• Journal of Distribution Science
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• v.19 no.1
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• pp.27-35
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• 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.

• Asia-Pacific Journal of Business
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• v.10 no.4
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• pp.77-86
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• 2019

The purpose of this study is to examine how the characteristics of family firms affect stock price crash risk. Prior studies argued that the opacity of information due to agency problem causes a plunge in stock prices. The governance characteristics of family firms can increase information opacity which leads to crash risk. Therefore, this study verifies whether family firms have a high possibility of stock price crash risk. We use a logistic regression model to test the relationship between family firms and stock price crash risk using listed firms listed on the Korean Stock Exchange during the fiscal years 2011 through 2017. The family firm is defined as the case where the controlling shareholder is the chief executive officer or the registered executive. If the controlling shareholder's share is less than 5%, it is not considered a family business. We found that family firms are more likely to experience a plunge in stock prices. This supports the hypothesis of this study that passive information disclosure behavior and information opacity of family firms increase stock price crash risk.

• Journal of Auto-vehicle Safety Association
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• v.15 no.4
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• pp.39-47
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• 2023

Research on the safety of autonomous vehicle is being conducted in various countries, including the European Union, and computer simulation techniques so called 'Virtual Tool Chain' are mainly used. As part of the crash safety study of autonomous vehicle, 25 car to car collision scenarios were provided as a result of a real accident-based accident reproduction analysis study conducted by a domestic research institution, and a vehicle crash analysis was performed using the FE car to car model of the Honda Accord. In order to analyze the results of the car to car simulation and to construct a database, major crash parameters were selected as impact speed, angle, location, and overlap, and a method of defining them in an indexed form was presented. In order to compare the crash severity of each scenario, a value obtained by integrating the resultant acceleration measured by the ACU of the vehicle was applied. The equivalent collision test mode was derived by comparing the crash severity of the regulation test mode, 30 deg rigid barrier mode, in the same way.

• Journal of Distribution Science
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• v.15 no.8
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• pp.47-54
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• 2017

Purpose - According to agency theory, managers have incentives to adjust firm revenues to meet earnings expectations or delay bad news disclosure because of performance-based compensation and their reputation in the market. When the bad news accumulates, stock prices fail to reflect all available information. Thus, market prices of stocks are higher than their intrinsic value. After all, bad news crosses the tipping point, it comes out all at once. That results in stock crashes. Auditors can decrease stock crash risk by reducing agency costs through their informational role. Especially, stock price crash risk is expected to be lower for firms adopting high-quality audits. We focus on distribution and service industry to examine the relation between audit quality and stock price crash risk. Industry specialization and auditor size are used as proxies for auditor quality. Research design, data and methodology - Our sample contains distribution and service industry firms listed in KOSPI and KOSDAQ during a period of 2004-2011. We use a logistic regression to test whether auditor quality influences crash risk. Auditor quality was measured by industry specialist auditor and Big4 / non-Big4 dichotomy. Following the approach in prior researches, we use firm-specific weekly returns to measure crash risk. Firms experiencing at least one stock price crash in a specific week during year are classified as the high risk group. Results - The result of analyzing 429 companies in distribution and service industry is summarized as follows: Above all, it is shown that higher audit quality has a significant negative(-) effect on the crash risk. Crash risk is alleviated for firms audited by industry specialist auditors and Big 4 audit firms. Therefore, our results show that hypotheses are supported. Conclusions - This study is very meaningful as the first study which investigated the effects of high audit quality on stock price crash risk. We provide evidence that high-quality auditors reduce stock price crash risk. Our finding implies that the risk of extreme losses can be reduced through screening of high-quality auditors. Therefore investors and regulators may utilize our findings in their investment and rule making decisions.

• Journal of the Korean Society of Hazard Mitigation
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• v.9 no.2
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• pp.23-30
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• 2009

Crash cushions are protective devices that prevent errant vehicles from impacting on fixed objects. This function is accomplished by gradually decelerating a vehicle to a safe stop in a relatively short distance. Commonly used crash cushions generally employ one of two concepts to accomplish this function. The first concept involves the absorption of the kinetic energy of a moving vehicle by crushable or plastically deformable materials and the other one involves the transfer of the momentum of a moving vehicle to an expendable mass of material located in the vehicle's path. Crash cushions using the first concept are generally referred to as compression crash cushions and crash cushions using the other concept are generally referred to as inertial crash cushion. The objective of this research is the development of a compression-type crash cushion by employing the two concepts simultaneously. To minimize the number of full-scale crash tests for the development of the crash cushion, preliminary design guide considering inertial and frictional energy absorption was constructed and computer simulation was performed. LS-DYNA program, which is most widely used to analyze roadside safety features, was used for the computer simulation. The developed crash cushion satisfied the safety evaluation criteria for various impact conditions of CC2 performance level in the Korean design guide.

