The purpose of this study is to analyze the efficiency of research institutes of futures companies, and to promote the development of futures market and real economy. This study employs DEA-solver software to conduct super-efficiency data envelopment analysis (SE-DEA), and also selects 40 representative futures research institutes in China as decision-making units (DMUs). For data of input and output indicators, we collect from the China Futures Association, Futures Daily, Hexun.com and Webstock.com respectively, and the time duration is the 103 trading days between from October 2019 to February 2020. Then the indicator for the strategy accuracy rate is calculated separately by analyzing the strategies published by each DMUs in public media. In conclusions, most institutes have excessive investment in human resources, and also have insufficient strategy accuracy rate and insufficient published research reports. The findings of this study suggest that Chinese futures companies need to improve the efficiency of research institutes, and better meet the demand of the financial market. In fact, the analysis of the efficiency of the futures company research institute has not been found in the literature worldwide, Application of DEA model in efficiency analysis of securities and futures research institutions and establishment of indicators are the innovations of this paper.

The dynamics of communications powered by the Internet, specifically from the increased use of social media, has led marketers to find creative channels to engage with the customers. One of the recent channels, “branded entertainment”, is becoming familiar as an advertising strategy in which the content presented is a marketing tool for the advertising of certain brands. The current study examined the case of a branded-entertainment channel and the mechanism of the advertising instrument that leads to purchase intention. The specific purpose of this research is to investigate whether there is evidence of the role of narrative transportation and the fantasy proneness leading towards purchase of the brand advertised. To arrive at the conclusion, the study using web series sponsored by an artificial sweetener brand and employs a quantitative survey to question the audience. The findings contribute toward the understanding of how consumers respond to branded entertainment via video-sharing platforms. It is indicated that the stories presented in the web series can stimulate the audience to fantasize. Thus, the advertising message conveyed through narrative persuasion can form a favorable attitude toward the brand, which leads to intention to purchase. Practical elements are identified along with limitations and future research suggestions.

This research aims to determine the direct and indirect effects of digital literacy, economic literacy, and entrepreneurial skills on the performance of small- and medium-sized enterprises (SMEs) in garment clusters in the Bulak tourism industry Depok. Carrying out quantitative research with survey methods, data collection is using a questionnaire technique with 90 respondents, via saturation sampling. This research data analysis uses SPSS software version 25.0. Path analysis is used to determine the direct and indirect effects between variables. The results showed digital literacy, economic literacy, and entrepreneurial skills significantly and positively affect the performance of small- and medium-sized enterprises. The main finding in this study is that digital literacy has the greatest influence on the performance of SME entrepreneurs, both directly and indirectly. The results of the study provide input on performance development strategies for SME entrepreneurs through digital literacy, including digital business relationships, online facilities, and networks. The findings are also complementary to the factors shaping the performance of SME entrepreneurs in the digital age. The research results show that digital literacy has the greatest direct and indirect influence on the performance of SME entrepreneurs; this shows the essential contribution of digital literacy in developing business and marketing networks.

This study attempts to examine the relationships between transformational leadership, learning orientation, firm innovativeness, and financial performance. Specifically, the moderating effect of learning orientation and firm innovativeness. The data collected from 606 SMEs in Thailand were evaluated using the structural equation modeling, typifying that quantitative research. The results revealed that transformational leadership had a positive effect on learning orientation. Similarly, transformational leadership had a positive effect on firm innovativeness. Further, the study found that transformational leadership had a positive indirect effect on financial performance through the mediation of learning orientation. The results of the study found that transformational leadership had a positive indirect effect on financial performance through the mediation of firm innovativeness. Transformational leadership and learning orientation to improve innovation within the organization, including organizations and leaders among themselves. Especially, innovative firms inculcate ideals of promise to learning, open-mindedness, and shared vision. Furthermore, practitioners can use the findings of this study when they perform their role of leaders to challenge creativity and innovation among followers. Finally, those developments would influence a procedure of evidence procurement, evidence distribution and shared explanation that escalations equally individual and administrative effectiveness owing to its influence going on products.

