Asian Market Research Articles

Emerging Bond Markets in Asia: Credit Spread Dynamics

We present a comprehensive analysis of the credit spread determinants in five Asian bond markets over a sample period of 10 years, from January 2010 to December 2019. Consistent with the western literature, we find that the structural models are broadly valid even in emerging countries with developing bond markets. Empirical results unveiled that bond-specific liquidity is the most important driver that reduces the credit spread, followed by the slope of the term structure and industrial growth in the economy. In Emerging Asia, inflation is the key driver that aggravates credit spread for business firms, followed by financial market volatility. Cross-country data reveals that the Chinese corporate bond market is the largest in Asia. Indian markets offer higher yield rates, while credit spread is noted to be highest in China. The empirical findings of our study would provide important insights for the policy makers while developing the most sought-after liquid bond markets. Effective liquid bond markets would reduce the cost of capital for firms and price credit risks efficiently.

Exploring the external forces driving green environmental innovation: empirical evidence from Asian market

Exploring the external forces driving green environmental innovation: empirical evidence from Asian market

Identifying sensory drivers of liking for plant-based milk coffees: Implications for product development and application.

The global plant-based product market is growing rapidly, and plant-based milks show promising potential in the coffee beverage sector. This study aimed to identify sensory drivers of liking of plant-based milk coffees for guiding the development of plant-based products with competitive advantages over dairy milk coffees. Twelve coffee samples were prepared with plant-based (oat, soy, almond, and coconut) and dairy (cow) milk. Quantitative descriptive analysis was used to generate sensory attribute terms for the 12 samples. Check-all-that-apply (CATA) questions were given to consumers to evaluate the sensory profiles and consumer acceptance of the 12 samples. Correspondence analysis and cluster analysis of the CATA results from 80 consumers showed that the oat and soy milk coffee samples were closer to what the consumers perceived as "typical" milk products, while the coconut and almond milk coffee samples were closer to the "flavored" milk products. Partial least squares regression results revealed that the attributes smooth, milky, and thick were important drivers of liking for the milk coffee samples. On the contrary, rancid oil, greasy, astringent, and rice bran were the major sensory attributes lowering the panelists' acceptance of the milk coffee samples. The majority of consumers (53.5%) were "dairy milk lovers," who specifically liked the dairy milk coffee sample and had low acceptance for the plant-based milk coffee samples. There was also a group of consumers (46.2%) classified as "plant-based milk coffee lovers." They enjoyed coffees prepared with a wide range of milks (both dairy and nondairy milks) and represent high-potential consumers for plant-based milk coffee products. PRACTICAL APPLICATION: The positive and negative drivers of liking for plant-based milk coffee samples were identified. A competitive landscape analysis method for assessing the acceptability and sensory attributes of 12 milk coffee samples (11 commercial plant-based milks and 1 dairy milk product) in the current Asian market was established. The sensory terms developed in this study can also be applied to evaluate sensory profiles of other plant-based and dairy milk coffee samples.

Research on the Artistic Construction of Luxury Brands from the Perspective of Brand Culture Communication

With the rejuvenation and diversification of the luxury market, luxury brands face the challenge of maintaining economic growth while considering the challenges of brand image building and customer loyalty. There is growing evidence that the younger generation of customers will gradually become the protagonists of the luxury market. One of the customer journeys they care most about is matching personal and brand values and the consumption experience. From this perspective, this article uses case studies, comparative studies, and literature research, taking Cartier Beyond Boundaries - Cartier Palace Museum Crafts and Restoration Special Exhibition as the main case. By comparing with other luxury brands’ art exhibitions in Asia, Analyze and study why contemporary luxury brands have increased their artistic construction and the relationship between luxury brand curatorial activities in the Asian market. By implementing the recommendations in this paper, Cartier can create a digital environment within the experience of its artistic curatorial events, facilitating interaction with their products, stories, and artworks.

