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Investors’ behavior to earnings announcement during the COVID-19 pandemic: Evidence from Cambodia
Get PDFThis study investigates the reaction of investors to annual earnings releases as reflected in the share price movements of common stocks and volume of trade during the COVID-19 pandemic. Event methodology is employed, and the returns in an event window, defined conventionally as the days before to days after a firm-specific public earnings announcement, are not abnormal. We provide an apparent example where investors did not react to firm-specific positive earnings announcements. This could be influenced by the government in response to COVID-19 as we have seen governments and central banks worldwide quickly enacted sweeping and sizable fiscal and monetary stimulus measures to limit the human and economic impact of the COVID-19 pandemic. These actions during an economic downturn or crisis have helped to stabilize the economy and increase confidence in the market
Is CSX Index a Random Walk?
Get PDFThe growth or decline in stock value depends on information. The Efficiency Market Hypothesis (EMH) consists of three different forms: strong-form, semi-strong-form, and weak-form states that stock price reflects its true value properly, and thus includes all information, public and private. If market inefficiency is discovered, an abnormal return may be created via risk-adjusted technical analysis. The Random Walk Hypothesis (RWH) argued that the price of stock tomorrow is computed based on the price of stock today, and the price of stock cannot be anticipated when a random number is consistent with weak-form efficiency. The empirical findings from this research have shown that the CSX index is not a random walk or weak-form inefficient, as indicated by the Augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) unit root tests, and the Variance Ratio (VR) test
Information Security Management Systems - Evolving Landscape & ISO 27001: An Empirical Study
Get PDFInformation technology has become an integral part of all business activities. Managing information security has been a key aspect in ensuring that increased information security risks (due to reliance on IT) are managed effectively. The reliance on digital and technology platforms has increased even further due to pandemic driven changes. This has led to higher information security risk exposure of organizations and their employees and their customers. Organizations use various frameworks to design and implement information security management systems, with ISO 27001 standard being the leading framework. Past researches in ISMS and leveraging ISO 27001 have had limitation of single country focus, Further there is limited research on relevance of ISO 27001 in evolving paradigm of computing shift. This global research presents an empirical study, based on inputs from industry practitioners, reflecting the key drivers for ISO 27001 implementation and certification, investigates pattern in those drivers based on size of the organization and examines the relevance of ISO 27001 both as framework and / or certification in the evolving scenario of cloud. Findings of the research indicate that the top reason for ISO 27001 implementation and certification is “compliance”, followed by “business value”, “competitive edge”, and “breach reduction” in that order. Findings also indicate that focus on information security is increasing and ISO 27001 implementation provides an effective ISMS and ISO 27001 certification helps organizations in improving their trustworthiness in keeping information secure
An Exploratory, Empirical Analysis on the Driving Forces that Motivate Students in CamEd to Pursue ACCA
Get PDFThis research carries out an exploratory analysis on the driving forces that motivate students in CamEd to pursue ACCA. it adopted an eclectic approach to determine the motivational factors that may propel students to choose this course. The findings from this research are that factors such as a better paying job, job security, a sense of achievement, being given due recognition, a sense of personal growth and the ability to undertake this course, are the driving forces that motivate students. These findings suggest that marketing campaigns and counselling being done by CamEd should take the abovementioned factors into consideration when explaining to prospective students
Do Belt and Road Countries Promote Global Value Chains?
Get PDFIn order to strengthen the partnership both economically and politically among countries in the region, the Belt and Road Initiative (BRI) was introduced and implemented since 2013 by the People Republic of China. The main purpose of this policy is to provide the financial aids to the member states to develop necessary fundamental infrastructures such as roads, bridges, highways, railways, hydro dam and develop other sectors. Such an investment is vital to the member states to build their capacity to increase and strengthen their domestic production, especially encourage exporting the products to foreign markets. Moreover, BRI also aims to connect the production chains among the member states to allow them to share technology and build a strong manufacturing foundation and strengthen the competitive advantage. The purpose of this study, therefore, is to understand how the BRI encourage and increase the Global Value Chains (GVCs) participation. The Probit model is adopted in this study to predict the propensity score and also used to compare the economic structure between the BR and Non-BR member states. Based on the Balancing test, the result shows that the economic structure of BR countries, known as the treatment group are not similar to the Non-BR countries or control group. Last but not least, the empirical results of Different-in-Different (DID) model has indicated in contrast that becoming the member state of the BRI does not encourage the GVCs. Despite BRI is implemented since 2013 until now, it does not encourage the GVCs participation, instead it decreases the GVCs participation. On the contrary, the FTA between China and other partners is the major factor that encourages the GVCs participation
Land Registration in Cambodia
Get PDFThe purpose of this article was to discover how private land in Cambodia has been registered since the introduction of land privatization in 1989. Many government strategies have been made in order to successfully grant private ownership to Cambodian citizens. The annual reports from the Ministry of Land Management, Urban Planning and Construction were mainly used to analyze the result of output of the land registration. The research result found that government commitment plays an important role in completing the nation-wide land registration via systematic land registration. The research suggested that speeding up land registration would attract investors to invest in land since the land ownership security can be guaranteed
Why ASEAN’s Post-Pandemic Economic Recovery will be Mainly China-Dependent?
