• Journal of Korea Trade
• /
• 제26권6호
• /
• pp.118-135
• /
• 2022

Purpose - The purpose of this study is to investigate the relationships among Chinese state-owned enterprises (SOEs), previous M&A experience, and the probability of deal completion in cross-border mergers and acquisitions (CBMAs). Since Chinese SOEs tend to be recognized by host countries as agents of their home country government, this study argues that SOEs will face difficulties in completing CBMA deals. However, the study expects that these difficulties may vary depending on whether the firm has previous M&A experience because firms can gain the knowledge and capabilities necessary to implement subsequent M&As successfully from past M&A experience. Design/methodology - To investigate our argument, we conduct a logistic regression using a sample of 363 CBMA deals from 304 Chinese publicly listed firms during 2007 to 2017. We used SOEs as an independent variable, experience of domestic and foreign M&As as moderating variables, respectively, and CBMA deal completion as the dependent variable. Findings - The study shows a negative and significant relationship between Chinese SOEs and the completion likelihood of CBMA deals. We find that this negative relationship is strengthened when the firm had prior domestic M&A experience, whereas foreign M&A experience alleviated the negative relationship. Originality/value - The issue of government ownership has remained unclear since government intervention has both advantages and disadvantages in pursuing CBMAs. Our findings support literature that argues Chinese SOEs face legitimacy concerns in the host countries, thereby lowering their CBMA deal completion likelihood. Furthermore, the study enriches the literature by identifying different moderating effects of domestic and foreign M&A experience on the negative relationship between SOEs and CBMA deal completion.

• Asian Journal of Business Environment
• /
• 제13권4호
• /
• pp.19-28
• /
• 2023

Purpose: Emerging markets under industrialization have become increasingly influential over the global natural-resource transactions. However, their average deal completion rates have been relatively low. The international business (IB) literature regards the low rate as evidence of 'double hurdle', the extra disadvantages in doing overseas business for firms from developing countries. Because legitimacy building mitigates liability of foreignness, we argue that an acquirer's environmental responsibility effectively builds legitimacy. Research design, data and methodology: Stakeholders in the host country spread the acquirer's environmental responsibility so that, by raising legitimacy, they may strengthen the link between environmental responsibility and deal completion. Our dataset consists of the 608 cross-border acquisition deals announced by the 196 firms in Brazil, Russia, India, and China over 2008-2019 period. Results: A logit regression result confirms that environmental responsibility increases the likelihood of acquisition deal completion. Also, host-market stakeholders positively moderate the relationship between environmental responsibility and the likelihood of deal completion. Conclusions: Overall, this study contributes to the IB literature by identifying environmental responsibility as a key approach to lowering the double hurdle in internationalization of firms in emerging markets. Any emerging multinationals interested in the foreign, brownfield entries to the natural-resource industries must enhance the environmental responsibility, which turns out extremely important.

• 대한전자공학회논문지SP
• /
• 제44권5호
• /
• pp.54-63
• /
• 2007

본 논문은 영상 완성(image completion)을 위해 계층적으로 적용되는 새로운 에너지 최적화 방식을 제안한다. 영상 완성의 목적은 영상의 특정 영역이 지워진 상태에서, 그 지워진 부분을 나머지 부분과 시각적으로 어울리도록 완성시키는 기법을 말한다. 본 논문에서는 전역적 특징의 탐지, 주변 환경 변화에 대한 유연성, 계산비용의 감소, 영상 인페인팅과 같은 관련기법들로의 확장성 문제들을 다룰 수 있도록 마르코프 랜덤 필드(Markov Random Field)로 모델링 된 예제 기반 방식(exampler-based mehtod) 접근법을 택한다. 그리고 MRF에서의 에너지 최적화를 위해 BP 알고리즘(Belief Propagation Algorithm)의 변형인 우선순위 BP 알고리즘(Priority-Belief Propagation Algorithm)을 적용하였다. 본 논문에서 제안한 계층적 우선순위 BP 알고리즘(Hierarchical Priority-Belief Propagation Algorithm)은 MRF의 정점의 수를 줄이고 메시지를 계층적으로 전파한다. 이렇게 계층적 우선순위 BP 알고리즘을 영상 완성에 적용하여 여러 영상들에서 바람직한 결과를 얻었다.

