• Journal of Korea Technical Association of The Pulp and Paper Industry
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• v.33 no.1
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• pp.16-23
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• 2001

Hydraulic transport of fines up to the surface of flotation cell was supposed to be a mechanism of fines fractionation through the froth-flotation. Efficient fractionation of fines means efficient skimming out of flotation rejects as much as possible with least long fiber loss. The selectivity of fines fractionation was found to be mainly affected by long fibers flocculation degree in this study. Lack of sufficient flocculation of long fibers could lead to extensive loss of long fibers. It was also found that higher flotation flux caused higher flotation reject as well as the increase of long fiber loss, but did not affect the fine content ratio in the flotation reject. We controlled the flotation flux and the stock consistency, and chose a cationic polymer to maximize the flocculation of long fibers and to increase the amount of flotation reject. The highest efficiency of fines fractionation was obtained at 1.3% of stock consistency and at 100L/min of flotation flux in our experimental set up. The cationaic polymer we chose was found to be very effective in fiber flocculation and flotation froth stabilization. New definitions of fractionation efficiency were introduced in this study to compare the results more clearly.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.2
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• pp.15-24
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• 2019

This study analyzes the effect of the capital structure of Korean manufacturing firms on default risk based on Moody's KMV option pricing model where the probability of default is obtained by measuring the distance to default as a covariant in logit model developed by Merton (1974). Based on the panel data of manufacturing firms, this study achieves its primary objective, using a fixed effect regression model and examines the effect of a firm's capital structure on default risk amongst publicly listed firms on Korea exchange during 2005-2016. Empirical results obtained suggest that the rise in short-term debt to assets leads to increase the risk of default whereas the increase in long-term debt to assets leads to decrease the default risk. The benefits of short-term debt financing over a short-term period fade out in the presence of information asymmetry. However, long-term debt financing overcomes the information asymmetry and enjoys the paybacks of tax advantage associated with long-term debt. Additionally, size, tangibility and interest coverage ratio are also the important determinants of default risk. Findings support the trade-off theory of capital structure and recommend the optimal use of long-term debt in a firm's capital structure.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.21-27
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• 2021

The financial sector is one of the most important building blocks of the economy. When this sector efficiently implemented a well-crafted program on banking and financial system to translate financial activities to income-generating activity, economic growth will be realized. Hence, this study analyzed the effect of financial intermediation on economic growth and the existence of cointegrating relationship using time-series data from 1986 to 2015. The influence of financial intermediation in terms of bank credit to bank deposit ratio, private credit, and stock market capitalization and time trend to economic growth was estimated using ordinary least squares (OLS) multiple regression. The results showed that all the financial intermediation indicators and time trend exert significant effect on Gross Domestic Product (GDP) per capita. The positive sign of the time trend indicates that there is an upward trend in GDP per capita averaging approximately 0.06 percent annually. Furthermore, the cointegration test using the Johansen procedure revealed that there is a presence of long-term equilibrium relationship between financial intermediation and time trend and economic growth, and rules out spurious regression results. This study established the idea that financial intermediation in the Philippines has a significant and vital role in stimulating growth in the economy.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.251-265
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• 2021

It seems a common sense that corporate social responsibility (CSR) is a key driver to attain business sustainability. Nevertheless, there has been little research on the performance of socially responsible activities, including economic and environmental responsibility activities in internationally diversified firms. The purpose of this study was to evaluate the effects of CSR activities on management performance. For this evaluation, an empirical analysis was conducted with a total of 2,520 cases, selected from companies listed on the Korea Composite Stock Price Index market for six years from 2013 to 2018. As proxies for management performance, financial date such as a total asset net profit ratio and a total asset-operating ratio were used. A multivariate regression analysis was conducted to test hypotheses. The results of this analysis indicated that firms in the CSR outstanding group are significantly higher than other groups in management performances. In addition, CSR activities of internationally diversified firms positively influence their total asset net profit ratio and total asset-operating ratio. The results suggested that CSR activities of these firms can play a significant role in enhancing management performances amid the economic status of Korea, where a degree of export dependency is high.

• The Korean Journal of Applied Statistics
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• v.22 no.2
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• pp.261-270
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• 2009

Current financial crisis triggered by shaky U.S. banking system adds to the emphasis on the importance of the volatility in controlling and understanding financial time series data. The ARCH and GARCH models have been useful in analyzing economic time series volatilities. In particular, multivariate GARCH(MGARCH, for short) provides both volatilities and conditional correlations between several time series and these are in turn applied to computations of hedge-ratio and VaR. In this short article, we try to assess various MGARCH models with respect to the back-testing performances in VaR study. To this end, 14 korean stock prices are analyzed and it is found that MGARCH outperforms rolling window, and BEKK and CCC are relatively conservative in back-testing performance.

