• The Journal of Asian Finance, Economics and Business
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• v.6 no.1
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• pp.59-69
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• 2019

The auditor, an important instrument of corporate governance, ensures the transparency and accountability of the firm to the stakeholders. The objective of this paper is to explore the impact of audit characteristics on firm performance. In this study, external audit quality (BIG4), frequencies of audit committee meetings, and audit committee size are used as the proxies of audit characteristics and firm performance is measured through ROA, profit margin and EPS. A total of 503 firm years are considered as sample size from the listed manufacturing firms of Dhaka Stock Exchange (DSE) during the period of 2013 to 2017 to find out the impact of audit characteristics on firm performance. In this study, multivariate regression analysis is conducted using the pooled OLS method. Moreover, time dummy and lag model of multivariate analysis are also analyzed as robust check. The multivariate regression results find that external audit quality (BIG4) and audit committee size are significantly positively associated with firm performance. This study also finds that there is a significant negative relationship between audit committee meeting and firm performance. This study recommends that the regulatory authority and audit committee should review the frequencies of audit committee meeting to make it more effective to ensure better firm performance.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.1
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• pp.281-288
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• 2019

This study examines the relationship between R&D intensity and disclosure. R&D activities are essential in bringing innovation to companies. However, R&D activities are naturally uncertain and increase information asymmetry. Thus, firms with high R&D activities are more likely to have the incentive to communicate the potential of R&D investment to the market through voluntary disclosure and, concurrently, resolve information asymmetry. Meanwhile, incentives to less voluntary disclosure exist because of the proprietary cost and the risk of competitiveness loss. Furthermore, the uncertainties inherent in R&D activities caused the possible decrease in the information accuracy. For the two opposing views, this study investigates the relationship between R&D intensity and disclosure frequency using the Regulation Fair Disclosure data in Korea. Moreover, the relationship between R&D intensity and usefulness of the information disclosed is also examined. Using firm sample listed in the 2011-2016 Korea Stock Market, results show that firms with high R&D intensity make disclosures more frequent. Subsequently, the analysis using forecast sample shows that management forecast error is higher in firms with high R&D intensity. This research contributes to the existing literature by presenting evidence that R&D intensity is a significant factor affecting manager's disclosure behavior and information usefulness.

• Journal of the Korean housing association
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• v.21 no.6
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• pp.109-117
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• 2010

With the IMF crisis in the late 1990's, coupled with the excessive supply of housing stock from the past, construction companies are adopting various differentiating strategies to address the decreasing apartment sales rates. Most of those strategies tend to follow the recent trend of 'eco-friendliness,' creating images of the apartments as 'well-being housing types.' In doing so, green spaces and water features are actively being used in outdoor landscapes design. One specific trend that can be witnessed is the efforts to make reference to the traditional Korean design languages, known as the 'Korean Style.' However, the applications of the 'Korea Style' on landscape design are being explored only by the construction companies, while most researches on the 'Korean Style' focus on its application on the indoor housing units. In this context, this series of case studies of the application of 'Korea Style' on landscape design attempts to extract design elements that can be set as basic guidelines.

• The Journal of Asian Finance, Economics and Business
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• v.5 no.4
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• pp.21-34
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• 2018

The study tests the Fama and French three-factor model by using the newly created Islamic equity style indices. Based on a dataset from May 2006 to April 2011, the three-factor model is tested based on returns of Islamic unit trust funds using the Generalized Method of Moments (GMM) methodology. The sample period is also divided between periods before and after the Global Financial Crisis in August 2008 to test for robustness, and the Bai and Perron (2003) multiple structural break test was used to determine the structural break in the series. The analysis shows that the Fama and French model is valid for Islamic unit trust funds before and after the collapse of Lehman Brothers. The result further indicates the reversal of size effect. As for trading strategies, value funds outperform growth funds by annualized 3.13 percent for the full period. During pre-crisis period, value funds perform better than growth funds while in post-crisis, size factor yields better return than other strategies. As policy suggestion, fund managers need to be aware of the reversal of size effect, and they need to ensure a more transparent stock selection process so that investors can make an informed decision in their asset allocation.

• 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.