This research aims to examine the relationships among entrepreneurial orientation, organizational learning capability, firm innovation, and firm performance. To achieve a data collection, a mail survey procedure via questionnaire was implemented by using executives or managers of gems & jewelry industries, textile and clothing industries, leather and accessories, fashion apparel industries in Thailand as the key informants. Of the surveys completed and returned, 388 were usable. Hence, a model with a structural equation was used to evaluate the data survey of 388 respondents. The results reveal that, in terms of the mediating effect, organizational learning capacity and firm innovation can complement each other in order to improve entrepreneurial orientation. Findings show that entrepreneurial orientation improves firm innovation, which in turn improves firm efficiency. Firm innovation acts as a variable mediating between enterprise orientation and firm performance. Our findings contribute to the current emergence of organizational learning capacity that mediated the relationship between entrepreneurial orientation and firm performance. Entrepreneurial orientation is normally a firm performance that enterprises develop which can have use the information available and make an impact. It can be considered through the mediation of organizational learning capability, and firm innovation variable and as stated in previous literature, it can influence firm performance.

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.

This research focuses on the importance of corporate social responsibility in building the company’s reputation. Experts have studied CSR as an antecedent of a company’s reputation, but the mechanisms underlying this process are rarely explored. Therefore, to fill this research gap, we demonstrate CSR’s implementation combined with organizational justice based on discrepancy and equity theory. This study involved 210 employees in a family company. The study’s analysis method uses Structural Equation Model (SEM), SmartPLS, with a five-step measurement and analysis procedure. The variables in this study are CSR implementation, organizational justice, employee trust, firm reputation, organizational objectiveness, organizational commitment, job satisfaction, and job performance. The results found that some of the direct relationships stated were not significant, but all demonstrations of indirect links were substantial. Besides, optimal CSR and organizational justice provide a reliable and positive domino effect in increasing the role and consequences of employee trust and firm reputation. The findings in this study confirm that upstream-downstream job performance causality can be successfully achieved if job satisfaction has been realized, job satisfaction can be achieved if organizational commitment can also be recognized, and organizational commitment can be developed. Reflection and influence, rather than organizational attractiveness becomes essential.

The intention of this research is to identify the effect of corporate social responsibility (CSR) disclosure on firm value with profitability as a moderating variable. Data collection is carried out with data documentation that is based on financial reports and sustainability reports. All companies listed on the Indonesia Stock Exchange (IDX) during the 2013-2017 period are considered as the population of this study. Samples were selected using the purposive sampling method. The following are criteria that would be used in this study: 1) publish a sustainability report using the GRI G4 standard as a reference in preparing reports for 2013-2016, 2) publish a complete financial report for the 2014- 2017 observation period, 3) not experience a loss during the 2014-2017 period. The total sample of the study was 109 companies. The study uses path analysis assisted with WarpPLS software version 6.0. The results show that the disclosure of corporate social responsibility has a positive and significant effect on firm value, and profitability moderates the effect of corporate social responsibility disclosure on firm value. The implication of the research is that implementing corporate social responsibility is very important to increase firm’s value and firm’s sustainability in the future.

The objectives of this study are (1) to review previous studies in the context of brand management in consumer behaviors using costumer based brand equity (CBBE) and theory of planned behavior (TPB) as the basic foundation of the study; and (2) to develop a comprehensive research model by integrating relevant research constructs using meta-analysis. This study reviewed a total 173 studies from 58 published papers with 40 journals during 1991~2014 and developed a comprehensive framework with 16 research hypotheses. The results showed that (1) brand image, brand personality, brand association, and subjective norm are the important antecedents of brand attitudes; (2) brand awareness, brand trust, perceived quality, and perceived behavioral control are the important antecedents of brand loyalty; (3) brand attitude positively influences brand loyalty, which further influences brand equity; and (4) brand equity positively influences behavioral intention. This study fills in the research gap by integrating more research variables into CBBE model, particularly to include the influence of social context on consumer behavior through TPB. These results indicated that the integration between CBBE and TPB is meaningful and the comprehensive model can explain more variances than that of the individual model. Limitations, and recommendations for future research in this area are provided.

