• The Journal of Asian Finance, Economics and Business
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• v.3 no.4
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• pp.25-37
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• 2016

This study aims to investigate the determinants of dividend payout of Oil and Gas industry of Pakistan using secondary data from published annual reports from 2008 to 2014 listed on KSE (Karachi Stock Exchange). Dividend payout can be affected by profitability, firm size, financial leverage, sales growth, investment opportunities, liquidity, business risk, and ownership structure. Panel data technique used due to panel characteristics of available data with ordinary least square regression model to find out the impact of set of explanatory variables on the dividend payout using the Stata. Financial leverage, sales growth and business risks are the most significant variables of the study where financial leverage and business risk have significant negative effect on dividend payout while sales growth has favorable positive impact on dividend payout. Results revealed significant positive link of profitability and firm size with dividend payout whereas government ownership is negatively associated with dividend payout. Investment opportunities, liquidity and managerial ownership showed insignificant relationship with dividend payout. This Suggests that dividend payout policy is dependent on business strategies including both investment and financing decisions. Financial managers should consider these factors while formulating dividend policy of the firm.

• The Korean Journal of Applied Statistics
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• v.19 no.1
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• pp.33-41
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• 2006

In this paper, we analyse the volatilities in financial data such as stock prices and exchange rates in term of a class of nonlinear time series models. We compare the performance of Generalized Autoregressive Conditional Heteroscadastic(GARCH) , Integrated GARCH(IGARCH), Exponential GARCH(EGARCH) models by KOSPI (Korean stock Prices Index) data. The estimation for the parameters in the models was carried out by the ML methods.

• Journal of Korea Technical Association of The Pulp and Paper Industry
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• v.37 no.2 s.110
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• pp.11-20
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• 2005

This study was carried out to investigate the influence of paper stock type and heat treatment on sizing effect. Various types of pulps were used to make handsheets sized internally with AKD(alkyl ketene dimer) and externally with CMC(carboxyl methyl cellulose). Most of the handsheets were treated with heat by dry oven $(100^{\circ}C,\;30min)$ to evaluate the effect of heat treatment on sizing development. Internal sizing development of newsprint was very bad, but the effect of heat treatment was much higher than those of NBKP, BCTMP. In case of surface sizing, newsprint was more effective compared to the other pulps. Considering above mentioned results, it seems that internal sizing slows down water into paper by molecular diffusion much more than capillary penetration, but surface sizing slows down capillary penetration. With regard to density, a higher thickness sheets showed high heat treatment effect on sizing, therefore it assumed that heat treatment effect on sizing had very close relationship with sheet density.

• Asian Journal of Business Environment
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• v.10 no.4
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• pp.5-13
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• 2020

Purpose: The purpose of this paper is to empirically investigate the relationship between government subsidies and research and development (R&D) investment of animal husbandry companies in China. The moderating effects of firm size, debt ratio, and firm profitability on this relationship are also examined. Research design, data and methodology: The analysis is based on 14 animal husbandry companies listed on the Shanghai and Shenzhen stock exchanges over the period of 2012-2016. Data are obtained from the China Stock Market & Accounting Research (CSMAR) database and the RESSET database, and multiple regression analysis is utilized with the aid of Stata. Results: The empirical results show that government subsidies can promote R&D investment of animal husbandry companies in China. In addition, firm size, debt ratio, and firm profitability have positive moderating effects on the relationship between government subsidies and R&D investment. Conclusions: Based on the results, the paper concludes that government subsidies play an important role in the process of R&D of China's animal husbandry companies. This paper recommends that managers of animal husbandry companies should enhance the utilization efficiency of government subsidies and put great emphasis on R&D investment. The policymakers should implement more incentives to encourage animal husbandry companies to invest more in R&D.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.5
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• pp.249-258
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• 2020

This study examines and analyzes the effect of innovation on the price to book value mediated by managerial ownership in Indonesian companies. In order to achieve the goals and objectives, the company increases its value by increasing shareholders. Improving the welfare of shareholders can be done through investment and financial policies, and is reflected in share prices in the capital market. The higher the share price, the better the owner's welfare, and the company's value will also increase. The population of this study is the manufacturing companies - as many as 162 - listed on the Indonesia Stock Exchange in 2012-2017. By using a purposive sampling method, 25 companies met the criteria for the sample. The data comes from the companies' annual report taken from the Indonesia Stock Exchange website. The data is further analyzed using partial least square (PLS). The results of the study showed that innovation has a significant effect on price to book value. The companies with high marketing innovation produce high company performance as well. The companies get a commensurate reward from marketing innovation activities to carry out continuous marketing innovations. In addition, managerial ownership does not mediate the relationship between innovation and price to book value.

