Mathematics

Research

16 pages, 1169 KiB

Open AccessArticle

Research on the Factors of Competition in the Green Procurement Processes: A Case Study for the Conditions of Romania Using PLS-SEM Methodology

by Cristian Busu and Mihail Busu

Mathematics 2021, 9(1), 16; https://doi.org/10.3390/math9010016 - 23 Dec 2020

Cited by 12 | Viewed by 3450

Abstract

In this paper, starting from the conceptual model of the rational behavior theory developed by Icek Ajzen, the authors develop a behavioral model of rational expectations of the managerial decisions in order to determine the influence of the behavior of the undertakings on [...] Read more.

In this paper, starting from the conceptual model of the rational behavior theory developed by Icek Ajzen, the authors develop a behavioral model of rational expectations of the managerial decisions in order to determine the influence of the behavior of the undertakings on a competitive environmental market. The data were collected between 1 May 2019–30 June 2019 with the help of a questionnaire addressed to the employees and managers of the companies engaged in the green procurement processes in Romania. The sample volume was 160 and the data was analyzed with partial least square structural equation modeling (PLS-SEM) method and by using the statistical software Smart-PLS 3.2.8. Starting from the relevant economic literature in the field of rational behavior, the article identifies the behavioral indicators that underlie the decision to invest in this market. These indicators are the independent variables that model the impact of rational behavioral theory on managerial decisions. The conclusions of the study confirm the theoretical aspects presented in the article, emphasizing that the managerial decisions based on rational behavior theory are the direct result of the cooperation of several factors, such as the strategic vision, innovation, regulation, and the level of competences of the human factor. Full article

(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)

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16 pages, 295 KiB

Open AccessArticle

Pricing of Arithmetic Asian Options under Stochastic Volatility Dynamics: Overcoming the Risks of High-Frequency Trading

by Chih-Chen Hsu, Chung-Gee Lin and Tsung-Jung Kuo

Mathematics 2020, 8(12), 2251; https://doi.org/10.3390/math8122251 - 20 Dec 2020

Cited by 2 | Viewed by 2599

Abstract

This research extended the model developed by Hull and White by integrating Taylor-series expansion into the model for deriving approximate analytical solutions for stochastic volatility forward-starting Asian options. Numerical experiments were performed to compare the proposed model with the Monte Carlo model over [...] Read more.

This research extended the model developed by Hull and White by integrating Taylor-series expansion into the model for deriving approximate analytical solutions for stochastic volatility forward-starting Asian options. Numerical experiments were performed to compare the proposed model with the Monte Carlo model over numerous simulations and demonstrated that the developed model has a pricing accuracy greater than 99%. Furthermore, the computation time was approximately 10⁻⁵ s for each simulation. The model’s outstanding computational performance demonstrates its capability to address the challenges of high-frequency trading. Full article

(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)

11 pages, 1117 KiB

Open AccessArticle

Constructing a Novel Early Warning Algorithm for Global Budget Payments

by Che-Wei Chang

Mathematics 2020, 8(11), 2006; https://doi.org/10.3390/math8112006 - 10 Nov 2020

Cited by 2 | Viewed by 1631

Abstract

The National Health Insurance Administration of Taiwan has implemented global budget payments, the Diagnosis-Related Group (DRG) inpatient diagnosis-related group payment system, and the same-disease payment system, in order to decrease the financial burden of medical expenditure. However, the benefit system reduces the income [...] Read more.

The National Health Insurance Administration of Taiwan has implemented global budget payments, the Diagnosis-Related Group (DRG) inpatient diagnosis-related group payment system, and the same-disease payment system, in order to decrease the financial burden of medical expenditure. However, the benefit system reduces the income of doctors and hospitals. This study proposed an early warning payment algorithm that applies data analytics technology to diabetes hospitalization- and treatment-related fees. A model was constructed based on the characteristics of the Exponentially Weighted Moving Average (EWMA) algorithm to develop control charts, which were first employed using the 2001–2017 health insurance statistical database released by the Department of Health Insurance (DHI). This model was used to simulate data from inpatients with diabetes, to create an early warning algorithm for diagnosis-related groups’ (DRGs’) medical payments as well as to measure its accuracy. This study will provide a reference for the formulation of payment policies by the DHI. Full article

(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)

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19 pages, 720 KiB

Open AccessArticle

Factors Affecting the Behavioral Intention to Adopt Mobile Payment: An Empirical Study in Taiwan

by Wan Rung Lin, Chun-Yueh Lin and Yu-Heng Ding

Mathematics 2020, 8(10), 1851; https://doi.org/10.3390/math8101851 - 20 Oct 2020

Cited by 51 | Viewed by 11542

Abstract

The convenience feature of mobile payment has replaced interactions with physical money and reduced transaction time, which better meets the demand of modern people for convenience in life. As mobile payments play an important role in mobile business, understanding the factors attracting consumers [...] Read more.

