Global rating agencies, such as Moody’s and S&P, have assigned credit ratings to corporate bonds issued by Japanese firms since 1980s. Local Japanese rating agencies, such as R&I and JCR, have more market share than the global raters. We examine the yield spreads of 1,050 yen-denominated corporate bonds issued by financial firms in Japan from 1998 to 2014 and find no evidence that bonds rated by at least one global agency are associated with a significant reduction in the cost of debt as compared to those rated by only local rating agencies. Unlike non-financial firms, the reputation effect of global rating agencies does not exist for Japanese financial firms. We also observe that firms with less information asymmetry are more likely to acquire ratings from Moody’s or S&P. Additionally, the firm’s financial profile does not affect its choice to seek out ratings from global raters. Our findings are contradictory to those by Han, Pagano, and Shin (2012), who employ bonds issued by non-financial firms in Japan. Our conjecture is that the asymmetric nature of financial firms makes investors less likely to depend on a credit risk assessment by rating agencies in determining the yields of new bonds.

Purpose - The purpose of this study is to analyze the comparative financial performance of outsourcing and vertically integrated corporations from Footwear and Apparel industry. Research design, data, and methodology - Secondary data is collected from the published audited annual reports of the footwear and apparel corporations listed on stock exchanges globally. In the current study, 40 footwear firms have been opted that include 20 vertically integrated and 20 outsourcing firms. The sample is distributed into two groups based on threshold up-to 50 percent respectively outsourcing and vertically integrated companies. Sample independent t-test is applied to compare the financial performance of outsourcing and vertically integrated firms. Results - Based on the investigation of 10 years’ data of financial ratio, the results of the study show that there is significant difference between outsourcing and vertical integration strategy on return on assets, return on equity while insignificant difference has found with profit margin. Conclusions - The findings of the current study indicates that there is significant difference between the financial performance of outsourcing and vertically integrated firms in terms of return on asset, return on equity and insignificant difference in terms of profit margin.

Purpose – This paper explores the determinants of bank lending to firms during and after the global financial crisis using firm- and bank-level data to answer the questions what caused the contraction of lending to firms despite the loosening monetary policy during this crisis period. Research design, data, and methodology – We investigate the effects of the monetary policy that followed the global financial crisis on firms borrowing. We use a dynamic panel model to address how firms lending respond to monetary policy. The data are obtained from CRETOP and we consider the manufacturing sector for the analysis to control for unobserved heterogeneity such as industry-specific shocks. Results – The findings from the empirical analysis suggest that both bank- and firm-level characteristics are significant determinants of bank lending. Especially, we find that corporate risk, measured by default risk, is one of the key factors that led to a decline in lending during the crisis. Conclusions – This paper shows that companies borrow more from liquid banks, and high bank capital can also contribute to an increase in a firm’s borrowing from banks. Especially, the results confirm that the default rate measured at the firm level has increased during and after the global financial crisis, which implies that default risk interplays with other firm and bank-level characteristics.

Purpose – This study measures how competitive securities broker-dealers are in the Korean financial markets. It aims to test whether the markets are perfectly competitive or monopolistic since the global financial crisis of 2008. Research design, data, and methodology – We apply the method developed by Panzar and Rosse (1987), H-statistics, which offers an index for the competitiveness as well as statistical tests. The dataset in use is retrieved mainly from the quarterly statements of the financial services companies by the Financial Statistics Information System of the Financial Supervisory Service. General information on officers and employees is utilized in addition to balance sheets and income statements of securities companies. Results – H-statistics for 2009-2015 is about 0.7 that is a robust estimate regardless of model specifications such as full trans-log, partial trans-log, and Cobb-Douglas regression equations. H-statistics for each year is also computed in similar ways in that it varies between 0.3 and 0.9. Conclusions – Since the global financial crisis, H-statistics concludes that securities broker-dealer markets in Korea is neither perfectly competitive nor monopolistic. It evidences that the markets are rather monopolistically competitive. The trend in annual H-statistics leads to the same conclusion but the result is not such stable that overall H-statistics implies.

Purpose - The aim of this study is to investigate the problems, challenges, opportunities and future prospects of Islamic banking and finance in the UK. However, this study brings forward into 3 main purposes. Firstly, to explore the development of financial institutions, products and regulatory reforms. Secondly, to find out the performance of Islamic banking institutions. Lastly, to identify the problems, challenges and Islamic banking future prospects. Research design, data, and methodology - An in-depth literature review was carried out to fulfil the research objectives. Results - The findings point out the basic problems of Islamic banking industry in UK such as unfavorable regulatory environment, unfamiliarity with the Islamic Banking System, lack of portfolio management, absence of liquidity instruments, in need of professional bankers, and blending of approach of Islamic scholars with the approach of the conventional bankers. The findings also indicate that there are greater opportunities in the UK for development and growth of Islamic financial system because Muslim community is eager to take financial products. Conclusions - It is hoped that issues pertaining to Islamic banking products can be resolved through consensus of Shariah scholars. There is need to educate the Muslim community about Islamic financial products and service.

