• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.12
• /
• pp.475-480
• /
• 2020

Investing in the tax-benefit funds is the best way for the inexperienced investors who do not have knowledge, expertise, and the time to research the information by themselves. This study describes the benefits of tax-benefit funds in Thailand. The tax-benefit funds consist of retirement mutual funds (RMFs) and super saving funds (SSFs). There are many kinds of funds investment policies on offer. The tax-benefit funds provide the opportunity to investors, which they are able to invest a small amount and draw more benefits. They hire fund managers to manage their money. These funds are able to help investors to meet their goals. The RMFs are suitable for investors who want to have money for retirement, investing every year, and getting tax exemption. The investors who invest in RMFs are able to deduct the tax income by including other retirement funds not exceeding THB500,000.00 per year. The SSFs match for the investors who need to obtain the tax exemption and long-term investment for at least ten years. The SSFs provide the benefit to investors that they are able to deduct taxable income not more than THB200,000.00 per year. Finally, these funds are tax-except and promoted for retirement savings.

• The Journal of Asian Finance, Economics and Business
• /
• v.6 no.3
• /
• pp.115-122
• /
• 2019

Under the Act No. 21 of 2008, Islamic banks in Indonesia as an intermediary institution are obligated to manage the resources simultaneously, the financial funds as well as the social funds, e.g. zakah, infaq, and sadaqah. This study aims to investigate the productivity change of social funds and financial funds of Islamic Banks in Indonesia. Non-parametric tests of Malmquist Productivity Index (MPI) is applied to annual data from period 2012 to 2017, encompassing post-reform of banking authority from Bank Indonesia to The Financial Services Authority (OJK) at 2012. The samples are nine Islamic banks in Indonesia which were able to provide the data during observation period. The results indicate that social funds are more productive than financial funds and productivity change tends to trade off. The productivity of social funds is progressed by 8.2% while the financial funds is regressed by 5.4%. Overall, the productivity change of Islamic banks is influenced by technological aspect rather than the efficiency aspect. Besides, BRI Syariah is the best performer in managing financial funds while BCA Syariah as the best performer in social funds. It implies that the policymakers may strengthen the supervisory and coaching to increase the Islamic banks' productivity in both activities.

• The Korean Journal of Financial Management
• /
• v.26 no.1
• /
• pp.31-64
• /
• 2009

This paper evaluates the role of fund distributors and the appropriateness of sales fees in funds by the empirical analysis of Korean equity funds. The empirical results are summarized as follows. First, this paper shows that the funds with higher sales fees do not have better performance. Rather, the higher sales fees cause the returns of funds to decrease in Korean equity funds. Second, it is not confirmed that both banks and securities firms, as fund distributors, contribute to the better performance of funds. Especially, the banks gave more negative influence on the performance of funds by imposing higher sales fees in funds than the securities firms. The empirical results suggest that the sales fees of funds are unduly imposed in comparison to the function of fund distributors and therefore, the structure of fund fees should be improved for the benefit of fund investors.

• East Asian Economic Review
• /
• v.27 no.4
• /
• pp.347-376
• /
• 2023

This study empirically examines the impacts of policy funds from three different aspects using data on Daegu city's local government loans. First, we estimate the influence of policy funds on mitigating financial constraints affecting the investment decisions of Small- and Medium-sized Enterprises (SMEs), yielding inconclusive results indicating no significant discernible effects of policy funds. Second, we scrutinize the ramifications of policy funds on enterprise's management stability, revealing that these funds contribute to stabilizing the operations of small-scale enterprises. Third, we explore whether policy funds engender an unintended consequence of bolstering distressed enterprises, presenting empirical evidence that suggests a delayed exit of such enterprises.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.14 no.6
• /
• pp.1-9
• /
• 2019

