• Asia Marketing Journal
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• 제19권4호
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• pp.37-59
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• 2018

This study investigates the effects of the distribution channel structure on quality decisions under duopoly competition. I considers a set-up in which two retailers compete on product quality and retail price. In the set-up, the integrated retailer has the power to determine the quality of its exclusive product, while the decentralized retailer does not. For the decentralized retailer, the supplier determines product quality. I find that asymmetric pairs of a decentralized channel by one retailer and an integrated channel by the other retailer can be a Nash equilibrium in a simultaneous-channel-choice model. The two retailers select different levels of quality, and this quality competition benefits retailers by softening price competition. In a sequential-channel-choice model, I find that the leader can obtain a first-mover advantage. From the perspective of the supplier, which can decide the distribution channel structure and level of quality, both suppliers choose the decentralized channel in equilibrium.

• The Journal of Asian Finance, Economics and Business
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• 제6권4호
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• pp.139-145
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• 2019

This study examines the dynamic linkages between food price inflation and its volatility in the context of Sri Lanka. The empirical evidence derived from the monthly data for the period from 2003M1 to 2017M12 for Sri Lanka. The relationship between inflation rate and inflation volatility has attracted more attention by theoretical and empirical macroeconomists. Empirical studies on the relationship between food inflation and food inflation variability is scarce in the literature. Food price inflation is defined as log difference of food price series. The volatility of a food price inflation is measured by conditional variance generated by the FIGARCH model. Preliminary analysis showed that food inflation is stationary series. Granger causality test reveals that food inflation seems to exert positive impact on inflation variability. We find no evidence for inflation uncertainty affecting food inflation rates. Hence, the findings of the study supports the Friedman-Ball hypothesis in both cases of consumer food price inflation and wholesale food price inflation. This implies that past information on food inflation can help improve the one-step-ahead prediction of food inflation variability but not vice versa. Our results have some important policy implications for the design of monetary policy, food policy thereby promoting macroeconomic stability.

• The Journal of Asian Finance, Economics and Business
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• 제7권9호
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• pp.125-134
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• 2020

This study examines the nominal price anomaly in the Vietnamese stock market, that is, whether stocks with low nominal price outperform stocks with high nominal price. Using a sample of all 351 companies listed on the Ho Chi Minh Stock Exchange (HOSE) from June 2009 to March 2018, we confirm our hypothesis and document that cheaper stocks yield higher subsequent abnormal returns. The results are robust after controlling for various stock characteristics that have been documented to be value-relevant in prior literature, including firm size, book-to-market ratio, intermediate-term momentum, short-term reversal, skewness, market risk, idiosyncratic risk, illiquidity and extreme daily returns, using both the portfolio analysis and the Fama-MacBeth cross-sectional regression. The negative effect persists in the long term (i.e., after up to 12 months), implying a slow adjustment of stock prices to their intrinsic value. Further analysis show that the observed nominal price anomaly is mainly driven by mispricing but not a latent risk factor proxied by stock price, thus the observed anomaly reflects a mispricing but not a fundamental risk. The study highlights the irrational behaviour of investors and market inefficiency in the Vietnamese stock market and provides important implication for investors in the market.

• The Journal of Asian Finance, Economics and Business
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• 제7권8호
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• pp.197-204
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• 2020

Nowadays, many construction engineering and technology enterprises are evolving to find that prosperity is driven and inspired by an open economy with dynamic markets and fierce multifaceted competition. Besides brand and product uniqueness, the ability to quickly provide customers with quotes are matters of concern. Such a requirement for prompt cost estimation of construction investment projects with the use of a construction price index poses a significant challenge to contractors. This is because the nature of the construction industry is shaped by changes in domestic and foreign economic factors, socio-financial issues, and is under the influence of various micro and macro factors. This paper presents a fuzzy decision-making approach for calculating critical factors that affect the construction price index. A qualitative approach was implemented based on in-depth interviews of experts in the construction industry in Vietnam. A synthetic comparison matrix was calculated using Buckley approach. The CoA approach was applied to defuzzified the fuzzy weights of factors that affect the construction price index. The research results show that the top five critical factors affecting the construction price index in Vietnam are (1) consumer price index, (2) gross domestic product, (3) basic interest rate, (4) foreign exchange rate, and (5) total export and import.

• The Journal of Asian Finance, Economics and Business
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• 제7권8호
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• pp.143-150
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• 2020

This study aims to investigate the effect of oil price and exchange rate on the two Vietnamese stock market indices: VN index and HXN index. This study uses the daily data from August 1^st 2000 to October 25^th 2019 of the two Vietnamese stock indices: VN index and HNX index, the two oil price indices: BRENT and WTI, and the two exchange rates: US dollar to Vietnamese dong and Euro to Vietnamese dong. Due to the presence of heteroskedasticity in our data, we use GARCH (1,1) regression model to perform our analysis. Our findings show that the oil price has a significant positive effect on the two Vietnamese stock market indices. In terms of the stock index volatility, both the VN index and HNX index volatilities are negatively impacted by the return of oil price. While the conclusion about the impact of oil price remained consistent through all three robustness tests, the effect of exchange rate on Vietnamese stock market indices is not consistent. We find thatchanges of the USD/VND exchange rate significantly impact the return and volatility of HNX index only in GARCH (1,1) setting. Our analysis also survives a number of robustness tests.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.451-459
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• 2020

