• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.4
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• pp.163-174
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• 2017

This study analyzed how Korean firms' recapitalization affects their capital structure decision and firm value. Recapitalization was categorized into three groups according to the influence of the debt to equity ratio: debt ratio-increasing-recapitalization(capital reduction with refund, cash dividend), debt ratio-unchanging-recapitalization (capital reduction without refund, retirement of repurchased stocks), and debt ratio-decreasing-recapitalization(exercise the rights for convertible bonds, bond with stock warrants, exchangeable bonds and stock options). This article highlights how the relationship between the firms' recapitalization and the capital structure decision driven by the change in debt to equity ratio through the recapitalization should affect the firm value. The whole recapitalization sample used for this analysis comprised 22,814 enterprises listed on the Korea Exchange that were analyzed over the 16-year period from 2000 to 2015. To summarize the results of this Panel Data Analysis, firstly, when a firm executes debt ratio-increasing-recapitalization and debt ratio-decreasing-recapitalization at the period of t-1, the debt to equity ratio, which is increased or decreased, should affect the firm's debt capacity in the same period, then, at the period of t, the firm establishes a leverage policy to readjust the debt to equity ratio the other way around. These adjustments of debt-paying-ability from the leverage policy, including the capital structure decision, finally affect the firm value. Secondly, when a firm implements the debt ratio-unchanging-recapitalization in the period of t-1, the debt to equity ratio, which is neutral, should not affect the firm's capital structure decision. But, the firm value is positively affected by the influence of that recapitalization. Conclusively, we acknowledge a firm which carries out the recapitalization balances its capital structure to the optimal level of leverage and that the capital structure decision positively affects the corporate value.

• Journal of Korean Tunnelling and Underground Space Association
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• v.20 no.6
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• pp.1125-1146
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• 2018

Segment lining applied to the TBM tunnel is mainly made of concrete, and it requires sufficient structural capacity to resist loads received during the construction and also after the completion. When segment lining is design to the Limit State Design, both Ultimate Limit State (ULS) and Service Limit State (SLS) should be met for the possible load cases that covers both permanent and temporary load cases - such as load applied by TBM. When design segment lining, it is important to check structural capacity at the joints as both temporary and permanent loads are always transferred through the segment joints, and sometimes the load applied to the joint is high enough to damage the segment - so called bursting failure. According to the various design guides from UK (PAS 8810, 2016), compression stress at the joint surface can generate bursting failure of the segment. This is normally from the TBM's jacking force applied at the circumferential joint, and the lining's hoop thrust generated from the permanent loads applied at the radial joint. Therefore, precast concrete segment lining's joints shall be designed to have sufficient structural capacity to resist bursting stresses generated by the TBM's jacking force and by the hoop thrust. In this study, bursting stress at the segment joints are calculated, and the joint's structural capacity was assessed using Leonhardt (1964) and FEM analysis for three different design cases. For those three analysis cases, hoop thrust at the radial joint was calculated with the application of the most widely used limit state design codes Eurocode and AASHTO LRFD (2017). For the circumferential joints bursting design, an assumed TBM jack force was used with considering of the construction tolerance of the segments and the eccentricity of the jack's position. The analysis results show reinforcement is needed as joint bursting stresses exceeds the allowable tensile strength of concrete. This highlights that joint bursting check shall be considered as a mandatory design item in the limit state design of the segment lining.

• The Journal of Korean Academy of Prosthodontics
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• v.61 no.1
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• pp.1-17
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• 2023

Purpose. The purpose of this study was to examine the correlation between the finish line designs and the marginal adaptation of nonprecious metal alloy coping produced by different digital manufacturing methods. Materials and methods. Nonprecious metal alloy copings were made respectively from each master model with three different methods; SLS, milling and casting by computer aided design and computer aided manufacturing (CAD-CAM). Twelve copings were made by each method resulting in 72 copings in total. The measurement was conducted at 40 determined reference points along the circumferential margin with the confocal laser scanning microscope at magnification ×150. Results. Mean values of marginal gap of laser sintered copings were 11.8 ± 7.4 ㎛ for deep chamfer margin and 6.3 ± 3.5 ㎛ for rounded shoulder margin and the difference between them was statistically significant (P < .0001). Mean values of marginal gap of casted copings were 18.8 ± 20.2 ㎛ for deep chamfer margin and 33 ± 20.5 ㎛ for rounded shoulder margin and the difference between them was significant (P = .0004). Conclusion. Within the limitation of this study, the following conclusions were drawn. 1. The variation of finish line design influences the marginal adaptation of laser sintered metal coping and casted metal coping. 2. Laser sintered copings with rounded shoulder margin had better marginal fit than deep chamfer margin. 3. Casted copings with deep chamfer margin had better marginal fit than rounded shoulder margin. 4. According to the manufacturing method, SLS system showed the best marginal fit among three different methods. Casting and milling method followed that in order.

