• Journal of the Economic Geographical Society of Korea
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• v.12 no.1
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• pp.67-82
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• 2009

This paper examines the regional economic development policies of the Welsh Development Agency for attracting companies from the perspective of industrial location theory. The Welsh Development Agency has succeeded in attracting domestic or international capital, as a core actor for the regional economic development, and responded to the changing business environment and to the specific and various needs of the investors. The analysis of the Welsh case provides an important theoretical and practical implications. First, the Welsh case shows the importance of the role of the public sectors for the regional economic development. As the behavioral approach and the industrial location theory argue, the attraction of domestic or international capital led to the regional economic development. Second, the effective activities for attracting capital played an important role in the development. The quality and quantity of the information, in the industrial location theory, and the capacity of the business groups, in the behavioral approach, are significant factors of the development. Third, incentives by the Agency are also important. This finding not only supports the classical location model based on the cost and profits, but also the behavioral approach. Finally, the Welsh case could not succeeded in gaining regional economic competitiveness, even though attracting companies, by disregarding the industrial specialization strategy at the local level. This implies that we need to build industrial clusters. In sum, the behavioral approach has significant implications to the understanding of the public policies for attracting companies.

• Journal of Distribution Science
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• v.10 no.5
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• pp.19-28
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• 2012

The study examines the performance and its relationship with capital structure and agency cost with respect to the industrial configurations and economic groups of Pakistan Economy. The study employs data set of 334 listed joint stock companies from the nonfinancial sectors for the period of 1999-2009 from cotton and textile, engineering, chemical, sugar, cement, fuel and energy, paper and board, transport and communication, and miscellaneous economic groups. Pooled data from the Panel data methodology has been applied to observe the significance of different performance measures through determinant of capital structure and agency costs with special focus on the leverage and cash flows as the direct determinant and interactive variables. The empirical test results using redundant variable tests demonstrate support for agency theory in the context of Pakistan's industrial configurations. The implications of the study point towards more investigations on the subject using industrial configurations as control and moderating variables.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.7
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• pp.149-158
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• 2020

The purpose of this study was to investigate the impact of corporate governance index on the cost of equity in companies listed on the Tehran Stock Exchange. This study collects data from 975 observations during the period 2012 to 2018 to test the hypotheses using multiple linear regression model for the panel data. In this research, the independent variable of corporate governance index comprises of 27 specific corporate governance attributes. The results of hypothesis testing showed that corporate governance has a negative and significant effect on the rate of capital cost. In other words, the quality of corporate governance can lower the rate of capital cost. This result suggests that, by using a powerful corporate governance system and by declining the information asymmetry (increasing transparency) and agency conflict, we would be able to enhance the quality of financial reports. It would strengthen the capital market, attract financial suppliers and investors, and absorb the required financial resources of the firm by a lower rate. The findings of the study suggest that companies are able to reduce the cost of equity by establishing strong corporate governance. This conclusion suggests the importance and effectiveness of corporate governance in the cost of equity.

• Journal of the Korean Society of Propulsion Engineers
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• v.22 no.5
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• pp.73-80
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• 2018

At the early stages of development of high-speed propulsion systems, associated uncertainties cannot be easily modeled into probabilistic distributions, owing to the lack of test data, cost, and difficulty of simulating real-flight environments on the ground. To tackle this issue, in this research, the combustion efficiencies of dual-combustion ramjet engines are assumed to have been provided by experts and quantified by evidence theory. Using quantified uncertainty, the inlet area and combustor exit are optimized while satisfying reliability margins of thrust and thermal choking. The result shows a reasonable design of the engine under uncertain circumstances.

• Journal of Distribution Science
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• v.19 no.11
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• pp.17-25
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• 2021

Purpose: This study aims to examine the effect of gender diversity and institutional ownership on earnings management in distribution industry sub-sector companies listed on the Indonesia Stock Exchange in 2017-2018. Research design, data and methodology: This research is case study research, where the population in this study are all distribution sub-sector companies listed on the IDX in 2017-2018. The sample selection technique used was purposive sampling and obtained 74 companies with the 2017-2018 research period. Multiple linear regression analysis was used in this study, using Stata 17. Results: The results of this study indicate that: 1) Gender diversity has a negative effect on earnings management. 2) Institutional ownership has a negative effect on earnings management. Conclusions: This study contributes to the agency theory where gender diversity and institutional ownership can reduce the agency conflict that the shrinkage of earnings management. These results indicate that companies in which there are female directors will reduce earnings management practices, this is due to the attitude of female directors who tend to avoid risk. The results also show that institutional ownership will also lead to reduced levels of earnings management, because institutional investors will increase its oversight of the company.

