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Kuang-Hua Hu
Finance and Accounting Research Center, School of Accounting, Nanfang College, Guangzhou 510970, China

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Journal article
Published: 13 August 2021 in Mathematics
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Under the Basel II and Basel III agreements, the probability of default (PD) is a key parameter used in calculating expected credit loss (ECL), which is typically defined as: PD × Loss Given Default × Exposure at Default. In practice or in regulatory requirements, gross domestic product (GDP) has been adopted in the PD estimation model. Due to the problem of excessive fluctuation and highly volatile ECL estimation, models that produce satisfactory PD and thus ECL estimations in the context of existing risk management techniques are lacking. In this study, we explore the usage of the credit default swap index (CDX), a market’s expectation of future PD, as a predictor of the default rate (DR). By comparing the goodness-of-fit of logistic regression, several conclusions are drawn. Firstly, in general, GDP has considerable explanatory power for the default rate which is consistent with current models in practice. Secondly, although both GDP and CDX fit the DR well for rating B class, CDX has a significantly better fit of DR for ratings [A, Baa, Ba]. Thirdly, compared with low-rated companies, the relationship between the DR and GDP is relatively weak for rating A. This phenomenon implies that, in addition to using macroeconomic variables and firm-specific explanatory variables in the PD estimation model, high-rated companies exhibit a greater need to use market supplemental information, such as CDX, to capture the changes in the DR.

ACS Style

Kuang-Hua Hu; Shih-Kuei Lin; Yung-Kang Ching; Ming-Chin Hung. Goodness-of-Fit of Logistic Regression of the Default Rate on GDP Growth Rate and on CDX Indices. Mathematics 2021, 9, 1930 .

AMA Style

Kuang-Hua Hu, Shih-Kuei Lin, Yung-Kang Ching, Ming-Chin Hung. Goodness-of-Fit of Logistic Regression of the Default Rate on GDP Growth Rate and on CDX Indices. Mathematics. 2021; 9 (16):1930.

Chicago/Turabian Style

Kuang-Hua Hu; Shih-Kuei Lin; Yung-Kang Ching; Ming-Chin Hung. 2021. "Goodness-of-Fit of Logistic Regression of the Default Rate on GDP Growth Rate and on CDX Indices." Mathematics 9, no. 16: 1930.

Journal article
Published: 16 April 2021 in Axioms
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Under the ravages of COVID-19, global supply chains have encountered unprecedented disruptions. Past experiences cannot fully explain the situations nor provide any suitable responses to these fatal shocks on supply chain management (SCM), especially in todays’ highly intertwined/globalized business environment. This research thus revisits and rechecks the crucial components for global SCM during such special periods, and the basic essence of such management covers numerous perspectives that can be categorized into a multiple criteria decision making (MCDM) approach. To handle this complex issue appropriately, one can introduce a fusion intelligent system that involves data envelopment analysis (DEA), rough set theory (RST), and MCDM to understand the reality of the analyzed problem in a faster and better manner. Based on the empirical results, we rank the priorities in order as cash management and information (D), raw material supply (B), global management strategy (C), and productivity and logistics (A) for improvement in SCM. This finding is confirmed by companies now undergoing a downsizing strategy in order to survive in this harsh business environment.

ACS Style

Kuang-Hua Hu; Fu-Hsiang Chen; Ming-Fu Hsu; Shuyi Yao; Ming-Chin Hung. Identification of the Critical Factors for Global Supply Chain Management under the COVID-19 Outbreak via a Fusion Intelligent Decision Support System. Axioms 2021, 10, 61 .

AMA Style

Kuang-Hua Hu, Fu-Hsiang Chen, Ming-Fu Hsu, Shuyi Yao, Ming-Chin Hung. Identification of the Critical Factors for Global Supply Chain Management under the COVID-19 Outbreak via a Fusion Intelligent Decision Support System. Axioms. 2021; 10 (2):61.

