Free Essay

Kospi Index Analysis

In: Business and Management

Submitted By apurva45
Words 1638
Pages 7
|
KOSPI Index * A Summarized report on the KOSPI Index over a 2 week observation
Apurva Joshi | F1601- Global Finance & Capital Markets |10/31/14| James Ryan

KOSPI Index Introduction
The Korea Composite Stock Price Index or KOSPI index is the Index of all common stocks traded in the Korea Exchange (KRX) which is based in South Korea created by the amalgamation of the Korea Stock Exchange, Korea Futures Exchange and KOSDAQ Stock Market under the Korea Stock & Futures Exchange Act. replacing the previous DOW-styled KCSPI. The Index is calculated based on market capitalization which makes it highly susceptible to the fortunes of its key market players. The Index is also sensitive to foreign markets as its key market players are heavily into the Electronics segment, where its key customers are based in Western Europe, North America and Australia.The Index's risk regarding market sentiment is also dependent on its relation with North Korea with whom South Korea has a history of war and recent skirmishes and its competition with Japan over the depreciating Yen. Rising Competition from India and mainly China have also pressurized South Korea's current position as the country with the largest weight in the MSCI Emerging Markets Index. Although new banking measures have been brought into place with the aim of strengthening the won which has depreciated greatly, the recent stream of cutting interest rates by South Korea's Central bank can cause heightened risks in the financial sectors if households increase debt which is already the highest amongst Asian Countries. ETF activity by Foreign Investors who can trade through custodian banks which act as proxies are directly proportional in relation with the US Stock Exchanges and Federal monetary policies implying that apart from customers and competitors based in the States, any policy incident in the USA directly affects the KOSPI's performance.
Apart from KOSPI the Korean exchange (KRX) is also structured around the KOSDAQ and the recently formed KONEX. In 2013 the KOSPI index fell below 1800 points which was primarily caused by cuts in quantitative easing and other associated factors. As global economies improved the KOSPI did recover going well above 2000 points, continuing the trend in 2014. However trading stagnation continued which amounted to a 16.7% decrease in the average daily trade volumes. Due to decreased Volatility and increased regulations the derivatives market was also decreased significantly over previous years.

Market Segmentation
Market Segmentation is the most integral component to observe regarding the KOSPI Index as it has some key segments which drive it.
The chart below : Screenshot showing change in the sectors between Oct 6th and Oct 17th 2014 from Bloomberg and their relative market sector weights in the KOSPI.

As it can be seen via the screenshot above, the KOSPI market is heavily dominated by sectors like Electronics, Telecommunication services and Information technology peripherals. Although the financial sector is growing, the market is also dominated by sectors like the less noticed Engineering and construction industry whose primary markets are in Africa and the middle East as well as Asian Countries.
However, like the Auto Industry and the Electronics and Information technology sector this sector also heavily relies on its revenues overseas. South Korea's chemical industry, another sector competes with Japan's chemical industry, focusing on lower value, commodity-type chemicals. The aspiration regarding semiconductors and clean energy sources is in line with the newly formed KONEX and the recent launch of the carbon emissions rights trading exchange. Shipping and fishing sectors are dependent on overseas and domestic markets respectively.