• Korean Chemical Engineering Research
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• v.48 no.5
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• pp.609-614
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• 2010

In this study, emulsion polymerizations for synthesizing acrylic pressure-sensitive adhesive(PSA) were carried out using 2-ethylhexyl acrylate(2-EHA), n-butyl acrylate(n-BA), methyl metacrylate(MMA) as fundamental monomers and acrylic acid(AAc) as a functional monomer in the presence of anionic SLS (sodium lauryl sulfate). To obtain the optimized synthetic condition in the polymerization, we analyzed the polymerization variables such as the effect of surfactant concentration and hydrophilic lipophilic values(HLB). At the same time, the final adhesive properties were also analyzed by the function of the initiator concentration and buffer concentration. In the results, the most stable emulsion was obtained at the surfactant concentrations between 3 and 5 wt%. It was also determined the effect of HLB value of nonionic surfactant and the initiator concentrations on the gel content. Stable emulsion is obtained using the surfactant having HLB value of 12.3. The rate of emulsion polymerization was increased at the initiator concentration greater than 1 wt%, but the stability of the emulsion was decreased. Finally, the effect of the buffer concentrations on the pH and the conversion of the acrylic emulsion product were experimentally measured. At the sodium bicarbonate concentration above 0.4 wt%, the buffer infulence was apparent. The buffer effect was fully acceptable at the concentrations between 0.6 and 0.8 wt% regardless of the monomer composition.

• KDI Journal of Economic Policy
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• v.28 no.2
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• pp.131-177
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• 2006

This paper examines a simultaneous determination of corporate control mechanisms, and its effects on firm performance. The corporate control mechanisms considered include the following; insider shareholding, institutional shareholding, the board of directors, dividend policy, and capital structure. This paper applies a simultaneous equation methodology and investigates the interdependence among the corporate control mechanisms. In the first part, the paper finds that firm-level variations of control mechanisms are large across time although average variations are relatively small. These variations are related to one another, which is confirmed by Granger causality test based on dynamic panel autoregression model. More specifically insider shareholding, institutional shareholding and outside director ratio cause each other. With regard to interdependence among the control mechanisms, 2SLS(two stage least squares) regression results show that insider shareholding and institutional shareholding are substitutes while institutional shareholding acts as complements to the ratio of outside members in the board of directors. Then in the second part, the paper examines the relationship between firm performance and corporate governance. Firm performance, measured by Tobin's Q, has a positive association with leverage ratio while that has a negative relation to outside director ratio. This suggests that there may be a room for reforming corporate governance in Korea. Specifically it is necessary to enhance the independence of the outside directors.

• Journal of Korean Society of Transportation
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• v.19 no.4
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• pp.7-18
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• 2001

This study represents a first attempt in Korea to develop the simultaneous freight supply-demand model which considers the relationship between freight supply and demand. As the existing study was limited in one area, or the supply and the demand was separated and assumed not to affect each other, this study take it into consideration the fact that the demand affects supply and simultaneously vice versa. This approach allows us to diagnose a policy carried on and helps us to make a resonable alternative for the effectiveness of freight transportation system. To find a relationship between them, we use a method of econometrics. a structural equation theory and two stage least-squares(2SLS) estimation technique, to get rid of bias which involves two successive applications of OLS. Based on the domestic freight data, this study consider as explanatory variables a number of population(P), industry(IN), the amount of production of the mining and manufacturing industries(MMI), the rate of the effectiveness of freight capacity(LE) and the distance of an empty carriage operation(VC). This study describes well the simultaneous process of freight supply-demand system in that the increase of VC from the decrease of VC raises the cargo capacity and cargo capacity also augments VC. By the way. it is analyzed that the increment of VC due to the increase of the cargo capacity is larger than the reduction of VC owing to the increase of the quantify of goods. Therefore an alternative policy is needed in a short and long run point of view. That is to say, to promote the effectiveness of the freight transportation system, a short term supply control and a long run logistic infrastructure are urgent based on the restoration of market economy by successive deregulation. So we are able to conclude that gradual deregulation is more desirable to build effective freight market.

• Journal of the Korean Vacuum Society
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• v.22 no.6
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• pp.327-334
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• 2013

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 ($Al_{0.2}Ga_{0.8}Sb$) incorporated Te doping to reduce the dark current. The full width at half maximum (FWHM) of the $1^{st}$ satellite superlattice peak from the X-ray diffraction was around 45 arcsec. The cutoff wavelength of the fabricated device was ${\sim}10.2{\mu}m$ (0.12 eV) at 80 K while under an applied bias of -1.4 V. The measured activation energy of the device was ~0.128 eV. The dark current density was shown to be $1.0{\times}10^{-2}A/cm^2$ at 80 K and with a bias -1.5 V. The responsivity was 0.58 A/W at $7.5{\mu}m$ at 80 K and with a bias of -1.5 V.