• Journal of Information Science Theory and Practice
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• v.8 no.4
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• pp.6-19
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• 2020

The objective of this research is to analyze which functions make up web-based as well as mobile social media services and messengers. Services are clustered by their functionality. A total of 640 individual functions were identified, while investigating altogether 44 selected services in their web and mobile versions. Applying content analysis, functions were assigned to the services. The services were ranked by the number of implemented functions, and the functions were ranked by their occurrence in the services. Cluster analysis was applied to classify the services according to their functionality. Facebook and VKontakte were found to be the ones with the most functions; the most frequently implemented functions are support, profile, and account-related. Cluster analysis revealed six classes for mobile and seven classes for web applications. There is a noteworthy difference regarding the functionality scope between web and mobile applications of the same services. An example for this is Mendeley with 38 functions in the mobile and 91 functions in the web version. This is the first empirical attempt at clustering social media services based on their functionality.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.2
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• pp.103-112
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• 2022

This study aims to obtain empirical evidence regarding the link between tax avoidance (TA) and the readability of financial statements. This is a quantitative research using Ordinary Least Squares regression analysis which is then processed using STATA 14.0. A total of 278 companies listed on the Indonesia Stock Exchange during the period 2017-2019 is the data of this study. In detecting TA in a company, this study uses the ETR and CashETR and for the measurement of financial statement readability, this study uses gunning fog index and length of the document. The findings of this study suggest that tax avoidance and clear financial statements are mutually exclusive in the sense that when tax avoidance is practiced, companies will tend to conceal the information conveyed by financial statements. In other words, it is concluded that the more a company engages in tax avoidance, the lower the readability of the company's financial statements. This study provides in-depth evidence that tax avoidance is indirectly related to the disclosure of information by the company. Users of financial statements will realize that the company seeks to make disclosures that are in their best interests to avoid their tax avoidance strategy being detected.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.5
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• pp.305-311
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• 2022

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is projected to provide several chances for Vietnam's banking industry to expand into the international market. This study examines the influence of foreign ownership on credit risk in Vietnamese commercial banks before the context of participation in the CPTPP. Using a sample of 28 commercial banks between 2009 and 2020, we find that foreign ownership has a negative relationship with bank credit risk. The regression methods used include the least-squares method, fixed-effects model, random effects model, and general least squares method. The research model adds interactive variables, which will help to reflect the role of intermediary factors more accurately such as listing on the stock market, capital ratio to the relationship between foreign ownership and bank credit risk. The test results reveal that increasing the foreign ownership ratio has a bigger impact on reducing credit risk for listed banks and banks with low capital than for other commercial banks. The government should flexibly adjust the foreign ownership ratio according to the capital size and role of each bank so that it can make good use of investment capital from abroad when Vietnam joins the CPTPP.

• Journal of Korean Institute of Industrial Engineers
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• v.37 no.2
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• pp.132-143
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• 2011

This paper deals with a coal supply planning problem for power plants. We propose a mathematical optimization model to make decisions for coal pile sections, movement of reclaimers, and operation time of conveyor belts. The objective of the proposed model is to minimize the total operation time of conveyor belts and total movement time of reclaimers. The algorithm firstly selects a pile section by considering both the location of reclaimers and the stock amount on that pile section. And then the shortest path from the selected pile section has to be put into the operation schedule and check whether the total operation time is satisfied. Then finally the new schedule is updated. To this end, we have tested the proposed algorithm comparing with the general standard optimization package for the simplified problem SCSPP. From the numerous test runs for comparing with the existing coal supply scheduling methods, We see that the proposed model may improve the coal supply operation by reducing significant coal supply costs.

• Transactions of the Korean Society of Mechanical Engineers
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• v.7 no.2
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• pp.161-167
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• 1983

In this study the phenomenon of cutting stress which arises on cutting tools and work pieces in cutting process is investigated by rake angle of cutting tools and feed for this measurement, P$_{s}$-1 (high modulus, photolastic Inc.) was used as a cutting tool, P$_{s}$-3 (medium modulus, photolastic Inc.) was used as work piece and reduction apparatus was attached to the head stock, and orthogonal cutting was adapted as a cutting method and transparent glass was used to block the strain in the orientation of thickness. The followings are the results of this study. (1) Photoelastic experimental equipments have made it possible to make dynamic measurement and analyze stress distribution in cutting tool and work piece surface which has hitherto been conducted only in static measurement and analyzing method. (2) The maximum stress arising at tools and work pieces in cutting process is on the tool edge tip, and the maximum stress arising on the tip of cutting tools is equal to that on the contacting area of work pieces in values. (3) The distributions of maximum shear stress on certain parts of the cutting tools and work pieces are as follows; for cutting tools, .alpha.=12.deg., .alpha.=0.deg., .alpha.=-12.deg. in order, and for work pieces, .alpha.=-12.deg., .alpha.=0.deg., .alpha.=12.deg. in opposite order.der.