• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.7
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• pp.149-161
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• 2017

This paper analyzed the impact of alliances on the market value of the 106 bio-pharmaceutical companies listed on the KOSPI or KOSDAQ in Korea by using the 'Event study methodology'. Although general alliances did not impact the corporate value significantly, in the analysis corresponding to the alliance type, R&D alliances created positive value, as technology acts as an important factor for the alliance. Among the R&D alliances, 'Technology Transfer alliances', in particular 'Development Technology Transfer alliances', had a positive influence on the corporate value. We interpret these differentiated results as market tends to screen for types of alliances. Meanwhile, we confirmed that the possibility of a stock price increase before the alliance announcement is high by analyzing the impact of the timing of corporate alliance announcements on the company value. It can be inferred that the possibility of information leakage is high. This paper analyzes the impact of alliances for managers and practitioners seeking to create value for domestic bio-pharmaceutical companies, and suggests the need to prevent information leakages by establishing a suitable policy.

• International Commerce and Information Review
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• v.15 no.3
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• pp.225-243
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• 2013

This paper analyses the effects of innovation and openness on productivity in Korean firms using company innovation index which issued by STEPI in 2012. The data contains 296 companies which are registered in Korean stock market. I observed that the effect of past R&D investments on innovation is significant than current R&D investment. The regression results show that company innovation index has significantly positive effects on the firm's revenue. The firm size and the openness also have an important effect on the firm's revenue.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.739-748
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• 2020

The study aims to estimate the effect of current ratio (CR), current liability to inventory (CLI), total asset turnover (TAT), net profit margin (NPM), sales growth (SG), and company size (FS) on profit growth (PG). The research population was 18 companies in the Food and Beverage (F&B) sector listed on the Indonesia Stock Exchange (IDX) from 2014-2018. The data estimation method uses the common effect panel data regression model. The empirical findings show that the CR and CLI ratios have a negative effect on PG, while the TAT, NPM, and SG ratios have a positive effect. Company size is a factor that does not affect the growth of company profits. The results of the study imply that an increase in company profits can be achieved if the company operates efficiently and with low liquidity to encourage higher sales growth. The limitations of the research are as follows: first, this research considers only one type of industry, hence the results of this study would not be the same if applied to another type of industry. Second, the author observes profit growth by using the company's financial ratios and size and ignores other factors that may affect profit growth, for example, the number of employees, total net sales, and market capitalization.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.863-867
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• 2020

This study was conducted on financial data of 38 economic groups listed on Vietnam's stock market for the period 2009 - 2019 and it aims to provide an empirical evidence on the impact of working capital management policy on performance in all phases of the economic cycle of Vietnamese economic groups. The study uses FGLS estimation method with 2 dependent variables ROA, GOP, independent variables including INV, AR, AP, CCC, dummy variable representing different phases of the economic cycle, variables Control includes CAT, CR, LEV, SZ, GR. Research shows that the greater the level of investment by companies in liquid assets corresponding to a certain level of activity (shown by average days of inventory (INV), average days of collection. (AR), cash flow cycle (CCC)) the lower the rate of return on assets. The study also provides additional evidence of the negative effects of economic crisis on the performance of economic groups. The study also shows that the number of short-term asset cycles has a positive impact on operational efficiency, and the level of debt use has a negative impact on operational efficiency. This result implies that the managers of economic groups can increase the efficiency of businesses through a reasonable working capital policy.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.3
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• pp.305-313
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• 2019

The study examines whether higher CEO compensation is related to unobserved future firm performance in an emerging market, Pakistan. Further, it extends its scope to analyzing the impact of group affiliation and ownership concentration on the relationship between CEO compensation and future firm performance. The study uses an unbalanced panel data consisting of 1508 firm-year observations from 225 non-financial listed companies in Pakistan Stock Exchange (PSX) for period 2005 to 2012. The multiple regression models adjusted to heteroskedasticity and autocorrelation in error terms are used. The study finds that, in general, CEO compensation is positively associated with future operating performance. However, higher CEO compensation leads to lower operating performance in firms that have lower ownership concentration and are affiliated with business groups. When firms are not affiliated with any group and have high ownership concentration, the relationship between excessive CEO compensation and future operating performance becomes insignificant. Given that efficient compensation packages may lead to long term value creation to shareholders and reduce agency problems, this study highlights an important moderating role of ownership concentration and group affiliation of the firms in emerging markets.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.3
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• pp.141-149
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• 2019

