• The Journal of Asian Finance, Economics and Business
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• 제7권9호
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• pp.283-291
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• 2020

Although the corporate governance plays a crucial role in protecting shareholder wealth, the effect of corporate governance on cost of debt is unclear. On one hand, the corporate governance reduces asymmetric information between corporate and external investor including debtholder leading to a decreasing in cost of debt financing. On the other hand, bondholders require higher rate of return for an improvement corporate governance. Hence, this study aims to investigate the relationship between the mechanism to improve corporate governance namely board effectiveness and the cost of debt in an emerging market. As we aim to explore the relationship between cost of debt and board effectiveness, we select corporation in Thailand as our sample because the businesses in Thailand are major debt-financing. Hence, our sample include listed firm in Stock Exchange of Thailand between 2007 and 2016. Our main findings support the sub-optimal investment hypothesis in that improved board effectiveness is associated with higher cost of borrowing. In addition, we find that the number of board member-board size, the number of board meeting, and the percentage of non-executive on audit committee play are positively associated with the cost of debt financing. Furthermore, we perform two-stage-least square (2SLS) to ensure that our results are far from endogeneity issue.

• The Journal of Asian Finance, Economics and Business
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• 제7권9호
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• pp.1-10
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• 2020

The purpose of this study is to investigate the relationship between diversification and the performance of commercial banks, while taking into account the ownership status of these banks in Sri Lanka. Two-way relationship between diversification and performance was scrutinised by employing the 2SLS regression technique. The data consists of 17 registered commercial bank in Sri Lanka between 2001-2016. The results show a strong significant bidirectional relationship exists between diversification and bank performance. The performance of Sri Lankan banks has been significantly improved by their diversification attempts. In other words, the banks whose incomes are more diversified from various sources, they are more profitable and successful in long-term. On the other hands, the results also reveal that bank performance positively and significantly affects diversification. This finding suggests that the banks with great profitability are more capable in diversify their operations. Furthermore, private sector banks, both listed and unlisted, are significantly more diversified than their government-owned counterparts, but their performance is not necessarily superior to government-owned banks. This may be the result of the economic environment and the perception of the public, which have allowed the government-owned banks to entertain significant market power over the private sector banks in the country.

• 한국진공학회:학술대회논문집
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• 한국진공학회 2014년도 제46회 동계 정기학술대회 초록집
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• pp.128.2-128.2
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• 2014

Long-wave infrared detectors using the type-II InAs/GaSb strained superlattice (T2SL) material system with the nBn structure were designed and fabricated. The band gap energy of the T2SL material was calculated as a function of the thickness of the InAs and GaSb layers by the Kronig-Penney model. Growth of the barrier material (Al0.2Ga0.8Sb) incorporated Te doping to reduce the dark current. The full width at half maximum (FWHM) of the 1st satellite superlattice peak from the X-ray diffraction was around 45 arc sec. The cutoff wavelength of the fabricated device was ${\sim}10.2{\mu}m$ (0.12eV) at 80 K while under an applied bias of -1.4V. The measured activation energy of the device was ~0.128 eV. The dark current density was shown to be $1.2{\times}10^{-5}A/cm^2$ at 80 K and with a bias -1.4 V. The responsivity was 1.9 A/W at $7.5{\mu}m$ at 80K and with a bias of -1.9V.

• The Journal of Korean Physical Therapy
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• 제29권2호
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• pp.74-79
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• 2017

Purpose: The purpose of this study was to compare the effects of the FES-gait with augmented feedback training to the FES alone on the gait and functional performance in individuals with chronic stroke. Methods: This study used a pretest and posttest randomized control design. The subjects who signed the agreement were randomly divided into 12 experimental groups and 12 control groups. The experimental groups performed two types of augmented feedback training (knowledge of performance and knowledge of results) together with FES, and the control group performed FES on the TA and GM without augmented feedback and then walked for 30 minutes for 40 meters. Both the experimental groups and the control groups received training five times a week for four weeks. Results: The groups that received the FES with augmented feedback training significantly showed a greater improvement in single limb support (SLS) and gait velocity than the groups that received FES alone. In addition, timed up and go (TUG) test and six minute walk test (6MWT) showed a significant improvement in the groups that received FES with augmented feedback compared to the groups that received FES alone. Conclusion: Compared with the existing FES gait training, augmented feedback showed improvements in gait parameters, walking ability, and dynamic balance. The augmented feedback will be an important method that can provide motivation for motor learning to stroke patients.

• 한국표면공학회:학술대회논문집
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• 한국표면공학회 2018년도 춘계학술대회 논문집
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• pp.21-21
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• 2018

