Journal of Asia-Pacific Business最新文献

{"title":"Beyond Covid-19: The Prospects of Multilateralism","authors":"R. Ajami, H. Karimi","doi":"10.1080/10599231.2023.2196705","DOIUrl":"https://doi.org/10.1080/10599231.2023.2196705","url":null,"abstract":"The Coronavirus severely impacted the global economy and global markets across the Asia Pacific countries and economies. China’s GDP growth rate declined significantly following the lockdown of its economy due to covid. Traditionally, the Chinese economy was growing at 6–8% annually. It declined during the pandemic to about 3–4% annually, and continues to be the same for the early part of 2023. The Covid pandemic also impacted other countries and economies throughout Europe, the Americas, Canada, and the United States, as well as many other emerging economies. The Middle East and North Africa equally suffered; however, the oil producers had the benefit of the increase in the oil price and their economy managed to continue to grow. The globalization of the last six decades under a framework of a liberal global economy led by the United States created significant economic interdependencies and brought about liberalization of global society and significant increases in trade and investments. This globalization equally resulted in social and economic costs that impacted workers and a large segment of lower paid employees in OECD countries and the emerging economies of the global south. This globalization and COVID-19 created disruption to global supply chains and resulted in shortages impacting consumers and producers throughout the globe. These economic dislocations resulted in protectionist sentiments and overall protectionism in many countries. It also led to higher rates of inflation worldwide. China, the second largest GDP after the United States estimated at over 13 trillion dollars suffered significant decline and tarnished the label of China as the “Factory of the World.” It also reduced China’s ability to export and resulted in job losses within the Chinese economy and has called upon the Chinese leadership to assess its stand and its economic place and influence in the global economy. The current Chinese policy makers have recently embarked on a different approach to global linkages and embraced multilateralism as a framework whereby economic and business linkages can be supported in a multilateral framework that could reduce political conflict. The Chinese leader Xi Jinping recently reached out to Iran and Saudi Arabia to help reduce the conflict between the two countries. Both countries are major oil producers and China found it in its interest as a major oil importer to bring the two countries together. In this framework, political accommodations can complement trade and investment between former antagonists and China’s dependency on oil imports could become more manageable and improve the oil market as well as trade and investment in the region and help the oil producers find common grounds and continue to supply oil to China. The JOURNAL OF ASIA-PACIFIC BUSINESS 2023, VOL. 24, NO. 1, 1–3 https://doi.org/10.1080/10599231.2023.2196705","PeriodicalId":15043,"journal":{"name":"Journal of Asia-Pacific Business","volume":"24 1","pages":"1 - 3"},"PeriodicalIF":0.0,"publicationDate":"2023-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41606401","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Financial Crises and Capital Structure Decisions: Empirical Evidence from Emerging Markets","authors":"Bülent Aybar, Seyda Z. Deligonul, Bo An","doi":"10.1080/10599231.2023.2197395","DOIUrl":"https://doi.org/10.1080/10599231.2023.2197395","url":null,"abstract":"ABSTRACT This study analyzes emerging market firms’ capital structure decisions. We select the reference as 2007–2008 financial crisis and study the temporal behavior. We investigate if EM firms differ in decisions of issuing debt and equity and if their responses to the global financial crisis are explicable with the existing theories. Our findings suggest that the crisis behavior of EM firms is not fully conformable with the extant theories. Their debt and equity reversals are antithetical, that is in the reverse direction from the last extreme point, driving a pattern to stagger between substantial debt issues followed by equity expansions.","PeriodicalId":15043,"journal":{"name":"Journal of Asia-Pacific Business","volume":"24 1","pages":"19 - 38"},"PeriodicalIF":0.0,"publicationDate":"2023-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48638969","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"CSR and Tax Avoidance: Are They Related? A Perspective of Neo-Institutional Theory in Emerging Economy Malaysia","authors":"Noorsakinah Abdul Wahab, Mohd Zulkhairi Mustapha, Nurliana Md Rahin","doi":"10.1080/10599231.2022.2145628","DOIUrl":"https://doi.org/10.1080/10599231.2022.2145628","url":null,"abstract":"ABSTRACT Grounded on the Neo-institutional theory, this paper investigates the relationship between corporate social responsibility (CSR) decoupling and tax avoidance in three CSR dimensions, particularly community, employee, and environment. A sample of 52 Malaysian listed companies for the financial years of 2009 to 2019 provides evidence that overall, CSR and tax are unrelated except for community CSR. The finding implies that companies do not view avoiding tax as immoral, lending credence to the belief that the relationship between CSR and tax is complex subject than mere ethical issue.","PeriodicalId":15043,"journal":{"name":"Journal of Asia-Pacific Business","volume":"23 1","pages":"360 - 