The paper proposes a knowledge innovation performance model by the dynamic data envelopment analysis with slacks-based measure approach for evaluating the effectiveness of 30 regional knowledge innovation activities in China from 2010 to 2016. In recent years, China has paid more attention to knowledge innovation activities, as central and local governments have pushed on with their innovation projects by lots of investment whatever the difficulties may be. Decision-maker is usually interested in judge its knowledge innovation performance relative to target benchmark by exploring whether one provincial administration region performs better among others and/or if the growth of economy will be benefited greatly by the knowledge innovation activities. To acquire the managerial insight about this issue from a comprehensively designed performance evaluation model, knowledge innovation activity is conceptualized as an intertemporal production process. Invention patent and regional gross product are imposed on desirable outputs, highlighting the need for knowledge economy. The empirical result shows that knowledge innovation has a positive effect on economic development. At the same time, decision-maker should be interest in the economic effect of patents' type and quality. The government should then encourage new technical applications with greater commercial value from a market-oriented perspective, in order to benefit the most from the innovation process in the short-run.

• Asia pacific journal of information systems
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• v.7 no.1
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• pp.67-83
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• 1997

The utility of learning techniques in investment analysis has been demonstrated in many areas, ranging from forecasting individual stocks to entire market indexes. To date, however, the application of artificial intelligence to financial forecasting has focused largely on short predictive horizons. Usually the forecast window is a single period ahead; if the input data involve daily observations, the forecast is for one day ahead; if monthly observations, then a month ahead; and so on. Thus far little work has been conducted on the efficacy of long-term prediction involving multiperiod forecasting. This paper examines the impact of alternative procedures for extended prediction using knowledge discovery techniques. One dimension in the study involves temporal granularity: a single jump from the present period to the end of the forecast window versus a web of short-term forecasts involving a sequence of single-period predictions. Another parameter relates to the numerosity of input variables: a technical approach involving only lagged observations of the target variable versus a fundamental approach involving multiple variables. The dual possibilities along each of the granularity and numerosity dimensions entail a total of 4 models. These models are first evaluated using neural networks, then compared against a multi-input jump model using case based reasoning. The computational models are examined in the context of forecasting the S&P 500 index.

• Journal of Korean Society for Quality Management
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• v.42 no.3
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• pp.497-508
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• 2014

Purpose: The purpose of this study is to show whether there is a relationship between companies that promote CSR and hire indirectly as opposed to companies that only hire directly. Research results show that it is actually beneficial for the economy when companies implement the CSR, especially during times of economic recession. Methods: We have used data by collecting from the top 100 companies in Korea, which are the number of permanent employees, stock market registrations, companies that implemented the CSR, hiring directly and indirectly, etc., and analyzed them to carry out the regression analysis. Results: Research has shown that when companies implement the CSR and has many permanent employees, they also tend to hire employees indirectly. Conclusion: In the views of the whole economy, utilizing indirect hiring of employees can be a useful alternative, which can be accomplished by implementing CSR, and it must be recognized as the reason for producing more job opportunities within economies.

• The Transactions of the Korean Institute of Electrical Engineers P
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• v.65 no.4
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• pp.298-302
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• 2016

Currently, logistics are in small quantities and in diverse forms, and the amounts are continuously increasing. Railway logistics however are losing their market share every year mainly due to low operation speed and loading time, which means the trucks are covering the most of the freights. In order to solve these situations, this paper proposed the high speed freight train as working multi-modality with other modes to make effective transshipment. The high speed freight train has maximum operation speed of 300km/h and electric power to run centralized power supply. There are large dual door system, bogie system covering fluctuating load of 15[ton], automatic loading device, ULD(unit load device) bed and ULD locking system in this freight rolling stock. We calculated the performance of powering and braking capacity for this train and proposed how many vehicles are composed of train set. The results in this paper can help to make a decision to define the technical specification of High-speed freight train for the efficiency of rail freight service.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.3
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• pp.41-51
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• 2020

A series of corporate failures and financial crises have raised attention to organizational governance issues, especially for financial institutions. In the banking system, corporate governance further plays a unique role because of the uniqueness of the banking organizations. Therefore, this study aims to examine the effect of corporate governance disclosure on bank performance by building a corporate governance disclosure index (CGDI) for 10 Islamic banks operating in Iran, Saudi Arabia and Malaysia. The data used in this study are secondary data taken from annual reports and sourced from the official websites of each banks include Iran Exchange, Stock Market Quotes and Financial News, and Bursa Malaysia. This study uses content analysis of the annual bank report within five years (2014-2018). The results show that Islamic banks comply with 72.4% of the attributes discussed in the CGDI. The most frequently reported and disclosed elements are board structure and audit committee. The regression results provide evidence that Islamic banks with a higher level of corporate governance disclosure reported high operating performance measured by ROA. In contrast to the expectation, the financial performance of ROE and Tobins'q are not significantly related to the disclosure of sharia bank governance.