• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.287-292
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• 2021

The article analyzes the impact of capital structure on the firm value of chemical companies listed on the stock market of Vietnam. Data was collected from the financial statements of 23 chemical firms listed on the Vietnam stock market from 2012 to 2019. Quantitative research method with regression model according to OLS, FEM, REM method is used; FGLS method is used to overcome the model's defects. In this research, firm value (Tobin's Q) is a dependent variable. Capital structure (DA), Return on assets (ROA), Asset turnover (AT), fixed assets (TANG), Solvency (CR), Firm size (SZ), Firm Age (AGE), and revenue growth rate (GR) are independent variables in the study. The analysis results show that the capital structure of firms in the chemical industry listed on the Vietnam stock market has an inverse correlation with firm value. Besides, firms with greater asset turnover, business size, and number of years of operation have lower firm value. This article helps corporate executives improve corporate value by adjusting their capital structure properly. Chemical firms adjusted their capital structure in the direction of gradually decreasing the debt ratio and gradually increasing equity. Firms use high debt, which has the effect of reducing the firm value of firms in the chemical industry.

• 대한건축학회논문집:계획계
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• 제35권4호
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• pp.25-36
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• 2019

Contemporary architecture is showing its deconstruction and departure from modern architecture based on rationality, such as reductionism or virtualism. This means a shift from a mechanistic and ecological world view to an organic and ecological view, from a deterministic reason to a reason for a possible secret static. This study examines the potential of fractals, a scientific theory of complexity that is emerging as a new paradigm in the 21st century, as an appropriate alternative to contemporary complexity architecture. The method and scope of this study were understood and its features were identified through literature and data research and prior study review. Based on the organic nature of fractal geometry, we analyzed the works of contemporary architects(Frank Gehry, Bernard Tschumi, Steven Holl, Zaha Hadid, Rem Koolhaas, Daniel Libeskind, Zvi Hecker, Ito Toyo) and studied the possibility of architectural design using the principle of fractal. As a result, fractal geometry, similar to the patterned order of nature, has an infinite set of organizational functionalities in architecture and can be applied in various aspects of design analysis. Architectural designs based on the fractal theory will require more research and development to realize dynamic design representation using digital computers.

• 대한건축학회논문집:계획계
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• 제35권4호
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• pp.93-102
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• 2019

In 1960s Russian avant-garde architects such as Moisei Ginzburg, Konstantin Melnikov and Ivan Leonidov were rediscovered in the western architectural society. In this period Rem Koolhaas investigated the projects of Ivan Leonidov with great enthusiasm. In late 1920s and early 1930s when the hope and fantasy to the social revolution and technology reached the climax, The third generation of Russian avant-garde intended to find the new synthesis of the technology, the form and the social ideology. In this context, Leonidov proposed audacious projects from the small scale to the urban scale in the influence of Malevich's suprematism, Vesnin's technological fantasy and Ginzburg's concept of "social condenser". These projects seriously affected Koolhaas. This relationship of Leonidov and Koolhaas was indicated but not investigated in concrete manner. This study intends to analyze the projects of Leonidov and to investigate the relationship of Leonidov and Koolhaas in Delirious NewYork and in the projects of Koolhaas. We will analyse this relationship in three categories : hedonistic technology, social collectivity and pure geometry.

• The Journal of Asian Finance, Economics and Business
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• 제8권7호
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• pp.195-201
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• 2021

This study aims to assess the impact of ownership structure of commercial banks on bank credit risk in Vietnam. The authors used the unbalanced table data of 28 commercial banks in the period from 2004 to 2020 with 439 observations. The ratio of loan loss provisioning to loans (CR) is selected as a dependent variable representing credit risk at commercial banks. The regression methods used include: least squares method (OLS), fixed-effect model (FEM), random-effect model (REM) and general least squares method (GLS). The results reveal that, with interaction variable between the ratio of equity to total assets and foreign ownership, the national GDP annual growth rate is negatively associated with credit risk. With the ratio of equity to total assets, the interaction variable between equity and state ownership, and bank size have a significant positive impact on credit risk. In addition, inflation has negligible impact on the credit risk of commercial banks in Vietnam over the research period. The findings of this study suggest that, if foreign-owned banks increase equity capital, there will be a stronger impact on reducing credit risk than other banks. On the other hand, when state-owned commercial banks in Vietnam increase equity, they will have higher credit risk.

• 무역학회지
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• 제44권1호
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• pp.115-127
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• 2019

In recent years, the Indian market has gained worldwide attention in the global trading business environment. Korean companies are also seeking to enter the indian market, and their foreign trade investment strategy is based on the Global Value Chain(GVC). In this study, we examine difference from traditional investment strategy to GVC investment strategy in the age of 4IR(fourth industrial revolution) through using POLS model(pooled least square), FEM(fixed effect model), and REM(randomized effect model). Based on the analysis of 84 monthly data related to the FDI and international trade effects between Korea and India, the following results were found. As Korean companies increased their share of export to the Indian market and export to the Indian market, the number of new companies directly invested in overseas market increased. However, the amount of import into the Indian market was relatively low in relation to the number of new companies directly in overseas markets. As a result of analyzing the investment strategy of the GVC in India, the GVC has shifted from manufacturing to process upgrading to enter the GVC on Smile Curve.