Changing vulnerability in Asia: contagion and spillovers

An increasing involvement of the Asian market in the global context plays a fundamental role in spreading shocks across the financial system. This paper examines the extent of vulnerability across Asian equity markets and the United States (US) equity market by distinguishing between spillovers and contagion. Spillovers are detected using a generalised historical decomposition method, while contagion is identified using a portfolio mimicking factor framework using moment conditions. The transmission of spillovers is assessed to capture the direction, strength and signs of the spillovers. The findings show evidence of changing vulnerability in Asia and the US. This is as a result of increased spillovers during crisis events and the presence of contagion. Stronger connections during crisis periods are evident as well as a general deepening of the global network. These connections may result in reduced opportunities for emerging markets. The findings suggest that caution is needed when developing regulations or methods to create a stable financial system.

The influence of product, price, promotion, and place on the purchase decision of Xiaomi smartphones in STIE Muhammadiyah Jakarta students

Along with the development of hardware technology such as mobile phones. The most consumptive market for mobile phone marketing is the Asian market, especially in Indonesia. More and more mobile phone manufacturers are popping up, this provides many choices for consumers. This research was conducted on campus 2 (Minangkabau) STIE Muhammadiyah Jakarta Jl. Minangkabau Raya No. 60 - South Jakarta. The time of this research was carried out in July 2020. The research design used in this study is causality research involve 100 respondents. the results of the T Test (Partial) it is known that the independent variable price (X2), Promotion (X3) partially has a significant influence on purchasing decisions, while the product variable (X1), place (X4) partially has no significant effect on purchase decision. From the results of the Partial Test (T test) it is known that from the four marketing mix the most dominant on purchasing decisions is the price variable (X2). Understanding marketing for companies is very important to realize the needs and desires of customers, determine the target market offered. Thus, marketing insights are also very beneficial for companies to provide the right products, services, and programs to serve the market to optimize sales.

Does green self-identity influence the revisit intention of dissatisfied customers in green restaurants?

PurposeThe study aims to examine the customers' revisit intention toward the green restaurants after service failure based upon service failure attributions. The study further intends to investigate the moderating effect of green self-identity on customers' post-service failure behavioral intentions.Design/methodology/approachA self-administered questionnaire was distributed to 327 participants who had experienced service failure while dining in green restaurants. The study draws upon the prevailing literature to examine the relationship among the constructs using structural equation modeling (SEM).FindingsThe findings of the study have confirmed that service failure has an adverse effect on customers' revisit intention toward the green restaurants. However, customers with green self-identity appear less anxious about service failure as findings indicate customers revisit green restaurant even after service failure.Practical implicationsThe study provides a clear indication to the managers of the green restaurants that a better understanding of service failure attributions may facilitate in preventing service failure in a prompt and reasonable manner. It will not only contribute to building the brand reputation, but also ensure that customers stay with the brand for a longer duration.Originality/valueThe study is unique in a way that it is the first of its type to establish a relationship between service failure attributions and customer satisfaction in the emerging South Asian market, such as India in the context of green restaurants. Besides, this is the only study to use green self-identity as a moderator between the relationships of customer satisfaction and revisit intention.

Impact of Luxury Hotel Customer Experience on Brand Love and Customer Citizenship Behavior

The luxury hotel market has been developing rapidly recently in the Asian Market. To provide useful outcomes to hotels competing in fierce market conditions, the current study investigated the relationship between customer experience values, customer post-experience consequences, and citizenship behaviors. Our findings confirmed the valuable contribution of customer experience values (ROI and service excellence) to the development of brand satisfaction, which in turn positively influences brand commitment and love. Meanwhile, brand commitment and love were found to have a direct positive impact on customer citizenship behaviors (CCBs). Overall, the findings bridge the gap in the relationship between brand love and CCBs in the hospitality industry and provide broad insights into brand management and marketing theories for tourism and hospitality.

