• The Journal of Fisheries Business Administration
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• v.52 no.1
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• pp.47-63
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• 2021

The purpose of this study is to identify the leading price between Jeju and Wando's oliver flounder producer price and to analyze the dynamic effect of the regional producer price using the panel VAR model. In the process of analysis, it was confirmed that there are unit roots in the monthly data of Jeju and Wando's oliver flounder producer price. So, in order to avoid spurious regression, the rate change of producer price which carries out log difference was used in the analysis. As a result of the analysis, first, the panel Granger causality test showed that the influence of the change rate of producer price in oliver flounder in Jeju was slightly larger than that in Wando, but it was found that each region all leads the change rate of the producer price in oliver flounder. Second, the panel VAR estimation showed that the rate change of producer price in Jeju and Wando a month ago had a statistically significant effect on the change rate of producer price of each region. Third, the impulse response analysis indicated that other regions are affected a little more than the same region in case of the occurrence of the impact on the error terms of the change rate of produce price in Jeju and Wando oliver flounder. Fourth, the variance decomposition analysis showed that the change rate of producer price in the two regions was higher explained by Jeju compared to Wando. In conclusion, it is expected that the above results can not only be useful as basic data for the stabilization of oliver flounder producer price and the establishment of policies for easing volatility but can also help the oliver flounder industry operate its business.

• Steel and Composite Structures
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• v.16 no.4
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• pp.389-415
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• 2014

This study deals with dynamic model of composite sandwich panels with functionally graded flexible cores under low velocity impacts of multiple large or small masses using a new improved higher order sandwich panel theory (IHSAPT). In-plane stresses were considered for the functionally graded core and face sheets. The formulation was based on the first order shear deformation theory for the composite face sheets and polynomial description of the displacement fields in the core that was based on the second Frostig's model. Fully dynamic effects of the functionally graded core and face-sheets were considered in this study. Impacts were assumed to occur simultaneously and normally over the top and/or bottom of the face-sheets with arbitrary different masses and initial velocities. The contact forces between the panel and impactors were treated as internal forces of the system. Nonlinear contact stiffness was linearized with a newly presented improved analytical method in this paper. The results were validated by comparing the analytical, numerical and experimental results published in the latest literature.

• Proceedings of the Korea Concrete Institute Conference
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• 1993.04a
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• pp.148-153
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• 1993

The paper presents the results of shaking table test conducted on the 1/3.3 scaled large concrete panel model. The behaviors of large concrete panel structures subjected to seismic excitations are controlled by capacity of horizontal and vertical joints. To Study the seismic capacity of the large concrete panel structures, experimental researches for joints and structural assemblage are needed. Especially, since the magnitude of seismic loads are depended on the variation of time, period and accelerations, dynamic test is needed for estimating the seismic resistance of large concrete panel structures. The objective of this paper is to study the behaviors of large concrete panel structures on seismic excitations and to estimate the safety. Test results are as follows : 1) Test model was critically damaged in the first floor horizontal joint by rocking. 2) Elastic limit(0.12kg) of test model was 5times higher than that of korean seismic design code. 3) Maxium base shear of test model at the ground acceleration of 0.12g was 3.5 times higher than the result of equivalent static analysis. 4) Damping ratio of test model turned out 3.9~5.3% and the period at 0.12g was 0.065sec.

• Management & Information Systems Review
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• v.37 no.2
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• pp.209-233
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• 2018

This study investigates the question of how political and economic factors may affect the export of renewable energy technologies. The relationships are tested using panel data for 19 OECD member countries over the period 1992-2012. Before establishing the empirical model, the current study checks the characteristics of the panel data, which includes various panel framework analyses, such as tests for the presence of normality, structural breaks, first-order autocorrelation, heteroscedasticity, cross-sectional dependence, panel unit-root. From the panel framework analyses, a dynamic panel model is established to test the relationship between the variables examined in this study. In order to reduce the bias of the estimation of the dynamic panel model and obtain efficient parameters, this study uses the bias-corrected least square dummy variable(LSDVC) estimator to estimate the empirical model. The results of this study show that governmental policies expressed as coercive pressure and market size positively affect the export growth of renewable energy technologies. However, public pressure and traditional energy industry have no significant effects on export performance. Policy implications are presented based on the results of this study.

• Steel and Composite Structures
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• v.30 no.3
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• pp.217-230
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• 2019

One of the most important design criteria in underground structure is to design lightweight protective layers to resist significant blast loads. Sandwich blast resistant panels are commonly used to protect underground structures. The front face of the sandwich panel is designed to resist the blast load and the core is designed to mitigate the blast energy from reaching the back panel. The design is to allow the sandwich panel to be repaired efficiently. Hence, the underground structure can be used under repeated blast loads. In this study, a novel sandwich panel, named RC panel - Helical springs- RC panel (RHR) sandwich panel, which consists of normal strength reinforced concrete (RC) panels at the front and the back and steel compression helical springs in the middle, is proposed. In this study, a detailed 3D nonlinear numerical analysis is proposed using the nonlinear finite element software, AUTODYN. The accuracy of the blast load and RHR Sandwich panel modelling are validated using available experimental results. The results show that the proposed finite element model can be used efficiently and effectively to simulate the nonlinear dynamic behaviour of the newly proposed RHR sandwich panels under different ranges of free air blast loads. Detailed parameter study is then conducted using the validated finite element model. The results show that the newly proposed RHR sandwich panel can be used as a reliable and effective lightweight protective layer for underground structures.

