• Asian Journal of Business Environment
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• 제2권2호
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• pp.35-39
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• 2012

Purpose - Today's world is rapidly changing due to swift changes in organization's infrastructures and supply chain is becoming an important factor which affects the organization's global competitiveness. Research design / data / methodology - Researchers indicated that environment uncertainty is considered an external driving force to establish a unique supply chain. Market competition, reducing the gap of performance and quality between the products are compelling the practitioners and researcher to change the paradigm of managing the business processes effectively and efficiently. Results - In old times, supply chain of any organization was measured on the basis of inventory turns, defect rats, lead times, stock buffering and service level. But, Lee H.L. in 2004, published an article in Harvard Business Review who proposed three A (Adaptable, Agile and Aligned) termed as "Triple-A" of successful supply chain. Conclusions - He claimed that organizations can compete through the creation of Triple-A supply chain. Hence, the basic aim of this review paper is to develop basic insights regarding what is Triple-A of supply chain, its importance and functioning in today's competitive world.

• 응용통계연구
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• 제21권5호
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• pp.727-738
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• 2008

변수들 사이 공적분관계의 존재는 불안정한 시계열의 선형결합이 안정적임을 뜻하지만 이 결합이 표본기간 내 발생한 사건에 영향을 받는다면 공적분검정의 기본 가정에 위배되어 검정력은 약해지고 결과는 현실과 차이가 난다. 이러한 관점에 입각하여 본 연구에서는 전체 표본의 일부를 단계적으로 증가시켜 가며 국내 주식시장 장기균형체계를 추정하여 시간가변성 및 안정성을 검정하였으며, 구조적 변화의 발생이 확인된 구간에 대해서는 가변수를 추가하는 방식으로 전 구간에 걸쳐 공적분 벡터를 안정화시키는 방안을 모색하여 보았다.

• 한국정보시스템학회지:정보시스템연구
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• 제29권3호
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• pp.197-214
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• 2020

Purpose This study examines the influence of product development competence and IT competence on new product development (NPD) performance in the context of Korean companies. To achieve this goal, this study presents and empirically tests a model of how NPD competence and IT competence can be exploited to positively influence NPD performance through convergence capabilities. Design/methodology/approach The NPD competence are based on the research construct developed by Zhang et al. (2013). IT competence is based on the research construct developed by Lu and Ramamurthy(2011) and the NPD performance are based on the performance construct developed by Sivadas and Dwyer (2000). To complete the investigation, we conducted a survey from Korean 1000 big companies, which enrolled in Korean stock market. Randomly contacted 171 Korean companies, including firms of all sizes and types. To test our hypotheses, structured equation model (SEM) with partial least squares (PLS) method was employed. Findings The findings indicate that NPD competence and IT competence are antecedent to convergence capabilities, while IT competence is higher influence than NPD competence. Also, convergence capabilities has very significant relationship with NPD performance. This study provides a better understanding of the relationship between NPD competence, IT competence, convergence capabilities, and NPD performance. So companies should focus on improving NPD and IT competence on NPD performance through convergence capabilities.

• Asia pacific journal of information systems
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• 제5권2호
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• pp.199-226
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• 1995

This study is an empirical research in order to clarify whether or not the correlation between the satisfaction of users that is the performance measurement factor and the following three:(1) the attitude of users as an individual characteristic, (2) the supports of organization as an organizational characteristic, (3) the routine degree of jobs as an job characteristic, is the same as the previous study results. In addition, another empirical research was done to make clear how organizational supports and routine degree change the attitude and satisfaction of users. This study put a particular emphasis on the moderating effect because the study of this issue has not been done in any previous research. 38 corporations, whose computerization has already been made to some extent and who are listed on the stock exchange market as a leader group, was selected for research, given some hypotheses on the basis of theoretical studies. As results of this empirical study, first, the supports of organization and the routine degree of jobs changed the attitude of users, which was the same as the previous studies. Moreover, the supports of organization, the routine degree of jobs and the attitude of users had an influence on the satisfaction of users. Second, in respect of the correlation between the attitude of users and the satisfaction of users, the routine degree of jobs showed a moderating effect, but the organization supports did not show any moderating effect.

• 산경연구논집
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• 제11권5호
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• pp.7-16
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• 2020

Purpose: Prior studies empirically examine how financial flexibility is related to required returns by using realized returns and considering cash holdings as net debts, but they fail to find consistent results. Conjecturing that inappropriate proxy of required returns and aggregation of cash and debts caused the inconsistent results, this study revisits this topic by using a refined proxy of required returns and separating cash holdings from debts. Research design, data and methodology: This study uses a multivariate regression model to investigate the relationship between required returns on cash holdings and financial leverage. The required returns are estimated using the return decomposition method by vector autoregression model. Empirical tests use US stock market data from1968 to 2011. Results: Empirical results reveal that both cash holdings and leverage are positively related to required returns. The positive relation is stronger in economic downturns than in economic upturns. Conclusions: Three major findings are drawn. First, risky firms prefer large cash balance. Second, information shocks in the realized returns caused failure of prior studies to find consistent positive relationship between leverage and realized returns. Third, cash and leverage are related to required returns in the same direction; therefore, cash cannot be considered as negative debts.

