• Title/Summary/Keyword: Agency costs

Search Result 286, Processing Time 0.024 seconds

The Effect of Foreign Ownership and Product Market Competition on Firm Performance: Empirical Evidence from Vietnam

  • HA, Thach Xuan;TRAN, Thu Thi
    • The Journal of Asian Finance, Economics and Business
    • /
    • v.8 no.11
    • /
    • pp.79-86
    • /
    • 2021
  • In recent years, firm performance has been a topic that attracts many researchers. It is extremely important to identify the factors that change firm performance. In the current trend of competition and integration, foreign ownership, product market competition is found to reduce agency costs and impact firm performance. The purpose of this research is to investigate the relationship between foreign ownership, product market competition, and firm performance. Our research using a quantile regression model, through panel data of 290 companies listed on the Vietnam stock exchange (include Ho Chi Minh and Hanoi stock exchanges) from 2017 to 2019 that was collected by Thomson - Reuters DataStream has shown that foreign ownership and product market competition have a positive impact on Tobin's Q but are not statistically significant with ROA. Critically, our quantile regression results suppose foreign ownership, product market competition have a significantly larger positive impact in high-performing firms relative to low-performing firms. The results help propose solutions to planners and managers to change foreign ownership and product market competition to increase business performance. Besides, through quantile regression analysis, managers need to pay attention to the impact on foreign ownership, product market competition; there will be a difference between high-performing firms relative to low-performing firms.

Determinants of Audit Fees and the Role of the Board of Directors and Ownership Structure: Evidence from Jordan

  • SHAKHATREH, Mohammad Ziad;ALSMADI, Safaa Adnan
    • The Journal of Asian Finance, Economics and Business
    • /
    • v.8 no.5
    • /
    • pp.627-637
    • /
    • 2021
  • This research extends the literature on the effect of board characteristics and ownership structure on audit fees; these factors affect the firm's agency costs and how the auditor assesses various risks, hence the audit efforts and fees. The paper introduces political connections as a determinant of audit fees for the first time in Jordan, where the political connection is prevalent and affects decision making on the Jordanian boards. The sample consists of 109 manufacturing and service firms listed on the Amman Stock Exchange (ASE) over the years 2012-2019. Data is obtained from the ASE and the company's annual reports. Board characteristics are measured by board size, independence, leadership duality, meetings frequency, political connections, and audit committee. Ownership structure was measured by concentration, foreign ownership, and Institutional ownership. The study hypotheses were tested by using Generalized Least Squares regression. The Findings showed that larger boards, politically connected firms, and firms with leadership duality are more likely to pay higher fees. Besides, Firms with greater foreign ownership pay less fees, whereas the rest of the variables are insignificant. Results suggest that political connections play a major role in determining audit fees; this provides a recommendation to policymakers in Jordan to reconsider regulations regarding political connections.

Study on hair dryer thermal vibration massage to make shaving more comfortable

  • Tian, Zhixing;You, Kwang-Bock;Bae, Myung-Jin
    • International Journal of Advanced Culture Technology
    • /
    • v.9 no.2
    • /
    • pp.123-129
    • /
    • 2021
  • When shaving, it is easy to suffer shaving burns, that is, facial burn irritation during shaving. The reason is that the razor blade irritates the skin. The current solution is to make the razor sharper and use a razor with a blade heating function. Although these ways can increase the comfort of shaving, they will also greatly increase shaving costs. This paper proposes using a hairdryer to massage the skin before shaving to reduce skin irritation during shaving. This is a simple, practical and low-cost method. The hair dryer's heat, sound, and wind energy have a massage effect, and they can make shaving easier and more comfortable. For analyzing shaving effect, two evaluation methods are used, which are sound spectrum analysis and mos. The sound spectrum analysis is used to analyze the working status of the razor objectively. The MOS test can reflect the subjective feelings of the subject on the shaving's comfort. The results show that the hairdryer thermal vibration massage can make the beard easier to cut, thereby reducing the irritation of the razor to the skin and improving shaving comfort.