Purpose – The purpose of this study is to empirically investigate the impact of donor’s fiscal status on aid decisions before and after the 2008 global financial crisis. The effects on aid can change depending on the donor country’s fiscal status and the period of financial crisis. Research design, data, and methodology – A fixed effect regression and dynamic panel GMM is conducted using a comprehensive dataset combining 31 donor and 167 recipient countries during 1996-2015. The key explanatory variable is central government debt-to-GDP ratio of donor country. Recipient countries' GNI per capita, population, governance indicators, and bilateral trade-to-GDP ratio between donor and recipient countries are included as control variables. Results – We can confirm the relationship between donor country’s fiscal status and aid flow. The cyclical component of government debt is found to have a negative impact on grant decisions particularly after the 2008 global financial crisis. This effect becomes larger in the countries with high government debt-to-GDP ratio. ODA decisions from the countries with low financial constraint do not significantly affected by the recipient countries’ factors such as GNI, population, and governance indicator. Conclusions – Based on the empirical results of this study, the source of aid should be diversified by incorporating private sector and innovative financing sources

This study extends research into whether disclosure of corporate and financial information is associated with firms’ costs of equity capital. This study sets out to examine empirically the determinants of corporate disclosure in the annual reports of 37 largest and most liquid firms listed on Kazakhstan Stock Exchange (KASE) in Kazakhstan. It also reports the results of the association between company-specific characteristics and disclosure of the sample companies. Based on the analysis of existing empirical research, the disclosure index has been constructed and regression analysis of the influence of the disclosure index on the cost of equity capital has been conducted. The obtained results show that the received findings correlate with foreign empirical studies, and the disclosure index in this sample has a negative impact on the cost of equity capital. Using cost of equity capital estimates derived from capital asset pricing model, we find that firms with higher levels of financial transparency are associated with significantly lower costs of equity capital. Economic theory assumes that by increasing the level of corporate reporting, firms not only increase their stock market liquidity, but also decrease the investors’ estimation risk, arising from uncertainty about future returns and payout distributions. The results show that firms on the Kazakhstan market can reduce their cost of equity capital by increasing the level of their voluntary corporate disclosures.

2001년 11월 WTO가입 이후 중국은, 2013년에 상품무역 전체규모가 4조 1600억 달러에 달해 세계 1 위 무역대국으로 급부상하였다. 그런데 이러한 상품무역의 성장에 힘입어 중국은 최근에 들어서 자국 내 금융지주회사를 국제적 수준으로 발전시켜 세계적인 경쟁력 확보와 제고를 위해 전력을 다하고 있지만, 아직 중국의 금융지주회사제도는 국제금융정세와의 합치성에 일정한 문제점을 노출시키고 있 다. 해당 문제점으로는 첫째, 중국은 현재 자주적인 금융지주회사법을 입법·보유하고 있지 않아 그에 따른 부당한 내부거래의 위험성이 항상 존재한다. 둘째, 금산분리가 엄격하게 지켜지지 않아 각종 은행지주회사들 외에도 한국에서 법으로 금지된 산업자본이 주도하는 은행지주회사까지 빈번하게 출현하고 있다. 셋째, 중국은 금융지주회사 내 관련기관 및 업무의 성격에 따라 분산감독을 실시에 따른 많은 감독체제상의 문제점을 노출하고 있다. 그러나 분명 중국 내 금융지주회사를 전향적으로 다원화하고 이를 국제적 수준으로 발전시키는 것이 중국의 금융시장이 세계적 경쟁력 확보에 필수적이라고 할 수 있다. 따라서 중국은 현재 중국의 법제상 불명확한 금융지주회사의 법적 지위를 먼저 명확하게 해야할 필요가 있다. 이를 위하여 중국 은 주변 금융 선진 국가들의 금융지주회사에 관한 감독법규를 참고하고 이들의 경험을 토대로 중국 내 금융지주회사들이 국제기준과 정합성을 갖추도록 노력해야할 것으로 사려 된다.

