• 한국벤처창업학회:학술대회논문집
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• 2008.04a
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• pp.115-142
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• 2008

Although more interests are displayed concerning the business opportunities over the technologies developed in government-funded research centers or the universities, overall business performance does not meet the level of investment. As a consequence, it is hotly debated about stock investment for research enterprise and venture founded on the technologies of the government-funded research centers and the need and the required measures for the foundation of technology holding company that provides incubation service. This paper attempts to identify the critical success points in the foundation and the operation of technology holding company by observing the cases of overseas public research centers and to provide the future guide.

• Journal of the Korean Applied Science and Technology
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• v.32 no.1
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• pp.165-169
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• 2015

N-propyl-N,N-dimethylethanolamine was directly ultrasonicated in acidic water for 6 minute to give clear stock solutions. The catalytic hydrolysis of N-propyl-N,N-dimethylethanolamine was studied at $30{\sim}55^{\circ}C$ in the presence of uni-lamellar vesicle and mixture of uni- and multi-lamellar aggregates. The difference of rate between uni- and mixture was observed, where uni-lamellar reaction was more catalytic effect. The phase transition temperature of vesicle was $37{\sim}44^{\circ}C$. The particle size of multi-lamellar than that of uni-lamellar of biological membrane was measured more largely.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.4
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• pp.71-80
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• 2020

The paper examines the influence of corporate governance (CG) and earning quality (EQ) on corporate value (FV) of Vietnamese enterprises. The study uses GLS regression and linear structure model using data collected from companies listing on the stock market in Vietnam during 2008-2018, with a total of 2,937 observations. The research results indicate that EQ and CG represented by the Integrated Board of Directors and the Integrated Supervisory Board have a positive effect on FV directly and indirectly. The results show that the Integrated Board of Directors has a positive effect on EQ, whereas the Integrated Supervisory Board has a negative effect on EQ. Based on the research results, we suggest that companies need to strictly comply and implement GC, so to bring down the agency cost and consequently to increase performance. The companies also should establish the Board of Director of a proper size, with financial and accounting specialty, and including women board members. The government also needs to improve the management mechanism asking for firms to prepare and publish financial statements with reliable company information, which could be provided to users. These recommendations are a useful basis to help businesses improve FV via changes in the corporate governance factors in each enterprise.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.9
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• pp.229-239
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• 2020

This paper examines the impact of gender on access to debt finance among Vietnamese enterprises. The paper investigates data and variables retrieved from the World Bank Enterprise Survey dataset using five Probit models. The regression results suggest that there exist more unfavourable debt financing conditions for women-led firms (WLF), measured as a lower probability of having loan applications fully approved. Firm's age, working sector, and perception of access to finance as a difficulty are found to have explanatory power on the discrimination. More importantly, the perception of debt finance as a difficulty or firms' level of confidence significantly explains the variance of the dependent variable of probability of loan approval, or gender effect would be more pronounced if the firm already has a low level of confidence. The paper also contributes in testing for the gender effect on Vietnamese enterprises from different sectors and scale, unlike other prior research papers focusing on specific sectors and/or small and medium enterprises only. The findings are highly useful for Vietnamese credit institutions to set out a specific business policy to attract more WLFs and help promoting gender equality in the working environment, especially in debt financing, which is often neglected in existing regulation and policy frameworks.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.9
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• pp.85-93
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• 2020

The research objective examines the effect of corporate governance on capital structure and its effect on liquidity policy and corporate performance. It tests the effect of capital structure and liquidity policy on corporate governance. It also examines the effect of liquidity policy on capital structure and the effect of capital structure on liquidity policy. The study population is all manufacturing companies that went public on the Indonesia Stock Exchange in the period 2010-2019. The research population is 182 manufacturing companies. The Judgment Sampling was used and 109 companies meet the research criteria. The study used panel data for ten years so that the amount of data observed was 1090 observations. The analysis tool uses Warp Partial Least Square (WarpPLS). The results showed that corporate governance had a significant positive effect on capital structure, but corporate governance had a significant adverse effect on liquidity policy, and corporate governance had a significant positive effect on corporate performance. Furthermore, capital structure has a significant negative effect on corporate performance, but liquidity policy has no significant effect on corporate performance. Capital structure and liquidity policy are proven to be reciprocally significant positive correlations for manufacturing companies in Indonesia.

