• Journal of the Korean Institute of Navigation
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• v.25 no.4
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• pp.477-486
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• 2001

Although the ports are actually competing with various strategies, the definition and structural understanding of port competitive power are not known very much. Therefore this study has launched from this fact, and has the objective of obtaining the structural model of the competitive power, and understanding the components of the port competitive power. The following are the results of the study. First, the process began by abstracting the components that composed the port competitive power through recent research, and grouping it by the most core components using the KJ method. Also, by using the FSM(Fuzzy Structural Modeling) method to understand the structure of the grouped components, and the structural model of the port competitive power was able to obtain as the result. Second, when analyzing the obtained structural model, port expenses, main trunk location, port congestion and port facility came out to be the most important component groups, and especially port expenses was the most effective component that effected all the other components overall. Third, the component groups that were relatively less important, effected by most of the other components, and located on the top level of the structure model were the hinterland accessibility, port ownership, customs duties speed, and large ship port entrance possibility etc. Fourth, the results of this study will be able to be used when establishing competing strategies for our country's ports by proposing the relatively important components with the port competitive rower considered.

• International Commerce and Information Review
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• v.10 no.2
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• pp.283-304
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• 2008

According to globalization and localization of world economics international trade payment method was also changed. A traditional payment was Letter of Credit basis, however it is being increased to various methods such as remittance, documentary collection(D/P, D/A) and open account. In order to acquire a secure export payment, exporters prefer to L/C basis which is guaranteed by a reliable bank. However, the L/C should bear a security so that importers would rather documentary collection than L/C. The reasons for the preference of collection payment rather than L/C are a low commission cost, the conversion of buyer's market from seller's market due to severe competition in the world market, transaction increase between main office and branches and a right to control the goods until executing the payment by exporters. Besides of them, collection payment can handle safer and faster than open account basis. However, the collection payment has a risk which it isn't guaranteed by bank for the payment so that I would suggest countermeasures to minimize the payment risk utilizing the collection basis as follows; using export credit insurance system, a large domestic credit report provider such as D&B for absolutely fresh and new information, a collection proxy service for overseas deferred credit and suggestion specifying to order B/L not straight one on consignee in order to transfer the right of ownership with endorsement without problem.

• The Journal of Asian Finance, Economics and Business
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• v.5 no.4
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• pp.127-133
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• 2018

Corporate social responsibility (CSR) is one of the strategies for managing firms' business activities but may have heterogeneity depending on ownership structures. This study investigates the association between group-affiliation and CSR activities. Drawing on a theory from the prior research, this study predicts that group-affiliated firms are less likely to invest on CSR activities. For instance, prior research finds that controlling shareholders expropriate the values of minority shareholders. As one of the motivations of investing on CSR activities is the harmonization among the stakeholders, it leads to the prediction that firms controlled by large shareholders are less likely to engage in CSR activities. Second, group-affiliated firms under poor financial performance benefit from other group members through sharing their financial resources. Thus, there is less incentive for managers of group-affiliated firms to increase their financial performance by conducting CSR. By leveraging firms listed in Korean stock market and CSR score from Korea Economic Justice Institute, the result shows that the group-affiliation is negatively related to CSR activities. The result is consistent in case of applying propensity score-matched sample. Based on the findings of this study, this paper contributes to the related literature by showing the significant association between group-affiliation and CSR decisions.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.7
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• pp.361-367
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• 2020

Researching the influence and role of CEO overconfidence to dividend policy is important for stock market investors. Therefore, this study was conducted to find out the relationship between CEO overconfidence and dividend policy in industrial enterprises in Vietnam. Data collected from 222 industry enterprises listed on the Vietnam Stock Exchange from 2012 to 2018. Data is collected on financial statements of listed companies. GLS model with panel data is used to analyze regression results. The results show that CEO overconfidence has dividend yield higher than CEO non-overconfidence. At the same time, the dividend payout ratio of enterprises has no difference between CEO overconfidence and CEO non-overconfidence. The results also showed that revenue growth has a positive impact on dividend yield in small enterprises, but negative impact on dividend payout in large enterprises. Research results by firm size have similar results with the general analysis for all enterprises. At the same time, the analysis of ownership type shows that CEO overconfidence has a positive impact on dividend yield of non-state enterprises without affecting other types of enterprises. From these results, the authors also made a number of recommendations to help investors choose businesses to invest in accordance with their strategies.

• Tribology and Lubricants
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• v.32 no.5
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• pp.166-171
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• 2016

Electric vehicle ownership is expanding for two reasons: its technology features have enhanced fuel economy, and the number of vehicle emissions regulations is increasing. Battery performance has a large influence on the capability of electric vehicles, and even though battery thermal management has been actively researched, specific technological improvements to battery performance are not being presented. For instance, many industrial applications utilize vortex tubes as components for refrigeration machines because of their numerous intrinsic benefits. If electric vehicles incorporate vortex tubes for battery cooling, performance and efficiency advancements are possible. This study uses a counter-flow vortex tube to investigate its temperature separation characteristics, based on the back pressure of the cold air exit and the difference between the inlet and back pressures. The experiment uses a vortex tube with the following parameters: six nozzle holes, a 20 mm inner vortex diameter (D), a 14D tube length, a 0.7D cold exit orifice diameter, and a nozzle area ratio of 0.142. The measurements prove that the temperature difference between the hot air and cold air decreased because of the flow resistance of the hot air and the backflow phenomenon at the cold air exit. The flow resistance causes the temperature difference to decrease, and the back pressure of the cold air exit influences the flow resistance. The results show that the back pressure significantly influences the efficiency of temperature separation.