This research is carried out to investigate the relationship between sustainability practices and performance in a financial sense for Malaysian Oil and Gas sector. Objectives include to study the state of sustainability disclosure among Malaysian oil and gas companies, to understand if companies that practiced sustainability had better performances to their financial bottom-line and to conduct a data analysis to understand the relationship between Environmental, social and governance performance [represented by the acronym ACSI] and financial performance. Sustainability performance is measured using ACSI checklist, which is an adaptation of the GRI 3.0 by Global reporting initiative while financial performance was measured on financial and profitability parameters namely EBITDA, EPS and PE ratio. Secondary data sources are used which were then converted into a rating scale to develop quantitative data. SPSS 21 is used for the analysis. The result shows that the majority of oil and gas companies in Malaysia had poor performance in terms of sustainability disclosure. On all three chosen profitability parameters, the companies that practiced sustainability were found to perform better than their counterparts that did not. Strong and significant relationship exists between sustainability practices and better financial performance.

The main objective of the study is to measure the vulnerability of Indonesia's financial system stability in response to external shocks, including from regional economies namely three biggest Indonesia major trading partners (China, the U.S and Japan) and other external factors (oil price and the federal funds rate). Using Autoregressive Distributed Lag (ARDL) model and Orthogonalized Impulse Response Function (OIRF) with quarterly data over the period Q4 2002 - Q1 2016, results confirm that, 1) oil price response has the largest effect to Indonesia financial stability system and the effect period is the longest compared to others, represented by NPL and IHSG; 2) among those three economies, only China’s economic growth has significantly positive effect to Indonesia financial stability system. Based on the findings it is better for the authorities to: 1) Diversify international trade commodities by decreasing share of oil, gas, and mining export and boosting other potential sectors such as manufacture, and fisheries; 2) Ensure the survival of Indonesia large coal exporter companies without neglecting burden of national budget; and 3) Create buffer for demand shock from specific countries by diversifying and increasing share of trading from other countries particularly from ASEAN member states.

NFPs support a sustainable society and they rely on contributions from donors. Donor behavior is a kind of consumer behavior that influences fundraising by NFPs. In order to make fundraising functional under a principal-agent relationship, NFPs must construct trust through proper provision of accounting information. For donors, financial statements are main source of accounting information. Edelman revealed that the level of trust in Japan’s NFPs is the lowest in East Asia, because of a lack of transparency and accountability. Some researchers had investigated donor behavior as a kind of consumer behavior and had provided supportive results that accounting information influences donor behaviors, before this research was conducted. This research investigates this background by conducting questionnaire-based survey. Main questions of this questionnaire were created according to criteria that BBB are using for NFPs in the U.S. The results of this survey revealed the lack of reliability of basic accounting information in Japan and that education in higher educational institutions can improve this situation. This survey also revealed that a rating agency like BBB, which evaluates accounting information of NFPs, could improve trust on NFPs. The implications of this study can apply to the other countries and regions where trust in NFPs is insufficient.

Purpose – The objective of this study is to investigate the differences and interaction effects on the perceived financial risk between Korean and Thai consumers according to the types of product(utilitarian and hedonic) and price discount (bundle and 50%off). Research design, Data and Methodology – This paper sets up 6 research subjects. Data collection was carried out in Korea and Thailand. Data was made of 154 Korean and 147 Thai consumers. As for the independent variables for this study, consumer types are composed of Korean and Thai consumers, price discount types were bundle(1+1) and 50% off price, and product types consist of utilitarian and hedonic product. The dependent variable is perceived as a financial risk. Each question is measured as a Likert-type five-point scale. Results – According to the price discount and product type, perceived financial risk of Thai consumers is confirmed to be a larger one than that of Korean consumers. Also, there are interaction effects in the perceived financial risk. Conclusion – Our findings can be used as useful information for global retail markets as marketing strategies in future Korean enterprise through a comparative study on Korean and Thai consumers.

This study discusses several issues which are very important in worldwide mergers and acquisitions, such as cultural differences, culture clashes, operating results and financial quality. A case of SAIC Motor's acquisition of Ssangyong Motor is examined. For this study, 20 financial ratios are used to calculate the financial quality of SAIC in the post-acquisition integration. The result shows that cultural differences possibly have a negative effect on post-acquisition integration and cultural clashes are the root cause of the financial quality plummet. The suggestions are also provided that top managers should pay much more attention to the negative effects of cultural clashes and strengthen cultural integration.

Purpose To mislead shareholders – about a firm’s actual economic performance, managers frequently manage dividends. Earnings management also affects performance reviews. Managers attempt to manage reported earnings caused by current economic events to accurately reflect their current performance. Research design, data, and methodology – The sample consisted of 312 company-years from companies in the pharmaceutical distribution industry listed on the Tehran Stock Exchange. A study period from 2004 to 2014 was selected. In this study, a model for measuring the performance of the net profits to total assets of a division of Jones was used to measure earnings management. Results – This study found a negative correlation between corporate performance and earnings management. Conclusions – The results for the earnings management company indicated a significant inverse relationship. Therefore, the company’s performance weakened as its earnings management activity increased. In other words, the results showed that the company’s performance-based accruals earnings management, the actual management of profits, and the general level of earnings management had significant inverse relationships. Thus, as the company’s profits declined, earnings management activity increased.