Market Dominance - Chaebols
A Chaebol refers to a South Korean form of business conglomerate. they are typically global multinationals owning numerous international enterprises, controlled by a chairman who has power over all the operations. One of the key factors driving the KOSPI Index is the role the fortunes of its biggest constituent members have on it. The dominance of Samsung Inc. which has market weightage of nearly 14.4% heavily weighs on the KOSPI Index. Samsung meanwhile in recent years has faced stiff competition from Apple Inc. in its main market of smartphones and has tried to keep a low margin to compete with cheap Chinese companies to maintain its 31% market share. This has severely affected Samsung and the KOSPI index in turn. It has to be noted that the 14.4% market share does not include all of Samsung's peripherals or other companies listed on the KOSPI Index who in one way or another supply or rely on Samsung. The South Korean Stock Electronics peripherals manufacturing sector is filled with small-cap companies which are tied to Samsung. Samsung produced a fifth of all South Korean exports and had revenue equivalent to 17% of South Korea's GDP Samsung also owns a partnership in POSCO.
The other big player is Hyundai. Although Hyundai seems to be smaller in market capitalization, it is primarily because Hyundai was also broken up into numerous subsidiaries which all still use the Hyundai trademark but are traded independently. LG is another conglomerate which has several family run subsidiaries and a big electronics multinational. Several such Chaebols within South Korea run the fortunes of its small-cap listed companies and the KOSPI Index itself. The Chaebols have enjoyed a "too big to fail" policy, have had numerous financial scandals and frauds and weigh heavily in the political sphere of South Korea. New governance mechanisms put in place, along with their inability to also have their own banks have tried to oversee them
This fact was also observed during the two week period as Samsung and Hyundai combined to plummet the KOSPI index. The fall in Samsung's stocks due to competition from Apple in its primary overseas markets and their inability to compete in the world's two biggest emerging economies of China and India due to competition from upstarts like Xiomi and Micromax respectively. The combined woes of Samsung and Hyundai managed to wipe out USD42-44 billion although Korean equities added 8.2 billion.
Political - Geographic & Export Oriented
Due to the nature of the big Corporations which make up the KOSPI index, it heavily depends on events both economic and other which happen in Europe and North America, the two big export partners where it has most of its constituent's consumers. In the 2 week observation period it was observed that the speculations on the KOSPI Index were heavily dependent on the federal reserve's upcoming decisions.
On Oct 6, the index started dropping due to weaker US consumption and housing market data. Initially the market was bullish due to the better US Employment data. However, the continued selling due to concerns over the sharp decline in the value of won made investors sell the short term bullish stocks for profit realization. On Oct 7, the fed's early rate hike weakened due to weaker labor markets only slightly managing to rise the KOSPI.
On Oct 8, concerns from Eurozone threatened to further slip the KOSPI, but recovered due to institutions buying dips and an increase in China's exports. The dip momentum and increased investor selling continued till Oct 10. These observations highlight the nature of global events that affect the KOSPI due to its aforementioned constituency of export oriented companies. Another factor heavily weighing on KOSPI is its close relationship with the Yen which has in the past determined its sway and the Chinese economy as observed earlier. The biggest non financial, geographic and political factor which affects the KOSPI is South Korea's relationship with North Korea. On Oct 6, the meeting of officials from North and South Korea and talks on future reunion boosted the KOSPI which had in its past seen its biggest recent drop due to threats of war emerging from the same country. Given the day and age, this reunification serves KOSPI greatly as it would significantly open new frontiers.
Benchmark Rates - Bank Of Korea
On Oct 15, The Bank of Korea further reduced its benchmark rate to 2.00% while risking spurring capital outflows to strengthen the Won and bolster the slow economic recovery. Buoyed by this news the KOSPI rose sharply and showed signs of going back to the pre Oct-6 mark.
References
http://en.wikipedia.org/wiki/Korea_Exchange http://news.yahoo.com/south-korea-cuts-interest-rate-second-time-three-022725456--finance.html http://www.leutholdfunds.com/research/navigating-the-perfect-storm-in-the-north-korean-equity-market http://eng.krx.co.kr/m9/m9_1/m9_1_7/JHPENG09001_07.jsp http://en.wikipedia.org/wiki/Samsung http://www.bloomberg.com/news/2014-10-06/samsung-hyundai-lose-grip-on-kospi-as-44-billion-erased.html http://www.theaustralian.com.au/business/wall-street-journal/samsung-and-hyundai-weigh-on-south-korean-market/story-fnay3ubk-1227076840902 http://eng.krx.co.kr/m8/m8_1/m8_1_1/BHPENG08001_01_01.jsp http://www.bloomberg.com/news/2014-10-05/korean-index-futures-rally-in-pre-market-on-north-meeting.html http://www.reuters.com/article/2014/10/15/southkorea-economy-rates-idUSS6N0PP00320141015 --------------------------------------------
[ 18988 ]. http://en.wikipedia.org/wiki/Korea_Exchange
[ 27240 ]. http://news.yahoo.com/south-korea-cuts-interest-rate-second-time-three-022725456--finance.html
[ 27387 ]. http://www.leutholdfunds.com/research/navigating-the-perfect-storm-in-the-north-korean-equity-market
[ 14826 ]. http://eng.krx.co.kr/m9/m9_1/m9_1_7/JHPENG09001_07.jsp
[ 18453 ]. hhttp://en.wikipedia.org/wiki/Samsung
[ 17935 ]. http://www.bloomberg.com/news/2014-10-06/samsung-hyundai-lose-grip-on-kospi-as-44-billion-erased.html
[ 4682 ]. http://www.theaustralian.com.au/business/wall-street-journal/samsung-and-hyundai-weigh-on-south-korean-market/story-fnay3ubk-1227076840902
[ 17380 ]. http://eng.krx.co.kr/m8/m8_1/m8_1_1/BHPENG08001_01_01.jsp
[ 337 ]. http://www.bloomberg.com/news/2014-10-05/korean-index-futures-rally-in-pre-market-on-north-meeting.html
[ 2004 ]. http://www.reuters.com/article/2014/10/15/southkorea-economy-rates-idUSS6N0PP00320141015

