This research conducts a meticulous examination of the determinants influencing dividend payout dynamics among firms listed on the Korean Stock Exchange (KSE) from 1995 to 2021, a period characterized by profound economic fluctuations. By leveraging a dynamic panel data model and the Generalized Method of Moments (GMM) for estimation, the study addresses endogeneity concerns while exploring the effects of firm-specific and macroeconomic variables on dividend yields. The investigation delineates three distinct economic phases: normal conditions, financial crises, and the aggregate study period, facilitating a granular understanding of firms’ dividend payout adaptability under varying economic landscapes. Empirical findings underscore the persistence of dividend payments, revealing a variable adjustment speed toward target dividend yields contingent upon the economic context, with an expedited adjustment observed during crises. Crucially, firm profitability emerges as a consistent determinant of dividend yields across all examined periods, whereas the influence of macroeconomic variables is notably more pronounced during periods of economic normalcy. This research elucidates the complex interplay between internal corporate strategies and external economic pressures in shaping dividend policies, thereby enriching the discourse on dividend payout behavior in the context of Korea’s economic evolution from an emerging to a developed market.
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Dit project poogt een bijdrage te leveren aan het versterken van “de kennisketen van de gastvrijheidseconomie” middels de volgende projectdoelstellingen: • SWOT-analyse van huidige situatie, vanuit verschillende stakeholderperspectieven: kijkend vanuit de ontwikkelopgaves die men ziet, aan welke data over de customer journey is behoefte (inventarisatie)? Wat zijn de bijbehorende sterktes, zwaktes, kansen en bedreigingen (analyse)? • Versterken van de kennisketen via: hoe kunnen we kennisketen versterken met nieuwe technieken en door slim organiseren? • Een overzicht van strategische opties: welke strategische opties zijn er om 1.) sterktes te benutten om kansen te pakken en bedreigingen af te wenden en 2.) zwaktes op te lossen door kansen te pakken en gevaren te voorkomen die met bedreigingen meekomen • Input leveren voor 2.0 versie van het manifest van Gastvrij Overijssel en de beoogde oprichting van een “Data Hub” (waarvoor nog geen officiële werktitel) In de opvolgende hoofdstukken en paragrafen gaan we in op de aanpak (hoofdstuk 2) en de uitkomsten (hoofdstuk 3).
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Introduction: Few studies have examined the sales of stolen account credentials on darkweb markets. In this study, we tested how advertisement characteristics affect the popularity of illicit online advertisements offering account credentials. Unlike previous criminological research, we take a novel approach by assessing the applicability of knowledge on regular consumer behaviours instead of theories explaining offender behaviour.Methods: We scraped 1,565 unique advertisements offering credentials on a darkweb market. We used this panel data set to predict the simultaneous effects of the asking price, endorsement cues and title elements on advertisement popularity by estimating several hybrid panel data models.Results: Most of our findings disconfirm our hypotheses. Asking price did not affect advertisement popularity. Endorsement cues, including vendor reputation and cumulative sales and views, had mixed and negative relationships, respectively, with advertisement popularity.Discussion: Our results might suggest that account credentials are not simply regular products, but high-risk commodities that, paradoxically, become less attractive as they gain popularity. This study highlights the necessity of a deeper understanding of illicit online market dynamics to improve theories on illicit consumer behaviours and assist cybersecurity experts in disrupting criminal business models more effectively. We propose several avenues for future experimental research to gain further insights into these illicit processes.
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