Since 2005, Korea Venture Investment Corp. (KVIC) has been managing Korean Fund of Funds (KFoF) which helped greatly the domestic venture capitals create their private funds. Its contribution, however, is not limited fetching the pump. When KFoF decides to invest in VC funds, it demands very strict rules the VC funds need to follow before and after their investments in private equities. Whether this tight control of investments does hinder GPs' creativity or rather enhance GPs' transparency and professionalism is an open question subject to empirical tests. If KFoF is only fetching the pump, and neither fund size or time horizon improves VC funds' return rates, then KFoF's involvement in VC funds should not be positively related to VC funds' return rates. If, on the other hand, KFoF harms GPs' creativity, KFoF's involvement should be negatively related to VC funds' performances. Still, if KFoF promotes GPs' transparency and professionalism, its presence in VC funds should positively affect the returns earned by VC funds. Even when KFoF only got to get quality VC funds because those GPs good enough to stand up to the tight conditions set forth by KFoF, the empirical implication will yield the same results. In this article, empirical tests are carried out using the data provided by Korea Venture Capital Association. The VC funds formed and liquidated from 2000 to 2018 are selected for the tests. The results show that VC funds with the presence of KFoF exceed VC funds without KFoF in returns, which supports the hypothesis that KFoF enhances transparency and professionalism of VC funds.

• Korean Journal of Childcare and Education
• /
• v.9 no.3
• /
• pp.209-228
• /
• 2013

The purpose of this study was to analyze the recognition of the substitute teacher system between public funds support and local province funds support and to search for a policy guideline. The participants were 49 substitute teachers supported by public funds and 53 substitute teachers supported by local province funds. Results were as follows: Firstly, substitute teachers supported by public funds participated through an internet site but substitute teachers supported by local province funds participated through printed materials from the Childcare Information Center and ambient solicitors. The participating motive for substitute teachers were to work together in different roles. Secondly, Substitute teachers thought the most important characteristics of substitute teachers was the flexibility to cope with various situations in childcare centers. Finally, substitute teachers by public funds support were satisfied with no overtime work but substitute teachers by local province funds were satisfied with experiences in various childcare centers.

• Journal of the Economic Geographical Society of Korea
• /
• v.10 no.1
• /
• pp.81-91
• /
• 2007

The European Union(EU) has implemented the Structural Funds since 1994, in order to achieve its harmonious development though the strengthening of economic and social cohesion in the EU territory, and particularly to tackle regional disparities and to support backward regions in the territory. In the July of 2006, the Council of EU has flatly laid down the provisions of the Structural Funds which is applied to the period of 2007-2013, having regard to the proposal from the European Commission and the assent of the European Parliament. Given this context, this work deals with the features of the Structural Funds(2007-2013), focusing on the funds' objectives, the regions and countries under the application of such objectives, allocation of the funds among the EU Member States, and the funds' financial resources.

• International Journal of Human Ecology
• /
• v.4 no.2
• /
• pp.55-75
• /
• 2003

The purpose of this study was to investigate the effect of employment related factors on household savings for precautionary purposes when controlling for financial security and to compare the results between the two different economic periods. A conceptual framework was developed based on the precautionary saving theory, the family stress theory, and previous empirical studies. As a self-insurance, a measure of security funds were developed and used as the dependent variable. Using data on working households in the 1992 and the 1998 Survey of Consumer Finances (SCF), a MLE estimation was conducted on the pooled data. The 1992 and 1998 data were used to reflect periods of economic recession and expansion, respectively. The results suggested that factors representing resources played the most significant role in determining the amount of security funds. Some of the employment related factors, preferences, financial security, and race were also significantly affected the amount of security funds. The results suggested that stable employment conditions were important for households to accumulate security funds. Households with more human resources and financial resources had a larger amount of security funds than those that had less human and financial resources. From the findings, implications for research, policies, and financial educators had been suggested.

• KDI Journal of Economic Policy
• /
• v.33 no.1
• /
• pp.45-72
• /
• 2011

This study uses Korea's equity fund-related data ranging from Jan. 2002 to Apr. 2010 to analyze the existence of cross-subsidization among funds managed by the same management company. The findings are as follows: i) a transfer of performance outcome is confirmed to move from low-fee funds to high-fee funds, meaning that management companies tend to maximize their own interest than investors' return. And such a tendency has been strengthened since 2008. ii) young funds overperform old funds, iii) funds with high returns in the previous quarter perform better than funds with low return in the same period. These results suggest that in order to protect investors, it is necessary to conduct close monitoring on transactions that might undermine the benefits of investors and comprehensive evaluation on the capability of management companies.

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