The convenience feature of mobile payment has replaced interactions with physical money and reduced transaction time, which better meets the demand of modern people for convenience in life. As mobile payments play an important role in mobile business, understanding the factors attracting consumers to mobile payment will bring mobile businesses more opportunities for development, and further significantly improve the output value of mobile businesses. This study discusses how to further influence consumer behavioral intention in Taiwan, as based on the main theoretical framework of the Extend Unified Theory of Acceptance and Use of Technology (UTAUT2) and Diffusion of Innovation (DOI). In this study, data analysis is implemented by Partial Least Squares (PLS) for the purpose of verifying the research model and hypotheses. The research results show that social influence, facilitating conditions, hedonic motivation, compatibility, innovation, relative advantage, and observability have positive influence on consumer intention to use mobile payment. Full article

(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)

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19 pages, 966 KiB

Open AccessArticle

Understanding Factors Affecting Innovation Resistance of Mobile Payments in Taiwan: An Integrative Perspective

by Kuo Cheng Chung and Silvia Wan-Ju Liang

Mathematics 2020, 8(10), 1841; https://doi.org/10.3390/math8101841 - 19 Oct 2020

Cited by 33 | Viewed by 5542

Abstract

Mobile payment is a new payment method that provides opportunities for the financial services industry and involves various payment mediums. There are numerous drivers and barriers that influence customers’ willingness to use mobile payment. Previous studies have focused upon the motivations which facilitate [...] Read more.

Mobile payment is a new payment method that provides opportunities for the financial services industry and involves various payment mediums. There are numerous drivers and barriers that influence customers’ willingness to use mobile payment. Previous studies have focused upon the motivations which facilitate its usage, but this study takes the opposite viewpoint and seeks to understand and classify the resistance to mobile payment from the customer perspective. Structural equation modeling (SEM) was used to analyze the data. More specifically, due to the small sample size, the study employed the Partial Least Squares (PLS) technique. A total of 348 valid samples were collected. Self-determination is an antecedent of innovation resistance theory and further affects the intention to use the mobile payment approach. The conclusion is that resistance to new products will reduce as consumers’ psychological needs are fulfilled. Several theoretical and practical implications are discussed for the mobile payment resistance. Full article

(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)

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13 pages, 235 KiB

Open AccessArticle

Analysis on the Efficiency of Risk Management in the Chinese Listed Companies

by Chien-Ming Huang, Wei Yang and Ren-Qing Zeng

Mathematics 2020, 8(10), 1831; https://doi.org/10.3390/math8101831 - 19 Oct 2020

Cited by 4 | Viewed by 2686

Abstract

Since a firm’s profitability is associated with a degree of risk taking, risk indicators have been extensively treated as exogenous variables and affected firm performance. The level of risk taking should be determined through internal control quality and firm-specific characteristics to effectively understand [...] Read more.

Since a firm’s profitability is associated with a degree of risk taking, risk indicators have been extensively treated as exogenous variables and affected firm performance. The level of risk taking should be determined through internal control quality and firm-specific characteristics to effectively understand the relationship between risk management and firm performance. This study aims to investigate the effects of risk management efficiency on the production efficiency of Chinese listed companies from 2002 to 2016 using the two-step data envelopment analysis (DEA) approach. Empirical results indicate that risk management differs from traditional financial theory, which means that high-level risk would earn high expected returns. Firms with a low efficiency index of enterprises risk management will have low performance. In particular, internal controls were significantly improved after the 2008 financial crisis. Our overall results also suggest that information asymmetry is still a problem in financial markets. To achieve maximum benefits for shareholders and improve the quality of information disclosure, methods for enacting market regulations are still very important issues in China. Full article

(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)

19 pages, 2454 KiB

Open AccessEditor’s ChoiceArticle

A Comparative Performance Assessment of Ensemble Learning for Credit Scoring

by Yiheng Li and Weidong Chen

Mathematics 2020, 8(10), 1756; https://doi.org/10.3390/math8101756 - 13 Oct 2020

Cited by 81 | Viewed by 9442

Abstract

Extensive research has been performed by organizations and academics on models for credit scoring, an important financial management activity. With novel machine learning models continue to be proposed, ensemble learning has been introduced into the application of credit scoring, several researches have addressed [...] Read more.

Extensive research has been performed by organizations and academics on models for credit scoring, an important financial management activity. With novel machine learning models continue to be proposed, ensemble learning has been introduced into the application of credit scoring, several researches have addressed the supremacy of ensemble learning. In this research, we provide a comparative performance evaluation of ensemble algorithms, i.e., random forest, AdaBoost, XGBoost, LightGBM and Stacking, in terms of accuracy (ACC), area under the curve (AUC), Kolmogorov–Smirnov statistic (KS), Brier score (BS), and model operating time in terms of credit scoring. Moreover, five popular baseline classifiers, i.e., neural network (NN), decision tree (DT), logistic regression (LR), Naïve Bayes (NB), and support vector machine (SVM) are considered to be benchmarks. Experimental findings reveal that the performance of ensemble learning is better than individual learners, except for AdaBoost. In addition, random forest has the best performance in terms of five metrics, XGBoost and LightGBM are close challengers. Among five baseline classifiers, logistic regression outperforms the other classifiers over the most of evaluation metrics. Finally, this study also analyzes reasons for the poor performance of some algorithms and give some suggestions on the choice of credit scoring models for financial institutions. Full article

(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)

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12 pages, 237 KiB

Open AccessArticle

Storytelling Advertising Investment Profits in Marketing: From the Perspective of Consumers’ Purchase Intention

by Meng-Chuan Tsai

Mathematics 2020, 8(10), 1704; https://doi.org/10.3390/math8101704 - 3 Oct 2020

Cited by 10 | Viewed by 8052

Abstract

The purpose of the research is exploring the resonance of advertising benefits of storytelling in marketing from the perspective of consumers’ purchase intention. The college students are the study objects to watch different advertisement stories of different video duration, and compares the differences [...] Read more.

