• The Journal of Asian Finance, Economics and Business
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• 제8권8호
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• pp.137-148
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• 2021

The study investigates the existence of an optimal level of cash and the firm characteristics influencing the decision to hold cash, and the adjusting speed of the cash holdings to the target level. It highlights the heterogeneity of cash adjustment speed in the Vietnam market. The research employs the 417 samples of Vietnamese non - financial listed firms in the period of 2010 to 2019. The study uses the Pool OLS model, Fixed effect model (FEM), Random effect model (REM), and GMM model. According to the research findings, there is an optimal amount of cash at which the firm's value is maximized in Vietnamese listed firms, and the majority of the firms in the sample retain cash over the target level. Furthermore, the study demonstrates that firms actively modify their cash holdings to the optimal level with an adjustment speed of less than one owing to adjustment cost constraints. This speed varies between groupings of enterprises with different characteristics, underlining the heterogeneity of the adjustment speed even more. Small deviation firms adjust more rapidly than large deviation firms. Large free cash flow (FCF) firms adjust more readily than small FCF firms, and fiscal deficit firms modify more rapidly than firms with a financial surplus.

• 아태비즈니스연구
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• 제15권3호
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• pp.417-430
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• 2024

Purpose - This paper investigates the asymmetric capital structure adjustment toward target leverage. Our study consistently estimates heterogeneous speeds of adjustment in different regimes reflecting heterogeneity in firm characteristics. Design/methodology/approach - We collect balanced panel data on Korean listed firms over the period 2005 - 2023. In order to capture non-linearities in the speed of capital structure adjustments, this paper employs the dynamic panel threshold model that allows endogeneity in regressors and threshold variables. Findings - Using firm characteristics as proxies for adjustment costs of deviation from and adjustment to target leverage, we find asymmetric effects on the speed of capital structure adjustments. Firms of large size, with high profitability, with large cash flow and with large investment adjust capital structure faster than those with the opposite characteristics. On the other hand, firms with high growth opportunities and with high risk move slowly toward the target leverage. Research implications or Originality - This paper provides new evidence of cross-sectional asymmetries in capital structure adjustments, which calls for cautions in sample-splitting in an arbitrary manner.

• 유통과학연구
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• 제20권3호
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• pp.53-58
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• 2022

Purpose: Controlling and minority shareholders sometimes have conflicting interests. Controlling shareholders who do not have adequate monitoring can exhibit a strong tendency to maximize their personal wealth. In this case, cash holdings can be the easiest means for them to pursue their personal interests. This study examined whether the largest shareholder's ownership proportion affected the speed at which firms adjust their cash holdings to target levels in Korean distribution and service companies. Research design, data, and methodology: The study uses regression analysis to examine 834 firm-year samples listed on the KOSPI between 2013 and 2018 in the distribution and service sectors. Results: The largest shareholder's ownership is positively related to a firm's cash holdings adjustment speed. That is, the larger the largest shareholder's ownership, the faster the firm adjusts its cash holdings to achieve the target level. Conclusions: This study contributes to the literature by providing evidence that the cash holdings adjustment speed in Korean service and distribution companies is affected by the largest shareholder's ownership. As the agency problem between controlling and minority shareholders in Korea is a major issue, minority owners' sensitivity to agency costs may help restrict controlling owners' ability to maximize their personal wealth.

• 한국철도학회:학술대회논문집
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• 한국철도학회 2002년도 추계학술대회 논문집(I)
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• pp.376-381
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• 2002

In this study, we have analyzed the cost of korea high-speed rail project. The predicted cost in planning phase and adjustment data to 5th year are collected. Then, predicted cost is compared with adjustment in year/item/system base. We make a project history table for criteria to review project history and research ＆ development activity. We have developed CBS(cost breakdown structure) and allocated adjustment data to them. It is shown that cost prediction related to research St development activity in planning phase is relatively correct.

• 한국공작기계학회:학술대회논문집
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• 한국공작기계학회 2002년도 추계학술대회 논문집
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• pp.225-230
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• 2002

Machine of textiles let off is equipment supplying constantly fabrics. Nowdays, as it is replaced band - brake type with hydraulic motor driven type, we looked into characteristic of hydraulic solenoid pilot direction valve(SPDV) for controlling acceleration performance of hydraulic motor. This study deals with controlling the initial speed of textiles let off machine. Finally, to control the initial speed of hydraulic motor, we controlled the adjustment screw of SPDV by a hand. Test which was carried out in the laboratory shows that initial speed of textiles let off could be improved by controlling adjustment screw of SPDV. Also, the results of experiment work were compared with dynamic characteristic of other on/off solenoid direction valve(SDV).

• International Journal of Precision Engineering and Manufacturing
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• 제7권1호
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• pp.18-23
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• 2006

Cutting by a high speed laser cutting machine is one of most effective technologies to improve productivity. This paper has presented the cutting characteristics and optimal cutting conditions in a high speed feeding type laser cutting machine by using Tacuchi method in the design of experiment. An L9(34) orthogonal array is adopted to study the effect of adjustment parameters. The adjustment parameters consist of cutting speed, laser power, laser output duty and assistant gas pressure. The surface roughness of sheet metal is regarded as a quality feature. Analysis of variance is performed in order to evaluate the effect of adjustment parameters on the quality feature of laser cutting process.

• 시스템엔지니어링워크숍
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• 통권1호
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• pp.60-64
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• 2003

In this study, we have analyzed the cost of korea high-speed railway system. The predicted cost in planning phase and adjustment data to 5th year are collected. Then, predicted cost is compared with adjustment in year/item/system base. We make a project history table for criteria to review project history and research & development activity. We have developed CBS(cost breakdown structure) and allocated adjustment data to them. It is shown that cost prediction related to research & development activity in planning phase is relatively correct.

• 한국정밀공학회지
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• 제21권6호
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• pp.77-83
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• 2004

Cutting by a high speed laser cutting machine is one of most effective technologies to improve productivity. This paper has studied to obtain the cutting characteristics and optimal cutting conditions in a high speed feeding type laser cutting machine by Tacuchi method in design of experiments. A Lf(34) orthogonal array is adopted to study the effect of adjustment parameter. The adjustment parameters consist of cutting speed, laser power, laser output duty and assistant gas pressure. And the quality feature is selected as surface roughness of sheet metal. Variance analysis is performed in order to evaluate the effect of adjustment parameters on the quality feature of laser cutting process.

• The Journal of Asian Finance, Economics and Business
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• 제6권3호
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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.

• 한국도로학회논문집
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• 제14권6호
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• pp.167-173
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• 2012

PURPOSES : This study is to develop speed correction factor for more realistic Level-of-Service(LOS) at multilane highway. METHODS : In this study, we compared speed difference the degree of speed reductions in actual multilane road conditions with speed reduction considering speed correction factor presented in highway capacity manual using statistical techniques. And also we presents new speed correction factor analyzing collected data at national highway No.1 (Goyang~Wolrung). RESULTS : The result of analyzing and comparing new suggested speed correction factor with speed correction factor in Korea Highway Capacity Manual (KHCM) shows RMSE (Root Mean Square Error) in new speed correction factor (RMSE 1.5) is much lower than existing speed correction factor (RMSE 13.4). New suggested speed correction can be used for analyzing Level-of-Service at multilane highway. And also we suggests improvements for analysis procedure in analyzing Level-of-Service at multilane highway CONCLUSIONS : As a result of comparing differences, we draw the causes that effect the differences in speed and suggest new speed correction factor that consider traffic volumes. It can be more rational because it uses speed correction factor which can consider more realistic traffic conditions, etc.