• Title/Summary/Keyword: Agency costs

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A Study of Drinking Behavior among Students at Yangsan College (양산대학생들의 음주행동에 관한 조사연구(I))

  • Shin, Ae-Sook;Woo, Moon-Ho
    • Journal of the Korean Society of Food Culture
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    • v.14 no.2
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    • pp.131-137
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    • 1999
  • The purpose of this study is to investigate the drinking patterns and behaviors of Yangsan College students. Data were collected by a self-administered survey from the subjects, of which male students were 336 and female 165. The results of this study were as follows: 1. With regard to attitude toward drinking, 93.1% of the male subjects and 84.3% female subjects reported to have favor for drinking while only 9.3% of the subjects against drinking. 2. Those who reported to have at least a drink everyday were 13.3% of the subjects. For drinking frequency subjects who reported once in two or three day were most popular(21.9%). The frequency of drinking alcohol was associated positively with amount of discretionary money the students have. 3. For amount of drinking, 42.5% of subjects responded that they were able to drink soju at least one bottle per occasion. Data showed a high positive correlation between drinking frequency and financial costs they spent to drink. 4. The reasons subjects gave to drink included social gatherings after school or student activities (40.1%), change of mood(16.5%), and personal cerebration(16.5%). 5. The most popular place for the subject to go for a drink was neighborhood pubs(43.5%), followed by bar or pubs at downtown(28.3%) and nearby campus(12.2%).

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A Study on the Prediction of Die Wear using Wear Model (마멸모델을 이용한 금형마멸 예측에 관한 연구)

  • Park, Jong-Nam
    • Design & Manufacturing
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    • v.7 no.1
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    • pp.28-33
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    • 2013
  • During the cold forming, due to high working pressure acting on the die surface, failure mechanics must be considered before die design. One of the main reasons of die failure in industrial application of metal forming technologies is wear. The mechanisms of wear are consisted of adhesion, abrasion, erosion and so on. Die wear affects the tolerances of formed parts, metal flow, and costs of process. The only way to control these failures is to develop a prediction method on die wear suitable in the design state in order to optimize the process. The wear system is used to analyse 'operating variables' and 'system structure'. In this study, with AISI D2, AISI 1020, AISI 304SS materials, a series of the wear experiments of pin-on-disk type to obtain the wear coefficients from Archard's wear model and the upsetting processes are carried out to observe the wear phenomenon during the cold forming process. The analysis of upsetting processes are performed by the rigid-plastic finite element method. The result of the analysis is used to investigate the die wear the processes, and the analysis simulated die wear profiles are compared with the experimental measured die wear profiles.

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Design of an FPGA-Based RTL-Level CAN IP Using Functional Simulation for FCC of a Small UAV System

  • Choe, Won Seop;Han, Dong In;Min, Chan Oh;Kim, Sang Man;Kim, Young Sik;Lee, Dae Woo;Lee, Ha-Joon
    • International Journal of Aeronautical and Space Sciences
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    • v.18 no.4
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    • pp.675-687
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    • 2017
  • In the aerospace industry, we have produced various models according to operational conditions and the environment after development of the base model is completed. Therefore, when design change is necessary, there are modification and updating costs of the circuit whenever environment variables change. For these reasons, recently, in various fields, system designs that can flexibly respond to changing environmental conditions using field programmable gate arrays (FPGAs) are attracting attention, and the rapidly changing aerospace industry also uses FPGAs to organize the system environment. In this paper, we design the controller area network (CAN) intellectual property (IP) protocol used instead of the avionics protocol that includes ARINC-429 and MIL-STD-1553, which are not suitable for small unmanned aerial vehicle (UAV) systems at the register transistor logic (RTL) level, which does not depend on the FPGA vender, and we verify the performance. Consequentially, a Spartan 6 FPGA model-based system on chip (SoC) including an embedded system is constructed by using the designed CAN communications IP and Xilinx Microblaze, and the configured SoC only recorded an average 32% logic element usage rate in the Spartan 6 FPGA model.

