• Analytical Science and Technology
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• v.36 no.5
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• pp.205-215
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• 2023

In the present study, an analytical method was proposed for detecting trifluralin in aquatic products at trace concentrations. The method employed QuEChERS (Quick, Easy, Cheap, Effective, Rugged, and Safe) and gas chromatography coupled with tandem mass spectrometry (GC-MS/MS) as the sample preparation and measurement, respectively. The effect of the aqueous phase volume used in the QuEChERS was demonstrated, and the ratio of 10:10 (mL) between water and acetonitrile phase was used for 5 g of sample. Besides, dSPE using C18 and primary-secondary amine (PSA) was applied to remove the potential interferences from the food matrices, indicating no remarkable analyte loss. The linear range was built up from 0.50 ㎍ L^-1 to 3.0 ㎍ L^-1 (R² = 0.9993). Other criteria, i.e., repeatability (RSD_r = 0.86-1.96 %), reproducibility (RSD_R = 1.09-2.01 %), and recovery (over 90 %), were in accordance with Appendix F of AOAC (2016) for method performance. Although no trifluralin was detected for the commercial samples (fish, shrimp, and breaded shrimp), the spiked samples performed favorable recoveries and precision.

• The Journal of the Korea Contents Association
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• v.18 no.4
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• pp.444-453
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• 2018

The study addresses the analysis on the financial determinants of corporate research and development (R&D) expenditure in finance. Overall level of R&D spending was estimated as one of the top-tier on a global basis and a majority of the expenditure was invested by large domestic firms in private sector. Consequently, financial factors that influence R&D intensity were empirically tested in the first hypothesis by using conditional quantile regression model for firms listed in KOSPI stock market in the post-era of the global financial turmoil. Firms in the groups of high- and low-R&D intensity were statistically compared to detect financial differences in the second hypothesis which was accompanied by the test of multi-logit model that included firms without R&D outlay. Concerning the results of the hypothesis tests, R&D spending of the prior fiscal year, firm size, business risk and advertising expense overall showed statistically significant impacts to determine the level. As an extended study of [1] that had examined financial factors of R&D intensity at the macro-level, the results of the present study are anticipated to contribute to maximizing shareholders' wealth in advance or emerging capital markets, when applied to find an optimal level of R&D expenditure.

• The Journal of the Korea Contents Association
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• v.17 no.5
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• pp.8-17
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• 2017

Using 1855 observations from 5 years-371 firms panel data during 2010 to 2014 in Chinese stock exchanges, this study examines the impact of managers' ownership on R & D expenditures. The empirical study finds that when firms are state-owned, managers' ownership have negative relation with the level of R & D expenses as well as the likelihood of executing R & D investment, implying that managers are less likely to invest in high risky projects due to managerial ownership's entrenchment effects to pursue private benefits rather than alignment of interest effect as shareholders. The empirical study also finds that when firms are private-owned, managerial ownership are inverse U shaped related to the level of R & D expenses, implying that managers are less likely to invest in high risky projects due to increasing risk aversion resulting from concentration of private wealth at its high level while managers are more likely to invest in high risky projects due to increasing incentives as shareholders at its low level. The results support that the effects of managerial ownership on R & D expenses may be different according to the ownership type of Chinese listed firms.

• Earthquakes and Structures
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• v.4 no.2
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• pp.157-179
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• 2013

Vulnerability studies on the existing building stock require that a large number of buildings is analyzed to obtain statistically significant evaluations of the seismic performance. Therefore, analytical evaluation methods need to be based on simplified methodologies of analysis which can afford the treatment of a large building population with a reasonable computational effort. Simplified Pushover-Based Earthquake Loss Assessment approach (SP-BELA), where a simplified methodology to identify the structural capacity of the building through the definition of a pushover curve is adopted, was developed on these bases. Main objective of the research work presented in this paper is to validate the simplified methodology implemented in SP-BELA against the results of more sophisticated nonlinear dynamic analyses (NLDAs). The comparison is performed for RC buildings designed only to vertical loads, representative of the "as built" in Italy and in Mediterranean countries with a building stock very similar to the Italian one. In NLDAs the non linear and degrading behaviour, typical of the structures under consideration when subjected to high seismic loads, is evaluated using models able to capture, with adequate accuracy, the non linear behaviour of RC structural elements taking into account stiffness degradation, strength deterioration, and pinching effect. Results show when simplified analyses are in good agreement with NLDAs. As a consequence, unsatisfactory results from simplified analysis are pointed out to address their current applicability limits.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.4
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• pp.29-39
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• 2020

