• The Korean Journal of Financial Management
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• v.23 no.2
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• pp.109-141
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• 2006

The central factor in the pecking order theory of financial structure is the asymmetric distribution of information between managers and less-informed outside investors. Myers and Majluf (1984) show that this asymmetry leads managers to prefer internal funds to external funds. Funds are raised through equity issues only after the capacity to issue debt has been exhausted. In contrast, according to static tradeoff theory, an optimum financial structure exists by the tradeoff between tax saving by debt and bankruptcy costs. This study examines the recent changes of Korean firms' financial structure and financing behavior and the determinants of financial structure. The sample of firms comes from the period of $1996{\sim}2004$, and the number of firms is 32,003. The major findings are as follows. First, in contrast with previous studies using US firms as sample, Korean firms have been using debt financing as their major financing instrument. Especially, the firms in the fund deficit situation relies much more on $long{\sim}term$ and $short{\sim}term$ debts rather than on equity issues. Second, as is the case with previous studies using US firms sample indicates, the financing deficit variable can not explain perfectly the net debt issue. However, compared with net equity issue variable, net debt issue variable is more closely related to the financing deficit variable. Third, when financing deficit variable is added to the current list of explanatory variables of financial structure determinants model, it has a significant and positive explanatory power. In addition, the coefficients of determinants are much improved. Thus, it is concluded that although pecking order theory is not perfect, it appears to be more useful compared to static tradeoff theory, at least in explaining the recent financing behavior of Korean manufacturing firms.

• Geotechnical Engineering
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• v.12 no.4
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• pp.21-32
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• 1996

To predict the stress-strain behavior of the soil more approximately, the concept of the critical state soil mechanics was added to the plasticity increment theory in the bounding surface Plasticity model. This model was constituted with two ellipse and one hyperbola in older to describe the behaviour of the isotropically consolidated soil. Thus, this model is very complicate due to the various parameters used. Therefore, the accurate understanding and skill of the theory is required in order to apply this model to the practical geotechnical problems. In the present paper, the bounding surface shape paraiheter R and A, the mapping center parameter C among various parameters used were varied and the results were numerically analized. Finally, each sensitivity with respect to monotonic and cyclic loading was analized and the range of the value of the each parameter was proposed.

• Transactions of the Korean Society of Automotive Engineers
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• v.1 no.3
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• pp.34-45
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• 1993

This study aims to analyze the mixing characteristics of hydrogen considered as a new fuel for internal combustion engines. As the physical property of helium gas is similar to that of hydrogen, helium gas was used in this study. To analyze the steady and unsteady behavior of jet, helium gas was injected into the stationary atmosphere at the normal temperature and pressure. Concentration of helium gas in the center of jet flow is in inverse proportion with axial distance from the nozzle tip. This agrees with the free jet theory of Schlichting. The relative equation for dimensionless concentration to radial/axial distance the axial distance of potential core region, the cone angle a of the jet flow and the relative equation for arriving distance of the front of jet flow to the lapse of time are obtained. But free jet theory of Schlichting in the dimensionless concentration is not in agreement with the present experimental results of the distance of the radial direction. It needs more study. When the arrival frequency of jet flow is used as a parameter, the transition area changing from unsteady flow area into steady flow area becomes gradually wider downstream, but its ratio for the whole unsteady flow area gradually decreases.

• The Journal of Information Technology
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• v.4 no.2
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• pp.51-68
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• 2001

This study integrates personality trait theory to empirically Investigate the corporate strategy in Korean venture firms. This study predicts that type A/B, locus of control(internal/external), and risk-taking/avoiding will be positively associated with corporate strategy selection. Corporate strategy selection consists of aggressive entry strategy and defensive niche market strategy. Data obtained from a survey of 87 venture business firms is used to construct final variable measures and test the hypothesized relationships. The statistical result shows that type A, internal, and risk-taking CEOs positively associated with aggressive entry strategy, and type B, external, and risk-avoiding CEOs positively associated with defensive niche market strategy. Additional analysis(multiple regression model) to test relatively importance of independents is used.

• Transactions of Materials Processing
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• v.14 no.8 s.80
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• pp.681-688
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• 2005

The high-temperature deformation mechanisms of a ${\alpha}+{\beta}$ titanium alloy (Ti-6Al-4V), near-a titanium alloy (Ti-6.85Al-1.6V) and a single-phase a titanium alloy (Ti-7.0Al-1.5V) were deduced within the framework of inelastic-deformation theory. For this purpose, load relaxation tests were conducted on three alloys at temperatures ranging from 750 to $950^{\circ}C$. The stress-versus-strain rate curves of both alloys were well fitted with inelastic-deformation equations based on grain matrix deformation and grain-boundary sliding. The constitutive analysis revealed that the grain-boundary sliding resistance is higher in the near-${\alpha}$ alloy than in the two-phase ${\alpha}+{\beta}$ alloy due to the difficulties in relaxing stress concentrations at the triple-junction region in the near-${\alpha}$ alloy. In addition, the internal-strength parameter (${\sigma}^*$) of the near-${\alpha}$ alloy was much higher than that of the ${\alpha}+{\beta}$ alloy, thus implying that dislocation emission/ slip transfer at ${\alpha}/{\alpha}$ boundaries is more difficult than at ${\alpha}/{\beta}$ boundaries.