• 대한산업공학회지
• /
• 제39권5호
• /
• pp.429-439
• /
• 2013

The Korean Veterans' Pension Fund has previously pre-purchased Gibril Tower on Business Complex in Dubai, UAE, via a project-financed construction investment. Although the property is near completion, the investor syndicate's attempt to debt-finance due arrears was foiled in Dubai central bank's credit control of real estaterelated loans. Accordingly, the investment coordinator offered an additional capital injection, a collateralized leverage, and a maturity extension to the syndicate. If the syndicate rejects the offer, they may risk a nearcomplete capital loss and a possible default of the main contractor. Otherwise, the syndicate may still face uncertainties regarding interest receivables, principal re-payment, foreclosure, economic recession in Dubai, and the Islamic bond bill in the Korean Parliament. A possible exercise of the latter option may be due to the agency-prone nature of pension fund managers. Given these qualitative risk factors as at April 1, 2011, a real options approach-implied optimal decision suggests an extended and complete cash augmentation into the project finance deal.

• 한국수학사학회지
• /
• 제27권1호
• /
• pp.1-12
• /
• 2014

From the mid 17th century, Joseon mathematics had a new beginning and developed along two directions, namely the traditional mathematics and one influenced by western mathematics. A great Joseon mathematician if not the greatest, Hong JeongHa was able to complete the Song-Yuan mathematics in his book GuIlJib based on his studies of merely Suanxue Qimeng, YangHui Suanfa and Suanfa Tongzong. Although Hong JeongHa did not deal with the systems of equations of higher degrees and general systems of linear congruences, he had the more advanced theories of right triangles and equations together with the number theory. The purpose of this paper is to show that Hong was able to realize the completion through his perfect understanding of mathematical structures.

• 대한산업공학회지
• /
• 제26권3호
• /
• pp.238-248
• /
• 2000

Facilities are getting more automated and informative in modern manufacturing systems, especially in semiconductor and LCD plants. These systems keep a great deal of such information on its current and near-future status as the arrival time and job completion time of their parts. This paper presents an efficient policy for AGV and part routing using information on the future status of the system where AGVs are playing a central role for material handling. Efficient control of AGVs is very important because AGV systems often become the bottleneck and limit the total production capacity of a very expensive plant. The cell controller records the future events chronologically in Next Event Schedule, and uses this list to determine to which place the AGVs and parts to be sent.

• 한국수학사학회지
• /
• 제16권1호
• /
• pp.25-44
• /
• 2003

In this paper, we deal with the ‘dearithmetization’ of algebra. Historically, the origin of algebra comes from arithmetic. Also school algebra is related to arithmetic in general. However, we have many difficulties in teaching school algebra, and there is many problems for students to learn algebra from elementary arithmetic knowledges. This paper supposed that the solution of these problem may be founded in the ‘dearithmetization’ of algebra. And we supposed that the ‘dearithmetization’ of algebra may be developed by three historical achievements - the completion of symbolic algebra, the principle of permanence of form, and the expansion of number concepts. In order to justify these supposition, we investigate Peacock's ideas, i.e. ‘symbolic algebra’, ‘the principle of permanence of form’, and consider how the integer is introduced in modern mathematics. And we analyze various textbooks, and investigate the ‘dearithmetization’ of school algebra which has been progressed in the three fields - symbolic algebra, the principle of permanence of form, and the expansion of number concepts.

