• Journal of the Korea Academia-Industrial cooperation Society
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• v.16 no.9
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• pp.5829-5835
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• 2015

This paper investigates the impact of corporate governance structure on the firm's debt costs under different governance environments. We find that after the 2008 banking crisis, family firms with controlling shareholders benefit from lower debt cost through the strong control rights of dominating large shareholders, compared with the firms with diversified minority-shareholders. Foreign investors are related statistically to the higher cost of debt. Before the 2008 banking crisis, cash flows and growth potentials are positively associated with the firm's cost of debt.

• The Korean Journal of Financial Management
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• v.14 no.1
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• pp.301-318
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• 1997

1981년 최초의 스왑거래가 있은 후부터, 스왑시장은 눈부신 성장을 보여 왔다. 현재까지 스왑시장이 왜 존재하는가 하는 물음에 대하여 여러 가지 이론들이 제시되어 왔다. 본 논문은 이러한 기존의 이론들을 살펴보고 이들과는 다른 각도에서 스왑의 존재를 설명한다. 스왑계약에 참여한 두 기업은 일련의 현금흐름을 교환하여 세후 순이익의 변동성을 감소시킴으로써 기업의 위험 프리미엄을 감소시키고 따라서 기업의 가치를 증가시킬 수 있다. 이러한 논리는 기업의 신용도 스프레드의 차이(quality spread differentials), 대리인 비용(agency costs), 또는 정보 비대칭(information asymmetry) 등의 마찰적 요인이 존재하지 않아도 성립한다.

• The Journal of Society for e-Business Studies
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• v.21 no.3
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• pp.51-78
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• 2016

Online-to-offline (O2O) commerce is the new trend that merges online commerce with traditional industries in various fields. The primary purpose of this paper is to find out which factors influence customers' intention to switch from call-based driver-for-hire services to O2O app-based services. This study used variables and factors based on Theory of Switching Intention, and Extended Unified Theory of Acceptance and Use of Technology in order to design research questions. We surveyed 500 users of call-based driver-for-hire services. According to the result of this study, dissatisfaction with the current call-based driver-for-hire services is estimated to be a significant factor that strengthens customers' intention to switch from the call-based driver-for-hire services to the app-based services. Loyalty to the previous call-based driver-for-hire services was not seen as a crucial motivator that causes customers to switch to the new O2O driver service. Switching cost also did not play a key role in explaining the relationship between dissatisfaction with the current call-based service and the intention to use the new app-based service. Performance expectancy, easiness in use, the level of user's knowledge or available assistance in relation to the use of app-based services, and expectancy for reasonable price was found to have meaningful impacts on customers' intention to switch from the call-based driver-for-hire services to the app-based services. Age, gender and user experience on the new service were found incapable of moderating the relationship between aforementioned factors which influence customers' choice of the app-based driver-for-hire service, and customers' intent to switch to the app-based service.

• Journal of KIISE:Databases
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• v.30 no.4
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• pp.397-407
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• 2003

Transactions of updating spatial dta with mobile clients are log transactions because a user disconnected from a server surveys real features and updates them. In this environment, it is appropriate to exploit the optimistic approach based on the validation test in order to control the concurrency of transactions. On the contrary, the pessimistic concurrency control scheme makes transactions wait for a long time due to the lock. In this paper, we propose the surrogate transaction model and implement its manager for the S-S-M(Server-Surrogate PC-Mobile Client) structure which is appropriate for updating spatial data in mobile environments. In the S-S-M structure, the mobile client communicates with the server by the surrogate PC. We extend the validation condition in consideration of spatial relationships between spatial objects in this model. We also present the commit protocol where the user of a surrogate PC adjusts objects of the conflicted surrogate transaction to minimize costs for the abortion of the transaction.

• Journal of Korea Technology Innovation Society
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• v.21 no.4
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• pp.1345-1365
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• 2018

Following principal-agent relationship between government and funding agency effects on efficiency and management of project, this paper suppose that project management cost rate variable on outsourcing and administration of institution, applies multiple regression analysis and logit analysis by using factors that procurement status of institutional operating expenses and each subordinates scale (Budget, subject number) and method (Top-down/Bottom-up), not a total amount, for examining factors following project efficiency analysis and way of commission. The major variables which effect on efficiency of institution are management cost scale (0.36), institutional operating expenses ratio (-0.47), way of outsourcing, the factors that affect way of outsourcing are portion of project management cost (-38.5) and institutional operating expenses rate (-11.7). This means both legal and financial stability are necessary and it is avoidable moral hazard and adverse selection on principal-agent problem.

