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R&D Investment and Firm Value: Focusing on the Moderating Effect of Corporate Governance and Ownership Structure (연구개발투자와 기업가치: 소유 및 지배구조의 조절효과를 중심으로)

  • Sul, Won-Sik
    • Journal of Industrial Convergence
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    • v.19 no.5
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    • pp.13-19
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    • 2021
  • In this study, the relationship between R&D investment and firm value was approached from ESG's G(governance) perspective to verify the moderating effect of the corporate governance and ownership structure. To this end, a panel analysis was conducted on a total of 2,825 samples of 405 manufacturing companies listed on the KOSPI market during 2013~2020. The main analysis results are as follows. First of all, we found that R&D investment has a negative impact on firm value, at least in the short term, and that these relationships are moderated by corporate governance and ownership structure. When professional CEO with high level of expertise in business and management does lead R&D investment, the negative impact of R&D investment on firm value is mitigated compared to owner-manager. Also, the stronger the power of outside blockholders, the more transparent the management and disclosure of information, alleviating the information asymmetry between internal and external shareholders, which mitigates the negative impact of R&D investment on firm value. The findings suggest that the factors of ESG may not only have a direct impact on firm value, but also have a moderating effect on firm value.

Socioeconomic and intergenerational characteristics associated with marital intentions among Korean men and women in young adulthood (청년 남녀의 사회경제적 특성 및 세대관계 특성이 결혼의향에 미치는 영향)

  • Kwon, Soyoung;Kang, Sieun;Oum, Sewon;Park, Jisoo;Lee, Jaerim
    • Journal of Family Relations
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    • v.21 no.4
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    • pp.3-25
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    • 2017
  • Objectives: We examined which socioeconomic and intergenerational characteristics were associated with the level of intention to marry among Korean men and women in young adulthood. Method: Data came from 351 men and 391 women who were 25-34 years old, had never been married, and had at least one living parent. We conducted multiple regression analyses by gender after controlling for age and current romantic relationship. Results: Among the socioeconomic characteristics, more years of education was linked to both men's and women's higher levels of intention to marry. For women, having a secure, full-time job was related to greater intention to marry. For men, the higher their subjective socioeconomic status, the greater their intention to marry. Among intergenerational characteristics, both men's and women's positive attitudes toward supporting elderly parents were related to a higher level of intention to marry. For men, the frequency of providing instrumental support for their parents was negatively associated with the men's intention to marry. For women, higher levels of agreement with parents' responsibility to support their adult children as well as greater affection for their parents were positively related to greater intention to marry. Conclusions: The findings suggest that young adults' socioeconomic resources and the family context are important predictors of young adults' marital intentions. The results also reveal gender differences in the factors associated with young adults' marital intentions.

Field Application of a Latent Heat Storage Tank for Load Shaving of Domestic Hot Water Supply in District Heating (지역난방 급탕공급 부하균등화를 위한 잠열축열조의 현장 적용)

  • Park, Sung Yong;Yoo, Hoseon
    • Plant Journal
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    • v.17 no.2
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    • pp.42-47
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    • 2021
  • In terms of district heating operation, efficient production and supply of heat by alleviating the peak load at a specific time require an application technology that can solve the inconvenience of the user and the difficulties of the supplier. In this study, a 78 ℃ class PCM heat storage tank suitable among the technologies that can solve these problems was manufactured and applied to the hot water supply facility for apartments in district heating users. As a result of the application of this system, it was confirmed that the supply temperature was constant to the user compared to the existing supply method. In addition, it was confirmed that the reduction of the peak load due to load equalization reduced the heat supply margin of 10% in the existing heat supply facility. And the construction cost of the new heat supply facility and the construction cost of heat users is decreased by 5% and 10%, respectively.