• 사상체질의학회지
• /
• 제22권2호
• /
• pp.1-15
• /
• 2010

1. Objectives: This research aims to study the general overview of the theories on the covetous desire and the relevant theories on cultivation mentioned in "Donguisusebowon (東醫壽世保元): Theories on Nature and Conduct (性命論)". 2. Methods: The theories concerning the covetous desire introduced in Dong-Mu's manuscripts, including "Gyukchigo 格致藁)", "Yougocho (遺稿抄)", "Dongmuyougo (東武遺稿)" and "Jaejungsinpyun (濟衆新編)", were comprehensively reviewed. Furthermore, the significance of the theories on the covetous desire and the relevant theories on self-cultivation were studied within the context of "Donguisusebowon(東醫壽世保元): Theories on Nature and Conduct (性命論)". 3. Results and Conclusions: 1) Among the four covetous desires (selfishness (私心), indiscretion (放心), indolence(逸心), acquisitiveness (慾心)), selfishness and acquisitiveness are the interpersonal components that deal with the relationship between individuals, whereas indiscretion and indolence are the intra-personal or self-concerned components that deal with the internal desires within the individual. 2) In the early concepts on the quaternity explaining the perspective on the human being as introduced in Dongmu's earlier manuscripts, the four covetous desires are thought of as the most important etiological components, that are also intimately related to the theories of self-cultivation. 3) Among the concepts introduced in "Donguisusebowon (東醫壽世保元): Theories on Nature and Conduct (性命論)", viciousness (邪心) and negligence (怠心) are primary, intra-personal (self-concerned) desires that are henceforth matched to indiscretion and indolence, respectively, while selfishness (arrogance, assertiveness, indiscrimination and exaggeration (驕矜伐夸)) and acquisitiveness (violation, extravagance, slothfulness and stealthiness(奪侈懶竊)) are secondary, interpersonal desires. 4) 'Preserving the mind (存其心)' and 'rectifying the body (修其身)' are Methods of overcoming viciousness (indiscretion) and negligence (indolence), the intrapersonal desires, while 'nurturing the nature (養其性)' and 'propping the course (立其命)' are Methods of eliminating selfishness and acquisitiveness, the interpersonal desires, which ultimately each leads to the completion of Nature (性) and Conduct/Course (命).

• 정보처리학회논문지:컴퓨터 및 통신 시스템
• /
• 제3권9호
• /
• pp.293-300
• /
• 2014

TDMA(Time Division Multiple Access)는 무선 네트워크에서 한정된 주파수 대역을 일정한 크기의 시간 단위인 슬롯으로 분할하고 사용자가 할당된 슬롯을 이용하여 통신할 수 있는 채널 접속 기술이다. TDMA에 사용되는 기술에 따라 동기와 비동기 방식으로 나눌 수 있다. TDMA의 동기화 과정은 복잡하고, 추가 장비가 필요할 수 있기 때문에 소규모 네트워크에 적합하지 않다. 반면, 비동기 방식의 DESYNC에서는 전역 클록(global clock)이나 기반 시설 도움 없이 동기화를 이룰 수 있다. 하지만 DESYNC는 동기화 완료하는 데 제법 시간이 걸리고, 소요되는 최대 지연 시간이 얼마인지 보장하지 못한다. 그래서 본 논문에서는 소규모 네트워크에 적합한 경량 동기화 기법인 C-DESYNC를 제안한다. C-DESYNC는 참가 하는 노드의 주기 시작 정보를 가지고 있는 GP (Global Packet) 신호와 노드들의 firing 개수를 이용하여 노드의 개수를 파악하고, 이 정보를 이용하여 동기화를 이룬다. 제시하는 알고리즘은 기존의 동기화 방식의 TDMA 기법에 비해 간단하여 비용 측면에서도 효율적이며, 동기화 완료시까지 걸리는 최대 지연시간을 보장한다. 시뮬레이션 결과를 통해서 C-DESYNC는 참가 노드 개수에 관계없이 오직 3 주기 내에 동기화 완료를 보장하는 것을 보여준다.

• 환경영향평가
• /
• 제2권2호
• /
• pp.41-47
• /
• 1993

During the last years it became more and more difficult to deal with environmental conflicts using traditional political instruments in industrialized countries. One reason for the occurring problems might be the citizens' awareness of scarceness of nature. Another reason might be the changing legislation with the introduction of the environmental impact assessment (EIA) as an integral part of a project's licensing procedure. The EIA offers new possibilities for citizens to interfere in decision processes and to obstruct projects. The changing situation requires new instruments for conflict solving. Mediation may be considered an alternative or completion to the traditional political instruments. It is a systematic strategy for conflict treatment and. with the support of an independent mediator, allows to reach an agreement among all parties involved. Mediation may be introduced in the EIA One possibility offers the scoping date, which, if the participation of the public is assured, might avoid heavy disputes in the further process. Another connection between the instrument of mediation and the EIA could be the use of the environmental impact study (EIS) as information background for a mediation process. EIA would then be source of information about all environmental aspects. Thus the role of EIA would be extended to being a part of conflict analysis in the alternative dispute resolution process.