• The Journal of Asian Finance, Economics and Business
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• v.7 no.8
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• pp.15-23
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• 2020

Based on the theoretical underpinnings of the agency theory and liquidity theory, the purpose of this study is to show how managers who want to enhance the performance of Pakistan's non-financial sector can use liquidity policy in relation to corporate governance. Nowadays, Pakistan is facing a severe liquidity crisis; this study contributes by examining the mediating role of liquidity on the link of corporate governance-performance. We use data from 63 firms from 2010 to 2018, excluding 17 outliers. To analyze the data, we use the Seemingly Unrelated Regression (SURE) model and nlcom-Stata test. Our findings support the mediating role of liquidity on the link between corporate governance and performance. In addition, the results show that corporate governance improves performance. Furthermore, the study supports a significant positive association of liquidity and performance. For robustness, we use two performance variables - return on assets (ROA) and Tobin's q (TQ) - where ROA represents full mediation and TQ indicates partial mediation. This study helps to use liquidity policy to strengthen the inside and outside dimensions of corporate governance mechanisms that improve the performance of firms. Overall, these findings suggest better disclosure, transparency, and solutions to auditing issues that add value to the firms.

• Journal of Korea Game Society
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• v.14 no.4
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• pp.67-74
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• 2014

Real options valuation models are now proved as a effective valuation method both in Theoretically and empirically. However, to use real options model for early stage start-ups, additional non-financial information is crucial in the valuation process. Previous studies theoretically suggested the modified real options valuation model and process to use non-financial information in the valuation of early stage startups, but there is no empirical evidence on the suggested model. Therefore, this study investigated the effectiveness of the modified real options valuation model using a case study. The case study result showed that the modified real options valuation effectively reflect the non-financial information in early stage startups, and decrease the forecasting error in the valuation process.

• Asian Pacific Journal of Cancer Prevention
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• v.13 no.12
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• pp.6181-6185
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• 2012

Background: The aim of the study was to evaluate the available breast nomograms (MSKCC, Stanford, Tenon) to predict non-sentinel lymph node metastasis (NSLNM) and to determine variables for NSLNM in SLN positive breast cancer patients in our population. Materials and Methods: We retrospectively reviewed 170 patients who underwent completion axillary lymph node dissection between Jul 2008 and Aug 2010 in our hospital. We validated three nomograms (MSKCC, Stanford, Tenon). The likelihood of having positive NSLNM based on various factors was evaluated by use of univariate analysis. Stepwise multivariate analysis was applied to estimate a predictive model for NSLNM. Four factors were found to contribute significantly to the logistic regression model, allowing design of a new formula to predict non-sentinel lymph node metastasis. The AUCs of the ROCs were used to describe the performance of the diagnostic value of MSKCC, Stanford, Tenon nomograms and our new nomogram. Results: After stepwise multiple logistic regression analysis, multifocality, proportion of positive SLN to total SLN, LVI, SLN extracapsular extention were found to be statistically significant. AUC results were MSKCC: 0.713/Tenon: 0.671/Stanford: 0.534/DEU: 0.814. Conclusions: The MSKCC nomogram proved to be a good discriminator of NSLN metastasis in SLN positive BC patients for our population. Stanford and Tenon nomograms were not as predictive of NSLN metastasis. Our newly created formula was the best prediction tool for discriminate of NSLN metastasis in SLN positive BC patients for our population. We recommend that nomograms be validated before use in specific populations, and more than one validated nomogram may be used together while consulting patients.

• Journal of Korean Society of Water and Wastewater
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• v.26 no.4
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• pp.513-520
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• 2012

The use of food waste disposers (FWDs) can be an emerging option to manage organic food wastes in municipal sewage system. The cost-benefit analysis (CBA) of introducing domestic FDWs is conducted to access the allowable disposer market price and the economic impact on food waste management from conventional solid waste management system. If the convenience value of 10,000 won/month is taken into consideration based on survey results, the introduction of FDWs can lead to net economic benefits, allowing the capital cost of disposer up to 1,000,000 won/unit. Without the consideration of convenience value, the introduction of FWDs becomes profitable if the capital cost of disposer is less than 50,000 won/unit. In case that the value of convenience is more than 7,000 won/month, the reduction of food waste management cost is not valid for the introduction of FWDs to be non-profitable. However, if environmental externalities are considered, the proposed system could become breakeven with the cost of food waste management decreases by 54 % (60,000 won per ton).

