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

• Journal of the Korea Furniture Society
• /
• v.18 no.3
• /
• pp.166-176
• /
• 2007

Thanks to the recent apartment housing sales in new cities and metropolitan area, the public-use furniture market is greatly animated with the development of customized furniture. Nevertheless, the situation becomes difficult because of the fierce competition among the furniture suppliers with quoting at the lower price to get the order. In order to produce unique and stylish living cabinets, it is required for the furniture designer to create the design under the systematic design process collaborated with the construction company and make the design proposal thereby to the construction company. The present paper is focused on the re-usability of TV set currently possessed by the tenant, variability, uniqueness, pricing level suitable for the cost of real estate sales, modern design and so on. in the development of apartment living room cabinet. Thus, it is important for the furniture supplier to realize the importance of the design field in order to enhance the competitiveness of the customized furniture in the apartment housing. Accordingly the present researcher has developed the modem variable living room cabinet in accordance with the systemic design process by realizing the leads of tenant of the apartment housing and then establishing the concept focused on the design required by both the tenant and construction company.

• Journal of Korean Society for Quality Management
• /
• v.30 no.4
• /
• pp.137-153
• /
• 2002

Viewed as a more systematic approach of creating high quality products and bringing them into market at a lower cost and in significantly less time, it attracts the attention of quality designers to quality function deployment (QFD) approach. In attempt to reduce the design cycle, the industry has responded with concurrent design effort. In a sense, concurrent engineering refers to the integration of various activities within the broad scope of the product life cycle ［17］. Over the last ten years, much has been written about QFD but little has been available in terms of the underlying guide methodology. The methodology of QFD is quite simple and many will say that they have done it in the past but just have not formalized it into the form that this discipline requires. QFD ties the product, user, value, and manufacturing viewpoints together in a continuous process of defining the product design and manufacturing requirements. The value viewpoint recognizes the cost to obtain certain functionality, and the manufacturing viewpoint addresses conformance to requirements, but in a broader sense, the variability in production. In this paper, the QFD system acquisitions are described, and two heuristic approaches solving for the complex design process, especially the size reduction of design process and precedence-constrained relationship in QFD are proposed, and the empirical example is illustrated.

• Asia-Pacific Journal of Business
• /
• v.9 no.3
• /
• pp.71-82
• /
• 2018

This study verifies whether the sustainable tax strategy provides unique information on earnings persistence and brings about the difference of value relevance of accounting information. Sustainability is measured by the 5-year coefficient of variation in cash ETR, such as in McGuire et al.(2013), which measures variability in long-term performance of tax avoidance. The value relevance of accounting information in this study is modified by the Ohlson model(1995), which explains the value of the firm by using accounting information such as net assets and net income and other non-accounting information. The samples of this study are the firms listed on the securities market from 2004 to 2015 and the final samples are 3,133 firm-year. The results of this empirical analysis show that the value relevance of accounting information increases as firms have long-term and sustainable tax strategies. Most of the prior studies on tax strategies have examined the tax minimization strategy that minimizes the tax cost. However, this study is different in that the sustainability of the tax strategy affects the value relevance of accounting information. The results of this study will be useful for the users to make decision using the value relevance of accounting information.

• Journal of Ecology and Environment
• /
• v.43 no.1
• /
• pp.61-72
• /
• 2019

Background: Organic carbon stored in coastal wetlands, which comprises the major part of oceanic "blue carbon," is a subject of growing interest and concern. In this study, organic carbon storage in coastal wetlands and its economic value were estimated using the raw data of 25 studies related to soil carbon storage. Data were collected from three tidal flats (one protected and two developed areas) and two estuarine salt marshes (one protected and one restored area). Bulk density, soil organic matter content, and standing biomass of vegetation were all considered, with Monte Carlo simulation applied to estimate the uncertainty. Results: Mean carbon storage in two salt marshes ranged between 14.6 and $25.5kg\;C\;m^{-2}$. Mean carbon storage in tidal flats ranged from 18.2 to $28.6kg\;C\;m^{-2}$, with variability possibly related to soil texture. The economic value of stored carbon was estimated by comparison with the price of carbon in the emission trading market. The value of US $ $6600\;ha^{-1}$ is ~ 45% of previously estimated ecosystem services from fishery production and water purification functions in coastal areas. Conclusions: Although our study sites do not cover all types of large marine ecosystem, this study highlights the substantial contribution of coastal wetlands as carbon sinks and the importance of conserving these habitats to maximize their ecosystem services.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.3
• /
• pp.171-179
• /
• 2021