다양한 소재(금속, 세라믹, 고분자 소재 등)들이 3차원 형상기반 적층제조법에 적용되고 있는데, 금속 소재를 이용하여 3D 프린팅 법으로 치과용 수복물을 제조하는 연구가 많이 보고되고 있다. 하지만, 티타늄 또는 티타늄 합금 분말을 이용하여 3D 프린팅 법으로 제작한 치과용 보철물에 관한연구 보고는 많지 않다. Kanazawa 등 (2014)은 Ti-6Al-4V 합금분말을 이용하여 SLM법으로 총의치 용 framework를 제작하여 주조법으로 제작한 것과 비교 평가하였고, Mangano 등(2013)은 Ti-6Al-4V 합금분말로 지름이 작은 일체형 (1-piece narrow-diameter) 임플란트를 SLS법으로 제작하여 16명의 환자에게 식립한 다음, 2년간 관찰하였고, Mangano 등 (2014)은 cone-beam computed tomography (CBCT) data를 3D이미지로 변환시켜 DLMS법으로 치근 형상의 임플란트를 제작하여 15명의 환자에게 식립한 다음, 1년간 관찰하였다. 또한 서울대학교 및 연세대학교 치과생체재료과학교실 (2016)에서는 3D 프린팅 법으로 제작한 티타늄 시편과 기계 가공한 티타늄 시편의 물성을 비교하였다. 그러나 티타늄 합금 분말을 이용하여 3D 프린팅 법으로 제작한 치과용 보철물을 실제 임상에 적용하는 단계에서 기존 기계가공 방식으로 제작한 티타늄 보철물과 3D 프린팅 법으로 제작한 티타늄 보철물의 물성과 표면특성을 다양하게 비교 평가하는 것이 필요하여 본 연구에서는 3D 프린팅 법으로 제작한 티타늄 시편과 기계 가공한 티타늄 시편의 물성특성과 표면특성을 비교하여 조사하였다.

• 약학회지
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• 제43권4호
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• pp.447-457
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• 1999

The purpose of this study is to prepare the adhesive type patch containing flurbiprofen, and to demonstrate the feasibility of flurbiprofen administration through the intact skin using adhesive type patch preparation. For this purpose, two pressure sensitive adhesives, Polyisobutylene(PIB) and $Gelva^{\circledR}737$, were selected from the chemical grade of polymers, and the adhesive type patches of flurbiprofen were prepared. The release rate of flurbiprofen from the PIB-based adhesive patch was higher than that from $Gelva^{\circledR}737$ based adhesive patch. The release rate of flurbiprofen from the PIB-based A-type patch with 1.0mm, 1.5mm or 2.0mm thicknesses followed the first order kinetics. In the skin permeation study, using male hairless mouse skin, a monophasic skin permeation profile was observed with 1% flurbiprofen loading dose. The inclusion of palmitic acid or SLS(0.25~0.5%) as an enhancer produced a remarkable enhancement in the skin permeation rate of flurbiprofen, and the percentile ratio of drug and enhancer appeared to be important for the effective enhancement. In the in vivo percutaneous absorption study, the plasma concentration of the optimal formulation was significantly (p<0.01) higher than that of the conventional cataplasma ($Bifen^{\circledR}$). These studies demonstrate a good feasibility of flurbiprofen administration through the intact skin using a transdermal patch, and show a possibility of the development of flurbiprofen patches.

• 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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• 제7권11호
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• pp.647-656
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• 2020

This study empirically examines the effect of ownership structure on bank diversification and risk-taking behavior. The population of this study is based on all commercial banks listed in Bangladesh. Thirty-two conventional commercial banks were randomly selected from thirty-three conventional banks for this study. Data was collected from the annual reports of the concerned banks from 2000 to 2017. To analyze the data, we had applied the two-stage least squares (2SLS) estimator. The results of the analysis show that ownership structure i.e. managerial ownership, institutional ownership, general public ownership, and ownership concentration have a significant negative impact on bank diversification. On the other hand, institutional ownership, managerial ownership, and general public ownership have a significant positive impact on Z-score, and ownership concentration has an insignificant but positive impact on the Z-score of banks in Bangladesh. Therefore, the study opposes the benefits of diversification and promotes ownership structure which is capable of ensuring better financial stability by reducing the probability of risk. The policy-makers especially, Bangladesh banks should evaluate the fact of this study to issue guidelines on corporate governance, bank diversification, and risk-taking behavior of commercial banks.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.675-685
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• 2020

The main purpose of this study is to investigate the potential effect of ownership concentration on the relationship between board composition and bank performance. The study employs a sample of Saudi banks listed on Saudi stock exchange (TADAUWL) over the period from 2011 to 2018. To test the study hypotheses and control for endogeneity issues, the Ordinary Least Square (OLS) and the Two-Stage Least Squares (2SLS) techniques are used. The empirical results reveal a significant negative moderating effect of ownership concentration on the association between board composition and bank performance, which confirms the study argument and supports hypotheses. The results indicate that board composition in terms of independent board members, executive board members, and non-executive board members in banks with higher ownership concentration have a weaker positive influence on bank performance. For control variables, the results are almost consistent with theoretical perspectives and previous empirical evidence. The results of this study have important implications for regulatory authorities, companies, and market participants in Saudi Arabia and countries with high concentrated ownership to understand how ownership concentration could affect corporate governance and firm performance and to identify appropriate actions to protect board composition from the influence of ownership concentration.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.87-94
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• 2020

This study aims to evaluate the effectiveness of sterilization in Vietnam. We estimate a simultaneous equation by using Two-Stage least squares (2SLS) regression analysis. The time-series data was collected for the first quarter of 2004 to the fourth quarter of 2018. In particular, the effectiveness of sterilization is considered in terms of dollarized economy, since making the transition from a centrally planned to a market economy system, the Vietnamese economy has remained in a state of dollarization. In addition, we also assess whether the global financial crisis had an impact on the sterilization effectiveness of the State Bank of Vietnam (SBV). On the basis of the estimated sterilization and offset coefficients, our results suggest that the State Bank of Vietnam (SBV) has not been able to fully neutralize the impact on the domestic money supply when intervening in the foreign exchange market, and the capital inflows respond strongly to changes in domestic monetary conditions. The results also show that the global financial crisis has changed the effectiveness of these sterilization policies. An analysis of this study's empirical findings provides the opportunity to derive some recommendations that may assist in increasing the effectiveness of the State Bank of Vietnam's sterilization policies in the process of accumulating international reserves.