• 한국소음진동공학회:학술대회논문집
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• 한국소음진동공학회 2007년도 추계학술대회논문집
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• pp.612-616
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• 2007

This paper describes a procedure to improve road noise using DPDS estimation. We can estimate a body local stiffness at chassis mounting point where the path of road input vibration by DPDS with experiment and FE simulation. DPDS result from FE model has a good correlation with experiment data. FE model DPDS shows weak points among chassis mounting points. Body panel thickness and shape were changed to meet DPDS target. Improved DPDS of critical points makes a road noise level lower.

• Journal of Korea Trade
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• 제25권4호
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• pp.146-163
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• 2021

Purpose - This paper examines China's impact on Korea's ICT exports considering the direct competition channel, the production shift channel, and the indirect demand channel at once. This paper also takes China's economic rebalancing into account and discusses whether it makes any differences in the effect of the three channels. Design/methodology - To quantify the effect of the three channels, I constructed a linear panel regression model and estimated it with various estimation methods including the system GMM. China's exports toward the same destination as Korea's exports, Korea's exports toward China, and the third countries' exports toward China respectively reflect the three channels. China's GVC indicators are included as well to evaluate the effect of further China's economic rebalancing. Since the present paper has a greater interest in the effect of China rather than the determinant of bilateral trade, a (fixed effect) panel model becomes more appropriate than the gravity model because timeinvariant variables in the gravity model, such as the distance and the language, are eliminated during the estimation process. Findings - The estimation results indicate that Chinese ICT exports are complementary to Korea's ICT exports in general. However, when markets are considered in subgroups, China's ICT exports could have a negative effect in the long run, especially for SITC75 and SITC76 markets, implying a possible competitive threat of China. The production shift effect turns significant during China's economic rebalancing in the markets for the advanced economies and the SITC76 product. China's indirect demand channel is also in effect significantly for the advanced economy and SITC75 commodities during China's economic rebalancing periods. In addition, this paper shows that China's transition toward upstream in the global value chain could have a positive impact on Korea's ICT exports, especially at the Asian market. Originality/value - The contribution of this paper is threefold. First, it focuses on the ICT industry for which Korea increasingly depends on China and China becomes a global hub of the GVC. Second, this paper quantitatively studies three channels in a model in contrast to the literature which mostly examines those channels separately and pays less attention to the GVC aspect. Third, by utilizing relatively recent data from the period of 2001-2017, this paper discusses whether China's economic rebalancing affects the three channels.

• The Journal of Asian Finance, Economics and Business
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• 제6권2호
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• pp.95-104
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• 2019

Along with the economic globalization and network generalization, this provides a good opportunity to the development of cross-border e-commerce trade. Based on this background, this paper sets ASEAN countries as an example to exploit the determinants of cross-border e-commerce trade including the export and the import, respectively. The panel data from the year of 1998 to 2016 will be employed to estimate the relationship between cross-border e-commerce trade and relevant variables under the dynamic ordinary least squares and the error correction model. The findings of this paper show that there is a long-run relationship between cross-border e-commerce trade and relevant variables. Generally speaking, the GDP(+) and real exchange rate(-export & +import) have an effect on cross-border e-commerce trade. However, the population (+) and the terms of trade (-) only have an effect on cross-border e-commerce import. The empirical evidences show that the GDP and the real exchange rate always affect the development of cross-border e-commerce trade. Therefore, all ASEAN countries should try their best to develop the economic growth and focus on the exchange rate regime so as to meet the need of cross-border e-commerce trade development.

• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.829-837
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• 2021

The study investigates the impact of the Counter-Cyclical Buffer Policy (CCB) on regional development bank profitability in Sumatra, Indonesia. CCB requires banks to hold capital at times when credit is growing rapidly so that the buffer can be reduced if the financial cycle turns down or the economic and financial environment becomes substantially worse. This study employs time series data of regional development banks (RDBs) in Sumatra Island, Indonesia. The methodology applied in this study is a panel dynamic model with Generalized Methods of Moments (GMM). The results show that increasing capital through the implementation of CCB did not have a significant effect on RDBs' profitability. The findings of this study suggest that the activation and implementation of CCB lead to an increase in the amount and cost of loans to companies but do not affect the profitability of RDBs. The value of a Non-Performing Loan (NPL) proved to have a negative and significant effect on bank profitability. The CCB policy aims to overcome the pro-cyclicality of credit growth and improve bank resilience through increased capital which is expected to reduce excessive credit growth as a source of systemic risk. This causes a lack of lending to the community so that the profits obtained by the bank decrease.