• Journal of Korean Society of Transportation
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• v.28 no.2
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• pp.151-159
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• 2010

This paper presents a research result that was performed to develop a more accurate freeway crash prediction model than existing models. While the existing crash models only focus on developing crash relationships associated with highway geometric conditions found on a short section of a crash site, this research applies a different approach considering the upstream highway geometric conditions as well. Theoretically, crashes occur while motorists are in motion, and particularly at freeways vehicle speed at one specific point is very sensitive to upstream geometric conditions. Therefore, this is a reasonable approach. To form the analysis data base, this research gathers the geometric conditions of the West Seaside Freeway 269.3 km and six years crash data ranging 2003-2008 for these freeway sections. As a result, it is found that crashes fit well into Negative Binomial Distribution, and, based on the developed model, total number of crashes is inversely proportional to highway curve length and radius. Contrarily, crash occurrences are proportional to tangent length. This result is different from existing crash study results, and it seems to be resulted from this research assumption that a crash is influenced greatly by upstream geometric conditions. Also, this research provides the expected effects on crash occurrences of the length of downgrade sections, speed camera placements, and the on- and off- ramp presences. It is expected that this research result is useful for doing more reasonable highway designs and safety audit analysis, and applying the same research approach to national roads and other major roads in urban areas is recommended.

• Proceedings of the KSR Conference
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• 1999.11a
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• pp.226-233
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• 1999

The crash behaviour analysis of KHST is studied. KHST is modeled in 3D using the multibody dynamic analysis program DADS. The forward and side crash behaviour is predicted by tile dynamic analysis model and compared with those of another dynamic model. This study shot's that it is possible to predict tile crash behaviour of the trains in three dimension.

• Journal of Auto-vehicle Safety Association
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• v.8 no.2
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• pp.11-16
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• 2016

The objective of this study was to construct the spring-mass models for the car-to-car offset frontal impact crash. The SISAME software was utilized to extract the spring-mass models using the data from the offset frontal crash test. The spring-mass model of the passenger car could effectively approximate the crash characteristics for the offset frontal barrier impact and the car-to-car offset frontal impact scenarios.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.16 no.6
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• pp.3736-3741
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• 2015

Crash impact test is conducted to verify the crashworthiness of fuel tank. Success of the crash impact test means the improvement of survivability of crews by preventing post-crash fire. But, there is a big risk of failure due to huge external load in the crash impact test. The failure of crash impact test can result in serious delay of a entire rotorcraft development because of the design complement and re-production of the test specimens requiring a long-term preparation. Thus, the numerical simulations of the crash impact test has been required at the early design stage to minimize the possibility of trial-and-error in the real test. Present study conducts on the numerical simulation of phase I crash impact test using SPH supported by crash simulation software, LS-DYNA. Test condition of MIL-DTL-27422 is reflected on analysis and material data is acquired by specimen test of fuel cell material. As a result, the crash load on the skin material, overlap area and metal fitting is estimated to confirm the possibility of acquisition of the design load for the determination of the overlap area and adhesive strength.

• International Journal of Highway Engineering
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• v.13 no.2
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• pp.49-56
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• 2011

Understanding various casual factors affecting the occurrence of freeway traffic crash is a backbone of deriving effective countermeasures. The first step toward understanding such factors is to identify crash risks on freeways. Unlike existing studies, this study focused on the unsafe vehicle maneuvering that can be detected by in-vehicle sensors. The recent advancement of sensor technologies allows us to gather and analyze detailed microscopic events leading to crash occurrence such as the abrupt change in acceleration. This study used an accelerometer to capture the unsafe events. A set of candidate variables representing unsafe events were derived from analyzing acceleration data obtained by the accelerometer. Then, the crash risk was modeled by the binary logistic regression technique. The probabilistic outcome of crash risk can be provided by the proposed model. An application of the methodology assessing crash risk was presented, and further research items for the successful field implementation were also discussed.