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Growth Opportunities, Capital Structure and Dividend Policy in Emerging Market: Indonesia Case Study

  • DANILA, Nevi;NOREEN, Umara;AZIZAN, Noor Azlinna;FARID, Muhammad;AHMED, Zaheer
    • The Journal of Asian Finance, Economics and Business
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    • 제7권10호
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    • pp.1-8
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    • 2020
  • The objective of the study is to investigate the effect of growth opportunities on capital structure and dividend policy in Indonesia. The study employs panel data of companies listed on Indonesia Stock Exchange that distribute dividends from 2007 to 2017. Fixed and random effect regression models are used. Findings based on growth opportunities on capital structure and dividend policy in Indonesia are in line with the existing theory (i.e., contracting theory). Growth opportunities have a significant negative correlation with debt ratio and dividend yield, which suggests that firms with high growth opportunities are discouraged to generate debt to resolve underinvestment and asset-substitution problem. Firms with more investment opportunities tend to adopt a low dividend payout policy because the cash flows will be used up for investment. The positive impact of firm size on leverage is due to the low bankruptcy risk and cost of a large company. Profitability has a positive impact on the dividend policy because profitable companies can reserve larger free cash flows and, thus, pay higher dividends. The positive influence of ownership on leverage is interpreted by the unwillingness of majority stockholders to commit to equity financing in order to avoid reducing the ownership and preserve control of the company.

온라인 실행공동체(Communities-of-Practice) 활성화 요인과 스폰서의 영향 (Stimulating Online Communities-of-Practice: The Influence of Sponsors in Organizations)

  • 고준;엄기용
    • Asia pacific journal of information systems
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    • 제16권2호
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    • pp.183-203
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    • 2006
  • Firms are increasingly adopting online communities-of-practice (CoPs) with strong managerial support in hopes of promoting knowledge sharing and creation within the organization. Excessive managerial concern and sponsoring, however, could harm the spontaneity of CoP participants, which is one of the pivotal characteristics of virtual communities, and in the end, have negative impact on their smooth operation. In this regard, this study examines the factors which affect the stimulation of CoPs and explores the difference in their operating mechanisms under two differing organizational structural settings by the existence of a sponsor. By analyzing 133 samples of CoPs in a globally leading company, this study found that the existence of a sponsor designated by the organization, has serious influence on the working of CoPs, That is, leaders' enthusiasm and the level of off-line activities are critical factors for the stimulation of CoPs which have no sponsor, while in case of CoPs that have their sponsors, neither leaders' enthusiasm nor the level of off-line activities are significantly related to the stimulation of CoPs. At the same time, the performance of CoPs which have their sponsors was found significantly higher than that of CoPs which have no sponsor. These results indicate that firms need to pay special attention to organizational sponsorship when introducing CoPs within their organizations.

영구자석을 이용한 콘크리트 궤도상의 쇠가루 포집장치 특성 분석 연구 (Analysis of Iron-filings Trapping Characteristics on Concrete Slab Track using Permanent Magnet)

  • 박찬배;이주
    • 한국철도학회논문집
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    • 제14권4호
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    • pp.348-353
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    • 2011
  • 레일을 궤도회로로 이용하는 신호 설비의 경우, 레일 주변에 쌓이는 쇠가루는 궤도회로 상에 이상 신호유발의 원인이 되기도 한다. 차량의 곡선 주행 구간에서는 레일과 차륜의 마찰이 심하여 차륜의 마모에 의한 쇠가루가 발생하게 되고, 이렇게 발생한 레일 상의 쇠가루로 인해 이상 신호가 종종 발생하기 때문에 지하철 운영사의 쇠가루 제거를 위한 방안 마련이 시급한 실정이다. 본 연구에서는 콘크리트 궤도 상 레일 주변의 쇠가루를 포집하기 위한 영구자석 적용 마그넷 포집장치를 소개하였다. 또한 기본 설계 및 수치 해석적 기법을 이용하여 마그넷 포집장치의 다양한 특성 분석을 수행하였으며, 이를 통하여 콘크리트 궤도상의 쇠가루 포집을 위한 마그넷 포집장치의 실제 상용노선 차량에의 적용 가능성을 검토하였다.

영업 및 운전 중심의 서울 지하철 9호선 개선 방안 연구 (A Study on Improvement of Seoul Metro Line 9 Focusing on Marketing and Operating)

  • 박정수;한우진
    • 한국철도학회논문집
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    • 제11권5호
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    • pp.482-488
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    • 2008
  • 국내 최초로 민간자본이 투자된 대형 지하철인 서울 9호선은 김포공항과 강남을 연결하는 1차 구간이 2009년 개통을 앞두고 있다. 지자체와 민간이 시설을 건설하고 전문 공공교통 서비스회사가 운영을 맡는 9호선은 보유한 자원을 최고로 활용하여 최대의 효율성을 이끌어낼 필요가 있으며, 관련 기관과의 적극적인 협력을 통한 핵심역량발휘와 경쟁력 제고가 필요하다. 본고에서는 9호선 운영분야에 초점을 맞추어 완급결합을 중심으로 한 9호선 운전체계와, 타 교통수단과의 연계, 공항철도와의 효과적인 직결운행 측면에서 9호선의 운영개선 방안을 제시한다.

