• The Journal of Asian Finance, Economics and Business
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• v.7 no.8
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• pp.233-246
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• 2020

This paper investigates the effect of the involvement of the board chairman in the audit committee (AC) on earnings management (EM). It examines Bursa Malaysia-listed companies with the lowest positive earnings for the years 2013 to 2015. The Modified Jones Model by Kasznik (1999) was used to determine discretionary accruals. An AC that includes its board chairman as an ordinary member is associated with greater discretionary accruals. However, a board chairman who is also the chairman of the AC does not seem to influence discretionary accruals. This paper supports the agency theory and policy-makers' efforts to prevent board chairmen from sitting on ACs. It is the first study that uses the agency theory to describe the association between the board chairman's involvement in the both AC and EM. This study alerts policy-makers, stakeholders and researchers to the influence of a board chairman serving on the AC in curbing EM. Furthermore, it provides empirical evidence that the majority of Malaysian companies whose board chairmen are involved in the AC appoint the chairman as an ordinary member of the AC. This indicates that executive directors may affect such actions. Hence, more policies are needed to improve AC independence.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.10
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• pp.161-169
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• 2020

The condition of mining companies that exploit natural resources in their business processes underline this research to emphasize on social and environmental issues. After twelve years of government regulation on CSR practices, this study investigates the factors that influence mining companies in disclosing information about corporate social responsibility based on legitimacy, stakeholders, and agency theory. Thus, independent variables are foreign ownership, company size, leverage, and the board of commissioners. The dependent variable is the corporate social reporting disclosure that is measured using GRI indexing. For sampling, we have used thirty-four Indonesian mining companies listed in IDX during the 2014-2018. out of which only fifty-two companies meet the sample criteria. All data should pass the classical assumption test to get the best estimator. Multiple linear regression is used to test the hypothesis, and the results show that the model is good, and can explain 60% of the dependent variable. Based on F-test, all four variables affect CSR practices simultaneously. The findings of this study suggest that foreign ownership and firm size influences CSR disclosure in a positive direction. However, this study did not support the hypothesis that leverage negatively affects CSR disclosure and board size measures positively affect CSR disclosure.

• Transactions of the Korean Society of Mechanical Engineers A
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• v.20 no.5
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• pp.1426-1435
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• 1996

In this paper. a network theory for generaltransmission systme was extended considering the direction of power flow. Also, a modified network model was suggested for a node with 4 shafts in order to verify the power flow. Based on the extended network theory, a simulation program was developed to analyze a hydro-mecaanical tranmission(HMT) system consistion of two hydrostatic pump motors, severeal planetary gear trains steer differential gear. The simulation result showed that the extendednotwork analysis program develped can predict the power circulation as well as the magnitude of torque and speed for each transmission element and can be used design tool for genaral power transmission system.

• The Korean Journal of Financial Management
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• v.26 no.4
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• pp.1-34
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• 2009

We test the effect of corporate cash holdings on firm value by using the KOSPI listed firms over the period between 2002 and 2007 from the agency theories perspective, which has not been the central interest of prior studies. Unlike existing studies, using the manager's ownership ratio or foreign investor's shareholder ratio as a proxy variable for agency costs, we use the individual firm's corporate governance scores by the KCGS to test the effect of agency costs on the value of firm's cash holdings. We find that a firm value is positively related with its cash holdings. We also find that a firm with good corporate governance tends to experience a higher value of its cash holdings, compared with a firm with bad corporate governance. These results are consistent even after controlling for the endogeneity problems between corporate governance and firm value, strongly supporting the agency theory of cash holdings. Therefore, a firm's cash holdings, even from liquidity or precautionary motives, could increase the firm cash value, as long as its managers' interest is shareholders' wealth maximization rather than their private benefits.

• 제어로봇시스템학회:학술대회논문집
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• 2005.06a
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• pp.1060-1065
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• 2005

An Independent Administrative Corporation Japan Agency for Marine-Earth Science and Technology (JAMSTEC) is developing light-and-small Autonomous Underwater Vehicles (AUV)$^{1)}$, named 'MR-X1' (Marine Robot Experimental 1), which can cruise, investigate and observe by itself without human's help. In this paper, we consider the motion control problem of 'MR-X1' and derive a controller. Since the dynamic property of 'MR-X1' is changed by the influence of the speed, the mathematical model of 'MR-X1' becomes the nonlinear model. In order to design a controller for 'MR-X1', we generally apply nonlinear control theories or linear control theories with some constant speed situation. If we design a controller by applying Linear Quadratic (LQ) optimal control theory, the obtained controller only compensates t e optimality at the designed speed situation, and does not compensate the stability at another speed situations. This paper proposes a controller design method using Linear Matrix Inequalities (LMIs)$^{2),3),4)}$, which can adapt the speed variation of 'MR-X1'. And examples of numerical analysis using our designed controller are shown.