The purpose of this study is to investigate the determinants of blockholder presence in the Korean stock market. This study examines previous theories and studies, points that previous studies did not examine, and proposes two hypotheses. To verify two hypotheses, fundamental data were collected from firms listed on Korea Exchange from 2005 to 2017. As explanatory variables, we use the factors and characteristics of the firms used in the previous studies. Logistic regression analysis was conducted to test the determinants of blockholder presence. We find that firm size is the most distinctive factor determining the presence of blockholder, and firm idiosyncratic risk is the most similar factor determining the existence of each blockholder. Tobin Q shows significant value in family and government, and R&D intensity appears to be a negative related to the presence of blockholder in financial institutions. We also find that the determinant of blockholder presence differs from the mechanisms that govern each individual blockholder type when all blockholders grouped together. This suggests that there is blockholder heterogeneity within Korea listing firms. Our findings contribute to investors and policy makers who interested in the determinants of the presence of blockholder and blockhoder heterogeneity in Korea stock market.

• Asia Marketing Journal
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• v.12 no.3
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• pp.25-41
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• 2010

Customer participation is a strategic tool to facilitate the process of developing new products. This study distinguishes between two types of customer participation - customer codevelopment and contract development, and examines the benefits of customer codevelopment relative to contract development for firm value through an event study. The analysis of customer participation announcements in the biotechnology and pharmaceutical industries shows that the benefits of customer codevelopment relative to contract development on firm value are contingent upon firm- and relationship- level factors. Specifically, this study finds that the announcement of customer codveloplment contributes better to abnormal stock returns of a firm when the firm has a higher level of R&D relationship experience or when the customer codevelpment is complemented by formal contract terms, such as equity investment. The findings of this study provide important theoretical and managerial implications by revealing the boundary conditions for the benefits of customer codevelopment relative to contract development.

• Asia-Pacific Journal of Business
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• v.15 no.2
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• pp.181-205
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• 2024

Purpose - This study aims to examine the direct impact of corporate social responsibility initiatives on firm technological innovation and the moderating effect on the relationship between firm technological innovation and corporate value. Design/methodology/approach - This study collected 13,298 firm-year data by selecting A-share companies listed on the China Shenzhen Stock Exchange and Shanghai Stock Exchange from 2010-2017. This study runs the multivariate regression using random effect generalized least squares (GLS) regression model. Findings - The research results of this study are as follows. First, corporate social responsibility initiatives do not increase the firm technological innovation, but rather reduce it. Second, firm technological innovation generally improves corporate value, whether it is book value or market value. Third, corporate social responsibility initiatives reduce the positive influence of firm technological innovation on corporate value. Research implications or Originality - There may be discussions on whether Chinese patent application data is a good indicator of the innovation of Chinese companies, but previous studies prove that the number of patent applications has a significant correlation with R&D expenditures or financial performance. However, there is a clear limitation in that it is not possible to confirm the result of registration after a patent application, but it is expected that such limitations can be overcome by using patent registration information or detailed citation documents in the future.

• Journal of Technology Innovation
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• v.28 no.3
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• pp.1-28
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• 2020

