• The Journal of Asian Finance, Economics and Business
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• v.8 no.2
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• pp.725-735
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• 2021

This study investigates whether the Islamic Exchange-Traded Funds (ETFs) provide significant benefit to investors relative to conventional ETFs. Six pairs of Islamic and conventional ETFs with 10-year daily price data from 2010 to 2019 have been selected from major market indices like MSCI World Index, MSCI Emerging Markets, MyETF Dow Jones Islamic Market Malaysia, MSCI South East Asia and Wahed FTSE Shariah USA Index for this study. For ETFs that are launched after 2010, the price data from launch date to 2019 are used. Our results show: First, Islamic ETFs are more likely to trade at a premium rather than at a discount, implying the investors are willing to pay a premium. Second, it is also found that Islamic ETFs have a relatively shorter period of price deviation from the benchmark, implying more price stability. Third, conventional ETFs have higher return and lower tracking errors relative to Islamic ETFs. These new findings add to the stylized facts of Islamic ETFs in the extant literature for investors, plan sponsors and regulators as to the differences between the ETFs. As policy suggestion, asset management companies can design new investment products to bridge the gap between conventional and Islamic finance.

• Asian Journal of Business Environment
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• v.8 no.1
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• pp.23-29
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• 2018

Purpose - The purpose of this research is to make a comparative assessment of People Credit Funds (PCFs) ranking in Vietnam between the Circular No. 42/2016/TT-NHNN dated December 20, 2016 with the Decision No. 14/2007/QD-NHNN dated 09/4/2007 issued by the Governor of the State Bank. Research design, data, and methodology - This study is mainly based on the Circular No. 42/2016/TT-NHNN dated December 20, 2016 and the Decision No. 14/2007/QD-NHNN dated 09/4/2007 issued by the Governor of the State Bank on PCFs ranking. Results - The study paper has shown positive changes in PCFs ranking in Vietnam in accordance with the Circular No. 42/2016/TT-NHNN, such as increasing Capital Adequacy Ratio (CAR), maintaining CAR, improving assets quality, developing indicators of governance, management and control capability. These changes have implications for the development and efficient performance of PCFs in Vietnam. Conclusions - The classification and evaluation of PCFs will contribute to its healthy development. These finding support PCFs to understand more about rating methodology, significance of rating system and the importance of improving their rating. PCFs in Vietnam desire to develop their business effectively, they need to understand exactly and comply fully with regulations related to their field of operations.

• The Journal of the Korea Contents Association
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• v.10 no.4
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• pp.367-374
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• 2010

The purpose of this study is suggesting proper support policy for the social enterprises by investigating the agency's needs of aiming social enterprise. The major findings of this research are as follows. Inter obstacle factors are the lack of operating and investment funds, and preceding condition for social enterprise's conversion is most important is finance support. The preparation of social enterprise's establishment and operating fund is needed in the conversion's process for social enterprise, and the important issues that central and local government have to solve are the support of labor cost and the obligation of trusts and purchases. Therefore, central and local government have to support initially funds for having facilities and staffs in social enterprises, and support forming market for the goods and services of social enterprises.

• International conference on construction engineering and project management
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• 2015.10a
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• pp.32-36
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• 2015

This study explores the issue of program management consortia involving multinational participants. The aim of this research was to leverage advantages in program management (PM) skills and PM model improvement in product line construction in mega scale construction programs, typically funded by public funds. Such ventures involve multinational parties using dedicated partnering based on a program management consortium (PMC) to reduce confrontation between parties in complex circumstances, allowing an open and non-adversarial approach to project management. This research also seeks to implement an ongoing feedback program of best practices and lessons learned to minimize the repetition of mistakes and to reduce costs in sequenced construction. Recently, the Korean government has planned to undertake three large new projects: the Korean Peninsula major river maintenance, the reclamation of Se-Mangum, and the Science/Business City. This paper starts by providing a framework for the cost-reduction strategy for the United States Forces Korea (USFK) Relocation Program, which will be funded with public funds and a private fund investment (PFI) that combines programs executed by two governments as owners and multinational stakeholders, joined in the PMC. The establishment of project-oriented consortia is an innovative and non-adversarial approach to massive international construction projects. Such projects have used various tools effectively and skillfully. This experience may offer an opportunity to practice new and advanced program management delivery methods, and it is expected that Korea will gain a competitive advantage in the international construction market.

