• The Korean Journal of Financial Management
• /
• v.23 no.2
• /
• pp.109-141
• /
• 2006

The central factor in the pecking order theory of financial structure is the asymmetric distribution of information between managers and less-informed outside investors. Myers and Majluf (1984) show that this asymmetry leads managers to prefer internal funds to external funds. Funds are raised through equity issues only after the capacity to issue debt has been exhausted. In contrast, according to static tradeoff theory, an optimum financial structure exists by the tradeoff between tax saving by debt and bankruptcy costs. This study examines the recent changes of Korean firms' financial structure and financing behavior and the determinants of financial structure. The sample of firms comes from the period of $1996{\sim}2004$, and the number of firms is 32,003. The major findings are as follows. First, in contrast with previous studies using US firms as sample, Korean firms have been using debt financing as their major financing instrument. Especially, the firms in the fund deficit situation relies much more on $long{\sim}term$ and $short{\sim}term$ debts rather than on equity issues. Second, as is the case with previous studies using US firms sample indicates, the financing deficit variable can not explain perfectly the net debt issue. However, compared with net equity issue variable, net debt issue variable is more closely related to the financing deficit variable. Third, when financing deficit variable is added to the current list of explanatory variables of financial structure determinants model, it has a significant and positive explanatory power. In addition, the coefficients of determinants are much improved. Thus, it is concluded that although pecking order theory is not perfect, it appears to be more useful compared to static tradeoff theory, at least in explaining the recent financing behavior of Korean manufacturing firms.

• 한국산학경영학회:학술대회논문집
• /
• 2004.11a
• /
• pp.55-72
• /
• 2004

Before 2003 the companies In Korea should capitalize the interest expenses that are attributable to the acquisition, construction or production of a qualifying assets. However, according to the revised standard which should be applied from 2003, the companies can either capitalize the interest expenses or recognize as an expense when they are incurred. Therefore almost all the companies confronted with the decision making of accounting choices on the interest capitalization. This paper empirically examines which financial characteristics of the companies affect the accounting choice by using logistic regression model and reviews the sufficiency of the foot notes disclosures regarding the capitalized interest. The variables of the financial characteristics are change of debt-equity ratio, borrowing ratio, qualifying assets ratio, firm sire and income smoothing. The results of this study are summarized as follows. First, among the financial characteristics, only qualifying asset ratio has the significant difference between capitalized companies and expensing companies. Second, the results of logistic regression indicate that qualifying asset ratio and firm size have the significant influence on the accounting choices. Therefore, I cannot find the evidence supporting that the companies use the accounting choice to manage the financial ratios.

• Journal of the Korean Society of Radiology
• /
• v.14 no.4
• /
• pp.455-465
• /
• 2020

The purpose of this study is to evaluate the photoneutron characteristics generated by the linear accelerator target and collimator. The computer simulation design firstly, consisted of a target, a single material target and a composite material target. Secondly, it consisted of a cone beam and a fan beam depending on the type of the collimator. Finally, the material of the fan beam collimator is composed of a single material composed of only lead (Pb) and a composite material collimator composed of tungsten (W) and lead (Pb). The research method calculated the photoneutron production rate and energy spectrum using F2 tally from the surface of a virtual sphere at a distance of 100 cm from the target. As a result, firstly the photoneutron production rate was 20% difference, depending on the target. Secondly, depending on the type of the collimator, there was a 10% difference. Finally, depending on the collimator material, there was a 40% difference. In the photoneutron energy spectrum, the average photoneutron flux tended to be similar to the photoneutron production rate. As a result, it was confirmed that the 9 MeV linear accelerator photoneutron are production increased more by the collimator than by the target, and by the material, not the type of the collimator. Selecting and operating targets and collimator with low photoneutron production will be the most active radiation protection. Therefore, it is considered that this research can be a useful data for introducing and operating and radiation protection of a linear accelerator for container security inspection.

