In recent years, China's agricultural listed companies have developed rapidly. This paper studies the operating efficiency of listed agricultural companies in China. exploring the factors that affect the operating efficiency of listed agricultural companies, and proposes targeted countermeasures for the development of listed agricultural companies. And give some suggestions to Korean agricultural companies and A share investors. This paper uses the DEA model, selects the 40 best-developed Chinese agricultural listed companies in 2018 as a sample, analyzes the operating efficiency of these companies, and added two new input variables: asset impairment losses (AIL) and business tax and surcharge (BTS), which will also have an impact on operating efficiency. This paper can provide reliable suggestions for the development of agricultural listed companies, and thus guide the healthy operation of agricultural companies.

이 연구는 제4차 산업혁명 관련 혁신 기술의 일자리 영향을 규명하 고자 한다. 이를 위해, 먼저 제3차 산업혁명과 구분되는 제4차 산업혁 명의 개념 및 유래, 그리고 기술혁명이 일자리에 미치는 영향 등에 관 한 문헌고찰을 진행하였다. 다음으로 기술혁신으로 인한 직업의 양극화 현상과 관련하여 ‘숙련 편향적 기술발전(Skill-biased technological change) 가설’ 검증의 대상을 미국의 대표 상장기업에 속해있는 3개 집단으로 구분하여 확장한다. 첫 번째는 다우존스 산업평균지수(DOW JONES Industrial Average, DJIA)에 포함되는 29개 기업, 두 번째는 이 29개 기업 중 나스닥 100지수에 포함되는 기업 5개, 세 번째는 그 외 IT업계를 선도하는 대표기업 FANG(Facebook・Amazon・Netfli x・Google)이다. 이들 세 집단 간 최근 4년 간 종업원수 증감율을 비 교분석하였다. 분석 결과, 다우존스 산업평균지수 29개 기업 +1.01%, 이 29개 기업 중 나스닥 100지수에 해당되는 5개 기업 +1.03, 나스닥 100지수 대표 4개 기업 ‘FANG’ +1.29로 차이를 나타냈다. 이로써 제4 차 산업혁명이 개인의 임금 간 격차 뿐 아니라, 기업 간 고용에 있어서 도 제4차 산업혁명의 일자리 영향에 대한 실증연구의 단초를 제공했다 는 점에서 연구의 의의를 찾을 수 있다.

본 연구는 한국과 인도 상장기업 1,191개를 대상으로 2002년부터 2010년까지의 자료를 사용하여 양국 기업의 자본구조 및 부채만기 결정요인에 관한 연구를 수행하였다. 자본구조를 결정하는 기업 특성요인들에 대한 분석결과는 첫째, 이익과 기업규모는 양국 간에 일치함을 보이는데, 총자산영업이익율은 부채비율과 부(-)의 관계와 자본조달순서이론(pecking order theory)에 부합함을 보인반면, 기업규모는 정(+)의 관계와 상충이론(trade-off theory) 및 대리인이론(agency theory)에 부합함을 보인다. 둘째, 유형자산과 성장기회는 양국 간에 불일치함을 보이는데, 유형자산비율은 한국기업의 경우 부(-)의 관계와 자본조달순서이론에 부합함을, 인도기업의 경우 정(+)의 관계와 상충이론 및 대리인이론에 부합함을 보이고, 시장가 대 장부가 비율은 시장가 부채비율에 대해서 양국 모두 부(-)의 관계와 상충이론, 대리인이론 및 자본조달순서이론에 부합함을 보인다. 부채만기를 결정하는 기업 특성요인들에 대한 분석결과는 첫째, 유형자산, 이익 및 기업규모는 한국기업의 경우 예상대로 부(-)의 부호를 보여 이들 변수가 커질수록 부채만기가 길어짐을 보이나, 인도기업의 경우에는 유의한 관계를 보이지 않는다. 둘째, 성장기회는 한국기업의 경우 예상과 달리 정(+)의 관계를 보이는 반면, 인도기업의 경우는 예상대로 부(-)의 관계를 보이는 것으로 나타났다. 한편, 인도 재벌기업이 한국 재벌기업보다 부채비율이 유의하게 높은 것으로 나타나고 있는데, 이는 한국재벌 대주주 지분율이 인도재벌에 비해 낮을 뿐만 아니라 재벌에 대한 감시비용이 더 높기 때문에 한국 재벌의 경우 부채의 대리인비용이 인도 재벌보다 크기 때문인 것으로 생각된다. 이와 같이 양국 기업의 자본구조와 부채만기가 다른 이유는 첫째, 인도는 영국의 영향을 받아 영미법(common law) 에 기반을 두고 있고 법적으로는 투자자 보호가 잘 되어 있으나 실질적으로는 정부와 사법부의 부패와 비효율적인 법 시스템으로 인해 자본시장을 통한 자금조달이 미미하고, 둘째 인도의 은행예금/GDP 비중과 대출/예금 비중이 우리나라에 비해 매우 낮을 뿐만 아니라 국영은행 위주의 중장기성 정책자금 대출이 많이 이루어지고 있는 관계로 은행을 통한 자금조달에도 한계가 있고, 셋째 인도는 기업간 신용(trade credit)이나 관계회사 대출과 같은 대체자금(alternative financing)에 대한 의존도가 매우 높고, 넷째 인도의 법인세와 이자 및 배당소득세 제도가 레버리지로 인한 세금효과를 더 크게 만들기 때문인 것으로 보인다.

