• Title/Summary/Keyword: Structure determination

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Corporate Governance and Cash Holdings in Retail Firms (기업지배구조와 현금 보유와의 관계: 유통 상장 기업에 대한 연구)

  • Lee, Jeong-Hwan
    • Journal of Distribution Science
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    • v.14 no.12
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    • pp.129-139
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    • 2016
  • Purpose - This paper examines the explanatory power of the agency theory in the determination of cash holdings for Korean retail firms. If the agency theory holds, a firm with strong corporate governance structure tends to have low cash holdings. A strong governance structure makes the CEO of this firm to behave in the interests of shareholders and thus the CEO has low incentive to stockpile cash holdings, which can be easily diverted for the CEO's own managerial purposes. We investigate this relationship between corporate governance structure and cash holdings, by using corporate governance scores as a proxy variable that captures the effectiveness of corporate governance mechanism. Research design, data, and methodology - We adopt the sample of publicly listed retail firms in KOSPI market from 2005 to 2013. Financial and accounting statements are gathered from the WISEfn database. We also use the corporate governance scores published by Korean Corporate Governance Service. The relationship between the corporate governance scores and cash holdings is cross-sectionally estimated based on the ordinary least square method. This estimation method is widely accepted in the existing literature. The sample of large conglomerates, Chebol, and the remainder firms are separately examined as well, to account for the distinctive internal financing environment in these large conglomerates. Results - We mainly contribute to the extant literature by providing empirical evidence against the agency theory of cash policy. Unlike the prediction of agency theory, we confirm statistically insignificant or even positive correlations between the set of corporate governance scores and cash-asset ratios. Almost all the major corporate governance attributes including total score, shareholder rights, board structure, and the quality of information disclosure do not show negative correlations with cash holdings, which poses a strong challenge to the validity of the agency theory in the determination of retail firms' cash holdings. Conclusions - This study presents interesting empirical results with respect to the cash policy in Korean retail firms. Consistent to prior studies, I verify that the agency theory only limitedly explains the level of cash holdings. Future studies may obtain more robust results by examining a longer sample period.

Crack Size Determination Through Neural Network Using Back Scattered Ultrasonic Signal (저면산란 초음파 신호 및 신경회로망을 이용한 균열크기 결정)

  • Lee, Jun-Hyeon;Choe, Sang-U
    • Transactions of the Korean Society of Mechanical Engineers A
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    • v.24 no.1 s.173
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    • pp.52-61
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    • 2000
  • The role of quantitative nondestructive evaluation of defects is becoming more important to assure the reliability and the safety of structure, which can eventually be used for residual life evaluation of structure on the basis of fracture mechanics approach. Although ultrasonic technique is one of the most widely used techniques for application of practical field test among the various nondestructive evaluation technique, there are still some problems to be solved in effective extraction and classification of ultrasonic signal from their noisy ultrasonic waveforms. Therefore, crack size determination through a neural network based on the back-propagation algorithm using back-scattered ultrasonic signals is established in this study. For this purpose, aluminum plate containing vertical or inclined surface breaking crack with different crack length was used to receive the back-scattered ultrasonic signals by pulse echo method. Some features extracted from these signals and sizes of cracks were used to train neural network and the neural network's output of the crack size are compared with the true answer.

Determination of the Genital Structures using Ultrasound in Canine Prenatal Fetuses

  • Park, Chul-Ho;Oh, Ki-Seok;Son, Chang-Ho
    • Journal of Embryo Transfer
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    • v.30 no.4
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    • pp.335-340
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    • 2015
  • The objective of this study was to evaluate the initial detection time and development of the fetal genital structures using ultrasound in twelve pregnant small bitches. The initial detection time of the fetal genital structures was as follows: genital tubercle at days 32.6; os penis at days 45.2; labia at days 45.7; scrotum at days 47.5. Ultrasonograms of fetal genital structure according to gestational stage were as follows: Undifferentiated stage (before day 35), the genital tubercle was observed to have a small elevation and just a hyper-echogenic structure in the midline between the umbilical cord and the tail in male and female fetus. Migration stage (between day 35~45), the genital tubercle was observed as a hyper-echogenic, bilobular, oval shaped and the genital tubercle began to migrate from the initial position toward the umbilical cord in males, and toward the tail in females. Differentiated stage (after day 46), the penis and os penis were observed to stand out in the abdominal wall and the scrotum was observed toward the perineal region in male fetuses. The labia was detected at the base of the tail in female fetuses. These results indicate that ultrasound of fetal genital structures could be useful for fetal gender determination and a completely prepartum evaluation of the canine fetus.

