• The Journal of Asian Finance, Economics and Business
• /
• v.9 no.5
• /
• pp.465-474
• /
• 2022

Using structural equation modeling, the study aims to investigate the causal relationship between working capital policies and working capital indicators on firm performance, including profitability and market value (SEM). The samples of 381 firms were selected from various industries listed on the Stock Exchange of Thailand (SET) from 2016 to 2020. The results showed that 1) there is an effect of working capital policies on profitability and market value; 2) there is an effect of working capital indicators on profitability and market value and 3) there is the effect of profitability on market value. From the results, it is suggested that conservative working capital investment policy (CIP) and conservative working capital financing policy (CFP) affect a company's performance in the Thailand context. In addition, shortening the cash conversion cycle (CCC) should be applied in management to increase profitability by reducing the receivables collection period (RCP) and inventory conversion period (ICP) while increasing the payables deferral period (PDP). The practical implications of the study provide the evidence that meeting the dues according to short CCC management can represent healthy liquidity in cash flow that helps gain investor confidence and the investment interest that further increases the market value.

• Journal of Korean Society of Industrial and Systems Engineering
• /
• v.8 no.11
• /
• pp.57-68
• /
• 1985

Theories of capital have historically been amongst the most fertile sources of economic controversy. Many aspects of the modern debate, if not the techniques employed in its exposition, would have been as familiar to Marx, Ricardo, Bohm-Bawerk or Wicksell as to any present-day Cambridge economist. That conotroversies should arise in the course of theorizing cm the concept of capital and the function of profit is not surprising: that these debates have been so vigorous and virluent cannot be divorced from the general ideological and specific implications associated with the theories. In the context of a textbook on the theories of economic growth, the central question associated with capital that must he faced is whether the existence in the real world of heterogeneous capital goods inevitably invalidate; the conclusions of simple theories of "parables" which incorporate no more than a conception of a single, malleable, capital good. All the Cambridge writers have, to a greater or lesser extent, been concerned to deny that any unit can be found in which heterogeneous capital goods can be aggregated so as to simultaneously satisfy the pair of neoclassical requirements described above. Some of them have been more prepared than others to countenance such a possibility or, for practical purposes, to use some concept of aggregate capital in their models, but they are all deeply suspicious of attempts to use aggregate production function, incorporating aggregate "capital", so as to explain the flow of output, relative factor prices and the distribution of income.tribution of income.

• Journal of the Korean Society for information Management
• /
• v.17 no.2
• /
• pp.19-35
• /
• 2000

The purpose of this study was to survey and analyse the technical information flow and the status of information use of end user in the venture capital. The survey by questionnaire was used to collect data for the study and the SPSS program was used for analysiso of descriptive statistics. As the results of the study, the researchers of the venture capital thought that their research activities were important for the improvement of their company. They also suggested their opinion that the technical information was essential on research activities. The researchers wanted the manpower to take charge of gathering and managing technical information.

• 대한핵의학회:학술대회논문집
• /
• 1966.11a
• /
• pp.95.1-95.1
• /
• 1966

• Management & Information Systems Review
• /
• v.37 no.4
• /
• pp.21-39
• /
• 2018

Today, Mobile Instant Message (MIM) has become a communication means which is commonly used by many people as the technology on smart phones has been enhanced. Among the services, KakaoGame creates much profits continuously by using its representative Kakao platform. However, even though the number of users of KakaoGame increases and the characteristics of the users are more diversified, there are few researches on the relationship between the characteristics of the SNG users and the continuous use of the game. Since the social capital that is formed by the SNG users with the acquaintances create the sense of belonging, its role is being emphasized under the environment of social network. In addition, game user's concerns about the information privacy may decrease the trust on a game APP, and it also caused to threaten about the game system. Therefore, this study was designed to examine the structural relationships among SNG users' social capital, concerns about the information privacy, flow, SNG reuse intention and recommendation intention. The results from this study are as follow. First of all, the participants' bridging social capital had a positive effect on the flow of an SNG, but the bonding social capital had a negative effect on the flow of an SNG. In addition, awareness of information privacy concern had a negative effects on the flow of an SNG, but control of information privacy concern had a positive effect on the flow of an SNG. Lastly, the flow of an SNG had a positive effect on the reuse intention and recommendation intention of an SNG. Also, reuse intention of an SNG had a positive effect on the recommendation intention. Based on the results from this study, academic and practical implications can be drawn. First, This study focused on KakaoTalk which has both of the closed and open characteristics of an SNS and it was found that the SNG user's social capital might be a factor influencing each user's behaviors through the user's flow experiences in SNG. Second, this study extends the scope of prior researches by empirically analysing the relationship between the concerns about the SNG user's information privacy and flow of an SNG. Finally, the results of this research can provide practical guidelines to develop effective marketing strategies considering them for SNG companies.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.11
• /
• pp.177-184
• /
• 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 Information Systems
• /
• v.9 no.1
• /
• pp.109-128
• /
• 2000

This paper examined the significance of Intellectual Capital. In recent years the number of companies whose value lies largely with their intellectual capital has increased dramatically. Dr. Margaret Blair of the Brookings Institute reported a significant shift in the makeup of company assets. In 1978, her study showed that 80 pecent of the firms＇value was associated with its tangible assets, with 20 pecent associated with its intangible assets. By 1998, only 30 pecent of the value of the firms studied was attributable to tangible assets while 70 pecent was associated with the value of their intangibles. This paper used the result of her study. This paper tested the correlation of enterprise value and intellectual capital, cash flow, net income and net assets. The results showed that the correlation of enterprise value and intellectual capital was most significant.

• The Journal of Fisheries Business Administration
• /
• v.23 no.2
• /
• pp.53-67
• /
• 1992

It has been recognized, virtually from the time of its inception, that fisheries economics, like other aspects of resource economics, should ideally be cast in capital-theoretic terms. The fish population or biomass can be viewed as a capital stock in that, like conventional or man-made capital, it is capable of yielding a sustainable consumption flow through time. This study is to introduce the optimal control theory which was extended from the theory of calculus of variations into the study of former static theory of fisheries economics started by Gordon (1954). The optimal control theory eliminated the inadequacies of the classical techniques to a large extent. From this point of view, this study, on the base of Schaefer model, summerizes most of major results achieved so far, but does so in a manner such that the links with capital theory are made transparent. This study explores two sets of problems. The first concerns the optimal approach to the equilibrium stock, i.e. the optimal investment policy. The second set of problems arises from the relaxation of the highly restrictive assumption of autonomy (i.e. the assumption that the parameters are independent of time), then concludes the relaxation of linearity assumption together with the complexities caused by that.

• KIEE International Transactions on Power Engineering
• /
• v.11A no.4
• /
• pp.39-44
• /
• 2001

As electric power systems have been moving from vertically integrated utilities to a deregulated environment, the charging of reactive power management is a new challenging them for market operators. This paper proposes a new methodology to compute the costs of providing reactive power management service in a competitive electrical power market. The proposed formulation, which is basically different from those shown in the literature, consists of two parts. One is to recover investment capital costs of reactive power supporting equipment based on a reactive power flow tracing algorithm. The other is to recover operational costs based on variable spot prices using the optimal power flow algorithm. The charging shapes resulted from the proposed approach exhibit a quite good meaning viewed from a practical sense. It turns out that reactive power charged are mostly due to recovery of capital costs and slightly due to recovery of operational costs. The methods can be useful in providing additional insight into power system operation and can be used to determined tariffs of a reactive power management service.

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