• The Journal of Asian Finance, Economics and Business
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• v.6 no.4
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• pp.53-63
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• 2019

The paper examines the influence of profitability on distance to default (DD) in Vietnam securities market. The investigated sample consists of 211 companies listed on HOSE during 18 years from 2010 to 2017. We apply KMV model to calculate distance to default and use both macroeconomics factors and firm specific factors as independent variables. Using General Least Squared (GLS) method, we find evidence to confirm the positive relationship between profitability and distance to default. This result showed that, although profitability did not directly reflect the cash flow generated, a good profitable enterprise would be an important factor to help facilitate and generate cash flow and at the same time debt was guaranteed when it was due. Besides, the test results revealed that the financial structure and sales on assets have the inverse effect on the distance to default at the significance level of 5%. The results also revealed that a group of macro factors had an influence on the distance to default of businesses, including spread, GDP and trade balance (via exchange rates). Gross domestic income had certain impacts on the distance to default of businesses. This was also a basic indicator measuring the national economic cycle.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.1
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• pp.9-17
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• 2020

This study examines the effect of financial reporting opacity and audit quality on stock price crash risk using listed firms in Japan. This study is the first research to examine the effect of financial reporting opacity on crash risk using a Japanese listed company. Furthermore, the effect of audit quality on crash risk is verified. High level auditors can mitigate crash risk by playing a role as a corporate governance device mechanism to reduce agency costs. We use a logistic regression and linear regression model to test whether financial reporting opacity and audit quality affect crash risk using listed firms in the Japanese stock exchange market during the fiscal years 2015 January through 2017 February. The results of this study suggest that the financial reporting opacity variable shows a positive relationship with CRASH, which states that a firm with more opaque financial reporting increases crash risk. The results suggest also that the firms audited by Big4 auditors experience less crash risk, implying that the audit quality in Japan can be one of the factors mitigating firm's crash risk. This study provides implications for financial reporting and audit quality to external stakeholders who wants to avoid losses.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.1
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• pp.19-27
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• 2020

This paper aims to empirically study the determinants of liquidity of Indian listed firms. To account for profit persistence, we apply a (pooled, fixed and random) effect models to a panel of Indian listed firms that covers the time period from 2010 to 2016. This study consists of 2154 firms operating in Indian market. Liquidity (LQD) of Indian firms is measured by liquid assets to total assets, whereas bank size, capital adequacy, profitability, leverage, and firm age are used as internal determinants. Further, economic activity, inflation rate, exchange rate, and interest rate are the external factors considered. The findings reveal that leverage, return on assets, and firm age are the essential internal determinants that impact the liquidity of Indian listed firms. Furthermore, among the internal determinants, the results indicate that firm size, leverage ratio, return on assets ratio, and firm age are found to have a significant positive association with firms' LQD, except leverage ratio and firm age has a negative relationship with firms' LQD. From this result, this article has provides helpful ideas and empirical evidence on the inner and external determinants of the companies mentioned in India is very useful to bankers, analysts, regulators, investors and other stakeholders.

• Asian Journal of Business Environment
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• v.10 no.1
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• pp.37-43
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• 2020

Purpose: The purpose of this study was to examine the relationship between portfolio quality and financial sustainability of microfinance institutions in Kenya. Research Design, Data, and Methodology: The analysis was based on a panel dataset of 30 microfinance institutions for the period of 2010 to 2018. Data was obtained from the Microfinance information exchange (MIX) database, and it was analyzed through descriptive and inferential statistics with the aid of STATA. Based on the results of the Hausman test, the study adopted the fixed effect regression model to test the research hypothesis. Results: The study found that portfolio quality had a positive significant effect on financial sustainability of Microfinance institutions in Kenya (β= 0. 211; p-value < 0.05). For the control variables; firm age had a positive effect (β= 0.773; p-value <0.05), while firm size (β= -0. 749; p-value < 0.05) had a negative effect on financial sustainability. Conclusions: The study concluded that portfolio quality has an important influence on the financial sustainability of microfinance institution. The study recommends that managers of microfinance institutions should devise good collection policies to improve portfolio quality while lessening loan default rate. The portfolio quality may improve the overall profitability and enhance investor confidence in their strategic decision-making on refinancing.

• Proceedings of the KSRS Conference
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• v.1
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• pp.483-486
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• 2006

The study describes the monitoring of the Bay of Bengal as a ballast water exchangeable sea using MODIS/Aqua-derived diffuse attenuation coefficient (K(490)) synchronized with in situ ballast water sampling and analysis along the LNG carrier's route between Japan and Qatar from 2002 to 2005. Based on the relationship between K(490) and corresponding in situ plankton cell densities, the Bay of Bengal is recognized as a ballast water exchangeable sea to meet the regulation of ballast water performance standard of International Maritime Organization (IMO). Furthermore the Bay of Bengal with more than 200m depth and more than 200 nautical mile distance from shore is extracted based on the regulation of ballast water exchange area of IMO. However, an anomalously high K(490) area is found off the coast of Sri Lanka during the northeast monsoon in 2005, which corresponds higher cell densities than the criterion set by the regulation of IMO. The phenomenon of high cell density in the Bay of Bengal seems to be related with the phytoplankton bloom during the northeast monsoon. Seasonal and annual variability of phytoplankton bloom will be investigated to establish an early routing system for avoiding the high cell density area in advance.