This study seeks to examine empirically the effect of leadership style on organizational commitment and organizational effectiveness. The data are from all departments of the undergraduate program at the State University in Central Java, Indonesia. The study comprises all divisions of the undergraduate program, which amounted to 207 people. The method for sampling is based on simple random sampling. Structural equation modeling (SEM) is applied in order to analyze the data. The results show that integrative adaptive leadership style has a positive effect on teamwork and affective commitment. Therefore, in order to improve teamwork, the organization should be assisted in completing the introduction of collaborative conflict resolution. Moreover, affective commitment positively affects organizational effectiveness. Thus, it can be said that efforts to improve the organizational effectiveness, should be supported by affective commitment. The study further revealed that integrative adaptive leadership style has a positive effect on teamwork. This means better execution of integrative adaptive leadership, higher level of coordination and vice versa. Each member has different responsibilities and duties, and it can be done or resolved in different ways. If the leader can accommodate the creativity of the faculty and staff, a solid team can be formed.

We examine the effects of the complexity of tax-related information on the issuance of analyst’s pre-tax income forecast and its value relevance. If analysts respond adequately to the needs of investors, they are more likely to provide a pre-tax income forecast. The provision of a pre-tax income forecast may indicate analysts’ confidence in assessing the quality of earnings. Thus, investors, in turn, would be more confident in the analysts’ pre-tax income forecasts if analysts provide both pre-tax and earnings forecasts than only the latter. Using a sample of Korean listed companies for 2005–2014, we find that analysts are likely to provide an implicit tax forecast when the volatility of the effective tax rate is low and the book-tax differences are small. We also find that when analysts provide pretax and after tax income forecasts, the value relevance for unexpected earnings increases. These results indicate that analysts are likely to be interested in corporate tax information and the complexity of tax-related information affects the availability of implicit tax forecasts. Furthermore, this study provides empirical evidence that when analysts provide both pre-tax and after tax income forecasts, investors have more confidence in analysts’ earnings forecasts, which results in greater investors’ responses.

Challenging Minisatellite Payload (CHAMP) satellite magnetic data are used to investigate the latitudinal variation of the storm-time meso-scale field-aligned currents by defining a new metric called the FAC range. Three major geomagnetic storm events are considered. Alongside SymH, the possible contributions from solar wind dynamic pressure and interplanetary magnetic field (IMF) BZ are also investigated. The results show that the new metric predicts the latitudinal variation of FACs better than previous studies. As expected, the equatorward expansion and poleward retreat are observed during the storm main phase and recovery phase respectively. The equatorward shift is prominent on the northern duskside, at ~58° coinciding with the minimum SymH and dayside at ~59° compared to dawnside and nightside respectively. The latitudinal shift of FAC range is better correlated to IMF BZ in northern hemisphere dusk-dawn magnetic local time (MLT) sectors than in southern hemisphere. The FAC range latitudinal shifts responds better to dynamic pressure in the duskside northern hemisphere and dawnside southern hemisphere than in southern hemisphere dusk sector and northern hemisphere dawn sector respectively. FAC range exhibits a good correlation with dynamic pressure in the dayside (nightside) southern (northern) hemispheres depicting possible electrodynamic similarity at day-night MLT sectors in the opposite hemispheres.

With the development of China's economy, more and more Chinese firms started multinational operation. Different with the developed countries’ multinational firms, the multinational level of Chinese firms is obviously still in the development stage. In China's academic research, many scholars have studied the relationship of firms’ M-P (multinationality-performance). Like other academic studies in developed countries, they have also drawn various results, such as linear relationships, nonlinear relationships (S-shaped, U-shaped, inverted U-shaped, W-shaped, etc.). This paper uses the panel data of 242 multinational firms listed in China's A-shares from 2008 to 2016. The empirical research method is used to study the relationship between market indicators, accounting indicators and M-P, and the firm's asset management efficiency is also studied. The empirical results show that market indicators and financial indicators have both a significant positive effect on M-P. Whereas, the asset turnover rate plays a negative role in regulating M-P. It shows that Chinese manufacturing firms can accelerate the process of multinationality by expanding the market and managing corporate finances.

