• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.707-715
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• 2021

This article examines the potential impact of the Covid-19 Lockdown on earnings manipulation and stock market sensitivity to earnings announcements. It also explores the effects of earnings manipulation after the COVID-19 outbreak on the share price sensitivity to the earnings disclosures. The study uses a quantitative method to analyze the financial data consisting of 87 firms listed on the Iraq Stock Exchange for the period from 2018 to 2020, which constitutes a total of (174 observations). We used Ohlson (1995) model to estimate financial market reaction and sensitivity to earnings manipulation fluctuations and accounting information. The results show that companies practice earnings manipulation to maintain earnings over a time series, which means a negative impact of earnings manipulation on all earnings measures' value relevance (EPS, BVS, and CFS). Accordingly, earnings manipulation negatively influences investor behavior in the financial market, based mainly on financial reporting. The value relevance of financial reports has also decreased because of the COVID-19 outbreak and related economic Lockdown. These results reflect a long-term adverse impact of earnings manipulation on investor behavior and financial statements reliability.

• International Journal of Computer Science & Network Security
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• v.21 no.11
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• pp.207-215
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• 2021

The aim of the article is to study the role of informal institutions in the development of the financial services market. The study outlines the concepts of scholars to identify the main types of informal institutions. The mechanism of research of influence of the informal factor on functioning of economic object is developed. The main types of informal institutions are systematized. The main informal institutions influencing the development of the financial services market are considered. The application of a synergetic approach to the consideration of the impact of the institution of trust on the financial services market is proposed.

• Journal of Industrial Convergence
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• v.22 no.6
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• pp.25-39
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• 2024

Because small and medium-sized businesses lack capabilities and resources, they must effectively procure, share, and utilize scarce resources from outside, and as a result, the importance of networks with external organizations is gradually increasing. In this study, we verified the influence of small and medium-sized enterprises' network capabilities and network characteristics on market performance and financial performance. As a result of testing the hypothesis through a structural equation model, network capabilities were found to have a significant partial impact on financial performance, and all sub-factors of network characteristics such as strength, size, and diversity were found to affect financial performance. Additionally, network capabilities and network characteristics were found to have a significant partial effect on market performance. Market performance was found to have a partial mediating effect in the relationship between network capabilities and financial performance, and a partial mediating effect in the relationship between network characteristics and financial performance. Unlike previous studies, this study simultaneously analyzed the impact of two factors, network capabilities and network characteristics, on corporate performance and presented a new research perspective by analyzing the mediating effect of market performance, which is recognized as a leading factor in financial performance.

• Management Science and Financial Engineering
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• v.19 no.1
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• pp.43-47
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• 2013

We investigate the effect of bank's market power on financing constraints of non-financial firms in 11 Asian countries between 1995 and 2009. Using firm-level data we analyze financial constraints with the Euler equation derived from the dynamic investment model. We find that with a highly concentrated banking sector firms which have high market power are less financially constrained. These results are consistent with an information-based hypothesis that more market power increases bank's advantage to produce information on potential borrowers.

• Journal of Distribution Science
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• v.14 no.4
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• pp.13-20
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• 2016

Purpose - This paper attempts to determine the importance of financial sustainability and the impact of Selling, General and Administrative Expenses (SG&A) on the financial sustainability of the IT industry. Research design, data, and methodology - Primarily the impact of SG&A expenditure on the sales revenue, assets, gross margins and profit is ascertained. After that the impact of SG&A expenditure, sales revenue, assets, gross margins and profit on the financial sustainability i.e., return on assets is worked out. Finally the impacts of financial sustainability i.e., return on assets on total enterprise value and market valuation multiples are found out. Results - The empirical result shows that SG&A expenditure most strongly impacted sales revenue, assets, gross margins and profit positively. Financial sustainability impacted in mixed manner with SG&A expenditure, sales revenue, assets, gross margins and profit. Assets and gross margins have weak positive impact on financial sustainability. Sales revenue has no impact on financial sustainability. Finally financial sustainability had moderate positive impact on total enterprise value and had no impact on market valuation multiples. Conclusions - SG&A expense has moderate positive impact on the financial sustainability and magnitude is very low.

