This paper investigates the determinants on decision to conduct seasoned equity offerings (SEOs) of listed companies on the Ho Chi Minh Stock Exchange in Vietnam. Seasoned equity offerings (SEOs) are defined as the issue of more stocks by a firm to raise more capital after a primary issue. Using panel data collected from audited financial statements of 99 listed companies on the Ho Chi Minh Stock Exchange during 2014-2018, the study employs a logit regression model by fixed effects method to examine factors that affect the decision to implement seasoned equity offerings of those companies. The findings of this study show that profit, revenue growth and company’s size have a positively significant impact on the decision, while dividend pay-out ratio negatively significantly influences the equity issuing decision. Furthermore, these results are robust after controlling for the forms of equity offerings, i.e. bonus stocks, stock dividends and rights to buy shares. These findings are consistent with economic theories such as agency theory, pecking order theory, and growth opportunity theory, and also could be explained by the real situations of the Vietnamese stock exchange. This study has important implications for corporate managers, policy makers and investors.

The study aims to assess the impact of destination image, satisfaction and loyalty of tourists at mountain destinations in Thanh Hoa province, Vietnam. The study involves questionnaire surveys and multivariate data analysis methods (Cronbach Alpha test, EFA, CFA, SEM). Research results from 500 tourists in the mountain destinations of Thanh Hoa province demonstrate that all factors have imposed a positive impact on tourist satisfaction, specifically: The most influential factor is Natural features, followed by Human factors while the least influential factor is Infrastructure; On the other hand, research results also demonstrate that satisfaction has a substantial impact on tourist loyalty. Based on the research results, we also proposed some key solutions to enhance the destination image, thereby contributing to increased satisfaction and loyalty of tourists, including: (i) Promoting Natural Tourism Resources. (ii) Raising Awareness of Environmental Protection. (iii) Building Local Cultural Identity. (iv) Building Exclusive Tourist Products. (5) Strengthening the Support of Local Authorities for Tourism Activities. (vi) Developing a Price Policy.

The paper investigates the factors affecting the profitability of commercial banks in Asian developing countries, including Vietnam, Malaysia and Thailand. We use panel data of four entities; ten banks in Vietnam, eight banks in Malaysia, nine banks in Thailand and all 27 commercial banks from the period 2012 to 2016. Particularly, Return on Asset, Return on Equity and TOBINQ are defined as profitability indicators, which are impacted by three main types of independent variables, namely bank-specifics, which include CAR, NPL, Cost to income, Liquidity ratio and Bank size, industry-specific variable-concentration HHI and macroeconomic-specific variables, which consist of GDP growth and Inflation. Using panel data regressions, the paper identifies several similarities and differences among empirical results on the models of four entities, each of three countries and the overall sample. The most outstanding similarity is that all entities record the significantly negative relationship between operational risk and banking profitability. Likewise, the significantly negative influence of bank size to profitability is found on models of Vietnam and Thailand and no significant effect on the model of Malaysia. Meanwhile, the most controversial result comes up with the negative relationship between CAR and profitability indicators as well as the positive association between credit risk and banking profitability.

The objectives of this study were to evaluate total phenolic content (TPC) and individual phenolic compounds in leaves of perilla genetic resources, assess whether they could be used as distinguishing factor among germplasms, and evaluate their relationship with some quantitative and qualitative morphological characters. TPC and individual phenolic compounds were determined using Folin-Ciocalteu method and UPLC-PDA system, respectively. Wide variations in TPC (7.99 to 133.70 ㎎GAE/g DE), rosmarinic acid (ND to 21.05 ㎎/g DE), caffeic acid (ND to 1.17 ㎎/g DE), apigenin- 7-O-diglucuronide (ND to 2.21 ㎎ luteolin equivalent (㎎LUE)/g DE), scutellarein-7-O-glucuronide (ND to 5.25 ㎎ LUE/g DE), and apigenin-7-O-glucuronide (ND to 2.81 ㎎ LUE/g DE) were observed. Intensities of green pigment at abaxial and adaxial leaf surfaces were positively correlated with phenolic compounds whereas leaf length and width had negative correlation. Purple pigmented accessions were shorter in leaf length and width but exhibited higher amount of phenolic compounds compared to green pigmented accessions in most cases. Leaf shape was not related with content of phenolic compounds, color of leaves, and length/width of leaves. TPC and individual phenolic compounds along with morphological characters could be useful distinguishing factors for perilla genetic resources.

