Learn all about the economic outlook from Sage Policy Group, Inc.'s presentation for Citrin Cooperman's October 19 event, Economic Summit: Planning Your Business for Tomorrow's Economy.
Ipsos MORI has carried out research on behalf of The Institute of Chartered Accountants of Scotland (ICAS) and The Times, aimed at understanding senior financial and business decision makers’ attitudes towards corporate taxation and the European Union.
Based on data from 894/1615 Listed Companies officially announced 2Q2019 business results on 3 Exchanges, (645/766 Companies on HoSE and HNX), we summarized and updated as follows:
Overview: Revenue growth is 6.7% and Total Attribute to parents company’s growth is 10.4% over the same period. However, the rate excluding Banks and Insurance sector are only 4.7% and 4.9% respectively.
By Industry: Sectors with highest Attribute to parents company growth over the same period were: Real Estate (67.13%), Telecommunications (42.11%), Retail (39.52%), Banks (25.9%).
Real estate: After VIC and VHM (accounting for 69% of total real estate capitalization) published their report with the growth rate of Attribute to parents company of 687.5% and 75.3% respectively, The whole real estate industry grew up to 67.1%, on top of the market. If VHM and VIC are not included, the real estate industry has net profit growth of only 24.5% over the same period. In addition, the industry EBITDA also increased by 72.8% over the same period.
Bank: All listed banks published report. Total Attribute to parents company of listed banks announced an increase of 25.9% compared to the same period last year.
Oil and gas: Profit growth was only 8.29% over the same period. The main reason is that PLX (accounting for nearly 72% of the industry's capitalization) slightly decreased by 3.42% of Attribute to parents company compared to the same period.
Insurance: A special case when the largest company in the industry BVH (accounting for over 70% of the industry cap) decreased by 23% compared to the same period, as a result, the industry growth went down from 66.5% to only 12.29%
Retail: Retail sector has impressive growth of 39.52% thanks to major companies like MWG, DGW with high profit growth of 47.44% and 55.1% respectively.
[FiinPro Data] Kết quả Kinh doanh Q2 - 2019 FiinGroup JSC
Theo thống kê từ hệ thống FiinPro, tính đến ngày 05/08/2019, đã có tổng cộng 894 doanh nghiệp công bố BCTC (chiếm 89.8% vốn hóa trên 3 sàn). Chúng tôi tiếp tục tổng hợp và cập nhật nhanh kết quả như sau:
Tổng quan: Tăng trưởng doanh thu ở mức 6.7% và lợi nhuận cổ đông công ty mẹ ở mức 10.4% so với cùng kỳ. Tuy nhiên, tính riêng khu vực doanh nghiệp (không tính ngân hàng và bảo hiểm) thì chỉ ở mức tương ứng 4.7% và 4.9%.
Theo ngành: Các ngành có tăng trưởng Lợi nhuận Cổ đông lớn nhất so với cùng kỳ là: Bất động sản (67.1%), Viễn thông (42.1%), Bán lẻ (39.5%), Ngân hàng (25.9%).
Nếu quý khách có nhu cầu download thông tin chi tiết, vui lòng liên hệ với chúng tôi theo thông tin bên dưới để được hỗ trợ thêm:
Hà Nội:
Đỗ Thị Lan
Email: lan.do@fiingroup.vn
Tel: 024 3562 6962 (số máy lẻ: 103)
TP. HCM:
Lý Thị Hiền
Email: hien.ly@fiingroup.vn
Tel: 028 3933 3585 (số máy lẻ: 203)
Learn all about the economic outlook from Sage Policy Group, Inc.'s presentation for Citrin Cooperman's October 19 event, Economic Summit: Planning Your Business for Tomorrow's Economy.
Ipsos MORI has carried out research on behalf of The Institute of Chartered Accountants of Scotland (ICAS) and The Times, aimed at understanding senior financial and business decision makers’ attitudes towards corporate taxation and the European Union.
Based on data from 894/1615 Listed Companies officially announced 2Q2019 business results on 3 Exchanges, (645/766 Companies on HoSE and HNX), we summarized and updated as follows:
Overview: Revenue growth is 6.7% and Total Attribute to parents company’s growth is 10.4% over the same period. However, the rate excluding Banks and Insurance sector are only 4.7% and 4.9% respectively.
By Industry: Sectors with highest Attribute to parents company growth over the same period were: Real Estate (67.13%), Telecommunications (42.11%), Retail (39.52%), Banks (25.9%).
