• The Journal of Asian Finance, Economics and Business
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• v.8 no.2
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• pp.973-979
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• 2021

The purpose of this paper is to examine the effect of tax planning on firm value of the non-financial firms listed in Vietnam, moderated by the state ownership. In this paper, effective tax rate is used to measure the tax planning; the state ownership is measured by the percentage of state equity holdings, and the firm value is measured by Tobin's Q. The data research is collected from audited financial statements and other statistical documents of 513 firms in the period of 2015-2019, provided by The FiinGroup (Vietnam). According to that, this paper uses quantitative research methods for the panel data. Regression analysis with GLS shows that the tax planning has a negative effect on firm value. In more detail, the association is not a variable in its direction when state ownership takes the role of a moderator. That means, in the perspective of principal-principal conflict, government should improve institutional environment to prevent firms form breaking the rules, especially accounting standards and principles. Assets allocation in tangible assets or making use of large size advantage should be taken into account. In the long run, firms should concentrate on the deployment of resources and the experience of knowledgeable practitioners to produce effective results.

• Journal of Distribution Science
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• v.20 no.9
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• pp.23-28
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• 2022

Purpose: Research on banking sustainability plays an important role in helping banks understand the level of risk in different types of companies. Therefore, this study was conducted to determine the factors affecting the sustainability of Joint Stock Commercia l Banks in Vietnam. Research design, data and methodology: The following theories, the factors affecting the bank's sustainability include: Business model diversification (income diversification), bank size, loan ratio, and net interest margin. Data was collected from Joint Stock Commercial banks in Vietnam from 2015 to 2019. With GLS model on panel data with banks listed on Vietnam stock exchange. Results: The analysis results show that net interest income has a positive impact on the sustainable business results of banks through the rate of return on total assets (ROA). The non-interest income hasn't impact on bank stability. From this result, there aren't positive signs of income diversification in banks. At the same time, with the obtained results, the study also provides a policy implication for banks. Conclusions: The study also provides some policy implications to improve the bank stability. Diversifying income in banks is necessary, but how to make it influential banks has not yet been done. Therefore, the adjustments in non-interest business activities need to be carefully considered by banks.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.5
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• pp.63-73
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• 2022

In today's financial economics literature, the impact of innovative family ownership and management on firm performance is a prominent concern. In this study, the existence of family firms in the listed sector of Pakistan's economy is investigated. The objective of this study is to examine the performance-oriented relationship of family ownership and active involvement of family member at the CEO position. The theoretical perspectives that underpin this research are agency and stewardship. This analysis used a sample of 315 publicly traded companies from 2009 to 2019. The study's primary independent variables include family influence on ownership and family CEO. Financial performance is the dependent variable that is divided into accounting and market measures. The proxy for accounting measure is return on asset and proxy for market measure is Tobin's Q. This study employs univariate and balanced panel data analysis. For robustness of the analysis random-effects GLS regression is carried out. The empirical results show that that Family Firms outperform Non-Family Firms both in terms of accounting and market measures. In the later part family CEOs firms outperform the firms that have either insider or outsider non-family CEOs. This superior performance is subjected to the positive and statistically significant association between family ownership, management, and financial performance.

• Journal of Korea Trade
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• v.27 no.1
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• pp.159-175
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• 2023

Purpose - This paper empirically investigates the relationship between born global strategy and the accounting- and market- based financial performance of Korean firms. Further, this study identifies the characteristics of born global firms (BGs) in comparison with non-BG counterparts in terms of size, R&D, and liability. Design/methodology - Using a database of listed Korean SMEs in the manufacturing sector from 2010 to 2020, this study applies panel generalized least squares (GLS) estimation and logistic regression techniques. Findings - This study finds that BG strategy is negatively related to the firm's accounting-based financial performance, while it is positively related to the market-based financial performance. This study also finds that BGs have higher sales volume and more total assets compared to their non-BG counterparts. In addition, Korean BGs spend more on R&D, and at the same time have higher liability. Originality/value - BGs, by definition, are firms that are actively penetrating foreign markets from the early stages of their establishment. Previous studies of Korean BGs have tried to identify the determinants of BGs' rapid internationalization and their superior performance. However, most of these studies have utilized either qualitative case- or survey-based analyses with relatively limited numbers of observations. From a different perspective, this study provides more objective evidence by investigating how the BG strategy affects the financial and market performance of firms, and by characterizing BGs in terms of financial data.