• The Journal of Asian Finance, Economics and Business
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• v.7 no.8
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• pp.1-13
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• 2020

This study examines the effect of managerial ownership on firm value in capital markets where outside governance mechanisms to discipline managers are weak or non-existent. We hypothesize that strong market forces in the U.S. confound the effect of managerial ownership on firm value, i.e., the convergence of interest argument. We test the hypothesis using data from 112 firms from Singapore Stock Exchange and 205 firms from the Stock Exchange of Thailand prior to the Asian financial crisis in 1997 when the market forces were weak, yet the investor protection was sufficient to prevent outright appropriation from management. For ease of comparison, we use methodologies from studies done on the U.S. sample firms during the same study period as ours. We find that, both in Singapore and Thailand, firm value is a function of managerial ownership, and the relation is of the famous inverted U-shaped. Moreover, the relation is robust under different model specifications. The results from Thai sample, with weaker market forces than in Singapore, lend support to many agency cost hypotheses advanced in the U.S. Our results provide useful implication for investors in emerging and frontier markets where outside governance mechanisms are yet to be fully developed.

• Transactions of the Korean Society of Mechanical Engineers B
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• v.26 no.2
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• pp.328-335
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• 2002

In this study, experiments were performed to investigate the characteristics of flame stabilization of the LFG mixing gas. LFG has merely half heating value compared with liquified natural gas but can be greatly utilized as a commercial fuel. In order to use LFG in practical combustors, Webbe Index and heating value of LFG mixing gas were adjusted by mixing LPG with LFG. The comparisons were conducted between CH$_4$and LFG mixing gas for searching the region of flame stabilization based upon the flame blowout at maximum fuel stream velocity. As a result, the flame stability of LFG mixing gas was not improved with that of CH$_4$in non-swirl and weak swirl diffusion flame. However, LFG mixing gas had wide flame stabilization region rather than CH$_4$with increasing ambient flow rate in strong swirl. It was also found that flame stability was affected by included quantity of inert gas such as CO$_2$in the weak swirl but by heating value of fuel in strong swirl.

• The Journal of Industrial Distribution & Business
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• v.13 no.2
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• pp.33-43
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• 2022

Purpose: To examine the strength of social capital (SC) that are likely to affect Created share value (CSV) factors. This research aims to conduct a literature review to establish the components of SC and CSV identified within educational research and use factor analysis to identify how numerical values differ from the average and the amount of variance expressed in eigenvalue and factor score. Research design, data and methodology: To achieve the purpose of the study and provide adequate empirical results, we conducted the structural equation analysis using IBM AMOS 24.0 and collect online questionnaires from top practitioners, managers and non-managerial employees in Korean education firms, which will be used to conduct a factor analysis to assess SC's effect on CSV. Results: Final analysis of the path coefficient of the research model indicated that the SC values based on six have a significantly positive (+) effect on CSV values based on three categories (β=.35, p<.001). Therefore, the current research accepts the hypothesis in determining that SC can enhance the impact of CSV in educational companies. Conclusions: From the study, the practitioners of education companies should make more efforts to find action plans to create corporate social responsibility and shared value, which are required throughout society.

• Journal of the Korean Society for Industrial and Applied Mathematics
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• v.15 no.1
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• pp.43-55
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• 2011

We here investigate the Liouville type theorems of slow diffusion differential inequality and its coupled system with variable coefficients in cone. First, we give the definition of global weak solution, and then we establish the universal estimate (does not depend on the initial value) of solution by constructing test function. At last, we obtain the nonexistence of non-negative non-trivial global weak solution within the appropriate critical exponent. The main feature of this method is that we need not use comparison theorem or the maximum principle.

• East Asian Journal of Business Economics (EAJBE)
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• v.2 no.2
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• pp.37-47
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• 2014

Purpose - In this study, it is attempted to examine the Islamic banking practice in Iran based on new scientific methods. Design/methodology/approach- It is used the financial ratios demonstrating healthy or non-healthy of banks to assess the financial health of listed banks in Tehran Stock Exchange. The assessment of these ratios with use of decision tree as a non-parametric method for modeling is recommended for presenting this model. Information about the financial health of banks could be effective on the decisions of different groups of banks' financial reports users, including shareholders, auditors, stock exchange, central bank and etc. Findings - the results of the study show that Decision Tree is strong approach in order to classifying Islamic banks in Iran. Originality/value- So far, several studies have been conducted in various countries on the topic of this study. Considering the importance Islamic banking, it is almost the first study in Iran and the outcomes of the study may helpful to Iranian economy.

• Steel and Composite Structures
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• v.14 no.6
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• pp.605-620
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• 2013

This paper provides an innovative iteration technique for the large deflection problem of annular plate. After some manipulation, the problem is reduced to a couple of ODEs (ordinary differential equation). Among them, one is derived from the plane stress problem for plate, and other is derived from the bending of plate. Since the large deflection for plate is assumed in the problem, the relevant non-linear terms appear in the resulting ODEs. The pseudo-linearization procedure is suggested to solve the problem and the nonlinear ODEs can be solved in the way for the solution of linear ODE. To obtain the final solution, it is necessary to use the iteration. Several numerical examples are provided. In the study, the assumed value for non-dimensional loading is larger than those in the available references.