The purpose of the research is exploring the resonance of advertising benefits of storytelling in marketing from the perspective of consumers’ purchase intention. The college students are the study objects to watch different advertisement stories of different video duration, and compares the differences in the influence of different advertisement stories on college students’ purchasing inclination to reflect the advertising investment profits. The study found that the longer video duration of the advertising story, the more positive the consumer’s perception of the brand image and brand identity, and the more likely it is to promote consumers’ purchase intention for the brand. Full article

(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)

16 pages, 279 KiB

Open AccessArticle

Analysis of the Dividend Policy Decision-Making Mechanism of Chinese and Taiwanese Lithium Battery Industries

by Tzu-Chun Sheng, Alvin Chang, Shu-Hui Lan and Shih-Cheng Li

Mathematics 2020, 8(10), 1689; https://doi.org/10.3390/math8101689 - 1 Oct 2020

Cited by 2 | Viewed by 4077

Abstract

This study mainly focuses on the mechanisms and influencing factors of formulating dividend policies in the Chinese and Taiwanese lithium battery industries. According to the relevant literature, enterprises should consider financial status, project operations, the decision preferences of their executives, and shareholder equity [...] Read more.

This study mainly focuses on the mechanisms and influencing factors of formulating dividend policies in the Chinese and Taiwanese lithium battery industries. According to the relevant literature, enterprises should consider financial status, project operations, the decision preferences of their executives, and shareholder equity when drawing up dividend policies. This study first uses the Modified Delphi Approach to set up the hierarchy analysis structure, and then use the Fuzzy Analytical Hierarchy Process for the study method. From the empirical results, this study finds that there exist differences between Chinese and Taiwanese lithium battery manufacturing supply chains, in terms of the process and considered factors when making decisions regarding dividend policies. The empirical results of the study show that dividend policies of Chinese lithium battery manufacturers emphasize more on the future growth of enterprises, earnings expectation and retained earnings, investment decisions, enterprise scale, and operating performance and profit whereas Taiwanese lithium battery manufacturers focus more on information asymmetry. Full article

(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)

18 pages, 919 KiB

Open AccessArticle

Advanced Mathematical Business Strategy Formulation Design

by Song-Kyoo (Amang) Kim

Mathematics 2020, 8(10), 1642; https://doi.org/10.3390/math8101642 - 23 Sep 2020

Cited by 2 | Viewed by 4098

Abstract

This paper deals with the explicit design of strategy formulations to make the best strategic choices from a conventional matrix form of representing strategic choices. The explicit strategy formulation is an analytical model that is targeted to provide a mathematical strategy framework to [...] Read more.

This paper deals with the explicit design of strategy formulations to make the best strategic choices from a conventional matrix form of representing strategic choices. The explicit strategy formulation is an analytical model that is targeted to provide a mathematical strategy framework to find the best moment for strategy shifting to prepare rapid market changes. This theoretical model could be adapted into practically any strategic decision making situation when a strategic formulation is described as a matrix form with quantitative measured decision parameters. Analytically tractable results are obtained by using the fluctuation theory and these results are able to predict the best moments for changing strategies in a matrix form. This research can help strategy decision makers who want to find the optimal moments of shifting present strategies. Full article

(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)

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21 pages, 553 KiB

Open AccessArticle

Volatility Transmission from Equity, Bulk Shipping, and Commodity Markets to Oil ETF and Energy Fund—A GARCH-MIDAS Model

by Arthur J. Lin and Hai-Yen Chang

Mathematics 2020, 8(9), 1534; https://doi.org/10.3390/math8091534 - 8 Sep 2020

Cited by 8 | Viewed by 3429

Abstract

Oil continues to be a major source of world energy, but oil prices and funds have experienced high volatility over the last decade. This study applies the generalized autoregressive conditional heteroskedasticity-mixed-data sampling (GARCH-MIDAS) model on data spanning 1 July 2014 to 30 April [...] Read more.

Oil continues to be a major source of world energy, but oil prices and funds have experienced high volatility over the last decade. This study applies the generalized autoregressive conditional heteroskedasticity-mixed-data sampling (GARCH-MIDAS) model on data spanning 1 July 2014 to 30 April 2020 to examine volatility transmission from the equity, bulk shipping, commodity, currency, and crude oil markets to the United States Oil Fund (USO) and BlackRock World Energy Fund A2 (BGF). By dividing the sample into two subsamples, we find a significant volatility transmission from the equity market to the oil ETF and energy fund both before and after the 2018 U.S.–China trade war. The volatility transmission from the bulk shipping, commodity, and crude oil markets turns significant for the oil ETF and energy fund after the 2018 U.S.–China trade war, extending into the COVID-19 pandemic in early 2020. The results suggest that investors can use the equity market to predict the movement of oil and energy funds during both tranquil and turmoil periods. Moreover, investors can use bulk shipping, commodity, and crude oil markets in addition to the equity market to forecast oil and energy funds’ volatility during the turmoil periods. This paper benefits investors against the high volatility of the energy funds. Full article

(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)

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16 pages, 77069 KiB

Open AccessArticle

Local and Global Dynamics of a Constraint Profit Maximization for Bischi–Naimzada Competition Duopoly Game

by Sameh S Askar and Abdulrahman Al-Khedhairi

Mathematics 2020, 8(9), 1458; https://doi.org/10.3390/math8091458 - 31 Aug 2020

Cited by 3 | Viewed by 2031

Abstract

The Bischi–Naimzada game is a market competition between two firms with the objective of maximizing profits under limited information. In this article, we study a more generalized and realistic situation that takes into account the sales constraints. we generalize the economic model suggested [...] Read more.