Similar Documents

Premium Essay

Impact of Derivative Trading on the Volatility in the Stock Market of India

...Impact of derivative trading on the volatility in the stock market of India -Abhinav Barik Abstract This research paper focuses on the impact the derivative trading has had on the stock market of India. The impact is judged by the change in the volatility after the introduction of the derivative trading. In this paper 5 stocks are taken on which derivative trading was introduced and 4 stocks on which derivative trading was not introduced. The daily closing price of those stocks was taken for two periodspre derivative period and the post derivative period. These were analyzed using GARCH model to find the variance equation and then the GARCH coefficients from this equation were compared using the Wald test to check if the volatility has actually changed. The study suggests that the volatility has decreased for 4 companies, increased for 2 and two other companies did not show any significant change in the volatility. * Keywords: volatility, derivative, correlogram diagram, unit root, GARCH, Wald test *MBA student (2010-12), ICFAI BUSINESS SCHOOL, Hyderabad barik.abhinav@rediffmail.com 1. Introduction Derivative trading was introduced on the individual stocks of the Indian market in the year 2001 by SEBI. This was with a view to decrease the risk taken by the investors and to increase the investment opportunities. Since the derivative market and the spot market are linked so that the risk can be transferred, therefore the investors if want to transfer their......

Words: 1828 - Pages: 8

Premium Essay

The Impact of Derivatives on Stock Market Volatility: a Study of the Nifty Index

...AAMJAF, Vol. 4, No. 2, 43–65, 2008 ASIAN ACADEMY of MANAGEMENT JOURNAL of ACCOUNTING and FINANCE THE IMPACT OF DERIVATIVES ON STOCK MARKET VOLATILITY: A STUDY OF THE NIFTY INDEX T. Mallikarjunappa1* and Afsal E. M.2 1 Department of Business Administration, Mangalore University, Mangalagangotri – 574199, Mangalore, DK, Karnataka, India 2 School of Management and Business Studies, Mahatma Gandhi University, P.D. Hills, Kottayam – 686560, Kerala State, India *Corresponding author: tmmallik@yahoo.com ABSTRACT This paper studies the volatility implications of the introduction of derivatives on stock market volatility in India using the S&P CNX Nifty Index as a benchmark. To account for non-constant error variance in the return series, a GARCH model is fitted by incorporating futures and options dummy variables in the conditional variance equation. We find clustering and persistence of volatility before and after derivatives, while listing seems to have no stabilisation or destabilisation effects on market volatility. The postderivatives period shows that the sensitivity of the index returns to market returns and any day-of-the-week effects have disappeared. That is, the nature of the volatility patterns has altered during the post-derivatives period. Keywords: conditional volatility, heteroscedasticity, volatility clustering, market efficiency INTRODUCTION The modelling of asset returns volatility continues to be one of the key areas......