A Review of the Technical Development on Green Hypergolic Propellant (친환경 접촉점화 추진제 연구 개발 동향)

  • Park, Seonghyeon;Kang, Hongjae;Park, Youngchul;Lee, Jongkwang
    • Journal of the Korean Society of Propulsion Engineers
    • /
    • v.24 no.4
    • /
    • pp.79-88
    • /
    • 2020
  • Hypergolic propellants have been widely used for space propulsion systems based their long-term storability and high ignition reliability. Since conventional hypergolic propellants are highly toxic and carcinogenic, handling and operating costs are significant. To overcome the drawbacks, numerous studies have been actively performed to develope new hypergolic propellants, ensuring that the combinations are high performance, low toxicity and low environmental impact. In the present study, a comprehensive survey was conducted to summarize the research and development of green hypergolic propellants involving hydrogen peroxide, nitric acid, and ionic liquids.

Protection Motivation Theory and Environmental Health Behaviors: A Systematic Mapping

  • Kim, Hyun Kyoung
    • International Journal of Advanced Culture Technology
    • /
    • v.10 no.3
    • /
    • pp.164-173
    • /
    • 2022
  • This study aimed to explore the themes and parameters of environmental health behaviors based on Rogers' protection motivation theory through a systematic mapping review. Using a systematic approach, a literature review was conducted of articles that adopted Rogers' protection motivation theory. A total of 11 articles on protection motivation theory using participants and environmental health as outcomes were identified in a search of CINAHL, Cochrane Library, EMBASE, Eric, PsycARTICLES, PubMed, and RISS between September 1 and September 8, 2021. Themes related to the environment and personal behaviors between 2002 and 2021 were extracted. The parameters based on protection motivation theory were identified through systematic mapping as fear appraisal, rewards of maladaptive response, severity, vulnerability, costs of adaptive response, response efficacy, self-efficacy, and intention. Self-efficacy and response efficacy considerably affected environmental health behaviors. Emotional fear appeal related to environmental hazards motivates an internal process that alters the threat appraisal and their coping appraisal. Environmental behavior perception and intention influenced on environmental health behaviors with small effect sizes. Therefore, a deeper understanding of the severity of environmental health issues could lead to the development of helpful, effective, and intensive interventions to promote healthcare among the vulnerable population.

A Study on the Immersive Realities Between PC and VR Versions of <Resident Evil 4>

  • Mingke Lyu;Xinyi Shan;Jeanhun Chung
    • International Journal of Advanced Culture Technology
    • /
    • v.11 no.4
    • /
    • pp.340-345
    • /
    • 2023
  • In recent years, the rapid development of VR technology has secured its significant position in the gaming industry. This paper selects the PC and VR versions of Resident Evil 4 as the research objects, aiming to compare the similarities and differences between these two platforms. Through this comparative study, it is evident that the PC version of the game offers most players an excellent gaming control experience through precise and flexible operations. On the other hand, the VR version not only achieves immersive gameplay through virtual reality technology but also delivers more impressive visual effects to players. However, in comparison to the traditional PC version, the VR version incurs higher development costs, necessitating the production team to invest more resources to optimize the gaming experience and strike a better balance between immersion and playability. In conclusion, this study provides a valuable reference for game developers, assisting them in meeting the diverse needs of player groups and enhancing game playability and user satisfaction.

A Study on Work Development Direction of Cost Analysis through Cost Analysis of Micro Satellite (초소형위성 비용분석 사례연구를 통한 비용분석 업무발전 방향에 대한 고찰)

  • Lee, Tae Hwa
    • Journal of Korean Society for Quality Management
    • /
    • v.51 no.3
    • /
    • pp.461-479
    • /
    • 2023
  • Purpose: It emphasizes the importance of cost analysis for weapons systems that require enormous develop- ment costs, analyzes the problems of cost analysis steps from a practical point of view, and presents the direction of business development in terms of cost analysis reliability, timeliness, and efficiency. Methods: It analyzes the R&D cost of Micro satellites with a complex cost structure and large scale according to engineering estimation procedures, derives major analysis step-by-step problems, and presents business development directions. Results: Problems with standards and assumptions, data collection, cost division structure, and cost estimation methods were derived through the micro satellite cost analysis process, and business development directions such as expanding common standards, standardizing basic data, standardizing cost division structures and cost items, and data asset were presented. Conclusion: In order to develop work in terms of cost analysis reliability, timeliness, and efficiency, it is important to prepare and standardize standards and rules for detailed tasks at each analysis stage, and through this, it is expected that high utilization value and systematic cost data will be assetized in the future.

