• Journal of Industrial Convergence
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• v.19 no.5
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• pp.13-19
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• 2021

In this study, the relationship between R&D investment and firm value was approached from ESG's G(governance) perspective to verify the moderating effect of the corporate governance and ownership structure. To this end, a panel analysis was conducted on a total of 2,825 samples of 405 manufacturing companies listed on the KOSPI market during 2013~2020. The main analysis results are as follows. First of all, we found that R&D investment has a negative impact on firm value, at least in the short term, and that these relationships are moderated by corporate governance and ownership structure. When professional CEO with high level of expertise in business and management does lead R&D investment, the negative impact of R&D investment on firm value is mitigated compared to owner-manager. Also, the stronger the power of outside blockholders, the more transparent the management and disclosure of information, alleviating the information asymmetry between internal and external shareholders, which mitigates the negative impact of R&D investment on firm value. The findings suggest that the factors of ESG may not only have a direct impact on firm value, but also have a moderating effect on firm value.

• Journal of Korean Society of Disaster and Security
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• v.16 no.3
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• pp.1-15
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• 2023

This study focuses on modeling the impact of ammonia leakage from the storage tank in a combined cycle power plant's flue gas denitrification facility. It employs accident impact assessments and diffusion models to determine the optimal scenarios for ammonia storage tank leakage accidents. The study considers the operating conditions of variables as standard conditions for predicting the extent of damage. The Taean combined cycle power plant is chosen as the target area, taking into account seasonal factors such as temperature, humidity, wind speed, atmospheric stability, and wind direction. By utilizing a Gaussian diffusion model, the concentration of ammonia gas at various locations is estimated to assess the potential extent of external damage resulting from a leak. The study reveals that in conditions of high temperature and stable atmosphere within the specified range, lower wind speeds contribute to increased damage to the human body due to ammonia diffusion.

• Culinary science and hospitality research
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• v.12 no.1 s.28
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• pp.203-215
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• 2006

This study tried to develop an estimation model on the competitive power as a method to understand a practical index on the competitive power in order to improve the competitiveness of domestic bakery corporations and look into their internal structure. The results of the practical analysis are summarized below. First, eight critical success factors, which are considered important in competitive power in bakery corporations, were derived from preceding studies and an expert meeting. Second, this study performed a questionnaire with eight derived factors for bakery managers and employees. Seven critical success factors suitable for bakery corporations were chosen through validity and reliability tests. Third, this study performed an AHP(Analytic Hierarchy Process) analysis in order to establish preference according to each factor and weight. The importance of factor concerned with the competitive power of bakery corporations according to the result of weight analysis appeared in order of customer resources, personnel resources, corporate images, material resources and qualities, technical capability, financial factors and pliability(time).

• Proceedings of the KIPE Conference
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• 2007.07a
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• pp.241-243
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• 2007

Two-stage charge equalization scheme for HEV lithium-ion battery string is proposed with the optimal power rating design rule in this paper, where in the first stage the over charged energy of higher voltage cells is drawn out to the single common output capacitor and then, that discharged energy is recovered into the overall battery stack in the second stage. To achieve charge equalization of sort, the conventional flyback DC/DC converters of low power and minimized size are employed. The industrial sample employing both the proposed two-stage cell balancing scheme and the optimal power rating design rule shows good cell balancing performance with reduced size as well as low voltage stresses of the electronic devices.

• Asia Marketing Journal
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• v.14 no.1
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• pp.1-24
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• 2012

