• 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.

• Korea Trade Review
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• v.44 no.6
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• pp.187-199
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• 2019

Vietnam's economic growth has progressed rapidly since Doi Moi. Vietnam is a key driving force for global economic growth on behalf of China. Therefore, this study analyzed the factors of Vietnam's economic growth by using time series variables after Doi Moi. Study results show that educational expenditures affect ODA in the short term. In the long run, GDP and FDI are causally related to ODA. Based on the above findings, it can be seen that FDI and ODA played a significant role in Vietnam's economic growth. This finding suggests that in order for Vietnam's economy to grow further, the capital market should be more open to foreigners so that FDI and ODA can flow more smoothly. Since the inflow of FDI is also linked to educational expenditure, it is important to understand that the workforce is being upgraded in the Vietnamese labor market.

• International Commerce and Information Review
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• v.18 no.3
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• pp.3-21
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• 2016

The thesis examines genealogical study of various aspects to overcome lots of problems which come by when we execute SWIFTNet TSU BPO. Practical implications regarding the innovation of electronic trade infrastructure are as follows. First, the shipping documents in the SWIFTNet TSU BPO are directly sent to an importer by an exporter after the baseline is confirmed. With this process itself, therefore, the bank cannot secure the account receivable. When initiating the SWIFTNet TSU BPO deal, it is needed to set regulations on the bank's account receivable security in the contract. Second, the SWIFTNet TSU BPO should also have an institutionally unified sharing platform with security, stability and convenience. It other words, it is needed to develop services which meet e-payment paradigm and international environments through continued analysis on market changes and flow. Third, the SWIFTNet TSU is useful in terms of promptness, reduction of risk in foreign exchange payment, cost reduction. Therefore, the SWIFT should be perfectly united and linked among the banks, importer and exporter to make the SWIFTNet TSU more convenient in countries around the world. Fourth, the SWIFT should be approached from the aspect of expansion of network and creation of a new business model through analysis on these problems with a worldwide perspective. At the same time, it is necessary to build a cooperative system to share information and promote comprehensive management for efficient operation.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.40
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• pp.147-167
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• 2008

This paper investigates changing business transaction under the e-commerce environment and their implications on freight transport industry with some case studies. It shows that an efficient and reliable delivery system is essential for e-commerce as business industries are faced with the stricter and more diversified demands of customer. In addition, many aspects of business practices such as small batch, customized production and just-in-time distribution in the e-commerce environment, in turn, bring about a number of changes in the volume and service patterns of freight transport. E-commerce requires longer transport distances and often higher delivery frequencies. It also entails to a certain extent a modal shift towards truck and air freight transport modes. On the one hand, the logistical requirements of e-commerce goods may stimulate greater complexity in existing supply chain management, causing higher costs. However it is true that the increased visibility of goods through more efficient information flow allows more efficient and effective transport management in the logistics system.

• Journal of the Society of Naval Architects of Korea
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• v.46 no.6
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• pp.578-586
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• 2009

Recently, horn-type rudders are generally being used at high speed container ships and are frequently suffering from the cavitation occurs on the rudder surface in the vicinity of the gap between the horn and rudder plate. In the present study, a fluid supplying device is employed as to decrease the gap cavitation of the horn-type rudder. The device is devised to inject the water against the pressure side through the nozzle installed inside of the gap to control the gap flow. Numerical calculations are performed to investigate the effectiveness of the device and the results show that the device can noticeably reduce the gap cavitation. The rates of water injection for achievement of the maximum retardations of gap flow are also sought.

• International Journal of Automotive Technology
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• v.8 no.6
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• pp.761-769
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• 2007

The configuration of the flow channel on a bipolar plate of a proton exchange membrane fuel cell(PEMFC) for efficient reactant supply has great influence on the performance of the fuel cell. Recent demand for higher energy density fuel cells requires an increase in current density at mid voltage range and a decrease in concentration overvoltage at high current density. Therefore, an interdigitated flow channel where mass transfer rate by convection through a gas diffusion layer is greater than the mass transfer by a diffusion mechanism through a gas diffusion layer was recently proposed. This study attempts to analyze the i-V performance, mass transfer and pressure drop in interdigitated flow channels by developing a fully three dimensional simulation model for PEMFC that can deal with anode and cathode flow together. The results indicate that the trade off between performance and pressure loss should be considered for efficient design of flow channels. Although the performance of the fuel cell with interdigitated flow is better than that with conventional flow channels due to a strong mass transfer rate by convection across a gas diffusion layer, there is also an increase in friction due to the strong convection through the porous diffusion layer accompanied by a larger pressure drop along the flow channel. It was evident that the proper selection of the ratio of channel and rib width under counter flow conditions in the fuel cell with interdigitated flow are necessary to optimize the interdigitated flow field design.

