• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.5
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• pp.2108-2114
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• 2011

I examine propping within chaebolgroups, using changes of bond rating events made by corporate credit evaluation institutions. Much studies related to the internal capital market and tunneling have enhanced our understanding of the important function of chaebolgroups in emerging market, but relatively little is known about propping within affiliated firms. In a common sense, propping implies capital reallocation within affiliated firms to save a financially troubled affiliate. In event study on announcement the changes of corporate bond rating, I found most positive numbers in chaebolgroup's CAR. Particularly when lower change than higher change, decrease ratio of CAR is higher positively in chaebolgroups, which relatively shows that there is more propping effects in chaebolgroups than non-chaebolgroups. In multi-regression analysis, after strengthen restriction of internal mutual investment, propping effects are decreased positively in chaebolgroups than non-chaebolgroups when credit rating adjust lower, which implies there was more propping in chaebolgroups.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.9
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• pp.112-119
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• 2016

This study aims to examine propping by the controlling shareholders and the corporate value of Korean firms with agency problems and propping perspectives. Propping refers to a transfer of resources from a higher ownership firm to a lower ownership firm, in order to prevent the latter from going bankrupt. This study used a sample of 4,077 companies listed on the KRX data exchange from 2004 to 2014. We used proxy variables such as long-term supply contracts, asset and business sales, credit facilities, loans, and equity investments to affiliates as wealth transfer instruments of the controlling shareholders. We found that propping occurred by the equity investment of affiliates in Korean firms. Also, we found that the Korean firm's value was decreased by the affiliate equity investment.

• Journal of the Korea institute for structural maintenance and inspection
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• v.6 no.4
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• pp.99-106
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• 2002

In the composite deck system, beams and deck plates deflect during construction. This lens-shaped deflection may cause problems in the serviceability of a building. Therefore, it should be compensated to be level. Several methods for leveling of floor slab are available, such as (1) increasing stiffness of structural members, (2) propping floor system, (3) cambering beams, (4) pouring additional concrete. In this study, additional weight and volume of concrete for level compensation are examined for various size of floors.

• Journal of the Korea Convergence Society
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• v.2 no.4
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• pp.39-45
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• 2011

This paper examined the relationship between stress, the most potential cause among a variety of factors causing temporomandibular joint disorder, and temporomandibular joint disorder. In particular, this paper aimed to identify the temporomandibular joint disorder of those who were in their 20s, the age when temporomandibular joint disorder possibility increased. The survey was conducted by randomly selecting 120 college students who understood the purposes of this research and agreed to the survey from July 11 to 30, 2011. For the general features of the subjects, only gender showed any statistically significant difference. In the relationship between stress and habits related to temporomandibular joint disorder, the habit which the subjects had the most was "propping up of the chin", 64.4%. Five habits were observed the most frequently in the group with the highest stress. The habit of chewing on one side of the mouth showed the highest response as 81.5% in the group with high stress. Other habits showed similar results, about 60%.

• Journal of Sasang Constitutional Medicine
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• v.22 no.2
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• pp.1-15
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• 2010

1. Objectives: This research aims to study the general overview of the theories on the covetous desire and the relevant theories on cultivation mentioned in "Donguisusebowon (東醫壽世保元): Theories on Nature and Conduct (性命論)". 2. Methods: The theories concerning the covetous desire introduced in Dong-Mu's manuscripts, including "Gyukchigo 格致藁)", "Yougocho (遺稿抄)", "Dongmuyougo (東武遺稿)" and "Jaejungsinpyun (濟衆新編)", were comprehensively reviewed. Furthermore, the significance of the theories on the covetous desire and the relevant theories on self-cultivation were studied within the context of "Donguisusebowon(東醫壽世保元): Theories on Nature and Conduct (性命論)". 3. Results and Conclusions: 1) Among the four covetous desires (selfishness (私心), indiscretion (放心), indolence(逸心), acquisitiveness (慾心)), selfishness and acquisitiveness are the interpersonal components that deal with the relationship between individuals, whereas indiscretion and indolence are the intra-personal or self-concerned components that deal with the internal desires within the individual. 2) In the early concepts on the quaternity explaining the perspective on the human being as introduced in Dongmu's earlier manuscripts, the four covetous desires are thought of as the most important etiological components, that are also intimately related to the theories of self-cultivation. 3) Among the concepts introduced in "Donguisusebowon (東醫壽世保元): Theories on Nature and Conduct (性命論)", viciousness (邪心) and negligence (怠心) are primary, intra-personal (self-concerned) desires that are henceforth matched to indiscretion and indolence, respectively, while selfishness (arrogance, assertiveness, indiscrimination and exaggeration (驕矜伐夸)) and acquisitiveness (violation, extravagance, slothfulness and stealthiness(奪侈懶竊)) are secondary, interpersonal desires. 4) 'Preserving the mind (存其心)' and 'rectifying the body (修其身)' are Methods of overcoming viciousness (indiscretion) and negligence (indolence), the intrapersonal desires, while 'nurturing the nature (養其性)' and 'propping the course (立其命)' are Methods of eliminating selfishness and acquisitiveness, the interpersonal desires, which ultimately each leads to the completion of Nature (性) and Conduct/Course (命).

