Asian J. of Management Science and Applications (10 papers in press)

Regular Issues

• How to make decisions in rural agri-food supply chains with cold storages: policies on planting, store and sale  
  by Yue Bai 
  Abstract: In order to mitigate the deterioration of fresh agri-products, cold storages are built accelerating in rural areas. Different from traditional supply chains, it would be more flexible for the operation of rural agri-food supply chains with cold storages. The grower may not only sell the produce in in-season but also be engaged in cross-season. As a result, the grower may face both random yield and two-stage stochastic demand. How to make optimal policies in such a supply chain is a significant subject for the grower. This paper provides the grower with solutions for planting, store and sale to maximise his profit. We propose a single-period three-stage model for growers, find the solution to make the optimal planting quantity and derive the optimal rental capacity of cold storages. Numerical examples prove the reasonableness of the model and give management insights that the grower can improve planting technology and management, and demand forecast ability to make a higher profit.
  Keywords: cold storages; planting policy; fresh agri-products; supply chain management; random yield; stochastic demand.
  DOI: 10.1504/AJMSA.2023.10058170
   
  
• Packing-allocation system design for non-standard agricultural products subscription service  
  by Kotomichi Matsuno, Yoshikuni Edagawa, Takahiro Ohno 
  Abstract: Most Japanese farmers send their harvested agricultural products to the Japan Agricultural Cooperative (JA) to focus on cultivation activities and to ensure a stable income. However, many nonstandard agricultural products are returned to farmers because of the strict purchasing standards set by the JA. For fruits such as peaches, colour, sweetness, and shape are strictly controlled by sorting machines and visual inspection. Consequently, problems such as decreased income for agricultural producers and increased food loss owing to waste disposal are increasing. In this study, we focus on a subscription service on a D2C platform for selling nonstandard peaches. Attributes such as colour and fruit spots were quantified using new sorting machines. To improve customer satisfaction, a packing and allocation system for peaches that maximises the value of each package while minimising the difference in product value between packages was designed and verified under different distributions of quantity and quality.
  Keywords: packing and allocation; subscription; non-standard agricultural products; appearance attributes; greedy algorithm.
  DOI: 10.1504/AJMSA.2023.10062175
   
  
• Developing a framework for analysing a sharing platform in a circular economy  
  by Yoshiki Nakamura, Nozomi Oomiya, Hiroki Kozu, Kin'ya Tamaki 
  Abstract: A circular economy (CE) is an economic model that emphasises the efficient use of resources and the minimisation of waste. It is primarily crucial for two reasons. First, CE practices are essential for achieving the sustainable development goals (SDGs). Second, CE significantly impacts various business aspects, including strategies, materials and product design, business models, legal systems, and enabling conditions, resulting in a substantial economic impact. This study aims to develop sharing platforms within the CE framework. The framework used for evaluating these platforms comprises five elements: strategy, cocreation value, cyclicity, creativity, and constraint and condition. To verify the effectiveness of this framework, we apply it to six growing Japanese companies. We aim to contribute to the development of the CE sharing platform.
  Keywords: circular economy; sharing platform; sustainable development goals; SDGs; case study approach.
  DOI: 10.1504/AJMSA.2024.10067545
   
  
• Evaluating the impact of loss-aversion-based risk preference and experiential learning on inventory management  
  by Jundai Koketsu, Aya Ishigaki, Koki Shimamura, Daiya Watanabe, Ryuta Takashima, Hajime Nishida 
  Abstract: This study aims to examine the effects of risk aversion and experiential learning on decision-making regarding inventory management in supply chain management. The experiment replicated the replenishment decision model in a beer game. Thirty-three subjects participated in the experiment, including students and inventory control experts from the Department of Industrial Engineering at the Tokyo University of Science. Moreover, the impact of ordering behaviour according to risk aversion on supply chain performance was investigated using agent-based simulations. After several experiments, we observed that decision-making results differed depending on the degree of risk aversion. Future research must analyse the impact of the factors identified in this study on supply chain performance.
  Keywords: risk preferences; experiential learning; inventory management; beer games.
  DOI: 10.1504/AJMSA.2025.10069799
   
  
• The interplay of green banking and banking technology: a comprehensive review  
  by Munnu Prasad V 
  Abstract: This research article examines the intersection of green banking and banking technology to ascertain whether advancements in banking technology can enhance the efficacy of green banking initiatives. The study synthesises existing literature on green banking and banking technology, analysing their interrelationship and potential synergies. Through a comprehensive review, it explores how innovative technologies can facilitate sustainable banking practices and contribute to environmental conservation. The findings suggest that integrating green banking principles with banking technology holds significant promise for promoting environmentally responsible banking operations and fostering sustainable development.
  Keywords: green banking; banking technology; sustainable banking; environmental conservation; financial innovation; digitalisation; blockchain; artificial intelligence; AI; leveraging; sustainable consumption pattern.
  DOI: 10.1504/AJMSA.2025.10070316
   
