• The Journal of Asian Finance, Economics and Business
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• 제8권11호
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• pp.223-234
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• 2021

This study aims to examine whether operating cash flows influence banks' financial stability in Pakistan. The study employed annual panel data collected from annual reports of 20 commercial banks listed on the Pakistan Stock Exchange for the year 2011 to 2019. Free cash flow yield was taken as the dependent variable while cash flow ratio was selected as the independent variable, and net interest margin, income diversification, asset quality, financial leverage, the cost to income ratio, advance net of provisions to total assets ratio, capital ratio, financial performance, breakup value per share and bank size were taken as control variables. The study performed ordinary least square technique, random and fixed effects models, Hausman test, Lagrange multiplier test, descriptive and correlation analysis. Results showed that operating cash flows and net interest margin significantly and positively influenced banks' financial stability while the cost to income ratio and advances net of provisions to total assets ratio significantly and negatively associated with banks' financial stability. To improve financial stability, banks should become more cost-effective and enhance their liquidity levels by lowering lending activities. In the future, it would be useful to compare commercial and investment banks, also Islamic and conventional banks in the same research setting.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.523-530
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• 2020

The efficient market hypothesis explains the random walk hypothesis suggesting that stock prices are independent of each other, hence, it is impossible to earn abnormal profits. The positive effect of a well-functioning and highly efficient stock market on the performance of an economy motivated the Philippine Stock Exchange to pursue massive modernization initiatives. This research provides evidence of the existence of random walk in the Philippine stock market employing the Augmented Dickey-Fuller (1981) and Phillips-Perron (1988) unit root tests, the Lo-MacKinlay's (1988) conventional variance ratio test, and Chow-Denning's (1993) simple multiple variance ratio test. Results of the ADF and PP unit root tests confirm the necessary condition for a random walk. The Chow-Denning (1993) maximum /z/ statistic and the Wald test statistic as in Richardson and Smith (1991) for the joint hypotheses and the Lo and MacKinlay (1988) individual statistics variance ratio test generally accepted the null hypothesis of a random walk. That is, the unit root and variance ratio tests consistently indicate that the null hypothesis of random walk cannot be rejected. The existence of a random walk in weak-form efficiency can be attributed to market liquidity as a result of continuous development and modernization of the Philippine equity market.

• The Journal of Asian Finance, Economics and Business
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• 제7권2호
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• pp.75-87
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• 2020

This paper aims to not only investigate the nature of financial security and its measurement, but also to compare financial security level in 629 listed companies divided into four different industries (materials, industrials, health care, and consumer goods) before building a theoretical framework and regression models to examine the determinants of financial security. By gathering 2,167 financial statements published in Vietnamese Stock Exchange during eight years from 2012 to 2019, with the support of STATA, the research results indicate that six different internal factors, which are liquidity, profitability, firm size, debt management ratios, asset management ratios, and cash flows, explain 77.7% the change of financial security ratio and 3.4% the change in sustainable growth ratio. Specifically, while firm size has a positive impact on sustainable growth ratio but a negative impact on financial security ratio, deb management and profitability have an insignificant influence on the financial security level. Furthermore, an increase in asset management ratios would result positively in both two dependent variables whereas a rise in sustainable growth and a decline in financial security ratio are expected to witness if there is an increase in cash flows.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.101-106
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• 2020

The research was conducted with the aim of knowing the effect of the CAMELS ratio either partially or simultaneously on stock prices. The CAMELS ratio (Capital, Asset Quality, Management, Earning, Liquidity) is used to measure the soundness of a bank, where by the better the soundness of the bank, the more profitable the bank will be for potential investors and other interested parties. The population of this research consists of the four state banks documented on the Indonesia Stock Exchange over the 2012-2019 period. The sample selection technique is a saturated sampling. This study provides the results that partially CAR has a significant effect on the share price of government banks listed on the IDX. Meanwhile, NPL, NPM, ROA, and LDR do not have a significant effect on stock prices of state banks listed on the IDX. The results of the regression analysis show that, together the CAMELS ratio, which is proxied by CAR, NPLS, NPM, ROA, and LDR has a positive and significant influence on the share price of state-owned banks documented on the Indonesia Stock Exchange, so this can be used as a reference for investors in predicting the share price of a state-owned bank before investing in shares.

• The Journal of Asian Finance, Economics and Business
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• 제8권7호
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• pp.469-476
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• 2021

This study aims to examine and measure the impact of capital structure on the profitability of companies in emerging markets. The research sample includes eighteen rubber companies listed on the Vietnam stock exchange from 2015-2019. After collecting the research data, it was imported into excel to calculate the criteria for the research model. By using Stata 16 software, the study selected a data processing model and evaluated the relevance of the regression analysis model. The research results show that the profitability of listed rubber companies in Vietnam (measured by return on equity (ROE) has a positive relationship with the debt-to-asset ratio but has a negative relationship with the long-term debt-to-asset ratio. The results also show a positive impact of firm size and revenue growth on profitability while liquidity and the ratio of tangible fixed assets to total assets do not affect significantly. These results are consistent with most of the previously published studies. However, in contrast to many previous studies, our study shows that the long-term debt-to-assets ratio has a negative effect on profitability while the debt-to-asset ratio has a positive effect. This is entirely consistent with the characteristics of long-term debt use in emerging markets.