Development of Numerical Analysis Model for the Calculation of Thermal Conductivity of Thermo-syphon (열 사이펀의 열전도율 산정을 위한 수치해석 모델 개발)

  • Park, Dong-Su;Shin, Mun-Beom;Seo, Young-Kyo
    • Journal of the Korean Geotechnical Society
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    • v.37 no.1
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    • pp.5-15
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    • 2021
  • The areas consisting of frost susceptible soils in cold regions, such as the Arctic area, have problems of frost heave and thaw settlement due to the seasonal air temperature changes and internal temperature of installed structures. Ground stabilization methods for preventing frost heave and thaw settlement of frost susceptible soils include trenching, backfilling and thermo-syphon. The thermo-syphon is the method in which refrigerant can control the ground temperature by transferring the ground temperature to atmosphere in the from of two-phase flow through the heat circulation of the internal refrigerant. This numerical study applied the function of these thermo-syphon as the boundary condition through user-subroutine coding inside ABAQUS and compared and analyzed the temperature results of laboratory experiments.

The Effect of Self-Efficacy and Failure Experience on the Needs of Start-up Support Services (창업자의 자기효능감 및 실패 경험이 창업지원서비스에 대한 니즈에 미치는 영향)

  • Kwon, Il-Sook;Sul, Won-Sik
    • Journal of Industrial Convergence
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    • v.18 no.6
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    • pp.1-7
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    • 2020
  • In this study, we hypothesized that the needs for start-up support services may vary depending on the founder's psychological characteristics, such as self-efficacy or his attitude toward uncertainty. To verify this, a survey was conducted on the founders of 86 companies located in Business Incubators at Seoul and Daejeon and an empirical analysis was conducted based on the data. According to the analysis, the higher the self-efficacy of the founder, the more active he expressed his willingness to accept the start-up support service, which aims to provide start-up zones to busy areas outside the university. While the founder, who has experienced failure in the past, responded positively to attracting customers located outside the university. The results of this study supported the hypothesis and suggest that differentiated start-up support services should be designed by including not only characteristics at the level of start-up companies, such as industries and growth stages, but also the psychological characteristics of start-ups in important consideration.

Thermo-Fluid Simulation for Flow Channel Design of 7kW High-Voltage Heater for Electric Vehicles (전기차용 7kW급 고전압 히터 유로 형상 설계를 위한 열유동 시뮬레이션)

  • Son, Kwon Joong
    • Journal of the Korea Convergence Society
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    • v.13 no.3
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    • pp.191-196
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    • 2022
  • Unlike an international combustion engine car, a battery-powered electric vehicle requires an additional heat source for its heating system. A high-voltage coolant heater has the advantages of high efficiency and a wide operating temperature range. In its development, the geometry design of the coolant flow path is essential. This paper presents the thermal flow simulations of a 7kW high-voltage heater with symmetric serpentine flow channels arranged parallelly. The heater performance was evaluated from the simulation results in terms of the pressure and temperature differences and the flow uniformity. The proposed design showed a greater flow resistance and similar heat exchanging capability than the existing parallel serpentine design. It has the advantage of a relatively wide low-temperature surface area, where the control circuit board susceptible to high temperatures can be located.

Neuro PID Control for Ultra-Compact Binary Power Generation Plant (초소형 바이너리 발전 플랜트를 위한 Neuro PID 제어)

  • Han, Kun-Young
    • Journal of the Korea Institute of Information and Communication Engineering
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    • v.25 no.11
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    • pp.1495-1504
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    • 2021
  • An ultra-compact binary power generation plant converts thermal energy into electric power using temperature difference between heat source and cooling source. In the actual power generation environment, the characteristic value of the plant changes due to any negative effects such as environmental condition or corrosion of related equipment. If the characteristic value of the plant changes, it may lead to unstable output of the turbine in a conventional PID control system with fixed PID parameters. A Neuro PID control system based on Neural Network adaptively to adjust the PID parameters according to the change in the characteristic value of the plant is proposed in this paper. Discrete-time transfer function models to represent the dynamic characteristics near the operating point of the investigated plant are deduced, and a design strategy of the proposed control system is described. The proposed Neuro PID control system is compared with the conventional PID control system, and its effectiveness is demonstrated through the simulation results.