  
• The choice of industrial policy and proper reverse comparative advantage strategy in late-developing economies: a case study of Taiwan  
  by Lei Zhu, Ikou Kaku, Jiahui Xia 
  Abstract: The proper reverse comparative advantages strategy advocates alternating between the comparative advantage strategy and the reverse comparative advantage strategy. This approach maximises the utilisation of existing comparative advantages, harnessing market mechanisms to achieve industrial structural upgrading. At the same time, it leverages industrial policies to swiftly realise economies of scale when necessary, thereby accelerating the formation of comparative advantages in emerging industries and accomplishing industrial structural upgrading. This strategy represents the optimal economic development strategy for developing countries or regions. Its theoretical foundation lies in the diverse origins of comparative advantages, necessitating a diversified approach to leveraging them for economic development. The economic development of Taiwan is closely intertwined with the application of industrial policies, making it a typical case for implementing the proper reverse comparative advantages strategy.
  Keywords: proper reverse comparative advantage strategy; industrial policy; Taiwan; late-developing economies; industrial policy; information and communication technology; ICT.
  DOI: 10.1504/AJMSA.2025.10070725
   
  
• Maintenance policy for series-parallel systems with two types of opportunities  
  by Zirui Wang, Lu Jin, Watalu Yamamoto 
  Abstract: Opportunistic maintenance reduces maintenance costs effectively by using chances to maintain targets with reduced costs. Such chances are called maintenance opportunities. Internal factors, such as the maintenance of units within the system, cause internal opportunities. External factors, such as the planned shutdown of the plant or lack of electricity, trigger external opportunities. Both opportunities may come with discounts on maintenance resources and activities. Most of the literature focuses only on maintenance policies with internal maintenance opportunities. This paper proposes a maintenance policy for series-parallel systems that considers both internal and external maintenance opportunities. The occurrences of internal maintenance opportunities follow semi-Markov processes, and those of external maintenance opportunities follow the homogeneous Poisson process. With a semi-Markov decision process approach, the proposed policy is optimised to minimise the expected discounted cost over an infinite horizon. An example of a three-unit series-parallel system demonstrates the effectiveness of our proposed opportunistic maintenance policy.
  Keywords: condition-based maintenance; external maintenance opportunity; internal maintenance opportunity; semi-Markov decision process; SMDP; series parallel system; state transition situation; optimal maintenance policy.
  DOI: 10.1504/AJMSA.2025.10070726
   
  
• Exploring Generation Zs investment decisions: the role of the theory of planned behaviour with financial literacy as a moderator  
  by Vaidehi Pandurengan, Badriya Nasser Said Al Shammakhi 
  Abstract: This study explores how the components of the theory of planned behaviour (TPB) impact Generation Zs investment strategies, with financial literacy as a moderating factor. Analysing survey data from 271 students, the research utilised structural equation modelling (SEM) to assess relationships and confirmatory factor analysis (CFA) to validate factor structures. The results indicate that investment intention is significantly influenced by behavioural beliefs, outcomes, motivation to comply, attitudes, subjective norms, and financial literacy. Financial literacy moderates these relationships by negatively affecting the influence of subjective norms on investment intentions, thereby reducing herd mentality. Conversely, it strengthens the connection between attitude and investment intention, enhancing decision-making capabilities. Overall, this study highlights how financial literacy empowers Generation Z to make informed investment choices, lessening the effects of social pressures and allowing for better risk-benefit assessments, which is crucial for aligning their behaviours with broader economic goals.
  Keywords: theory of planned behaviour; TPB; attitude; subjective norm; perceived behaviour control; financial literacy.
  DOI: 10.1504/AJMSA.2025.10072421
   
  
• Examining planning methods and techniques for a circular economy products and services with a focus on customer engagement  
  by Maki Arame, Kin'ya Tamaki 
  Abstract: Lack of consumer interest and awareness has been identified as one of the main barriers for circular economy (CE) products and services. In service marketing, it has been pointed out that consumers have different consumption behaviours depending on their level of involvement, and the term customer engagement refers to a high level of customer involvement. This paper proposed a new methodology to consider the effectiveness of activities to promote customer engagement behaviour in line with the business model. The analysis method used a SEM model to analyse students awareness of food waste reduction and investigated the change in behaviour due to the introduction of a customer engagement behaviour analysis process after the implementation of a PBL class. The implications of this study are: 1) a path diagram suggesting that complementing knowledge and skills regarding thoughtful behaviour increases behavioural intention; 2) the insight that customer engagement behaviour can be more easily inferred by considering how to promote it.
  Keywords: circular economy; CE; customer engagement; structural equation modelling; SEM; VCM; multigenerational; cyclical value chain management.
  DOI: 10.1504/AJMSA.2025.10072874
   
  
• Differences in stress reduction effects by instrument type  
  by Yoshiki Fujita, Yating Yu, Seiko Taki 
  Abstract: Psychological stress is a major social problem in Japan today. According to a report published by the Ministry of Health, Labour and Welfare in 2022, Japan has the highest suicide mortality rate among developed countries (G7). It is also the only country where suicide is the leading cause of death among those aged 1029. Therefore, stress care for young people is important. Much research has been conducted on the use of music as a means of reducing stress. However, the relationship between instrumental tones and stress reduction has not yet been clarified. This study examined the stress reduction effects of musical instrument tones based on two physiological indices: salivary amylase activity and heart rate. The study subjects were 60 young people and changes in stress levels were observed before and after listening to music. As a result, a significant difference was observed in the effect of reducing heart rate between the groups that listened to piano music and drum music, and the silence group, but not in the bass group. This study suggests that different types of musical instruments may have different stress-reducing effects.
  Keywords: stress reduction; mental health; music therapy; musical instruments; timbre; psychological stress; stress-inducing test; heart rate; salivary amylase activity; profile of mood states; POMS.
  DOI: 10.1504/AJMSA.2025.10073898