Words: 9589 - Pages: 39

Premium Essay

Cash Is Better Than Equity

...1163 경영학연구 제40권 제5호 2011년 10월(pp. 1163~1184) Is Cash better than Equity as Takeover Payment? - Learning from Korean Cases Seong-Ho Cho Professor, College of Business Administration Hongik University (shcho11@hongik.ac.kr) ……………………………………………………………………………… This paper examines the relationship between the abnormal stock returns upon announcement and the choice of takeover payment methods, say, cash or equity, for the Korean mergers and acquisitions during 1996-2008 in which for some period, say, 1996-2000, liquidity is very scarce and market is uncertain. We test two hypotheses; first, whether equity payments reduce bidders’ firm value; second, whether cash payments are more (or less) likely preferred by the target shareholders who are facing high uncertainty. Unlike US experience, we fail to find statistical evidence that equity offers reduce bidders’ firm value. Further, while the bidder shareholders gain on average wealth of 1.8% from the M&A transactions, whether they pay in cash or equity, they earn positive 0.1% or 3.5% gain, respectively. These results contradict to the conventional asymmetric information model where market valuation of bidder’s equity plays an important role for the determination of payment alternatives. While examining the wealth gains of target shareholders, we find statistical evidence that cash payments are preferred to equity payments. Further, if they are paid by cash (equity), they earn 6.2% (-5.1%) gain. We conclude that under the......

Words: 8939 - Pages: 36

Premium Essay

Financial Market

...Volume–VII, Number–02, July-December, 2012 Effects of Interest Rate and Exchange Rate on Volatility of Market Index at Dhaka Stock Exchange DEWAN MUKTADIR-AL-MUKIT * ABSTRACT The paper investigates the effects of the exchange rates and interest rates on stock market performance by using monthly time series data for the economy of Bangladesh, over the period of 1997 to 2010. This study uses econometric techniques of measuring the long and short term relationship between variables using the concept of Cointegration and Error Correction Model and analysis of Variance Decomposition. Causal relationships have been investigated using Granger causality test. By employing Cointegration technique it is observed that in the long run, a one percent increase in exchange rate and in interest rate contributes1.04% increase and 1.71 % decrease in market index respectively. The estimated error correction coefficient indicates that 7.8 percent deviation of stock returns are corrected in the short run. Finally, Granger causality analysis suggests the existence of a unidirectional causality from market index to exchange rate and from interest rate to market index. Keywords: Cointegration, Granger Causality. Exchange rate, Interest rate, DGEN index 1. INTRODUCTION A well functioning financial system boosts economic growth through proper and efficient allocation of resources. As a part of financial system, the importance and role of stock market towards achieving economic growth is crucial. The...

Words: 5540 - Pages: 23

Premium Essay

Citibank Weekly Update

...Cyprus will be converted into equity and suffer losses until the bank capital ratio reaches to 9%. Performance Global equity markets went up by 1.59% in March. Japan continues to be the best performing market with the Nikkei and Topix showing a monthly return of 7.25% and 6.05% respectively. US stocks had a positive month, with the benchmark S&P 500 posting a 3.6% gain while breaching its all time high level. Europe also rose with the Stoxx Europe 600 up 1.32%. Meanwhile, Asia was weak, with MSCI Asia ex Japan retreating 2.07%. The dips mostly came from Chinese equities with HSCEI and Shanghai Composite down -4.73% and -5.45% and Hong Kong (-3.13%). The Week Ahead The US will see the Vehicle sales (Tue), Factory orders (Tue), Manufacturing index (Wed), Unemployment rate and Nonfarm payrolls (both on Fri), ISM non Consumer credit (Fri) and Trade balance data (Fri) this week. In Europe, focus will be on the ECB and BoE decisions (Thu). Meanwhile Japan will see March BoJ Tankan survey and the business conditions DI (Mon). Also, the fist BoJ meeting under new leadership will be in focus. Elsewhere in emerging Asia, China’s manufacturing PMI (Mon), Inflation numbers from Indonesia (Mon), Korea (Mon), Philippines(Fri) and...