This study aims to measure the relationship between corporate social responsibility (CSR) and affective commitment (ACO), normative commitment (NCO), and organizational performance in food processing enterprises (FPEs) in the Mekong River Delta, Vietnam. To test the initial model proposed in this paper, a total of 422 owners, directors and managers of FPEs were interviewed from some provinces in the Mekong River Delta. The method of exploratory factor analysis (EFA) is initially employed, then confirmatory factor analysis (CFA) and structure equation modelling (SEM) are used. The results of SEM showed that higher affective commitment was correlated with normative commitment. The results showed that four aspects of CSR toward employees, customers, environment and legal are significant factors. As a result, ACO and NCO act as mediators between CSR and organizational performance. This finding provides strong evidence of the important role of CSR to support positive impacts on ACO, NCO, and orgazational performance (OP). In addition, the success of the organizational performance is also found by contributions of CSR and NCO to its changes. Although ACO does not directly affect performance, it has a positive effect on the NCO. Therefore, it is necessary to enhance the implementation of CSR to promote implementation of organizational commitments.

The midst competition makes a brand all together with its offering products and services is becoming a crucial element for company existence. This requires direct involvement from internal organizational to develop effective strategic branding. According to Asosiasi Penyelenggara Internet Indonesia (APJII), Indonesia's internet penetration is among the highest in Asia. The purpose of this research is to improve the strategic role of brand orientation within Internet Service Provider (ISP) for maximizing return on the company's financial and non-financial benefits by proposing organization change readiness variable. The data collection is taken using an online survey with a non-parametric sampling method and collected 68 qualified respondents for data analysis using SEM-PLS (Structural Equation Modeling with Partial Least Square). The result indicates partial hypotheses on the constructed model between variables brand orientation, brand commitment, and internal brand equity is acceptable. Another finding is stated hypotheses on organization change readiness as moderation is not accepted and means there is no significance to the constructed model. The main conclusion resumes associative human memory can shape up organization change readiness inside internal toward then brand. Relevant cues generate information received in the human brain then will create common associative and becoming social identity on internal brand equity.

The purpose of this study is to examine the predictive effects of intuition, business analytic, networking capabilities on innovation performance. The data was collected using a cross-sectional quantitative survey. A total of 292 useable responses were collected from Thai Processed Food Exporters (TPFE). The findings also indicated that the hypothesized relationships between the independent and dependent variables fit the empirical data. Specifically, it is revealed that strategic intuition, business analytic capabilities, networkbased capabilities and dynamic capabilities had a direct effect on dynamic strategy. They also had statistically significant direct and indirect effects on dynamic performance. Based on the results of the correlation test, the researchers developed a dynamic capability model for the development of the dynamic performance of the operators, which included concepts, principles, methods, tools and guidelines. Furthermore, the impacts of intuition, business analytic, networking capabilities on dynamic strategy are also examined in this study. It makes a considerable contribution to the existing literature on dynamic strategy of TPFE, particularly in regards to explaining the performance.

Intra-industry trade (IIT) has played an important role in international trade of Vietnam as a result of rapid growth of the country. This article investigates the level of IIT between Vietnam and 11 trading partners in Trans-Pacific Partnership (TPP) over the period 2000- 2014. Although there have been a large number of empirical researches contributed to the determinants of IIT, most of them only pay attention on developed countries where the trade flows are similar due to similar demand structure and production technology. Until now, there is no study on intra-industry trade between Vietnam and countries in TPP that Vietnam recently signed a trade agreement in early 2016. IIT is measured by the Grubel–Lloyd index. The index shows that the extent of intra-industry trade between Vietnam and the trading countries is not high due to the level of economic development and the market size. The determinants of IIT are examined using a panel regression model. In the empirical analysis, the results indicate that Vietnam’s intra-industry trade is positively correlated with country size, while it is negatively correlated with income dissimilarity, the trade openness, and geographical distance. This study contributes to the new theoretical trade theory on the evidence of developing country’s IIT.

This study aims to find out the legalization status of a central Shariah regulatory authority for the Islamic banks in Bangladesh. In this regard, the central bank can legalize the existing Centralized Shariah Board for Islamic Banks of Bangladesh (CSBIB) or form a new Centralized Shariah Supervisory Board (CSBB) under the management of the central bank in Bangladesh. Based on the data obtained by the semi-structured interviews, this research finds diversified opinions regarding the legalization of CSBIB or the formation of a new CSBB. Initially, without the law, it would be difficult to form CSSB under the central bank as the Islamic banks and banking environment are still not ready. In addition, it is difficult to legalize the existing CSBIB because the format of its structure is different from the CSSB structure in Malaysia and Bahrain. The existing banking company act authorizes the central bank to provide circulars regarding banking issues and it will be considered as an act. The central bank can legalize the existing CSBIB or form a new CSSB through a circular which will be helpful to monitor the overall Shariah issues. The presence of a CSSB will fulfill the expectations of all Islamic banks, and the concerned stakeholders.

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.

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.