The Bischi–Naimzada game is a market competition between two firms with the objective of maximizing profits under limited information. In this article, we study a more generalized and realistic situation that takes into account the sales constraints. we generalize the economic model suggested by Bischi–Naimzada by introducing and studying the maximization of profits based on sales constraints. Our motivation in this paper is the studying of profit and sales constraints maximization and their influences on the game’s dynamics. The local stability of the equilibrium points of the proposed model is discussed. It examines how the dynamics of the proposed two-dimensional competition game model focusing on changes in both the speed of the adjustment and the sales constraint parameters. The map describing the game is proven to be noninvertible and yields many multi-stable, complex dynamics and the coexistence chaotic attractors may arise. The global behavior of the map is achieved by studying the critical curves. The numerical simulations demonstrate the coexistence of two attractors and complex structures of the attraction basins. Several examples are discussed in order to confirm all the analytical results obtained. Full article

(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)

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15 pages, 969 KiB

Open AccessArticle

Applying the Multi-Criteria Decision-Making Approach for Lawyer Selection from Law Firms’ Perspective in China

by Chin-Tsai Lin, Ching-Chiang Yeh and Fan Ye

Mathematics 2020, 8(8), 1370; https://doi.org/10.3390/math8081370 - 15 Aug 2020

Cited by 4 | Viewed by 3268

Abstract

This study proposes a novel evaluation model for lawyer selection incorporating the lawyer’s backbone leadership attitude employing the hybrid multi-criteria decision-making (MCDM) approach. In the proposed approach, the lawyer’s backbone leadership attitude is employed as an evaluation factor in the evaluation model for [...] Read more.

This study proposes a novel evaluation model for lawyer selection incorporating the lawyer’s backbone leadership attitude employing the hybrid multi-criteria decision-making (MCDM) approach. In the proposed approach, the lawyer’s backbone leadership attitude is employed as an evaluation factor in the evaluation model for lawyer selection from law firms’ perspective. In this paper, a hybrid approach based on the Delphi technique and analytic hierarchy process (AHP) is proposed to manage qualitative and quantitative criteria for selecting the best alternative lawyer for law firms in China. Finally, a law firm in China is carried out to verify the feasibility of the proposed approach. Based on the result, the backbone leadership does provide valuable information in the evaluation model for lawyer selection. The results also revealed that the proposed approach would help law firms and human resource managers to understand and develop strategies to hire a lawyer. Full article

(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)

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24 pages, 1273 KiB

Open AccessArticle

Location Decisions of New Manufacturing Firms in Ecuador. Agglomeration Mechanisms

by Tania Paola Torres-Gutiérrez, Ronny Correa-Quezada, María de la Cruz del Río-Rama and José Álvarez-García

Mathematics 2020, 8(8), 1309; https://doi.org/10.3390/math8081309 - 7 Aug 2020

Cited by 1 | Viewed by 3182

Abstract

This investigation seeks to explore the importance of agglomeration mechanisms in the location decisions of new manufacturing firms in Ecuador, based on sector and canton level data for the 2000–2010 period. A model is proposed to explore the relative importance of agglomeration mechanisms [...] Read more.

This investigation seeks to explore the importance of agglomeration mechanisms in the location decisions of new manufacturing firms in Ecuador, based on sector and canton level data for the 2000–2010 period. A model is proposed to explore the relative importance of agglomeration mechanisms in location decisions of new manufacturing companies, a regression is performed using instrumental variables, the econometric estimation is developed, and an identification strategy is proposed. The results of the empirical analysis show that the learning mechanism, and history, have a positive and significant impact on the creation of new firms. An increase of 1% in the transfer of knowledge in the industries and cantons of the country is correlated with the increase in the location of new firms in the order of 9.2%. In turn, history has a positive and significant effect on the creation of new firms, in industries and cantons characterized by a past industrial environment. Even when the learning mechanism and history are controlled by provinces, sectors, and cantons, they continue to be the most important determinants of the location of new firms. This evidence could be attributed to the public investment in Ecuadorian industry in recent years. In this sense, the contribution of this work is found in the empirical distinction of the mechanism that favors or inhibits the location decisions of new companies. The analysis was replicated for a three-digit sectorial disaggregation level, to verify whether the agglomeration mechanisms operate differently on a different industrial scale. The results suggested that there were no differences to be considered. When the analysis was done excluding the cantons of Quito, Guayaquil, and Cuenca, given their high representation in terms of the birth of industries and employment, the results were consistent with those previously mentioned. However, it is so only with respect to history, which in this case accounts for 38.8% of the birth of firms; whereas, matching accounts for an order of 38.9% in the period of analysis. This result is explained in the context of the country’s industrial policy. Full article

(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)

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18 pages, 1960 KiB

Open AccessArticle

Application of Multicriteria Decision Making and Multi-Objective Planning Methods for Evaluating Metropolitan Parks in Terms of Budget and Benefits

by Wen-Chi Lo, Ching-Hua Lu and Ying-Chyi Chou

Mathematics 2020, 8(8), 1304; https://doi.org/10.3390/math8081304 - 6 Aug 2020

Cited by 5 | Viewed by 2352

Abstract

Urbanization is inevitable in developed countries. This study investigated the design of metropolitan parks, which are essential for sustainable cities. The developed model examined the suitability of parks in Taichung City, Taiwan, and explored the three aspects of ecological, economic, and social indicators [...] Read more.