가공 배전선로 중성선과 가공지선 겸용시의 임펄스 특성 연구 (The Study on the Impulse Characteristic of Secondary Arresters in Power Distribution System)

  • 강문호;김동명;송일근;천성남
    • 한국조명전기설비학회:학술대회논문집
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    • 한국조명전기설비학회 2004년도 학술대회 논문집
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    • pp.297-299
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    • 2004
  • In multi-ground distribution system, overhead ground wire and neutral wire are parallel connected to offer the electrical power energy and protect damage of lightning strokes. Therefore a case where the two wires become single wire, the power company can get the benefit such as installation cost saving and line fault protection by simplify of distribution line. In this paper we describe the result of impulse test in both system ; one is the present power system the other is unified power system parallel connected overhead ground wire and neutral wire. As a result of this impulse test, the present power system get lower impulse voltage than the unified power system.

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콘베이어 장치의 이물질 감지 장치에 관한 연구(II) - 지능형 콘베이어 벨트 손상 검출 시스템 개발 - (A Study on a different Substance Detection system of Conveyer System(II) - Development of Intelligent Conveyer Belt Defect Detection system -)

  • 정양희;김이곤;배영철;김경민;유일현;이보희;강성준
    • 한국정보통신학회:학술대회논문집
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    • 한국해양정보통신학회 2000년도 추계종합학술대회
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    • pp.665-668
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    • 2000
  • This paper presents development of a different substance monitoring system base reliable detection between the conveyer belt and hopper used lot materials transport line of steel company. Conventional detection method of a piece of iron separation system is losed the confidence, because of the place with bad surroundings of measurement so much that materials Production line are completely exposed to dust, moisture and vibration. For the solution of this problem, we developed a different substance detection system using the acoustic emittion sensor and one chip microprocessor which is available for bad surroundings and inexpensive. The reliability of the system was estimated by experiment.

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동시경화용 복합재료의 특성에 따른 금형의 선택방법 (Selection Methodology of Tool for Co-cured Composite Materials)

  • 홍중표;이종옥;이원곤;홍정수;지우석;조한준
    • 한국복합재료학회:학술대회논문집
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    • 한국복합재료학회 2002년도 추계학술발표대회 논문집
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    • pp.183-188
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    • 2002
  • Co-cured composite materials has its own characteristics, so its thermal expansion is different each other. The selection of tool material for co-cured composite part in high temperature more over $350^{circ}F$ and 50 Psi pressure have to consider part thermal expansion, size, shape, and economic aspect in production line. So it is important choose tooling material in manufacturing composite parts. We called the tool for airplane composite parts as BAJ (Bonding Assembly Jig). Composite parts are cured on the BAJ in autoclave. BAJ have to stable at high temperature over $350^{circ}F$ and 50 Psi pressure, Considering composite parts' dimensional tolerance compare to heat up in autoclave. This paper come from the results of the experiment at the composite parts production line and review other aircraft company's method for tooling This is for the engineer engaged in composite parts manufacturing.

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161kV XLPE CABLE용 Prefabricated joint의 실선로 적용 (The Installation of Prefabricated Joint for 161kV XLPE Cable Underground Transmission Line)

  • 봉원국;장기욱;이헌상;오종옥
    • 대한전기학회:학술대회논문집
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    • 대한전기학회 1998년도 하계학술대회 논문집 E
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    • pp.1611-1613
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    • 1998
  • The new type of prefabricated joint for 161kV XLPE cable have been developed. we, LG Cable & Machinery Ltd., made an huge contract with an foreign country's Power company for the supply of cable and accessories, the training of jointing and termination work to local personnel, technical assistance by joint venture and the supervision of installation and commissioning. By the end of 1997, one of several routes under the contract successfully finished being constructed and specially tested on site. In operation, now this underground transmission line proves well the reliability and efficiency of prefabricated joint and termination applied first time in foreign country.

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전차선 편위 및 높이 측정 시스템 개발에 관한 연구 (A Study on the Development of Catenary stagger and height Measurement System)

  • 송성근;박성모
    • 한국철도학회:학술대회논문집
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    • 한국철도학회 2008년도 춘계학술대회 논문집
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    • pp.299-304
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    • 2008
  • Catenary and Pantograph are a power supply devices for electric trains and shall be steadily contacted. Rail catenary must be installed precisely and managed for stable train operations. But external factors such as weathers, nature, etc., or aging affect catenary geometry. Changed catenary height causes high voltage spark or instant electric disconnection. Big spark and disconnection damage pantograph shoe and catenary coating and might interrupt rail operations. To prevent a big scale spark or electric disconnection catenary maintenance shall be required with catenary geometry measurement systems. In this paper, we describe the development of catenary height and stagger measurement system. The catenary height and stagger measurement system uses Acuity company's AR4000 Range Finder for distance measurement and AccuRange Line Scanner for degree measurement. This system reports suspicious overhead line sections with excessive height and stagger variance.

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경보음 발생 및 자동Locking 장치형 전선압축기에 대한 연구 (The study Alarm & Auto Locking System of Electric Wire Compressor)

  • 최명호;이상호;김동명
    • 대한전기학회:학술대회논문집
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    • 대한전기학회 2004년도 하계학술대회 논문집 B
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    • pp.800-802
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    • 2004
  • When an accident is happen due to using a bad Wire Compressor, some public resentments are caused and It cause lawsuit for we. In case, we will undergo a colossal financial loss. in addition to, Guide to improve quality of operation by using the number of times of pressing and pressing pressure with cooperative private enterprise. And because of needs for Thermal, Electrical and Chemical factor analysis of connection point of sleeve, expect to try improving problems of wire presser whole our company. We expect that reduce fault and save cost by this process. Consequently, we will prevent power losing and black out due to line faults by expulsion of inferiority equipment and prevent heating and line fault. This is possible using Alarming and Auto Locking Wire Compressor that is improve on this study.

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