• The Journal of Asian Finance, Economics and Business
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• v.7 no.3
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• pp.115-125
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• 2020

This paper investigates the impact of working capital management on the firm's profitability. The research sample includes 119 non-financial listed companies on Vietnam stock market over a period of 9 years from 2010 to 2018. Two statistical approaches include Ordinary least squares (OLS) and fixed effects model (FEM) are employed to address econometric issues and to improve the accuracy of the regression coefficients. The empirical results show the negative and significant impacts of the working capital management, which measured by cash conversion cycle (CCC) and three components of the CCC including accounts receivable turnover in days (ARD), inventory turnover in days (INVD), and accounts payable turnover in days (APD) on the firm's profitability measured by return on assets (ROA) and Tobin's Q. It implies that firms can increase profitability by keeping the optimization of the working capital management measured by the CCC, which includes shortening the time to collect money from clients, accelerating inventory flow and hold the low payment time to creditors. Besides, the profitability of firms was impacted by the sale growth rate, firm size, leverage, and age. Therefore, this paper provides a new insight to managers on how to improve the firm's profitability with working capital management.

• The Journal of Asian Finance, Economics and Business
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• v.5 no.3
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• pp.7-17
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• 2018

This paper examines short-run and long-run dynamic relationships between selected macroeconomic variables and stock prices in the Korea Stock Exchange. The data is restricted to the period for which monthly data are available from January 1986 to October 2016 (370 observations) retrieved from the Economic Statistics System database sponsored by the Bank of Korea. The study employs unit root test, cointegration test, vector error correction estimates, impulse response test, and structural break test. The results of the Johansen cointegration test indicate at least three cointegrating equations exist at the 0.05 level in the model, confirming that there is a long-run equilibrium relationship between stock prices and macroeconomic variables in Korea. The results of vector error correction model (VECM) estimates indicate that money supply and short-term interest rate are not related to stock prices in the short-run. However, exchange rate is positively related to stock prices while the industrial production index and inflation are negatively related to stock prices in the short-run. Furthermore, the VECM estimates indicate that the external shock, such as regional and global financial crisis shocks, neither affects changes in the endogenous variables nor causes instability in the cointegrating vector. This study finds that the endogenous variables are determined by their own dynamics in the model.

• Asian Journal of Business Environment
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• v.9 no.3
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• pp.5-9
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• 2019

Purpose - This paper examines whether fiscal and monetary expansion would affect output in Australia. Research design, data, and methodology - An extended IS-LM model which describes the equilibrium in the goods market and the money market is applied. The real effective exchange rate and the real stock price are included in order to determine whether there may be any substitution or wealth effect. The sample consists of Annual data ranging from 1990 to 2018. The GARCH process is used in empirical work to correct for potential autoregressive conditional heteroscedasticity. Results - Expansionary fiscal policy reduces output; whereas, expansionary monetary policy raises output. In addition, real appreciation of the Australian dollar, a lower U.S. interest rate, a higher real stock price or a lower expected inflation would increase output. The finding that expansionary fiscal policy has a negative impact on real GDP suggests that the negative crowding-out effect on private spending dominates the positive impact. Conclusions - Fiscal prudence needs to be pursued. Real depreciation of the Australian dollar hurts output. Monetary tightening in the U.S. generates a negative effect on Australia's output. A healthy stock market is conducive to economic growth as higher stock prices tend to result in the wealth and other positive effects, increasing consumption and business spending.

• Journal of Information Technology Applications and Management
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• v.22 no.2
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• pp.43-70
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• 2015

Concerns have been growing about whether domestic internet protocol television (IPTV) can establish a solid foothold in the pay TV market, largely because of the lack of IPTV-only content and service differentiation. It has been difficult for IPTV providers to attract valuable PPs (program providers) to strengthen their positions, and IPTV providers have invested much money into procuring content. To survive this difficult situation, IPTV providers need to reappraise their profit sharing methods and content distribution structure to facilitate the expansion of their subscriber base. This can be done by attracting valuable PPs to IPTV providers and securing extra revenue by distributing more content for their PP partners. The IPTV industry has a different structure and value chain from the digital cable industry. Moreover, profit sharing schemes among participants in the IPTV industry are complicated. Thus it is essential to analyze the criteria for profit sharing, the selection of attributes in profit sharing, and their cause-effect relationship in developing fair pricing for broadcast content in the IPTV industry. This study introduces the attributes that need to be considered for the pricing of content and profit sharing among IPTV providers and PPs. In addition, this study uses system dynamics to analyze the relationship among those attributes along with additional associated factors for the pricing of content.

• Transactions of the Korean Society of Automotive Engineers
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• v.22 no.4
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• pp.20-29
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• 2014

This research aims to study the new paradigm of NDE measurement which allows the identification of defect locations and sizes of a certain structure by measuring its surface temperature after applying heat. STS which has a certain defect is applied by the heat of 70000W by a heater. Its difference of STS surface temperature is measured by using Infrared thermography. The estimated result of STS experiment and that of theoretical analysis of Flex-PDE are compared and analyzed to diagnose STS defect. Moreover, this study can save time and money and improve accuracy in contrast to the existing ultrasonic NDE experiment. In addition, the new paradigm of NDT/NDE by reverse-engineering will be valid if the data of thermal analysis and temperature distribution from the specifications of many materials is accumulated and verified.

