• Asian Journal of Business Environment
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• v.9 no.1
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• pp.21-28
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• 2019

Purpose - The purpose of this paper is to investigate the relationship between corporate social responsibility disclosure (CSRD) and investment-cash flow sensitivity, which is a surrogate for financing constraints. Research design, data, and methodology - Taking China's A-share listed companies between 2009 and 2016 as a sample, this paper empirically tests the relationship between CSRD and investment-cash flow sensitivity by Panel VAR model. By introducing the orthogonal impulse response function, this paper distinguishes the fundamental factors and financial ones that affect corporate investment behavior. Results - Findings indicate that: (1) investment-cash flow sensitivity of firms with low level of CSRD is significantly lower than that of firms with high level of CSRD; (2) the orthogonal impulse response of corporate investment to cash flow in firms with high level of CSRD is significantly different from zero, but it is not significant in firms with low level of CSRD; (3) for firms with low level of CSRD, 0.7% of corporate investment volatility can be explained by the change in cash flow, which is lower than that of firms with high level of CSRD (1.1%). Conclusions - Corporations disclosing more and higher quality CSRD are often those faced with financing constraints. Voluntary disclosure can help them alleviate information asymmetry and financing constraints.

• Knowledge Management Research
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• v.19 no.2
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• pp.1-19
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• 2018

This study aims to identify the causal relationship among public technology transfer, technological performance, and research and development (R&D) productivity. Using the impulse-response function(IRF) of a panel vector autoregressive model (panel VAR), this study suggests the results of how long the factors such as technological performance (patent), public technology transfer, and R&D productivity takes and lasts if a one-unit shock of standard deviation occurs. As a result, first, the increase of public technology transfer activities has no power to increase the technology performance but improve the R&D productivity. If the public institute increases its technology transfer activities by one unit, the R&D productivity will increase within five years. Second, the impact of increasing technological performance on improvement of public technology transfer and R&D productivity is an insignificant. Third, the effect of R&D productivity on the public technology transfer creates a substantial reaction after a current time. Considering the structural relationships among public technology transfer, technological performance, and R&D productivity, if policy makers intend to construct the active R&D circumstance, technology suppliers should be motivated to run the active R&D mechanism because they achieve gains.

• Smart Structures and Systems
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• v.17 no.5
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• pp.753-771
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• 2016

This paper addresses the free and transient responses of a SDOF linear complex stiffness system by making use of the Hilbert transform and the convolution integral. Because the second-order differential equation of motion having the complex stiffness give rise to the conjugate complex eigen values, its time-domain analysis using the standard time integration scheme suffers from the numerical instability and divergence. In order to overcome this problem, the transient response of the linear complex stiffness system is obtained by the convolution integral of a green function which corresponds to the unit-impulse free vibration response of the complex system. The damped free vibration of the complex system is theoretically derived by making use of the state-space formulation and the Hilbert transform. The convolution integral is implemented by piecewise-linearly interpolating the external force and by superimposing the transient responses of discretized piecewise impulse forces. The numerical experiments are carried out to verify the proposed time-domain analysis method, and the correlation between the real and imaginary parts in the free and transient responses is also investigated.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.8
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• pp.41-49
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• 2020

This study investigates the short-run and long-run causal behavior of the Philippine stock market index volatility under vector error correction environment. The variables were tested first for stationarity and then long-run equilibrium relationship. Moreover, an impulse response function was estimated to examine the extent of innovations in the independent variables in explaining the Philippine stock market index volatility. The results reveal that the volatility of the Philippine stock market index exhibit long-run equilibrium relationship with Peso-Dollar exchange rate, London Interbank Offered Rate, and crude oil prices. The short-run dynamics-based VECM estimates indicate that in the short-run, increases (i.e., depreciation) in Peso-Dollar exchange rate cause PSEI volatility to increase. As for the London Interbank Offered Rate, it causes increases in PSEI volatility in the short-run. The adjustment coefficients used with the long-run dynamics validates the presence of unidirectional causal long-run relationship from Peso-Dollar exchange rate, London Interbank Offered Rate, and crude oil prices to PSEI volatility, and bidirectional causal long-run relationship between PSEI volatility and London Interbank Offered Rate. The impulse response functions developed within the VECM framework demonstrate the positive and negative reactions of PSEI volatility to unanticipated Peso-Dollar exchange rate, London Interbank Offered Rate, and crude oil price shocks.