• Asian Journal of Business Environment
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• v.7 no.4
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• pp.5-9
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• 2017

Purpose - Many countries rely on currency depreciation or debt-financed government spending to stimulate their economies. Currency depreciation tends to increase net exports and aggregate demand but reduce short-run aggregate supply due to higher import costs. Debt-financed government spending increases aggregate demand, but the crowding-out effect due to a higher real interest rate may reduce private spending and aggregate demand. Therefore, the net impact of currency depreciation or debt-financed government spending on equilibrium real GDP is unclear. Research design, data, and methodology - This paper examines potential impacts of real depreciation of the ringgit, more government debt as a percent of GDP and other relevant macroeconomic variables on aggregate output in Malaysia. Results - Applying the AD/AS model, this paper finds that aggregate output in Malaysia is positively associated with real appreciation during 2005.Q3-2010.Q3, real depreciation during 2010.Q4-2016.Q1, the debt-to-GDP ratio and the real stock price, negatively affected by the real lending rate and inflation expectations, and is not influenced by the real oil price. Conclusions - Real depreciation of the ringgit after 2010. Q3 or sustainable expansionary fiscal policy would be beneficial to the economy.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.7
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• pp.361-367
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• 2020

Researching the influence and role of CEO overconfidence to dividend policy is important for stock market investors. Therefore, this study was conducted to find out the relationship between CEO overconfidence and dividend policy in industrial enterprises in Vietnam. Data collected from 222 industry enterprises listed on the Vietnam Stock Exchange from 2012 to 2018. Data is collected on financial statements of listed companies. GLS model with panel data is used to analyze regression results. The results show that CEO overconfidence has dividend yield higher than CEO non-overconfidence. At the same time, the dividend payout ratio of enterprises has no difference between CEO overconfidence and CEO non-overconfidence. The results also showed that revenue growth has a positive impact on dividend yield in small enterprises, but negative impact on dividend payout in large enterprises. Research results by firm size have similar results with the general analysis for all enterprises. At the same time, the analysis of ownership type shows that CEO overconfidence has a positive impact on dividend yield of non-state enterprises without affecting other types of enterprises. From these results, the authors also made a number of recommendations to help investors choose businesses to invest in accordance with their strategies.

• Journal of fish pathology
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• v.27 no.2
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• pp.127-131
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• 2014

The suitable tag was investigated based on the cumulative mortality, blood chemistry and histopathology of olive flounder, Paralichthys olivaceus. The dissection of opercle, 50% dissection of pelvic fin and 100% dissection of pelvic fin was used in the experiment. Cumulative mortality of dissection of opercle group was high. The dissection of opercle and 100% pelvic fin dissection groups was showing histological changes after 13days of tagging: purulent inflammation in the liver, fibrous inflammation in the body kidney, hyperplastic ellipsoide capillary in the spleen. As the results, 50% pelvic fin cutting group is the most effective out of them.

• Journal of Korea Technical Association of The Pulp and Paper Industry
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• v.40 no.3
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• pp.42-47
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• 2008

For the purpose of reduction of production cost in the industrial papermaking process, the use of waste paper has been more and more increased as a fibrous raw material, and the closed system of white water became closed more than ever. "Scum" indicates the floated sludge by a flotation during primary wastewater treatment process in paper mills. If the scum is used as the raw material, it could reduce both the raw material and solid waste treatment cost with even small quantity. In this study, the element survey and the toxicity measurement was carried out for recycling scum. A load factor of stock preparation process in paper mills was measured by somerville screen. Physical properties of paper sheet containing the accepted scum from the stock of AOCC or KOCC were evaluated. The result of this study shows that recycling scum has potential to be used in paper making system. It also might be able to reduce the required energy used by the pressing or drainage process, the raw material cost, and solid waste treatment cost due to the recycling of scum.

• Proceedings of the KSR Conference
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• 2008.06a
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• pp.1308-1314
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• 2008

In this paper, Seoulmetro that is the first operation organization which operates a city railroad rolling-stock maintenance RIMS(rolling stock information maintenance system) collected and analyzed a light maintenance data and introduced time a series analysis technique to find the way how to contribute to a use efficiency improvement of a city railroad. The purpose of time a series analysis is to remove a seasonal change including data and to check an irregular fluctuation. First of all, a collection range of the data comes under a light maintenance, however it needs a data of more than 3 years to check the seasonal change. We put a study for an accumulated scope that the data satisfy a period like this and are able to extend a range of the study when time flys forward. The data used for study is filtered using a movement average method after passing proper selection working and is solved with a method which looks for season index. Using the season index that was getten in here, we predict a light working frequency, if it has an irregular change, we will contribute it to a city railroad a use efficiency improvement and establish the cause by carrying out prevent maintenance in advance.