• 산경연구논집
• /
• 제12권10호
• /
• pp.31-41
• /
• 2021

Purpose: This study estimates the threshold values of institutional quality through investigating the non-linear effect of six sub-indices of Worldwide Governance Indicators on FDI inflows in 34 developing countries in Asia and Eastern Europe over the period from 2000-2017. Research Design, data and methodology: GMM EGLS is employed which does not include the lagged value of the dependent variable as an independent variable. As a proxy for the institutional quality, either one of the six sub-indices of WGI from World Bank or the composite index obtained through a principal component analysis is used in a separate model. Results: An improvement in institutional quality, when the quality stays below a certain threshold level, does not increase FDI inflows, and only when the quality is above the threshold, it can positively influence FDI inflows. The threshold values of political stability and absence of violence, government effectiveness, and rule of law are relatively higher than those of the other dimensions of WGI. Conclusion: Institutional quality of the developing economies of Asia and Eastern Europe has a non-linear effect on FDI inflows. The target countries need to upgrade their institutional quality above the threshold in order to attract more FDIs.

• 유통과학연구
• /
• 제19권1호
• /
• pp.27-35
• /
• 2021

Purpose: This study is to investigate the effect of managerial ownership level in distribution and service companies on the stock price crash. The managerial ownership level affects the firm's information disclosure policy. If managers conceal or withholds business-related unfavorable factors over a long period, the firm's stock price is likely to plummet. In a similar vein, management's equity affects information opacity, and information asymmetry affects stock price collapse. Research design, data, and methodology: A regression analysis is conducted using the data on companies listed on the Korea Composite Stock Price Index (KOSPI) between 2012-2017 to examine the effect of the managerial ownership level on stock price crash risks. Results: Logistic and regression results indicate that the stock price crash risk was reduced as managerial ownership levels are increased. The managerial ownership level has a significant negative coefficient on stock price crash risk, negative conditional return skewness of firm-specific weekly return distribution, and asymmetric volatility between positive and negative price-to-earnings ratios. Conclusions: As the ownership and management align, the likeliness of withholding business-related information is reduced. This study's results imply that the stock price crash risk reduces as the managerial ownership level increases because shareholder and manager interests coincide, thereby reducing information asymmetry.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권3호
• /
• pp.251-265
• /
• 2021

It seems a common sense that corporate social responsibility (CSR) is a key driver to attain business sustainability. Nevertheless, there has been little research on the performance of socially responsible activities, including economic and environmental responsibility activities in internationally diversified firms. The purpose of this study was to evaluate the effects of CSR activities on management performance. For this evaluation, an empirical analysis was conducted with a total of 2,520 cases, selected from companies listed on the Korea Composite Stock Price Index market for six years from 2013 to 2018. As proxies for management performance, financial date such as a total asset net profit ratio and a total asset-operating ratio were used. A multivariate regression analysis was conducted to test hypotheses. The results of this analysis indicated that firms in the CSR outstanding group are significantly higher than other groups in management performances. In addition, CSR activities of internationally diversified firms positively influence their total asset net profit ratio and total asset-operating ratio. The results suggested that CSR activities of these firms can play a significant role in enhancing management performances amid the economic status of Korea, where a degree of export dependency is high.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권7호
• /
• pp.525-532
• /
• 2021

This study examines the association between a firm's business strategy and audit report lags. This study employs 5,072 firm-year observations from 2015 to 2019. Our sample comprises all of the firms listed on the Korea Composite Stock Price Index (KOSPI) market and Korea Securities Dealers Automated Quotation (KOSDAQ). We perform OLS regression analysis to test our hypothesis. The OLS regression analysis was conducted through the SAS and STATA programs. We find that business strategy is positively associated with audit report lags. Especially, we find that defender firms are negatively associated with audit report lags. The findings of this study suggest that prospector-like firms would increase their performance uncertainty as well as audit risk. Therefore, prospector-like firms interfere with the efficient audit procedures of auditors. On the other hand, our findings indicate that defender-like firms would decrease their performance uncertainty as well as an audit risk because they focus on simple product lines and cost-efficiency. For this reason, auditors will be able to carry out the audit procedures much more easily. Our results present that a prospector-like business strategy degrades audit effectiveness as it exacerbates a company's financial risk, willingness to accept uncertainty, and the complexity of organizational structure.

• 국제강구조저널
• /
• 제18권5호
• /
• pp.1577-1588
• /
• 2018

As the excellent mechanical performance and easy construction of concrete filled steel tubes (CFST) composite structure, it has the potential to be used to strengthen RC pier columns. Therefore, tests were conducted on 2 reinforcement concrete (RC) stub columns and 9 RC columns strengthened with circular CFST under axial loading. The test results show that the circular CFST strengthening method is effective since the mean bearing capacity of the RC columns is increased at least 3.69 times and the ductility index is significantly improved more than 30%. One of the reasons for enhancement is obvious confinement provided by steel tube besides the additional bearing capacity supplied by the strengthening materials. From the analysis of the enhancement ratio, the strengthening structure has at least an extra 20% amplification except for taking full advantage of the strength of the strengthening material. Through the analysis of confining stress provided by steel tube and the stress-strain relationship of confined concrete, it is found that the strength of the core concrete can be increased by 21-33% and the ultimate strain can be enhanced to beyond $15,000{\mu}{\varepsilon}$.