384"},"PeriodicalIF":0.0,"publicationDate":"2022-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46167745","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Determination of Properties of the Benchmark Index through Strangle Option Strategies","authors":"P. Bangur, Manoj Singh, Pankaj Singh, R. Bangur","doi":"10.1080/10599231.2022.2145626","DOIUrl":"https://doi.org/10.1080/10599231.2022.2145626","url":null,"abstract":"ABSTRACT The purpose of this paper is to measure the intrinsic characteristics of the Indian capital market through the long and short strangle options strategies. The study uses the trigonometric ratio Tan θ to form the monthly angle between strategy profit and Nifty closing. Further, the results of monthly angle formation have been verified by the regression analysis. The result of the angle formation indicates that the short strangle option strategy may perform better on the Nifty Index in the future. To the best of our knowledge, this is the first research where different properties of any index through the strangle options strategies using the Angle (Tan θ) have been analyzed on the Nifty Index of India. These findings will help investment management companies, retail investors, and investment advisors for profit maximization while trading in Nifty.","PeriodicalId":15043,"journal":{"name":"Journal of Asia-Pacific Business","volume":"2017 24","pages":"326 - 337"},"PeriodicalIF":0.0,"publicationDate":"2022-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41331888","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Shareholder Perks and Stock Performance: Evidence during the Global Financial Crisis","authors":"Yuta Uchida, Xiangyu Chen, Jittima Tongurai","doi":"10.1080/10599231.2022.2145627","DOIUrl":"https://doi.org/10.1080/10599231.2022.2145627","url":null,"abstract":"ABSTRACT This study examines the effects of shareholder perks on stock returns of publicly listed firms in Japan during the 2008 global financial crisis. We find that stocks of firms that offered shareholder perks had higher cumulative abnormal returns (CARs) than those of firms that did not pay perks. The higher CARs of perk-offering firms appeared to be short-term, up to the perk day. Additionally, we find that a higher unit value of perks contributed to better stock performance. This positive relationship between perk value and stock return existed in both the short and long estimation windows.","PeriodicalId":15043,"journal":{"name":"Journal of Asia-Pacific Business","volume":"23 1","pages":"338 - 359"},"PeriodicalIF":0.0,"publicationDate":"2022-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48584806","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Deglobalization: Economic and Political Challenges","authors":"R. Ajami","doi":"10.1080/10599231.2022.2145623","DOIUrl":"https://doi.org/10.1080/10599231.2022.2145623","url":null,"abstract":"During the last seventy years, a US-centric globalization following World War II flourished. Free market structures and policies nurtured the growth and advancements of global markets and improved the economic conditions of a large segment of the global population. In a US-based global American multinational system, US global 500 firms grew and flourished and helped the economic recovery of Europe, as well as Japan and South Korea, and aided other smaller Asian economies. The arrival of the Indian economy to the global marketplace lifted the 1.3 billion inhabitants of the Indian lower and middle classes. Furthermore, the Chinese economy with its equally large population, experienced much faster economic growth than that of India. China became the factory of the planet in our global village. Moreover, other state-owned multi national firms from other emerging economies arrived to the global economy and started to compete with US multinational enterprises. The structural deployment of assets and capabilities of multinational corporations whether in multinational formats or transnational formats led to global efficiencies and global economic growth and supported global links. The geocentric mind set of US corporate leaders and decision makers, while initially absent, became more evident to US global leaders and helped further the development of economic structures in emerging markets. The efficiency of the US multinational system led to economic growth not only in the United States but also across Asia-Pacific economies. This helped lead the arrival of the Chinese to global markets and the entry of China to the World Trade Organization (WTO), helped to reduce Chinese poverty, and fueled its GDP growth rate – a rate that ranged from 8 to 10% annually for over 3 decades. COVID-19 exacted and demanded a lockdown, not only in China and across the Asia-Pacific countries but in other countries and reduced GDP growth rates worldwide. Following that, the economic benefits of globalization were certainly put to question, and employees across the United States and elsewhere pointed out that globalization helped the winners and impoverished them (the workers). They also argued that the benefits of globalization accrued mostly to the few at the top of the economic pyramid. Today we have serious global economic challenges and a desire to disengage from the global economy behind a mind set that the global economy did not benefit the majority of the population in this global village that we are living in. The evident advantages of a multinational corporate vision such as scale and scope and technological growth and innovation, are now called into question. JOURNAL OF ASIA-PACIFIC BUSINESS 2022, VOL. 23, NO. 4, 