• The Korean Journal of Financial Management
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• v.26 no.4
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• pp.1-34
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• 2009

We test the effect of corporate cash holdings on firm value by using the KOSPI listed firms over the period between 2002 and 2007 from the agency theories perspective, which has not been the central interest of prior studies. Unlike existing studies, using the manager's ownership ratio or foreign investor's shareholder ratio as a proxy variable for agency costs, we use the individual firm's corporate governance scores by the KCGS to test the effect of agency costs on the value of firm's cash holdings. We find that a firm value is positively related with its cash holdings. We also find that a firm with good corporate governance tends to experience a higher value of its cash holdings, compared with a firm with bad corporate governance. These results are consistent even after controlling for the endogeneity problems between corporate governance and firm value, strongly supporting the agency theory of cash holdings. Therefore, a firm's cash holdings, even from liquidity or precautionary motives, could increase the firm cash value, as long as its managers' interest is shareholders' wealth maximization rather than their private benefits.

• The Korean Journal of Financial Management
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• v.26 no.4
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• pp.191-234
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• 2009

This study examined on the volatility feedback hypothesis through the use of threshold GARCH-in-Mean (GJR-GARCH-M) model developed by Glosten, Jaganathan, and Runkle (1993) in the stock markets of 14 emerging countries during the period of January, 1996 to May, 2009. On this study, I found successful evidences which can support the volatility feedback hypothesis through the following three estimation procedures. First, I found relatively strong positive relationship between the expected market risk premiums and their conditional standard deviations from the GARCH-M model in the basis of daily return on each representative stock market index, which is appropriate to investors' risk-averse preferences. Second, I can also identify the significant asymmetric time-varying volatility originated from the investors' differentiated reactions toward the unexpected market shocks by applying the GJR-GARCH-M model and further find the lasting positive risk aversion coefficient estimators. Third, I derived the negative signs of the regression coefficient of unpredicted volatility on the stock market return by re-applying the GJR-GARCH-M model after I controlled the positive effect of predicted volatility through including the conditional standard deviations from the previous GARCH-M model estimation as an independent explanatory variable in the re-applied new GJR-GARCH-M model. With these consecutive results, the volatility feedback effect was successfully tested to be effective also in the various emerging stock markets, although the leverage hypothesis turned out to be insufficient to be applied to another source of explaining the negative relationship between the unexpected volatility and the ex-post stock market return in the emerging countries in general.

• The Korean Journal of Financial Management
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• v.26 no.1
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• pp.1-29
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• 2009

As foreign investors' share holdings in Korean firms have dramatically increased since 1998 following the financial deregulation on the limit of foreign stock investment, the concern over the negative impacts the foreign investors would bring on the firms' financial policy has been growing too. Foreign investors were perceived to require the firms of excessive payments of cash dividends sometimes with threat of hostile takeover trials detering the firm from investing its cash flow in the physical facilities and RandD eroding their potential growth capabilities. We examine the impact of foreign investment on the firms' dividend policy using 234 listed firms' panel data over the sample periods of 1998 to 2005 employing various panel regression methodology. Foreign shareholders are found not to be related or even negatively related to the payout ratio(dividend/net income), but positively and statistically significantly related to the ratio of cash dividends to book of asset, negatively to the dividend yields. Considering the payout ratio is the most appropriate measure for the dividend payment, we can not support the arguments that the foreign investors' holdings have induced the excessive dividend level in Korean firms.

• The Korean Journal of Financial Management
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• v.24 no.3
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• pp.63-89
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• 2007

This study aims at empirically verifying whether long memory properties exist in returns and volatility of the financial time series and then, empirically observing influential factors of long-memory properties. The presence of long memory properties in the financial time series is examined with the Hurst exponent. The Hurst exponent is measured by DFA(detrended fluctuation analysis). The empirical results are summarized as follows. First, the presence of significant long memory properties is not identified in return time series. But, in volatility time series, as the Hurst exponent has the high value on average, a strong presence of long memory properties is observed. Then, according to the results empirically confirming influential factors of long memory properties, as the Hurst exponent measured with volatility of residual returns filtered by GARCH(1, 1) model reflecting properties of volatility clustering has the level of $H{\approx}0.5$ on average, long memory properties presented in the data before filtering are no longer observed. That is, we positively find out that the observed long memory properties are considerably due to volatility clustering effect.