I investigate whether the efficient ratios used as the proxies of the agency costs maintained by Ang et al.(2000) is significant. Utilizing a sample of 77 manufacturing companies listed on the KOSDAQ from the TS2000 of the KSDA, The results are as follows

This paper aims to propose a Comprehensive Decision Support Model to evaluate retail companies’ financial performance traded on the Vietnam Stock Exchange Market. The financial performance has been examined in terms of the valuations ratios, profitability ratios, growth rates, liquidity ratios, efficiency ratios, and leverage ratios. The data of twelve companies from the first quarter to the fourth quarter of 2019 and the first quarter of 2020 were employed. The weights of 18 chosen financial ratios are calculated by using the Standard Deviation method (SD). Grey Relational Analysis technique was applied to obtain the final ranking of each company in each quarter. The results showed that leverage ratios have the most significant impact on the retail companies’ financial performance and gives some long-term investment recommendations for stakeholders and indicated that the Taseco Air Services Joint Stock Company (AST), Mobile World Investment Corporation (MWG), and Cam Ranh International Airport Services Joint Stock Company (CIA) are three of the top efficient companies. The three of the worst companies are Viglacera Corporation (VGC), Saigon General Service Corporation (SVC), and HocMon Trade Joint Stock Company (HTC). Furthermore, this study suggests that the GRA model could be implemented effectively to ranking companies of other industries in the future research.

In accordance with huge demand for capital to meet the expansion of steel production, there are more and more steel companies who have officially listed their stocks in HOSE and HNX. One of the key issues in successful initial public offerings and seasonal offerings for these companies is how to make stocks of steel companies become more attractive in the eyes of investors. The purpose of this research is to analyze the determinants of share prices of listed steel companies in Vietnam. This study utilized macro-economic variables, ratios and indicators representing characteristics of steel industry collected from Quarter 1/2006 to Quarter 4/2019 in association with the panel data and the feasible generalized least square (FGLS) model to evaluate the degree of these factors on the share prices. The results of the research show that ROE, Cons_rate, and CO2_rate are three main factors affecting the share prices of listed steel companies. Among which, ROE and Cons_rate have a positive effect, while CO2_rate has a negative effect on the share prices of listed steel companies. It also confirms the relationship between the environmental factor, construction industry factor and the stock prices. This lays foundations for recommendations for the future policies towards environmental protection and sustainable development.

The aim of this article is to determine the influence of factors on the capital structure of construction companies listed on the Hanoi Stock Exchange. The data of the article were collected and calculated from the financial statements of 54 construction companies listed on Hanoi Stock Exchange from 2012 to 2019. With the application of E-view software in quantitative analysis to build panel data regression model (panel data), the article has built a regression model to determine the relationship of intrinsic factors affecting the capital structure of construction companies listed on Hanoi Stock Exchange. In the study, dependent variable is capital structure, determined by the debt-toequity ratio. Profitability, coefficient of solvency, size, loan interest rate, structure of tangible assets, and growth are independent variables. The results showed that the two factors of growth and firm size positively affect the capital structure, the profitability factor has the opposite effect on capital structure. Factors of short-term debt solvency, average loan interest rate and tangible asset structure have no correlation with capital structure. The findings of this article are useful for business administrators, helping business managers make the right financial decisions to make capital structure decisions in their own conditions.

The study investigates the association between the effectiveness of the board of directors and the likelihood that a company receives a modified audit opinion (as a measure of the quality of companies’ external financial reporting) in Malaysia. The sample companies were extracted from the population of publicly-available information mainly the annual reports of publicly-listed companies on the Bursa Malaysia. 136 firm-year observations listed on Bursa Malaysia were identified to examine the relationship between the effectiveness of the board of directors and a modified audit opinion. Data used in this study are collected from two separate sources – annual reports and Datastream. Any missing financial figure from Datastream was acquired from the annual reports. To test the study’s hypotheses, we use the pooled cross-sectional logistic regression analysis for 136 firm-year observations listed on Bursa Malaysia over the period 2009-2011. The evidence we have uncovered is consistent with the hypothesis that companies with large score of the board of directors’ effectiveness are less possible to receive a modified audit opinion. Therefore, the result confirms that the combined effect of the board of directors’ characteristics has a significant negative association with the likelihood of the companies receiving a modified audit opinion.

