• 한국시스템다이내믹스연구
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• 제7권2호
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• pp.97-120
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• 2006

This paper deals with the extension of and discussion on the System Dynamics model (Jeong & Jeon, 2005) of river crabs in Korea. The previous model has been elaborated to empirically search for the optimal restoration and harvest rates of crabs in the Imjin River, on the basis of theoretical models of population dynamics in the field of bio-mathematics and environmental economics. In this paper, the authors tries to couple a series of new feedback loops related to density restrictions and cannibalistic behaviors with a stage-structured model of the crab ecosystem, and also to endogenize the parameter of baby crabs' survival that is caused by water quality improvement and income increase. Through these extensions and relaxations, the authors are able to argue about the strategic decision of the optimal rates additional considerations as well as the properties of the integrated system that was not covered in the previous paper.

• The Journal of Asian Finance, Economics and Business
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• 제5권1호
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• pp.11-16
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• 2018

This research examines the alternative ways of estimating the coefficient of non-diversifiable risk, namely beta coefficient, in Capital Asset Pricing Model (CAPM) introduced by Sharpe (1964) that is an essential element of assessing the value of diverse assets. The non-parametric methods used in this research are the robust Least Trimmed Square (LTS) and Maximum likelihood type of M-estimator (MM-estimator). The Jackknife, the resampling technique, is also employed to validate the results. According to finance literature and common practices, these coecients have often been estimated using Ordinary Least Square (LS) regression method and monthly return data set. The empirical results of this research pointed out that the robust Least Trimmed Square (LTS) and Maximum likelihood type of M-estimator (MM-estimator) performed much better than Ordinary Least Square (LS) in terms of eciency for large-cap stocks trading actively in the United States markets. Interestingly, the empirical results also showed that daily return data would give more accurate estimation than monthly return data in both Ordinary Least Square (LS) and robust Least Trimmed Square (LTS) and Maximum likelihood type of M-estimator (MM-estimator) regressions.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.1033-1039
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• 2020

Vietnam is conducting an export-led growth model and labour-intensive industries contributing majorly to the total export value. In the context of Industry 4.0, the labour-based industries are significantly affected; hence, enhancing productivity is the key measure to maintain these industries. The garment industry contributes significantly to the total export value of Vietnam. Based on meta-frontier framework, the approach of data envelopment analysis is used to measure technical efficiency of Vietnamese garment firms and the global Malmquist TFP index is utilised to identify productivity change and its components including efficiency, technology and technical gaps between different groups of firms. The data of Vietnamese garment firms from 2013 to 2018 collected from the Vietnam General Statistic Office is used in this study. The results show that: (i) The total factor productivity of Vietnamese garment firms growth, technical progress is the main contributor; (ii) The private garment sector is the leading group; (iii) There is a large technological gap among Vietnamese garment sectors. The private and FDI garment firms have experienced a growth in all components of total factor productivity change. Meanwhile, technological progress change is the main reason to constrain the productivity growth of state-owned garment firms.

• Structural Engineering and Mechanics
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• 제67권2호
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• pp.185-206
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• 2018

This paper studies the non-axisymmetric 3D problem on the dynamics of the moving load acting in the interior of the hollow cylinder surrounded with elastic medium and this study is made by utilizing the exact equations of elastodynamics. It is assumed that in the interior of the cylinder the point located with respect to the cylinder axis moving forces act and the distribution of these forces is non-axisymmetric and is located within a certain central angle. The solution to the problem is based on employing the moving coordinate method, on the Fourier transform with respect to the spatial coordinate indicated by the distance of the point on the cylinder axis from the point at which the moving load acts, and on the Fourier series presentation of the Fourier transforms of the sought values. Numerical results on the critical moving velocity and on the distribution of the interface normal and shear stresses are presented and discussed. In particular, it is established that the non-axisymmetricity of the moving load can decrease significantly the values of the critical velocity.

• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.839-850
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• 2021

Risk-adjusted return is believed to be one of the optimal parameters to determine an optimum portfolio. A risk-adjusted return is a calculation of the profit or potential profit from an investment that takes into account the degree of risk that must be accepted to achieve it. This paper presents a new procedure in portfolio selection and utilizes these results to optimize the risk level of risk-adjusted Islamic stock portfolios. It deals with the weekly close price of active issuers listed on Jakarta Islamic Index Indonesia for a certain time interval. Overall, this paper highlights portfolio selection, which includes determining the number of stocks, grouping the issuers via technical analysis, and selecting the best risk-adjusted return of portfolios. The nominated portfolio is modeled using Quadratic Programming (QP). The result of this study shows that the portfolio built using the lowest Value at Risk (VaR) outperforms the market proxy on a risk-adjusted basis of M-squared and was chosen as the best portfolio that can be optimized using QP with a minimum risk of 2.86%. The portfolio with the lowest beta, on the other hand, will produce a minimum risk that is nearly 60% lower than the optimal risk-adjusted return portfolio. The results of QP are well verified by a heuristic optimizer of fmincon.

• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.1215-1224
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• 2021

This research aims to discuss the relationship between the courage, anticipation, and satisfaction comprehensively. This study will be complemented by gratitude as a variable that moderates the relationship between courage and anticipation, as well as the relationship between the courage and satisfaction. The large area as survey location is the reason for sampling conducted in 2 stages: (1) taking 15 districts through judgement sampling, (2) allocated sub-districts sample through proportional random sampling. The sample used in this study were 155 sub-districts in East Java. Respondents in each sub-district consisted of 1 farmer and 1 field extension officer to get a total of 310 respondents. The analysis method used to test the hypothesis was Structural Equation Modeling (SEM). The findings of this research are: (1) The courage of field extension officers' have a positive but non-significant direct effect on farmers' anticipation, however, the effect significantly strengthen with religiosity as moderation; (2) The courage of field extension officers' and farmers' anticipation have a significant and positive effect on satisfaction. This study will be complemented by gratitude as a variable that moderates the relationship between the courage and anticipation, as well as the relationship between courage and satisfaction.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.1-10
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• 2021

This study examines the dynamic pattern of the exchange rate volatilities of the ASEAN-5 currencies from January 2006 to August 2020. The exchange rates applied in this study comprise bilateral and effective exchange rates in order to investigate the influence of the US dollar on the stability of the ASEAN-5 currencies. Since a volatility model employed in this study is a natural cubic spline volatility model, the Monte Carlo simulation is consequently conducted to determine an appropriate criterion to select a number of quantile knots for this model. The simulation results reveal that, among four candidate criteria, Generalized Cross-Validation is a suitable criterion for modeling the ASEAN-5 exchange rate volatilities. The estimated volatilities showed the inconstant dynamic patterns reflecting the uncertain exchange rate risk arising in international transactions. The bilateral exchange rate volatilities of the ASEAN-5 currencies to the US dollar are more variable than their corresponding effective exchange rate volatilities, indicating the influence of the US dollar on the stability of the ASEAN-5 currencies. The findings of this study suggest that the natural cubic spline volatility model with the quantile knots selected by Generalized Cross-Validation is practical and can be used to examine the dynamic patterns of the financial volatility.

• The Journal of Asian Finance, Economics and Business
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• 제8권8호
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• pp.375-386
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• 2021

The purpose of the research was to explore the factors which affect service innovation in organizations and how the utilization of resources can improve organizational performance, and gain a competitive advantage by adopting numerous innovative practices. This study hypothesizes Service Innovation Readiness (SIR) to consist of Strategic Alignment favoring Service Innovation (SASI) and Empowering Structure for Service Innovation (ESSI), which regulate the organization's preparedness to adopt service innovation changes. Six dimensions were identified and analyzed to understand their effects on SASI and ESSI. A structured questionnaire on a 5-point Likert scale was used to collect data from the selected hospitals of Saudi Arabia. The research results contribute considerably to the subject matter by theorizing SIR and the complex variable settings essential for embracing SI. This research also provides some understanding of the service innovation management dimension through a complete assessment that measures the organization's readiness and attempts to direct organizations' efforts to achieve and sustain competitive advantage. The study conducted is unique in the current geographic limits and has explored numerous SI areas of an organization's readiness to adopt service innovation.

• The Journal of Asian Finance, Economics and Business
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• 제10권2호
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• pp.213-222
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• 2023

This paper mainly studies the relationship between financial development, inbound tourism development, and economic growth rate in Fujian Province, China. This study uses the data of real GDP, foreign exchange income from international tourism, and financial interrelations ratio from 1994 to 2019. In the analysis process, the Johansen cointegration test is first used to analyze whether the three have a long-term equilibrium relationship. Then the vector error correction model is established to test the restrictive relationship among the three. Next, the Granger causality test assesses whether the three have a causal relationship. Finally, the contribution rate of the three is analyzed by variance decomposition. The above methods show the following conclusions: first, the three have a long-term equilibrium relationship. Secondly, in the short term, local economic growth is constrained by inbound tourism and financial development. Thirdly, there is a causal relationship between economic growth and inbound tourism in Fujian, while there is a unidirectional causal relationship between financial development and economic growth, financial development, and inbound tourism. Fourthly, the contribution rate of inbound tourism to economic growth fluctuations in Fujian is higher than that of financial development.

• The Journal of Asian Finance, Economics and Business
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• 제9권8호
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• pp.1-6
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• 2022

This paper uses the gravity model estimated by the random effect method to analyze the factors affecting Vietnam's coffee export turnover for the period 2007-2020 major markets according to statistics from the General Statistics Office and the General Department of Customs. Coffee export turnover was collected from the General Statistics Office, General Department of Customs, and Vietnam Cacao Coffee Association. The authors calculated the price of coffee based on output and export value from data on coffee export turnover; the authors calculated the economic gap based on population and Gross Domestic Product data (reference: geographic distance metrics on the website: http://www.distancefromto.net/countries.php) and other data was collected based on the databases of the Food and Agriculture Organization of the United Nations, the International Monetary Fund, and World Bank organizations. The results of the study show that from 2007 to 2020, the factors of Vietnam's export price of coffee, geographical distance, Gross Domestic Product of the importing country and Gross Domestic Product of Vietnam, the population of Vietnam, the economic gap between Vietnam and the importing country, the openness of the economy, all have an impact on Vietnam's coffee export turnover. Finally, some conclusions about the policy's impact are made based on the empirical results of the paper.