• Steel and Composite Structures
• /
• 제38권1호
• /
• pp.1-15
• /
• 2021

In this paper, a higher order shear deformation theory for bending analysis of functionally graded plates resting on Pasternak foundation and under various boundary conditions is exposed. The proposed theory is based on the assumption that porosities can be produced within functionally graded plate which may lead to decline in strength of materials. In this research a novel distribution of porosity according to the thickness of FG plate are supposing. Governing equations of the present theory are derived by employing the virtual work principle, and the closed-form solutions of functionally graded plates have been obtained using Navier solution. Numerical results for deflections and stresses of several types of boundary conditions are presented. The exactitude of the present study is confirmed by comparing the obtained results with those available in the literature. The effects of porosity parameter, slenderness ratio, foundation parameters, power law index and boundary condition types on the deflections and stresses are presented.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권2호
• /
• pp.737-745
• /
• 2021

This study aims to determine whether there are differences in the average abnormal return, trading volume activity, and trading frequency activity in pharmaceutical stocks before and after the announcement of the first case of the coronavirus (COVID-19) in Indonesia. The sample was selected using a purposive sampling method and collected as many as nine pharmaceutical companies listed on the Indonesia Stock Exchange during 2019-2020. The data used in this study were secondary data in the form of daily data on stock closing prices, Composite Stock Price Index (IHSG), stock volume trading, number of shares outstanding, and stock trading frequency. This study was an event study with an observation period of 14 days, namely seven days before and seven days after the announcement of the coronavirus's first positive case in Indonesia. Hypothesis testing employed the paired sample t-test method. Based on the results, it was found that there was no difference in the average abnormal return of pharmaceutical stocks before and after the announcement of the first case of COVID-19. However, there was a difference in the average trading volume activity and the average trading frequency activity in pharmaceutical stocks before and after the announcement of the first case of COVID-19.

• 한국멀티미디어학회논문지
• /
• 제25권3호
• /
• pp.528-536
• /
• 2022

The purpose of this study is to help preschool children in the interface design of educational game APP at the psychological level. The conceptual model is constructed through the Technology Acceptance Model (TAM) to explore the perceived usefulness and perceived ease of use when children are playing educational game APP. The empirical study was conducted in the form of questionnaires collected after children used game. The research subjects were 3-6 years old children, and the research tool was the game app. Data collection under the guidance of their parents. The research shows that children educational game experience elements can effectively increase preschool children's psychological perception of educational games. Perceived ease of use also increases trust in educational games for children. The results were as follows: 1. Cronbach's Alpha and KMO were 0.969 and 0.955, and the P value was significant, which passed the reliability and validity test. 2. Through confirmatory factor analysis (Model fit index, Composite reliability, discriminant validity), we found that user experience is closely related to perceived usefulness and perceived ease of use. 3. The path analysis of the relationship proves that perceived ease of use play a key role in trusting preschool children educational game APP.

• Steel and Composite Structures
• /
• 제42권3호
• /
• pp.397-405
• /
• 2022

The existing researches on the dynamics of the fluid-conveying pipes only focus on stability and vibration problems, and there is no literature report on the wave propagation of the fluid-conveying pipes. Therefore, the purpose of this paper is to explore the propagation characteristics of longitudinal and flexural waves in the fluid-conveying pipes. First, it is assumed that the material properties of the fluid-conveying pipes vary based on a power function of the thickness. In addition, it is assumed that the material properties of both the fluid and the pipes are closely depended on temperature. Using the Euler-Bernoulli beam equation and based on the linear theory, the motion equations considering the thermal-mechanical-fluid coupling is derived. Then, the exact expressions of phase velocity and group velocity of longitudinal waves and bending waves in the fluid-conveying pipes are obtained by using the eigenvalue method. In addition, we also studied the free vibration frequency characteristics of the fluid-conveying pipes. In the numerical analysis, we successively studied the influence of temperature, functional gradient index and liquid velocity on the wave propagation and vibration problems. It is found that the temperature and functional gradient exponent decrease the phase and group velocities, on the contrary, the liquid flow velocity increases the phase and group velocities. However, for vibration problems, temperature, functional gradient exponent parameter, and fluid velocity all reduce the natural frequency.

• Steel and Composite Structures
• /
• 제41권6호
• /
• pp.787-803
• /
• 2021

The size-dependent nonlinear thermomechanical vibration analysis of pre- and post-buckled tapered two-directional functionally graded (2D-FG) microbeams is presented in this study. In the context of the modified couple stress theory, the formulations are derived based on the parabolic shear deformation beam theory and von Karman nonlinear strains. Different thermomechanical material properties are assumed to be temperature-dependent and smoothly vary in both length and thickness directions using the power law and the physical neutral axis concept is employed. The nonlinear governing equations are derived using the Hamilton principle and the resulting variable coefficient equations of motion are solved using the differential quadrature method (DQM) and iterative Newton's method for clamped-clamped and simply supported boundary conditions. Comparison studies are presented to validate the derived model and solution procedure. The impacts of induced thermal moments, temperature power index, two gradient indices, nonuniform cross-section, and microstructure length scale parameter on the frequency-temperature configurations are explored for both clamped and simply supported microbeams.