• Proceedings of the Polymer Society of Korea Conference
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• 2006.10a
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• pp.339-339
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• 2006

In this study, the microvoids in glassy polymers were investigated by Xe sorption and $^{129}Xe$ NMR measurements. Xe sorption isotherms of glassy polymers have been successfully interpreted by the dual-mode sorption model. $^{129}Xe$ NMR chemical shift of the $^{129}Xe$ in the samples show nonlinear low-field shift with increasing sorption amount of Xe because of a fast exchange of Xe atoms between Henry and Langmuir sites, whereas it has showed linear shift against sorption amount of Xe into the Langmuir site. From this Xe-density dependence of the $^{129}Xe$ NMR chemical shift, it has been able to estimate mean size of the microvoids in glassy polymer. It is confirmed that there is correlation between ${C_H}'$ and volume or number of microvoids. From these findings, it is demonstrated that $^{129}Xe$ NMR spectroscopy is a powerful technique to determine the mean size and number of microvoids in glassy polymers.

• Korean Journal of Soil Science and Fertilizer
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• v.29 no.4
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• pp.321-327
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• 1996

A back titration method was suggested to determine the exchangeable acidity of soil originated from exchangeable aluminum and adsorbed hydrogen ion in relation to minimizing its titration error. In this method. soils are treated by neutral salt solution whose concentration is the same as soil solution suspended by distilled water. And then. its pH is adjusted at 3, using 1 N HCl solution and back-titrated by 0.1 N NaOH solution containing 1 N NaCl. The results of the suggested back-titration showed the possibility of practical application with linear relationship to that of standard method.

• Korean Journal of Soil Science and Fertilizer
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• v.42 no.3
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• pp.160-166
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• 2009

We estimated site productivity for unstocked land based on the relationship between site index (i.e., average height of dominant trees at fixed age) and soil physico-chemical properties of Pinus densiflora stands. Site index relates to a direct method of determining a tree's response to a specific environment such as forest soil and climate conditions. We selected 78 sites in 22 P. densiflora stands of central temperate forest zone, and sampled soils for physicochemical analyzing. And 13 properties of soils were statistically treated by stepwise regression. In the degree of contribution of the variables to site index, the highly effective variables in A horizon were OM, clay content, sand content, available $P_2O_5$, and Exch. $Ca^{{+}{+}}$ inorder, and in B horizon T.N., O.M., Soil pH, cation exchange capacity(C.E.C.), and sand content in order. In both A and B horizon of the soil for P. densiflora stands, the variables commonly contributed to the site index were sand content and OM. These results may be useful to provide not only important criteria for establishment of Pinus densiflora stand sespecially in unstocked land but also aguidance for reforestation.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2000.06a
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• pp.171-183
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• 2000

Regarding the ancient Sino-Kroea sea communication as the main theme, the propagation of the China-culture in Koran Peninsula and he influence of Chinese ancient shipbuilding technique for Korea are described in the paper. Frequent sea trade resulted in the flourishing of Chinese and Korean harbours on both side of Yellow Sea. Sino-Koran sea communication is of long-standing. Korean Peninsula (KP) is just as the large arm extended to the great sea from the North-east China. It is the Chinese mainland plate-lump's extended part in the Yellow Sea. In the ancient time, the land communication between China and Korea was often not unimpeded, the contact between China and KP, such as the South-Korea, depended on the sea communication mainly, Although the friendly relationship between China and Korea rose one after another in the various historical period, but considering from the great background of people's historical development, just as the modern people benefited fro the Europe-American culture, the people of ancient time also benefited from the China-culture. All China, KP and Japan obtained the development by propagating the ancient China-culture. The seagoing ships which carried out the Sino-Korea sea communication and trade, as the friendly envoys, finished the mission linked u and developed the Sino-Korea culture contact.

• Journal of Information Technology Applications and Management
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• v.23 no.2
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• pp.207-224
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• 2016

Investments in information and communication technologies (ICT) around the world have grown at an enormous rate over the past two decades, which reflects a new emphasis on consumer mobile devices. A social network service (SNS) is an online service that aims to build social relations among people who share interests and activities. The role of SNS is enormous for communicating ideas and opinions among social participants. The use of SNS has recently become one of the most popular social activities worldwide. This research investigated relation between personal characteristics, social characteristics and user satisfaction on SNS then, analyzed how these factors affecting continuance usage intention on SNS users. The conclusion is summarized as below. The study results show that informativeness, pleasure, innovativeness, relationship and empathy of SNS are having positive impact to some degree on the user satisfaction. Further, the user satisfaction of SNS users and quality of life have a positive impact on the continuance usage intention of SNS users. This results show that various SNS qualities are necessary to actively explore and obtain further information that users intend to find, while they are insufficient in function to provide the information other users require or exchange information with other users through the SNS.