"자본시장과 금융투자업에 관한 법률"은 기존의 한국 자본금융관련법률이 가지는 대내적, 대외적 한계를 극복하여, 당시의 국제경제의 흐름에 대응하기 위하여 제정되었다. 즉, 당시 한국내의 금융체계가 간접금융상품에 편중되어 있고, 이로 인하여 기업들이 국내자본시장을 통하여 원활한 자본조달에 한계를 가졌고, 통일화 되지 못한 법체계로 인하여 금융업계 역시 그 운영과 성장에 많은 제약을 가지고 있었다. 또한 투자자들에 대한 보호 역시 부족하여 자본금융시장에 대한 위험인식이 높은 상황에서, 전세계의 개방화 추세를 따르기에 역부족이었다. 이에 포괄주의 규율체제로 전환, 기능별 규율체제로의 전환, 금융업무범위의 확대, 투자자 보호제도 선진화를 골간으로 기존의 관련법률들을 정리하고 통합하여 현재의 "자본시장과 금융투자업에 관한 법률"을 제정하였다.

Purpose This thesis – aims to propose a method to help financial institutions improve their customers’ convenience online and offline through a Bluetooth based App using the tool of a beacon. The emergence of smartphones in the 21st century and their increasing use makes it possible to search for information easily. Research design, data, and methodology – With the short-distance Bluetooth technology for smartphones, which finds users within a radius of 50m to provide the functions of message transmission and mobile payment, users can access information services and use mobile coupons in certain premises. Thus, beacon-based O2O technology has been developed. Results – This study offers a method of attracting customers through an O2O marketing strategy that overcomes the existing limitations of Web and Offline media. Conclusions –Since beacon technology has the advantage of more accurate positioning than GPS, financial institutions provide their product information for users through the basic function of a beacon, using an O2O (Online to Offline) marketing solution and, therefore, effectively enable customers to make relevant payments online and conduct their financial actions offline.

This study investigates extensively the integration of various segments of financial markets (i.e. money market, lending and deposit market, exchange rate market, and capital market) both domestically and internationally. Cointegration approach is employed in the study to find out long term relationship among the variables. Data are on a monthly interval for the period spreads over 2001 to 2010. The results show no evidence of cointegration between money market and exchange rate market and between capital market and exchange rate market of Pakistan. On the other hand, international financial markets integration is also investigated and the findings revealed that domestic money market rates of Pakistan and USA are not cointegrated. Whereas, an evidence of cointegration between capital markets of Pakistan and USA is found in this study.

Because of full liquidity of financial resources, financial industry cluster has emerged and developed. In China, Shanghai1, Beijing, Shenzhen and other cities assemble plenty of financial resources and financial institutions, promoting economy development. This paper takes 40 cities as sample, uses factor analysis to measure the degree of financial industry cluster in big and medium cities. The result is that: Shanghai and Beijing are national financial centers, Shenzhen, Guangzhou, Tianjin, and other cities are regional financial centers, Ningbo, Xian and other cities have not formed financial cluster.

정보기술의 발달은 CRM분야의 혁신을 가져왔고 많은 기업들은 CRM기술혁신 분야에 투자하여 개별고객가치에 의한 차별화된 고 객관리가 가능하게 됨으로써 장기고객의 지속적 확보와 비용절감 효과를 얻고자 하였다. 기업들은 경쟁력 확보를 위한 전략적 도구 로서 정보기술을 이용한 차별화된 서비스를 제공하지 않으면 고객 과의 관계 형성이 어려워 경쟁우위를 달성할 수 없게 되었다. 이 러한 측면에서 고객에 대한 맞춤형 재화와 서비스의 제공이 필수 적인 것이 되었으며, 기업 내 모든 자원이 전사적으로 통합관리 되는 전사적 자원관리(ERP)시스템과 과학적이고 체계적으로 고객 정보를 활용할 수 있도록 설계된 고객관계관리(CRM)시스템은 기 업의 경쟁력 강화를 위해 반드시 갖추어야 할 시스템이라고 할 수 있다. 본 연구는 한국 금융기관에서 실행되고 있는 CRM의 문제점과 개선방안을 제시하는데 목적을 두고 CRM의 이론적 배경을 살펴 보고 현재 금융기관의 CRM 구축상황을 분석하여 개선방안을 제 시하였다.