• The Journal of Asian Finance, Economics and Business
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• v.4 no.3
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• pp.35-43
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• 2017

This paper explores the impact of corporate control, measured by ownership structure, on top-executives' compensation in Japan. According to agency theory, the pay-performance link is expected to be affected by the firm's ownership structure. Using a sample of 4,411 firm-year observations (401 firms for the 11-years period from 2001 to 2011) for Japanese non-financial firms publicly traded on the first section and second section of the Tokyo Stock Exchange (TSE), this study demonstrates that institutional ownership (both financial and corporate) is negatively related to the level of executives' compensation. Such finding is in line with efficient monitoring hypothesis which claims that the presence of institutional shareholders provides direct monitoring over managers, limits managerial self-dealing and curves the increase in top-executives pay. On the other hand, the results also show that managerial ownership is positively related to their compensation which supports managerial power theory hypothesis, i.e. management-controlled firms are more likely to extract more compensation from the business than other firms. Overall, this study confirms that corporate control has significant impact on cash compensation paid to Japanese top-executives after controlling the conventional pay-performance relationship.

• The Journal of Asian Finance, Economics and Business
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• v.5 no.4
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• pp.127-133
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• 2018

Corporate social responsibility (CSR) is one of the strategies for managing firms' business activities but may have heterogeneity depending on ownership structures. This study investigates the association between group-affiliation and CSR activities. Drawing on a theory from the prior research, this study predicts that group-affiliated firms are less likely to invest on CSR activities. For instance, prior research finds that controlling shareholders expropriate the values of minority shareholders. As one of the motivations of investing on CSR activities is the harmonization among the stakeholders, it leads to the prediction that firms controlled by large shareholders are less likely to engage in CSR activities. Second, group-affiliated firms under poor financial performance benefit from other group members through sharing their financial resources. Thus, there is less incentive for managers of group-affiliated firms to increase their financial performance by conducting CSR. By leveraging firms listed in Korean stock market and CSR score from Korea Economic Justice Institute, the result shows that the group-affiliation is negatively related to CSR activities. The result is consistent in case of applying propensity score-matched sample. Based on the findings of this study, this paper contributes to the related literature by showing the significant association between group-affiliation and CSR decisions.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.66
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• pp.263-284
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• 2015

This study has analyzed the efficiency of 10 leading global shipping companies listed in the New York Stock Exchange from2010 to 2014 in order to find the changes of the productivity of shipping industry. The paper observed the Malmquist Productivity Index by using Efficiency and Productivity Analysis System Version 1.0. The data used in this study is the Guggenheim Shipping ETF mainly including the companies of shipping, management, and shipbuilding areas. The results from this statistical analysis indicate that the 10 selected companies have experienced a severely negative growth in 2010. Nevertheless, these companies have accomplished a significant growth of productivity. In particular, the energy transport companies operating Tanker and LNG ships carried out remarkable growth. The reason why the productivity of liner shipping companies did not show the improvement of productivity for five years was attributed to the fact that the P3(Project 3) or M2(Maersk-MSC) including Maersk, MSC, and CMA-CGM were excluded in this research because of the difficulty of attaining reliable source data. The method of this study could be extended to Korean shipping corporations and other global airlines to investigate a changes of certain industries.

• The Plant Pathology Journal
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• v.18 no.5
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• pp.284-287
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• 2002

The antifungal activity of super reductive water (SRW) against plant pathogenic fungi was examined to extend its application to integrated pest management (IPM) for plant diseases. Diluted solutions ($\times$1/10, $\times$1/25, and $\times$1/50) of SRW inhibited fungal growth of kiwifruit soft rot pathogen, Diaporthe actinidiae, in a concentration dependent manner, When kiwifruits were inoculated on wounds with mycelium blocks, stock and diluted solutions successfully inhibited the disease development. In addition to the high pH of the SRW, fungistatic activity was also considered as the cause of the antifungal effect against the pathogen. Whereas conidial germination of Magnaporthe grisea was not affected by the diluted SRW solutions, appressorium formation was significantly inhibited in a concentration dependent manner, With little harmfulness to human health and environment SRW could be used to control plant pathogenic fungi, particularly appressorium-forming fungal pathogens.

• Journal of Korea Technical Association of The Pulp and Paper Industry
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• v.36 no.2
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• pp.54-59
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• 2004

The methods for the minimization of fresh water consumption, waste water generation and water contamination have been greatly investigated and developed for last ten years. Recently, the rising cost of waste water treatment and the more strict environmental regulation lead to the higher demand of more efficient and systematic methods for process water management. The water reuse technology, which not only reduce the process water needs but also minimize waste water generation within the process, could be one of most efficient way for current demand. In this study, the practical way for reduction of water pollution and optimal reuse or recycle of process water in a newsprint mill was investigated by using a simulation model. The result of computer simulation showed that the COD level of approach system could be reduced by 50% after the stock concentration at the 2nd disc filter was increased upto 30%. The application of WRDF(Wrinkled Rotary Drum Filter) to the newsprint mill was carried out with pilot scale. The process water treated by WRDF had enough cleanliness to substitute the forming fabric shower water with the PDF water, which could result in the 30% reduction in fresh water consumption.