• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.147-156
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• 2020

This study aims to analyze the effect of public spending, macroeconomic variables, and BPK opinion on economic growth. This study is motivated by the inequality of fiscal policy effectiveness between regions in Indonesia in influencing the economic growth of different regions, the ability of local governments to attract foreign investors, and the transparency of regional financial management in designing development programs to encourage regional economic growth. The analytical tool in this study is a dynamic panel regression model with data from 2008 to 2017. The results of this study show that, in the short term, the population affects regional economic growth, while in the long term, the economic growth is affected by the number of people, the poor, General Allocation Fund, health budget, foreign investment and BPK opinion. The findings of this study are that in the long term the General Allocation Fund becomes an obstacle to economic growth, this is because the general allocation funds is widely used to cover the lack of funds for routine regional activities, thereby reducing activities for development programs. Another research finding is that fiscal policies carried out by local governments make a small and ineffective contribution to promoting economic growth.

• Journal of Korea Technology Innovation Society
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• v.7 no.1
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• pp.64-88
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• 2004

This paper aims at investigating which factors play important roles in selecting government's new core IT industries and how competitive they are. We surveyed 6 competitiveness factors and 17 IT industries for the expert group. The logit and probit models were estimated and SWOT analysis was performed. The empirical results show that government put emphasis on marketability, externality and technology, not publicity, when selecting IT new core industry. The skilled human resources turn out to be a threat factor in the government selected IT new core industries such as home-network, third generation semi-conductor. Therefore, training or education system for skilled labors is required to develop and nurture such industries. The contribution to small medium venture industry and publicity are lower in the several industries such as intelligent service robots, post PC, embodied S/W, next generation battery, which are selected by government, not by standardized data based criterion. in such industries, marketabilities, technology, skilled human resources are threats factors to such industries. Therefore every effort for enhancing the marketability and R&D investment and education system for skilled labor are necessary to develop the industries.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.12
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• pp.63-73
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• 2021

This study investigates the key determinants of exchange rate (RER) misalignment for the period 1991 to 2020. The BEER technique has been used to estimate the degree of the equilibrium exchange rate. To explore the actual exchange rate misalignment and to assess the behavior of variables that are different in different regimes of undervaluation and overvaluation, the nonlinear technique of Markov regime-switching (MSM) was applied. The mean and variance of each regime are highly significant and show that undervaluation episodes have a low mean (116.139) and more volatility (1.229) while overvaluation episodes have a high mean (126.732) with less volatility (0.871). The findings show that MSM accurately identifies exchange rate misalignment in both regimes as separate incidents of overvaluation and undervaluation. Results further depict that misalignment of the RER is affected by terms of trade, net foreign assets, interest differential, government investment, and consumption decision. Results recommend that if policymakers want to use the exchange rate as a policy tool, they must first consider the drivers of the equilibrium exchange rate. As a result, any deliberate actions to address exchange rate misalignment must focus on the underlying fundamentals that drive the exchange rate.

• International Journal of Computer Science & Network Security
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• v.21 no.7
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• pp.8-16
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• 2021

The tourism industry is influenced by a large number of factors that affect the development scenarios of the tourism in different ways. At the same time, tourism is an important component of the national economy of any state, forms its image, investment attractiveness, is a source of income and a stimulus for business development. The aim of the article is to conduct an empirical study to identify the importance of cognitive determinants in the development of tourism. The study used general and special methods: systems analysis, synthesis, grouping, systematization, cognitive modeling, cognitive map, pulse method, predictive extrapolation. Target factors, indicators, and control factors influencing the development of tourism in Ukraine are determined and a cognitive model is built, which graphically reflects the nature of the influence of these factors. Four main scenarios of the Ukrainian tourism industry are established on the basis of creating a matrix of adjacency of an oriented graph and forecast modeling based on a scenario approach. The practical significance of the obtained results lies in the possibility of their use to forecast the prospects of tourism development in Ukraine, the definition of state policy to support the industry that will promote international and domestic tourism.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.551-559
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• 2021

The maturity structure of corporate debt is one of the significant financing choices that a firm must make simultaneously while deciding how to finance its operational and investment decisions. Even though the capital structure is one of the scrutinized topics of interest in the corporate finance literature, scarce studies have investigated corporate debt maturity, even less so in the context of emerging markets. The choice of a suitable debt maturity structure is exceptionally relevant for firms. It can enable them to avoid mismatch by aligning assets in line with liabilities, addressing agency-related problems, sidestep the ill effects of cost of capital, and signaling the firms' earning quality and value. The study investigates the firm-specific and macroeconomic determinants significant for the debt maturity structure of Vietnamese corporate firms. A sample of 722 non-financial firms listed on the Ho Chi Minh and Hanoi Stock Exchange in Vietnam from 2007 to 2018 was taken to test the hypothesis. The study's methods fixed effects panel data analysis provides empirical evidence that firm size, firms' quality, liquidity, leverage, asset maturity, tax impact, and macro variables are significantly related to the debt maturity structure.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.1135-1142
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• 2021