• 토지주택연구
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• 제14권4호
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• pp.47-62
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• 2023

본 연구는 오피스의 소비재 및 투자재 특성을 고려하여 거시경제변수와 미시특성변수를 포함한 모형을 구성하고, 유효 임대료 자료를 기반으로 국내 주요 업무지구인 도심권과 강남권 중소형 오피스 빌딩 임대료 결정요인을 비교 분석하여 투자적 시사점을 제시하고자 하였다. 분석방법은 시계열자료와 횡단면자료를 함께 포함하여 분석이 가능하며, 추정량 편의 가능성이 낮은 것으로 알려진 동적패널모형을 사용하였다. 두 모형의 분석결과를 요약하면 다음과 같다. 도심권·강남권 중소형 오피스 빌딩 임대료 영향 요인 분석결과 변수와 계수값 부호 측면에서 도심권 분석 결과와 동일하게 나타났다. 따라서 도심권과 강남권 중소형 오피스 빌딩의 임대료는 건물 및 입지특성과 함께 거시경제환경의 변화에 의해 영향을 받는 것으로 나타나 공간 소비재와 투자재의 특성을 모두 가지는 시장으로 해석된다. 위의 분석결과를 바탕으로 투자적 측면의 시사점은 다음과 같이 제시된다. 첫째, 도심권에 위치한 입지는 양호하지만 노후화된 중소형 오피스 빌딩의 재건축은 현실적으로 한계가 있다. 따라서 이러한 중소형 오피스 빌딩의 가치는 지속적으로 낮아질 가능성이 높아질 수 있어 투자시 이에 대한 고려가 필요하다. 둘째, 도심권의 경우 주차여건이 가격에 큰 영향을 줄 수 있으므로 도심권 중소형 오피스 빌딩 투자시 대상 빌딩의 주차환경과 개선 가능성에 대한 고려가 중요하다고 할 수 있다. 마지막으로 강남권 중소형 오피스 시장은 거시경제환경의 변화에 보다 민감한 시장으로 향후 이자율과 경제성장 등에 영향을 미칠 수 있는 통화정책 등의 변화를 주요한 투자기준으로 고려해야 할 필요성이 높다고 할 수 있다.

• The Journal of Asian Finance, Economics and Business
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• 제9권9호
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• pp.181-189
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• 2022

The current study examines the nexus between the capital structure (debt-equity) and firm value (Tobin's Q) by including profitability (alternatively Return on Assets (ROA) and Return on Equity (ROE)) as a moderator in the companies of Saudi Arabia. The study sample consists of 102 companies listed on Tadawul (the Saudi Arabian stock exchange) from different sectors of Saudi Arabia during the period 2013 to 2020. The study estimates pooled regression, panel regression with fixed and random effects, and dynamic panel regression models to report the results. The study results report that there is a negative and significant association between capital structure and firm value in model 1, while in models 2 and 3 there is a more negative and significant impact between the two study variables compared to model 1 after the inclusion of interaction variable, i.e. profitability in terms of ROA and ROE. The comparative result shows that the companies of Saudi Arabia hold more debt in their capital structure mix, hence evidencing a decrease in the firm value. The reported results also show that models 2 and 3 are better in explaining the impact of capital structure on firm value due to the interaction of profitability compared to model 1.