• Environmental and Resource Economics Review
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• v.13 no.3
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• pp.499-518
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• 2004

This study tests four hypotheses on management performance of environment-friendly firms. The hypotheses are that i) environment-friendly firms are lower management performance than general firms, ii) high cost environment-friendly firms are lower management performance than lower cost ones, small and medium environment-friendly firms lower management performance than large ones, and long-term environment-friendly firms higher management performance than short-term ones. The major findings are that the first hypothesis is not supported at the 5% significance level and the second one is also not supported at the 10% significance level. The third one is supported in terms of stability since large firms are more stable small and medium ones at the 5% significance level. The last one is not supported since short-term environment-friendly firms are more stable than long-term ones in the 10% significance level.

• Journal of Distribution Science
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• v.12 no.12
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• pp.43-54
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• 2014

Purpose - This study examines how perceived benefits and costs of traditional market support affect relationship quality and support for a marketeer. In addition, it investigates whether support for traditional market aid programs leads to support for the government. The author developed a structural model comprising several variables, in which perceived benefits and costs comprising economic, social, and environmental costs were proposed, to affect the relationship quality (satisfaction and trust) of traditional market aid programs and the government. Consequently, marketeers satisfied and trusted by traditional market aid programs and the government would support the traditional market aid program, resulting in higher support for the government. The model proposed that customer satisfaction would improve customer loyalty and business performance. Thus, the relationship quality (satisfaction and trust) of the traditional market aid program and government was proposed as a core mediating variable between perceived benefits and costs and support. Research design, data, and methodology - To analyze the proposed model, this study investigates the scenario with a traditional marketeer. Data were collected from 331 respondents, and analyzed with SPSS/PC 18.0 and AMOS 18.0. To test the unidimensionality and nomological validity of the measures of each construct, we employed a scale refinement procedure. The result of the reliability test with Cronbach's and confirmatory factor analysis warranted unidimensionality of the measures for each construct. In addition, nomological validity of the measures was warranted from the result of correlation analysis. Results - First, perceived benefit affects the relationship quality of traditional market aid programs and government. Second, perceived costs affect the satisfaction of traditional market aid programs and government. Third, the relationship quality of a traditional market aid program affects the support of a traditional market aid program, and the relationship quality of government affects the support of government. Finally, the support of traditional market aid program affects support of government. The results confirm the findings of previous studies that local development positively influences support, based on the social exchange theory. Conclusions - The theoretical and managerial contributions of this study are as follows. First, it is the first such study, and defines mediating variables, analyzing relationship quality (satisfaction and trust) between perceived benefits and costs and support for the traditional market industry. Further, it investigates the structural relationships between them with the AMOS program. Second, while most previous studies investigating the relationship between similar variables and those of the present study analyzed how perceived benefits and costs influenced support, this study identified the transfer relationship between the support for traditional market programs and support for the government. This study confirms that support for traditional market aid program increases support for the government. Therefore, government policy makers for traditional market aid programs should explain to marketeers the benefits and costs of traditional market development in terms of economic, social, and environmental factors. At the end, limitations, further research directions, and implications are suggested.

• The Korean Journal of Rehabilitation Nursing
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• v.1 no.1
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• pp.111-123
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• 1998