Trend Prediction Model of Asian Stock Market Volatility Dynamic Relationship Based on Machine Learning

With the rapid development of the global economy and stock market, stock investment has become a common investment method. People’s research on stock forecasting has never stopped. Accurately predicting the dynamic fluctuation of stocks can bring rich investment returns to investors while avoiding investment risks. Machine learning is a relatively important research field in artificial intelligence today, which is mainly used to study how to use machines to simulate human activities. In recent years, with the continuous development of the economy, machine learning under artificial intelligence has developed comprehensively in different fields, and it has been widely used in the field of the financial economy. Machine learning under artificial intelligence is currently widely used in stock market volatility dynamics and related research. This paper applied machine learning to the prediction of the dynamic relationship of Asian stock market volatility and established a model for predicting the dynamic relationship of stock market volatility under machine learning. By using statistical theory, linear support vector machines, generalizable bounds, and other algorithms, it provides the theoretical basis and feasibility analysis for the model. Through investigation and research, this paper found that compared with ordinary forecasting model methods, the stock volatility dynamic trend forecasting model based on machine learning has a relatively complete forecasting effect, and the accuracy of the machine learning forecasting model was up to 52%. The lowest was 39%, the average prediction accuracy was 46.5%, and the accuracy was improved by 16.8%. This showed that the introduction of machine learning prediction models in the dynamic prediction model of Asian stock volatility is relatively successful.

DEEP LEARNING METHODS FOR THE ACCURATE MODELING AND FORECASTING OF THE INDIAN STOCK MARKET

The stock markets are among the most volatile market worldwide. The future of these markets is daily affected by political instability and different enacted economic and government policies. Thus, the prediction and forecast of these markets are very important. The Bombay Stock Exchange (BSE) is the oldest stock market in Asia and India. This paper applied deep learning methods to predict the five companies closing prices under BSE. The selected companies based on market capitalization were Reliance Industries Ltd (RELI), TATA Consultancy Services (TCS), HDFC Bank Ltd (HDBK), Infosys Ltd (INFY), and ICICI Bank Ltd (ICBK). Based on Root Mean Square Error (RMSE), the traditional Bidirectional Long Short-Term Model (Bi-LSTM) model predicted well the HDBK closing prices. The Convolution Neural Networks (CNN) outperformed other models in predicting the ICBK, RELI, and INFY. The proposed Hybrid CNN-LSTM model with Bayesian hyperparameter tuning outperformed the CNN and Bi-LSTM models in predicting the TCS close price. Moreover, the hybrid model ranked second in predicting closing prices in all the selected companies. The next 100 days forecast shows high price volatility in the selected companies. In the closing prices forecasts, the hybrid CNN-LSTM model with Bayesian hyperparameter tuning has captured well the trend of the historical data. Additionally, Traders and financial analysts may easily understand the future market trend using the methods. Therefore, the powerful computer and more complex hybrid model may be applied to bring the best performance in terms of accuracy.

아세안 주요국에 대한 한․중․일 자동차 산업의 CMS를 통한 수출변동분석에 관한 연구

Purpose : The purpose of this study is to analyze the competitiveness of the vehicle industry of Korea, China, and Japan in the Vietnam, Indonesia, and Malaysia. Research design, data, methodology : The method of this study uses market share and constant market share model analysis. And trade statistics use UNcomtrade DB. Results : After all, Korea's competitiveness is slightly higher than that of Japan, but it can be seen that China has the highest competitiveness among the three countries. Conclusions : Therefore, in order for the Korean vehicle industry to grow, it is necessary to actively enter the ASEAN market, and it seems necessary to enter Indonesia and Vietnam as a base in consideration of the vehicle-related market opening through FTAs.

Causality among Stock Returns of Major South Asian Markets

The objective of this research is to investigate the existence of a causal connection between the daily stock returns of the key South Asian stock markets. To benefit from such integration, if there is any, investors and policymakers must craft and execute strategies that take this relationship into account. Researchers can also benefit from the findings since they will be able to craft research strategies based on this study while answering their respective research agendas. This paper considers daily returns of BSE Sensex 30, DSEX, and Karachi All Share indices as representatives of returns from stock markets of India, Bangladesh, and Pakistan respectively since these are the broad indices of their respective markets. Sri Lanka has been disqualified from the tests due to its recent economic fragility. Using 7,113 data points from the aforementioned markets between January 31, 2013, and August 31, 2022, Granger causality and augmented Dickey-Fuller test (ADF) has been applied to evaluate if these are stationary and exhibit any causal links. Results show that returns of all markets are stationary, disqualifying them from undergoing a co-integration test. Additionally, the Indian and Pakistani stock markets exhibit bidirectional causality, indicating that these markets' returns influence one another.

