• The Journal of Asian Finance, Economics and Business
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• v.6 no.3
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• pp.41-53
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• 2019

Building a target capital structure is one of the most important decisions in corporate financial management. The purpose of this article is to identify the determinants of capital structure and adjustment mechanism toward the target leverage. The partial adjustment model was applied on a sample of 306 non-financial companies listed on Vietnam stock exchange market during the period of 2008-2017. By the fixed effect model estimation method, the research results have discovered the factors of growth opportunities, firm size, tangible fixed assets and firm's unique characteristics have a positive effect on the target capital structure of enterprises. Besides, profitability and dividend payment have a negative effect on the target capital structure of enterprises. Accordingly, the research results show that the average adjustment speed toward target leverage of the firms is 90.03%. Research results also demonstrate firms have higher or lower debt ratio than the target debt ratio, capital surplus or capital deficit also have an impact on the adjustment rate toward the target capital structure. The research results are consistent with the Dynamic Trade-off Theory. From this result, this article has provided policy implications for non-financial companies listed on Vietnam's stock market in building a reasonable target capital structure according to operating timeline to maximize enterprise value.

• Korean Journal of Agricultural Science
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• v.50 no.4
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• pp.629-643
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• 2023

The purpose of this study was to examine the effectiveness and efficiency of a policy by comparing and analyzing the impact of the rice market isolation system and production adjustment system (strategic crops direct payment system that induces the cultivation of other crops instead of rice) on rice supply, rice price, and government's financial expenditure. To achieve this purpose, a rice supply and demand forecasting and policy simulation model was developed in this study using a partial equilibrium model limited to a single item (rice), a dynamic equation model system, and a structural equation system that reflects the casual relationship between variables with economic theory. The rice policy analysis model used a recursive model and not a simultaneous equation model. The policy is distinct from that of previous studies, in which changes in government's policy affected the price of rice during harvest and the lean season before the next harvest, and price changes affected the supply and demand of rice according to the modeling, that is, a more specific policy effect analysis. The analysis showed that the market isolation system increased government's financial expenditure compared to the production adjustment system, suggesting low policy financial efficiency, low policy effectiveness on target, and increased harvest price. In particular, the market isolation system temporarily increased the price during harvest season but decreased the price during the lean season due to an increase in ending stock caused by increased production and government stock. Therefore, a decrease in price during the lean season may decrease annual farm-gate prices, and the reverse seasonal amplitude is expected to intensify.

• Journal of Korean Society of Transportation
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• v.26 no.1
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• pp.51-63
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• 2008

Jeju-Mainland demand for air passenger is variated by the season because most of the demands stem from the leisure travel. This research is to estimate the econometrics demand models(A simple time series model and the partial adjustment model) and elasticities of each models for the Jeju-Mainland domestic routes air travel market using the time series aggregate data between the year 1996 and 2005. As the result of estimating, income elasticity was evaluated to be elastic(1.55) and fare elasticity was inelastic(-0.49${\sim}$-0.59) for A simple time series models. In the partial adjustment model's case, income elasticity was evaluated to be inelastic(0.51) in short-run whereas it was evaluated to be elastic(1.88) in long-run. Fare elasticity was evaluated to be inelastic in short-run(high-demand season: -0.13, slack season: -0.20) and long-run(high-demand season: -0.48, slack season: -0.72).

• Korean Journal of Organic Agriculture
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• v.26 no.4
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• pp.571-583
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• 2018

The purpose of this study is to explore the dynamic properties of causality and asymmetric price transmission in the distributional channel of the tomato market in Korea. Using the wholesale and retail price series of the tomato market, we obtain the following results. First, the price transmission mechanism reveals the causal relationship channeling from the wholesale price to the retail price. Second, we find an asymmetric price transmission from the analysis using the threshold partial adjustment model. The retail price responds strongly when the wholesale price increases. On the other hand, the retail price shows sluggish adjustment when the wholesale price decreases.

• Journal of Korean Academy of Fundamentals of Nursing
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• v.19 no.2
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• pp.261-268
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• 2012

Purpose: The purpose of the study was to identify the mediating effects of self-efficacy between academic stress and college adjustment in first year nursing students. Method: Data were collected from 396 first year nursing students from 3 junior colleges and analyzed using descriptive statistics, Pearson correlations and structural equation model (SEM) with PASW 18.0 and AMOS 18.0 programs. Results: There was a negative relationship between academic stress and college adjustment but a positive relationship between self-efficacy and college adjustment. There was a partial mediating effect of self-efficacy between academic stress and college adjustment. Conclusion: The results indicate a need to develop programs that effectively promote the self-efficacy of first year nursing students to decrease academic stress and maximize college adjustment. Further studies are needed in which other factors that could affect college adjustment are examined.