• Journal of Pharmaceutical Investigation
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• v.39 no.2
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• pp.97-106
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• 2009

Although lovastatin (LS) is widely used in the treatment of hypercholesterolemia, its bioavailability is known to be around 5%. This study was aimed to increase the solubility and dissolution-permeation rates of LS using solid dispersions (SDs) with bile salts. The solubilities of LS in water, aqueous bile salt solutions and non-aqueous vehicles were determined, and effects of bile salts on the cellulose or duodenal permeation of LS from SDs were evaluated using a horizontal permeation system. SDs were prepared at various ratios of LS to carriers, such as sodium deoxycholate (SDC), sodium glycocholate (SGC) and/or 2-hydroxypropyl-$\beta$-cyclodextrin (HPCD). The addition of bile salts (25 mM) in water increased markedly the solubility of LS by the micellar solubilization. Some non-aqueous vehicles were effective in solubilizing LS. From differential scanning calorimetric studies, it was found that the crystallinity of LS in SDs disappeared, indicating a formation of amorphous state. The SDs showed markedly enhanced dissolution compared with those of their physical mixtures (PMs) and drug alone. In the dissolution-permeation studies using a cellulose membrane, the donor and receptor solutions were maintained as a sink condition using pH 7.0 phosphate buffer containing 0.05% sodium lauryl sulfate (SLS). The flux of LS alone was nearly same as that of LS-SDC-HPCD (1:3:6) PM. However, the flux of LS-SDC-HPCD (1:3:6) SD slightly increased compared with drug alone and PM, suggesting that entrapment of LS in micelles does not significantly hinder the permeation across cellulose membrane. In the dissolution-duodenal permeation studies using a LS-HPCD-SDC (1:3:6) SD, the addition of various bile salts in donor solutions (25 mM) enhanced the permeation of LS markedly, and the fluxes were found to be $0.69{\pm}0.41$, $0.87{\pm}0.51$, $0.84{\pm}0.46$, $0.47{\pm}0.17$ and $0.68{\pm}0.32{\mu}g/cm^2/hr$ for sodium cholate (SC), SDC, SGC, sodium taurodeoxycholate (STDC) and sodium taurocholate (STC), respectively. The stepwise increase of donor SGC concentration increased the flux dose-dependently. From the relationship of donor SGC concentration and flux, the concentration of SGC initiating the permeation across the duodenal mucosa was calculated to be 11.1 mM, which is nearly same as the critical micelle concentration (CMC, 11.6 mM) of SGC. However, with no addition of bile salts and below CMC, the permeation was very limited and irratic, indicating that LS itself is very poor permeable. Higher protions of bile salt in SD such as LS-SDC or LS-SGC (1 : 49 and 1 : 69) showed highly promoted fluxes. In conclusion, SD systems with bile salts, which may form their micelles in intestinal fluids, might be a promising means for providing enhanced dissolution and intestinal permeation of practically insoluble and non-absorbable LS.

• Journal of the Society of Cosmetic Scientists of Korea
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• v.30 no.1
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• pp.79-83
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• 2004

In order to investigate the beneficial effects of parsely (Petroselinurn sativum) extract on skin, we measured the synthesis of total collagen and type I procollagen in cultured normal human fibroblast (NHF), the synthesis of prostaglandin E$_2$(PCE$_2$), interleukin 1 ${\alpha}$(IL -1 ${\alpha}$) and tumor necrosis factor ${\alpha}$ (TNF ${\alpha}$) in HaCaT cell and we also measured dermal thickness and density in hairless mouse (Female albino hairless mice, Skh:hr-1). As the results, the synthesis of total collagen and type I procollagen were increased 23％ and 18％ respectively, after 1 $\mu\textrm{g}$/mL parsley extract treatment. The producions of PGE$_2$ induced by UVB irradiation were decreased 60％ after 1 $\mu\textrm{g}$/mL parsley extract treatment. The treatment with 1 $\mu\textrm{g}$/mL parsley extract also decreased the synthesis of IL -1 ${\alpha}$ and TNF ${\alpha}$ induced by 10 uM RA, 100 $\mu\textrm{g}$/mL SLS and 30 mJ/$\textrm{cm}^2$ UVB irradiation, After 4 days treatment with 1％ parsley extract, the dermal thickness of hairless mouse was increased 1.5 times and the density of dermis was tighter than control. These results indicate that parsley extract have anti-aging and anti-irritation effects on skin.

• Journal of Korea Technology Innovation Society
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• v.18 no.2
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• pp.264-291
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• 2015

This research is to empirically analyze the effects of governmental policy including R&D subsidiary and tax reduction, which are both direct and indirect financial supports, during the examination period (2007~2009). The analysis was based on 2,751 firms that received governmental support via both R&D subsidiary and tax reduction with 7,038 panel events during the economic recession (2008~2009) and found that governmental support drives R&D investment of firms during the recession. The contribution of this research is that investigation of policy effectiveness categorized by firm sizes, particularly during the economic crisis. The result of the study is that during the recession, large firms had more elasticity increase towards tax reduction whereas smaller firms and ventures had it towards direct financial subsidiary. The elasticity increase of both large and small firms was in positive association with firms' R&D investment. The result indicates that government support obviously has positive influence on R&D investment of firms during the crisis, even enforcing the investment.