The study investigates Environmental Accounting Information (EAI) as well as factors affecting the environmental accounting implementation by the construction firms listed on the Ho Chi Minh Stock Exchange (HOSE), Vietnam. After eliminating seven enterprises that lacked data, the authors selected a sample of 112 observations from 28 construction businesses listed on the Ho Chi Minh Stock Exchange in the period 2015-2018. This study uses research data extracted from the companies’ annual reports. Then, the data are analyzed by Stata 13 software, including descriptive statistics, correlation coefficient analysis, regression analysis of table data using estimation methods (Pooled OLS, REM, FEM), and testing of model defects (heteroskedasticity test, multicollinearity test, autocorrelation test). The results show that construction companies listed on the Ho Chi Minh Stock Exchange have out factors affecting the environmental accounting implementation by these enterprises, including independent audit firm and listed time. While the independent auditor firm has a positive and significant impact, the listed time has a negative influence. In addition, our study has confirmed the role of institutional factors affecting the disclosure level of EAI on the implementation of environmental accounting by construction enterprises listed on the Ho Chi Minh Stock Exchange.

This paper examines whether the combination of risk management and audit committee functions are associated with audit report lag. Audit report lag is considered an important aspect of the financial reporting. The financial reports are the main source of information for shareholders through which they make their decisions and it assists in reducing the information asymmetry. As the internal control mechanisms substitute the external ones, the internal board committees formed by the board of directors can reduce the audit work and, consequently, reduces the audit report lag. A key committee is the risk management committee. This paper examines whether the combination of risk management and audit committee functions are associated with audit report lag. We posit that a combination of such functions in one committee refereed as audit committee affects the audit report delay. Data were obtained from 198 manufacturing companies listed on the Saudi Stock Exchange (Tadawul) for the years 2016-2018. A pooled OLS regression analysis shows that a combination of risk management and audit committee functions in a stand-alone committee named “audit committee” is associated with longer audit report lag. The outcomes suggest companies should prioritize the establishment of standalone risk management committee with activities separated from those of audit committees.

The study examines the impact of corporate social responsibility (CSR) activity on the firm market value, in particular, market capitalization of tour operators listed on Chinese stock markets. This study employs panel data analysis methods to examine endogeneity concerns in observational data. The balanced panel data includes a total of 1,296 observations with 27 cross-sections of tour operators listed on Chinese stock markets and with 48 time-specific periods from March 2006 to December 2017. The results indicate that CSR activity has a negative impact on the market value of the firm for the concurrent period, but from one-period time lag and afterwards CSR activity has a strong positive impact on the market value and sustains its positive impact on the market value even for a two-period time lag. The findings suggest that the economic effect of CSR activity on the firm market value tends to take some degree of lagged effects to be fully showcased in the market capitalization of tour operators and travel companies listed on Chinese stock markets. The findings suggest that, though CSR activity may carry some financial risk for an immediate short-term, tour operators must put a lot of time and effort into making CSR actions effective.

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 provide some plausible explanation for why Vietnamese listed companies only stop at the level of truthful presentation of information related to accounting data through the opinion of independent auditors. The information is only at the level of compliance with the requirements of Circular 155/2015/TT-BTC in form, but in essence is sketchy. What factors affect the level of voluntary disclosure of listed companies in Vietnam? In order to identify the factors affecting voluntary information disclosure on annual reports of listed companies, the study collected data on annual reports of 122 companies listed on the stock market in Ho Chi Minh City in the period 2015-2018 and uses regression analysis methods. The research presents 8 factors affecting the level of voluntary information disclosure including: Firm size, Listed time, Profitability, Solvency, Separation of board of directors and executive director, Board size, Organizational ownership and Foreign ownership. Next, the study conducted descriptive statistical analysis correlation coefficient analysis to examine the correlation and relevance of independent variables measured by the scale ratio, testing multiple linear regression model. The results of the study show that factors listed time, profitability and organizational ownership affecting voluntary information disclosure on annual reports of listed companies in Vietnam.