Financial Reporting Opacity, Audit Quality and Crash Risk: Evidence from Japan

  • CHAE, Soo-Joon;NAKANO, Makoto;FUJITANI, Ryosuke
    • The Journal of Asian Finance, Economics and Business
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    • v.7 no.1
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    • pp.9-17
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    • 2020
  • This study examines the effect of financial reporting opacity and audit quality on stock price crash risk using listed firms in Japan. This study is the first research to examine the effect of financial reporting opacity on crash risk using a Japanese listed company. Furthermore, the effect of audit quality on crash risk is verified. High level auditors can mitigate crash risk by playing a role as a corporate governance device mechanism to reduce agency costs. We use a logistic regression and linear regression model to test whether financial reporting opacity and audit quality affect crash risk using listed firms in the Japanese stock exchange market during the fiscal years 2015 January through 2017 February. The results of this study suggest that the financial reporting opacity variable shows a positive relationship with CRASH, which states that a firm with more opaque financial reporting increases crash risk. The results suggest also that the firms audited by Big4 auditors experience less crash risk, implying that the audit quality in Japan can be one of the factors mitigating firm's crash risk. This study provides implications for financial reporting and audit quality to external stakeholders who wants to avoid losses.

Accuracy Improvement in Transfer-Type Variable Lamination Manufacturing Process using Expandable Polystyrene Foam and Experimental Verification (단속형 가변 적층 쾌속 초형 공정(VLM-ST)을 위한 정밀도 향상에 관한 연구 및 실험적 검증)

  • Choe, Hong-Seok;An, Dong-Gyu;Lee, Sang-Ho;Yang, Dong-Yeol
    • Journal of the Korean Society for Precision Engineering
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    • v.19 no.7
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    • pp.97-105
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    • 2002
  • The use of rapid prototyping (RP) has reduced time to market, cut total costs and improved product quality by giving design and manufacturing teams the opportunity to verify and fine tune designs before committing them to expensive tooling and fabrication. In order to improve their unique characteristics according to the working principles, Variable Lamination Manufacturing process (VLM-ST) and corresponding CAD/CAM software (VLM-Slicer) is developed. The objective of this study is to improve the accuracy of VLM-ST process, and it can be done by offset fur cutting error correction, cutting path overrun fur sharp edge and reference shape generation for off-line stacking. It has been shown that, through the verification experiments for given practical shapes, the proposed algorithms are effective for diverse categories of three-dimensional shapes.

Control-Ownership Disparity and Executive Compensation (지배주주의 소유지배괴리도가 경영자 보상에 미치는 영향)

  • Cho, Young-Gon
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.14 no.11
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    • pp.5434-5441
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    • 2013
  • Using longitudinal data of 575 sample from 122 firms in large business conglomerates from 2001 to 2008, this study examines the impact of controlling shareholders' control-ownership disparity on executive compensation. The empirical study finds that controlling shareholders' control-ownership disparity is negatively related to the level of executive compensation and moderate negatively the relation between firm performance and executive compensation. This finding suggests that controlling shareholders' control rights in excess of ownership rights lead to decreased executive compensation in order to relieve the concerns of stakeholder about the potential agency costs of controlling shareholder, and have, on the other hand, entrenchment effects on the decision of executive compensation by decreasing its sensitivity on firm performance.

Coupled approach of analytical and numerical methods for shape prediction in sheet casting process

  • Chae, Kyung-Sun;Lee, Seong-Jae;Ahn, Kyung-Hyun;Lee, Seung-Jong
    • Korea-Australia Rheology Journal
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    • v.13 no.3
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    • pp.131-139
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    • 2001
  • A coupled approach is proposed for the prediction of sheet profile in sheet casting process, which combines one-dimensional analytical method on planar elongational flow region and three-dimensional numerical method on the other region. The strategy is constructed from the observations that the flow domain of sheet casting process can be separated into two parts based old the flow kinematics. The flow field in the central region of sheet, over which the planar elongational flow dominates, is possibly replaced by one-dimensional analytical solution. Then only a partial flow domain near the edge region of sheet, where the flow kinematics cannot be described by the planar elongational flow itself, requires three-dimensional numerical simulation. Good agreement is observed between the coupled approach developed in this study and the full three-dimensional numerical simulation previously developed and reported by the authors. This coupled approach may have provided flexibility with low costs to accommodate a wide range of die sizes in sheet casting process.