• The Journal of Asian Finance, Economics and Business
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• 제7권4호
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• pp.71-80
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• 2020

The paper examines the influence of corporate governance (CG) and earning quality (EQ) on corporate value (FV) of Vietnamese enterprises. The study uses GLS regression and linear structure model using data collected from companies listing on the stock market in Vietnam during 2008-2018, with a total of 2,937 observations. The research results indicate that EQ and CG represented by the Integrated Board of Directors and the Integrated Supervisory Board have a positive effect on FV directly and indirectly. The results show that the Integrated Board of Directors has a positive effect on EQ, whereas the Integrated Supervisory Board has a negative effect on EQ. Based on the research results, we suggest that companies need to strictly comply and implement GC, so to bring down the agency cost and consequently to increase performance. The companies also should establish the Board of Director of a proper size, with financial and accounting specialty, and including women board members. The government also needs to improve the management mechanism asking for firms to prepare and publish financial statements with reliable company information, which could be provided to users. These recommendations are a useful basis to help businesses improve FV via changes in the corporate governance factors in each enterprise.

• The Journal of Asian Finance, Economics and Business
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• 제7권5호
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• pp.81-90
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• 2020

This study investigates the nexus between the level of Corporate Social Responsibility Disclosures (CSRD) and Risk of Bankruptcy of companies that are listing in the Stock Exchanges of Vietnam. To investigate that relationship, this study collected secondary data from annual audited financial statements from 2014 to 2018 of listing companies. Applying two different regression models with two dependent variables and six independent and control variables, we find out that Vietnamese firms with higher level of CSRD performance can rapidly reduce their risk of bankruptcy. This phenomenon happens in the current year and in the coming years in all firms in the research sample. This result may be that the disclosures of social responsibility information can bring financial and non-financial benefits to the firms. In addition, the results also point out that there is a difference in risk of bankruptcy between the group of companies, which discloses and the one which does not disclose corporate social responsibility on their annual reports. This might be from the effects of various factors such as business size, financial leverage, market to book ratio, return on assets, cash flow from operations, etc. Our research results can be applied to other firms in Vietnam and in other similar jurisdictions.

• The Journal of Asian Finance, Economics and Business
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• 제7권7호
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• pp.15-25
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• 2020

This empirical research aims to identify the relationship between fiscal and financial macroeconomic fundamentals and the volatility of government bonds' borrowing cost in an emerging country - Vietnam. The study covers the period from July 2006 to December 2019 and it is based on a sample of 1-year, 3-year, and 5-year government bonds, which represent short-term, medium-term and long-term sovereign bonds in Vietnam, respectively. The Generalized AutoRegressive Conditional Heteroskedasticity (GARCH) model and its derivatives such as EGARCH and TGARCH are applied on monthly dataset to examine and suggest a significant effect of fiscal and financial determinants of bond yield volatility. The findings of this study indicate that the variation of Vietnam government bond yields is in compliance with the theories of term structure of interest rate. The results also show that a proportion of the variation in the yields on Vietnam government bonds is attributed to the interest rate itself in the previous period, base rate, foreign interest rate, return of the stock market, fiscal deficit, public debt, and current account balance. Our results could be helpful in the macroeconomic policy formulation for policy-makers and in the investment practice for investors regarding the prediction of bond yield volatility.

• 산경연구논집
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• 제8권1호
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• pp.5-13
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• 2017

Purpose - In this article, a dynamic model like a VAR is an appropriate choice for estimating the possible interrelationship between ownership structure and firm performance as a dynamic process. Research design, data, and methodology - Data of this work are collected from Chinese stock exchange including 350 Chinese-listed firms during the period of 1999-2012. We hypothesize that this interrelationship dynamically exists between ownership structure and firm performance. To examine the correlation, a panel Vector Auto-regression (PVAR) approach generated by GMM method is utilized to test the possible dynamic relation embedded in corporate governance. Another two dynamic analysis solutions such as orthogonalized impulse-response function and variance decomposition are also used simultaneously. Results - Findings of this study indicate the evidence that dynamically endogenous relationship exists between ownership structure and firm performance. Further, there is a dynamical correlation between investment and performance. Impulse response and variance decomposition illustrate that impact of a shock to variables themselves is the main source for their variability. Conclusions - The conclusion in this study is that there is a bidirectional and inter-temporal effect between proportion of ownership and corporate performance for a long run in accordance with impulse response function. Overall, our results suggest that corporate governance in China is more market oriented.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.67-73
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• 2020

The paper examines the influence of internal factors and external factors on liquidity of Vietnamese listed enterprises. The study uses robust regression techniques in the fixed effects linear panel data using data collected from companies listing on the stock market in Vietnam during 2008-2019, with a total of 6,700 observations. Liquidity of Vietnamese listed enterprises is measured by current assets to current liabilities, whereas firm size, capital adequacy, profitability, leverage are used as internal determinants. Further, economic activity, inflation rate, exchange rate, and interest rate are the external factors which are considered. The research results indicate that capital adequacy, return on equity, leverage, economic activity have a positive effect on firm's liquidity, whereas return on assets and exchange rate have a negative effect on firm's liquidity and firm size, inflation rate and lending rate have no correlation with firm's liquidity. Based on the research results, the author suggests that the firms should have optimum current ratio by balancing the current assets and current liabilities in order to avoid a situation of high liquidity or low liquidity. This research seeks to bridge a gap which is present in the body of literature on listed enterprise's liquidity in Vietnam. The findings may be useful for financial managers, investors, and financial management consultants.