• Journal of Korean Society of Industrial and Systems Engineering
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• v.13 no.22
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• pp.113-120
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• 1990

This paper is concerned with marginal analysis in the detailed estimation method. In a broad sense all estimates are marginal estimates in as much as they are concerned with creating changes from a current course of action. Only after a detailed ostinato is made can the engineering realize and exploit the advantages of marginal analysis. Marginal analysis is good tool for nonlinear break-even analysis adapted real world, and much more information and efficiency of CVP(Cost-Volumn-Profit) are provided with marginal analysis.

• The Journal of Asian Finance, Economics and Business
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• v.3 no.4
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• pp.5-16
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• 2016

Prior literature expects a lower marginal cash value for weaker governance firms. We test this empirical hypothesis by using the sample of publicly traded Korean firms from 2005 to 2013. To measure the quality of governance structures, we employ the corporate governance scores provided by Korean Corporate Governance Services. The empirical model of Faulkender and Wang (2006) is adopted to estimate the marginal value of cash. Our empirical analysis shows a higher marginal value of cash for the good governance firms in the examination of the total governance score. This finding is consistent to the agency view of cash policy predicting a larger marginal value of cash for the firms with higher governance scores. However, this positive relationship is not robust for a subset of detailed governance scores; a lower marginal cash value is observed for the firms with better qualities of board structure, auditing, dividend policies. Moreover, our empirical analysis verifies a quite low level of marginal cash value for Korean firms, which supports the existence of severe agency conflicts in Korean corporations. Our results verify the significant role of agency conflicts between a manager and shareholders in the determination of marginal cash values in the Korean firms.

• Journal of Distribution Science
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• v.14 no.5
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• pp.27-37
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• 2016

Purpose - Prior theories expect a lower marginal value of cash for weak governance firms. To test this hypothesis, we examine the relationship between corporate governance structures and marginal cash values in Korean retail firms. Research design, data, and methodology - We estimate marginal cash values based on the model of Faulkender & Wang (2006). The retail firms listed in Korean Stock Exchange from 2005 to 2013 are analyzed. Corporate governance scores are provided by Korean Corporate Governance Services. Results - We show a higher marginal value of cash for the weak governance retail firms in terms of total governance score. Our analysis on a detailed set of governance scores generally confirms this tendency. Yet, a higher marginal cash value is obtained for the firms with better board structures and dividend policies. Conclusions - Our findings argue against the agency view of cash policy predicting a negative relationship between corporate governance scores and marginal cash values. A low marginal value of cash, widely observed in the sample firms, also supports severe resource diversion problem in Korean corporations.

• The Journal of Asian Finance, Economics and Business
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• v.3 no.4
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• pp.67-79
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• 2016

Prior literature expects a lower marginal cash value for weaker governance firms. We test this empirical hypothesis by using the sample of publicly traded Korean firms from 2005 to 2013. To measure the quality of governance structures, we employ the corporate governance scores provided by Korean Corporate Governance Services. The empirical model of Faulkender and Wang (2006) is adopted to estimate the marginal value of cash. Our empirical analysis shows a higher marginal value of cash for the good governance firms in the examination of the total governance score. This finding is consistent to the agency view of cash policy predicting a larger marginal value of cash for the firms with higher governance scores. However, this positive relationship is not robust for a subset of detailed governance scores; a lower marginal cash value is observed for the firms with better qualities of board structure, auditing, dividend policies. Moreover, our empirical analysis verifies a quite low level of marginal cash value for Korean firms, which supports the existence of severe agency conflicts in Korean corporations. Our results verify the significant role of agency conflicts between a manager and shareholders in the determination of marginal cash values in the Korean firms.

• The Journal of Fisheries Business Administration
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• v.33 no.2
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• pp.31-48
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• 2002

This paper is aimed to analyze how to evaluate the choice of optimal management measures and level of control in fisheries management under the costly and imperfect management system by comparing with costless and perfect management system that is commonly assumed in the analysis of fisheries regulations. Fishermen would set the level of fishing efforts at the point where the marginal fishing profit for fishing effort is equal to the marginal level of fine under costly and imperfect management system. Therefore, under the case where the marginal fishing profit is higher than the marginal level of fine, the level of fishing efforts would be made at the point which is higher than the level of fishing efforts made under costless and perfect management system and is not a point where the economic profit is maximized in regulated fisheries. From this conclusion, the fishermens avoidance activities against regulations as well as the level of control in fisheries management substantially have an influence on the choice of fisheries management instruments. According to the analysis of optimal fisheries management policy, the economic profits in regulated fisheries are determined by the level of fisheries enforcement costs and total fishing profits, in which as enforcement costs increase the economic profits decrease. In addition, the economic profits vary in response to the level of control in avoidance activities. That is, as avoidance costs decrease, the economic profits increase. The determination of optimal level of control in fisheries management should be made at the point where the marginal regulation costs are equal to the marginal profits from regulated fisheries, in which marginal regulation costs are different according to the type of management measures. And the level of profits changes in response to different levels of avoidance activities. The management measure that can maximize the difference between the marginal regulation costs and marginal profits from regulated fisheries should be chosen as an optimal fisheries management instrument.