• The Journal of Industrial Distribution & Business
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• v.8 no.1
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• pp.5-13
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• 2017

Purpose - In this article, a dynamic model like a VAR is an appropriate choice for estimating the possible interrelationship between ownership structure and firm performance as a dynamic process. Research design, data, and methodology - Data of this work are collected from Chinese stock exchange including 350 Chinese-listed firms during the period of 1999-2012. We hypothesize that this interrelationship dynamically exists between ownership structure and firm performance. To examine the correlation, a panel Vector Auto-regression (PVAR) approach generated by GMM method is utilized to test the possible dynamic relation embedded in corporate governance. Another two dynamic analysis solutions such as orthogonalized impulse-response function and variance decomposition are also used simultaneously. Results - Findings of this study indicate the evidence that dynamically endogenous relationship exists between ownership structure and firm performance. Further, there is a dynamical correlation between investment and performance. Impulse response and variance decomposition illustrate that impact of a shock to variables themselves is the main source for their variability. Conclusions - The conclusion in this study is that there is a bidirectional and inter-temporal effect between proportion of ownership and corporate performance for a long run in accordance with impulse response function. Overall, our results suggest that corporate governance in China is more market oriented.

• International Area Studies Review
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• v.21 no.4
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• pp.19-39
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• 2017

The purpose of this paper is to investigate the impact of terms of trade and its volatility on real GDP and inflation. I estimate the linear and dynamic panel model including variables such as real GDP, inflation, terms of trade, capital stock, employment and education. The sample countries consist of OECD 26 countries and panel data ranges from 1990 to 2015. The empirical results show that terms of trade and its volatility do not affect the real GDP significantly. Even if the terms of trade has a negative relationship with real GDP, the magnitude of the estimated coefficients was very small. This result seems to be related with the industry structure and domestic demand structure of the member countries. On the other hand, terms of trade and its volatility have the significant impact on inflation. When the terms of trade and its volatility increase, the inflation increases.

• International Area Studies Review
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• v.22 no.3
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• pp.67-84
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• 2018

The purpose of this paper is to investigate the Balassa-Samuelson effect that real exchange rate could deviate from its long-run equilibrium. To analyze this effect, I estimated the long-run relationship between real exchange and productivity using the dynamic panel ordinary least square(DOLS) and panel error correction model(ECM) after conducting the unit root and cointegration test. The results show that all variables except for the real exchange rate have the unit root. Then I conducted the cointegration test to find out whether there exist the stable long-run relationships. The results show that the variables are cointegrated and significant statistically. The DOLS and ECM methods are used to estimate the coefficient of the cointegrated variables. The major finding are that the estimates are statistically significant and that they show the same sign as the economic theory predicts.

• Korea Real Estate Review
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• v.27 no.1
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• pp.33-44
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• 2017

The continuously rising housing prices in major Chinese cities have raised question about whether inflation is the main reason to drive up housing price to skyrocket in recent years. Based on the provincial panel dataset of China from 2006-2014, this paper investigates the impact of inflation on Chinese housing markets within the frameworks of both static and dynamic panel data models. Our empirical results show evidence that inflation has indeed been a main force of accumulating housing bubbles in these housing markets, especially in eastern region of China. We also find an interesting phenomenon in which Chinese housing bubble is, to a certain extent, affected by market self-adjustment mechanism.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.639-648
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• 2021

The study aims to examine the role of financial risk management in predicting the financial performance of commercial banks in Pakistan over the period of 2006-2017. For this purpose, risk management is measured through credit risk, interest rate risk, and liquidity risk, while financial performance is measured through ROA, ROE, and ROI. For this purpose, the dynamic panel model and two step GMM panel estimators are used to test the hypothesis empirically. The annual secondary data has been taken from the published financial reports of commercial banks of Pakistan. The results show that financial risk management significantly decreases the financial performance of commercial banks in Pakistan. Overall, the results are conclusive across the alternative measures of financial risk management in predicting the financial performance of the banking sector in Pakistan. The study suggested that managers should adopt risk management and risk hedging strategies to manage commercial banks' financial risks in Pakistan. They should hold extra cash while using the trade credit facilities. Previous studies mostly used a static model, but this study used a dynamic panel model. This study is among the first that focused on the various factors affecting the banks' performance in Pakistan.