In the international markets, financial variables can be volatile and may affect each other, especially in the crisis times. COVID-19, which began in China in 2019 and spread to many countries of the world, created a crisis not only in the global health system but also in the international financial markets and economy. The purpose of this study is to analyze the contagious effect of the COVID-19 pandemic on the volatility of selected financial variables such as Bitcoin, gold, oil price, and exchange rates and the connections between the volatilities of these variables during the pandemic. For this aim, we use the ARMA-EGARCH model to measure the impact of volatility and shocks. In other words, it is aimed to measure whether the impact of the shock on the financial variables of the contagiousness of the epidemic is also transmitted to the markets. The data was collected from secondary and daily data from September 2th 2019 to December 20th, 2020. It can be said that the findings obtained have statistically significant effects on the conditional variability of the variables. Therefore, there are findings that the shocks in the market are contaminated with each other.

• Current Photovoltaic Research
• /
• v.11 no.4
• /
• pp.108-113
• /
• 2023

Pressure to reduce costs in the current solar market is driving the development and implementation of new module designs and prompting the use of new materials and components. In order to utilize the variability of each material that makes up the module, it is essential to understand the basic characteristics of the material. In this article, we evaluate light degradation after UV irradiation as an encapsulation material. Measure and analyze the results of various characteristic tests for discoloration, optical and electrical property degradation before and after UV accelerated testing. To evaluate weathering stability, UV tests were performed comparing existing EVA and UVT-EVA, POE and improved low-cost POE. Even in the weather resistance test with a total UV exposure of 60 kW/m², the properties of the encapsulants were mostly stable. EVA and POE-based encapsulants showed slight differences, and these slight differences are believed to pose a threat to long-term stability. This study is a basic analysis of encapsulation research for PV modules and will be helpful in understanding future development and encapsulant properties.

• Journal of Korea Port Economic Association
• /
• v.37 no.2
• /
• pp.73-89
• /
• 2021

The handysize bulk carriers are capable of transporting a variety of cargo that cannot be transported by mid-large size ship, and the spot chartering market is active, and it is a market that is independent of mid-large size market, and is more risky due to market conditions and charterage variability. In this study, Granger causality test, the Impulse Response Function(IRF) and Forecast Error Variance Decomposition(FEVD) were performed using monthly time series data. As a result of Granger causality test, coal price for coke making, Japan steel plate commodity price, hot rolled steel sheet price, fleet volume and bunker price have causality to Baltic Handysize Index(BHSI) and charterage. After confirming the appropriate lag and stability of the Vector Autoregressive model(VAR), IRF and FEVD were analyzed. As a result of IRF, the three variables of coal price for coke making, hot rolled steel sheet price and bunker price were found to have significant at both upper and lower limit of the confidence interval. Among them, the impulse of hot rolled steel sheet price was found to have the most significant effect. As a result of FEVD, the explanatory power that affects BHSI and charterage is the same in the order of hot rolled steel sheet price, coal price for coke making, bunker price, Japan steel plate price, and fleet volume. It was found that it gradually increased, affecting BHSI by 30% and charterage by 26%. In order to differentiate from previous studies and to find out the effect of short term lag, analysis was performed using monthly price data of major cargoes for Handysize bulk carriers, and meaningful results were derived that can predict monthly market conditions. This study can be helpful in predicting the short term market conditions for shipping companies that operate Handysize bulk carriers and concerned parties in the handysize chartering market.

