• Journal of Digital Convergence
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• v.20 no.5
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• pp.585-592
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• 2022

The purpose of this paper is to examine the relation between executive excesss compensation and credit rating. According to the prior research which show the negative effects of excess compensation on a firm's future performance, this paper expects the negative effect of excess compensation on credit rating. Using a sample of Korean listed non-financial firms from 2014 to 2019, I perform the multivariate regressions analysis of excess compensation on credit rating. I find that excess compensation is negatively related to credit rating when executive compensation exceed expected executive compensation. Moreover, I find that the result is constant when a fim belongs to small-medium business. These results show that credit rating is affected by executive excess compensation and the relation could be different by the type of firm's size. Therefore, this study contributes to the literature by suggesting the possibility that capital market is aware of negative effect of executive excess compensation.

• Management & Information Systems Review
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• v.37 no.2
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• pp.187-207
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• 2018

This study examines the negative relationship between accounting conservatism and excess executive compensation and examines whether their relationship increases as managerial incentive compensation intensity increases. For this purpose, a total of 2,755 company-years were selected for the analysis of the companies listed on the Korea Stock Exchange from December 2012 to 2016 as the final sample. The results of this study are as follows. First, there is a statistically significant negative relationship between accounting conservatism and manager overpayment. This implies that managers' incentives to distort future cash flow estimates by over booking assets or accounting profits in order to maximize their compensation when manager compensation is linked to firm performance. In this sense, accounting conservatism can reduce opportunistic behavior by restricting managerial accounting choices, which can be interpreted as a reduction in overpayment to managers. Second, we found that the relationship between accounting conservatism and excess executive compensation increases with the incentive compensation for accounting performance. The higher the managerial incentive compensation intensity of accounting performance is, the more likely it is that the manager has the incentive to make earnings adjustments. Therefore, the high level of incentive compensation for accounting performance means that the ex post settling up problem due to over-compensation can become serious. In this case, the higher the managerial incentive compensation intensity for accounting performance, the greater the role and utility of conservatism in manager compensation contracts. This study is based on the fact that it presents empirical evidence on the usefulness of accounting conservatism in managerial compensation contracts theoretically presented by Watts (2003) and the additional basis that conservatism can be used as a useful tool for investment decision.

• Journal of the Institute of Electronics Engineers of Korea CI
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• v.40 no.6
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• pp.32-38
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• 2003

An excess-3 code adde $r_tracter circuit is proposed for human friendly decimal computation. Carry lookahead (CLA) circuitry can be used to enhance decimal computation speed. The proposed excess-3 adde $r_tracter employs improved CLA and compensation circuitry recoding computation delay. The circuitry used for addition is used for subtraction without further modification. Substantial speed improvement is obtained compared to conventional designs.signs.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.14 no.11
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• pp.5434-5441
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• 2013

Using longitudinal data of 575 sample from 122 firms in large business conglomerates from 2001 to 2008, this study examines the impact of controlling shareholders' control-ownership disparity on executive compensation. The empirical study finds that controlling shareholders' control-ownership disparity is negatively related to the level of executive compensation and moderate negatively the relation between firm performance and executive compensation. This finding suggests that controlling shareholders' control rights in excess of ownership rights lead to decreased executive compensation in order to relieve the concerns of stakeholder about the potential agency costs of controlling shareholder, and have, on the other hand, entrenchment effects on the decision of executive compensation by decreasing its sensitivity on firm performance.