This study aims to examine the causality between production input and the price of rice in East Java, Indonesia. This study applied a quantitative method to understand in a comprehensive way the correlation between variables. The data used for this study were collected from several sources, including East Java Agriculture Office, Siskaperbapo.com, and Statistics Indonesia (BPS) of East Java. This research was carried out over five years, starting from 2014 to 2018. Furthermore, the data were analyzed using the Vector Error Correction Model (VECM) by employing E-Views (version 7). The findings of this study indicated that, in the long run, the population, rice production, and changes in people's income have a positive effect on price stability, but are inversely proportional if seen in the short term. In comparison, in the long run, farmer exchange rates variable has a negative impact on price stability, and inversely proportional in the short term, which has a positive effect. There are different implications when the people's income increases and the rice price declines; these have great potential to alleviate poverty in East Java, Indonesia. This is due to the fact that the price stability also concerns the welfare of the community.

• 동아시아식생활학회지
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• 제26권2호
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• pp.117-124
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• 2016

As the number of cafeterias at universities has increased, studies on student perception of price sensitivity at cafeterias have gained increased attention. Therefore, the study investigated the relationship between students and university cafeterias according to price sensitivity measurement (PSM). According to the analysis, the indifference price (IDP) was 3,444.06 Korean Won while the subsequent cumulative distribution percentage was approximately 17.68%. The optimal pricing point (OPP) was 3,233.73 Korean Won and the stress price (IDP-OPP) was 210.33 Korean Won. The point of marginal expensiveness (PME) was 4,602.24 Koean Won and the point of marginal cheapness (PMC) was 2,036.29 Korean Won. Therefore, the range of acceptable prices (RAP) was established as 2,565.95 Korean Won. In addition, the study examined differences between price sensitivity measurement (PSM) for the respondent subgroups. Hence, the results will provide a practical background for development of business plans for university cafeterias.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.451-455
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• 2021

This research seeks to find out how to provide satisfaction to consumers. The aim is to analyze and test empirically the effect of price and sales promotion on customer satisfaction that is mediated by service quality. This study uses primary data; questionnaires are distributed to 100 consumers at the Jingga Project boutique. The sampling technique uses simple random sampling. The data were collected using a questionnaire measured by a Likert scale with analysis tools using Warp PLS 7.0. The results showed that the variables price and sales promotion have a positive effect on customer satisfaction. Furthermore, the mediating variable, namely, service quality, is proven to be able to indirectly mediate the effect of price and sales promotion on customer satisfaction. In line with the marketing theory, which states that customer satisfaction is the feeling of pleasure or disappointment of someone who appears after comparing the performance (results) of the product against the expected performance. From the results of this study, it is clear that the variables price and sales promotion significantly affect customer satisfaction, as well as service quality, which is the mediating variable in this study. Service quality indirectly or partially mediate the effect of price on customer satisfaction.

• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.195-200
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• 2021

In recent years, Vietnam's economic growth rate has been attributed to the growth of many well-managed industries within Southeast Asia. Among them is the civil construction industry. Construction projects typically take a long time to complete and require a huge budget. Many socio-economic variables and factors affect total construction project costs due to market fluctuations. In recent years, crucial socioeconomic development indicators of construction reached a fairly high growth rate. Also, most infrastructure and construction projects have a high degree of complexity and uncertainty. This makes it challenging to predict the accurate project price. These challenges raise the need to recognize significant factors that influence the construction price index of civil buildings in Vietnam, both micro and macro. Therefore, this paper presents critical factors that affect the construction price index using the fuzzy extent analysis process in an uncertain environment. This proposed quantitative model is expected to reflect the uncertainty in the process of evaluating and ranking the influencing factors of the construction price index in Vietnam. The research results would also allow project stakeholders to be more informed of the factors affecting the construction price index in the context of Vietnam's civil construction industry. They also enable construction contractors to estimate project costs and bid rates better, enhancing their project and risk management performance.

• The Journal of Asian Finance, Economics and Business
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• 제8권4호
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• pp.601-611
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• 2021

There are many asset prices which are interlinked and have a bearing on the stock market index. Studies have shown that the interrelationship among these asset prices vary and are inconsistent. The ultimate aim of this study is to examine the dynamic relationship between gold price, oil price, exchange rate and stock index. Monthly time series data has been utilized by the researcher to examine the interrelationship between four variables. The relationship among stock exchange rate index, oil price and gold price have been undertaken using regression and granger causality test. The results indicate that the exchange rate and oil price have an indirect influence on NIFTY; whereas gold price had a direct impact on NIFTY. It is evident from the results that volatility in the price of gold is mainly dependent on the exchange rate and vice versa. All the variables affect NIFTY in some way or the other. However, gold has a direct and vital relationship. From the study findings, it can be concluded that macroeconomic variables like commodity prices and foreign exchange rate, gold and oil, have a strong relationship on the return on securities at the national stock exchange of India.