• The Journal of Asian Finance, Economics and Business
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• 제8권7호
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• pp.423-431
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• 2021

This research (1) examines the effect of stock ownership structure on capital structure; (2) explains the effect of stock ownership structure on corporate value; and (3) investigates the influence of capital structure on corporate value. This research is categorized as a quantitative research, which is directed to test various theories. In this study, the population of all consumption companies listed on the Indonesia Stock Exchange (IDX) consist of 38 companies. Population data in this study are all consumption companies, which have gone public in the period from 2010 to 2015. In this study, given the objectives and problem formulation and hypothesis, the analysis method used is Generalized Structural Component Analysis (GSCA). Ownership structure has a significant effect on capital structure; ownership structure has no significant effect on corporate value; capital structure has a significant effect on corporate value; corporate value has a significant effect on capital structure. Previous research found different results. Some researchers found a positive relationship and other researchers found a negative relationship, and there are studies that found both significant and non-significant effects. The inconsistency of previous research results prompted the researchers to examine the effect of ownership structure on capital structure and corporate value.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.813-821
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• 2021

The relationship between capital structure policy and firm value is interesting to study because the concept of capital structure was initiated by Modigliani and Miller who claimed that the company's capital structure is not a factor in its value. They asserted that linking leverage with firm value was irrelevant. Therefore, this study examined the role of growth opportunities as a moderating variable for the relationship between capital structure and firm value. The population of this study is 300 companies from the manufacturing sector that are listed on the Indonesia Stock Exchange (IDX) for the period 2015-2018. To analyze the data, the subgroup moderation method was employed by dividing the data into two parts: companies with high growth opportunities and companies with low growth opportunities. The results revealed that capital structure had a direct positive effect on firm value. Furthermore, the test results of the two regression models of growth opportunities as the moderating variable are very interesting. It was found that for companies with high growth opportunities, the use of debt had a negative effect on firm value, and conversely, the use of debt had a positive effect on firm value for companies with low growth opportunities. The statistical F-test results proved that growth opportunities are a moderating variable for the relationship between capital structure and firm value.

• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.287-292
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• 2021

The article analyzes the impact of capital structure on the firm value of chemical companies listed on the stock market of Vietnam. Data was collected from the financial statements of 23 chemical firms listed on the Vietnam stock market from 2012 to 2019. Quantitative research method with regression model according to OLS, FEM, REM method is used; FGLS method is used to overcome the model's defects. In this research, firm value (Tobin's Q) is a dependent variable. Capital structure (DA), Return on assets (ROA), Asset turnover (AT), fixed assets (TANG), Solvency (CR), Firm size (SZ), Firm Age (AGE), and revenue growth rate (GR) are independent variables in the study. The analysis results show that the capital structure of firms in the chemical industry listed on the Vietnam stock market has an inverse correlation with firm value. Besides, firms with greater asset turnover, business size, and number of years of operation have lower firm value. This article helps corporate executives improve corporate value by adjusting their capital structure properly. Chemical firms adjusted their capital structure in the direction of gradually decreasing the debt ratio and gradually increasing equity. Firms use high debt, which has the effect of reducing the firm value of firms in the chemical industry.

• The Journal of Asian Finance, Economics and Business
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• 제9권3호
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• pp.11-22
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• 2022

The iron and steel sector is caught between two worlds: "carbon reduction" and "development." The goal of this study is to show that optimizing asset structure to boost intangible assets, particularly brand assets, is a viable strategy to achieve low-carbon development. This study uses panel data from 38 A-share companies in China's iron and steel industry from 2010 to 2020, as well as World Brand Lab data, to create a comprehensive impact index of enterprise value from the standpoint of an asset structure optimization, and to test the impact of intangible assets and brand equity on enterprise value. The findings show that: the asset structure of iron and steel enterprises is closely related to enterprise value, implying that iron and steel industry development necessitates a transformation of quantity control and quality improvement; the proportion of intangible assets in the asset structure of iron and steel enterprises plays a positive and critical role in enterprise value under surplus conditions. The iron and steel industry begins to shift from tangible to intangible assets; there is heterogeneity in the iron and steel industry transformation. Given certain technological levels, the share of brand assets contributes significantly to the increase in enterprise value.

• The Journal of Asian Finance, Economics and Business
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• 제9권9호
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• pp.181-189
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• 2022

The current study examines the nexus between the capital structure (debt-equity) and firm value (Tobin's Q) by including profitability (alternatively Return on Assets (ROA) and Return on Equity (ROE)) as a moderator in the companies of Saudi Arabia. The study sample consists of 102 companies listed on Tadawul (the Saudi Arabian stock exchange) from different sectors of Saudi Arabia during the period 2013 to 2020. The study estimates pooled regression, panel regression with fixed and random effects, and dynamic panel regression models to report the results. The study results report that there is a negative and significant association between capital structure and firm value in model 1, while in models 2 and 3 there is a more negative and significant impact between the two study variables compared to model 1 after the inclusion of interaction variable, i.e. profitability in terms of ROA and ROE. The comparative result shows that the companies of Saudi Arabia hold more debt in their capital structure mix, hence evidencing a decrease in the firm value. The reported results also show that models 2 and 3 are better in explaining the impact of capital structure on firm value due to the interaction of profitability compared to model 1.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.769-778
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• 2020

