• International Area Studies Review
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• v.21 no.1
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• pp.25-57
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• 2017

In this study, we analyzed the information asymmetry and the agency problem in major affiliated companies on the basis of the R&D investment. As a result of comparing how the R&D investment effects on major affiliated companies and the independent companies, even the achievement of R&D investment effects in a positive way to the firm value, the positive effect appears much lower on major affiliated companies comparing independent companies. In order to analyze the case, we investigated in a separate way according to the shareholding ratio and the affiliated market using the sample of the independent company and the group affiliated company. As a result of such analysis, the cause of this comes from the agency problem in major affiliated company, not the asymmetry information of affiliated company. After we analyzed the sample of the research depending on the affiliation market, we could observe there is a little impact of the asymmetry information in the outcome of the R&D investment of the major affiliated companies. In contrast, the companies which rated lower in the ratio of the shareholding appears much less in the positive effect of R&D investment compared to the companies which rated at a higher level. This phenomenon was also consistently observed when changing the research method or further subdividing the sample of companies belonging to the group based on the ownership share of major shareholders.

• Proceedings of the Korean Society for Noise and Vibration Engineering Conference
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• 2007.11a
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• pp.1476-1481
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• 2007

Numerical investigation on radiation characteristics of discrete frequency noise from asymmetry aero-intakes was carried out. The near-field predictions were obtained by solving the linearized Euler equations with computational aeroacoustic techniques consisting of high order finite difference scheme, non-reflecting boundary conditions, oversetgrid techniques. For the prediction of far-field directivity pattern, the Kirchhoff integral method was applied. By comparing the directivities of noise radiating from the scarf and the scoop aero-intakes with that from an axisymmetric aero-intake, it is shown that noise reduction at downward peak radiation angle can be achieved. The scattering of the radiating acoustic wave by background mean flow shifts the peak lobe radiation angle toward ground and increases the amplitude of the acoustic pressure compared with the cases without mean flow effect.

• Bulletin of the Korean Space Science Society
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• 2003.10a
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• pp.39-39
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• 2003

The plasmaspheric region shows relatively strong longitudinal asymmetry in the sense that the location of the plasmapause and the density distribution significantly vary with respect to local time, and this asymmetry effect has been neglected in previous magnetospheric ULF wave studies. In this study, we numerically examine the MHD wave properties of field line resonances (FLRs) and Pi2 pulsations when the inner magnetosphere is assumed to be asymmetric. We use the dipole magnetic field model, but our density model is based on. observational data from the IMAGE satellite. We assume an impulsive input in the magnetotail, which can be associated with a substorm onset. Our results suggest that local FLRs appear in both the radial and azimuthal oscillations owing to the asymmetry. Plasmaspheric Pi2 signals appear in the compressional component, but they are more strongly affected by ambient plasmaspheric structure than the FLRs. We compare our results with the observational data of Pi2 events.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.139-154
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• 2021

This study's impetus is to explore fresh evidence to answer the question, i.e., whether remittances asymmetrically influence financial development in Bangladesh from 1975 to 2019. The study employs several tests, i.e., nonlinear unit root test, Autoregressive Distributed Lagged (ARDL), NARDL, and asymmetric causality test for establishing the pattern of association. Nonlinear unit root tests confirm that variables follow a nonlinear system of being stationary after the first difference. nonlinearity among variables is investigated by performing the BDS test and nonlinear OLS. Directional causality is investigated through both linear and nonlinear effects of remittance inflows by following the non-granger casualty test. The test statistics of Fpass and tBDM showed the Long-run cointegration in the empirical model and positive effect running from remittances inflow to financial development both in the long-run and short-run. Furthermore, the results of a standard Wald test divulge the presence of long-run and short-run asymmetry. Asymmetry causality test established unidirectional causality due to positive and negative shocks in remittances inflows to Bank-based financial development and feedback hypothesis hold for explaining causality between positive and negative shocks in remittance inflows and Stock-based financial development.

• International journal of advanced smart convergence
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• v.9 no.2
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• pp.49-57
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• 2020

We have not identified on what gender difference during gait at a pace of one's preferred velocity effects on the function of bilateral lower limb. This study was undertaken to investigate a difference of gait strategy by gender during gait at a one's preferred velocity of participants of adult male and female (n=20). Cinematographic data for motion analysis, ground reaction force (GRF) variables, and muscle volume of lower limb were analyzed. Significant difference of variables on movement of center of mass whole body, joint angle and moment of lower limb, and ground reaction force were tested by 2-way ANOVA analysis (P<0.05). Male group showed more muscle volume than female, and both showed more volume in dominant leg than non-dominant. Main effect by bilateral leg during gait showed higher difference in right than left leg in change of vertical position of center of mass (maximal, minimal). Main effect by gender in vertical change of position and velocity of center of mass showed higher difference in male than female (maximal, minimal). Hip joint showed more flexed and extended angle in male than female, and also dorsiflexion of ankle and flexion moment of knee and hip joint showed higher in male than female group. Therefore, this result was assumed that dominant showed furthermore more contribution for propulsive function than non-dominant leg. Gender difference showed in strategy controlling of biomechanical characteristics, and perhaps influenced by muscle volume.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.2
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• pp.43-52
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• 2020