The research objective of the paper is to clarify the factors influencing system risks of listed companies in Vietnam, with a focus on clarifying the relationship and quantifying the impacts of ownership structure on systemic risk of listed companies. The data used in this study included financial statements and stock price data of listed companies on the Ho Chi Minh City Stock Exchange and Hanoi Stock Exchange of Vietnam stock market in the period from 2010 to 2017. The paper used the method of estimation in establising the regression models to choose among three models: Random Effect Model, Fixed Effect Model or Pooled OLS for regression using Stata statistical software. The research results showed that state ownership and ownership by foreign investors were positively related to systemic risk, while ownership by domestic investors had a reverse relationship with systemic risk of listed companies in Vietnam. In addition, as a control variable, both company size and profitability had an effect on the systemic risk of listed companies in the research sample. Based on the research results, the authors interpreted some of the implications in order to minimize systemic risks in the operation of listed companies in Vietnam.

Environmental pollution and climate change in Vietnam are now becoming a major concern. This situation is increasing the pressure on the companies to improve their social responsibility in production and business activities and disclose the environmental information to meet the requirements of stakeholders. This study investigates the internal and external factors of the company that affects the environmental information disclosure of listed companies on the Vietnam stock market as business sector, firm size, corporate manager perceptions, profitability, financial leverage, community pressure, pressures from stakeholders, government pressure influencing environmental information disclosure. Analytical data collected through the survey of 120 listed companies on the Ho Chi Minh City Stock Exchange (HOSE). By testing Cronbach's Alpha, exploratory factor analysis (EFA) and logistic regression analysis, the results of the study show that the level of environmental information disclosure of listed companies on the stock market in Vietnam depends heavily on government regulations, followed by the pressure from stakeholders, community pressure, views of business managers, companies size, business sector, and particularly profitability and financial leverage factors that have a negative relationship with environmental information disclosure.

This study examines the impact of corporate governance on capital structure decisions based on a large panel of Chinese listed firms. Using the system Generalized Method of Moments (GMM) estimator to control for unobserved heterogeneity, endogeneity, and persistency in capital structure decisions, we document that the ownership structure plays a significant role in determining leverage ratios. More specially, we find that managerial ownership has a positive and significant impact on firms’ leverage, consistent with the incentive alignment hypothesis. We also find that managerial ownership only affects the leverage decisions of private firms in the post-2005 split share reform period. State ownership negatively influence leverage decisions implying that SOEs may face fewer restrictions in equity issuance and may receive favourable treatments when applying for seasoned equity 􀂿nancing, thus use less debt. Furthermore, our results show that while foreign ownership negatively influences leverage decisions, legal person shareholding positively influences firms’ leverage decisions only for state controlled firms. We also find that the board structure variables (board size and the proportion of independent directors) do not influence firms’ capital structure decisions. Our findings suggest that recent ownership reforms have been successful in terms of providing incentive to managers through managerial shareholdings to take risky financial choices.

The study examines the effects of growth opportunities, debt maturity and liquidity risk on leverage, making use of a large panel of Chinese listed firms. Research on capital structure has broadened its scope from a single capital structure decision (the debt/equity choice) to various attributes of the debt in firms’ capital structure. We use the system Generalized Method of Moments estimator to control for unobserved heterogeneity and the potential endogeneity of regressors. We find a negative relationship between growth opportunities and leverage. Further, we find that while the proportion of short-term debt attenuates the negative effect of growth opportunities on leverage, it negatively affects leverage as predicted by the liquidity risk hypothesis. When we distinguish between state owned firms and private controlled firms, we find evidence that these effects are only relevant to private controlled firms. However, our analysis indicates that the economic implication of liquidity risk effect is much lower for Chinese firms than that observed in the literature for US firms. Our study suggests that these differences can be explained by differences in the institutional environment in which firms operate. This finding related to Diamond’s (1991) liquidity risk hypothesis extends our understanding of the relationship between liquidity risk and the debt maturity choice.

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.

This study aims to investigate the determinants of dividend payout of Oil and Gas industry of Pakistan using secondary data from published annual reports from 2008 to 2014 listed on KSE (Karachi Stock Exchange). Dividend payout can be affected by profitability, firm size, financial leverage, sales growth, investment opportunities, liquidity, business risk, and ownership structure. Panel data technique used due to panel characteristics of available data with ordinary least square regression model to find out the impact of set of explanatory variables on the dividend payout using the Stata. Financial leverage, sales growth and business risks are the most significant variables of the study where financial leverage and business risk have significant negative effect on dividend payout while sales growth has favorable positive impact on dividend payout. Results revealed significant positive link of profitability and firm size with dividend payout whereas government ownership is negatively associated with dividend payout. Investment opportunities, liquidity and managerial ownership showed insignificant relationship with dividend payout. This Suggests that dividend payout policy is dependent on business strategies including both investment and financing decisions. Financial managers should consider these factors while formulating dividend policy of the firm.