• Journal of Food Hygiene and Safety
• /
• v.16 no.3
• /
• pp.200-205
• /
• 2001

In this study, occurrence of aflatoxin M$_1$(AEM$_1$) in domestic milk and milk products was determined. The level of AFM$_1$ in market milk (0.047 ppb) was lower than that in raw milk (0.083 pub) but this looks like that is due to dilution in collecting process rather than the effect of sterilization. In the case of nonfat dry milk, level of AFM$_1$appeared high by 0.24 ppb but it is thought to be not different from market milk actually because nonfat dry milk is diluted at intake. In the case of ice cream, finished products were contaminated with AFM$_1$of 0.020 ppd and also have the possibility of the contamination of AFB$_1$due to secondary raw material such as nuts and almond. On the basis of the results of this study and previous studies, Monte-Carlo simulation is conducted to estimate the contamination level of AFM$_1$in domestic market milk. To consider uncertainty and variability fitting procedure was passed through. And we used beta distribution to estimate the prevalence and triangular distribution to estimate the concentration level of AFM$_1$in milk. As a result, the 5%, 50% and 95% points of the distribution of the probability of AFM$_1$contamination level in milk is 0.0214, 0.0946 and 0.1888 ppb, respectively. Also we estimate that AFM$_1$in almost milk was low more than 0.5 ppb that is American acceptable level but 80.4% exceeded far 0.05 ppb that is European standard.

• Journal of Intelligence and Information Systems
• /
• v.19 no.3
• /
• pp.73-91
• /
• 2013

Advertising market has been facing new challenges due to dramatic change in advertising channels and the advent of innovative media such as mobile devices. Recent research related to mobile devices is mainly focused on the fact that mobile devices could identify users'physical location in real-time, and this sheds light on how location-based technology is utilized to achieve competitive advantage in advertising market. With the introduction of smartphone, the functionality of smartphone has become much more diverse and context awareness is one of the areas that require further study. This work analyses the influence of context awareness value resulted from the transformation of advertising channel in mobile communication market, and our research result reflects recent trend in advertising market environment which is not considered in previous studies. Many constructs has intensively been studied in the context of advertising channel in traditional marketing environment, and entertainment, irritation and information are considered to be the most widely accepted variables that has positive relationship with advertising value. Also, in smartphone advertisement, four main dimensions of context awareness value are recognized: identification, activity, timing and location. In this study, we assume that these four constructs has positive relationship with context awareness value. Finally, we propose that advertising value and context awareness value positively influence smartphone advertising attitude. Partial Least Squares (PLS) structural model is used in our theoretical research model to test proposed hypotheses. A well designed survey is conducted for college students in Korea, and reliability, convergent validity and discriminant validity of constructs and measurement indicators are carefully evaluated and the results show that reliability and validity are confirmed according to predefined statistical criteria. Goodness-of-fit of our research model is also supported. In summary, the results collectively suggest good measurement properties for the proposed research model. The research outcomes are as follows. First, information has positive impact on advertising value while entertainment and irritation have no significant impact. Information, entertainment and irritation together account for 38.8% of advertising value. Second, along with the change in advertising market due to the advent of smartphone, activity, timing and location have positive impact on context awareness value while identification has no significant impact. In addition, identification, activity, location and time together account for 46.3% of context awareness value. Third, advertising value and context awareness value both positively influence smartphone advertising attitude, and these two constructs explain 31.7% of the variability of smartphone advertising attitude. The theoretical implication of our research is as follows. First, the influence of entertainment and irritation is reduced which are known to be crucial factors according to previous studies related to advertising value, while the influence of information is increased. It indicates that smartphone users are not likely interested in entertaining effect of smartphone advertisement, and are insensitive to the inconvenience due to smartphone advertisement. Second, in today' ubiquitous computing environment, it is effective to provide differentiated advertising service by utilizing smartphone users'context awareness values such as identification, activity, timing and location in order to achieve competitive business advantage in advertising market. For practical implications, enterprises should provide valuable and useful information that might attract smartphone users by adopting differentiation strategy as smartphone users are sensitive to the information provided via smartphone. Also enterprises not only provide useful information but also recognize and utilize smarphone users' unique characteristics and behaviors by increasing context awareness values. In summary, our result implies that smartphone advertisement should be optimized by considering the needed information of smartphone users in order to maximize advertisement effect.