• Transactions of the Korean Society of Machine Tool Engineers
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• v.17 no.3
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• pp.78-85
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• 2008

Roll forming process is one of the most widely used processes in the world for forming metals. It can manufacture goods of the uniform cross section throughout the continuous processing. However, process analysis is very difficult because of the inherent complexity. Therefore, time is consuming and much money are needed for manufacturing goods. In order to overcome this difficulty, a new computational method based on the rigid-plastic finite element method is developed for the analysis of roll forming process. In this paper, the design of roll forming process and the simulation are performed to manufacture the upper member at under rail composed of three members. The cold rolled carbon steel sheet(SCP-1) is used in this simulation, and a flow stress equation is set up by conducting the tensile test. The upper member is designed using two types of design for a excellent design. Each types are simulated and compared with the strain distribution using SHAPE-RF software. In addition, the numerical magnitude of bow and camber which are the buckling phenomenon is estimated.

• The Journal of Korean Academic Society of Nursing Education
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• v.21 no.1
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• pp.129-140
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• 2015

Purpose: The purpose of this study was to analyze the types of attitudes of nursing students in Korea toward bucket lists. Methods: The Q-methodology, which provides a method for analyzing the subjectivity of each item was used. From each of the 37 subjects, 34 selected Q-statements were classified into the shape of a normal distribution, using a 9-point scale. The collected data were analyzed using a QUANL PC program. Results: Four types of attitudes toward the bucket list of subjects were identified in Korean nursing students. Type I is a pursuit of money type, Type II is a pursuit of relationship type, Type III is a pursuit of self-centered type, and TypeIV is a pursuit of others-centered type. Conclusion: The results of this study indicate that different approaches toward educational programs for students in the human service area are recommended based on the four types of nursing students' attitudes toward the bucket list.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.251-257
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• 2020

The study investigates the role of commodity prices and tax purpose recognition on bitcoin prices. Since the introduction of bitcoin in 2008, emphasis has focused on economists, policy-makers and analysts drastically increasing bitcoin's accessibility and commodity values (Dumitrescu & Firică, 2014). This study employs GARCH and EGARCH from ARCH/GARCH family on daily nature data. We measure the volatile behavior of bitcoin by employing auto-regressive conditional heteroscedasticity model with the aim to explore the relationship between major commodities and bitcoin volatility. We focus on major commodities like gold, silver, platinum, and crude oil to be regressed with bitcoin. The daily prices of commodities were retrieved from www.investing.com and bitcoin prices from www.coindesk.com for the period from 29April 2013 to 16 October 2018. Results confirmed the currency's long-term volatile behavior, which is due to its composition and market dynamics, whereas the existence of asymmetric information effect is not confirmed. Tax recognition by other countries may in future help in controlling the volatility as bitcoin is not a country-specific security. But, only silver impacts on volatility in comparison to oil prices and platinum, which is due to its similar features with gold. Eventually, bitcoin can be used for risk diversification and money making.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.177-184
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• 2020

This paper analyzes factors affecting corporate investment decisions in economic groups listed on the Vietnam stock market. The panel data of the research sample includes 39 economic groups listed on the Vietnam stock market from 2009 to 2019. The Generalized Least Square (GLS) is employed to address econometric issues and to improve the accuracy of the regression coefficients. In this research, the investment rate is a dependent variable. Cash-flow (CF), Investment opportunities (ROA), Fixed capital intensity (FCI), Leverage (LEV), Sales growth (GR), Size (SZ), Business risk (RISK) are independent variables in the study. The model results show that cash flow and sales growth have the same impact on investment decisions of economic groups in Vietnam. In addition, investment opportunities have a negative impact on the capital investment decisions of economic groups. The remaining factors include fixed capital intensity, leverage, firm size, and business risks that have a weak and insignificant impact on capital investment decisions of economic groups in Vietnam. The findings of this article are useful for business administrators, and helping business managers make the right financial decisions. Besides, the research results are also meaningful to money management agencies. The authors recommend that the State Bank of Vietnam should maintain a sustainable monetary policy.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.927-937
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• 2020

Global warming awareness through energy conservation is growing due to the regulatory policies issued by governments and voluntary organization that established carbon emission limits. Transportation is one of the major contributors to carbon emissions. Bike will be simultaneously saving money, getting fit and helping to reduce global warming. Web design has been identified as a key factor for the acceptance and success of the websites and electronic commerce. The purpose of this research is to investigate the effective implementation of the proposed Analytic Hierarchy Process (AHP) technique on a bike case study whose company (Bike Company) is involved in web design for a critical component in the demonstration. Survey research used a variety of data collection methods, with the most common being questionnaires and interviews of some exporters. The research results reveal that the top five key success factors are Good reputation, Transaction security, Ease of use, Promotion, and Diversified choices, which provide the guidelines and directions for decision-makers to design effective websites in the current competitive business scenario. The major findings of this study are suggesting that Internet marketing channels are securing the company's relevance, together with paving the way for methods to increase web traffic.