Improving the Linkage System between the Police and Social Welfare Agencies for Effective Response to Domestic Violence and Child Abuse in South Korea

  • Nam Young-Hee
    • International Journal of Advanced Culture Technology
    • /
    • v.12 no.2
    • /
    • pp.299-308
    • /
    • 2024
  • This study aims to explore improvement measures for the linkage system between the police and social welfare agencies in responding to domestic violence and child abuse issues in South Korea by comparing and analyzing the current systems in South Korea, the United States, and the United Kingdom. Despite the legal and institutional foundations for victim protection and perpetrator correction in each country, the effectiveness of actual cooperation faces several limitations. In South Korea, the level of cooperation is insufficient due to the lack of information sharing, role conflicts, and ambiguity of cooperation procedures. The United States and the United Kingdom operate more systematic cooperation programs, showing notable achievements in mental health crisis intervention and domestic violence response. To improve the linkage system in South Korea, this study proposes the following measures: (1) developing a clear cooperation protocol, (2) conducting regular education and training programs, (3) establishing an integrated information system, and (4) strengthening the victim-centered approach. Implementing these measures will contribute to more effective responses to domestic violence and child abuse issues, ultimately leading to a healthier and safer society by reducing social costs through victim protection and perpetrator correction.

The Impact of Childcare Workforce Cost on Fertility Rates (육아 인력 비용이 출산율에 미치는 영향)

  • Young-Hee Nam
    • The Journal of the Convergence on Culture Technology
    • /
    • v.10 no.3
    • /
    • pp.651-657
    • /
    • 2024
  • This study comparatively analyzed the impact of childcare workforce cost on fertility rates across different countries. In the cases of Nordic countries, comprehensive childcare support policies and subsidies for childcare workforce costs were found to have a positive impact on fertility rates. In contrast, high childcare burden and economic pressures were identified as major factors contributing to declining fertility rates in East Asian countries. In developing countries, the effectiveness of childcare support policies varied depending on the socioeconomic context. This study suggests that the impact of childcare workforce cost on fertility rates manifests in diverse patterns across countries, and effective childcare support policies require tailored approaches that consider each country's specific circumstances. In the future, increased social investment in childcare and the spread of a culture that respects the value of care are necessary.

Characteristic Analysis of Major Issues in Negotiating Concession Agreement for BTO Projects Using AHP (AHP 기법을 이용한 BTO 민간투자사업 협상의 주요쟁점 특성분석)

  • Roh, Tae-Ho
    • The Journal of the Korea Contents Association
    • /
    • v.7 no.8
    • /
    • pp.234-244
    • /
    • 2007
  • Both competent authorities and private entrepreneurs face plenty of risks when negotiating BTO(Build Transfer Operation) methods of PPI(Private Participations in Infrastructures) projects. Also, success and failure of projects largely depend on the concession agreement contract. In this study, for more efficient negotiation, major issues are examined, and quantitatively analyzed to find out not only the relationship but also the characteristics of which these issues share. Questionnaire research was conducted through both research and by experts who were divided into an ordering agency, design company and constructor. Characteristics of major issues were quantitatively analyzed using the Likert index method, ANOVA(ANalysis of VAriance) and AHP(Analytic Hierarchy Process) analysis. Case studies were examined in order to estimate construction cost, rates of return, government finance support, level of operation-revenues guarantees, estimating operational costs and usage fees. With these 6 items, relative priority, relative impression which is sensible to risk and extent of difficulty in presenting data which is objective were quantitatively analyzed by the ordering agency, design company and constructor groups. From the analysis, there were some similarities between the design company and constructor groups while there was less of similarities between the ordering agency and design company or constructor. The government is diversifying the methods of project promotion, and PPI project from infrastructure-centered to public culture facilities are being expand. The current study will provide not only supporting efficient negotiation but also revitalizing PPI projects.