• Proceedings of the KIEE Conference
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• 2005.11b
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• pp.159-161
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• 2005

Transmission congestion is one of the key factors to local market power in competitive electricity markets. Financial transmission rights provide the financial protection to their holders by paying back the congestion cost. However, the market participants who have market power can exacerbate their market power. Due to the exacerbated market power, this paper analyzes the mitigation of local market power using Contingent transmission rights on the market price. Contingent transmission rights provide not only the financial protection but also regulative penalty. The proposed methodology was demonstrated with the Optimal Power Flow(OPF).

• Korea Trade Review
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• v.45 no.5
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• pp.303-324
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• 2020

The objective of this study is to verify the effect of the market orientation, CEO capacity, and environmental characteristics of overseas markets on the performance of overseas expansion among the success factors of domestic overseas expansion companies. For this purpose, employees of domestic overseas companies based in the Seoul metropolitan area were surveyed, and the hypothesis test was conducted. As a result of the verification, among the contributors to overseas advancement of domestic overseas companies, the factors of CEO capacity, overseas business_education ability, market environment and market size have a significant positive effect on the financial performance of overseas expansion. However, market-oriented factors were found to have no significant effect on the financial performance of overseas expansion. Among the contributors to overseas advancement of domestic overseas companies, the market-oriented factor, the customer-oriented factor, has a significant positive effect on the non-financial performance of overseas expansion. However, factors in CEO competency and environmental characteristics in overseas markets do not have a significant positive effect on the non-financial performance of overseas expansion.

• 한국경영정보학회:학술대회논문집
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• 2008.06a
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• pp.171-176
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• 2008

As business environment becomes dynamic, complicated, and networked, viability is important not only for the firm itself but also for its partners. It is needed a broader view to understand and to improve competitiveness of an organization, which is defined as the business ecosystem view. In this research Korean financial market is to be defined as a business ecosystem. The Korean financial market consists of Bank of Korea as the keystone, a number of major financial institutions as flagship entities, and other members in the ecosystem. Since dynamic interactions among members of the ecosystem are done through IT, the financial ecosystem's competitiveness is based on IT competence. In this paper, it is suggested a new view of business ecosystem on the Korean financial market structure and the role of IT to enhance the healthiness of financial ecosystem.

• The Korean Journal of Financial Management
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• v.26 no.1
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• pp.127-163
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• 2009

This paper examines the results of survey that the foreign ownership is cointegrated with capital market conditions in Korea using Vector Error Correction Model (VECM) and how the mechanism of innovations and dynamics among the foreign ownership and capital market proxies in the VECM was described. Specifically, we find that the foreign ownership and capital market proxies follow I (1) process and there are cointegrated relations between the foreign ownership and capital market proxies. Adopting the impulse response function and variance decomposition in the VECM, we suggest, in turn, the default risk premia, liquidity of market and the rate of interest in long term business cycle take on a special function on the KSE and KOSDAQ. Finally, we also offer evidences of which there are differences of the mechanism of dynamics and innovations between on the KSE and on the KOSDAQ.

• Journal of Digital Convergence
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• v.13 no.8
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• pp.153-160
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• 2015

The domestic stock market has been subjected to a major change since the September 1997 financial crisis. Foreign capital came repeat themselves in the stock market and bond market, foreign exchange market opening up domestic financial markets after the financial crisis. The domestic stock market has been most affected by domestic capital before the financial crisis. But it has been receiving an absolute influenced by foreign capital after the financial crisis. The purpose of this study is to analyze the trends in the two sections that look at any changes in the volatility of the KOSPI appears after the crisis. To this, obtained a daily weekly monthly normal distribution and kurtosis, skewness degree it should be analyze the tilt phenomenon and variability of the two intervals. This study also predict the future movement of the domestic stock market Based on this, look at the difference between the two sections. Analysis result, after the financial crisis change width has a reduction but direction of the KOSPI has appeared relatively distinct in the medium to long term. Based on this future market seems desirable the mid- to long-term investment looking for direction.