Chicago/Turabian Style

Kuang-Hua Hu; Fu-Hsiang Chen; Ming-Fu Hsu; Shuyi Yao; Ming-Chin Hung. 2021. "Identification of the Critical Factors for Global Supply Chain Management under the COVID-19 Outbreak via a Fusion Intelligent Decision Support System." Axioms 10, no. 2: 61.

Journal article
Published: 21 November 2018 in Technological and Economic Development of Economy
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While CPA (Certified Public Accountant) firms utilize cloud auditing technologies to generate auditing reports and convey information to their clients in the Internet of Things (IoT) Era, they often cannot determine whether cloud auditing is a secure and effective form of communication with clients. Strategies related to cloud auditing provider evaluation and improvement planning are inherently multiple attribute decision making (MADM) issues and are very important to the auditor industry. To overcome these problems, this paper proposes an evaluation and improvement planning model to be a reference for CPA firms selecting the best cloud auditing provider, and illustrates an application of such a model through an empirical case study. The DEMATEL (decision-making trial and evaluation laboratory) approach is first used to analyze the interactive influence relationship map (IIRM) between the criteria and dimensions of cloud auditing technology. DANP (DEMATEL-based ANP) is then employed to calculate the influential weights of the dimensions and criteria. Finally, the modified VIKOR method is utilized to provide improvement priorities for performance cloud auditing provider satisfaction. Based on expert interviews, the recommendations for improvement priorities are privacy, security, processing integrity, availability, and confidentiality. This approach is expected to support the auditor industry to systematically improve their cloud auditing provider selection.

ACS Style

Kuang-Hua Hu; Fu-Hsiang Chen; Gwo-Hshiung Tzeng. CPA FIRM’S CLOUD AUDITING PROVIDER FOR PERFORMANCE EVALUATION AND IMPROVEMENT: AN EMPIRICAL CASE OF CHINA. Technological and Economic Development of Economy 2018, 24, 2338 -2373.

AMA Style

Kuang-Hua Hu, Fu-Hsiang Chen, Gwo-Hshiung Tzeng. CPA FIRM’S CLOUD AUDITING PROVIDER FOR PERFORMANCE EVALUATION AND IMPROVEMENT: AN EMPIRICAL CASE OF CHINA. Technological and Economic Development of Economy. 2018; 24 (6):2338-2373.

Chicago/Turabian Style

Kuang-Hua Hu; Fu-Hsiang Chen; Gwo-Hshiung Tzeng. 2018. "CPA FIRM’S CLOUD AUDITING PROVIDER FOR PERFORMANCE EVALUATION AND IMPROVEMENT: AN EMPIRICAL CASE OF CHINA." Technological and Economic Development of Economy 24, no. 6: 2338-2373.

Journal article
Published: 25 October 2018 in Sustainability
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Corporate social responsibility (CSR) implementation has been widely acknowledged as playing a key part in enhancing firm value as well as achieving sustainable development. However, up to now the extant works in the literature have yielded non-conclusive results regarding the relationships between CSR and firm value. One of the possible reasons is that the studies ignore the multi-dimensional characteristics of CSR—that is, they merely utilize a singular synthesized indicator as a proxy to represent the corporate’s CSR performance as being unreliable and problematic. Thus, this study breaks down CSR into numerous dimensions and further examines each dimension’s impact on firm value. By doing so, managers can allocate their firm’s valuable resources to suitable areas so as to increase its reputation and value. In addition, this research sets up an artificial intelligence (AI)-based fusion model, grounded by fusion learning theory that aims at complementing the error made by a singular model, to examine the relationship between CSR’s multidimensional characteristics and firm value. Through different combinations of adopted strategies, users can realize the most representative features from an over-abundant database.

ACS Style

Kuang-Hua Hu; Sin-Jin Lin; Jau-Yang Liu; Fu-Hsiang Chen; Shih-Han Chen. The Influences of CSR’s Multi-Dimensional Characteristics on Firm Value Determination by a Fusion Approach. Sustainability 2018, 10, 3872 .

AMA Style

Kuang-Hua Hu, Sin-Jin Lin, Jau-Yang Liu, Fu-Hsiang Chen, Shih-Han Chen. The Influences of CSR’s Multi-Dimensional Characteristics on Firm Value Determination by a Fusion Approach. Sustainability. 2018; 10 (11):3872.