• Korean Journal of Ichthyology
• /
• v.26 no.2
• /
• pp.118-124
• /
• 2014

As part of researching the feeding habit of Liobagrus somjinensis, the study of its stomach contents and benthic aquatic macroinvertebrates fauna at the waters the fish was collected were carried out monthly from January to December 2010 in Yo stream, Somjin River Sikjeong-dong, Namwon-si, Jeollabuk-do, Korea. In the survey of the stomach contents, the prey organisms are all aquatic insects consisting of 5 orders, 14 classes and 16 species. They fed mainly on Trichoptera and Ephemeroptera including dominant insects such as Hydropsyche kozhantschikovi (79.1%), Chironomidae spp. (48.7%), Baetiella tuberculata (34.2%) at the occurrence rate. Based the result, L. somjinensis appeared to be an aquatic insect feeder that consumes only benthic aquatic insects. The feeding rate of L. somjinensis was the highest in November, whereas it was the lowest in December to next February when they did not feed in the winter season. A survey of the benthic aquatic macroinvertebrates fauna was accompanied for prey preference at the waters. They have 7 orders, 20 classes and 27 species, and among them, two species, Hydropsyche kozhantschikovi (39.0%) and Epeorus pellucidus (18.1%), were aquatic dominant insects. Among 7 orders interestingly, Odonata and Megaloptera, known as having a larger size than other aquatic insects, were not found at the stomach contents. As a result, Liobagrus somjinensis most prefer Hydropsyche kozhantscikovi which is the most dominant species with relatively a smaller size at the waters the study was performed.

• The Korean Journal of Financial Management
• /
• v.21 no.2
• /
• pp.99-123
• /
• 2004

We focus in this study on incremental financing decisions and estimate a logit model for the probability a firm will choose a private placement over a public bond issue. We hypothesize that information asymmetry, financial risk, agent cost, and proprietary information may affect a firm's choice between public debt and private placements. We find that as the size of firm increases, the probability of choosing a private placement declines significantly. The age of the firm, however, is not a significant factor affecting the firm's choice between public and privately-placed bond. The coefficients on the firm's leverage and non-investment grade dummy are significantly positive, meaning firms with high financial risk and credit risk select private placements. The findings regarding agency-related variables, PER and Tobin's Q, are somewhat complex. We find significant evidence that firms with high PER prefer private placements to public bonds, suggesting that borrowers with options to engage in asset substitution or underinvestment are more likely to choose private placements. The coefficient of Tobin's Q is negative, but not significant, which weakly support the hold-up hypothesis. When we construct an interaction term on the Tobin's Q with a non-investment rating dummy, however, the Tobin's Q interaction term becomes positive and significant. Thus, high Tobin's Q firms with a speculative rating are significantly more likely to choose a private placement, regardless of the potential hold-up problems. The ratio of R&D to sales, proxy for proprietary information, is positively significant. This result can be interpreted as evidence in favor of a role for proprietary information in the debt sourcing decision process for these firms.

• The Journal of Korean Institute of Communications and Information Sciences
• /
• v.28 no.5A
• /
• pp.333-340
• /
• 2003

In this paper, we propose a new turbo-coded orthogonal frequency division multiplexing (OFDM) transmission scheme that can improve greatly the performance by making all the turbo-coded symbols have the same reliability for OFDM transmission over a frequency selective fading channel. The same reliability, that is, the same fading can be accomplished through multiplexing of turbo-coded symbols using distinct orthogonal codes and spreading over the whole effective subcarriers (hereafter, called as the orthogonal code multiplexing (OCM)). As for the orthogonal code selection, we choose the set of the discrete Fourier transform (DFT) basis sequences, since the code set holds the orthogonality irrespective of the length and also has the equal energy property. We perform computer simulations using the Log-maximum-a-posteriori (Log-MAP) algorithm for iterative decoding in order to assess the performance of the proposed transmission scheme.