• Korea Trade Review
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• v.45 no.4
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• pp.65-81
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• 2020

Under New Climate Regime, countries are trying to enhance environmental regulations to meet international standards. This study is designed to examine the relationship between the relative level of environmental regulation of the importing countries and the export performance at the industrial level. Panel data from 2009 to 2018 was established for 12 top export industries and empirical analysis was conducted. For the analysis method, panel OLS, Hausman-Taylor, and panel GLS were used based on the results of the Hausman verification. The dependent variable is the export performance of each industry. As the independent variables, the relative level of environmental regulation, GDP per capita of the importing country, exchange rate, FTA agreement, and physical distance from the importing country were used. Results show that the relative level of environmental regulation has a negative effect on export performance of semiconductors, displays, special machines, general machines, electric appliances, and home appliances. On the other hand, there are no relationship between the relative level of environmental regulation of the importing country and export performance of automobile, petroleum refining, petrochemical, shipbuilding, and communication equipment industries.

• Asia-Pacific Journal of Business
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• v.15 no.2
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• pp.159-180
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• 2024

Purpose - This study aims to examine the relationship between high-performance work systems and organizational ambidexterity. Additionally, it seeks to verify the mediating effect of organizational cultural diversity on this relationship. Design/methodology/approach - The study tested four hypotheses using data from manufacturing companies with more than 100 regular workers, sourced from the Human Capital Corporate Panel (HCCP). For empirical analysis, the generalized least squares (GLS) estimation method was employed, and the hypotheses were verified using a probabilistic effects model. Findings - The study revealed that high-performance work systems improve organizational ambidexterity by enhancing organizational cultural diversity. Research implications or Originality - This study confirms the mediating effect of organizational cultural diversity between high-performance work systems and organizational ambidexterity, explaining how high-performance work systems influence organizational ambidexterity through organizational cultural diversity. Additionally, it identifies an organizational cultural variable that closely aligns with the academic concept of organizational ambidexterity. The study demonstrates that the core elements of high-performance work systems are instrumental in cultivating an organization that simultaneously pursues seemingly competitive heterogeneous values.

• Asia-Pacific Journal of Business
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• v.15 no.2
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• pp.181-205
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• 2024

Purpose - This study aims to examine the direct impact of corporate social responsibility initiatives on firm technological innovation and the moderating effect on the relationship between firm technological innovation and corporate value. Design/methodology/approach - This study collected 13,298 firm-year data by selecting A-share companies listed on the China Shenzhen Stock Exchange and Shanghai Stock Exchange from 2010-2017. This study runs the multivariate regression using random effect generalized least squares (GLS) regression model. Findings - The research results of this study are as follows. First, corporate social responsibility initiatives do not increase the firm technological innovation, but rather reduce it. Second, firm technological innovation generally improves corporate value, whether it is book value or market value. Third, corporate social responsibility initiatives reduce the positive influence of firm technological innovation on corporate value. Research implications or Originality - There may be discussions on whether Chinese patent application data is a good indicator of the innovation of Chinese companies, but previous studies prove that the number of patent applications has a significant correlation with R&D expenditures or financial performance. However, there is a clear limitation in that it is not possible to confirm the result of registration after a patent application, but it is expected that such limitations can be overcome by using patent registration information or detailed citation documents in the future.

• Korean Journal of Materials Research
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• v.22 no.6
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• pp.275-279
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• 2012