Chicago/Turabian Style

Kuang-Hua Hu; Sin-Jin Lin; Jau-Yang Liu; Fu-Hsiang Chen; Shih-Han Chen. 2018. "The Influences of CSR’s Multi-Dimensional Characteristics on Firm Value Determination by a Fusion Approach." Sustainability 10, no. 11: 3872.

Journal article
Published: 15 May 2018 in Sustainability
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It is widely recognized that a firm’s well-established corporate governance (CG) has a considerable impact on its corporate social responsibility (CSR) performance. How to determine the main trigger among CG’s indicators for strengthening CSR performance is thus an urgent and complicated task due to its (i.e., CSR) multi-dimensional and numerous perspectives. In order to solve this critical problem, the study breaks down CSR into four dimensions and further examines the impact of CG’s indicators on each CSR dimension by joint utilization of rough set theory (RST) and decision tree (DT). By doing so, users can realize which one CG indicator is the most essential to CSR performance. Managers can take the results as a reference to allocate valuable and scarce resources to the right place so as to enhance CSR performance in the future. To solidify our research finding, we transform the CSR forecasting model selection into a multiple criteria decision making (MCDM) task and execute a MCDM algorithm. By implementing the MCDM algorithm, users can achieve a much more reliable and consensus decision in today’s highly turbulent economic environment. The proposed mechanism, examined by real cases, is a promising alternative for CSR performance forecasting.

ACS Style

Kuang-Hua Hu; Sin-Jin Lin; Ming-Fu Hsu. A Fusion Approach for Exploring the Key Factors of Corporate Governance on Corporate Social Responsibility Performance. Sustainability 2018, 10, 1582 .

AMA Style

Kuang-Hua Hu, Sin-Jin Lin, Ming-Fu Hsu. A Fusion Approach for Exploring the Key Factors of Corporate Governance on Corporate Social Responsibility Performance. Sustainability. 2018; 10 (5):1582.

Chicago/Turabian Style

Kuang-Hua Hu; Sin-Jin Lin; Ming-Fu Hsu. 2018. "A Fusion Approach for Exploring the Key Factors of Corporate Governance on Corporate Social Responsibility Performance." Sustainability 10, no. 5: 1582.

Journal article
Published: 22 March 2017 in Technological and Economic Development of Economy
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The regional financial center is the propeller of regional economic development. Regional financial center modernization, however, has been the predominant propulsion of economic sustainability. Decisions related to regional financial center modernization development are in­herent problems of multiple attribute decision-making (MADM), and strategically important to the government. The purpose of this paper is to set up a regional financial center improvement model for modernization development, as based on a hybrid MADM model, which addresses the main causal-effect factors and amended priorities in order to strengthen ongoing planning. This paper adopts a new hybrid MADM model combined with the DEMATEL technique to construct an influential network relationship map (INRM) and determined the influential weights of DANP. Then, a modified VIKOR method using influential weights is applied to measure and integrate the performance gaps from each criterion into dimensions, as well as the overall criterion for evaluating and improving the modernization development of the regional financial center, as based on INRM. Finally an empirical case study using data from the Guangzhou regional financial center is carried out as an example to demonstrate the suitability of the proposed hybrid MADM model for solving real-world problems. The results show the priorities for improvement, as based on the degree of the effect and impact of the dimensions, as follows: first is making “government policy”, second is enforcing “financial infrastructure and safety”, next is formulating “financial institutions and human resources”, and finally “financial service”.

ACS Style

Kuang-Hua Hu; Wei Jianguo; Gwo-Hshiung Tzeng. IMPROVING CHINA’S REGIONAL FINANCIAL CENTER MODERNIZATION DEVELOPMENT USING A NEW HYBRID MADM MODEL. Technological and Economic Development of Economy 2017, 24, 429 -466.