The related factors of the quality of life (QOL) in stroke patients was identified empirically. The subjects were 254 stroke patients who were discharged and taken follow-up care at the outpatient department. In this model, the physical, psychological, and social status were assumed to affect the QOL. And the social support was assumed to moderate these effects. NIH stroke state, ADL, and IADL were used to measure the physical status. Using CES-D, the psychological status was measured. The social status was defined as the job change after stroke attack. The satisfaction with the care by primary caregivers, significant others, and health professionals was measured as the social support. To identify the effect of the physical, psychological, and social status on the QOL, multiple regression analysis was carried out. The psychological and social status were found to be the significant predictors of the QOL(R2=0.27, p=0.00). Next, to identify the moderating effect of the social support, the subjects were divided into two groups, that is, the low social support group and the high social support group. It is found that the predicting variance is different between these two groups. In the low social support group, the psychological, social, and physical status predicted as much as 42% of the QOL. On the contrary, the psychological status predicted only 8% of the QOL in the high social support group. So it is concluded that the social support moderates the effects of the physical, psychological, and social status on QOL. Finally, to identify the social support which moderates those effects, the social support was divided into three classes. Each social support class was divided into the low and high social support group again. In the every class of social support, the difference between two groups was also identified. So the model of the QOL is recommended for the framework of the care for the stroke patients. Also these results support the claim that the long-term facilities for stroke patients are necessary.

• Journal of Digital Convergence
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• v.18 no.2
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• pp.277-284
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• 2020

Text mining is a representative method of big data analysis that extracts meaningful information from unstructured and large amounts of text data. Social media such as Twitter generates hundreds of thousands of data per second and acts as a one-person media that instantly and directly expresses public opinions and ideas. The traditional media are delivering informations, criticizing society, and forming public opinions. For this, we compare the responses of SNS with the responses of media on the issue of the termination of the Korea-Japan GSOMIA (General Security of Military Information Agreement), one of the domestic issues in the second half of 2019. Data collected from 201,728 tweets and 20,698 newspaper articles were analyzed by sentiment analysis, association keyword analysis, and cluster analysis. As a result, SNS tends to respond positively to this issue, and the media tends to react negatively. In association keyword analysis, SNS shows positive views on domestic issues such as "destruction, decision, we," while the media shows negative views on external issues such as "disappointment, regret, concern". SNS is faster and more powerful than media when studying or creating social trends and opinions, rather than the function of information delivery. This can complement the role of the media that reflects public perception.

• Magazine of the Korea Concrete Institute
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• v.11 no.1
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• pp.191-200
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• 1999

The shear behavior of simply supported reinforced concrete deep beams subject to concentrated loads has been scrutinized experimentally to verify the influence of the structural parameters such as concrete strength, shear span-depth ratio, and web reinforcements. A total of 42 reinforced concrete deep beams with compressive strengths of 250 kg/$cm^2$ and 500 kg/$cm^2$ has been tested at the laboratory under one or two-point top loading. The shear span-depth ratio have been taken as three types of 0.4, 0.8 and 1.2, and the horizontal and vertical shear reinforcements ratio, ranging from 0.0 to 0.57 percent respectively. In the tests, the effects of the shear span-depth ratio, concrete strength and web reinforcements on the shear strength and crack initiation and propagation have been carefully checked and analyzed. From the tests, it has been observed that the failures of all specimens were due to shear and the shear behaviors of specimens were greatly affected by inclined cracks from the load application points to the supports in shear span. The load bearing capacities have changed significantly depending on the shear span ratio, and the efficiency of horizontal shear reinforcements were increased as the shear span-depth ratio decreased. The test results have been analyzed and compared with the formulas proposed by previous researchers and the design equation from the code. While the shear strengths obtained from the tests showed around 1.4 and 1.9 times higher than the values calculated by CIRIA guide and the domestic code, they were closely coincident with the formulas given by de Paiva's equation.

• Journal of the Korean Electrochemical Society
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• v.5 no.2
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• pp.47-51
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• 2002

Polyurethane was used as matrix for polymer electrolytes with liquid electrolyte consist of organic solvent as ethylene carbonate(EC), propylene carbonate(PC), and tetraethylene glycol dimethylether(TG) and 1M $LiCF_3SO_3$, which has high mechanical strength and porosity. Electrochemical properties fur polyurethane electrolytes with various liquid electrolytes were evaluated. The amount of immersed liquid electrolyte for TG with 1M $LiCF_3SO_3$ was increased to about $750\%$ by weight, and initial discharge capacity and cycle performance was better than others. Ionic conductivity for TG/EC(v/v,1:1) and PC/EC(v/v, 1:1) with 1M $LiCF_3SO_3$ was about $3.15\times10^{-3} S/cm, \;3.18\times10^{-3}S/cm$