Purpose - Economic globalization provides firms with a new channel to gain benefits from foreign countries. Therefore, using the real MNEs, this paper set China’s firms as an example to explore the relationship between multinationality and performance. Research design, data, and methodology - Panel data from 2008 to 2017 was used and 390 multinational firms listed in China’s A-share market was selected. Additionally, related econometric methods were employed to analyze the relationship between multinationality and performance in this study. The return on assets was treated as a dependent variable, and the sales of a firm, the firm age, the debt asset ratio of a firm, the ratio of foreign sales to total sales and the enterprise properties were treated as independent variables. All of these factors were used to conduct an empirical analysis. Results - The empirical findings in this study revealed that there is a linear relationship between multinationality and performance, as well as that non state-owned enterprises (non-SOEs) have a greater effect on the relationship between multinationality and performance than that of the state-owned enterprises (SOEs). Conclusions - On the basis of evidences this paper provided, China’s government should take measures in the future to help China’s firms when they fulfil international economic activities.

This study intended to examine the relationship between inflation and unemployment rate in Indonesia during 1987 to 2018 period. The study applied a quantitative method using Vector Error Correction Model (VECM) in order to comprehensively understand the causality between inflation and unemployment rates. The data were collected from various main sources including the World Bank, Central Bank of Indonesia, and Central Bureau of Statistics (BPS). The findings showed that inflation has a one-way relationship toward unemployment in Indonesia and it occurs at the third lag. Impulse Response Function (IRF), shows that the inflation rate are fluctuating in response to the shock of unemployment. The unemployment rate responses to shocks from inflation initially increased until it is eventually diminished. It shows that the shocks caused by the impact of inflation were only in the short term. Further, inflation in the three previous lags will have consequences for the unemployment rate in the year. Lastly, both in the long run and short run, unemployment did not affect inflation rates. These findings suggest that high inflation in Indonesia is determined the rising price of basic commodities and fuel. In addition, most companies in Indonesia applying capital intensive so that employment growth in Indonesia is small.

A Fabry-Perot interferometer (FPI) for mesospheric observations was installed at King Sejong Station (62.2°S, 58.9°W) in Antarctica in 2017. For the initial validation of the FPI measurements, we compare neutral wind data recorded with the FPI with those from a Meteor Radar (MR) located nearby. The overall characteristics of the FPI and MR winds of both OH 892.0 nm (87 km) and OI 557.7 nm (97 km) airglow layers are similar. The FPI winds of both layers generally match the MR winds well on the observed days, with a few exceptions. The correlation analysis of the FPI and MR wind data shows that the correlation coefficients for the zonal winds at 87 and 97 km are 0.28 and 0.54, respectively, and those for the meridional winds are 0.36 and 0.54, respectively. Based on the assumption that the distribution of the airglow emissions has a Gaussian function with respect to the altitude, we calculated the weighted mean winds from the MR wind profile and compared them with the FPI winds. By adjusting the peak height and full width at half maximum of the Gaussian function, we determined the change of the correlation between the two winds. The best correlation for the OH and OI airglow layers was obtained at a peak height of 88–89 km and 97–98 km, respectively.

Currently, container transport services play a substantial role in global cargo transportation, by serving as an intermodal between exporter and importer. Container shipping has become increasingly important over the past few decades, due to obvious advantages. However, Vietnam's container market has shown severely ongoing competition among numerous domestic and foreign shipping lines, resulting in serious consequences occurring such as freight rates substantially decreasing within the last 10 years. Vietnam's sea lanes have become more defensive, to cover losses of shipping companies. Selection of criteria for competitive evaluation of container transport companies is necessary, to facilitate addressing the problems within the enterprise, especially relating to its position in the market and from here, business management can implement strategic plans and reasonable policy, to survive and grow.