• Journal of Evidence-Based Herbal Medicine
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• v.1 no.2
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• pp.17-26
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• 2008

Nowadays the flow of international trade is that there seems to appear economic block significantly because most countries contract FTAs, so our market condition is changing to a severe competitive situation. Korea which has 70% of foreign dependence of trade must get involved in regionalism, and also actively promote FTA more than any other countries. FTA on February in 2006, the pharmaceutical industry are anxious. The pharmaceutical industry in Korea has recently come to a crisis that it is hard to expect a growth due to structure of profit and a change for the worse of management. If Korea-U.S. FTA are contracted in this kind of situation, domestic pharmaceutical companies will be at stake. We can anticipate that FTA with the country that has a strong competitive power like U.S. affect negatively on pharmaceutical industry, because the industry doesn't have enough self-competitiveness. Considering this kind of surroundings, we need to present the policy to enhance competitiveness for damage limitation on pharmaceutical industry by Korea-U.S. FTA. Under this background, this research has groped for a direction to strengthen the competitiveness to develop pharmaceutical industry in quality. The competitive enhancement plan is presented which is divided into the government policy part, the R&D part, and the management part. Although Korea-U.S. FTA is analyzed to wither the pharmaceutical industry, it would be thought that it is a good chance to upgrade domestic pharmaceutical industry if we make the best use of it, and also to make in roads into foreign market.

• Journal of the Korean Geographical Society
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• v.46 no.6
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• pp.751-766
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• 2011

This study aims to grasp the hierarchy in the influence areas of port by the intensity of freight shipments and to seek the activating methods for the increase of export and import volumes of Pyeongtaek and Dangjin port. Pyeongtaek and Dangjin port whose major import and export freights are natural gas and automobile, were constructed for the increasing trade with People's Republic of China. This port is expanding the influence in the hinterland and foreland of the port, but core influence area of Pyeongtaek and Dangjin port is rich in trade volume within the radius of 70km. To become international as well as national ports, Pyeongtaek and Dangjin is required to execute the active policy to receive many-sideness of sea route and the recognition of freight holders, forwarders and ship companies in many regions.

• The Journal of Industrial Distribution & Business
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• v.9 no.1
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• pp.25-38
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• 2018

Purpose - The purpose of this study is to empirically investigate the impact of donor's fiscal status on aid decisions before and after the 2008 global financial crisis. The effects on aid can change depending on the donor country's fiscal status and the period of financial crisis. Research design, data, and methodology - A fixed effect regression and dynamic panel GMM is conducted using a comprehensive dataset combining 31 donor and 167 recipient countries during 1996-2015. The key explanatory variable is central government debt-to-GDP ratio of donor country. Recipient countries' GNI per capita, population, governance indicators, and bilateral trade-to-GDP ratio between donor and recipient countries are included as control variables. Results - We can confirm the relationship between donor country's fiscal status and aid flow. The cyclical component of government debt is found to have a negative impact on grant decisions particularly after the 2008 global financial crisis. This effect becomes larger in the countries with high government debt-to-GDP ratio. ODA decisions from the countries with low financial constraint do not significantly affected by the recipient countries' factors such as GNI, population, and governance indicator. Conclusions - Based on the empirical results of this study, the source of aid should be diversified by incorporating private sector and innovative financing sources.

• KDI Journal of Economic Policy
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• v.44 no.4
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• pp.43-78
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• 2022

The arena of strategic competition between the US and China is expandable from international politics, trade and commerce to finance. What would happen if financial sanctions against China are imposed by the US? Would US financial sanctions lead to a sudden outflow of foreign capital and a liquidity crisis in China? We try to address these questions by estimating China's capital flows-at-risk with the CDS premium on Chinese sovereign funds. We follow Gelos et al. (2019) in setting up a quantile regression model from which China's foreign capital flow-at-risks are estimated. Based on our analysis of China's monthly capital flow data, we find that a rise in the CDS premium has statistically significant negative impacts on China's foreign capital flows-at-risk, mainly in banking flows. However, the analysis also found that due to favorable global conditions, an increase in the CDS premium is unlikely to trigger a shift to a sudden outflow of foreign capital at the moment. Meanwhile, this study found no statistically significant correlation between Korea's capital flows-at-risk and the CDS premium, suggesting that the negative impact of US financial sanctions on China would not increase the probability of capital flight from Korea in a significant manner.