Urbanization is inevitable in developed countries. This study investigated the design of metropolitan parks, which are essential for sustainable cities. The developed model examined the suitability of parks in Taichung City, Taiwan, and explored the three aspects of ecological, economic, and social indicators for park design using De Novo planning tools and the Decision Making Trial and Evaluation Laboratory-based Analytic Network Process. Because the De Novo programming method can redesign budget restrictions, this method can help managers arrange budget programming and reduce the impact of excessive investment on resource utilization in specific projects. After obtaining each factor’s price, the De Novo planning approach can reduce economic and ecological resource input and improve benefits relative to existing resource utilization methods. When assuming a fixed investment of resources, the De Novo planning method moves resources from the economic and ecological aspects of leisure and recreation, thus increasing the total benefit of metropolitan parks. Multicriteria decision-making and multi-objective planning methods can provide an effective solution for evaluating metropolitan parks. Full article

(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)

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14 pages, 1210 KiB

Open AccessArticle

Predicting Audit Opinion in Consolidated Financial Statements with Artificial Neural Networks

by José Ramón Sánchez-Serrano, David Alaminos, Francisco García-Lagos and Angela M. Callejón-Gil

Mathematics 2020, 8(8), 1288; https://doi.org/10.3390/math8081288 - 5 Aug 2020

Cited by 14 | Viewed by 4512

Abstract

The models for predicting audit opinion analyze the variables that affect the probability of obtaining a qualified opinion. This helps auditors to plan revision procedures and control their performances. Despite their apparent relevance, existing models have only focused on the context of individual [...] Read more.

The models for predicting audit opinion analyze the variables that affect the probability of obtaining a qualified opinion. This helps auditors to plan revision procedures and control their performances. Despite their apparent relevance, existing models have only focused on the context of individual financial statements and none have referred to consolidated financial statements. The consolidated information is essential for decision-making processes and understanding the true financial situation of a company. Our objective is to provide a new audit opinion prediction model for consolidated financial statements. To this end, a sample of group of Spanish companies was chosen and an artificial neural network technique, the multilayer perceptron, was used. The results show that the developed method managed to predict the audit opinion with accuracy above 86%. Moreover, there exist important differences concerning the most significant variables in the audit opinion prediction for individual accounts, since when using consolidated financial statements, the variables referring to industry, group size, auditor, and board members were converted into the main explanatory parameters of the prediction. Full article

(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)

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24 pages, 2061 KiB

Open AccessArticle

A DEA Resampling Past-Present-Future Comparative Analysis of the Food and Beverage Industry: The Case Study on Thailand vs. Vietnam

by Chia-Nan Wang, Minh Nhat Nguyen, Anh Luyen Le and Hector Tibo

Mathematics 2020, 8(7), 1140; https://doi.org/10.3390/math8071140 - 13 Jul 2020

Cited by 4 | Viewed by 6547

Abstract

The food and beverage industry plays a significant role in the economic development of developing and emerging countries in Asia through an immense contribution to the national income, employment, value-added inducement, and foreign exchange earnings. Among the developing countries in Asia, Thailand and [...] Read more.

The food and beverage industry plays a significant role in the economic development of developing and emerging countries in Asia through an immense contribution to the national income, employment, value-added inducement, and foreign exchange earnings. Among the developing countries in Asia, Thailand and Vietnam have recently experienced a significant growth in the industry due to their many advantages. However, the nascent stage of this industry was found to be lacking sustainable competitiveness in both countries. Therefore, this study aims to evaluate and forecast the performance efficiency of the food and beverage industry in Thailand and Vietnam to understand how efficient the food and beverage industry to these countries is and formulate suggestions to improve their productivity in accordance with the research findings. To achieve the research objectives, the resampling method in the data envelopment analysis is applied to measure and forecast the efficiency of 20 Vietnamese companies and 20 Thailand firms over the period of 2016 to 2023. The Malmquist productivity index is deployed to calculate the efficiency change over observed periods. The results reveal that Vietnam is found to have a higher efficiency than Thailand due to the outstanding performance of one company but have performed quite poorly due to low scores in technical and productivity change. The findings of this research can give useful information and practical suggestions to improve performance for inefficient companies as well as enhance competitiveness of the efficient companies trying to operate and reach global markets. Full article

(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)

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12 pages, 76791 KiB

Open AccessArticle

The Influences of Asymmetric Market Information on the Dynamics of Duopoly Game

by Sameh S. Askar

Mathematics 2020, 8(7), 1132; https://doi.org/10.3390/math8071132 - 10 Jul 2020

Cited by 6 | Viewed by 2273

Abstract

We investigate the complex dynamic characteristics of a duopoly game whose players adopt a gradient-based mechanism to update their outputs and one of them possesses in some way certain information about his/her opponent. We show that knowing such asymmetric information does not give [...] Read more.