• Korea Trade Review
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• v.41 no.1
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• pp.67-90
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• 2016

This study examines whether there is any significant relation between executive compensation and future firm performance for the Korean export manufacturing small and medium-sized firms. We sorted the whole sample firms into the sub-groups of 10 deciles by firm size and the KSIC standard. We found the following empirical results. First, Korean export manufacturing small and medium-sized firms typically showed lower or even negative profitability in terms of return on equity and operating profit ratio to sales. Foreign equity ownership is very low with an average of 3.77%. Second, for the firms with higher ratio of excess executive compensation to asset had lower future firm performance. It implies that the typical owner-manager in Korean export manufacturing SMEs earns excess pay, but do not contribute much to firm performance. Third, as for future cumulative abnormal returns for future one- and three-year periods, firms with higher owner-executive pay had lower returns compared with firms with lower pay. So the stock market investors set a lower value on them. Fourth, there is a positive relation between excess executive pay and executive overconfidence, and it implies that owner-CEOs with higher pay may become overconfident, thereby lowering future firm performance somehow.

• Journal of the Microelectronics and Packaging Society
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• v.20 no.4
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• pp.25-30
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• 2013

Pb-free ferroelectric $(Na_{0.5}Bi_{0.5})TiO_3$ (NBT) thin films were prepared by a modified sol-gel process. Their structural, dielectric and pyroelectric properties were investigated as a function of the excess Na/Bi ratio and the annealing temperature. In the case of thin films containing no excess Na and Bi, only partial amounts of the perovskite NBT were crystallized, where the films consisted mainly of the pyrochlore phase of $Bi_2Ti_2O_7$ for annealing conditions of $600{\sim}800^{\circ}C$. With increasing excess Na/Bi ratio, the proportion of the perovskite phase effectively increased due to the compensation of the volatile Na and Bi components. For a Na/Bi ratio of 2.0, the thin film with single NBT perovskite phase was obtained within XRD detection limit after annealing at $700^{\circ}C$ for 10 min and it showed the excellent dielectric properties, ${\varepsilon}r$ of ~550 and tan ${\delta}$ of 0.03. While these properties were degraded for Na/Bi ratio of 2.5 despite the existence of pure perovskite phase. The NBT thin film with Na/Bi ratio of 2.0 are also promising candidates for applications requiring pyroelectric devices because it was found to have pyroelectric coefficients of $1.3{\sim}7nC/cm^2K$ in the temperature range of $30{\sim}100^{\circ}C$.

• Journal of Korean Society of Occupational and Environmental Hygiene
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• v.25 no.2
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• pp.134-145
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• 2015

Objectives: An objective of this study was to perform a risk assessment and social cost-benefit analysis for revising permissible exposure limits for seven substances: Nickel(Insoluble inorganic compounds), benzene, carbon disulfide, formaldehyde, cadmium(as compounds), trichloroethylene, touluene-2,4-diisocyanate. Materials and Methods: The research methods were divided into risk and hazard assessment and cost-benefit analysis. The risk and hazard assessment for the seven substances consists of four steps: An overview of GHS MSDS(1st), review of document of ACGIH's TLVs (2nd), comparison between international occupational exposure limits and domestic permissible exposure limits(3rd), and analysis of excess workplace and excess rate for occupational exposure limits based on previous work environment measurement data(4th). Total cost was estimated using cost of local exhaust ventilation, number of excess workplace and penalties for exceeding a permissible exposure limit. On the other hand, total benefit was calculated using the reduction rate of occupational disease, number of workplaces treating each substance and industrial accident compensation. Finally, the net benefit was calculated by subtracting total cost from total benefit. Results: All the substances investigated in this study were classified by CMR(Carcinogens, Mutagens or Reproductive toxicants) and their international occupational exposure limits were stricter than the domestic permissible exposure limits. As a result of excess rate analysis, trichloroethylene was the highest at 11%, whereas nickel was the lowest at 0.5%. The excess rates of all substances except for trichloroethylene were observed at less than 10%. Among the seven substances, the total cost was highest for trichloroethylene and lowest for carbon disulfide. The benefits for the seven substances were higher than costs estimated based on strengthening current permissible exposure limits. Thus, revising the permissible exposure limits of the seven substances was determined to be acceptable from a social perspective. Conclusions: The final revised permissible exposure limits suggested for the seven substances are as follows: $0.2mg/m^3$ for nickel, 0.5 ppm(TWA) and 2.5 ppm(STEL) for benzene, 1 ppm(TWA) for carbon disulfide, $0.01mg/m^3$(TWA) for cadmium, 10 ppm(TWA) and 25 ppm(STEL) for trichloroethylene, 0.3 ppm(TWA) for formaldehyde, and 0.005 ppm(TWA) and 0.02 ppm(STEL) for toluene diisocynate(isomers).