AMA Style

Kuang-Hua Hu, Wei Jianguo, Gwo-Hshiung Tzeng. IMPROVING CHINA’S REGIONAL FINANCIAL CENTER MODERNIZATION DEVELOPMENT USING A NEW HYBRID MADM MODEL. Technological and Economic Development of Economy. 2017; 24 (2):429-466.

Chicago/Turabian Style

Kuang-Hua Hu; Wei Jianguo; Gwo-Hshiung Tzeng. 2017. "IMPROVING CHINA’S REGIONAL FINANCIAL CENTER MODERNIZATION DEVELOPMENT USING A NEW HYBRID MADM MODEL." Technological and Economic Development of Economy 24, no. 2: 429-466.

Journal article
Published: 03 November 2016 in SpringerPlus
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The development of high-tech industry has been prosperous around the world in past decades, while technology and finance have already become the most significant issues in the information era. While high-tech firms are a major force behind a country’s economic development, it requires a lot of money for the development process, as well as the financing difficulties for its potential problems, thus, how to evaluate and establish appropriate technology and financial services platforms innovation strategy has become one of the most critical and difficult issues. Moreover, how the chosen intertwined financial environment can be optimized in order that high-tech firms financing problems can be decided has seldom been addressed. Thus, this research aims to establish a technology and financial services platform innovation strategy improvement model, as based on the hybrid MADM model, which addresses the main causal factors and amended priorities in order to strengthen ongoing planning. A DEMATEL technique, as based on Analytic Network Process, as well as modified VIKOR, will be proposed for selecting and re-configuring the aspired technology and financial services platform. An empirical study, as based on China’s technology and financial services platform innovation strategy, will be provided for verifying the effectiveness of this proposed methodology. Based on expert interviews, technology and financial services platforms innovation strategy improvement should be made in the following order: credit guarantee platform (C)_credit rating platform (B)_investment and finance platform (A).

ACS Style

Ching-Sung Wu; Kuang-Hua Hu; Fu-Hsiang Chen. Evaluating the enhancement and improvement of China’s technology and financial services platform innovation strategy. SpringerPlus 2016, 5, 1 -28.

AMA Style

Ching-Sung Wu, Kuang-Hua Hu, Fu-Hsiang Chen. Evaluating the enhancement and improvement of China’s technology and financial services platform innovation strategy. SpringerPlus. 2016; 5 (1):1-28.

Chicago/Turabian Style

Ching-Sung Wu; Kuang-Hua Hu; Fu-Hsiang Chen. 2016. "Evaluating the enhancement and improvement of China’s technology and financial services platform innovation strategy." SpringerPlus 5, no. 1: 1-28.

Journal article
Published: 28 June 2016 in Sustainability
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The influence of globalization on sports has turned out to be a popular issue widely discussed by researchers. Improvement to the sustainability of sports industry policy is an important and challenging issue, and related are inherently multiple attribute decision making (MADM) problems that can be strategically important to economic systems. The purpose of this study is to set up a new sustainability sports industry policy evaluation model that addresses the main causal factors and amends the priorities. A MADM model is combined with DEMATEL, DANP, and VIKOR for the evaluation and improvement of the sustainability of sports industry policy. The improvement priorities according to the domain expert interviews are in the following order: promotion and assistance of government policy (A), sports venues and facilities (D), enterprise sponsorship of sports quality (E), expert human resources (B), and finally sports competitions and events (C).

ACS Style

Kuang-Hua Hu; Fu-Hsiang Chen; Gwo-Hshiung Tzeng. Evaluating the Improvement of Sustainability of Sports Industry Policy Based on MADM. Sustainability 2016, 8, 606 .

AMA Style

Kuang-Hua Hu, Fu-Hsiang Chen, Gwo-Hshiung Tzeng. Evaluating the Improvement of Sustainability of Sports Industry Policy Based on MADM. Sustainability. 2016; 8 (7):606.

Chicago/Turabian Style

Kuang-Hua Hu; Fu-Hsiang Chen; Gwo-Hshiung Tzeng. 2016. "Evaluating the Improvement of Sustainability of Sports Industry Policy Based on MADM." Sustainability 8, no. 7: 606.