• The Journal of Asian Finance, Economics and Business
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• 제7권6호
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• pp.265-275
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• 2020

This study investigates the impact of board incentives as proxied by directors' remuneration on the financial performance of listed textile companies in Bangladesh. Using Generalized Method of Moments (GMM) and data pertaining to listed textile companies of Dhaka Stock Exchange (DSE) during the period from 2011 to 2017 (resulting in a total of 140 firm-year observations), we have estimated the firm performance equation involving directors' remuneration and board independence as the independent variables and some other control variables like firm age, size, leverage, and operating efficiency. The results reveal that there is a negative association between board remuneration and firm performance. In addition, this study finds no significant relationship between board independence and firm performance of the sample firms. Our findings suggest that higher pay to the board does not stimulate higher firm performance and, in turn, results in shareholders getting nothing in return from this and, hence, is a matter of great concern for them. Moreover, our results indirectly indicate that currently directors' remuneration in Bangladesh is not aligned with the firm performance, which has been emphasized in extant corporate governance literature. Besides, this paper further raises questions about the effectiveness of independent directors in the boards of textile firms in Bangladesh.

• 한국농공학회지
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• 제39권3호
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• pp.83-95
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• 1997

This study was conducted to derive optimal design floods by Gamma distribution models of the annual maximum series at eight watersheds along Geum , Yeong San and Seom Jin river Systems, Design floods obtained by different methods for evaluation of parameters and for plotting positions in the Gamma distribution models were compared by the relative mean errors and graphical fit along with 95% confidence interval plotted on Gamma probability paper. The results were analyzed and summarized as follows. 1.Adequacy for the analysis of flood flow data used in this study was confirmed by the tests of Independence, Homogeneity and detection of Outliers. 2.Basic statistics and parameters were calculated by Gamma distribution models using Methods of Moments and Maximum Likelihood. 3.It was found that design floods derived by the method of maximum likelihood and Hazen plotting position formular of two parameter Gamma distribution are much closer to those of the observed data in comparison with those obtained by other methods for parameters and for plotting positions from the viewpoint of relative mean errors. 4.Reliability of derived design floods by both maximum likelihood and method of moments with two parameter Gamma distribution was acknowledged within 95% confidence interval.

• International Journal of Aeronautical and Space Sciences
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• 제18권3호
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• pp.474-484
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• 2017

This paper studies the applicability of an efficient numerical model based on artificial neural networks (ANNs) to predict the dynamic responses of the wing structure of an airplane due to atmospheric turbulence in the time domain. The turbulence velocity is given in the form of a stationary Gaussian random process with the von Karman power spectral density. The wing structure is modeled by a classical beam considering bending and torsional deformations. An unsteady vortex-lattice method is applied to estimate the aerodynamic pressure distribution on the wing surface. Initially, the trim condition is obtained, then structural dynamic responses are computed. The numerical solution of the wing structure's responses to a random turbulence profile is used as a training data for the ANN. The current ANN is a three-layer network with the output fed back to the input layer through delays. The results from this study have validated the proposed low-cost ANN model for the predictions of dynamic responses of wing structures due to atmospheric turbulence. The accuracy of the predicted results by the ANN was discussed. The paper indicated that predictions for the bending moments are more accurate than those for the torsional moments of the wing structure.

• 한국전자파학회논문지
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• 제15권10호
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• pp.961-968
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• 2004

본 논문에서는 임의 형상을 가지는 삼차원 유전체의 전자파 산란을 해석하기 위하여 모멘트법을 이용한 뮬러적분방정식의 새로운 해법을 제안한다. 매질이 균일한 유전체 표면을 평면 삼각형 패치로 모델링 하여, RWG (Rao, Wilton, Glisson)함수를 등가 전기 및 자기 전류밀도의 전개함수로 사용한다. 그리고 RWG 함수와 그 직교함수를 조합한 시험함수를 적용한다. 유전체구에 대하여 제안된 방법으로 계산된 수치 결과를 보이고 다른 공식에 의한 결과와도 비교한다.

• The Journal of Asian Finance, Economics and Business
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• 제9권8호
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• pp.109-121
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• 2022

The study empirically examines the horizontal spillover effects of foreign direct investment (FDI) on the productivity of Indian pharmaceutical firms. Robust least squares and the Generalized Method of Moments estimators are applied for the firm-level panel data of Indian pharmaceutical companies whose shares were traded on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). The information was collected from the Centre for Monitoring Indian Economy (CMIE) Prowess database from 2015 to 2019. Based on the regularity in data availability, the sample firms are limited to 112 companies, 100 of which are domestic firms and 12 international firms. Firms with more than 10 percent foreign equity are classified as FDI firms, while those with less than that are classified as domestic firms. Estimation results show that foreign ownership does not contribute to the productivity of domestic firms. Due to increased competition, the Indian pharmaceutical companies with foreign equity participation are not more productive than local ones. Moreover, the findings reveal a negative and insignificant horizontal spillover effect from FDI on the productivity of domestic enterprises. The absence of horizontal spillovers may be attributable to foreign enterprises' ability to prevent technological outflow to competitors in the same industry.