Finite Element Analysis and Development of Interim Consolidated 5-N Curve for Fatigue Design of Welded Structure (용접구조물의 피로설계를 위한 유한요소 해석 및 통합 피로선도 초안 개발)

  • Kim, Jong-Sung;Jin, Tae-Eun;Hong, Jeong-Kyun;P. Dong
    • Transactions of the Korean Society of Mechanical Engineers A
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    • v.27 no.5
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    • pp.724-733
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    • 2003
  • Fatigue design rules for welds in the ASME Boiler and Pressure Vessels Code are based on the use of Fatigue Strength Reduction Factors(FSRF) against a code specified fatigue design curve generated from smooth base metal specimens without the presence of welds. Similarly, stress intensification factors that are used in the ASME B3l.1 Piping Code are based on component S-N curves with a reference fatigue strength based on straight pipe girth welds. But the determination of either the FSRF or stress intensification factor requires extensive fatigue testing to take into account the stress concentration effects associated with various types of component geometry, weld configuration and loading conditions. As the fatigue behavior of welded joints is being better understood, it has been generally accepted that the difference in fatigue lives from one type of weld to another is dominated by the difference in stress concentration. However, general finite element procedures are currently not available for effective determination of such stress concentration effects. In this paper, a mesh-insensitive structural stress method is used to re-evaluate the S-N test data, and then more effective method is proposed for pressure vessel and piping fatigue design.

Determination of plastic concrete behavior at different strain rates to determine Cowper-Symonds constant for numerical modeling

  • Nateghi, Reza;Goshtasbi, Kamran;Nejati, Hamid Reza
    • Computers and Concrete
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    • v.26 no.3
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    • pp.227-237
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    • 2020
  • Strain rate investigations are needed to calibrate strain-rate-dependent material models and numerical codes. An appropriate material model, which considers the rate effects, need to be used for proper numerical modeling. The plastic concrete cut-off wall is a special underground structure that acts as a barrier to stop or reduce the groundwater flow. These structures might be subjected to different dynamic loads, especially earthquake. Deformability of a structure subjected to dynamic loads is a principal issue which need to be undertaken during the design phase of these structures. The characterization of plastic concrete behavior under different strain rates is essential for proper designing of cut-off walls subjected to dynamic loads. The Cowper-Symonds model, as one of the most commonly applied material models, complies well with the behavior of a plastic concretes in low to moderate strain rates and will be useful in explicit dynamics simulations. This paper aims to present the results of an experimental study on mechanical responses of one of the most useful types of plastic concrete and Cowper-Symonds constant determination procedures in a wide range of strain rate from 0.0005 to 107 (1/s). For this purpose, SHPB, uniaxial, and triaxial compression tests were done on plastic concrete samples. Based on the results of quasi-static and dynamic tests, the dynamic increase factors (DIF) of this material in different strain rates and stress state conditions were determined for calibration of the Cowper - Symonds material models.

The Study of Korean Manufacturing Industry Wage : Principal Components Regression Analysis (한국 제조업의 임금결정에 대한 연구 : 외환위기 전·후를 중심으로)

  • Oh, Yu-Jin;Park, Sung-Joon;Kim, Yu-Seop
    • Journal of Labour Economics
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    • v.28 no.1
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    • pp.61-82
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    • 2005
  • We investigate wage differentials in Korea in the manufacturing industry, as well as factors affecting structural change in wage determination for the pre- and post-financial crisis regimes. We use the 1995 and 1999 data from the Survey Report on the Wage Structure (SRWS) from the Ministry of Labor. Principal components regression analysis is used to tackle multicollinearity. We employ factor analysis to reduce a set of variables to a smaller number, which contain observed and latent variables. Our empirical investigation provide evidences for changes in wages structure between 1995 and 1999. In 1995, the job quality factor is the most critical in the determination of wages, while in 1999, the industry attributes factor impacts greatly on the wages.

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