Real estate: After VIC and VHM (accounting for 69% of total real estate capitalization) published their report with the growth rate of Attribute to parents company of 687.5% and 75.3% respectively, The whole real estate industry grew up to 67.1%, on top of the market. If VHM and VIC are not included, the real estate industry has net profit growth of only 24.5% over the same period. In addition, the industry EBITDA also increased by 72.8% over the same period.
Bank: All listed banks published report. Total Attribute to parents company of listed banks announced an increase of 25.9% compared to the same period last year.
Oil and gas: Profit growth was only 8.29% over the same period. The main reason is that PLX (accounting for nearly 72% of the industry's capitalization) slightly decreased by 3.42% of Attribute to parents company compared to the same period.
Insurance: A special case when the largest company in the industry BVH (accounting for over 70% of the industry cap) decreased by 23% compared to the same period, as a result, the industry growth went down from 66.5% to only 12.29%
Retail: Retail sector has impressive growth of 39.52% thanks to major companies like MWG, DGW with high profit growth of 47.44% and 55.1% respectively.
[FiinPro Data] Kết quả Kinh doanh Q2 - 2019 FiinGroup JSC
Theo thống kê từ hệ thống FiinPro, tính đến ngày 05/08/2019, đã có tổng cộng 894 doanh nghiệp công bố BCTC (chiếm 89.8% vốn hóa trên 3 sàn). Chúng tôi tiếp tục tổng hợp và cập nhật nhanh kết quả như sau:
Tổng quan: Tăng trưởng doanh thu ở mức 6.7% và lợi nhuận cổ đông công ty mẹ ở mức 10.4% so với cùng kỳ. Tuy nhiên, tính riêng khu vực doanh nghiệp (không tính ngân hàng và bảo hiểm) thì chỉ ở mức tương ứng 4.7% và 4.9%.
Theo ngành: Các ngành có tăng trưởng Lợi nhuận Cổ đông lớn nhất so với cùng kỳ là: Bất động sản (67.1%), Viễn thông (42.1%), Bán lẻ (39.5%), Ngân hàng (25.9%).
Nếu quý khách có nhu cầu download thông tin chi tiết, vui lòng liên hệ với chúng tôi theo thông tin bên dưới để được hỗ trợ thêm:
Hà Nội:
Đỗ Thị Lan
Email: lan.do@fiingroup.vn
Tel: 024 3562 6962 (số máy lẻ: 103)
TP. HCM:
Lý Thị Hiền
Email: hien.ly@fiingroup.vn
Tel: 028 3933 3585 (số máy lẻ: 203)
After a nine month decline, consumer confidence has risen in the third quarter of 2017 in a sign that consumers are showing resilience at a time when Brexit and other factors could be causing uncertainty. This quarter-on-quarter growth has occurred against a well-publicised backdrop of high levels of unsecured debt and rising inflation.
Businesses and Tax - The Perils of PerceptionIpsos UK
People significantly underestimate how much tax revenue comes from businesses, a poll conducted by Ipsos MORI on behalf of the CBI finds. On average the public think only 17% of total tax revenue is provided by business. In fact, in 2014, business paid nearly £175 billion in tax – 29% of all taxes.
Entrepreneurship at a Glance 2016 presents key indicators for measuring the state of entrepreneurship and its determinants. The single most important message from this year’s publication concerns tentative signs of a turning point, and more widespread recovery, in start-up rates in many OECD countries.
Does ownership matter? The growth of China´s chemical market is primarily cap...Kai Pflug
The growth of China´s chemical market is primarily captured by private domestic companies at the expense of state-owned entities and multinational chemical companies. Why?
FREE PREVIEW OF VIETNAM INSURANCE REPORT 2018
DOWNLOAD PREVIEW: https://bit.ly/2QhNE8s
Explore Vietnam Insurance Report with free preview including key players, overview of market value and performance
Arthur D. Little Automotive Report February 2020 Fabrizio Arena
Please take a look at our Automotive Report – February 2020 with a special focus on COVID-19 impact on OEMs production and sales
You may also find main registrations results in Europe and Italy
Growth 2016
Market Returns
Business performance – Canada – Profit
Canadian Manufacturing Sales
Business performance – USA - Profit
Federal Government Performance
Canada Issues
World Issues
Cap and Trade
Other Links
Manufacturing & Distribution Update: The Economic Impact on the IndustryCitrin Cooperman
This presentation focused on what the future is likely to bring to manufacturers and distributors as the nation attempts to claw its way back from the worst of the COVID-19 crisis.