• Journal of Korea Technical Association of The Pulp and Paper Industry
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• v.32 no.4
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• pp.18-26
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• 2000

In order to investigate the influencing factors in flotation fractionation, flotations were performed at varied conditions. The selectivity of fines fractionation was mainly affected by long fiber flocculation degree and if there were not sufficient flocculation of long fibers, more loss of long fibers could not be avoided. The amount of flotation rejects were totally dependent on the stability of froth floated on the stock surface. Only small size fines could stabilize the froth as they hindered the drainage of liquid lamella in flotation-froth. More flotation reject and better flocculation of long fibers were two important factors for improving flotation. Changing a flotation flux or an air-mixing ratio to increase the flocculation of fibers increased long fiber ratio in the reject. In order to satisfy the both conditions of reducing long fiber loss and of increasing flotation reject, search of fractionation promoter is needed.

• Asian Journal of Innovation and Policy
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• v.10 no.3
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• pp.330-354
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• 2021

To know the long-term growth patterns and determinants of successful startups, 15-year (2006-2020) panel data of 252 companies that had a growth rate of over 20% every year in the last three years were used. In the first analysis, statistics on the period required to designate a gazelle company or listed on the stock market were examined. In addition, five long-term growth patterns were presented. In the panel analysis, the R&D intensity, operating profit ratio, size, and age of the company were pointed out as determinants of growth. The operating profit margin and R&D intensity have a positive effect on growth. Gibrat's law was not supported, but an inverted U-shape was observed. Jovanovic's law was confirmed. Although many studies tend not to point to profitability as a determinant of long-term growth, this is an important long-term growth factor of a company. The operating profit ratio was used in this study.

• Korean Journal of Food Science and Technology
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• v.41 no.3
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• pp.231-237
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• 2009

Trans free margarine stock (TFMS) was produced by lipase-catalyzed synthesis of fully hydrogenated soybean oil (FHSBO), avocado oil (AO) and palm oil (PO). A blend of FHSBO, AO, and PO with a 1:5:4 (30:150:120 g, respectively) ratio was interesterified with lipozyme RM IM(from Rhizomucor miehei) in a 1 L-batch type reactor at 65 for 12 hr, and the physicochemical and melting properties of TFMS were compared with commercial margarine. The solid fat content (%) of the TFMS was analyzed at 25, 30, and $35^{\circ}C$, respectively, while its melting point was $37.8^{\circ}C$. The trans fatty acid content of the TFMS was below 0.1%. It also had acid, saponification, and iodine values of 0.4, 173.9, and 58.6, respectively. In HPLC chromatograms of the TFMS, newly synthesized peaks of triacylglycerol molecules were observed by using reverse-phase HPLC with evaporative light-scattering detection. Normal-phase HPLC with UV detection was used to quantify tocopherols in the TFMS, indicating that its ${\alpha}-$, ${\gamma}-$ and ${\delta}$-tocopherol contents were 5.7, 2.1, and 1.7 mg/100 g, respectively.

• Korean Management Science Review
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• v.32 no.1
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• pp.15-33
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• 2015

Under complete information, introducing additional constraints to a portfolio will have a negative impact on performance. However, real-life investments inevitably involve use of error-prone estimations, such as expected stock returns. In addition to the reality of incomplete data, investments of most Korean domestic equity funds are regulated externally by the government, as well as internally, resulting in limited maximum investment allocation to single stocks and risk free assets. This paper presents an investment framework, which takes such real-life situations into account, based on a newly developed portfolio selection model considering realistic constraints under incomplete information. Additionally, we examined the effects of additional constraints on portfolio's performance under incomplete information, taking the well-known Samsung and SK group stocks as performance benchmarks during the period beginning from the launch of each commercial fund, 2005 and 2007 respectively, up to 2013. The empirical study shows that an investment model, built under incomplete information with additional constraints, outperformed a model built without any constraints, and benchmarks, in terms of rate of return, standard deviation of returns, and Sharpe ratio.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.4
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• pp.391-402
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• 2021

This study aims to analyze the impact of the company's financial performance in mediating the relationship between Intellectual Capital and GCG on Corporate Value in banking companies listed on the Indonesia Stock Exchange (IDX). Also, this study analyzes the direct effect of intellectual capital and GCG on corporate value and the indirect effect through the company's financial performance. This study develops research of Chen et al. (2005) and measures Intellectual Capital with VAIC (Pulic, 1998). VAIC model is more accurate to measure Intellectual Capital because it can show potential intellectual use efficiently. The data used are banking companies listed on the IDX in 2014-2016 with purposive sampling technique and Data Analysis Technique used are path analysis. The results showed that the financial performance of banking companies was proven to mediate the relationship between intellectual capital and GCG. The role of GCG that can improve financial performance and corporate value is only GCG as measured by the ratio of independent commissioners and audit quality. Meanwhile, the financial performance and corporate value audited by the Big 4 will be greater than the financial performance and corporate value of the banking companies listed on the Indonesia Stock Exchange that are not audited by the Big 4.