• Korean Management Science Review
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• v.31 no.3
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• pp.61-76
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• 2014

There are three methods for calculating the optimal level for spare part inventories in a MIME (Multi Indenture and Multi Echelon) system : marginal analysis, Lagrangian relaxation method, and genetic algorithm. However, their solutions are sub-optimal solutions because the MIME system is neither convex nor separable by items. To be more specific, SRUs (Shop Replaceable Units) are required to fix a defected LRU (Line Replaceable Unit) because one LRU consists of several SRUs. Therefore, the level of both SRU and LRU cannot be calculated independently. Based on the limitations of three existing methods, we proposes a improved algorithm applying marginal analysis on determining LRU stock level and genetic algorithm on determining SRU stock level. It can draw optimal combinations on LRUs through separating SRUs. More, genetic algorithm enables to extend the solution search space of a SRU which is restricted in marginal analysis applying greedy algorithm. In the numerical analysis, we compare the performance of three existing methods and the proposed algorithm. The research model guarantees better results than the existing analytical methods. More, the performance variation of the proposed method is relatively low, which means one execution is enough to get the better result.

• Journal of Energy Engineering
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• v.11 no.4
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• pp.291-298
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• 2002

This paper presents a practical methodology that can analysis power flow and marginal factors based on optimal power flow (OPF) of power systems under restructuring environment. First of all, to evaluate useful marginal factors, nonlinear optimization problems of minimum fuel cost and minimum transmission loss are formulated and solved by nonlinear primal-dual interior point method. Here, physical constraints considered in the optimization problems are the limits of bus voltage. line overloading, and real & reactive power generation. Also, an evaluation method of marginal price and marginal transmission loss is presented based on sensitivities calculated by the two OPF problems. Especially, to reflect the cost related to transmission losses in the competitive electricity market, an analysis method of MLF (marginal loss factor) is pro-posed. Numerical results on IEEE RTS 24 show that the proposed algorithm is effective and useful for analysis of power market price.

• Journal of Technologic Dentistry
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• v.38 no.4
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• pp.305-311
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• 2016

Purpose: The purpose of this study were to analysis of marginal adaptation of metal cores fabricated by selective laser sintering. Methods: Main model was prepared and ten stone models were fabricated. Ten single metal cores were fabricated by selective laser sintering(SLS group) and another ten single metal cores using lost wax technique and casting method were manufactured(CAST group). The marginal adaptation of metal cores were analysis using by the silicone replica technique. Silicone replicas were sectioned two times. The marginal adaptations were measured using by digital microscope. Statistical analyses was performed with independent t-test(${\bullet}{\cdot}=0.05$). Results: Means of marginal adaptations were 90.3 ${\ss}{\uparrow}$ for SLS group and 65.1 ${\ss}{\uparrow}$ for CAST group. Two groups were statistically significant differences (p < 0.05). Conclusion: Marginal adaptation of metal cores fabricated by selective laser sintering were ranged within the clinical recommendation.

• The Journal of Korean Academy of Prosthodontics
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• v.42 no.6
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• pp.679-684
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• 2004

Statement of problem. There have been few studies about the marginal fit of Auro Galvano Crowns. Purpose. The purpose of this study was to compare the marginal fit of the anterior single restorations. Material and methods. The in vitro marginal discrepancies of metal-ceramic, Auro Galvano Crown and coping were evaluated and compared. The Auro Gavano Crowns were made from one extracted maxillary central incisor prepared by milling machine. 30crowns per each system were fabricated. Measurements of a crown were recorded at 50 points that were randomly selected for marginal gap evaluation. Parametric statistical analysis was performed for the results. Results. Mean marginal gap dimensions and standard deviations at the marginal opening for the anterior single crowns were $74{\pm}21{\mu}m$ for the control (metal-ceramic restoration), $45{\pm}11{\mu}m$ for Auro Galvano Crown coping, and $51{\pm}9{\mu}m$ for the Auro Galvano Crown. Conclusions. Auro Calvano Crown showed significantly smaller (P<.05) marginal gap than the control. Ceramic application did not significantly affected the marginal fit of Auro Galvano Crown. (P>.05)

• Proceedings of the KIEE Conference
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• 2000.11a
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• pp.95-97
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• 2000

In this paper, static marginal loss factors are calculated that represent the impact of marginal network losses on nodal prices at the transmission network connection points at which generators and loads are located. These static marginal loss factors are approximately calculated based on the KEPCO's expected summer peak load data of year 2000. Based on comparison analysis of marginal loss factors on generation energy resources, we can find the characteristics of each plants according to its energy resources in KOREA.