Data Digest #9: Vietnam Stock Market: Embracing New Normal amidst COVID!FiinGroup JSC
COVID-related impacts on the Value could be somehow predictable. In this Report, we conduct an in-depth analysis on factors determining SUPPLY in correlation with DEMAND, instead of purely analyzing corporate fundamentals like before. Under the current circumstance, factors determining DEMAND or affecting money flow and investor sentiment, in our view, are the most important and need taking into serious consideration.
We are trying to make a plenty of data-driven comparisons on impacts of different COVID waves (the first in Q1-2020 and the fourth now) to support you in having assessments on your own. Accordingly, this Report aims to give in-depth analysis and data-driven findings on which sectors or companies could be beneficiaries from the pandemic, especially once the “Embracing the Covid-19” strategy is confirmed.
Download our full report: https://bit.ly/FiinPro-Digest-9-EN
KPMG Report 2020- 'A year off script: Time for resilience'Social Samosa
KPMG Report 2020- 'A year off script: Time for resilience', highlights the performance of the M & E industry in India during the ongoing pandemic & its future.
This is a sample of a KentleyInsights.com Market Research Report for manufacturing industries with over 100 data sets covering market size, growth, benchmarks, plant utilization, inventory, financial ratios, profitability, OPEX details, costs, workforce breakdown, forecasts, industry statistics, and much more.
This is a sample of a Kentley Insights Market Research Report for retailers with over 100 data sets covering market size, growth, benchmarks, sales, productivity, inventory, financial ratios, profitability, OPEX details, costs, workforce breakdown, forecasts, industry statistics, and much more.
After a nine month decline, consumer confidence has risen in the third quarter of 2017 in a sign that consumers are showing resilience at a time when Brexit and other factors could be causing uncertainty. This quarter-on-quarter growth has occurred against a well-publicised backdrop of high levels of unsecured debt and rising inflation.
Businesses and Tax - The Perils of PerceptionIpsos UK
People significantly underestimate how much tax revenue comes from businesses, a poll conducted by Ipsos MORI on behalf of the CBI finds. On average the public think only 17% of total tax revenue is provided by business. In fact, in 2014, business paid nearly £175 billion in tax – 29% of all taxes.
Entrepreneurship at a Glance 2016 presents key indicators for measuring the state of entrepreneurship and its determinants. The single most important message from this year’s publication concerns tentative signs of a turning point, and more widespread recovery, in start-up rates in many OECD countries.
Does ownership matter? The growth of China´s chemical market is primarily cap...Kai Pflug
The growth of China´s chemical market is primarily captured by private domestic companies at the expense of state-owned entities and multinational chemical companies. Why?
FREE PREVIEW OF VIETNAM INSURANCE REPORT 2018
DOWNLOAD PREVIEW: https://bit.ly/2QhNE8s
Explore Vietnam Insurance Report with free preview including key players, overview of market value and performance
Arthur D. Little Automotive Report February 2020 Fabrizio Arena
Please take a look at our Automotive Report – February 2020 with a special focus on COVID-19 impact on OEMs production and sales
You may also find main registrations results in Europe and Italy
Growth 2016
Market Returns
Business performance – Canada – Profit
Canadian Manufacturing Sales
Business performance – USA - Profit
Federal Government Performance
Canada Issues
World Issues
Cap and Trade
Other Links
Manufacturing & Distribution Update: The Economic Impact on the IndustryCitrin Cooperman
This presentation focused on what the future is likely to bring to manufacturers and distributors as the nation attempts to claw its way back from the worst of the COVID-19 crisis.
Data Digest #9: Vietnam Stock Market: Embracing New Normal amidst COVID!FiinGroup JSC
COVID-related impacts on the Value could be somehow predictable. In this Report, we conduct an in-depth analysis on factors determining SUPPLY in correlation with DEMAND, instead of purely analyzing corporate fundamentals like before. Under the current circumstance, factors determining DEMAND or affecting money flow and investor sentiment, in our view, are the most important and need taking into serious consideration.
We are trying to make a plenty of data-driven comparisons on impacts of different COVID waves (the first in Q1-2020 and the fourth now) to support you in having assessments on your own. Accordingly, this Report aims to give in-depth analysis and data-driven findings on which sectors or companies could be beneficiaries from the pandemic, especially once the “Embracing the Covid-19” strategy is confirmed.