• Structural Engineering and Mechanics
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• 제15권6호
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• pp.629-651
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• 2003

Current design specifications prescribe that the upper and lower reinforcement mat is required in the same amount to resist negative and positive moment in bridge decks. This design concept is primarily based on the unrealistic assumption that the girder plays a role of rigid support against deck deflection. In reality, however, girders are flexible and the deflection of girders affect the behavior of deck slabs. In the present study, an analytical method was developed to take the effect of the girder flexibility on the deck behavior into account. The method was formulated based on the slope-deflection equations of plates and harmonic analysis. Unlike the conventional finite element analysis, the input and output schemes are simple and convenient. The validity of the presented study was verified by a series of comparative studies with finite element analyses and experimental tests. It was shown from the analyses that the negative transverse moments of decks were significantly reduced in many cases when the girder flexibility were appropriately taken into consideration whereas the positive moments tend to increase. This poses a strong need to improve the conventional design concept of decks on rigid girders to those on flexible girders.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.529-540
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• 2020

The objective of this research paper is to study the simultaneous relationship between fiscal decentralization, corruption, and income inequality among Vietnamese provinces. We use a balanced panel data set of 63 provinces/cities in Vietnam in the period from 2011 to 2018. The study used 3SLS-GMM (Three Stage Least Squares - Generalized Method of Moments estimator) and GMM-HAC (Generalized Method of Moments - Heteroskedastic and Autocorrelation Consistent estimator). Empirical evidence shows a strong simultaneous relationship: increased corruption will increase regional income disparities, income inequality, and increase fiscal decentralization. In addition, the results also suggest that an increase in per-capita income will reduce the level of corruption, or better control corruption of each province. The degree of increase in income inequality, which reduces fiscal decentralization, is the same for trade liberalization. All demonstrate that there is a simultaneous relationship between fiscal decentralization, corruption, and income inequality. In a region of high public governance quality, fiscal decentralization positively effects its economic growth. This issue will indirectly increase income inequality between provinces within a country. Our findings imply that a country's fiscal decentralization strategy should be linked to improving corruption control and local governance effectiveness, indirectly improving income inequality between localities or regions.

• The Journal of Asian Finance, Economics and Business
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• 제8권7호
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• pp.671-679
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• 2021

House ownership is considered as one of the important pre-conditions for marriage in China. Given that gender imbalance is a prominent issue in the country, competition for marriage partners might motivate males to look for a house and probably bigger and more expensive house. This is believed to have caused house price hikes in recent years. This study aims to investigate the impact of gender imbalance on house prices using data from 30 provinces in China for the 2000-2017 period. The results based on the generalized method of moments (GMM) estimations show that house price is strongly influenced by gender imbalance. However, there is no evidence to support differential effects across eastern and mid-western regions. One potential reason is that pre-marriage house ownership has become a common culture for the whole community and therefore it does not vary significantly across regions. There are several important policy implications. Firstly, the issues should be addressed by the policymakers at national level and not regional level. Secondly, the government should intervene to bring back gender ratio to its normal level. Finally, the government should limit the number of houses people can buy and increase the supply of houses in the market.

• Ocean Systems Engineering
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• 제6권4호
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• pp.305-324
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• 2016

Wave load prediction at zero forward speed using finite depth Green function is a well-established method regularly used in the offshore and marine industry. The forward speed approximation in deep water condition, although with limitations, is also found to be quite useful for engineering applications. However, analysis of vessels with forward speed in finite water depth still requires efficient computing methods. In this paper, a method for analysis of wave induced forces and corresponding motion on freely floating three-dimensional bodies with low to moderate forward speed is presented. A finite depth Green function is developed and incorporated in a 3D frequency domain potential flow based tool to allow consideration of finite (or shallow) water depth conditions. First order forces and moments and mean second order forces and moments in six degree of freedom are obtained. The effect of hull flare angle in predicting added resistance is incorporated. This implementation provides the unique capability of predicting added resistance in finite water depth with flare angle effect using a Green function approach. The results are validated using a half immersed sphere and S-175 ship. Finally, the effect of finite depth on a tanker with forward speed is presented.

• The Journal of Asian Finance, Economics and Business
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• 제7권8호
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• pp.225-231
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• 2020

The paper aims to investigate the impact of trade integration on business cycle synchronization for the East Asian countries during 2005- 2017 based on the endogeneity hypothesis of Optimum Currency Area criteria. We test the determinants of business cycles by calculating bilateral trade, financial integration, and business cycle synchronization. Applying the system Generalized Method of Moments for dynamic panel data models, the results show that business cycle synchronization is highly associated with trade and financial integration. These findings confirm the endogeneity hypothesis that more trade integration will mitigate asymmetric shocks, and have a positive impact on the business cycle synchronization. The increased trade intensity and financial linkage lead to more correlated business cycles in East Asia. Apart from trade and financial integration, the trade structure differential, monetary policy similarity also influence the business cycle comovement. The significantly negative impact of trade structure differential on business cycle synchronization suggests that countries with less similar structures are more likely to undergo asymmetric shocks. The results also indicate that monetary policy matters for output comovement. This study recommends that the East Asian countries should focus on bilateral trade as well as financial integration with each other to reap benefits from the integration process.