• 한국건축시공학회:학술대회논문집
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• 한국건축시공학회 2015년도 추계 학술논문 발표대회
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• pp.103-104
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• 2015

This study is an experiment about what affects the compressive strength by using a reducing agent (PNS based admixtures) to play cement using the cement paste based Waste Concrete Powder of waste concrete, which accounts for more than 60% of construction waste around the latest domestic and international It was. Securing the replacement of cement with Waste Concrete Powder and, by varying the admixture was to compensate for the low absorption of liquidity and obtain a fine powder. And the experiment was conducted with a constant water cement ratio and aggregate usage for the purpose of lowering the water cement ratio promoting strength development. When substituted with the experimental results of 0.3% based on 3 ~ 28 days as strength 36Mpa exhibited the highest strength.

• 가정과삶의질연구
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• 제16권2호
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• pp.83-96
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• 1998

The purpose of this study was to investigate the level of assets and liabilities of farm households and to evaluate the financial status of rural middle-aged and old-aged household using financial ratios. For these purposes an empirical survey data was gathered from rural middle-aged and old-aged households in 8 provinces using structured questionnaires. 877 households data were used in final analysis. The statistical methods used for data analysis are frequency percentile mean The statistical methods used for data analysis are frequency percentile mean median standard deviation $\chi$2 and t-test using SPSS/PC WIN program. Among financial ratios 64.7% of total households could meet the guideline of consumption to income ratio 5.9% of total households could meet the appropriate level of short-term and long-term liquidity. In the case of debt burden ration 82% of total households could meet the guideline. And 28.5% of total households could meet the guideline of capital stock ratio .

• 한국건축시공학회:학술대회논문집
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• 한국건축시공학회 2009년도 춘계 학술논문 발표대회 학계
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• pp.69-72
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• 2009

This study reviewed the reduction effect of autogenous shrinkage of high strength mortar by plant edible oils based on existing studies, in an effort to find the method of reducing autogenous shrinkage of high strength concrete. To summarize the results, first as characteristics of fresh mortar, substitution of plant edible oil showed slight reduction in liquidity. Compressive strength was reduce at age of 28 days compared to plain mix regardless of type and substitution ratio. Ratio of change in the length of autogenous shrinkage of high strength mortar by plant oils was found to reduce compared to the plain, and the reduction effect was most satisfactorγ in bean oil.

• 한국지반환경공학회 논문집
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• 제15권4호
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• pp.5-11
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• 2014

최근 도심지의 구조물 건설 시 다양한 라이프라인이 공간의 효율적인 활용 측면에서 지중에 매설되고 있으며, 이러한 라이프라인의 신설 및 유지보수 등을 위해 굴착이나 뒤채움 작업이 빈번하게 이루어지고 있다. 라이프라인 매설 시 지반을 굴착하며, 매설 후 채움재 모래를 사용하여 되메움을 하는 것이 일반적이다. 이러한 경우 통신관, 가스관, 상하수도 등의 관하부와 측면 좁은 공간의 뒤채움은 다짐작업이 어려우며, 다짐작업 시 토사의 특성상 추가적으로 침하가 발생한다. 이러한 문제점을 해결하기 위한 방법으로 미국 및 일본 등과 같은 선진국에서 건설 발생토를 재활용하여 잔토처리 비용을 줄이고, 충분한 유동성을 확보한 유동성 채움재가 사용되고 있다. 또한 지중 매설관 건설 외에도 기초 하부 지반의 보강에도 유동성 채움재를 활용할 수 있을 것으로 판단되며, 특히 기계 기초 하부 지지층이 연약한 경우, 유동성 채움재를 적용하여 빠른 시간 안에 지반을 개량하는 목적에 적합할 것으로 판단된다. 특히 기계 기초 하부 지지층의 경우, 단순한 기계 하중에 의한 정적 지지력 산정뿐만 아니라 기계의 진동에 의한 동적 하중이 가해지므로 기초 하부 지지층의 동적거동특성이 평가되어야 한다. 따라서 본 연구에서는 유동성 채움재를 기계 기초 지지층으로 활용하는데 있어서의 적용성을 판별하기 위해 국내에서 일반적으로 볼 수 있는 점토와 황토를 현장발생토로 가정하여 세립분 함량을 달리한 유동성 채움재의 강도 및 동적 거동특성을 파악하였다. 또한 현장 발생토를 대신하여 산업 폐기물인 매립석탄회를 활용하여 유동성 채움재를 조성하여 그 성능을 비교하였다. 그 결과, 매립석탄회를 혼합하여 사용한 경우, 일반적인 건설발생토를 사용한 경우보다 높은 7일 재령 강도와 전단탄성계수를 보였다.

• 한국컴퓨터정보학회논문지
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• 제3권3호
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• pp.129-137
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• 1998

국민경제에서 중소기업이 차지하고 있는 비중은 계속 증가하고 있는 가운데 중소기업의 경영상의 애로점으로 자금 조달의 문제가 가장 심각한 것으로 지적되고 있다. 본 연구는 중소기업의 경영 문제 가운데 재무구조의 실태를 파악하고 이를 대기업 또는 우리나라산업평균 재무비율과 비교함으로써 중소기업의 재무안정성 비율을 분석한 것이다. 조사 분석 결과 전체적으로 산업별 표준비율에는 그 수준이 미치지 못하고 있으나 산업평균과 비교할 때 그 수준이 양호한 것으로 조사되었으며 산업평균에 비해 안정성과 유동성이 양호한 반면 차입금 의존도가 대단히 낮은 것으로 조사되어 국가 또는 행정 자치적인 측면에서 중소기업 자금 지원 정책이 개발되어야 할 것으로 인식되었다.