Download our full report: https://bit.ly/FiinPro-Digest-9-EN
KPMG Report 2020- 'A year off script: Time for resilience'Social Samosa
KPMG Report 2020- 'A year off script: Time for resilience', highlights the performance of the M & E industry in India during the ongoing pandemic & its future.
This is a sample of a KentleyInsights.com Market Research Report for manufacturing industries with over 100 data sets covering market size, growth, benchmarks, plant utilization, inventory, financial ratios, profitability, OPEX details, costs, workforce breakdown, forecasts, industry statistics, and much more.
This is a sample of a Kentley Insights Market Research Report for retailers with over 100 data sets covering market size, growth, benchmarks, sales, productivity, inventory, financial ratios, profitability, OPEX details, costs, workforce breakdown, forecasts, industry statistics, and much more.
Discussion of 2017 china economic survey by Margit Molnar(OECD)HKUST IEMS
This seminar discussed the 2017 OECD Economic Survey of China, which assesses the country’s recent macroeconomic performance and proposes policy measures to promote higher-quality growth. The event was co-organized and discussed by The French Centre for Research on Contemporary China (CEFC), The Organisation for Economic Co-operation and Development (OECD) and HKUST Institute for Emerging Market Studies (IEMS).
For more information please visit: iems.ust.hk/cefc
While growth has picked up, more needs to be done for Japan to overcome two key challenges – a record high government debt ratio and an accelerating decline in its working-age
population.
The last two years have been very positive for the asset management industry in India, with the industry’s assets under management (AuM) scaling new peaks regularly. We believe that there is a long-term growth story for the Mutual Fund industry led by Retail investors particularly through the Systematic Investment Plan (SIP) route. The macroeconomic enablers like stable government, declining inflation, fiscal discipline and reform initiatives by the Government and Regulators, indicate that a GDP growth rate between 6.5 to 8 percent may be sustained over the next decade.
However, there is a huge potential market which needs to be tapped by the Mutual Fund Industry, which stands at only 11 percent of the GDP. The industry still needs to reach out to investors in smaller towns where MF penetration is much lower. Key challenges to the growth of MFs are low consumer awareness and trust, limited distribution network restricted to the top few centres, and a lack of innovative products.
The second consecutive year Alaya Consulting conducted a research on the ESG disclosure of the top 200 listed companies in Hong Kong by market capitalization.
Raportul PricewaterhouseCoopers (PwC) cu tendinte si recomandari referitoare la modul in care companiile isi raporteaza performantele de sustenabilitate
Sustainability Reporting and Corporate Performance of Conglomerate and Indust...YogeshIJTSRD
Sustainability reporting remains a continuing concern as stakeholders demand for firms to be more socially, environmentally, and economically responsible continues to increase especially in developing countries like Nigeria. Thus, the study examined the effect of sustainability reporting disclosures of conglomerate and industrial goods manufacturing firms in Nigeria on their market share and return on assets. The study employed an ex post facto research design as data were obtained from the annual report of firms for a period of ten years 2010 2019 . Multiple regression analytical tools with the help of SPSS version 23 were used in analyzing the data for 16 conglomerate and industrial goods firms selected using the purposive sampling technique. The findings revealed that sustainability reporting has positive effect on market share and return on assets of firms studied. Based on the findings, it was concluded that sustainability reporting affects the performance of manufacturing firms and it was recommended that standard setters and government should develop a standard mandatory disclosure framework to ensure consistency and uniformity in reporting and also, companies are encouraged to disclose their economic, social and environmental information all geared to help stakeholders make informed decision. Okoye, Ezinne Chimaram | Ezeagba, Charles Emenike "Sustainability Reporting and Corporate Performance of Conglomerate and Industrial Goods Firms in Nigeria: An Empirical Study" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-5 , August 2021, URL: https://www.ijtsrd.com/papers/ijtsrd44977.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/44977/sustainability-reporting-and-corporate-performance-of-conglomerate-and-industrial-goods-firms-in-nigeria-an-empirical-study/okoye-ezinne-chimaram
Below is link to our monthly newsletter BEACON (BE-A-CONsultant)
June Edition
.
Happy Reading!