• Journal of the Korean Institute of Telematics and Electronics
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• v.23 no.6
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• pp.950-956
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• 1986

In this paper, a direct addressing mode of a microprocessor is introduced to save memory capacity, and also a dedicated digital filter is constructed to speed up the filter processing and to enable an easy selection of the impulse response types. A theoretical analysis has been conducted on the errors caused by the finite word klength, rounding-off and multiplication procedures. The digital filter designed by the proposed method is made into a module which can function as a 7th-order recursive or a 14-order nonrecursive type with a simples witch operation. The proposed filter is implemented on a printed-circuit board. The frequency characteristics of this filter can be controlled by the multiplication values stored in ROMs. A low-pass, a high-pass and a band-pass filter have been designed and their frequency characteristics are verified by actual measurements. For a order higher filer, two filter modules have been cascaded into an integrated filter of 23rd-order non-recursive low-pass type and a 12th-order recursive multiband type. Their frequency characteirstics have been found to agree with the theory.

• Journal of Korea Port Economic Association
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• v.27 no.1
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• pp.263-280
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• 2011

The global financial crisis, triggered by the subprime mortgage crisis in 2007, has put the world economy into the recession with financial market turmoil. I tested whether variables were cointegrated or whether there was an equilibrium relationship. Also, Generalized impulse-response function (GIRF) and accumulation impulse-response function (AIRF) may be used to understand and characterize the time series dynamics inherent in economical systems comprised of variables that may be highly interdependent. Moreover, the IRFs enables us to simulate the response in freight to a shock in the USD/JPY exchange rate, Dow Jones industrial average index, Dow Jones volatility, Chinese Import volatility. The result on the cointegration test show that the hypothesis of no cointergrating vector could be rejected at the 5 percent level. Also, the empirical analysis of cointegrating vector reveals that the increases of USD/JPY exchange rate have negative relations with freight. The result on the impulse-response analysis indicate that freight respond negatively to volatility, and then decay very quickly. Consequently, the results highlight the potential usefulness of the multivariate time series techniques accounting to behavior of Freight.

• Proceedings of the IEEK Conference
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• 2000.11d
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• pp.85-88
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• 2000

We present a new approach to analyzing the dynamic false contour noise of AC plasma display panels (PDP), which is known to degrade the image quality severely. Compared with the existing methods that consider only the amount of light emission from PDP during 1 field time, the proposed approach uses the impulse response model of the human vision system and estimates how the human beings actually feel as the function of time. Experimental results using various benchmark sub-field scan algorithms are included.

• Proceedings of the Korea Technology Innovation Society Conference
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• 2003.05a
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• pp.5-17
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• 2003

This paper examines the effects of IT technology capital and R&D stock's variation on the growth of Korea's industries with the empirical approaches. We analyze the Granger causality and Impulse response function analysis among the Korea's industrial real output, IT technology capital, and R&D stocks. When it comes to this research conclusion, we know that IT technology capital and R&D stock's shocks affect the growth of Korea's industrial sector in terms of increasing in the real output growth rate.

• Proceedings of the IEEK Conference
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• 2006.06a
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• pp.39-40
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• 2006

This paper modeled UWB system transmission channel in indoor environment. For channel modeling, we extracted transmission channel parameter, and then measured from 10MHz to 16.01GHz by using method of CIR(Channel Impulse Response) and CTF(Channel Transfer Function) in small room($5.5{\times}5.5m^2$) environment.

• Journal of KSNVE
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• v.11 no.3
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• pp.455-460
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• 2001

An exact spectrum wish no leakage error could be obtained when the period of the signal coincides perfectly with the record length. However, the record length will be determined regardless of the period of signal. The Leakage error due to this problem will gibe a distorted spectrum. In the conventional research, the method was proposed to estimate the three parameters, frequency, amplitude and phase angle, from the spectrum data for anundamped sinusoidal signal. In this paper, some techniques are proposed to estimate frequency, amplitude and damping ratios from the frequency response functions for damped signals. The validation of the proposed techniques is verified by several numerical examples.