When young female fans were producing celebrities: The influential factors related to online fan engagement, celebrity worship, and program commitment in idol-nurturing reality shows

Idol-nurturing reality shows that aim to produce idol groups by audience-chosen have become a hotbed for nurturing celebrities. The unique concepts and designs of idol-nurturing reality shows have attracted a group of committed female fans. As a result, the idol-nurturing reality show has become an essential genre of reality shows in the Asian market and an essential part of idol culture. This study concerned the unique concepts and designs of idol-nurturing reality shows and the psychology and behavior of the fans throughout the shows. Results of structural equation modeling based on survey data with 3,352 young Chinese respondents revealed a significant relationship between prompts, motives, online fan engagement, celebrity worship, and program commitment. The data from this study show that the prompts ability, personality, and facial attractiveness positively impacted online fan engagement and that viewing motives social interaction, voyeurism, and suspense positively impacted online fan engagement. In addition, this study found that online fan engagement exerted a significant and positive effect on celebrity worship and program commitment; celebrity worship positively impacted program commitment. This study also provides suggestions on enhancing the fan stickiness of shows and idols.

Cybersecurity Challenges of the Civilian Unmanned Aircraft Systems

Nowadays unmanned aircrafts are widely available at a reasonable price for civilians. This change in the market raises cybersecurity related concerns. In this paper we arefocusing on three aspects of the cybersecurity challenges: data protection element, cyberattack element and general concerns over drones from the Asian market. The first element is extremely important when it comes to ethical and rightful drone use. A drone fitted with a camera or a video recording device can easily violate personal data. The cyberattack element aims to make sure the user understands that their device can be hacked, and not just simply the drone itself but various devices connected to them. Lastly, we are focusing on raising awareness of using drones from the Asian market. These types of products sometimes get into the spotlight due to built-in cyberissues. This part is aimed to raise general awareness over data protection coming from third party device use.

Forecasting Volatilities of Asian Markets Using U.S. Macroeconomic Variables

ABSTRACT Extensive in-sample and out-of-sample studies are conducted to investigate the predictive power of 20 US macroeconomic variables for 11 Asian stock market volatility using data from July 1997 to April 2019 and rigorous econometric exercises. The in-sample reports VIX, commercial paper-Treasury bill spreads, Purchasing Managers’ Index in the manufacturing sector, and divided-price ratio as powerful predictors. The out-of-sample reports VIX, divided-price ratio and Purchasing Managers’ Index in the manufacturing sector as powerful predictors. We find that combination forecasting methods enhance predictability of Asian stock market volatility when aggregating information in all macroeconomic variables.

Using partial least squares structural equation modeling (PLS-SEM) to assess the effects of entrepreneurial education on engineering students’s entrepreneurial intention

This study aims to assess the impacts of three components from Theory of Planned Behaviour (TPB) on Entrepreneurial intention and analyze the mediating effects of these three components in the relationship between Entrepreneurial education and Entrepreneurial intention and in the relationship between Self-Efficacy and Entrepreneurial intention among engineering students. Data were collected via a structured questionnaire from engineering students at Industrial University of Ho Chi Minh City in Vietnam. The methodology employed Structural Equation Modelling Partial Least Squares (SEM-PLS) using SmartPLS (version 3.3.3) to assess the relationship among variables. Findings confirm the directly positive relationship between Attitude toward entrepreneurship, Perceived behaviour control and Subjective norms on engineering student’s entrepreneurial intention. These three components of TPB mediate the relationship between Entrepreneurial education, Self-Efficay and engineering student’s entrepreneurial intention. This study contributes toward the understanding of engineering student’s entrepreneurial intention in Vietnam as an emerging market in Asia. The mediating effects of three components of TPB have been systematically investigated and the indirect roles of Entrepreneurial education and Self-Efficay have been validated by applying employed Structural Equation Modelling Partial Least Squares (SEM-PLS). Managerial implications are discussed to promote engineering student’s entrepreneurial intention in Vietnam. Higher education leaders and policymakers can utilise the findings to construct the initiatives of entrepreneurship development and their implementation for engineering students.