The Effect of Influencer Information Source, Message Sidedness, Consumer Regulatory Focus on E-WOM Intentions about the Cosmetics Advertisements of Instagram (인플루언서 정보원천, 메시지 측면성, 소비자 조절초점이 인스타그램 화장품광고 온라인 구전의도에 미치는 효과)

  • Lim, Se-Won;Han, Sang-In;Hwang, Sun-Jin
    • Journal of Fashion Business
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    • v.25 no.5
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    • pp.149-162
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    • 2021
  • Nowadays, the cosmetic and fashion industries are paying attention to influencer marketing on Instagram. In this study, we determined whether electronic word of mouth (e-WOM) communications were affected by the following parameters: the influencer's information source, message sidedness, and consumer's regulatory focus. The experimental design of this study is a three-way mixed ANOVA, which comprises of 2 (influencer information source: expert vs general consumer) × 2 (message sidedness: two-sided message vs one-sided message) × 2 (consumer regulatory focus: promotion focus vs prevention focus) structure. The data for this research study was obtained by distributing a questionnaire to 410 subjects. The participants were aged between 20 and 39 years and lived in Seoul and Gyeonggi areas. In total, the data of 396 subjects was analyzed with the help of SPSS 25.0 statistical program: frequency analysis, reliability analysis, t-test, three-way ANOVA, and simple main effect analysis were performed. The analysis results were as follows: First, influencer information sources and consumer regulatory focus exhibited a significant interaction with consumers' e-WOM intentions. Second, message sidedness and consumer's regulatory focus exhibited a significant interaction with e-WOM intentions. Third, influencer information source and message sidedness exhibited a significant interaction with consumers' e-WOM intentions. Based on these findings, the type of influencer's information source and the consumer's regulatory focus was taken into consideration while marketing cosmetics on Instagram. Moreover, influencer marketing strategies must be used to evaluate message sidedness. This would help us gauge the consumer's attitude towards advertisements.

Performance Evaluation of OGS-FLAC Simulator for Coupled Thermal-Hydrological-Mechanical Analysis (열-수리-역학적 연계해석을 위한 OGS-FLAC 시뮬레이터의 성능 평가)

  • Park, Dohyun;Park, Chan-Hee
    • Tunnel and Underground Space
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    • v.32 no.2
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    • pp.144-159
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    • 2022
  • The present study developed a sequential approach-based numerical simulator for modeling coupled thermal-hydrological-mechanical (THM) processes in the ground and investigated the computational performance of the coupling analysis algorithm. The present sequential approach linked the two different solvers: an open-source numerical code, OpenGeoSys for solving the thermal and hydrological processes in porous media and a commercial code, FLAC3D for solving the geomechanical response of the ground. A benchmark test of the developed simulator was carried out using a THM problem where an analytical solution is given. The benchmark problem involves the coupled behavior (variations in temperature, pore pressure, stress, and deformation with time) of a fully saturated porous medium which is subject to a point heat source. The results of the analytical solution and numerical simulation were compared and the validity of the numerical simulator was investigated.

Development of a Sustainable Waste Paint Treatment Process for Waste Resource Recovery Improvement (폐기물 자원회수 향상을 위한 친환경 폐페인트 처리프로세스 개발)

  • Moon, Jongwook;Hwang, Suckho;Kim, Daeyoung
    • Korean Journal of Construction Engineering and Management
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    • v.23 no.1
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    • pp.73-82
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    • 2022
  • Waste paint, one of the specified wastes in Korea, is currently treated entirely by incineration treatment method, and is hardly recycled compared to other wastes. Incineration treatment method also causes environmental problems such as air pollution. Thus, this study breaks away from the existing incineration treatment method of waste paint and switch to a method of pretreatment operation through evaporation, condensation, and thermal decomposition by temperature control. and then proposes a sustainable waste paint treatment process that can be recycled as an alternative energy heat source. If a new method of disposing of waste paint and technology for recycling are developed and disseminated, it is expected that the effect will be large from an economic and environmental point of view.