• The Journal of Industrial Distribution & Business
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• v.9 no.6
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• pp.49-55
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• 2018

Purpose - This paper examines the effect of related party transactions on crash firm-specific stock price crash risk. Ownership of a typical Korean conglomerate is concentrated in a single family. In those entities, management and board positions are often filled by family members. Therefore, a dominant shareholder can benefit from related party transactions. In Korea, firms have to report related party transactions in financial statement footnotes. However, those are not disclosed in detail. The more related party transactions are the greater information risk. Thus, companies with related party transactions are likely to experience stock price crashes. Research design, data, and methodology - 2,598 firm-year observations are used for the main analysis. Those samples are from TS2000 database from 2009 to 2013, and the database covers KOSPI-listed firms in Korea. The proxy for related party transactions (RTP) is calculated by dividing total transactions to the related-party by total sales. A dummy variable is used as a dependent variable (CRASH) in the regression model. Logistic regression is used to explain the relationship between related party transactions and crash risk. Then, the sample was separated into two groups; tunneling firms and propping firms. The relation between related party transactions and crash risk variances with features of the transaction were investigated. Results - Using a sample of KOSPI-listed firms in TS2000 database for the period of 2009-2013, I find that stock price crash risk increases as the trade volume of related-party transactions increases. Specifically, I find that the coefficient of RPT is significantly positive, supporting the prediction. In addition, this relationship is strong and robust in tunneling firms. Conclusions - The results report that firms with related party transactions are more likely to experience stock price crashes. The results mean that related party transactions increase the possibility of future stock price crashes by enlarging information asymmetry between controlling shareholders and minority shareholders. In case of tunneling, it could be seen that related party transactions are positively associated with stock crash risk. The result implies that the characteristic of the transaction influences crash risk. This study is related to a literature that investigates the effect of related party transactions on the stock market.

• Journal of architectural history
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• v.24 no.5
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• pp.33-40
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• 2015

The present study is aimed to reconsider the time of installation and the purpose of the square footstone located at the center of the wooden pagoda in Hwangnyongsa Temple, based on related precedent studies. Precedent studies are divided into two streams of assertions: one is that the square footstone was to support the major pillars at the time of building and the other is that it was installed to store Buddhist reliquaries inside the central foundation stone after the wood pagoda burnt down in the Invasion of Mongol. Summarizing the grounds with which the precedent studies support their assertions, they are the relation with Gaseopbul Yeonjwaseok, the emerging time of the square footstone, repairing work at the level of reconstruction, additional enshrinement of general Buddhist reliquaries and so on. The present study reviewed the key grounds suggested in the previous studies regarding the square footstone. First, it was determined that the square footstone has nothing to do with Gaseopbul Yeonjwaseok, after looking into the timings of appearance, condition and shape in literatures. Rather, it was assumed that Gaseopbul Yeonjwaseok resembles a stone column. Next, the square footstone is assumed to be installed after the 4th year of King Kwangjong's rule because the wood pagoda was lost in fire in the 4th year of Kwangjong's rule and it had been left alone for 68 years until the repair work finished in the 13th year of King Hyunjong. It is assumed that repair works at the level of reconstruction had been twice in total, say, once during King Kyungmun and Hyunjong, respectively. Next, looking into the establishment of the general Buddhist reliquaries and the repair work during King Kyungmun, it was not common then to enshrine additional Buddhist reliquaries when repair work progressed and so there was not an additional enshrinement of Buddhist reliquaries after King Kyungmun. However, it is hard to decide that there was no repair work at the level of reconstruction at that time. Last, we can find a similar case to the square footstone of the wood pagoda in Hwangnyongsa Temple in the copper pagoda in Japanese Yaksasa Temple. In conclusion, it is assumed that the wooden pagoda in Hwangnyongsa Temple was lost to the fire in the 4th year of King Kwangjong's rule and thus the square footstone had been used as Jinho stone to protect Buddhist reliquaries and used as a propping stone for the major pillars after King Hyungjong.