• Korea Trade Review
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• v.43 no.2
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• pp.181-204
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• 2018

This study examines the existence of a target leverage and determinants of book and market leverage. A data set of shipping firms from 2009 to 2016 was used to conduct an empirical study. The target leverage which cannot be observed in the market is estimated using a partial-adjustment model of firm capital structure. This study found that factors affecting the capital structure differ with respect to firm size, book value leverage and market value leverage. Shipping firms have a target leverage, adjust the actual leverage toward that target leverage, and consider the target leverage as an optimum leverage. The deviation of the leverage from the target leverage plays an important role to explain changes of leverage level. The greater the deviation results in greater adjustment of shipping firms toward targets. A high level of initial debt reduces leverage changes.

• 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.

• International Journal of Human Ecology
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• v.4 no.1
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• pp.1-14
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• 2003

This study examines apparel brand extensions in terms of types and leverage effects. The researchers identified types of apparel brand extensions based on recent data gathered from the Korean apparel market. Three hundred forty eight Korean female subjects in their 20's evaluated three hypothetically extended brands from a major casual brand which actually exists in the Korean market. Major findings of the study follow. First, apparel brands are extended to different product categories by adjusting mostly target profiles as well as product usage, product class, and distribution channel. Secondly, leverage effects, the extent of image transfer from the parent brand to extended brands, are different according to the extension types.

• The Korean Journal of Financial Management
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• v.24 no.1
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• pp.109-147
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• 2007

According to the perspective of capital structure theory, we analyzed the dynamism of the capital structure determinants by using panel data of 244 KOSDAQ firms based on two-step GMM system methodology suggested by Blundell Bond(1998). This dynamic methodology had not been used to analyse capital structure determinants in Korea. In the dynamic model of capital structure, profit had negative effect on the book leverage and market leverage, which meant supporting pecking order theory. Growth opportunity (MBR) affected negatively to the market leverage. For the determinants of leverage, earnings volatility had significantly positive effect on KOSDAQ 50 firms. KOSDAQ and KOSDAQ 50 firms had the target leverage. The adjustment speed in KOSDAQ firms was 0.4958 on the book leverage, it was faster than in KOSDAQ 50 firm's 0.2863 on the book leverage and the adjustment speeds for the market leverage were 0.7651 for KOSDAQ firms and 0.5643 for KOSDAQ 50 firms. There was difference in adjustment cost between KOSDAQ firms and KOSDAQ 50 firms.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.1
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• pp.45-52
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• 2021

The capital structure is one of the hot financial topics among researchers and scholars. Its importance comes from the fact that capital structure is closely related to companies' ability to meet different stakeholders' needs. A suitable capital structure will boost the business and create a competitive advantage in the context of fierce competition. Many companies choose an optimal debt level based on the trade-off between interest and debt costs. This study aimed to test the existence of trade-off theory in capital structure, the case of Vietnam's real estate companies, which are growing very fast recently. Instead of considering constant optimal leverage to test the trade-off model, we take advantage of the dynamic capital structure determined by growth opportunities, profitability, tax incentives, tangibility, liquidity, and firm size. The dynamic panel data regression was estimated by the system Generalized Method of Moment (Sys-GMM). The empirical evidence showed that real estate companies listed in the Vietnamese stock market might change their leverage toward a target capital structure determined by influential factors in a long-term perspective. In particular, the debt-to-asset ratio will change by approximately 14 percent, positively, in response to the difference between the current debt-to-asset ratio and the dynamic target debt-to-asset ratio.

• Earthquakes and Structures
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• v.12 no.4
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• pp.425-436
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• 2017

Vibration control using a tuned mass damper (TMD) is an effective technique that has been verified using analytical methods and experiments. It has been applied in mechanical, automotive, and structural applications. However, the damping of a TMD cannot be adjusted in real time. An excessive mass damper stroke may be introduced when the mass damper is subjected to a seismic excitation whose frequency content is within its operation range. The semi-active tuned mass damper (SATMD) has been proposed to solve this problem. The parameters of an SATMD can be adjusted in real time based on the measured structural responses and an appropriate control law. In this study, a stiffness-controllable TMD, called a leverage-type stiffness-controllable mass damper (LSCMD), is proposed and fabricated to verify its feasibility. The LSCMD contains a simple leverage mechanism and its stiffness can be altered by adjusting the pivot position. To determine the pivot position of the LSCMD in real time, a discrete-time direct output-feedback active control law that considers delay time is implemented. Moreover, an identification test for the transfer function of the pivot driving and control systems is proposed. The identification results demonstrate the target displacement can be achieved by the pivot displacement in 0-2 Hz range and the control delay time is about 0.1 s. A shaking-table test has been conducted to verify the theory and feasibility of the LSCMD. The comparisons of experimental and theoretical results of the LSCMD system show good consistency. It is shown that dynamic behavior of the LSCMD can be simulated correctly by the theoretical model and that the stiffness can be properly adjusted by the pivot position. Comparisons of experimental results of the LSCMD and passive TMD show the LSCMD with less demand on the mass damper stroke than that for the passive TMD.