This study aims to examine the factors that determine bond yields in infrastructure companies listed on the Indonesia Stock Exchange. The research sample used 31 bonds issued by the company during the 2015-2019 period. The data analysis method to estimate the determinant of bond yield uses multiple regression models. The results prove that the increase in the coupon rate causes bond yields to increase, while the inflation rate has the opposite effect of decreasing bond yield. Interest rate, exchange rate, duration, and bond rating variables cannot affect the bond yield. The results of this study imply that investors will be interested in investing in bonds with better yields if the company has to set a higher coupon rate, especially in economic conditions that experience low inflation rates. Interest rates and exchange rates as macroeconomic variables have not been considered by investors in purchasing bonds. Bond characteristic factors, namely, the duration and rating of the bonds, are considered less important factors in bond investment decisions because they are more oriented towards getting higher yields. Therefore, further research needs to be explored further related to the behavior of Indonesian bond investors who may have different characters from investors in other countries.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.7
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• pp.21-30
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• 2021

This study examines the role of the manufacturing sector in stimulating economic growth in the Saudi economy. Even though the economic literature shows how the manufacturing sector stimulates economic growth, it does not clearly show the role of the manufacturing sector in economic growth. The study employed annual time-series data spanning the 1980-2018 period from the databases of the Saudi Arabian Monetary Authority. Moreover, the cointegration and VECM approaches were employed to examine the short- and long-run relationship causality between variables. The results show a two-way causal relationship exists between the manufacturing sector and economic growth. Furthermore, the results indicate that a unidirectional causal relationship exists, running from the manufacturing sector to the services sector. The study recommends that the determinants of the growth of the Saudi manufacturing sector must be investigated. Moreover, the most productive Saudi manufacturing industries must be identified, and the productivity of other sectors must be increased in a way that contributes to economic plans and policies. Thus, adopting economic policies that stimulate investment in the manufacturing sector contributes to increasing non-oil exports to diversify sources of income to achieve vision 2030 of the Kingdom of Saudi Arabia.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.6
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• pp.267-276
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• 2022

The objective of this study was to examine the relationship between knowledge management and business performance through the role of innovation capabilities in door manufacturing companies in Ho Chi Minh City, Vietnam. The study proved the importance of knowledge management as well as the important role of innovation capacity in affecting the business performance of door manufacturing companies. The study was conducted by surveying 400 managers/CEOs who are members of the Board of Directors who directly run door manufacturing and trading businesses in Ho Chi Minh City collected from March 2021 to October 2021. The authors used confirmatory factor analysis (CFA) to determine the most common observed variables of each factor. Research findings indicated that knowledge management orientation and innovation capability impacted business performance and confirmed the mediating role of innovation capability towards previous variables. These results kindly contribute to theoretical and practical bricks of building determinants of business performance as well as knowledge management indoor manufacturers for future consideration. From the above results, the study has suggested managerial implications to further improve the investment in developing knowledge management elements and innovation capacity to achieve high business results in enterprises door production in Ho Chi Minh City, Vietnam in the future.

• Journal of Korea Trade
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• v.25 no.2
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• pp.134-151
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• 2021

Purpose - This study empirically analyzes the impact of the internal and external network embeddedness of foreign subsidiaries and local market characteristics of the host country on the CEO selection whether or not to appoint an expatriate as the CEO of a foreign subsidiary. Design/methodology - To conduct an empirical analysis, we obtained a list of the headquarters of Korean MNCs from the Korea Chamber of Commerce and Industry. Based on the list of HQs, we identified a final list of overseas subsidiaries of Korean MNCs that have entered the world from KOTRA (Trade-Investment Promotion Agency for Korea). Then we conducted an empirical analysis based on the results of 391 questionnaires by employing logistic regression analysis. Findings - The results of empirical analysis are as follows. First, the higher the subsidiary's internal network embeddedness, the higher the tendency appoint an expatriate as the CEO. Second, the higher the volatility of the local market, the higher the tendency to appoint an expatriate as the CEO. Third, the stronger the competition in the local market, the lower the tendency to appoint a PCN. Originality/value - This study has significant theoretical implications in that it examines the link between the internal and external embeddedness of overseas subsidiaries and the appointment of parent country nationals (PCNs) as the CEO that prior research has not examined.

• International conference on construction engineering and project management
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• 2011.02a
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• pp.117-123
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• 2011

The Australian construction industry is characterized as being a competitive and risky business environment due to lack of cooperation, insufficient trust, ineffective communication and adversarial relationships which are likely lead to poor project performance. Relational contracting (RC) is advocated by literature as an innovative approach to improve the procurement process in the construction industry. Various studies have collectively added to the current knowledge of known RC norms, but there seem to be little effort on investigating the determinants of RC and its impact on project outcomes. In such circumstances, there is lack of evidence and explanation on the manner on how these issues lead to different performance. Simultaneously, the New Engineering Contract (NEC) that embraced the concept of RC is seen as a modern way of contracting and also considered as one of the best approaches to the perennial problem of improving adversarial relationships within the industry. The reality of practice of RC in Australia is investigated through the lens of the NEC. A synthesis of literature views on the concept, processes and tools of RC is first conducted to develop the framework of RC. A case study approach is proposed for an in-depth analysis to explore the critical issues addressed by RC in relation to project performance. Understanding the realities of RC will assist stakeholders in the construction industry with their investment in RC.