• 유통과학연구
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• 제15권1호
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• pp.123-130
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• 2017

Purpose - This research aims to examine the effect of e-business adoption on firm's growth and profitability in the distribution industry. The value added from the distribution industry acts as the cost of other industries. As the distribution industry develops, its stage becomes shorter and the distribution margin becomes smaller. Therefore, e-business is expected to have a different effect on the distribution industry than other industries. Research design, data and methodology - The previous research generally used e-business adoption as an independent variable and firm's performance as a dependent variable. This study elaborated the model using a dynamic panel model that includes the performance variable of the previous year as an independent variable. By employing system GMM (Generalized Method of Moments), the endogeneity problem in the dynamic panel model can be solved. For the analysis, I extracted the distribution companies as the raw data in the National Statistical Office's Business Activity Survey over the period 2006 to 2012. Results - The growth rate of firms adopting e-business was 0.299%p higher than that of the non-adopter. However, only ERP (Enterprise Resource Planning), KMS (Knowledge Management System) and SCM (Supply Chain Management) contributed positively to the growth rate. In the case of profitability, it was 0.04%p higher than the distribution companies that did not adopt e-business. ERP and LMS (Learning Management System) improve profitability, while SCM reduces profitability. Consequently, while ERP improves both growth and profitability, SCM improves growth but reduces profitability. In addition, KMS improves firm's growth only, and LMS does only profitability, showing that each e-business has a differentiated effect. Conclusions - Since the distribution industry has different characteristics from manufacturing and other service industries, the introduction of e-business may not guarantee the growth and profitability of distribution companies. Careful introduction considering the characteristics of the distribution industry is required. In particular, it is necessary to select an e-business meeting the characteristics and needs of a distribution company, and thereafter, it is required for the company's own efforts to internalize it within the system.

• 한국구조물진단유지관리공학회 논문집
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• 제23권3호
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• pp.75-82
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• 2019

아스팔트 콘크리트(AC) 궤도는 열차 하중에 의한 궤도 하부노반의 발생응력을 최소화하고, 적외선에 민감한 AC의 노출면적을 감소시켜 온도 영향에 따른 AC 도상의 소성변형을 줄일 수 있는 슬래브 패널 개발이 매우 중요하다. 본 연구에서는 형상 설계 및 실내성능시험을 통해 AC 궤도용 슬래브 패널을 개발하였으며, KRL-2012 표준열차하중 모델 및 KR-C코드에 의한 다양한 정적 하중조합에 따른 슬래브 패널에 작용하는 휨 인장응력 및 설계모멘트를 유한요소해석을 통해 구조 안전성을 검토하였다. 또한 AC 궤도용 슬래브 패널의 설계 적합성을 검증하기 위하여, EN 13230-2에 의거 슬래브 패널 주요 위치별로 정적 휨 강도 시험, 동적 휨 강도 시험을 수행하였다. 성능 시험 결과, AC 궤도용 슬래브 패널은 균열 하중 및 균열 확대 여부 등 유럽 표준에서 요구되는 성능 기준을 모두 만족하였다.

• 한국소음진동공학회:학술대회논문집
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• 한국소음진동공학회 2007년도 춘계학술대회논문집
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• pp.641-648
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• 2007

Computational rotor dynamic analyses of designed composite roller for large LCD panel manufacturing process have been conducted. The present computational method is based on the general finite element method with rotating gyroscopic effects. General purpose commercial finite element code, with special rotordynamics analysis module is applied. For the purpose of numerical verification, comparison study for a benchmark dual rotor model with support bearings is also presented. Detailed finite element models for composite roller with different length are constructed and analyzed considering gravity effect in order to investigate vibration characteristics in actual operation environment. As results of the present study, rotor stability diagrams and mass unbalance responses are presented for different rotating conditions.

• 한국전산유체공학회:학술대회논문집
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• 한국전산유체공학회 1998년도 추계 학술대회논문집
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• pp.167-174
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• 1998

The numerical methodology for simulating water entry behaviors of the high-speed bodies has been developed. Since the present method assumed the impact occurs within a very short time interval, the viscous effects do not have enough time to play a significant role in the impact forces, that is, the flow around a water-entry object was assumed as an incompressible potential flow and is solved by the source panel method. The elements fully submerged into the water are routinely teated, but the elements intersected by the effective planar free surface are redefined and reorganized to be amenable to the source panel method. To validate the present code, it has been applied to the ogive model and compared with experimental data. Good agreement has been obtained. The water entry behavior of the bouncing phenomena from the free surface has been also simulated using the impact forces and two degree of freedom dynamic equation. Physically, acceptable results have been obtained.