The purpose of this study was to examine the role of profitability as a mediating variable in influencing firm value. This study uses a sample of manufacturing companies listed on the Indonesia Stock Exchange from 2016 to 2018. The data used is panel data, with data analysis using multiple regression. Based on the Sobel test, profitability plays a role in mediating the effect of firm size on firm value. The effect of firm size on firm value is indirect, however, through profitability. Therefore, the market price of the shares of large-scale companies will increase if the resulting profitability is high. The capital structure and managerial ownership directly influence firm value. The results showed that managerial ownership and firm size had a positive effect on profitability, while capital structure had no effect on profitability. Capital structure and managerial ownership have a negative effect on firm value, while firm size and profitability have a positive effect on firm value. The main finding of this study is that profitability acts as an intervening variable in mediating the relationship between firm size and firm value.

• Journal of the Korean Data and Information Science Society
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• 제9권1호
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• pp.63-70
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• 1998

The singular value decomposition is a tool which is used to find a linear structure of reduced dimension and to give interpretation of the lower dimensional structure about multivariate data. In this paper the singular value decomposition is reviewed from both algebraic and geometric point of view and, is illustrated the way which the tool is used in the multivariate techniques finding a simpler geometric structure for the data.

• 인터넷정보학회논문지
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• 제19권1호
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• pp.49-66
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• 2018

본 연구는 VR-AR 체험(Experiential Uses) 행위과정에 나타난 가치단계 요인을 분석(속성, 기능적 혜택, 심리적 혜택, 사용가치), 이용자의 체험 과정에 나타난 욕구와 이용행위 간의 '가치단계도(HVM : Hierarchical Value Map)'에 관한 모형을 구성하는데 목적이 있다. 이를 위해 '수단-목적 사슬 이론(means-end chain theory)'를 적용, 개인적 VR-AR 경험에 나타난 가치사슬을 측정하였다. 본 연구문제를 해결하기 위하여 1차로 AR-VR 콘텐츠 적합도 측정과 2차로 APT래더링을 활용한 구조화 된 설문지를 통하여 135명의 자료를 분석하여 VR-AR 관련 미디어 이용 선택의 '속성'- '기능적 혜택'- '심리적 혜택'- '이용 가치'에 이르는 수단-목적 가치사슬 구조를 파악한 후 가치단계도(HVM)로 VR-AR체험 가치 관계를 실증할 수 있었다. 연구결과, VR 이용자들은 새로운 가상현실 시청각 요소를 통해 현실이탈, 체험의 생생함, 유행선도를 통하여 새로운 성취감, 재미와 즐거움을 통하여 사회생활을 원활히 하고자 하였다. AR이 가지는 생생함과 주변 상호작용을 통하여 자아실현, 타인과 상호작용에 가치를 두고 있으며,'주변인'의 영향이 크게 작용하였고 이들과의 상호작용이 중요한 선택 목적이었다. 이용자들의 VR-AR 선택의 중요 가치는 타인과 상호작용 증진이며 성취감, 행복과 우호적인 가치 속성도 중요하게 고려되었다.

• 대한조선학회논문집
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• 제57권6호
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• pp.373-380
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• 2020

We have developed the hybrid prototype load cell structures. These developed load cell structures may increase the reliability of the load sensing by deriving the load values through the double sensing method through the vertical maximum deflection and bending stress of the simple beams. For this purpose, the structure design was performed so that the load value, the deflection and stress value could be output to the same value through the optimal structure design. The structurally designed dimensions reaffirmed the accuracy of the design through the structural analysis program and the matching of the load value and the deflection value. Based on the designed structural dimension, the prototype form was constructed through laser cutting and production using hot rolled steel materials. The developed prototype load cell structure can be used as good educational material in various subjects such as material mechanics, steel structure design, measurement engineering, and mechatronics engineering. It is also believed that the measurement system ideas can inform the occurrence of errors in the event of a problem, and if a major accident caused by a sensing error is predicted, it will show good utilization to prevent accidents.

• 한국의류학회지
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• 제46권2호
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• pp.331-348
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• 2022

This study explores the value structure of experiential rental Hanbok companies using the means-end chain theory. For this, soft laddering was conducted for nine experiential rental Hanbok companies located in Jeonju Hanok Village. Next, the value structure was created. The results are as follows. First, the elicited values are in the following order: "creation of wealth," "promotion of Korean culture," "aesthetic value," "self-actualization," "community development," and "transmission of tradition." Second, most attributes are connected to "creation of wealth." Third, "promotion of Korean culture" and "community development" are similar to Holden's instrumental values. Fourth, some attributes linked to "aesthetic value" express what the experiential rental Hanbok companies consider to be beautiful. Fifth, the companies pursue "company satisfaction" through "consumer satisfaction" and "company differentiation," which leads to "self-actualization" and "aesthetic value." Sixth, it seems that "transmission of tradition" can be achieved through "expertise/expert training," indicating that some companies think expertise is necessary for the transmission of Hanbok and do it. This study is significant because it is a new attempt to understand the core values of experiential rental Hanbok companies and provides insights into their growth.