Time-Varying Correlation Between Stock and Government Bond in Asia: Flight-to-Quality

This study aims to provide an overview of how the relationship between stock and bond market in Asia when a crisis occurs (in this case the 2008 global crisis and the COVID-19 pandemic) using the DCC-GARCH method to prove the flight-to-quality phenomenon in Asia (China, Japan, Indonesia, Singapore, Malaysia, Thailand, and India). The results showed that during the 2008 global crisis, the flight-to-quality phenomenon happened in Thailand where the correlation between stock returns and government bonds in that country became increasingly negative during the crisis period, indicating that there was a shift in investment from stocks to government bonds. In addition, this research also proved that during the COVID-19 pandemic, the flight-to-quality phenomenon was also proven to occur in Malaysia.

Severe Outbreak of Dry Core Rot in Apple Fruits cv. Fuji Caused by Kalmusia variispora During Pre-harvest in Maule Region, Chile.

Apple (Malus × domestica) is an important fruit crop in Chile, with a cultivated area of 32,313 ha concentrated (63%) in Maule Region (35°25' S). Unusual core rot on 'Fuji' apples was observed at harvest in a commercial orchard in Curicó, Maule Region, with an incidence ranged between 22 to 35% in 2018 and 2019. Previously, in 2017, an incidence of 30% was estimated on 'Fuji' fruits destined to the Asian market. Internal decay symptoms consisted of dry, corky light to dark-brown tissue, within the seed locules initially. In moderate to severe cases, the necrotic lesion progresses deeper into the mesoderm. External symptoms were quite subtle, and typically, the disease goes unnoticed. However, infected fruit ripen earlier. Small pieces (2-3 mm) from the internal lesion margin of symptomatic apples (n = 50) were placed on Potato Dextrose Agar (PDA) (2%) and incubated at 20°C for 10 days. Pure cultures (n = 41) were obtained and transferred to Malt Extract Agar (MEA) (2%). Colonies on MEA produced an even to slight undulating buff margin with white woolly aerial mycelium, and immerse ochreous in the center, changing gray to olivaceous aerial mycelium with age. On the underside, colonies were umber and buff in the center and margin, respectively. After 10 days, numerous densely aggregate dark-brown mature pycnidia were observed. Aseptate conidia were subglobose to cylindrical, straight, and sometimes curved with rounded at both ends, that was initially hyaline to pale olive, thin, smooth wall with mean dimensions of (2.9-) 3.4 (-4.4) x (1.5-) 1.8 (2.2) µm (n=50). Based on morphology, the fungus was identified as Kalmusia variispora (Verkley et al. 2014). The internal transcribed space (ITS), portion of β-tubulin (TUB), and large subunits of the nuclear ribosomal RNA (LSU) loci were used for molecular identification, using primers ITS4/ITS5, Bt2a/Bt2b, and LR0R/LR5 (Ariyawansa et al., 2014). BLAST searches indicated 100% identity with K. variispora (ex-type CBS 121517). The maximum parsimony phylogenetic analysis placed Chilean isolates in the K. variispora clade. Sequences were deposited in GenBank (OL711706 to OL711709, OL739499 to OL739502 and OL711710 to OL711713 for ITS, TUB and LSU, respectively). Pathogenicity tests were conducted using four K. variispora isolates. 'Fuji' apples (n = 20) were surface disinfested (75% ethanol, 30 s) and then wounded and inoculated with conidial suspension (50 L of 106 conidia/mL) deposited in the middle and into the core region using a sterile fine-tipped micropipette. Additionally, 20 one-year dormant rooted cuttings 'Fuji' and 'Cripps Pink' were pruned and immediately inoculated on the pruning wound. An equal number of apples and rooted cuttings treated with sterile water were used as controls. The experiments were repeated once. All inoculated fruits developed lateral lesions (22 to 37 mm) and dry core rot (18 to 36 mm) symptoms identical to those described in the original outbreak, after 20 days at 20°C in a commercial packing box. The inoculated cuttings produced canker lesions of 10 to 21 mm in length, and dieback symptoms were observed after 3 months. No symptoms were observed on the negative controls. Koch's postulates were fulfilled by 100% reisolating K. variispora. Previously, Alternaria spp. have been reported as the primary pathogen associated with moldy core and dry core rot of apples worldwide (McLeod et al., 2014) and in Chile (Elfar et al., 2018). However, Kalmusia spp. have been associated with dry core rot in apples (McLeod et al., 2014) and have been isolated from canker symptoms on apples in Chile (Díaz et al. 2021). To our knowledge, this is the first report of a severe outbreak of K. variispora causing dry core rot in apples in Chile and worldwide.

