• Asia-Pacific Journal of Business
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• v.11 no.4
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• pp.225-241
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• 2020

Purpose - The purpose of this study was to examine the effect of the ratio of outside directors, especially the ratio of outside directors according to their tenure, on firm value. Design/methodology/approach - This study collected total 3,861 firm-year data about companies listed KRX KOSPI market in Korea. The Pooled Ordinary Least Square Model and Panel Fixed Effects Model were hired in order to analyze the data. Findings - First, it was found that the ratio of outside directors for total sample had no significant effect on firm value, and the estimation coefficient of dummy variable for the average tenure less than 3 years had a significant positive(+) effect on firm value. Second, the ratio of outside directors corresponding to the tenure of less than 3 years had a significant positive(+) effect on the firm value. On the contrary, the ratio of outside directors corresponding to the tenure of 3 years or more had a significant negative(-) effect on firm value. Third, the ratio of outside directors corresponding to the tenure for more than 6 years did not show any significant influence on firm value. Research implications or Originality - First, if other matters are not additionally considered, keeping the tenure of outside directors shortly on average could help to increase firm value. Second, in the case of firms facing the decision to reappoint outside directors for the first time, it is highly likely that the firm value would decrease on average, so careful decisionmaking considering various aspects is required. However, this study does not take into account the legal standards for the appointment of outside directors, diversity of outside directors, and the actual independence of outside directors according to other criteria in the analysis. Therefore, if these factors are considered, there is a possibility that the empirical analysis results of this study may show different patterns.

• Proceedings of the Korean Geotechical Society Conference
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• 2003.03a
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• pp.717-724
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• 2003

Although sand compaction pile is applied considerably for increase of hearing capacity in domestic, it is getting more necessary to develope the alternative materials because of exhaustion and increase of unit cost of sand. In this study, stress concentration ratio between crushed-stone pile and soft ground was measured and, a displacement ratio 30, 40 and 50%, variation of stress concentration ratio was analyzed. As an increase displacement ratio, the stress concentration effect of crushed-stone compaction pile doesn't increase proportionally and effect of ground improvement in case of ground was good at displacement ratio 30% or 40%. The stress concentration ratio of crushed-stone compaction pile in group piles is 1.5 times that of crushed-stone compaction pile in single pile.

• Structural Engineering and Mechanics
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• v.26 no.2
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• pp.127-150
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• 2007

The objective of this paper is to develop a finite element procedure for predicting the compressive strength and ultimate axial strain of Carbon Fiber Reinforced Plastics (CFRP) confined circular concrete columns and to study the effective parameters of confinement efficiency for helping design of CFRP retrofit technology. The behavior of concrete confined with CFRP is studied using the nonlinear finite element method. In this paper, effects of column size, CFRP volumetric ratio and plain concrete strength are studied. The confined concrete nonlinear constitutive relation, concrete failure criterion and stiffness reduction methodology after concrete cracking or crushing are adopted. First, the finite element model is verified by comparing the numerical solutions of confined concrete with experimental results. Then the effects of column size, CFRP volumetric ratio and plain concrete strength on the peak strength and ductility of the confined concrete are considered. The results of parametric study indicate that the normalized column axial strength increases with increasing CFRP volumetric ratio, but without size effect for columns with the same CFRP volumetric ratio. As the same, the increase in column ductility depends on CFRP volumetric ratio but without size effect for columns with the same CFRP volumetric ratio.

• Journal of the Korean Home Economics Association
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• v.30 no.1
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• pp.219-235
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• 1992

This study attempted to examine a theoretical framework which synthesizes risk attitude, type of investment management and investment behavior and to provide the specific investment strategy by analysing several variables which have effect upon the investment behavior. The results of this research were as follow : 1. Risk attitude had significant differences by the variabels such as age, sex, education, income and debt/asset ratio. Also the type of investment management was influenced significantly by the variables such as age, education, occupation, income, total asset, debt/asset ratio, achievement motivation and risk attitude. The ratio of risky asset holdings was affected by the variabels such as age, education, occupation, housing ownership, income, total asset, debt/asset ratio, achievement motivation, risk attitude and type of investment management. 2. Among several variables affecting the ratio of risky asset holding risk attitude, education, type of investment management, debt/asset ratio and achievement motivation had direct effect on it. Besides age had indirect effect through risk attitude and age, achievement motivation and risk attitude had indirect effect through the type of investment management. 3. The results of this study showed that causal relation between input, throughput and output can be applied to household's investment behavior and the concept of risk or risk attitude can be applied to other fields except household's investment. Also it could be attributed to provide the investment strategy for improving level of household's financial well-being.

• Journal of the Korean Operations Research and Management Science Society
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• v.38 no.1
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• pp.183-199
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• 2013

This study investigates customers' different behavior in accumulating and redeeming points and focuses on the moderating effect of usage level. We measure the hedonic accumulation and redemption ratio and usage level using loyalty program transaction data and link them to the survey data of loyalty and satisfaction. By doing so, we examine the effects of hedonic accumulation and redemption ratio on a consumer's loyalty intention and his or her satisfaction and the moderating effect of usage level. The result shows that there is a significant positive effect of hedonic accumulation and redemption ratio on customer loyalty and the mediating role of satisfaction on customer loyalty in both stages. And accumulation and redemption most importantly, we find an interaction effect of usage level on outlet type in point redemption stage while no effect in accumulation stage. That is if customers accumulate and redeem points at a hedonic outlets in both stages, it will give him a feeling of satisfaction and finally it will enhance the loyalty toward the focal loyalty program. And light buyers' loyalty increase more than those of heavy buyers when they redeem points in hedonic outlet. Our findings will help marketing managers of loyalty program to apply the effective segmentation strategy to the reward program which affects the customer's satisfaction and loyalty.