Highlights:
Retail Industry Analysis
Analysis of Infosys Consulting
Consulting World News and
June Edition's Quiz
.
http://bit.ly/12jec69
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
2. Growth is projected to remain steady at of
around 3% a year in 2018 and 2019
2017 2018 2019
Gross domestic product 3.1 3.0 3.0
Private consumption 2.6 2.9 2.7
Gross fixed capital formation 8.6 4.0 2.3
Exports 1.9 3.5 4.3
Imports 7.0 5.5 3.7
Unemployment rate 3.7 3.8 3.7
Consumer price index 1.9 1.6 2.0
Current account (% of GDP) 5.1 4.0 4.5
2
Source: OECD Economic Outlook: Statistics and Projections (database).
Annual percentage change unless specified otherwise, volumes at 2010 prices
3. Growth has slowed toward the OECD average
3
Source: OECD Economic Outlook: Statistics and Projections (database).
GDP growth at an annual average rate in per cent
4. Export growth has decelerated sharply
4
Source: OECD Economic Outlook: Statistics and Projections (database).
Export growth at an annual average rate in per cent
5. Labour productivity is low and labour
inputs¹ are high
Korea relative to the top half of OECD countries in 2016
5
1. Labour resource utilisation is measured as the total number of hours worked per capita.
Source: OECD Economic Outlook, Statistics and Projections (database).
6. Population ageing will be the fastest among
OECD countries
Population aged 65 and over as a share of the population aged 15 to 64
6
Source: OECD Demography and Population (database).
7. Employment rates are low for women
and youth1
7
1 In 2016.
Source: OECD Employment and Labour Market Statistics (database).
8. Wage inequality is high and increasing
8
Ratio of the 90th percentile to the 10th percentile
Source: OECD Earnings Distribution (database).
9. Women are concentrated in low-paying
non-regular jobs
Employees by employment status as a percentage of total employment in 2017
9
Source: Statistics Korea, Economically Active Population Survey, August 2017.
10. The gender wage gap is the highest
in the OECD
10
The difference between median earnings of men and women in 2016
Source: OECD Earnings Distribution (database).
11. Poverty rates are high among the elderly
Relative poverty rate in per cent in 20151
11
1. Defined as a the share of the population with an income below half of the national median.
Source: OECD Income Distribution and Poverty (database).
12. Korea’s minimum wage was close to the
national median wage in 2016
12
Minimum wage as a percentage of the median wage
Source: OECD Earnings Distribution (database).
13. 13
Air pollution is high and increasing
Pm 2.5 exposure in micrograms per cubic metre
Source: OECD Green Growth Indicators (database).
14. Reforming the large business
groups to promote
productivity and inclusion
14
15. 15
The number of firms affiliated with the top
business groups continues to rise
Source: Korea Fair Trade Commission.
16. The top four business groups are increasingly
dominant
16
The shares of top four business groups as a share of the top 30 groups in 2017 (2011 is shown in parentheses)
Source: Yonhap News, 21 May 2017.
17. Inside ownership has risen
17
Inside ownership = the share held by the controlling family and affiliated companies
1. Includes other inside owners, who accounted for 2-3% over 2011-16.
Source: Korea Fair Trade Commission.
18. Company profitability is influenced by
intra-group trading
18
The profit gap¹ in group-affiliated firms, classified by intra-group trading shares in 2015
1. The profit rate in individual firms minus the profit rate in the business group to which they belong.
A positive number thus means that a firm is more profitable than the business group.
2. The share of a firm’s purchases from firms affiliated with the same business group as a share of their total purchases.
3. The share of a firm’s sales to firms affiliated with the same business group as a share of their total sales.
Source: Lee and Park (2016).
19. Profitability is linked to inside ownership
19
1. The profit rate in individual firms minus the profit rate in the business group to which they belong. A positive number
thus means that a firm is more profitable than the business group.
2. The chief of the business group and children.
Source: Lee and Park (2016).
The profit gap1 between group-affiliated firms, classified by ownership shares in 2015
20. 20
Source: CLSA and Asian Corporate Governance Association
Corporate governance in Korea is viewed
as weak
Rank in 2016 based on a survey that includes 95 questions
22. Key regulations imposed on business groups Date imposed
Prohibition of cross-shareholding April 1987
Restriction on the voting rights of affiliated financial and insurance companies1 April 1987
Prohibition on the creation of holding companies2 April 1987
Ceiling on the total amount of equity investment by firms in business groups3 April 1987
Specialisation policy to encourage greater focus on core activities 1991
Prohibition of debt guarantees April 1993
"Big Deals" – swaps of the groups' firms in eight key industries July 1998
Requirement to disclose large-scale intra-group transactions4 April 2000
Requirement to disclose important matters related to non-listed companies April 2005
Requirement to disclose business group's status June 2009
Restriction on the pursuit of personal interests February 2014
Prohibition of new circular shareholding July 2014
22
The regulatory framework imposed on the
large business groups is extensive
Source: Korea Fair Trade Commission.