Get PDFHistorians will certainly dedicate particular attention to the period of 2020-2021, when the COVID–19 pandemic raged and wreaked havoc around the world – possibly viewing this event as a critical, once-in-a-lifetime disruptor that singlehandedly divided our era into a pre- and post-pandemic one. However, assessing the economic landscape of the ASEAN region allows us to take a slightly different approach, whereby the current pandemic is viewed as accelerating the already established underlying processes underpinning ASEAN’s economic realities. This article attempts to examine what the post-pandemic economic recovery of ASEAN might look like in 2021 and analyze those factors that are likely to facilitate such a recovery
SOC for Cybersecurity & SOC 2® for Service Organizations – An empirical study on industry’s perspective
Get PDFBusinesses across the globe have been going digital. A paradigm that has been accelerated due to pandemic. This has resulted into creation of a complex cyberspace. Further, organizations have become linked and dependent on each other, due to increased outsourcing as well as shift towards cloud computing. This has also led to creation of various industry standards and frameworks that help organizations evaluate their own and their provider’s practices related to system reliability, information security and cybersecurity. Amongst these, SOC2 for service organizations and SOC for Cybersecurity are two leading reports that help organizations assess system reliability and cybersecurity. AICPA recognizes it has that there is confusion amongst the applicability of these reports, and therefore it has created some guidance on how these two reports are different and how they can be leveraged by organizations. This guidance provides an inside-out perspective driven by purpose of these reports and the methodology used to create these reports. The industry (practitioners, implementors and vendor managers, CXOs) perspective on the applicability and distinction of these reports was not yet available. This research brings out industry (practitioners, implementors and vendor managers, CXOs) perspective on the applicability and distinction of these reports. Findings indicate that SOC2 demand and usefulness is perceived high whereas SOC for Cybersecurity demand and usefulness is perceived low by the industry. Findings of this research also indicate that industry excepts AICPA to simplify SOC2 reports and make them easier to understand
SMEs in Cambodia
Get PDFSmall and Medium Enterprises (SMEs) drive industrial progress, improve an economy’s ability to deal with shocks and are recognized as breeding grounds of innovation which is a crucial part of the Cambodian economy, contributing to both economic and social development. SMEs play an important role in: (i) creating jobs (ii) generating income for low-income people and vulnerable populations, and (iii) fostering economic growth, social stability, and contributing to the growth of a dynamic private sector. This paper focus on the production issues only where it aims to find factors affecting the growth of SMEs, that are divided into three folds such as technology, labor force, and capital. The research will employ the grounded theory as methodology. However, SMEs have many challenges. Access to finance is still the main issue while SMEs bank has been established. Technical knowledge and skills are the main issues for labor including migration problems. Technology updated is still limited for growing SMEs
Transparency and Corporate Reporting in Cambodia: A Compendium Approach
Get PDFIn recent years there has been much fiddling with accounting and financial reporting standards. Studies have shown that investors and analysts across the globe suggest that current reporting models are too backward-looking and compliance-driven and are not conveying the necessary information investors and analysts need. This has been the basis of the debate surrounding the reporting model and the reason behind the increasing demand for more transparent reporting to better explain the quality and sustainability of business performance. Sustainability is becoming more important for all companies, across all industries. Sustainability is a business approach to creating long-term value by taking into consideration how a given organization operates in the ecological, social and economic environment. Sustainability is built on the assumption that developing such strategies would foster company longevity. Sustainability reporting offers a mechanism to support the creation of a more commercially attractive and differentiated picture of the business which can lead to better investor understanding and improved stakeholder relationships. Furthermore, the underlying process necessary to produce this information can also enhance Board effectiveness and improve governance. The objective of this paper is to collect relevant literature on sustainability reporting, regulations and sustainability practices across businesses in Cambodia