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Literature documents that executives' inside debt holdings (debt-based managerial compensation) such as defined-benefit pensions and retirement funds are often unfunded and unsecured and have long maturities, and thus provide managerial incentives to pursue strategies to avoid the overall firm risk. This study investigates the effect of managerial inside debt compensation relative to equity-based compensation on a firm's dividend payout policy. We find that a inside debt holdings are positively associated with various measures of a firm's dividend payout policy. Additionally, we find empirical evidence in firms with inside debt holdings that the inverse relationship between high default risk measured by KZ index and dividend payout weakens as the portion of inside debt relative to equity-based compensation rises. This finding indicates that the needs for the firm to restrain dividend payouts to equity holders is reduced as the executive's debt-to-equity compensation ratio becomes larger. Overall, the results suggests the mitigating effect of executives' inside debt holdings on the conflicts between bondholders and shareholders can lead to generous payout policy.

China is currently developing and promoting an industrial cluster policy at the government level. By enacting the ‘Opinion on promoting industrial cluster development’, China is supporting the development of industrial clusters. Building an industrial cluster is done by using a single factor but requires many additional factors like regional characteristics, competitiveness factors are also diversified. To evaluate the competitiveness of the Chinese automobile industry cluster, a competitiveness element index should be developed and a competitiveness evaluation method is needed to evaluate the importance of each element. To accomplish this objective, this research applied the analytic hierarchy process (AHP) and focused on the importance of the competitiveness elements.

This research investigated the character is tics regarding cases of clusters and also analyzed the competitiveness of the Changchun automobile cluster located in northeastern China. The purpose of this research is to help Korean enterprises who enter China in the hopes that Korea will emerge as a top automobile production country.

This paper investigates a retrospective on the Journal of Derivatives and Quantitative Studies (JDQS) on its 30th anniversary based on bibliometric. JDQSs yearly publications, citations, impact factors, and centrality indices grew up in early 2010s, and diminished in 2020. Keyword network analysis reveals the JDQS's main keywords including behavioral finance, implied volatility, information asymmetry, price discovery, KOSPI200 futures, volatility, and KOSPI200 options. Citations of JDQS articles are mainly driven by article age, demeaned age squared, conference, nonacademic authors and language. In comparison between number of views and downloads for JDQS articles, we find that recent changes in publisher and editorial and publishing policies have increased visibility of JDQS.

This paper aims to replicate 148 anomalies and to examine whether the performance of the Korean market anomalies is statistically and economically significant. First, the authors observe that only 37.8% anomalies in the universe of the KOSPI and the KOSDAQ and value-weighted portfolios have t-statistics that exceed 1.96. When the authors impose a higher threshold (an absolute value of t-statistics of 2.78), only 27.7% of the 148 anomalies survive. Second, microcaps have large impacts. The results vary significantly depending on whether the sample included stocks in the KOSDAQ and whether value-weighted or equal-weighted portfolios are used. The results suggest that data mining explains large portion of abnormal returns. Any tactical asset allocation strategies based on market anomalies should be applied very cautiously.

The subject of “well-being” has attracted attention from tourism scholars, but differences and misuses in approach have meant that academic contributions and knowledge accumulation to the tourism literature remain relatively little. This paper attempts to clarify the theoretical source of subjective well-being, and critically reflect on the problems existing in the study of well-being when applied to tourism. It is suggested that subjective well-being belongs to the category of “quality of life” and has multiple philosophical foundations and theoretical sources including theories of hedonism, expectation, happiness and various itemised lists of emotions. A hybrid research method is suggested when applying the concept to tourism.

The growth of the internet has transformed digital infrastructure in Thailand over the past two decades, with the widespread use of e-commerce, digital money and online services becoming a daily norm for all ages. The COVID-19 restrictions, which limited in-person business operations, boosted demand for takeout and delivery services and fueled the expected steady growth of the online food delivery market in Thailand. The pandemic also resulted in a shift towards online ordering and delivery, reflecting changes in customer behavior. This study focuses on exploring the factors that have driven Bangkokians to use online food delivery services after the COVID-19 restrictions were lifted in June 2022.

Data were collected from 398 participants who had ordered food delivery services after the announcement.

The findings showed that perceived usefulness, time saving benefit and price saving benefit have a significant impact on the intention of customers to use online food delivery services, while food safety risk perception had no effect.

Bangkokians favor online food delivery services due to convenience and time-saving, indicating high demand post-pandemic. Businesses should invest in improving their platforms to meet evolving consumer behavior.

The result of this study offers valuable insights into the attitudes and behaviors of Bangkokians towards online food delivery services and could be beneficial for businesses in the industry to improve their services, enhance customer satisfaction as well as increase their competitiveness.

The purpose of this paper is to examine the effect of the intensive lifestyle modification program on weight and metabolic syndrome risk reduction in rural obese women who have no underlying non-communicable diseases in Thailand.

A randomized controlled trial was conducted. In total, 60 healthy obese women aged 30-50 years were recruited and randomly assigned to either the intervention (n=30) or control (n=30) group after health screening. Tailored nutritional counseling, health education and exercise training were included in the lifestyle modification program. Behavioral modification techniques were also incorporated. The intervention was conducted weekly for the first eight weeks, then biweekly until week 16.

The student’s t-test was used to compare mean difference between groups. The total weight loss in the intervention group (n=29) was significantly higher, 7.6±2.9 kg, compared with the control group (n=30) who lost 0.7±1.4 kg (p<0.001). The intervention group lost weight 10.2 percent from baseline which was significantly higher than that in the control group (p<0.001). Systolic and diastolic blood pressures, fasting blood sugar, and waist circumference were significantly improved. Triglyceride levels slightly improved while high density lipoprotein cholesterol was slightly lowered. The intervention group showed a statistical reduction in abnormal components of metabolic syndrome compared with the control group, with the relative risk=0.24, 95% confidence interval=0.072-0.791, and p=0.018.

Compatibility of the program activities conducted by a health professional who had achieved healthy weight loss and accepted as a role model was a key to achieving effective weight loss and metabolic syndrome risk reduction in obese women in rural areas. The program should be integrated into the conventional practice of health care centers.