Words: 5171 - Pages: 21

Premium Essay

Assignment

...NBER WORKING PAPER SERIES HOW DOES CORPORATE GOVERNANCE RISK AT HOME AFFECT INVESTMENT CHOICES ABROAD? Woochan Kim Taeyoon Sung Shang-Jin Wei Working Paper 13721 http://www.nber.org/papers/w13721 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 January 2008 We thank Marianne Bertrand, Bernard Black, Bernado Bortolotti, Stijn Claessens, Mara Faccio, John Griffin, Simon Johnson, Kate Litvak, seminar participants at Harvard Business School, Columbia Business School, University of Texas, Austin, Seoul National University, Korea University, KDI School of Public Policy and Management, IMF, Brookings Institution, and the International Research Conference on Corporate Governance in Emerging Market Economies for helpful comments, and John Klopfer for able editorial assistance. We also thank the KDI School of Public Policy and Management for financial support. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peerreviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2008 by Woochan Kim, Taeyoon Sung, and Shang-Jin Wei. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. How......

Words: 22756 - Pages: 92

Free Essay

Affordability vs. Sustainability

...ECONOMICS & STRATEGY THE JSK STRATEGIST June 07, 2010 Federal Budget 2011: Affordability Vs. Sustainability!! A Blurry Hype Or A Leap Of Faith?? Executive Summary At the national front, government remained excessively occupied with budgetary measures to be adopted in the finance bill, that were announced on June 5th. Capital market participants and investors, in anticipation, distanced away from large exposures as federal budget closed in, with implementation of Capital Gains Tax (CGT) on stock market transactions. Nationwide implementation Value Added Tax (VAT) regime at 15% has been deferred by three months in order to develop a productive framework for enforcement and collection mechanisms. Addressing IMF’s concerns, the removal of subsidies and a raise in power tariff by 6%, in addition to the expansion of country’s tax base remained core issues in recent budget announcements. Economic Recovery: Exceeds Expectations! Federal government revised GDP growth levels to 4.5% from a low of 4.1% sighting better than expected economic recovery for FY2010. Expansion in large scale manufacturing and growth in services sector would be the key factors contributing to economic growth with 5.6% share of manufacturing, 4.6% for services and 3.8% for agriculture sector. Also, the crippling power sector with the introduction of costly rental power plants is expected to provide significant relief to the industrial sector. Additionally, government is making all out efforts to......

Words: 8607 - Pages: 35

Premium Essay

Good

...indicated deterioration of the nuclear power plant's structure, operating systems, parts and components. Allowing continued operation of the aging plant would jeopardize public safety. At a recent public hearing on the matter, Tsuei Su-hsin, secretary-general of Green Citizen Action's Alliance, said the decision to resume operations was not transparent. Forecasts for slow growth in China, worries over Greece bailout take toll on markets HONG KONG--World stock markets sank Tuesday over worries about slower economic growth in China and a possible snag in the deal for Greece to get its bailout money. In early European trading, Germany's DAX was down 0.4 percent at 6,835 and the CAC-40 in France fell 0.4 percent to 3,473.81. The FTSE 100 index of leading British shares lost 0.3 percent to 5,857.35. U.S. stocks were poised to fall. Dow futures were down 0.3 percent at 12,915. Broader S&P 500 futures were down 0.4 percent at 1,358.70. Asian stock markets also slid, as mainland Chinese shares saw their biggest loss in almost a month a day after Premier Wen...