• Transactions of Materials Processing
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• v.19 no.8
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• pp.468-473
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• 2010

Shape memory alloys (SMAs) have the ability to recover their original shape upon thermo-mechanical loading even after large inelastic deformation. The unique feature is known as pseudoelasticity and shape memory effect caused by the crystalline structural transformation between two solid-state phases called austenite and martensite. To support the engineering application, a number of constitutive models, which can be formally classified into either micromechanics-based or phenomenological model, have been developed. Most of the constitutive models include a kinetic law governing the crystallographic transformation. The present work presents a one-dimensional, phenomenological constitutive model for SMAs in the context of the unified viscoplasticity theory. The proposed model does not incorporate the complex mechanisms of phase transformation. Instead, the effects induced by the transformation are depicted through the growth law for the back stress that is an internal state variable of the model.

• Steel and Composite Structures
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• v.13 no.3
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• pp.207-223
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• 2012

This paper deals with critical thermal buckling load optimization of symmetrically laminated four layered angle-ply plates with one or two different intermediate line supports. The design objective is the maximization of the critical thermal buckling load and a design variable is the fibre orientation in the layers. The first order shear deformation theory and nine-node isoparametric finite element model are used for the finite element solution of the laminates. The modified feasible direction (MFD) method is used for the optimization routine. For this purpose, a program based on FORTRAN is used. Finally, the numerical analysis is carried out to investigate the effects of location of the internal line supports, plate aspect ratios and boundary conditions on the optimal designs and the results are compared.

• Health Policy and Management
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• v.17 no.1
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• pp.50-74
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• 2007

The purpose of this study was to identify a determent of mastery approach goal and performance approach goal using a basic concept of goal orientations and goal setting theory, and to evaluate a preference of goal achievement index as a balance score card (BSC). The study model proposed had a adoptable level of goodness of fit index(.94) and root mean square residual(.08). The meditating variable, goal contribution, totally mediated the impact of goal commitment, Y-theory human behavior, and self-efficacy but organizational resource contribution for pursuing goal orientation. Moreover, goal contribution significantly determined mastery approach goal(p<.01) and performance approach goal(.05). In standardized effects, the most powerful antecedent of mastery approach goal and performance approach goal were in order of organizational resource contribution(.27/.28), goal contribution(.21/.17), self-efficacy(.07/.06), and Y -theory human behavior and goal commitment(.05/.05), respectively. Moreover, goal contribution had a more powerful impact on mastery approach goal(.21) rather than performance approach goal(.17). In the preference of BSC, all job types preferred learning and growth index in first. In the second preference, medical doctors and pharmacists chose financial results, nurses customer service, and office managers internal processes. Each job type reflected its' own preferred BSC index to that of the other job types. In comparing a preference of four BSC index of each own job type, it was statistically different at p<.001. In conclusion, one who emphasize organizational goal contribution in pursuing goal orientation has a more strong orientation toward mastery approach goal rather than performance approach goal. A hospital should overcome and harmonize the different preferences of four BSC index since the differences might cause organizational conflicts among job types with having each unique professional norm.

• The Korean Journal of Financial Management
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• v.25 no.2
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• pp.33-68
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• 2008

The purpose of this paper is to test the market timing hypothesis and impact of macro economic variables on capital structure choice as well as the traditional static trade-off and pecking order theories of capital structure in a integrated framework. Through a two stage test of target capital structure and capital structure choice, none of theories was consistently supported, but most of them were partly supported. In the first stage analysis of target ratio, coefficients of firm-specific variables generally supported the predictions of pecking order theory rather than those of the static trade-off theory. However, the result of the second stage test on capital structure choice supported the hypothesis of the static trade-off theory, which claims that firms usually set and pursue the target leverage ratio. Further, the result of the seconde stage shows that a simple pecking oder theory does not hold because firms with deficit of internal fund tend to issue bonds rather than stocks to raise outside fund. Also, the result indicates that the market timing hypothesis holds because firms with over-valued stocks tend to issue stocks rather than bonds. However, contrary to Korajczyk and Levy(2003), the impact of macro economic variables such as term or credit spreads on capital structure choice was negligible, and the impact of macro economic and market timing hypothesis variables were not greater in financially unconstrained firms as Korajczyk and Levy(2003) suggested.

• Korean Journal of Air-Conditioning and Refrigeration Engineering
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• v.17 no.12
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• pp.1123-1131
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• 2005

The floor material is known as the most influential emission source of the residential building, because most floor material is made of wood compound and adhesive like a plywood flooring. Moreover, floor heating system keeps the inside temperature of the material high. As the emission of hazardous chemical compound from the construction material is influenced by many factors, it is necessary to analyze the emission characteristics of the floor material to improve IAQ. In this study, numerical analysis is performed to investigate the emission characteristics of the floor material affected by several factors such as temperature, air exchange rate, initial concentration, and internal diffusion coefficient. A simulation program is also written based on the mass transfer theory. The simulation results show that there is some level of difference on the TVOC concentration when each of the factors is variable.