on the regeneration of multi-dwelling residential estates located already in built-up areas. This study focuses on policy measures and surveys of remodeling and analyses the likelihood of remodeling and prospect of it. These major findings were diseased: First, people have changed their propensity about renewing their residences from reconstruction to remodeling. This would account for the likelihood of remodeling and its popularity. Second, unlike the stronger demand for remodeling, over half of people respond express that they are reluctant to pay the costs involved in renewing the public spaces of their apartment complexes. This argues that it would be necessary to review policy measures in other countries. Reducing financial burdens of those who are willing to remodel their residents and to trigger their participations. In addition, the costs should be saved from the outset of constructing new buildings. With the suggestions drawn in this study, the remodeling should be regarded as a considerable measure to renew the residential areas, especially where the area is already built-up and the development density is severely limited.