Words: 7711 - Pages: 31

Free Essay

Literature Review of Xbrl

...in the world. This paper teases out and discusses the literature researches of XBRL from 6 aspects: the production bases of XBRL, the effect of XBRL, the classification criteria formulation of XBRL, the auditing assurance of financial reports based on XBRL, the implementation of XBRL in different countries and some researches about XBRL in China, which reflects the current status of research about XBRL relatively fully. ------------------------------------------------- Keywords: XBRL, Auditing assurance, Classification criteria 1. Introduction XBRL is one variant of XML (eXtensible Markup Language) for business reporting. XBRL defines financial data on the web with explicit semantics in a machine-readable format, making automated data analysis possible. XBRL is a standard XML reporting language to enhance the efficiency, reliability and accuracy of financial reporting. Data in XBRL format does not need to be converted from one application to another because data are independent of applications by using standard tags for data items (Farewell, 2006). The financial information is presented to the public on the Internet usually in a static format such as PDF or HTML, the XBRL technology offers a way to have dynamic financial information. XBRL can support both financial and non-financial data contexts, which distinguishes XBRL from traditional financial documents (Debreceny et al., 2005). The use of standard tags in XBRL documents allows for the specific identification, automatic...

Words: 5525 - Pages: 23

Premium Essay

Securities and Exchange Board of India

...Anirban Ghosh Working Paper Series No. 8 The views expressed in this paper are those of the authors and do not necessarily reflect those of the Securities and Exchange Board of India. We sincerely thank Shri G. N. Bajpai, Chairman, SEBI for his unlimited support and encouragement in conducting research work. But for him, it would not have been possible to bring out this paper timely. We also thank many of our colleagues for their comments and suggestions. Contents Foreword Acknowledgement SEBI Abstract 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. Stock Market Volatility: An International Comparison Methodology Analysis of Results Inter and Intra-day Volatility Intra-day Volatility and Developed Capital Markets Emerging Capital Markets Indian Market High and Low Volatility (Volatility Transmission) Extreme Volatility Analysis (India) Return Squared Volatility Return Squared Analysis Conclusion and Recommendation References SEBI Working Paper Series (i) (iii) (v) (vii) 1 4 8 11 12 13 13 14 15 15 16 17 19 Foreword During the past few years Indian Capital Market has undergone metamorphic reforms. Every segment of Indian Capital Market viz primary and secondary markets, derivatives, institutional investment and market intermediation has experienced impact of these changes. Our market, today, is being recognized as one of the most transparent, efficient and clean markets. Several techniques /instruments are used by academicians, policy makers, practitioners and investors to test......

Words: 17970 - Pages: 72

Free Essay

Csr in Hk

...jcc17welford.qx 5/4/05 4:43 pm Page 33 Corporate Social Responsibility in Europe, North America and Asia 2004 Survey Results Richard Welford University of Hong Kong, China This paper builds on previous work of the author in assessing policies on corporate social responsibility (CSR) based on 20 elements. The elements are based on international conventions, codes of conduct and industry best practice. In a second survey of current priorities for CSR among large listed companies, the paper examines the written policies of companies in 15 countries in Europe, North America and Asia. The second survey demonstrates an increased emphasis on ethics, bribery and corruption and increased policies among companies on child labour compared with the first survey. It shows that one cannot assume that Asian countries are less developed than their Western counterparts and points to a growing trend of CSR in Japan, in particular. Nevertheless, it is demonstrated that there is a link between the development of CSR and the economic development of countries and that many CSR policies are based on localised issues and cultural traditions at a country level. Supply chain aspects of CSR are growing in importance, particularly among countries with a strong trading tradition. G Corporate social responsibility G Accountability G Citizenship G Europe G North America G Asia JCC 17 Spring 2005 u Corporate Environmental Governance Programme, Centre......

Words: 7274 - Pages: 30

Premium Essay

Derivative Introduction and History..

...Project Report On “DERIVATIVES – THE BEST TOOL IN INDIAN MARKET TO GET THE OPTIMUM RETURNS” ACKNOWLEDGEMENT We take this opportunity to place on record our grateful thanks & sincere gratitude to those who gave us valuable advice & inputs for our studies. Our study could not have been completed if we had not have been completed if we had not been able to get the reference material from the company. Whenever & whatever we present today has been made possible by true efforts & kind support of our project guide Mr. Akhilesh Rathi, Head, SNR Securities & Finance, Indore. We express our sincere regards & feel paucity of word to express our utmost gratitude toward him for providing us the necessary resources, worthwhile suggestions & constant guidance. We also like to express our thanks towards other staff members of SNR Securities & Finance who inspired us to put in our best efforts for the completion of the project. PREFACE Financial system is the mirror reflection of an economy. The performance of any economy to a large extent is dependent on the performance of the Financial Institution. Financial system plays an important role by mobilizing saving and allocating them to the most profitable activities, and enables society to make more productive use of its scarce resources. The Financial system consist of many institution, instruments, and markets. Financial Institution range from moneylender to banks, pension funds,......

