본 연구는 제품혁신에 초점을 맞추어 기술혁신이 기업의 수익과 재무안정성에 미치는 영향을 분석하고 기업의 지속성장을 위한 전략적 시사점을 도출하는 데 목적이 있다. 제품혁신은 신제품개발 및 도입으로 정의한다. 기업의 수익은 종업원 1인당 매출액과 매출액 증가율로 측정하고, 재무안정성은 자기자본대비 부채비율과 유동비율로 측정한다. 실증분석 은 제품혁신의 내생성을 고려하여 2단계 추정법을 사용하였고, 분석자료는 ｢인적자본기업패 널(HCCP)｣의 1차(2005년)～6차(2015년) 자료와 한국신용평가(주)의 기업재무자료를 병합한 자료이다. 분석결과에 의하면, 제품혁신은 기업의 지식자본스톡과 인적자원투자, 시장선도전 략 등에 영향을 받으며, 제품혁신이 활발히 이루어지는 기업일수록 1인당 매출액과 매출액 증가율이 높고 부채비율은 낮으며 유동비율이 높다. 이러한 분석결과는 기술혁신투자와 이 를 통한 제품혁신이 기업의 단기수익 창출 및 장기적인 재무안정성을 촉진하는 중요한 전략 이라는 것을 의미한다.

After the catastrophic financial crisis in of 2008, a significant portion of the legal academia in the globe has started to concentrate on the interrelationship between law, financial stability and economic development. Through reviewing the voluminous literature in this field, it is figured out that the scope of law has been largely confined to strengthening regulation of the pre-crisis unbundled derivative transactions and enhancing cooperation among sovereign States by making formal sources of international law. Few discussions have been made to scrutinize the existing regulatory structures for the domestic financial markets of sovereign countries and demonstrate the potential possessed by informal international law in reinforcing the efficacy of these regulatory structures. By comparing the financial regulatory structures in Hong Kong, Mainland China, the UK and the US and the core principles of the BIS, the IOSCO and the IAIS, this article attempts to fill in the above research gap to some extent.

Stability and sustainability of the biggest banks in any country are extremely important. When big banks become unstable and vulnerable, they typically stop lending. The resulting credit squeeze pushes the economy into recession or a slow growth path. The present study examines the financial stability and sustainability of the 30 large banks operating in the six Gulf Cooperation Council countries. These banks represent 70% of the GCC banking market. Monte Carlo simulation was attempted assuming that key drivers can vary randomly by twenty percent on either side of the current values. The conclusions are drawn based on 300 simulation trails of the five-year forecast balance and income statement of each bank. Year 2020 is not favorable for the GCC countries because of the COVID-19 pandemic and low oil prices, though the future years may be better. The study identifies several banks, which may become financially unsustainable because the simulations indicate the possibility of negative profitability, unacceptably low capital ratios and potential for heavy credit losses during periods of economic turbulence, which is the current situation due to the COVID-19 pandemic. Through simulation the paper is able to throw light on which factors lead to bank instability and weakness.

This study examines the relationship between gender diversity (women on the board and women on the audit committee) and a firm’s financial stability. The ordinary least square analysis was used to determine the relationship. To measure the financial stability of Malaysian suspect firms, i.e., firms with the lowest positive earnings, the Altman (1993) Z-Score measurement was utilized. The results indicate that women on the board are significantly and negatively associated with the firm’s financial stability. That is, they are related to low financial stability, which contradicts the agency and resource dependence theories. Regarding women directors on the audit committee, there is no significant relationship with financial stability, meaning that they cannot protect the company against financial distress. These results are robust and do not change when using different measurements of gender diversity, one-year lag of independent variables, and other methods of analysis, namely random effect panel data. This study is the first to alert policymakers, stakeholders, researchers, and society in general to the need to re-evaluate and strengthen the role of women directors in improving firms’ financial stability, particularly in emerging economies like Malaysia.

As an effort to achieve sustainable development and increase people’s welfare, financial inclusion has become the policy agenda of many countries. Therefore, the effect of financial inclusion on economic growth, poverty, income inequality, and financial stability in several countries in Asia has become the goal and this is the subject of this study. Financial inclusion is measured by 3 dimensions, namely banking penetration, access to banking services, and use of banking services. Poverty ratio below the national poverty line and the Gini coefficient are used as indicators of poverty and income inequality. Financial stability is measured by Bank Z-Score and bank nonperforming loans. The results from the hypothesis test shows that all dimensions of financial stability simultaneously have significant influence on economic growth, poverty, income inequality, and financial stability. On the other hand, the partial impact of financial inclusion dimension on economic growth, poverty alleviation, income inequality, and financial stability in ten countries of Asia has not been optimal. The derived results of this study is required to be interpreted and considered by the Governments of each country in developing strategies for increasing financial inclusion, so that the policy to achieve sustainable development and enhancement of people’s welfare can be achieved.

This paper intends to explore the relationship between financial inclusion and financial stability under the scope of Asian economies. The linkage will be thoroughly investigated with country-level and bank-level data of 42 countries in three separate years: 2011, 2014, and 2017. In this study, an inclusive financial system is assessed by two dimensions: usage of financial services and access to the financial system. Usage of financial services ranges from account to credit, savings and payment services. Access to financial system measures the financial outreach where individuals can use financial services. Meanwhile, financial stability, which proxied by Bank Z-score is regarded as the dependent variable. We apply fixed effects regression and random effects regression to capture the impacts of financial inclusion upon financial stability. To enhance the robustness of the model, the Feasible Generalized Least Squares (FGLS) regression is therefore adopted as the solution for the random effects regression. The empirical findings exhibit an overall weak positive influence of financial inclusion on financial stability. The research results also provide both financial institutions and governments with insightful information, which helps them to have an appropriate financial development strategy, improve the regulatory framework and consequently enhance financial stability for the whole system.

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.