Nowadays, customer satisfaction has been one of company's major objectives, and the index to measure and communicate customer satisfaction has been generally accepted among business practices. The major issues of CSI(customer satisfaction index) are three questions, as follows: (a)what level of customer satisfaction is tolerable, (b)whether customer satisfaction and company performance has positive causality, and (c)what to do to improve customer satisfaction. Among these, the second issue is recently attracting academic research in several perspectives. On this study, the second issue will be addressed. Many researchers including Anderson have regarded customer satisfaction as core competencies, such as brand equity, customer equity. They want to verify following causality "customer satisfaction → market performance(market share, sales growth rate) → financial performance(operating margin, profitability) → corporate value performance(stock price, credit ratings)" based on the process model of marketing performance. On the other hand, Insoo Jeon and Aeju Jeong(2009) verified sequential causality based on the process model by the domestic data. According to the rejection of several hypotheses, they suggested the balance model of marketing performance as an alternative. The objective of this study, based on the existing process model, is to examine the causal relationship between customer satisfaction and corporate value performance. Anderson and Mansi(2009) proved the relationship between ACSI(American Customer Satisfaction Index) and credit ratings using 2,574 samples from 1994 to 2004 on the assumption that credit rating could be an indicator of a corporate value performance. The similar study(Sangwoon Yoon, 2010) was processed in Korean data, but it didn't confirm the relationship between KCSI(Korean CSI) and credit ratings, unlike the results of Anderson and Mansi(2009). The summary of these studies is in the Table 1. Two studies analyzing the relationship between customer satisfaction and credit ratings weren't consistent results. So, in this study we are to test the conflicting results of the relationship between customer satisfaction and credit ratings based on the research model considering Korean credit ratings. To prove the hypothesis, we suggest the research model as follows. Two important features of this model are the inclusion of important variables in the existing Korean credit rating system and government support. To control their influences on credit ratings, we included three important variables of Korean credit rating system and government support, in case of financial institutions including banks. ROA, ER, TA, these three variables are chosen among various kinds of financial indicators since they are the most frequent variables in many previous studies. The results of the research model are relatively favorable : R², F-value and p-value is .631, 233.15 and .000 respectively. Thus, the explanatory power of the research model as a whole is good and the model is statistically significant. The research model has good explanatory power, the regression coefficients of the KCSI is .096 as positive(+) and t-value and p-value is 2.220 and .0135 respectively. As a results, we can say the hypothesis is supported. Meanwhile, all other explanatory variables including ROA, ER, log(TA), GS_DV are identified as significant and each variables has a positive(+) relationship with CRS. In particular, the t-value of log(TA) is 23.557 and log(TA) as an explanatory variables of the corporate credit ratings shows very high level of statistical significance. Considering interrelationship between financial indicators such as ROA, ER which include total asset in their formula, we can expect multicollinearity problem. But indicators like VIF and tolerance limits that shows whether multicollinearity exists or not, say that there is no statistically significant multicollinearity in all the explanatory variables. KCSI, the main subject of this study, is a statistically significant level even though the standardized regression coefficients and t-value of KCSI is .055 and 2.220 respectively and a relatively low level among explanatory variables. Considering that we chose other explanatory variables based on the level of explanatory power out of many indicators in the previous studies, KCSI is validated as one of the most significant explanatory variables for credit rating score. And this result can provide new insights on the determinants of credit ratings. However, KCSI has relatively lower impact than main financial indicators like log(TA), ER. Therefore, KCSI is one of the determinants of credit ratings, but don't have an exceedingly significant influence. In addition, this study found that customer satisfaction had more meaningful impact on corporations of small asset size than those of big asset size, and on service companies than manufacturers. The findings of this study is consistent with Anderson and Mansi(2009), but different from Sangwoon Yoon(2010). Although research model of this study is a bit different from Anderson and Mansi(2009), we can conclude that customer satisfaction has a significant influence on company's credit ratings either Korea or the United State. In addition, this paper found that customer satisfaction had more meaningful impact on corporations of small asset size than those of big asset size and on service companies than manufacturers. Until now there are a few of researches about the relationship between customer satisfaction and various business performance, some of which were supported, some weren't. The contribution of this study is that credit rating is applied as a corporate value performance in addition to stock price. It is somewhat important, because credit ratings determine the cost of debt. But so far it doesn't get attention of marketing researches. Based on this study, we can say that customer satisfaction is partially related to all indicators of corporate business performances. Practical meanings for customer satisfaction department are that it needs to actively invest in the customer satisfaction, because active investment also contributes to higher credit ratings and other business performances. A suggestion for credit evaluators is that they need to design new credit rating model which reflect qualitative customer satisfaction as well as existing variables like ROA, ER, TA.