(3-mercaptopropyl)trimethoxysilane (MPTMS) was used as a silylation agent, and modified silica nanoparticles were prepared by solution polymerization. 2.0 g of silica nanoparticles, 150 ml of toluene, and 20 ml of MPTMS were put into a 300 ml flask, and these mixtures were dispersed with ultrasonic vibration for 60 min. 0.2 g of hydroquinone as an inhibitor and 1 to 2 drops of 2,6-dimethylpyridine as a catalyst were added into the mixture. The mixture was then stirred with a magnetic stirrer for 8 hrs. at room temperature. After the reaction, the mixture was centrifuged for 1 hr. at 6000rpm. After precipitation, 150 ml of ethanol was added, and ultrasonic vibration was applied for 30 min. After the ultrasonic vibration, centrifugation was carried out again for 1 hr. at 6000rpm. Organo-modification of silica nanoparticles with a ${\gamma}$-methacryloxypropyl functional group was successfully achieved by solution polymerization in the ethanol solution. The characteristics of the ${\gamma}$-mercaptopropyl modified silica nanoparticles (MPSN) were examined using X-ray photoelectron spectroscopy (XPS, THERMO VG SCIENTIFIC, MultiLab 2000), a laser scattering system (LSS, TOPCON Co., GLS-1000), Fourier transform infrared spectroscopy (FTIR, JASCO INTERNATIONL CO., FT/IR-4200), scanning electron microscopy (SEM, HITACHI, S-2400), an elemental analysis (EA, Elementar, Vario macro/micro) and a thermogravimetric analysis (TGA, Perkin Elmer, TGA 7, Pyris 1). From the analysis results, the content of the methacryloxypropyl group was 0.98 mmol/g and the conversion rate of acrylamide monomer was 93%. SEM analysis results showed that the organo-modification of ultra-fine particles effectively prevented their agglomeration and improved their dispensability.

• The Korean Journal of Applied Statistics
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• v.31 no.4
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• pp.447-461
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• 2018

Domestic film industry sales are increasing every year. Theaters are the primary sales channels for movies and the number of audiences using the theater affects additional selling rights. Therefore, the number of audiences using the theater is an important factor directly linked to movie industry sales. In this paper we consider a hybrid model that combines a multiple linear regression model and the Bass model to predict the audience numbers for a specific day. By combining the two models, the predictive value of the regression analysis was corrected to that of the Bass model. In the analysis, three films with different release dates were used. All subset regression method is used to generate all possible combinations and 5-fold cross validation to estimate the model 5 times. In this case, the predicted value is obtained from the model with the smallest root mean square error and then combined with the predicted value of the Bass model to obtain the final predicted value. With the existence of past data, it was confirmed that the weight of the Bass model increases and the compensation is added to the predicted value.

• Journal of Embryo Transfer
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• v.13 no.2
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• pp.179-190
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• 1998

Prolactin (PRL) surge in cycling rats at proestrous afternoon has previously been reported as an inducer of apoptotic cell death of luteal cells. This death-inducing action of PRL seeins unusual, because PRL can he categorized as a cell-survival factor, if other known physiological functions of PRL are taken into account. In this study, the apoptotic action of PRL was assessed in cultured cells prepared from rat luteal tissue and underlying molecular /cellular mechanism of PRL-induced luteolysis was analyzed. The latest crop of corpora lutea (CLs) were enucleated from rat ovaries at 18:00 h on the proestrous day before the next ovulation. Donor rats were pretreated with CB154, a dopamine agonist, in order to he exempted from the endogenous PRL surge. The harvested GLs were dispersed and cultured with or without PRL (2$\mu$g /ml) for 24 or 48 h. An addition of PRL to the culture medium changed the parameters indicative of cell death via apoptosis: a decrease in cell viability (MTT) and an increase in chromatin condensation. Most of the DNA breakdown in nuclei induced by PRL occurred in steroidogenic cells which were identified by 3$\beta$-HSD activity staining, and the number of 3$\beta$-HSD-positivecells were significantly decreased. Interestingly, most of the cells with an apoptotic nucleus adhered to one or more intact and seemingly non-steroidogenic cells. Because the expression of Fas has heen shown to be abundant in murine ovary, and Fas is known to have an exact physiological role in occurrence of apoptotic cell death, the membrane form-Fas ligand (rnFasL) was quantified in the cell lysate. An addition of PRL increased expression of mFasL. Moreover, an addition of concanavalin A (ConA), a T-cell specific activator, in place of PRL, enhanced the apoptotic parameters. Cumulatively, the apoptotic PRL action was addressed to cells unknown than steroidogenic lute~ cells. The most prohable candidate for the direct target cells is Tcells in the luteal tissue that can express mFasL in response to PRL.