• Journal of Distribution Science
• /
• v.13 no.3
• /
• pp.69-77
• /
• 2015

Purpose - The purpose of this study is to examine whether the cash policies of retail firms listed on Korean stock markets are consistent with the evidence provided in the study of Almeida et al. (2004). Liquidity management is an important issue for financially constrained firms relative to financially unconstrained firms. Because there are few sources of external funding, the optimal liquidity policies of financially constrained firms should reflect their own earnings or cash inflows to create opportunities for current and future real investments. According to this simple idea, we estimate the sensitivity of cash to cash flows and simply check whether the estimated sensitivity to cash flows of the cash retained by constrained retail firms is greater than that of the cash retained by unconstrained retail firms. Through this work, we aim to explain why the cash policies of the retail firms listed on the Korean stock markets differ from those of listed manufacturing enterprises. Research design, data, and methodology - To explain a firm's cash holdings, we use only three explanatory variables: earnings before interest and taxes (EBIT), Tobin's q, and size. All the variables are defined as the value of the numerator divided by aggregate assets. Thanks to this definition, it is possible to treat all the sample firms as a single large firm. The sample financial data for this study are collected from the retail enterprises listed on the KOSPI and KOSDAQ markets from 1991 to 2013. We can obtain these data from WISEfn, the financial information company. This study's methodology has its origin in Keynes's simple idea of precautionary liquidity demand: When a firm faces financial constraints, cash savings from earnings or cash inflows become important from the corporate finance perspective. Following this simple idea, Almeida et al. (2004) developed their theoretical model and found empirical evidence that the sensitivity of cash to cash flows varies systematically according to different types of financing frictions. To find more empirical evidence for this idea, we examined the cash flow sensitivity of the cash held by Korean retail firms. Results - Through several robustness tests, we empirically showed that financially constrained Korean retail firms display significant positive propensity to save cash from earnings before interest and taxes, while the estimated cash flow sensitivity of the cash held by unconstrained retail firms is not significant. Despite the relatively low earnings of retail firms, their sensitivity is three times greater than that of manufacturing enterprises. This implies that Korean retail firms have greater intentions of facilitating future investments rather than current investments. Conclusions - The characteristics of the cash policies of Korean retail firms differ from those of manufacturing firms. This contrast may be attributable to industry-oriented policy planning, regulations, and institutional differences. However, the industrial policymakers should observe signals of the long-term growth options of retail firms based on their high propensity to save from their cash inflows.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.16 no.8
• /
• pp.5636-5645
• /
• 2015

Physical characteristics of aggregates affect the workability and strength of mortar and concrete, which include their fineness ratio, particle size distribution and water absorption. The workability of construction materials decreases if the incorporated fine aggregates show improper size distribution of their particles. This study shows the particle size effect on the rheological behavior of mortar and provides basic information for evaluating its workability. A mini-slump flow test was adopted to evaluate the workability of mortar. In addition, its plastic viscosity and yield stress were measured using a rheometer for building materials. The sand samples were prepared by sieving river sand and sorting out with their particle sizes. As a result, it was observed that the fines less than 0.7 mm increases the yield stress and plastic viscosity of the mortar samples. If the fines are less than 0.34 mm, the water absorption of the fines dominates change on the workability.

• Journal of the Korea institute for structural maintenance and inspection
• /
• v.28 no.1
• /
• pp.24-31
• /
• 2024

Mortar has been applied in most previous studies on 3D concrete printing. In such cases, however, the economic efficient cannot help decreasing due to higher binder contents and larger amount of fine aggregates. In order to enhance the applicability of 3D printing technology to construction industry, therefore, 3D concrete printing technology utilizing coarse aggregates needs to be developed further. This study aims at proposing the mix design process of concrete containing coarse aggregates for 3D printing. Based on extensive literature review and experimental studies, the mix proportion suitable for 3D printing has been derived, and the extrudability of concrete with coarse aggregates has been verified through 3D printing tests. The primary variable of the extrudability tests was the contents of viscosity modifying agent (VMA), and the extrudability was quantitatively evaluated by measuring dimensions, distribution of aggregates, and surface quality of 3D-printed filaments. The test results showed that the dimensional suitability and surface quality were improved as the VMA contents were larger, and the coarse aggregates were evenly distributed in the section of filament regardless of the VMA contents. Based on the test results, the mix design process for concrete containing coarse aggregates for 3D printing has been proposed.