• The Journal of the Korea Contents Association
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• v.16 no.3
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• pp.553-562
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• 2016

Then, it investigated the investment preference through the previous studies to analyze the influence factor of investment satisfaction and demonstrated the effects through the PLS (Partial Least Squares) regression. In addition, it separated the target type to institutional investors and retail investors and carried out the survey for comparing the investment preference of investor type. The result of analysis found out that institutional investors emphasis on investment preference such as the Inflation hedge, Early payback, Financial stability, Leverage risk and etc. Then, general investors emphasis on investment preference such as the Rental income, Facilities and Equipment, Business area and population, Ease of use, Leverage risk, Early payback and etc. In addition, common investment preferences are the Leverage risk, Early payback and Facility accessibility.

• Journal of Korea Trade
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• v.25 no.1
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• pp.65-88
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• 2021

Purpose - This paper aims to examine the determinants of SWFs' investment in Asian countries and to identify consistent investment patterns of SWFs in specific target firms from Asia, particularly China and South Korea. Design/methodology - This study extends the Tobin's Q model to examine the relationship between SWF investments in target firms and their returns with other firm-level control variables. We collect consistent data on SWF investments and the matched firm-level data on target firms, which of observation is 1,512 firms (333 in South Korea and 1,179 in China) targeted by 20 SWF sources during 1997-2017. The panel random effect model is used to estimate the extended Tobin's Q model. The robustness of the estimations is tested by the simultaneous equation models and the panel GEE model. Findings - The evidence shows that sovereign wealth funds are more inclined to invest in the financial sector with a monopoly position and in large firms with higher growth opportunity and superior cash asset ratios in China. In contrast to their investments in China, sovereign wealth funds in South Korea prefer to invest in strategic sectors, such as energy and information technology, and in large firms with high performance and low leverage. Sovereign wealth funds' investments tend to significantly improve the target firm's performance measured by sales growth and returns in both Korea and China. Originality/value - The existing literature focuses on examining the determination of SWFs investment in the developed countries, such as Europe and the United States. Our paper contributes to the literature in three ways; first, we analyzes case studies of SWF investments in Asian markets, which are less developed and riskier. Second, we examine whether the determination of SWF investment in Asian target firms depends on the different time periods, on types of sources of SWFs, and on acquiring countries. Third, our research uses vast sample data on target firms in longer time periods (1997-2017) than other previous studies on the SWFs for Asian markets.

• The Korean Journal of Franchise Management
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• v.3 no.1
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• pp.1-25
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• 2012

The studies of franchise companies are underway with the development of the franchise industry. Franchisor performance, franchisee performance, and relationship characteristics on performance, financial performance, non-financial performance, including research on the topic or purpose of the franchise performance and related discussions from a variety of perspectives have been proposed. Presented so comprehensive a discussion regarding the existing performance of the franchise and qualitative aspects such as satisfaction, long-term orientation to emphasize the limits. Therefore, this study was conducted by the franchise company's performance than the need to be clearly presented. Propose a quantifiable and quantified to reflect the characteristics of the franchise quantitative performance indicators. Franchise contract management systematically analyze the status of the enterprise contract management(ECM) and proposed contract management, leverage as an indicator for a more quantitative analysis. Contract management leverage is the franchise as an indicator of the merchant and the growth of the contract showing any significant changes in the coming changes in the Franchisee's sales growth target analysis results, notable implications could be found. This study are new methodology for the practical dimensions of performance of franchise companies.

• ETRI Journal
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• v.46 no.1
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• pp.59-70
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• 2024

We introduce a high-performance named entity recognition (NER) model for written and spoken language. To overcome challenges related to labeled data scarcity and domain shifts, we use transfer learning to leverage our previously developed KorBERT as the base model. We also adopt a meta-pseudo-label method using a teacher/student framework with labeled and unlabeled data. Our model presents two modifications. First, the student model is updated with an average loss from both human- and pseudo-labeled data. Second, the influence of noisy pseudo-labeled data is mitigated by considering feedback scores and updating the teacher model only when below a threshold (0.0005). We achieve the target NER performance in the spoken language domain and improve that in the written language domain by proposing a straightforward rollback method that reverts to the best model based on scarce human-labeled data. Further improvement is achieved by adjusting the label vector weights in the named entity dictionary.