• The Journal of Asian Finance, Economics and Business
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• 제8권8호
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• pp.137-148
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• 2021

The study investigates the existence of an optimal level of cash and the firm characteristics influencing the decision to hold cash, and the adjusting speed of the cash holdings to the target level. It highlights the heterogeneity of cash adjustment speed in the Vietnam market. The research employs the 417 samples of Vietnamese non - financial listed firms in the period of 2010 to 2019. The study uses the Pool OLS model, Fixed effect model (FEM), Random effect model (REM), and GMM model. According to the research findings, there is an optimal amount of cash at which the firm's value is maximized in Vietnamese listed firms, and the majority of the firms in the sample retain cash over the target level. Furthermore, the study demonstrates that firms actively modify their cash holdings to the optimal level with an adjustment speed of less than one owing to adjustment cost constraints. This speed varies between groupings of enterprises with different characteristics, underlining the heterogeneity of the adjustment speed even more. Small deviation firms adjust more rapidly than large deviation firms. Large free cash flow (FCF) firms adjust more readily than small FCF firms, and fiscal deficit firms modify more rapidly than firms with a financial surplus.

• 한국생활환경학회지
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• 제19권4호
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• pp.479-488
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• 2012

This study investigated the influence of the indoor CO₂concentration level on sleep quality by polysomnography(PSG). One healthy female subject was selected among several subjects based on RI(Risk Indicator) value and BMI(Body Mass Index) value to evaluate judging the risk level of obstructive sleep apnea hypopnea. To get the impact of the indoor carbon dioxide concentration to sleep quality, both CO₂concentration levels were set up using ventilating form with 700~800 ppm and 2000~3000 ppm. Other environments were controlled in the comfortable sleep scope by previous researches. To measure the sleep quality, measurements have carried on polysomnography(PSG). In conclusion, it have shown that high carbon dioxide concentration leads arousal effect about central nervous system and to sustaining dreams and excited condition by bring about REM sleep split phenomenon.

• 한국원자력학회:학술대회논문집
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• 한국원자력학회 1996년도 춘계학술발표회논문집(2)
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• pp.429-434
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• 1996

K-REM［1］, which is under development as a realistic evaluation model of large break LOCA, is applied to the analysis of cold leg guillotine break of Ulchin 3&4. Fuel parameters on which statistical analysis of their effects on the peak cladding temperature (PCT) are made and system parameters on which the concept of limiting value approach (LVA) are applied, are determined from the single parameter sensitivity study. 3 parameters of fuel gap conductance, fuel thermal conductivity and power peaking factor are selected as fuel related ones and 4 parameters of axial power shape, reactor power, decay heat and the gas pressure of safety injection tank (SIT) are selected as plant system related ones. Response surface of PCT is generated from the plant calculation results and on which Monte Carlo sampling is made to get plant application uncertainty which is statistically combined with code uncertainty to produce the 95th percentile PCT. From the break spectrum analysis, blowdown PCT of 1350.23 K and reflood PCT of 1195.56 K are obtained for break discharge coefficients of 0.8 and 0.5, respectively.

• The Journal of Asian Finance, Economics and Business
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• 제9권1호
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• pp.241-248
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• 2022

This study examines changes in income for Vietnam's service labors during COVID-19. A person's income depends on several factors, such as educational level, working area, the number of activities creating jobs, the cost of living, investment, etc. This research was based on a survey of 479 workers in Vietnam's service sector, who were evenly distributed across sectors (tourism and aviation) and workplaces (State and private). Based on the collected data, the REM regression model was used to analyze the factors influencing employee income when COVID-19 took place. The research returns show that the COVID-19 pandemic has had a considerable influence on labor incomes, and there are income disparities that exist between workers by work area and by gender. This study indicates that workers' wages in Vietnam decreased by an average of 12.22 million VND per month after the outbreak of COVID-19. In addition, the results also show that the income of workers after COVID-19 differs depending on their position (the average salary of laborers working in the public sector is about 3.946 million VND higher than the average salary of laborers in the private sector); furthermore, the incomes of workers also vary by gender.

• Asian Journal of Business Environment
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• 제12권1호
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• pp.17-24
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• 2022

Purpose: This study aims to determine the effect of economic agents, such as the amount of government expenditure on the environment, households, manufacturing industry, and shipping activities; on environmental degradation in Indonesia. Research design, data, and methodology: This study is conducted with 264 observations from panel data of 33 provinces during 2010-2017. Environmental degradation is measured by using the environmental quality index collected from Indonesian Ministry of Forestry and Indonesian Central Bureau of Statistics. Three testing models are used to test the panel data, namely Common Effect Model (CEM), Fixed Effect Model (FEM), and Random Effect Model (REM). Results: The research findings show that the amount of government expenditure on the environment, households, and shipping activities have a negative and significant effects on environmental degradation, while the number of manufacturing industry has positive and significant effect on environmental degradation. Unlike the previous studies, the result also shows that government expenditure on environmental has a positive and significant effect on environmental quality index. Conclusion: It can be concluded that even though Indonesian government spent a low budget on environment, their environmental regulation has succeeded both in reducing environmental degradation and increasing the environmental quality as indicated by Indonesian environmental quality index.