• Korean Journal of Health Education and Promotion
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• v.25 no.4
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• pp.93-110
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• 2008

Objectives: The study aimed at reviewing the organizational values, structures, and activities of the health promotion foundation model as a recently recommended by the World Health Organization, and exploring adequate suggestions to administer the funds in Korea. Methods: The study materials were collected from web-sites and visiting, the ThaiHealth, VicHealth, Healthway, and Health Promotion Switzerland were reviewed as the representative cases of health promotion foundation model. Results: According to the review, the health promotion foundation established based on relevant legal acts had the comprehensive and professional organizational structure with boards and committees as governing and supporting bodies. The foundations had clearly defined vision, mission, and purpose, and pursuit health promotion purpose, independent and professional decision making process, strategies and priorities to initiate broad health promotion activities, balanced funds distribution to various areas and sectors, and networking and collaborating with partners. Conclusions: Health promotion foundation is a recommendable model to lead more effective and efficient health promotion activities and to collaborate with other sectors or other countries. Expanded usages of health promotion fund into the diverse health promotion settings such as communities, work places and schools and health activities including sponsorships as well as health promotion programs need to be considered.

• The Journal of the Korea Contents Association
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• v.8 no.7
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• pp.208-215
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• 2008

Sport industry creates value-added by production and distribution of product or service related with sports or sports. Because this industry shows promise in becoming a major industry area, the government is making an effort to bring up or develop it. The financing to firms of sport industry area(sporting goods industry, sport facility industry, sport service industry) with low interest rate and long-term repayment period on the basis of sports promotion fund is excellent scheme to promote sport industry. Nevertheless, Because many people indicate operational inefficiency of it, it is necessary to check operational efficiency through investigation for loan system of sports promotion fund. The purposes of this paper are to present some directions for the improvement of efficiency by the analysis to public loan system using funds of other government organization and to the current status of loan system of sports promotion fund. The result of this study are as follows. First, we propose enlargement of loan size and range. Second, it is necessary to use mortgages loan to technology in case of sporting goods industry and sport service industry. Third, we suggest the mitigation of loan disproportion and flexible application among loam amount of sport industry areas. Fourth, we suggest the construction of loan practical committee. Finally we propose the establishment of selection criteria to firms and ex-post evaluation system related with loan system of sports promotion fund.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.10 no.7
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• pp.1696-1701
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• 2009

In this paper we analyzed the management performance as the result of the korean government's support policy for the small and medium sized business (SMB). The governmental support policy was carried out for the companies classified in 3 criterion. The first is the upbringing of dynamic SMB group, which are driven by creativity and innovation. The second is the enforcement of technology-innovation and cooperation for SMB. The last is the establishment of the growth basis for SMB like funds, human resources and distribution channels. After categorization of above 3 classes, the affect of support policy on the management performance is analyzed, in terms of 3 aspects, management performance, technical performance and policy satisfaction. This study shows that the governmental support policy has the remarkable effects on the financial support sector of SMB. The 5 major sectors, 1) the upbinging of venture-innobiz innovation company, 2) rearing funds of knowledge-based service company, 3) R&D support, 4) support of management stability fund, 5) expansion of distribution channel to the public sector, are designed from 24 variables. The 3 sectors of these 5 are have the main influences from governmental support policy.

• Journal of rehabilitation welfare engineering & assistive technology
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• v.7 no.1
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• pp.73-79
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• 2013

In this study, we present how our assistive technology service worked in the public funds delivery system through the center of professional assistive technology in Gwangju. In detail, among total 253 applicants for assistive device support business for disabled, 28 clients and 28 clients failed to get the support because of self-withdrawl and insuitability, respectively. The left 225 clients finally got the chance to use the assistive device; especially, 28 clients will get the alternative device which was recommended through the assistive technology professionals. Therefore, this work is believed to be a good example of how mediation of professionals in assistive technology center leads to the efficient use of public funds.

• The Korean Journal of Applied Statistics
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• v.28 no.4
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• pp.781-805
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• 2015

The National Welfare Pension Act of 1973 and the National Pension Act of 1986 were legislated for an anticipative response to future population ageing. But the enforcement of these acts gained momentum as they became effective tools to realize the present potential demographic bonus. This article investigates the history related to the enactment of these two acts, focusing on these acts' role in raising funds managed by the government (National Investment Fund and National Housing Fund). This article shows the historical origin of full-dress debates on the sustainability of the National Pension Fund.

• KDI Journal of Economic Policy
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• v.30 no.1
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• pp.211-246
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• 2008

This paper evaluates the role of Korean government in the venture capital industry, in particular in the stages of fund-raising and venture investment. Utilizing data from Korean Venture Capital Association (KVCA), the analysis is conducted for the venture boom and post-boom periods separately. Empirical results show that the government played a significant role in the fund-raising stage in both venture boom and post-boom periods. When it comes to the investment stage, however, the empirical results indicate that the government did not accomplish expected roles. In particular, the government failed to induce investments in the outside funds of which the government had a larger stake toward early-staged firms and guide common stock investments during the venture boom period. The empirical outcomes also show that the government has not properly increased venture investments on high-tech industries during the post-boom period. This paper argues tentative reasons why the policy failures were observed in relation to the policy implications and provide several pieces of supporting evidence.