• The Journal of the Convergence on Culture Technology
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• v.9 no.3
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• pp.451-459
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• 2023

The purpose of this paper is to show the limitations of Just War Theory in evaluating ethical issues that can be raised in cognitive warfare, which is emerging as a new area of war. To this end, we will provide the background of cognitive warfare, derive the features of cognitive warfare based on conceptual analysis of cognitive warfare, and clarify the differences between cognitive warfare and traditional warfare. Afterwards, we will turn the discussion and take a look at the background and areas of Just War Theory as a theory that evaluates comprehensive ethical issues related to war. Then, we will elaborate what Just War Theory is and apply the ethical judgment criteria presented in the three areas of this theory, jus ad bellum, jus in bello, and jus post bellum, to cognitive warfare. Finally, we will evaluate the appropriateness of ethical judgment in cognitive warfare by applying criteria for each area and specify the limitations, thereby showing that Just War Theory has limitations as an ethical judgment criteria in cognitive warfare.

• The Journal of Korean Institute of Electromagnetic Engineering and Science
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• v.28 no.7
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• pp.584-587
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• 2017

In this paper, the radar cross section of the integrated mast module for battleship is analyzed. The computation program based on physical optics and physical theory of diffraction is developed and the computed results are compared with those of commercial simulator to check the accuracy of computations. The radar cross section is calculated in terms of the mast shape, incident angle, and polarization. The radar cross section can be reduced through the change of the mast slope and the chamfered mast, which can be applied to a mast with a low radar cross section.

• Korean small business review
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• v.39 no.1
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• pp.1-39
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• 2017

The first generation of the business that had been founded in 1960~1970s faces the situation to consider the succession of the family business developed by devotion of their whole lives in the critical timing to the next generation. In the process of selecting the party of family business succession, it is required to consider a variety of succession types including smooth transfer to the other family member or the employee of the company, selling the company, or hiring external specialist. Foreign countries acknowledge the importance of the succession in the family owned company to perform multiple studies on the influential factors to the succession, distinction, and types of family business succession; and they utilize the results for the related policy development and the support of family owned business succession. However, few studies have been conducted on the succession of the domestic family owned business and majority of them are related to the types of succession. Considering its share and influential power in the domestic economy, it is necessary to develop the guideline and the policies to solve many issues on the succession of the family owned business by systemic studies. Hence, the impact of the main characteristics in the family owned business on the types of its succession was analyzed in this study focusing on five domains of Socioemtional Wealth (SEW) in view of Behavioral Agency Theory by Gomez-Mejia et al. (2007) using the data from 540 family owned small-to-medium sized businesses so as to analyze the issues on their business succession. Upon the empirical analysis results, it was confirmed that they were influenced to the selection of succession type by family succession > internal employee succession > external succession, for the variables of social contribution which were non-financial characteristics, internal employee succession > family succession > external succession for the intellectual properties, and family succession > external succession for the management participation of the family. The distinction of social contribution were influenced the most to the selection of the succession types. Financial factors, business performance, and R&D investment variables were not significantly influenced to their selection of the succession types. In case of simultaneous management, the family succession rate was high and it showed the control effect to strengthen selecting family owned business with R&D investment, social contribution, and company history variables. The behavioral agency theory used in this study was confirmed with high explanation power on the family owned business succession. The family owned business showed the tendency to maintain SEW, and non-financial factors such as accumulated know-how and social contribution based on the long term history were significantly affected to the succession in the small-to-medium sized family owned businesses, unlike general large sized listed companies. The results of this study are expected to be helpful practically for the succession of the family owned business and to suggest the guideline for the development of governmental policy.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.41 no.8
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• pp.954-957
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• 2016

In cases of military communication plan, it often requires to find a proper solution for frequency assignment within feasible time. Minimizing the number of used resources are related to cost issue, hence it is a critical objective. When the dual polar antenna is used, the performance can be much developed by exploiting the polarization separation. In this paper, we propose an algorithm that assigns polarizations and frequencies within complexity of $O(N^2)$ based on the graph matching theory. We have verified that the proposed algorithm shows almost twice performance relative to the uni-polar frequency assignment algorithms and it approaches very closely to its theoretical optima.

• Journal of Navigation and Port Research
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• v.43 no.4
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• pp.264-272
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• 2019

In this study, the rate of return on investment used as a proxy variable for the entity's value and financial structure (liability ratio) is related to positive balance. This is consistent with the Static Tradeoff Theory (STT) that the entity's value and financial structure are related to a positive balance because the capital expense of a debt (tax-saving effects) that is less than its equity cost before it is in financial difficulty. Also, operating profitability (EBITDA/Sales), investment safety, total asset growth, net working capital and depreciation expenses are related to negative (-) with financial structure (liability ratio). This is the result of an analysis consistent with the Pecking Order Theory (POT). Fuel costs, borrowing, total asset turnover, financial costs, and tangible asset ratios have a significant positive relationship with the debt ratio. This is consistent with the agency theory and confirms that excessive chartering expenses, such as the bankrupt H company, are the main factors that pressure the financial structure of Korean ocean carriers.