The paper investigates the mechanism through which corporate credit ratings affect dividend payments by decomposing the mean difference of dividends into a part that is explained by the determinants of dividends and a residual part that is contributed by the pure credit group effect, in the framework of the traditional dividend model of Fama and French (2001). Historically, better credit rated firms have shown consistently higher propensity to pay dividends especially during the economic crisis period. According to the counter-factual decomposition technique of Jann (2008), better rated firms are more responsive to the firm characteristics that have positive impact on dividends and poor rated firms are more responsive to the negative dividend predictors. As a result, good (bad) credit ratings make corporate managers become more bold (timid) in their dividend payments and they tend to pay more (less) dividends than what their firm characteristics prescribe. The degree of information asymmetry increases for the poor group firms during crisis periods and they attempt to reserve more cash in preparation for future investments. The decomposition results suggest that the credit group effect can potentially exceed the effect of firm characteristics because firms of different credit ratings can respond to the very same firm characteristics in a different manner.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.2
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• pp.33-42
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• 2020

The paper investigates the mechanism through which corporate credit ratings affect dividend payments by decomposing the mean difference of dividends into a part that is explained by the determinants of dividends and a residual part that is contributed by the pure credit group effect, in the framework of the traditional dividend model of Fama and French (2001). Historically, better credit rated firms have shown consistently higher propensity to pay dividends especially during the economic crisis period. According to the counter-factual decomposition technique of Jann (2008), better rated firms are more responsive to the firm characteristics that have positive impact on dividends and poor rated firms are more responsive to the negative dividend predictors. As a result, good (bad) credit ratings make corporate managers become more bold (timid) in their dividend payments and they tend to pay more (less) dividends than what their firm characteristics prescribe. The degree of information asymmetry increases for the poor group firms during crisis periods and they attempt to reserve more cash in preparation for future investments. The decomposition results suggest that the credit group effect can potentially exceed the effect of firm characteristics because firms of different credit ratings can respond to the very same firm characteristics in a different manner.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.2
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• pp.15-24
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• 2019

This study analyzes the effect of the capital structure of Korean manufacturing firms on default risk based on Moody's KMV option pricing model where the probability of default is obtained by measuring the distance to default as a covariant in logit model developed by Merton (1974). Based on the panel data of manufacturing firms, this study achieves its primary objective, using a fixed effect regression model and examines the effect of a firm's capital structure on default risk amongst publicly listed firms on Korea exchange during 2005-2016. Empirical results obtained suggest that the rise in short-term debt to assets leads to increase the risk of default whereas the increase in long-term debt to assets leads to decrease the default risk. The benefits of short-term debt financing over a short-term period fade out in the presence of information asymmetry. However, long-term debt financing overcomes the information asymmetry and enjoys the paybacks of tax advantage associated with long-term debt. Additionally, size, tangibility and interest coverage ratio are also the important determinants of default risk. Findings support the trade-off theory of capital structure and recommend the optimal use of long-term debt in a firm's capital structure.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.1
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• pp.133-142
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• 2022

This study examines the relationship between debt maturity structure and bankruptcy risk. There are various studies of leverage's effect on bankruptcy risk. Debt maturity, however, has not received the attention it deserves, especially in emerging markets with a high degree of information asymmetry. Using Vietnamese listed company data and various estimations, we find that leverage is positively associated with the likelihood of default. Importantly, short-term leverage shows a significantly positive effect on bankruptcy risk, while long-term leverage does not show significant results. The findings highlight that rollover risk firms are exposed to when using short-term debt increases bankruptcy risk. Meanwhile, firms do not cope with this risk in case of long-term debt adoption. High information asymmetry in emerging markets may be the main reason for the difference. The result is robust for subsamples of firms in different financial conditions, in concentrated and competitive industries, as well as for manufacturing and non-manufacturing companies. We also find that firms in a better financial situation and concentrated industries experience a higher short-term leverage effect than their counterparts. We, however, do not find a significant difference in the impact between manufacturing and non-manufacturing companies. This paper is among the first to examine the relation between debt maturity and bankruptcy risk in Vietnam.

• Korean Journal of Applied Biomechanics
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• v.18 no.1
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• pp.169-178
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• 2008

The goals of this study were to provide data of 3 dimensional ground reaction force(GRF) parameters during stair ascent and descent on three different stair runs and to investigate variability and asymmetry index of them. 10 healthy adults participated in this study and performed 7 different types of gait with 10 trials each. After data analysis, following results were found. Firstly, stair run did not affect on the pattern of GRF parameters, coefficient of variation and asymmetry index. Secondly, a significant different GRF pattern was found between level walking and stair walking. Especially, ascending stair walking has only large Fz1 and small Fz3 while level walking and descending stair walking have a "M" shape connected by Fz1, Fz2 and Fz3. Thirdly, only vertical GRF parameters of stair walking revealed acceptable coefficient of variation and asymmetry index.