• Proceedings of the KIPE Conference
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• 2007.07a
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• pp.64-66
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• 2007

Photovoltaic power systems convert sunlight directly into electricity. A residential PV power system enables a homeowner to generate some or all of their daily electrical energy demand on their own roof, exchanging daytime excess power for future energy needs In this paper, It was suggested that new design method for PV system installation for the purpose of system efficiency improvement. and according to loss parameter compensation method, designed for the PV system and investigated through the simulation practically.

• Current Optics and Photonics
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• v.5 no.6
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• pp.711-720
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• 2021

A novel optical hybrid device that doubles the multilevel demodulation resolution by adding the optical interferometer with a waveguide crossover is proposed, theoretically analyzed and experimentally verified. We report two types of all-passive phase control schemes that will be referred to as a phase compensation scheme and a phase optimization scheme. We also apply the proposed phase control schemes to a 45° optical hybrid consisting of two parallel 90° optical hybrids together with the proposed phase control scheme for demodulating 8-level differential phase shift keying optical signals. Octagonal phase response with low wavelength sensitive excess loss of <0.8 dB over 31-nm-wide spectral range will be demonstrated in the InP-based material platform.

• The Korean Journal of Air & Space Law and Policy
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• v.30 no.2
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• pp.249-277
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• 2015

Regulation (EC) No 261/2004 ("Regulation") is a common rule on compensation and assistance to passengers in the event of denied boarding and of cancellation or long delay of flights. In some recent cases of European nations, passengers sued the air carrier in order to obtain monetary compensation under Article 7(1) of the Regulation. Some courts dismissed the actions on the grounds that, unlike denied boarding or cancellation of the flight, the Regulation provides no compensation in relation to delayed flights. However, Court of Justice of the European Union(CJEU) ruled that Regulation 261/2004 must be interpreted to mean that passengers whose flights are delayed have a right to compensation in cases when the loss of time is equivalent to, or is in excess of three hours - where the passengers eventually reached their final destination three hours or more later than the originally scheduled arrival time. It is true that a strict interpretation of the regulation would suggest that passengers whose flight has merely been delayed are not entitled to compensation. They should only be offered assistance in accordance with the Articles 6 and 9. Nevertheless, the Court recognized the same right to the same compensation for passengers of flights delayed by more than three hours as that explicitly provided for passengers of cancelled flights. On the one hand, the Court bases this ruling on the recitals of the Regulation, in which the legislature links the question of compensation to that of a long delay, while indicating that the Regulations seek to ensure a high level of protection for passengers regardless of whether they are denied boarding or their flight is cancelled or delayed. On the other hand, the Court interprets the relevant provisions of the Regulation in light of the general principle of equal treatment. Furthermore, the Court delivered a ruling that the loss of time inherent in a flight delay, which constitutes an inconvenience within the intention of Regulation No 261/2004 and which cannot be categorized as 'damage occasioned by delay' within the meaning of Article 19 of the Montreal Convention, cannot come within the scope of Article 29 of that convention. Consequently, under this view, the obligation under Regulation No 261/2004 intended to compensate passengers whose flights are subject to a long delay is in line with Article 29 of the Montreal Convention. Although the above interpretation of the Court can be a analogical interpretation, the progressive attitude of the Regulation and the view of Court forward to protect passengers' interest is a leading role in the area of international air passenger transportation. Hopefully, after the model of the positive support in Europe, Korea can establish a concrete rule for protecting passengers' right and interest.