• Transactions of the Korean Society of Automotive Engineers
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• v.21 no.6
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• pp.64-71
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• 2013

In this study we designed a lean $NO_x$ trap (LNT) model with $GT-POWER^{TM}$ program and then the LNT model was compared to the bench flow reactor test results. This model consists of 9 kinetic reactions to represent the main steps of NO oxidation, $NO_x$ adsorption, $NO_x$ release and then its reduction. The comparison was performed on the operating conditions at the space velocity of 50,000 1/hr and 80,000 1/hr with the temperature range of $200^{\circ}C{\sim}500^{\circ}C$ with the even spaced temperature step of $50^{\circ}C$. The experimental results show that the $NO_x$ conversion efficiency was enhanced by the temperature up to $350^{\circ}C$ and then decayed at higher temperatures. The LNT model predicts the similar trend of the $NO_x$ conversion efficiency to the experimental results below $350^{\circ}C$, but overestimates above $350^{\circ}C$. This overestimation comes from the higher reduction efficiency which was obtained by the different reduction gas composition such as $C_3H_6$ in the model to replace $CH_4$, $C_2H_4$ in the bench test.

• Journal of the Korean Society of Industry Convergence
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• v.23 no.2_2
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• pp.219-224
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• 2020

This study is based on the principle of solar power system and fire breakout. The result of the survey indicates that a solar power system is vulnerable to fire due to lack of maintenance after the installation. Currently the national fire safety agency does not have standards and legal provisions for the installation and maintenance of solar power facilities. Therefore, it increases the risk of fire breakouts as well as possibility of electric shock for the firefighters during fire fighting. This results possible damages to the human and equipments. In this study is proposing an automatic fire extinguishing system to reduce the power generation of solar panels during fire breakouts. Also, propose an over load current alarm system and fire prevention measures for fire fighters. The results of this study will be used as basic data for further fire testing of solar power systems.

• Journal of Power Electronics
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• v.16 no.2
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• pp.584-597
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• 2016

This paper focuses on an improvement in the transient performance of Boost converters when the load changes abruptly. This is achieved on the basis of the nature trajectory in Boost converters. Three key aspects of the transient performance are analyzed including the storage energy change law in the inductors and capacitors of converters during the transient process, the ideal minimum voltage deviation in the transient process, and the minimum voltage deviation control trajectory. The changing relationship curve between the voltage deviation and the recovery time is depicted through analysis and simulations when the load suddenly increases. In addition, the relationship curve between the current fluctuation and the recovery time is obtained when the load suddenly decreases. Considering the aspects of an increasing and decreasing load, this paper proposes the transient performance synthetic optimized trajectory and control laws. Through simulation and experimental results, the transient performances are compared with the other typical three control methods, and the ability of proposed synthetic trajectory and control law to achieve optimal transient performance is verified.

• Proceedings of the KIEE Conference
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• 2009.07a
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• pp.163_164
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• 2009

Today, the power utilities is setting on the slow load growth and the aging of power equipment, then could spend the efforts on the stability of system performance. The asset management is separated by three parts of essential elements : management, engineering and information. The corporate of these parts should be practiced that seek to balance. Asset management is great way to fulfill the economic investment and the stability of system performance. This paper presents the application of effective asset management considering the economic evaluation for reasonable investment, technical evaluation for accurate control management and reliability evaluation for stability of operation.

• The Transactions of The Korean Institute of Electrical Engineers
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• v.60 no.11
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• pp.1993-1999
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• 2011

Today, the power utilities is setting on the slow load growth and the aging of power equipment, and then could spend the efforts on the stability of system performance. Asset management may be defined as the process of maximizing corporate profit by maximizing performance and minimizing cost over the entire life cycle of power equipment. Therefore, asset management is great way to fulfill the economic investment and the stability of system performance. This paper presents the application of effective asset managem ent from an economic perspective. A proposed method is considering the life cycle analysis using life cycle cost methodology for hydro-generator during the total life cycle. The life cycle cost methodology include a way to calculating maintenance and operating costs. The proposed method will be expected to play an important role in investment decision making considering economic evaluation.