• Korean Journal of Soil Science and Fertilizer
• /
• v.18 no.2
• /
• pp.121-127
• /
• 1985

This study was designed to gain practical data on the use of soil conditioners for more efficient water managements and to establish the optimum levels of structural properties for soil conditioning. A sandy loam and a silt loam soil were each treated with two different soil conditioners, hydrophobic Bitumen or hydrophilic Uresol. The perspex tube 34 cm long were packed homogeneously with air dried soil up to 2 cm below the top, then covered over 2 cm of treated or untreated aggregates. The infiltration rate into the soil columns was measured under simulated rainfall condition. The evaporation study was carried out in the wind tunnel, and the changes of soil moisture distribution of the columns following and during the evaporation were determined by a gamma ray scanner. The infiltration rate of water into the soil column was increased to 18.7-50.8% by the Uresol treatment but it was decreased to less than 25% of control by the Bitumen treatment. Evaporation was decreased to 22.0-68.1% by the Bitumen treatment and to 38.7-68.4% by the Uresol treatment. The water use efficiency of Uresol treated column was increased to more than twice as much as that of untreated soil. Aggregate stability and wetting angle were related to water infiltration and evaporation. A positive and highly significant logarismic relationship was found between the infiltration rate and stability index-wetting angle, evaporation rate and instability index-wetting angle. It was considered that the structural stability is more important than wetting angle. This is true because the structural stability is always positively correlated to water saving, however wettability is positively correlated to the infiltration, and negatively correlated to water saving during the evaporation.

• Journal of the Korean Geographical Society
• /
• v.49 no.4
• /
• pp.525-545
• /
• 2014

This study seeks to clarify the influence of the stage migration which has proceeded through generations, on the population growth of local cities in the case of Jeollabuk-do. For this, setting to baby boomer as parents generation and echo boomer as their children, this study traces each generation's birth, distribution and the process of selective migration using aggregate level data. And the stage migration is analyzed by O-D, divided into three regions in each; Jeollabuk-do rural areas, Jeollabuk-do cities and other provinces. The major findings of this study are as follows. First, it was estimated that the number of the baby boomer births in Jeollabuk-do rural areas was seven times more numerous than in cities. Second, both rural and urban born baby boomers overwhelmingly moved into other provinces, especially Seoul metropolitan area and metropolis in their selective migration processes. However, there was also migration stream from rural areas to cities in Jeollabuk-do and the amount of this stream was approximately equal to the amount of outflux from cities in Jeollabuk-do to other provinces. Third, due to baby boomers' stage migration, from rural to urban, echo boomers were born in cities more than in rural areas. Fourth, urban born echo boomers still have moved into other provinces just like their parents generation in selective migration process. But comparing with baby boomer, the number of echo boomers influx from rural areas to cities has decreased. Consequentially the population of echo boomer in Jeollabuk-do cities also has decreased. Finally, the stage migration has been a basic cause of the social growth of urban population, and also influenced on the natural growth, closely connected with migrants' life course, such as marriage, childbirth and rearing. Therefore, this study concludes that the stage migration through generations is one of the crucial factor to understand the population growth in local cities.

• Nuclear Engineering and Technology
• /
• v.55 no.6
• /
• pp.2335-2347
• /
• 2023

As medical facilities are usually built at urban areas, special concrete aggregates and evaluation methods are needed to optimize the design of concrete walls by balancing density, thickness, material composition, cost, and other factors. Carbon treatment rooms require a high radiation shielding requirement, as the neutron yield from carbon therapy is much higher than the neutron yield of protons. In this case study, the maximum carbon energy is 430 MeV/u and the maximum current is 0.27 nA from a hybrid particle therapy system. Hospital or facility construction should consider this requirement to design a special heavy concrete. In this work, magnetite is adopted as the major aggregate. Density is determined mainly by the major aggregate content of magnetite, and a heavy concrete test block was constructed for structural tests. The compressive strength is 35.7 MPa. The density ranges from 3.65 g/cm³ to 4.14 g/cm³, and the iron mass content ranges from 53.78% to 60.38% from the 12 cored sample measurements. It was found that there is a linear relationship between density and iron content, and mixing impurities should be the major reason leading to the nonuniform element and density distribution. The effect of this nonuniformity on radiation shielding properties for a carbon treatment room is investigated by three groups of Monte Carlo simulations. Higher density dominates to reduce shielding thickness. However, a higher content of high-Z elements will weaken the shielding strength, especially at a lower dose rate threshold and vice versa. The weakened side effect of a high iron content on the shielding property is obvious at 2.5 µSv=h. Therefore, we should not blindly pursue high Z content in engineering. If the thickness is constrained to 2 m, then the density can be reduced to 3.3 g/cm³, which will save cost by reducing the magnetite composition with 50.44% iron content. If a higher density of 3.9 g/cm³ with 57.65% iron content is selected for construction, then the thickness of the wall can be reduced to 174.2 cm, which will save space for equipment installation.