273–276 https://doi.org/10.1080/10599231.2022.2145623","PeriodicalId":15043,"journal":{"name":"Journal of Asia-Pacific Business","volume":"23 1","pages":"273 - 276"},"PeriodicalIF":0.0,"publicationDate":"2022-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46934849","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Effect of Corporate Governance on Free Cash Flow via Dividend Payout","authors":"Affaf Asghar Butt, Sadaf Murtaza, A. Shahzad, Jamshaid Ahmad","doi":"10.1080/10599231.2022.2145624","DOIUrl":"https://doi.org/10.1080/10599231.2022.2145624","url":null,"abstract":"ABSTRACT This study aims to investigate the effect of corporate governance mechanisms (i.e., board composition, insider ownership, block holder ownership, and audit quality) on free cash flow (FCF) through the dividend policy of the firms listed on the Pakistan Stock Exchange (PSX). The sample of non-financial firms was taken from the KSE-100 index from 2008 to 2017. The mediation technique developed in 1986 by Baron and Kenny is used. The results revealed that CG mechanisms help to minimize the agency problem of free cash flow. Strong governance attributes results in higher dividend payment. This study concludes that a high dividend payout has a negative effect on FCF. Overall, this study confirms the full mediating effects of dividend payout on the relationship between board independence and FCF, insider ownership and FCF, audit quality and FCF, and partial mediation of dividend payout on the link between board meetings and FCF. The results suggest that firms should build and execute their policies relating to corporate governance to manage their resources efficiently; this can help reduce FCF and minimize agency problems.","PeriodicalId":15043,"journal":{"name":"Journal of Asia-Pacific Business","volume":"23 1","pages":"277 - 301"},"PeriodicalIF":0.0,"publicationDate":"2022-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43907210","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Vietnam’s Ascendancy in the Electronics Trade and the Role of Inward FDI","authors":"H. H. Vu, Craig R. Parsons","doi":"10.1080/10599231.2022.2145625","DOIUrl":"https://doi.org/10.1080/10599231.2022.2145625","url":null,"abstract":"ABSTRACT A new regression-based revealed comparative advantage (RCA) index is used to analyze Vietnam’s export. Vietnam has the highest RCA in electronics, surpassing Japan, South Korea and China. It suggests that Vietnam may be a new follower of the “flying geese” style and reinforce the view that inward FDI can change comparative advantage if the magnitude is sufficiently large. With detailed FDI and local data, we estimate the FDI which made this happen was roughly 6% of GDP. Lastly, we opine that while RCA in footwear may decline if wages rise, that in electronics may be here to stay.","PeriodicalId":15043,"journal":{"name":"Journal of Asia-Pacific Business","volume":"23 1","pages":"302 - 325"},"PeriodicalIF":0.0,"publicationDate":"2022-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41624238","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Customer Acceptance of Online Travel Agents in Indonesia","authors":"M. Almunawar, M F Anshari, S. Lim","doi":"10.1080/10599231.2022.2095588","DOIUrl":"https://doi.org/10.1080/10599231.2022.2095588","url":null,"abstract":"ABSTRACT This research aims to reveal factors that influence the acceptance of digital marketplace on travel in Indonesia. A modified Unified Theory of Acceptance and Use of Technology 2 (UTAUT2) was employed as the framework for the study to derive factors that influence the acceptance of digital marketplace on travel by Indonesian consumers/travelers. The results from hypothesis testing indicate that performance expectancy and trust positively influence customer acceptance through behavioral intention. Interestingly, we find that facilitating conditions positively influence both performance expectancy and trust in the context of customer acceptance of online travel agents in Indonesia.","PeriodicalId":15043,"journal":{"name":"Journal of Asia-Pacific Business","volume":"23 1","pages":"254 - 272"},"PeriodicalIF":0.0,"publicationDate":"2022-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41662926","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Determinants of Purchase Intention among Live Streaming Shoppers: The Roles of Technology Readiness, Social Presence, and Perceived Value","authors":"Pei-Ju Chao, Yu-Huei Cheng, Chi-Hua Li, M. Hsieh","doi":"10.1080/10599231.2022.2103753","DOIUrl":"https://doi.org/10.1080/10599231.2022.2103753","url":null,"abstract":"ABSTRACT The potential for business opportunities live streaming services has attracted attention from individuals and businesses. Limited studies have explored the factors associated with the purchase intention of shoppers in live-streaming contexts. The purpose of this study was to examine whether social media technology readiness, perceived value, and social presence influence shoppers’ purchase intention in live-streaming contexts. The results indicated that social media technology readiness and perceived value had a significant and positive effect on purchase intention. A thorough discussion and future research suggestions are provided to obtain a better understanding of the behavioral intention of shoppers in live-streaming contexts.","PeriodicalId":15043,"journal":{"name":"Journal of Asia-Pacific Business","volume":"23 1","pages":"187 - 205"},"PeriodicalIF":0.0,"publicationDate":"2022-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44651423","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}