• The Korean Journal of Financial Management
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• v.25 no.3
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• pp.33-78
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• 2008

This paper empirically examines whether firms engage in a dynamic adjustment process toward target capital structure and, whether there is a target capital structure or mean reverting using the partial adjustment model while allowing for costly adjustment. Also we investigate the empirical determinants of optimal target capital structure in long term equilibrium. As a result, our empirical model captures at least several important features of capital structure behavior for Korean listed firms. First, Korean firms pursue target capital structure and also there is mean reverting phenomenon. Second, Non-Chaebol and small firm in adjustment speed is faster than Chaebol and large firm. Third, even capital market restricts the adjustment speed interestingly. Fourth, Korean firms have target behavior according to a degree of observed gap. Fifth, Korean firms close about one-fourth of the gap between their actual and target debt ratios within one year and thence targeting behavior explains far more of the observed changes in capital structure than market timing or pecking order considerations. Sixth, capital market is significant in determining optimal capital structure.

• The Korean Journal of Community Living Science
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• v.28 no.2
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• pp.273-287
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• 2017

This study was conducted to explore the effects of novelty seeking temperament and harm avoidance temperament on school adjustment in middle school students and to investigate the mediating effects of emotional regulation on the relationship between temperament and school adjustment. A survey was conducted on a random sample of 672 middle school students. Data were analyzed using PASW ver. 18.0 and AMOS ver. 18.0 to carry out descriptive statistics, correlation analysis, and the structural equation model. The main results of analysis could be summarized as follows. First, novelty seeking temperament and harm avoidance temperament had a negative influence upon school adjustment in middle school students. Second, emotional regulation had a positive influence upon school adjustment in middle school students. Third, temperament acted as a partial mediator for emotional regulation affecting school adjustment in middle school students. The study contributes to the literature by providing fundamental insights into school adjustment in middle school students.

• Journal of Digital Convergence
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• v.14 no.11
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• pp.513-526
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• 2016

The purpose of this study was to examine internet addiction and maladaptation among soldiers and to ascertain how family function mediated among army soldiers. A questionnaire survey was conducted with 313 soldiers currently serving military service and was analysed using the structural equation model. The results were summarized as follows: Internet addiction had a direct effect on military adjustment and family function mediated military adjustment. Moreover, internet addiction had an indirect effect through family function, family function had a partial mediate effect on the relationship between internet addiction and military adjustment among army soldiers. Based on the findings, this study discussed the need to develop preventive and therapeutic programs to enhance army soldiers military adjustment.

• Steel and Composite Structures
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• v.48 no.6
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• pp.693-708
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• 2023

Composite beams, two materials joined together, have become more common in structural engineering over the past few decades because they have better mechanical and structural properties. The shear connectors between their layers exhibit some deformability with finite stiffness, resulting in interfacial shear slip, a phenomenon known as partial shear interaction. Such a partial shear interaction contributes significantly to the composite beams. To provide precise predictions of the geometric nonlinear behavior shown by two-layered composite beams with interfacial shear slips, a robust analytical model has been developed that incorporates the influence of significant displacements. The application of a higher-order beam theory to the two material layers results in a third-order adjustment of the longitudinal displacement within each layer along the depth of the beam. Deformable shear connectors are employed at the interface to represent the partial shear interaction by means of a sequence of shear connectors that are evenly distributed throughout the beam's length. The Von-Karman theory of large deflection incorporates geometric nonlinearity into the governing equations, which are then solved analytically using the Navier solution technique. Suggested model exhibits a notable level of agreement with published findings, and numerical outputs derived from finite element (FE) model. Large displacement substantially reduces deflection, interfacial shear slip, and stress values. Geometric nonlinearity has a significant impact on beams with larger span-to-depth ratio and a greater degree of shear connector deformability. Potentially, the analytical model can accurately predict the geometric nonlinear responses of composite beams. The model has a high degree of generality, which might aid in the numerical solution of composite beams with varying configurations and shear criteria.

• The Journal of the Korea Contents Association
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• v.14 no.6
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• pp.140-151
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• 2014

This study aims to examine the effects of adolescents' family function and School adjustment resilience on smartphone addiction through verification using the structural equation model. To attain the goal, the study collected data through a survey to elementary school fifth and sixth graders and middle school students living in Busan during March in 20l3. The result of this study shows that family function exerts negative effects on smartphone addiction and positive effects on school adjustment resilience. And smartphone addiction is found to show partial mediating effects in the relations between family function and school adjustment resilience. Based on the above results of this study, the paper suggests measures to enhance social interest in adolescent smartphone addiction and also methods to prevent smartphone addiction and intervene with families and schools for therapeutic intervention.