• Journal of Convergence for Information Technology
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• v.9 no.5
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• pp.201-209
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• 2019

The purpose of this study is to analyze whether parents with developmental disabilities are well represented by the persons with developmental disabilities. Analysis data is based on the data from the Survey on Disability Survey in 2014. We analyzed the consistency and biases of the parent's proxy respondents' opinions by the degree of agreement between the contents of the person with developmental disabilities and the value of items that the parents answered on behalf of the development disabled. First, the parents' proxy respondents responded well to the actual situation such as life satisfaction for the developmental disabled, while the parental proxy respondents showed the positive bias to overestimate the cost items and the negative bias to recognize the discrimination. Second, in relation to independent living, the majority of the parents of the developmental disabled respondents had a high agreement with the developmental disabled person. However, about 5 ~ 10% of the parents' proxy respondents seem to have a tendency to distort the independent living policy by preferring non-standard housing types, unlike those with developmental disabilities. Based on this, it was proposed that the respondents should be able to receive the answers of the possible parties in the future research on desire and independent living related intention toward the developmental disabled, and the research on the matching of the proxy response is needed in a multidimensional manner.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.14 no.1
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• pp.143-147
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• 2013

This paper examines the impact of corporate governance structure on the cost of debt. Total sample is divided into the small sample, the medium sample and the large sample of equity concentration, based on the equity ownership of large shareholders. Our regression results show that foreign investors are not associated with the cost of debt in the small and medium samples of equity ownership, whereas foreign investors are significantly associated with the reduction in the cost of debt in the large sample of equity concentration. Academic implications of our findings are that as the ownership of dominating shareholders rises, they seek their private interests of perks causing an increase in agency costs and a decrease in firm's economic value, thus expanding borrowing costs. Practical business implications are that foreign investors may alleviate agency problem of dominating large shareholders in the firm through monitoring activities, thus enhancing the efficiency of business decision-makings.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.14 no.2
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• pp.674-680
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• 2013

This paper investigates the impact of liquidity constraints on investment expenditures of family and non-family firms. We analyze the ownership structure of family firms to determine whether family control alleviates or exacerbates investment-cash flow sensitivity in domestic firms. To examine the impact of liquidity constraints on investment expenditures of family and non-family firms, we used a financial data of 644 Korea Exchange traded companies over the 2000 - 2010 period. We estimated a time-series and cross-sectional regression model, using samples of family firms and non-family firms. The results show that cash flow is not associated with investment expenditure in family firms, whereas cash flow has a positive impact on investment in non-family firms. Our results show that lower or no investment-cash flow sensitivities in family-controlled firms are mainly attributable to lower agency costs through strong monitoring activities of family members. Higher investment-cash flow sensitivities are observed in non-family firms with more agency problems. This suggests that investment-cash flow sensitivities would be useful measures of liquidity constraints.

• Journal of the Computational Structural Engineering Institute of Korea
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• v.37 no.2
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• pp.95-101
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• 2024

This paper introduces an optimized design for a sensor bracket used to measure the wear amount of an automobile brake pad, based on a dynamic kriging surrogate model. During testing, the temperature of the brake pad can increase beyond 600℃, which often causes sensor malfunction. Therefore, it is essential to optimize the shape of the sensor bracket to minimize heat transfer. To reduce the computational cost of the optimization, the heat-transfer simulation is replaced by a dynamic kriging surrogate model. Dynamic kriging utilizes the best combination of correlation and basis functions and constructs an accurate surrogate model. Following optimization, the temperature of the sensor position decreases by 7.57%. The results from the surrogate model under optimum conditions are verified by a heat-transfer simulation, and the design optimization using a surrogate model is found to be effective.

• Journal of the Korea Convergence Society
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• v.10 no.8
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• pp.217-226
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• 2019

This study examines the effect of the wedge between voting rights and cash flow rights of controlling shareholders on the implied cost of equity. Prior studies posit that controlling shareholder's voting rights exceeding cash flow rights causes expropriating minority shareholders. Using date from 793 group-affiliated Korean firms for 10 years from 2005 to 2016, the result shows that there is a positive and significant relationship between controlling shareholders' wedge and implied cost of equity. This result implies that investors regard the controlling shareholders' wedge as potential agency cost in which they require additional risk premium because controlling shareholders have a strong incentive to pursue their private interests trough tunneling practices.