23. 1. Strengthen product market competition by relaxing
barriers to imports and inward foreign direct
investment and liberalising product market regulation.
2. Improve corporate governance:
• Reinforce the role of outside directors by enhancing
the criteria for independence
• Reduce the role of management in nominating
outside directors.
• Require that outside directors comprise more than
half of the boards of all listed firms.
• Require objective evaluations of outside directors.
3. Follow through on the government's pledge to not grant
presidential pardons to business executives convicted of
corruption.
23
Recommendations to improve the
performance of the large business groups (1)
24. 4. Implement reforms to encourage the use of class
action suits and derivative suits, particularly to
address the problem of intra-group trading.
5. Reinforce the monitoring role of institutional
investors, particularly the National Pension
Fund, in part by active implementation of the
new Stewardship Code.
6. Remove obstacles to an active market for
corporate control as insider ownership is
reduced.
24
Recommendations to improve the
performance of the large business groups (2)
26. The productivity gap between SMEs and
large firms is getting bigger
26
Source: Statistics Korea; OECD.
Value added per employee in SMEs relative to large firms
27. The productivity gap between SMEs and
large firms is relatively wide
27
Source: OECD.
The productivity in SMEs as a percentage of large firms in 2014
28. The exit rate of companies is low
28
Source: OECD, Entrepreneurship at a Glance 2017.
The number of firms that exit as a percentage of firms in 2014 or latest year
29. The entrepreneurship rate for youth is low
29
1. Defined as the share involved in a nascent or new business.
Source: Global Entrepreneurship Monitor (2013).
Percentage of population between the ages of 18 and 34 in 2012
30. 30
Korean firms lag significantly in their
use of key digital technologies
Percentage of firms in each employment size class using big data analysis in 2016
Source: OECD (2017e), OECD Digital Economy Outlook 2017.
31. Korean firms are less connected to global
innovation networks
31
Firms engaged in international collaboration for innovation by firm size, 2012~14¹
1. As a percentage of firms engaged in product or process-innovation. For Korea, data are for 2013-15.
Source: OECD (2017f), OECD Science, Technology and Industry Scoreboard 2017.
32. R&D in services is the lowest in the OECD
32
As a percentage of business enterprise R&D in 2015
Source: OECD (2017f), OECD Science, Technology and Industry Scoreboard 2017.
33. Productivity in services is low
33
Manufacturing = 100; in 2017 based on 2010 prices for value added
Source: OECD National Accounts Statistics (database); OECD Structural Analysis Statistics (database).
34. The level of support for SMEs is high
34
Source: OECD (2018), Financing SMEs and Entrepreneurs 2018.
Government credit guarantees for loans to SMEs in 2016 or latest year available
35. 1. Introduce a comprehensive negative-list regulatory
system.
2. Allow firms in new technologies and new industries
to test their products and business models without
being subject to all existing legal requirements (i.e. a
regulatory sandbox).
3. Improve the insolvency framework to reduce the
personal costs for failed entrepreneurs, thereby
raising Korea's low firm exit rate and encouraging the
reallocation of resources to innovative firms.
4. Increase lending based on firms' technology by
expanding public institutions that provide
technological analysis to private lending institutions.
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Specific recommendations to improve the
performance of SMEs (1)
36. 5. Ensure that support provided to SMEs improves
their productivity by carefully monitoring their
performance and introducing a graduation
system.
6. Increase the quality and availability of vocational
education to reduce labour market mismatch and
labour shortages in SMEs.
7. Enhance labour market flexibility to make the use
of digitalisation more effective for firms while
expanding the social safety net.
36
Specific recommendations to
improve the performance of SMEs (2)
37. More information…
www.oecd.org/eco/surveys/economic-survey-korea.htm
OECD
OECD Economics
Disclaimers:
The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities. The use of such data by the OECD is without prejudice to the status of the Golan Heights, East Jerusalem and Israeli
settlements in the West Bank under the terms of international law.
This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area.
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