• Journal of Korean Society for Geospatial Information Science
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• v.1 no.2 s.2
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• pp.97-104
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• 1993

The Cadastre assumed as one of the most important Part of GIS has the highest priority in GIS model and Organization of the Cadasual embraces the modern methods of gaining and collecting geometric type cadastral data concerning on the land and it's ownership. Geneally, the measurement of the topologigraphic map offers great convenience for the architects to device. But the graphic precision of the value from the map is too low for many users, the large scale digital map as well as cadastral map can solve these problems. So it is necessary to get the coordinates of the characteristic points and the graphic information. In this paper, for calculating the point of measured element such as distance, and it's adjustment. This paper dicusses the methodes also, the combination of GIS data and Cadastral data and the geo-reference system, topology, data system, data modeling and so on.

• Land and Housing Review
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• v.4 no.1
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• pp.1-13
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• 2013

In the post-war period, the mass provision of social rental housing units represented the primary means for resolving housing welfare issues across much of Western Europe. In contrast to North America, large swathes of state subsidized rental housing where built and let-out at submarket rents, both to needy as well as regular working households. By the 1980s social housing accounted for as many as four in ten homes in some contexts. Since then however, these important welfare sectors have been under attack. On the one hand, privatization policies have continued to undermine the basis of social renting with home ownership and private rental sectors advanced by policy as preferable alternatives. On the other hand, social housing providers have been restructured in order to play a more residual role in the housing market and serve more targeted groups of socially vulnerable people. This paper assesses key differences in the development of West European social housing sectors as well as recent transformations in their status that represent a challenge their sustainability. It also looks to what insights this provides for the South Korean housing context where public housing has proliferated and been increasingly diversified in recent years.

• Management & Information Systems Review
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• v.35 no.4
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• pp.79-98
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• 2016

A large number of Chinese enterprises have grown up and become increasingly competitive. Chinese firms have ventured abroad to search for new sources of growth. Overseas mergers and acquisitions of Chinese companies has been developed rapidly through extensive opening policy and active support system by government. The main purpose of this study is to identify the factors that affect the outcomes of overseas mergers and acquisitions made by Chinese firms in recent years, particularly, financial performance of the acquiring firms. This study aims to analyze systematically financial performance and its determinants of Chinese overseas M&A in recent years. This study chooses a sample of 167 overseas mergers and acquisitions in the manufacturing industry in China and the relevant data were collected during the period 2006 to 2012. The data were analyzed by using a multiple regression analysis to identify determinants of corporate performance. We showed that cultural distance, past performance, state ownership, and interaction between cultural distance and past performance. Findings of this study can provide useful guidance to outward Chinese M&A in the future.

• Asia Pacific Journal of Business Review
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• v.4 no.1
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• pp.1-34
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• 2019

This study investigates whether and how a firm's cost of equity capital is influenced by the extent of a firm's real earnings management (REM). Using a large sample of Hong Kong and Chinese firms over the 9-year period 2009-2017, we find that our implied cost of equity estimates are positively associated with both the extent of REM and the extent of accrual-based earnings management (AEM), but the positive association is stronger for REM than for AEM. We also provide evidence suggesting that the effect of AEM and REM on the cost of equity is more pronounced for Hong Kong firms than Chinese firms, and within Chinese firms, it is less pronounced for the state-owned enterprises (SOEs). Collectively, our results suggest that while both REM and AEM exacerbate the quality of earnings used by outside investors, REM does so to a greater extent than AEM, and thus the market demands a higher risk premium for REM activities than for AEM activities and that this cost of capital-increase effect is more prominent in a developed market like Hong Kong and mitigated by state ownership in China because of investors' expectations for a lower level of detriments to firm fundamentals by REM due to government's protection in a less developed market like China.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.10
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• pp.105-113
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• 2022

The purpose of this paper is to analyze the relationship between the ratio of non-controlling shareholder interests (minority equity ratio, MER) and the measurement error in real activities manipulation (RM) proxy for Japanese firms. Many Japanese firms have practiced stakeholder-oriented corporate governance systems. Previous studies suggest that the higher the MER, the more Japanese businesses tend to employ management techniques for the group's sales growth while also reallocating resources inside the group to reduce principal-principal conflicts. Such differences in management strategies by firms could lead to measurement error in the RM proxy. The analysis uses 16,450 firm-years listed on the Tokyo Stock Exchange. The results of our analysis show that there is a positive relationship between MER and the RM proxy, and high persistence of RM proxies, suggesting that the RM proxies may contain measurement error. We also find that MER is correlated with variables associated with management strategy and that controlling for these variables can reduce the measurement error of RM proxy in firms with large MER. This study extends previous research on measurement error in RM proxy by relating them to ownership structure and corporate governance. This paper would contribute to researchers examining issues related to RM.