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Conductivity Evaluation of a Newly Proposed Material for a SAR Reflector Antenna

  • Yoon, Seong Sik;Lee, Jae Wook;Lee, Taek Kyung;Roh, Jin Ho;Kim, Hark Inn;Yi, Dong Woo
    • Journal of electromagnetic engineering and science
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    • v.14 no.3
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    • pp.293-298
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    • 2014
  • Large spaceborne antennas should be lightweight, a factor related to the development costs of launch vehicles. In order to overcome this drawback, a feasibility study of a new carbon fiber reinforced polymer (CFRP) named M55J/RS3 is carried out for a synthetic aperture radar (SAR) reflector antenna. In particular, the high resolution of detected images is taken into consideration. To validate the electrical performance, a test of the CFRP specimen is fabricated, and the transmission/reflection coefficients are measured using a standard X-band waveguide. Finally, the effective complex permittivity and effective electrical conductivity are derived from the obtained measured data. By applying the derived conductivity to the simulation of the radiation pattern, antenna gain, and beamwidth-instead of relying on the assumption of a perfect electric conductor-variations in electrical performance are also investigated and discussed.

In the middle of a perfect storm: political risks of the Belt and Road project at Kyaukphyu, Myanmar

  • Morris, David
    • Journal of Contemporary Eastern Asia
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    • v.20 no.2
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    • pp.210-236
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    • 2021
  • China's Belt and Road Initiative infrastructure connectivity and other projects are presented in much of the discourse as a grand strategy to trap developing nations in debt, to exert asymmetric power and construct a new world economic order. The asymmetric relationship between China and Myanmar might therefore be expected to generate a range of political risks for stakeholders. Myanmar itself presents a "perfect storm" of problems, with dysfunctional governance, civil conflict, under-development and growing economic dependence on China. The Kyaukphyu port project and associated Special Economic Zone in Myanmar's troubled Rakhine state is investigated as a case study of risks on the Belt and Road. While worst case fears China might seize military control of the port appear unlikely, at least in current conditions, empirical observation indicates the complexity on the ground generates an array of other risks - as well as opportunities, should conditions allow. Further, despite challenges and constrained capacity, Myanmar governments have demonstrated agency, including by re-negotiating control and costs of the Kyaukphyu project. The case underlines that conditions are more complicated than simply China's asymmetric power. A sceptical approach is taken to normative discourses in order to build inductive understanding of how stakeholders and local experts perceive dynamics underway. A political risk approach is deployed to develop a framework to identify, analyse and assess risks for actors in relation to the Kyaukphyu project. The research findings are presented on an interim basis, given current constraints on field interviews due to the current crisis.

The Effects of Managerial Overconfidence and Corporate Governance on Investment Decisions: An Empirical Study from Indonesia

  • ZALUDIN, Zaludin;SARITA, Buyung;SYAIFUDDIN, Dedy Takdir;SUJONO, Sujono
    • The Journal of Asian Finance, Economics and Business
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    • v.8 no.10
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    • pp.361-371
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    • 2021
  • This research aims to analyze the effects of managerial overconfidence and corporate governance on investment decisions. Besides, it also tries to discover the effect of internal financing mediation between managerial overconfidence and corporate governance on investment decisions. This study employed panel data from 44 manufacturing companies from 2014 to 2019, out of a total of 117, thus the total observations are 264. The hypothesis was verified through structural equation modeling (Smart PLS 2). The study revealed as follows: 1) Managerial overconfidence has a positive and significant effect on internal financing, while corporate governance has a negative and significant effect on internal financing, 2) managerial overconfidence, internal financing, and corporate governance have a positive and significant effect on investment decisions, 3) internal financing partially mediated the effect of managerial overconfidence on investment decisions, However, internal financing does not mediate the effect of corporate governance on investment decisions. The findings in this study will help company managers implement good corporate governance to improve investment efficiency. In addition, managers can reduce the proportion of retained earnings and increase the proportion of dividend payout ratios, and increase the use of external sources of funds in making investments to minimize agency costs and manager's opportunistic behavior.