Sclerotinia rot, caused by Sclerotinia sclerotiorum, is a devastating disease that poses a serious threat to perilla production in Korea. Identifying effective sources of resistance offers long term prospects for improving management of this disease. Screening disease resistant genetic resources is important for development of disease-resistant, new cultivars and conduct related research. In the present study, perilla germplasm were screened in vitro against S. sclerotiorum using detached leaf method. Among 544 perilla accessions, two were highly resistant (IT226504, IT226533), five were resistant (IT226561, IT226532, IT226526, IT226441, and IT226589), five were moderately resistant (IT226525, IT226640, IT226568, IT220624, and IT178655), 16 were moderately susceptible, 31 were susceptible, and 485 were highly susceptible. The resistant accessions in this study could serve as resistance donor in the breeding of Sclerotinia rot resistance or subjected to selection procedure of varietal development for direct use by breeders, farmers, researchers, and end consumers.

The study aims to build a model for evaluating the effectiveness of activities and the effectiveness of financial investments in hightech industries in Kazakhstan. The development of high-tech industries plays an important role in the economic growth of a country. In this regard, it is relevant to study the effectiveness of financing the most important industry in Kazakhstan. The development of the high-tech sector ensures the efficient functioning of the national innovation system. High-tech enterprises are one of the competitive sectors that allow us to develop and implement leading-edge innovations with the goal of their subsequent commercialization domestically and abroad. The author defines the multicriteria of efficiency in a knowledge-based economy associated with achieving an economic effect with multivariate correlation of results with costs. A multivariate dynamic model, an integral indicator of performance, an integral indicator of cost-effectiveness is proposed. The assessment of the effectiveness of financial costs and performance indicators in all regions of Kazakhstan have the positive dynamics of indicators, as well as a high economic effect. The results of the study can be applied in regional management to adequately assess the effectiveness of high-tech organizations and the effectiveness of financial investments, contribution to ensuring the economic security of the region.

The study examines the impact of financial risk, convenience risk, non-delivery risk; return policy risk and product risk on online consumer behavior of Malaysian consumers. The research employed a self-administered survey to collect empirical data from 245 Malaysian online shoppers by using convenience sampling. Cronbach alpha was calculated to confirm the reliability of the data and then normality was assessed. Confirmatory Factor Analysis was then conducted to test the model using the goodness-of-fit tests. And finally, structural equation modeling is used to test the hypotheses and draw conclusions. IBM SPSS AMOS version 22.0 was utilized for data analysis. The research indicates that product risk, convenience risk, and return policy risk have a significant and positive impact on online shopping behavior. Financial risk is found to have insignificant and negative effects on consumer behavior. In addition, the non-delivery risk is found to have a significant and negative impact on online shopping behavior. The findings provide a useful model for measuring and managing perceived risk in online shopping which may result in an increase in participation of Malaysian consumers and reduce their cognitive deficiencies in the e-commerce environment. Several managerial implications are discussed along with the scope for future research.

The paper examines the level of disclosure on Islamic banks’ performance in the United Arab Emirates (UAE). The data was collected through content analysis of annual reports and financial statements of all fully-fledged Islamic banks working in the UAE over the period 2009 to 2013. Return on Assets is used as a proxy for the performance of Islamic banks while disclosure index is used as a proxy for Islamic banks’ disclosure. Also, predetermined variables are used in the study like Size, Deposits, Non-Performing Investments and Capital to Risk Weighted Assets Ratio. Two-Stage Least-Square regression method is used to check the interdependence relationships between disclosure and performance of Islamic banks in the UAE. The results show a significant relationship between performance and disclosure in the UAE Islamic banks. Our regression results show that Islamic banks with higher levels of disclosure lead to higher operating performance. Furthermore, the performance has a great impact on the level of disclosure which means Islamic banks with high performance measures will disclose more information for investors and other institutions in order to reduce the cost of equity and increase their values in the market. This study is considered as a battery for further studies in the relationship between disclosure and financial performance of Islamic banks at a global level.

본 연구의 목적은 컴퓨터단층 혈관조영술에서 혈관 직경을 정확하게 측정할 수 있는 새로운 측정 방법 인 상대적 측정법의 기초연구 자료를 제공하고자 한다. 비이온성 요오드 조영제를 자체 제작한 관류 팬텀에 일정한 속도로 흐르게 한 후 컴퓨터단층 혈관조영술 검사를 시행하였다. 원시 데이터를 얻은 후 다중평 면재구성 및 최대강도투사법으로 영상을 재구성하였고 장비사에서 제공하는 거리측정 장치를 사용하여 팬텀의 직경을 측정하였다. 측정법은 고식적 측정법과 본 연구에서 제안하는 상대적 측정법을 사용하였다. 관류팬텀의 평균 직경은 다중평면재구성기법과 최대강도투사법 모두에서 상대적 측정법이 기존 측정법 보다 실측에 더 가깝게 나타났다(34% VS 24%, p<0.05). 하지만 두 가지 측정법 모두 실측보다 여전히 확대된 결과를 나타내고 있음을 확인하였다. 따라서 상대적 측정 방법에 대한 추가 연구가 필요한 실정이며, 이에 본 연구가 기초 자료를 제공할 수 있을 것이라 사료된다.