• Macromolecular Research
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• v.15 no.3
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• pp.225-233
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• 2007

To improve the poor mechanical and low-temperature properties of glycidyl azide polymer (GAP)-based propellants, the addition of binders was investigated using GAP and flexible polymer backbone-structural polycaprolactone (PCP) at various weight(wt) ratios, and varying the ratio of Desmodur N-100 pluriisocyanate (N-100) to isophorone diisocyanate (IPDI). Using Gee's theory, the solubility parameter of the PCP network was determined, in order to elucidate the physical and chemical interaction between GAP and PCP. The structure of the binder networks was characterized by measuring the cross-link densities and molecular weights between cross-links ($M_c$) obtained by a swelling experiment using Flory-Rhener theory. The thermal and mechanical properties of the segmented block copolyurethane (GAP-b-PCP) binders prepared by the incorporation of PCP into the binder recipes were investigated, along with the effect of the different curatives ratios.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.451-458
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• 2021

The objective of this research is to analyze the effect of bad credit and liquidity on bank performance with the mediation of capital adequacy. Data were provided by banking institutions listed on the Indonesia Stock Exchange from the period of 2011-2019. The analysis technique was PLS-SEM supported by an application named WarpPLS 6.0. The results of the research show that the effect of bad credit and liquidity on bank performance is not significant. A high level of bad credit is associated with a low level of bank performance. Bank earnings decline along with low profitability. This relationship is not significant because banks can still cover some proportions of bad credit through capital availability. Capital adequacy as an intervening variable has mediated partially the effect of bad credit and liquidity on bank performance. Besides, capital adequacy has a strong effect on credit distribution. Agency theory says that the owner of the fund (the savers of saving account, current account, deposit account) is called principal while the bank as the trusted institution to manage the fund is called an agent. If customers fulfill their duty, then bad credit never happens.

• International Journal of Advanced Culture Technology
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• v.12 no.1
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• pp.158-168
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• 2024

With Wenhai big data SaaS cloud platform.2.0, this study analyzed data of 135 news reports relating to Chinese city Chongqing from Yonhap News Agency and ten South Korean mainstream newspapers from May 1^st, 2018 to September 30^th, 2022. Under the framework of Frame Theory, this research conducted data mining and analysis on how Korean mainstream media shaped city image of Chongqing, what kind of city images were shaped from dimensions of politics, economy, society, culture & sports as well as tourism and whether they are consistent with those in Chinese media. At the last part, discussions and suggestions was made.

• Journal of Institute of Control, Robotics and Systems
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• v.8 no.9
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• pp.747-756
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• 2002

The automatic steering system for unmanned vehicle was developed. The magnet and MR (Magnetoresistive) sensors are used for the tue detecting system. The lateral distance between sensor and the center line of the road is determined by the linearization of the distance according to the output. The PD control theory is used for the design of the controller to compare with $H_\infty$ control theory. The $H_\infty$ control theory is used for the design of the controller to reduce the disturbance. The performance of the PD controller and $H_\infty$ controller is compared in simulations and tests. The PD controller is easy to tune in the test site. The $H_\infty$ controller is robust far the disturbances in the test results.

• Journal of Information Technology Services
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• v.9 no.4
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• pp.1-18
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• 2010

Plural governance system in which firms use vertical integration and market governance simultaneously are widely used across various marketing context. Typical examples of plural governance include franchise systems, in which firms own and operate some unit themselves while licensing the operation of some of their units to franchisees. Despite many scholars have attempted to explore the structure of plural governance over decades, there are few insights into its determinants. In this study, we examine the relationship between the proportion of outlets franchised and several franchisor's characteristics based on the perspectives of transaction cost analysis, resource scarcy theory and agency theory. Using franchisor data in Korean Franchise Disclosure Document over the 2006-2009 period, we test the effect of franchisor size, system growth rate, franchise fee, initial investment, and risk sharing on the proportion of outlets franchised. Except for the effect of system growth rate, the results of a series of multiple regression analysis supported the negative effects of franchisor size, franchise fee, initial investment and risk sharing on the proportion of outlets franchised.