• KDI Journal of Economic Policy
• /
• v.26 no.1
• /
• pp.71-104
• /
• 2004

This paper explores the empirical performances of the workout companies with special interests in the effectiveness of corporate reorganizing tools on their revitalization. In the empirical analysis it considers the criteria of success or failure in restructuring from both creditors' and debtors' perspectives. The key results are summarized as follows. First, the initial conditions on the debt structure of the workout companies are significantly related to the revitalization from both creditors' and debtors' point of view. Second, the debt restructuring instruments are insignificant in the success of corporate turnarounds while the debt-to-equity conversion has been a relatively effective tool. Third, the self-restructuring efforts, employment downsizing and governance reshuffling do not affect the performances significantly. The higher importance of initial conditions than corporate restructuring efforts may imply that Korean corporate workouts serve better to the needs of creditor financial institutions which are to maximize debt recovery and of the government which is to overcome financial crisis.

• The Journal of Korean Institute of Communications and Information Sciences
• /
• v.33 no.1A
• /
• pp.50-58
• /
• 2008

The use of space-division multiple access(SDMA) in the downlink of multiuser multi-input/multi-output(MIMO) wireless transmission systems can provide substantial gains in system throughput. When the channel state information(CSI) is available at the transmitter, a considerable performance improvement can be attained by adapting the transmission rates to the reported CSI. In addition, to combat frequency selective fadings in wideband wireless channels, bit-interleaved coded OFDM(BIC-OFDM) modulation schemes are employed to provide reliable packet delivery by utilizing frequency diversity through channel coding. In this paper, we propose an adaptive modulation and coding(AMC) scheme combined with an opportunistic scheduling technique for the MIMO BIC-OFDM with bandwidth-limited feedback channels. The proposed scheme enhances the link performance by exploiting both the frequency diversity and the multiuser diversity. To reduce the feedback information, the proposed AMC scheme employs rate adaptation methods based on an OFDM symbol rather than on the whole subchannels. Simulation results show that the proposed scheme exhibits a substantial performance gain with a reasonable complexity over single antenna systems.

• Journal of the Korea Society of Computer and Information
• /
• v.29 no.2
• /
• pp.179-195
• /
• 2024

The technological innovation of high-tech enterprises plays a positive driving role in operational performance. Investigating the factors influencing the operational performance of high-tech enterprises and the effects of technological innovation on operational performance is a targeted approach to promoting the growth of economic benefits and enhancing the foundation of enterprise efficiency. Additionally, it holds positive significance for the increase in market share of high-tech enterprises. This paper, considering the characteristics of high-tech enterprises, selects three influencing factors: research and development (R&D) investment intensity, the number of authorized patents, and the increment of intangible assets. Theoretical analysis is conducted on the impact mechanism and effects of these factors on operational performance. Based on this, empirical analysis is performed using relevant data of Chinese high-tech enterprises from 2011 to 2019. The study indicates that R&D investment intensity has a significant positive promoting effect on operational performance, the number of authorized patents also positively influences operational performance significantly, while the asset-liability ratio of high-tech enterprises has a notable inhibitory effect on operational performance. Finally, relevant recommendations are proposed.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.20 no.10
• /
• pp.452-458
• /
• 2019

The purpose of this study is to analyze how managers' reporting choices affect asymmetric cost behaviors in manufacturing firms in Korea and Japan. In order to analyze the contents, SG&A, COGS, and operating expenses (OE), which were the targets of the previous studies, were analyzed using the operating costs paid in cash (OC) and the operating expenses before depreciation (OEBD) proposed by Shust and Weiss (2014). The differentiation of cost behavior was analyzed. The analysis revealed, first, that both Korea and Japan showed the difference between cost behavior of OE and OC. Specifically, the cost stickiness of OC was higher than that of OE. In particular, it showed that Korea firms have a higher intensity of tangible fixed assets that are weakening the cost stickiness compared to Japanese firms. Second, the occurrence of depreciation costs weakens the cost stickiness in both countries. Lastly, the higher the debt ratio, the more aggressively the cost reduction of Japanese companies. We hope that this study will help to improve the relationship between the two countries at the academic level when the Korea-Japan relationship cools down.