This study examines whether the firm with high innovation efficiency realizes high operating performance. We measured innovation efficiency by the ratio of patent applications for R&D expenditure or R&D stock and measured operating performance by the ratio of operating income or operating cash flow to total assets for the following year. The sample consists of 1,880 manufacturing firm-years, which listed on the Korean Exchange between 2014 and 2017. We analyze the effect of innovation efficiency on operating performance using a model of Hirshleifer et al. (2013) results show that both innovation efficiency variables have a significantly positive relationship with the total asset operating margin. Besides, the following year's performance, measured by the total asset operating cash flow ratio, also shows a positive relationship with the two innovation efficiency variables at the 5% and 1% significance levels, respectively. The results indicate that high innovation efficiency firms that link the outcomes of R&D to more patent applications realize higher operating performance. Also, we divided the R&D-intensive and non-R&D-intensive industries and performed the same analysis. As a result, the innovation efficiency has a significant positive effect on operating margin in both industries. However, the effect of innovation efficiency on the operating cash flow is only significant in R&D-intensive industries. This study suggests that the effects of innovation efficiency are more consistent in the R&D-intensive industry. Additionally, we divided the high patent application and low patent applications industries and performed the same analysis. As a result, the innovation efficiency has a significant positive effect on operating margin in both industries. This study suggests that the effects of innovation efficiency are more consistent in the high patent application industry. We show that a firm's innovation efficiency is a critical factor for a firm's performance, while prior studies on the R&D performance have not considered the innovation efficiency of each firm. The evidence suggests that firms not only consider R&D expenditures but also improve the performance of companies by increasing innovation efficiency. Investors need to consider their innovation efficiency when evaluating the value of firms.

• The Korean Journal of Applied Statistics
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• v.23 no.3
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• pp.443-456
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• 2010

This study is an empirical research of the stock markets to prove the synchronization phenomenon of the world economy. For this research I analyzed Korea's KOSPI, USA's DOW & NASDAQ reflecting stock markets in North America, Japan's NIKKEI in Asia, and Germany's DAX in Europe. Because the raw series are not stationary, they are to be transformed to returns series. The results of the study are follows: First of all, there are significant causalities between KOSPI's returns and those of other indices. Second, feedback effects are found between the market returns with several time lags. Third, there are 4 cointegrating equations which embody the relation of the five returns series. And forth, KOSPI reacts more sensitively to impacts from the foreign indices compared to the other indices do when they got impacts from each other except KOSPI. On conclusion, there exists a clear evidence for the synchronization phenomenon in returns of the stock indices, and we can expect Korea market may get similar changes depending on the economic changes of North America, Europe, or Asia. Therefore more closing researches should be conducted about the world economy synchronization in various fields as soon as possible.

• International Journal of Railway
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• v.2 no.3
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• pp.124-126
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• 2009

Energy savings can be achieved with optimum energy consumptions, brake energy regeneration, efficient energy storage (onboard, line side), and primarily with light weight vehicles. Over the last few years, the rolling stock industry has experienced a marked increase in eco-awareness and needs for lower life cycle energy consumption costs. For rolling stock vehicle designers and engineers, weight has always been a critical design parameter. It is often specified directly or indirectly as contractual requirements. These requirements are usually expressed in terms of specified axle load limits, braking deceleration levels and/or demands for optimum energy consumptions. The contractual requirements for lower weights are becoming increasingly more stringent. Light weight vehicles with optimized strength to weight ratios are achievable through proven design processes. The primary driving processes consist of: $\bullet$ material selection to best contribute to the intended functionality and performance $\bullet$ design and design optimization to secure the intended functionality and performance $\bullet$ weight control processes to deliver the intended functionality and performance Aluminium has become the material of choice for modern light weight bodyshells. Steel sub-structures and in particular high strength steels are also used where high strength - high elongation characteristics out way the use of aluminium. With the improved characteristics and responses of composites against tire and smoke, small and large composite materials made components are also found in greater quantities in today's railway vehicles. Full scale hybrid composite rolling stock vehicles are being developed and tested. While an "overdesigned" bodyshell may be deemed as acceptable from a structural point of view, it can, in reality, be a weight saving missed opportunity. The conventional pass/fail structural criteria and existing passenger payload definitions promote conservative designs but they do not necessarily imply optimum lightweight designs. The weight to strength design optimization should be a fundamental design driving factor rather than a feeble post design activity. It should be more than a belated attempt to mitigate against contractual weight penalties. The weight control process must be rigorous, responsible, with achievable goals and above all must be integral to the design process. It should not be a mere tabulation of weights for the sole-purpose of predicting the axle loads and wheel balances compliance. The present paper explores and discusses the topics quoted above with a view to strengthen the recommendations and needs for the weight optimization by design approach as a pro-active design activity for the rolling stock industry at large.