We investigate the complex dynamic characteristics of a duopoly game whose players adopt a gradient-based mechanism to update their outputs and one of them possesses in some way certain information about his/her opponent. We show that knowing such asymmetric information does not give any advantages but affects the stability of the game’s equilibrium points. Theoretically, we prove that the equilibrium points can be destabilized through Neimark-Sacker followed by flip bifurcation. Numerically, we prove that the map describing the game is noninvertible and gives rise to several stable attractors (multistability). Furthermore, the dynamics of the map give different shapes of quite complicated attraction basins of periodic cycles. Full article

(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)

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14 pages, 1129 KiB

Open AccessArticle

Information Privacy Protection under Anti-Money Laundering Legislation: An Empirical Study in Taiwan

by Fa-Chang Cheng and Su-Man Wang

Mathematics 2020, 8(7), 1048; https://doi.org/10.3390/math8071048 - 30 Jun 2020

Viewed by 2238

Abstract

The newly added requirement in Taiwan’s Money Laundering Control Act to fully authenticate customers’ identity by regulated entities, particularly to reveal substantial beneficial owners, entails greater disclosure of customers’ private information. How to strike the balance between such disclosure and information privacy protection [...] Read more.

The newly added requirement in Taiwan’s Money Laundering Control Act to fully authenticate customers’ identity by regulated entities, particularly to reveal substantial beneficial owners, entails greater disclosure of customers’ private information. How to strike the balance between such disclosure and information privacy protection has not been mentioned yet in Taiwan. The goal of this research paper is to identify support measures, consisting of criteria, sub-criteria, and alternatives, for information privacy protection for future change. A questionnaire was developed through applying the modified Delphi method. This study also applied the analytic hierarchy process to the questionnaire to prioritize the importance of different criteria and sub-criteria and find the optimal alternative. The search results indicated that the criteria were (in order of importance) internal control in financial institutions, prior surveillance mechanisms, informed consent, and safe-harbor immunity. Further examination of the details for the sub-criteria indicated that the establishment of an external independent supervising mechanism and the adoption of a personal information impact assessment are increasingly prioritized for implementation. Moreover, Alternative 2 (“Public and private entities should implement criteria and sub-criteria simultaneously”) weighed 0.62 more in terms of importance compared with Alternative 1 (“Public entities should implement criteria and sub-criteria first”), which weighed 0.38. Full article

(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)

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14 pages, 434 KiB

Open AccessArticle

Linear Model Predictive Control for Physical Attractiveness and Risk: Application of Cosmetic Medicine Service

by Li-Ling Liu

Mathematics 2020, 8(6), 975; https://doi.org/10.3390/math8060975 - 15 Jun 2020

Cited by 1 | Viewed by 2523

Abstract

In the online world, the “eyeball economy” has become mainstream. Whether regarding Internet cosmetic medicine endorsers or physical service providers, the topic of physical attractiveness has long been discussed in the field of medical beauty e-commerce. When receiving cosmetic medical services, consumers have [...] Read more.

In the online world, the “eyeball economy” has become mainstream. Whether regarding Internet cosmetic medicine endorsers or physical service providers, the topic of physical attractiveness has long been discussed in the field of medical beauty e-commerce. When receiving cosmetic medical services, consumers have frequent contact with employees. Physical attractiveness is the most apparent and easily observed employee characteristic, and consumers base their judgement and behavior on it. In this study, the relationship between the physical attractiveness of cosmetic service employees and consumers’ perceived risk is discussed and clarified. After 366 questionnaires were collected and analyzed, the results indicated that the physical attractiveness of cosmetic service employees was negatively associated with perceived financial, performance, physical, psychological, and social risk. The study offers suggestions for employers. They should recruit more attractive employees. This will increase consumer intention to purchase a service because the consumers’ perceived risks are reduced. It may also enhance repurchase intention and consumption frequency. Full article

(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)

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17 pages, 689 KiB

Open AccessArticle

Did Institutional Investors’ Behavior Affect U.S.-China Equity Market Sentiment? Evidence from the U.S.-China Trade Turbulence

by Shu-Ling Lin and Jun Lu

Mathematics 2020, 8(6), 952; https://doi.org/10.3390/math8060952 - 10 Jun 2020

Cited by 2 | Viewed by 2506

Abstract

In the current situation of U.S.-China trade turbulence, this study focuses on quarterly panel data from May 2016 to September 2019 in order to verify the effectiveness of feedback trading strategy and smart money theory in stabilizing U.S.-China securities markets and to understand [...] Read more.

In the current situation of U.S.-China trade turbulence, this study focuses on quarterly panel data from May 2016 to September 2019 in order to verify the effectiveness of feedback trading strategy and smart money theory in stabilizing U.S.-China securities markets and to understand the role of institutional investors’ behavior, to come up with suggestions for improving and perfecting the market mechanism in stabilizing the U.S.-China securities markets. In this study, we adopt the generalized method of moments (GMM) to perform dynamic panel data analysis and discuss the changes in professional institutional investors’ behavior and equity market sentiment in the U.S. and China during the trade turbulence, and then analyze whether that behavior will suppress local stock market sentiment. Through empirical research, we found that institutional investors on both sides of the trade turbulence have a different impact on the stability of the local securities market. The behavior of institutional investors in the United States has played a role in stabilizing equity market sentiment in accordance with feedback trading strategy and smart money theory. However, the behavior of institutional investors in China is the opposite. Full article

(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)

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37 pages, 4397 KiB

Open AccessArticle

Financial Technology: Review of Trends, Approaches and Management

by Emilio Abad-Segura, Mariana-Daniela González-Zamar, Eloy López-Meneses and Esteban Vázquez-Cano

Mathematics 2020, 8(6), 951; https://doi.org/10.3390/math8060951 - 10 Jun 2020

Cited by 85 | Viewed by 21630

Abstract

Technological innovation and digitization have posed a challenge to the financial sector globally. Fintech is the term used to designate the application of new technologies to financial services. The aim of the study is to analyse this research subject worldwide during the period [...] Read more.