Words: 24412 - Pages: 98

Premium Essay

Learning

...ScienceDirect Journal of Business Research Antecedents and outcomes of strategic thinking Byeong-Joon Moon ⁎ Kyung Hee University, Republic of Korea, School of Management, Kyung Hee University, Republic of Korea a r t i c l e i n f o a b s t r a c t This study focuses on the factors that influence strategic thinking at the organizational level. Based on previous research on strategic thinking in diverse management fields including marketing strategy, strategic management, and human resource management, this research provides a hypothetical model that links the firm's internal and external variables regarding strategic thinking at the organizational level, which in turn links to marketing performance. The results of empirical analysis provide evidence that the attitude of firms' management toward risk taking, the CEO's emphasis on strategic thinking, interdepartmental teams in the organization, and marketing competency foster strategic thinking at the organizational level, but formalization in the organizational structure impedes it. Contrary to the proposed hypotheses, centralization in the organizational structure is positively related to strategic thinking at the organizational level. The results also show that market turbulence and technological turbulence foster strategic thinking at the organizational level and there is a positive relationship between strategic thinking and marketing performance. © 2012 Elsevier Inc. All rights reserved. Article history:......

Words: 10686 - Pages: 43

Free Essay

Dbs Research

...60. Undemanding valuation, 21% upside, maintain BUY. Singapore Research Team – 6533 9688 research@dbsvickers.com www.dbsvickers.com “In Singapore, this research report or research analyses may only be distributed to Institutional Investors, Expert Investors or Accredited Investors as defined in the Securities and Futures Act, Chapter 289 of Singapore.” “Recipients of this report, received from DBS Vickers Research (Singapore) Pte Ltd (“DBSVR”), are to contact DBSVR at +65 6398 7954 in respect of any matters arising from or in connection with this report.” Regional Morning Pack Roadshows & Event Calendar* Analyst Roadshows Events Date Location DBSV Analyst Key Indices Indices Asia JCI Index KOSPI SET BSE Sensex Taiex PCOMP STI Hang Seng KLCI HSCEI Index HSCCI Index Nikkei 225 Close as at 30.09.09 2,468 1,673 717 17,137...

Words: 21991 - Pages: 88

Free Essay

Sona 2015 Pnoy

...THE 2015 STATE OF THE NATION ADDRESS TECHNICAL REPORT Prepared by: The Office of the President of the Philippines TABLE OF CONTENTS TRANSPARENT, ACCOUNTABLE, AND PARTICIPATORY GOVERNANCE 1. Institutionalized Public Accountability .............................................................. 1 2. Upheld Transparency and Citizen Engagement in Government .................... 11 RAPID, INCLUSIVE, AND SUSTAINED ECONOMIC GROWTH 1. Sustained Strong and Broad-Based Economic Growth ................................. 14 2. Increased Opportunities for Employment and Economic Activity .................. 24 POVERTY REDUCTION AND EMPOWERMENT OF THE POOR AND VULNERABLE 1. Invested in the Filipino Workforce for Decent and Productive Work .............. 44 2. Sustained Equitable Access to Affordable and Quality Health Care .............. 50 3. Empowered the Poor and Marginalized towards Self-Reliance ..................... 56 JUST AND LASTING PEACE AND THE RULE OF LAW 1. Protected our National Territory and Boundaries........................................... 61 2. Ensured Public Order and Safety .................................................................. 64 3. Pursued Efforts for Peace and Development in Mindanao ............................ 68 4. Advanced and Protected Human Rights ........................................................ 71 5. Reformed the Justice Sector ...............................................................................

Words: 48288 - Pages: 194