• Journal of the Korean Recycled Construction Resources Institute
• /
• v.4 no.2
• /
• pp.101-111
• /
• 2016

It is possible that aggregates add on to geopolymer based fly ash to mix mortar and concrete like cement. This is necessary to evaluate mineral composition, particle shape, surface, size distribution, density and absorption ratio for fine aggregates due to few detailed research to examine influence of fine aggregates properties on unhardened geopolymer concrete. In this research, used two different fine aggregates, Jumunjin sand(having quartz, mica, feldspar, pyroxene in mineral composition, more than 96% of total size between -0.60 and +0.30mm, angular shape and rough surface) and ISO sand(having almost all quartz in mineral composition, more than 51% size between -1.40 and +0.60mm, simultaneously varied size distribution, spherical shape and smooth surface). After an experimental result of the varied ratio of Si/Al=1.0-4.1 geopolymer paste, mix proportion respectively applied Si/Al=1.5 having the highest compressive strength to mortar and Si/Al=3.5 having the highest consistency to concrete. Geopolymer mortar by mixing with Jumunjin and ISO sand in varied range of 20-50wt.% showed flow size increase between 69.5 and 112.0mm, between 70.5 and 126.0mm respectively. Geopolymer concrete at an addition of 77wt.% of total aggregates ratio showed that average compressive strength was 32MPa and the consistency was favorable to molding. Since ISO sand observing varied size distribution, spherical shape, smooth surface, low absorption ratio resulted in advantageous properties on consistency of geopolymer, geopolymer concrete can be suitable for using the fine aggregates similar to ISO sand.

• Korean Journal of Soil Science and Fertilizer
• /
• v.41 no.6
• /
• pp.379-386
• /
• 2008

Calcined clay granules (pellet) have been used as a soil conditioner. The space among the pellets can secure drainage of water in soil and, simultaneously, can keep water for plants in the inner pore of that. However, the usage of the pellet has been restrained because fabrication of that requires a high energy and cost for heating over the temperate of $1000^{\circ}C$. Recently, SCS(Self-propagating Combustion and Sintering) method was developed and this method use the combustion energy of the preliminary mixed combustible. The SCS method is suitable to fabrication of small porous aggregate and requires a very low cost. This research applied the SCS method to coal refuses for fabrication of soil conditioner pellets. The coal refuses were pulverized under the size of $100{\mu}m$ and the pulverized powders were pelletized to the size of 4~6mm. The pellets were heated at the temperature of $1200^{\circ}C$ in the SCS furnace that was specially prepared for this research. Characteristics of the pellets were investigated and were compared with that of ordinary calcined clay pellet of kaolin; porosity, pore size distribution, bulk density, pH and etc.. Characteristics of the moisture retention in the pellets were measured by the centrifugal method: ASTM D425-88. The pellets of the coal refuses showed the higher values of the field capacity and the plant-available water than that of kaolin pellet. These results suggest the very low cost process that can utilize the coal refuses and can fabricate the lightweight porous soil conditioner of the very high plant-available water.

• Magazine of the Korea Concrete Institute
• /
• v.10 no.6
• /
• pp.281-289
• /
• 1998

This study has been performed to test the flowability and filling ability of high flowing concrete as well as distribution of aggregate and pore of core specimen, heat of hydration, compressive strength and core strength of concrete. In addition, the resistance to chloride ion penetration and chemical solutionof concrete was tested in order to evaluate the resistance to sea water of concrete and its application of high flowing concrete using blended low heat cement in the field of Seohae Grand Bridge. The properties of high flowing concrete with blended low heat cement were compared with ordinary 25-240-15 concrete using Type V cement. As the results of this study, the flowability and filling ability of high flowing concrete with blended low heat cement is satisfied without vibration. Though the cement content of high flowing concrete with blended low heat cement was 400kg/m$^2$, the rising temperature of it was relatively lower than that of the ordinary 25-240-15 concrete with Type V cement. Also, the compressive of high flowing concrete with blended low heat cement is similar to that of the ordinary 25-240-15 concrete with Type V cement.

• Journal of Korean Society of Transportation
• /
• v.29 no.6
• /
• pp.97-106
• /
• 2011

Mode choice model is an essential element for estimating- the demand of new means of transportation in the planning stage as well as in the establishment phase. In general, current demand analysis model developed for the mode choice analysis applies common parameters of utility function in each region which causes inaccuracy in forecasting mode choice behavior. Several critical problems from using common parameters are: a common parameter set can not reflect different distribution of coefficient for travel time and travel cost by different population. Consequently, the resulting model fails to accurately explain policy variables such as travel time and travel cost. In particular, the nonlinear logit model applied to aggregation data is vulnerable to the aggregation error. The purpose of this paper is to consider the regional characteristics by adopting the parameters fitted to each area, so as to reduce prediction errors and enhance accuracy of the resulting mode choice model. In order to estimate parameter of each area, this study used Household Travel Survey Data of Metropolitan Transportation Authority. For the verification of the model, the value of time by marginal rate of substitution is evaluated and statistical test for resulting coefficients is also carried out. In order to crosscheck the applicability and reliability of the model, changes in mode choice are analyzed when Seoul subway line 9 is newly opened and the results are compared with those from the existing model developed without considering the regional characteristics.