The objective of the current study is to investigate and evaluate the annual and seasonal rainfall trends and patterns of the Punjab province, Pakistan during the 1981-2015. The spatial patterns and temporal trends were identified through the Modified Mann Kendall test. Finding revealed that 13 weather stations of Punjab province have shown the statistically significant decreasing trend of annual and summer monsoon rainfall during the study period. From further investigation, the rainfall during the summer monsoon period (JJAS) found to be increased by 12.45%, similarly the rainfall during the whole of year be also increased by 18.75%. The significant decreasing trends observed with the higher percentage change in annual and monsoon rainfall for the stations of Sialkot and Lahore in the northern and central Punjab. The empirical evidences suggested that northern Punjab gets more moisture as compared the Southern and Western Punjab. This study suggests intensive empirical research in the future to evolve further spatio-temporal trends in the rainfall pattern of Punjab.

Technegas를 사용한 검사는 단순 확산 누적을 통해 폐 영상을 이미지화하기 때문에 검사를 마친 후에 검 사실이 오염될 수 있다. 따라서 방사선 작업 종사자와 검사를 기다리는 환자는 technegas 흡입으로 인한 내 부 피폭의 영향을 받게 된다. 이에 중력환기 전후의 시간경과에 따른 공간선량율 분포를 비교, 분석함에 따 라 방사선사, 의료진, 대기 환자의 피폭선량 저감화 방법을 모색하고자 한다. 중력환기 전후 환자의 호흡기 위치에서 거리별, 각도별로 공간선량율을 10분 동안 측정하고 평균값, 표준 편차 및 감소율을 계산하였다. 실험 결과, 중력 환기 전후 감소율은 최고 95.31%였고 가장 높은 감소율은 1 ∼ 3분 사이에서 나타났다. 중 력환기를 통해서 방사선 작업종사자, 대기환자, 환자 보호자 및 간호사의 피폭선량을 감소시킬 수 있다. 결 론적으로 중력환기를 통한 피폭선량 감소 결과는 방호 최적화를 이루는 역할을 할 것이며 ICRP 103에서 권고한 의료 피폭 저감화에 부합된다.

본 연구의 목적은 광자계수검출기 기반 스펙트럼 전산화단층촬영을 이용하여 K-각 영상을 획득하고, 이 를 통해 3차원 융합진단영상을 구현하여 임상적 이용 가능성을 평가하고자 하였다. 실험을 통한 K-각 영상 획득을 위해 스펙트럼 전산화단층촬영 시스템을 이용하였다. 희석된 iodine과 gadolinium 조영제가 주입된 6개의 튜브를 돼지고기에 삽입하여 팬텀을 제작하였다. 100 kVp 관전압과 500 μA 관전류 조건에서 발생된 X-선을 이용하였으며, iodine과 gadolinium의 K-각 흡수에너지를 고려한 35 및 52 keV에 저에너지 문턱값 을 설정하여 K-각 영상을 획득하였다. 융합진단영상은 일반적인 전산화단층촬영 영상과 스펙트럼 전산화 단층촬영을 통해 획득한 iodine 및 gadolinium 영상을 정합하여 획득하였다. 두 가지 조영제 기반 융합진단 영상의 CNR은 일반적인 CT보다 평균적으로 6.76-14.9배 높았으며, 3차원 융합진단영상은 각 조영제의 물 질 지도 정보를 제공할 수 있었다. 따라서 본 연구에서 제안하는 방법을 통해 전산화단층영상의 화질을 향 상시킬 수 있으며 특정 물질의 추가적인 정보를 제공을 통해 진단의 효율성을 증가시킬 수 있다.

The Sogdian Merchants were the undertakers of international trade on the Land Silk Road in the Middle Ages, and their business footprints spread all over Eurasia. The ancient trading currency of Sogdian Merchants is a key to study the trading history of the region and the entire Silk Road. Although the economic strength of Sogdiana was strong, the country was very weak and had been controlled by the powerful forces around it. Sogdian Merchants wanted to use large amounts of currency for exchanging activities in countries along the Silk Road, they must imitate the currency of the powerful countries that controlled the Silk Road or even use their currencies directly to meet the needs of long-distance transshipment trade. Most scholars agreed that the Persian Sassanian silver coins used to be the currency of circulation along the Silk Road. Whether the main purpose of the unearthed Byzantine gold coins was to act as circulating currencies on the Silk Road at that time, there is still a great controversy.