• Journal of the Korean Society of Combustion
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• v.16 no.3
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• pp.52-58
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• 2011

The purpose of this paper is to investigate the effect of equivalence ratio on the combustion and emission characteristics of a compression ignition engine fueled with biodiesel. In this research, a single-cylinder direct injection engine with 373.3 cc of displacement volume was tested on DC dynamometer. In order to investigate the effect of biodiesel equivalence ratio on combustion characteristics, the experiments were conducted at various equivalence ratios and injection pressures of 40~120 MPa. For investigating engine performance, lambda meter was connected and equivalence ratios was varied from 0.6 to 1.0. In addition, the exhaust emissions such as oxides of nitrogen($NO_X$), hydrocarbon(HC) and carbon monoxide(CO) were measured by exhaust gas analyzer under the various air/fuel ratios. The experimental results show that maximum IMEP was measured at the 0.8 of equivalence ratio. Furthermore, $NO_X$ emission was rapidly decreased as the increase of equivalence ratio. However soot emission was significantly increased according to the increase of equivalence ratio.

• Transactions of Materials Processing
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• v.18 no.5
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• pp.410-415
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• 2009

Experimental and numerical studies were performed to examine the effect of material temperature and reduction ratio on friction coefficient during hot flat rolling. We carried out a single pass pilot hot flat rolling test at the temperatures range of $900{\sim}1200^{\circ}C$ and measured the spread of deformed material while reduction ratio varied from 20% to 40%. Materials used in this study were a high carbon steel and two alloy steels. The dimension of specimen used in hot rolling experiment was $50mm{\times}50mm{\times}300mm$. We performed a series of finite element simulation of the hot rolling process to compute the friction coefficient change in terms of steel grade and reduction ratio. Results showed that temperature dependency of friction coefficient is not noteworthy but the effect of reduction ratio on friction coefficient is quite large. For high carbon steel, friction coefficient at reduction ratio of 30% is lower than that at that of 20%. Meanwhile friction coefficient at reduction ratio of 40% was one and half times large compared with that at that of 20%. The effect of steel grade on friction coefficient was significant when reduction ration was large, e.g., 40%.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.2
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• pp.71-79
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• 2022

The aim of this study is to see how government spending on education, health, and social security affects ratios in Indonesia. The third sector has a critical role to play in reducing the dependency ratio. It also aims to lower unemployment and poverty rates. This study uses the GMM panel data model. This model can determine the dynamic response of the ratio that comes from a number of variables. This study uses data from 33 provinces from 2010 to 2018. The results show that government spending in the education and health sectors has a positive effect on the dependency ratio, both in the short and long term. Social security has a significant effect on the dependency ratio in the long term, but not in the short term. Government spending in the education sector and health sector and social security sector have a positive and significant effect on disease and illness. The study's findings show a high level of poverty with a large standard deviation. The high ratio value is due to the large number of restrictions placed on a number of regions. Each province has made a significant contribution to overcoming these challenges, particularly in terms of the comparative ratio.

• Geomechanics and Engineering
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• v.36 no.4
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• pp.367-380
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• 2024

Investigations has shown that the correct estimation of the effective amplification period is as important as the amplification value itself. It gets more important in 2D basins. This study presents a quantitative coefficient for consideration of the nonlinearity effect in terms of amplification value and the shift in its period which is missing or ineffectively considered in the previous studies. To attain this goal, by the application of a time domain fully nonlinear method, the deviation of the more common equivalent linear results from the basin nonlinear behavior under strong ground motions is investigated quantitatively. Also, despite the increase in the damping ratio, the possibility of the increase in the amplification due to the increase in motion strength is shown. To make the results useful in engineering practice, by introducing nonlinearity ratio, the effect of the nonlinearity is quantitatively estimated for two soft and stiff clayey basins with three different depths under a set of motions scaled to two target spectrum. Results show that at the 100 m depth soft clayey basin, while the nonlinearity ratio shows a 35% deviation at the basin edge part under DD1 motion level, its effect moves to the central part with 20% effect under DD3 motion level. By the increase in depth to 150 m, the results show a decrease in the overall effect of the nonlinear behavior for both clay types. At this depth, the nonlinearity ratio gives a 30% and 17% difference on a limited distance from outcrop at the soft clayey basin under DD1 and DD3 motion levels, respectively. At the 30 m depth basins, the nonlinearity ratio shows up to 25% difference for different cases. The presented ratio would be introduced as nonlinearity coefficients for consideration of the nonlinearity effects in the codes. The presented quantitative margins will help the designer to have a better understanding of the amplification period change because of nonlinearity over 2D basin surface.

• Proceedings of the Korea Concrete Institute Conference
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• 2001.11a
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• pp.885-890
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• 2001

For the shear strength prediction of reinforced concrete beams, this paper considered the bending moment effect. Experimental results of the thirty-seven reinforced concrete beams were compared with analytical results by the FA-STM, TATM and TATM considered bending moment effect. While Ratios of test results to analytical results by using the truss models does not considered the bending moment effect decreased as shear span ratio increased, those by using the proposed method considered that were almost constant regardless of the increase of the shear span ratio. Predicted results obtained from proposed method agreed well with the experimental results.