Technological innovation and digitization have posed a challenge to the financial sector globally. Fintech is the term used to designate the application of new technologies to financial services. The aim of the study is to analyse this research subject worldwide during the period 1975–2019. To this end, bibliometric techniques were applied to 2012 articles, obtaining findings of the productivity of scientific research, of the main thematic axes and their evolution. Scientific activity increased, mainly in the past decade, with 45% of publications. The main thematic areas were Business, Management and Accounting, Engineering, Social Sciences and Computer Science. Seven research lines were identified, aimed at analysing the aspects financial, economic, technology transfer, investment, innovation, partnerships and institutions and commercial. Future research lines should develop analyses on banking, financial services trade, territorial development, legal, management, research methodologies and the sustainability of financial technologies. It was verified that there is a growing and dynamic interest in scientific activity on financial technologies at an international level. The findings obtained are a complement to the knowledge of financial technologies and allow the relationship between science and technology to be established, and to inform the decision-making process. Full article

(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)

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22 pages, 292 KiB

Open AccessArticle

The Role of Gender Diversity in Downside Risk: Empirical Evidence from Vietnamese Listed Firms

by Cong-Duc Tran, Minh-Tuan Phung, Fu-Ju Yang and Yi-Hsien Wang

Mathematics 2020, 8(6), 933; https://doi.org/10.3390/math8060933 - 8 Jun 2020

Cited by 9 | Viewed by 3473

Abstract

Corporate governance has been marked as an important component of the fast-growing pace of the Vietnam economy recently. Aligning with the concern that gender plays a critical role in corporate management, this study aims to reveal the entire benefits of the appearance of [...] Read more.

Corporate governance has been marked as an important component of the fast-growing pace of the Vietnam economy recently. Aligning with the concern that gender plays a critical role in corporate management, this study aims to reveal the entire benefits of the appearance of women on board to reduce downside risk in the frontier countries. By using a unique dataset from Vietnamese listed firms and appropriate econometric methods, we present tight results that the presentation of women at firm management level is more likely to lessen the downside risk. In particular, female non-senior reduces all risk attributes, whereas the presence of women in executive board decrease firm risk only. Furthermore, the decreasing of individual and systemic risk are additionally driven by female Chief Executive Officer (CEO) and chairman. We found strong evidence that female leadership may decrease risk-taking in the low-risk firms at all managerial levels but not in the case of a female CEO. In summary, by examining data from specific frontier areas such as Vietnam, we confirm that the role of female leadership in terms of reducing the downside risk depend on their power managerial levels and the firm-risk behavior. Full article

(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)

18 pages, 3337 KiB

Open AccessArticle

An Evaluation Model for Property-Purchasing Plans Based on a Hybrid Multi-Criteria Decision-Making Model

by Jun-Kun Lin, Hung-Lung Lin, William Yu Chung Wang, Ching-Hui Chang and Chin-Tsai Lin

Mathematics 2020, 8(6), 860; https://doi.org/10.3390/math8060860 - 26 May 2020

Cited by 7 | Viewed by 3258

Abstract

Purchasing a property entails making rankings, comparisons, and trade-offs among various housing characteristics. When trying to sell a house, real estate brokers take on an important role as a middle-person between the seller and buyer. Thus, this research sets up a dynamic price [...] Read more.

Purchasing a property entails making rankings, comparisons, and trade-offs among various housing characteristics. When trying to sell a house, real estate brokers take on an important role as a middle-person between the seller and buyer. Thus, this research sets up a dynamic price recommendation method for housing purchases and applies the fuzzy multiple criteria decision making (FMCDM) technique, so as to realize housing quality and evaluation. We utilize this method based on the prospect theory of the loss aversion effect, in order to aid real estate brokers’ job of coordinating between the seller and buyer. The method helps us to provide an objective view of the evaluation matrix. From the pricing strategy, the results are able to match price versus quality and improve brokers’ intermediation effects. The brokers can subsequently make recommendations regarding a suitable price, decisions on negotiation strategies to reach an agreement, and settle upon an acceptable price. Full article

(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)

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21 pages, 557 KiB

Open AccessArticle

The Effect of Data Theft on a Firm’s Short-Term and Long-Term Market Value

by Kuo-Chung Chang, Yu-Kai Gao and Shih-Cheng Lee

Mathematics 2020, 8(5), 808; https://doi.org/10.3390/math8050808 - 15 May 2020

Cited by 8 | Viewed by 5252

Abstract

The prevalence of the internet as firm’s primary channel of operations and marketing in recent decades has made information security management a critical issue for firms. Yet, previous research on the information security issue have mostly focused on the impact of information security [...] Read more.