Empirical Determinants of Derivative Markets in Asia, Latin America and Sub Saharan Africa

The paper examined the relationship between the derivative markets and financial markets depth, efficiency, stability and access in Asia, Latin America and Sub-Sahara Africa. A panel logit model was applied from the period 2009 to 2017 on the financial market development data collected for countries in Asia, Latin America and Sub-Sahara Africa. The results of the panel logistic regression model positively revealed that derivative markets are influenced positively by the improvement to financial access (measured by stock market capitalization to GDP) and financial efficiency (measured by net interest margin) of the financial markets of the regions studied. However, an examination of financial depth and financial stability were observed to have an adverse propensity for the derivative market development. Therefore, countries in Asia, Latin America and Sub-Sahara Africa are recommended to significantly focus on improving financial efficiency and financial access within their respective financial markets. Further a document review was carried on the publications of the Committee of Global Financial System (CGFS) and Committee on Payment and Settlement Systems (CPSS) of the Bank for International Settlement (BIS). It is recommended that policy makers must promote greater respect for market autonomy, strengthen legal and judicial systems, boost regulatory independence and effectiveness, deepen the domestic investor base, pursue bi-directional international participation while preparing for spill overs and develop robust financial market infrastructure to facilitate the establishment of vibrant derivative markets. Keywords: Bank for International Settlements (BIS), Derivative markets, financial access, financial depth, financial efficiency, financial stability and panel logit model. DOI: 10.7176/RJFA/13-18-03 Publication date: September 30 th 2022

DETERMINANTS OF CUSTOMER LOYALTY TOWARDS WATSONS PRIVATE LABEL BRANDS: MODERATOR ROLE OF HEALTH CONSCIOUSNESS

Private label is rapidly placing great significance throughout the world nowadays with the brands are now being available in almost every product category. It refers to a range of products offered by a retailer under its own brand name and are usually cheaper than branded items. From the initial focus on low price strategy, private brands step into a quality and status positioning which using benefits from the retailers own private brand image. In the other words, private brands launched by retailers are not merely competing in terms of price, but also strived to access a significant market share traditionally owned by manufacturers. Even though private label brands are getting well-known and becoming more relevant to customers throughout the world, it is still not gaining the momentum in Asian market. The growth of private label brand was slow and considered as under developed in Asian region. In relation to the case of Watsons Malaysia, its market share of private label brands was lower than 1%, as compared with 45% in Switzerland and 8% in Singapore. This is despite having significantly huge loyalty card members in Malaysia. Thus, the general aim for this conceptual paper is to propose several factors that can be used to determine the relationship between those factors and customer loyalty of Watsons private label brands as well as the moderating effect of health consciousness in those relationships. Therefore, this paper has proposed several propositions with regards to the aim identified earlier; Proposition 1: Price influences the customer loyalty towards Watsons private label brands. Proposition 2: Perceived Quality influence the customer loyalty towards Watsons private label brands. Proposition 3: Perceived Value influence the customer loyalty towards Watsons private label brands. Proposition 4: Health consciousness moderates the relationship between price, perceived quality, perceived value and customer loyalty.