본 연구는 코끼리 흑마늘의 분말화를 위해 추출액과 말토덱스트린을 비율 별로 첨가한 후 분말을 제조하였으며, 제조 및 저장 조건 별로 품질 특성을 비교 분석하는데 목적을 두었다. 분말의 용해도는 90.87-96.93%으로 5:5 처리구에서 가장 높은 값을 보였으며 색깔의 경우 말토덱스트린 함량이 증가할수록 명도는 감소하였으나 적색도와 황색도는 증가하였다. 입도는 7:3 처리구를 제외하고 말토덱스트린 함량에 비례하여 증가하는 추세를 보였으며, 분산성은 0.54-0.63 범위에서 나타났다. 포화 염용액으로 다른 상대습도를 조성하여 25, 35℃에서 분말을 각각 저장했을 때 평형 수분함량은 4:6에서 가장 낮게 나타났다. 그리고 단분자층 수분함량을 산출하기 위해 GAB 식과 BET 식을 이용하였으며 모든 조건에서 0.943-0.997로 높은 R2값을 보였다. 여러 처리구 중 4:6 처리구가 단분자층 수분함량이 가장 낮았으며 다른 처리구들은 온도나 적용 식에 따라 다른 추세를 보였다. 또한 등온 흡습 모델의 적합성을 확인하기 위해 Caurie, Halsey, Kuhn, Oswin, Mizrahi 식을 사용하였는데, 그 중 Halsey, Kuhn 식이 높은 R2 값과 낮은 편차를 보여 적합성을 나타내었다.

Jang Bogo Station (JBS), the second Korean Antarctic research station, was established in Terra Nova Bay, Antarctica (74.62°S 164.22°E) in February 2014 in order to expand the Korea Polar Research Institute (KOPRI) research capabilities. One of the main research areas at JBS is space environmental research. The goal of the research is to better understand the general characteristics of the polar region ionosphere and thermosphere and their responses to solar wind and the magnetosphere. Ground-based observations at JBS for upper atmospheric wind and temperature measurements using the Fabry-Perot Interferometer (FPI) began in March 2014. Ionospheric radar (VIPIR) measurements have been collected since 2015 to monitor the state of the polar ionosphere for electron density height profiles, horizontal density gradients, and ion drifts. To investigate the magnetosphere and geomagnetic field variations, a search-coil magnetometer and vector magnetometer were installed in 2017 and 2018, respectively. Since JBS is positioned in an ideal location for auroral observations, we installed an auroral all-sky imager with a color sensor in January 2018 to study substorms as well as auroras. In addition to these observations, we are also operating a proton auroral imager, airglow imager, global positioning system total electron content (GPS TEC)/scintillation monitor, and neutron monitor in collaboration with other institutes. In this article, we briefly introduce the observational activities performed at JBS and the preliminary results of these observations.

Purpose - With the rapid economic development, great changes have happened in the Chinese beer market. The scale of imported beer is increasing. However, the sales of native Chinese beer decrease in recent years. It is because more Chinese customers prefer beer with unique attributes than those with lower prices. In order to take an advantage in this market, practitioners should develop new products to satisfy Chinese customers. Scholars have also focused on beer characteristics to estimate consumers’ behavior for improving the development of beer industry. However, most studies are theoretically centered on marketing strategy management or general understanding of the market. It is not enough for us to explain customers’ consumption patterns. Some empirical research did attempt to find out beer attributes that may influence their choice behavior. However, they failed to verify what can increase customers’ utility through a new product. More importantly, few evidences can be found in the literature. Therefore this study explores the major characteristics of imported beer which may associate with customers’ preferences. Research design, data, and methodology - With the results of literature review and focus group interview, we found out four main imported beer attributes and the levels of each factor. A pre-test is constructed to check the problems in the questionnaire protocol. With the results of pre-test, the revised questionnaire is processed among customers who have purchased and had imported beer in China regions such as Beijing, Shanghai, Jiangsu, Guangdong and so on. The choice-based conjoint analysis is applied to analyze the useful data of 205. Results - Results indicate that choice-based conjoint analysis is the effective method to estimate customers’ choice behavior. Results also indicate that country of origin, price, taste, and package affect customers’ preference and the importances of imported beer attributes are significantly different. Conclusions - Country of origin, price, taste, and package are important for customers to make an imported beer choice decision. Marketers should consider these determinants and their importance to develop new products. Moreover, choice-based conjoint analysis should be the useful method for practitioners to develop a new product of imported beer for sustainable business in the competitive industry.