The prevalence of the internet as firm’s primary channel of operations and marketing in recent decades has made information security management a critical issue for firms. Yet, previous research on the information security issue have mostly focused on the impact of information security events on firms’ short-term value. Their impact on firms’ long-term value is rarely analyzed. Corporate managers have also largely dismissed the negative long-term impact of information security breaches by considering them as accidental and arguing that their frequency in recent years has instigated a sense of numbness in customers to their regards. Consequently, managers have paid little attention to information security investments. To assess the importance of information security investment, this study examines short-term and long-term stock market assessment of data breaches events at publicly traded companies. The findings of this study offer new insights for firms in assessing information security investment. Full article

(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)

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17 pages, 722 KiB

Open AccessArticle

Patent Litigation, Competitive Dynamics, and Stock Market Volatility

by Kuang-Hsun Shih, Fu-Ju Yang, Jhih-Ta Shih and Yi-Hsien Wang

Mathematics 2020, 8(5), 795; https://doi.org/10.3390/math8050795 - 14 May 2020

Cited by 3 | Viewed by 2767

Abstract

Recently, the number of patents of enterprises has been increasing year by year, obviously improving the degree of attention paid to the added value of patents by said enterprises, but also creating patent infringement lawsuits. First, through analysis of the position of competitors, [...] Read more.

Recently, the number of patents of enterprises has been increasing year by year, obviously improving the degree of attention paid to the added value of patents by said enterprises, but also creating patent infringement lawsuits. First, through analysis of the position of competitors, it can be seen that the disclosure of patent infringement litigation information influences the abnormal returns of shareholder wealth. Second, through projecting to competitive dynamics, it could be determined whether expected or actual action are consistent or inconsistent, and whether the stock returns and volatilities are obviously changed. This work utilized event study and GJR-GARCH to discuss the information value of short-term abnormal returns and the long-term effect of stock returns and volatilities of patent infringement lawsuits, respectively. The empirical results of this article highlight the significantly negative short-term abnormal returns of plaintiffs when market commonality between the enterprises was higher. In addition, the cumulative abnormal returns of shareholders were reduced when the resource similarity was higher. Finally, in terms of the corresponding plaintiff enterprises, if the expected theory and the actual strategy were inconsistent, then the return and the risk decreased significantly; however, when the strategy was consistent, the return and the risk increased significantly. Full article

(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)

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23 pages, 2545 KiB

Open AccessArticle

Research on Advertising and Quality of Paid Apps, Considering the Effects of Reference Price and Goodwill

by Haoyu Liu and Shulin Liu

Mathematics 2020, 8(5), 733; https://doi.org/10.3390/math8050733 - 6 May 2020

Cited by 3 | Viewed by 2757

Abstract

Considering users’ perceptions can help managers develop more accurate business strategies. Utilizing optimal control theory, this paper takes the reference price and goodwill of paid App as the state variables to analyze the paid App’s optimal product quality and the platform’s optimal advertising [...] Read more.

Considering users’ perceptions can help managers develop more accurate business strategies. Utilizing optimal control theory, this paper takes the reference price and goodwill of paid App as the state variables to analyze the paid App’s optimal product quality and the platform’s optimal advertising effort with the revenue-sharing contract in the decentralized and integrated systems, respectively. Results show that: (1) The higher the users’ loyalty, the higher the reference price, while for the users who lack loyalty, the impact of reference price can be ignored. (2) When the revenue-sharing rate is equal to or more than 2/3, the paid App is unwilling to bear any advertising costs for the platform. (3) We propose a bilateral subsidy agreement to coordinate the decentralized system smoothly and implement the optimal objective of the integrated system. (4) Importantly, under some mild conditions, we prove that the platform and paid App can both benefit from the agreement. Full article

(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)

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13 pages, 404 KiB

Open AccessArticle

The Construction and Implication of Group Scale Efficiency Evaluation Model for Bulk Shipping Corporations

by Bor-Hong Lin, Hsuan-Shih Lee and Cheng-Chi Chung

Mathematics 2020, 8(5), 702; https://doi.org/10.3390/math8050702 - 2 May 2020

Cited by 5 | Viewed by 2316

Abstract

The shipping industry pursues high efficiency and low cost of chartering operations for bulk shipping market depression. Each type of ship’s operational efficiency in bulk shipping corporations is more important than the corporation’s overall efficiency. In order to evaluate the efficiency gap between [...] Read more.

The shipping industry pursues high efficiency and low cost of chartering operations for bulk shipping market depression. Each type of ship’s operational efficiency in bulk shipping corporations is more important than the corporation’s overall efficiency. In order to evaluate the efficiency gap between various ship types’ efficiency and overall efficiency, the research first assessed the performance by a decision making unit (DMU), and evaluated voyage charter (V/C) performance by the time charter equivalent (TCE). It also measured the distance between group scale efficiency (GSE) and average group scale efficiency (AGSE) by the data envelopment analysis (DEA). DEA is able to compare the difference between the group efficiency and overall efficiency, the AGSE value, to explore the direction and extent of the overall efficiency improvement. In the research, the V/C service of Panamax, Supramax, and Handymax is considered as the DMU, to calculate the efficiency of different ship types separately. Then, it employs TCE to measure and the DEA method to compare AGSE. The larger the AGSE value, the better the efficiency. Based on the results, in order to improve the overall operating efficiency of bulk shipping corporations, AGSE should be more emphasized than TCE and GSE. The results can provide professional managers of bulk shipping corporations with the basis for a strategic decision of chartering operations. Full article

(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)

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