• The Journal of Asian Finance, Economics and Business
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• 제7권9호
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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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• 제4권3호
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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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• 제5권4호
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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.

• 무역상무연구
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• 제66권
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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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• 제18권5호
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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.

• 펄프종이기술
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• 제36권2호
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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.

• 한국동물위생학회지
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• 제26권2호
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• pp.185-191
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• 2003

There was a mass outbreak of death caused by transport stress and malnutrition in Japanese macaques imported from Japan at a farm stock in Korea, which were diagnosed on the ground of history taking, clinical finding, hematological examination and necropsy. Twenty eight Japanese macaques imported from Japan died suddenly from the 4th day after arrival in a farm. These animals were confined very small cages individually and lose the appetite for 10 days from shipping. Main clinical findings observed from alive Japanese macaques consisted of hypothermia and dehydration. On hematological observation for typical 4 cases showed increased erythrocytes and packed cell volume. On serum biochemical examination for 3 cases showed hypoglycemia, whereas blood urea nitrogen, aspartate aminotransferase and alanine aminotransferase were increased. On necropsy for 3 cases, hemorrhage and congestion were observed on the lung and the walls of stomach and intestine were thinned. Histologically, hemorrhagic pneumonia and enteritis with loss of villi were seen. The death of these animal was caused by poor management during transport, which was resulted in transport stress and malnutrition.

• 수산해양기술연구
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• 제52권4호
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• pp.386-393
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• 2016

It is essential to provide good environment for juvenile fish to grow and spawn in order to keep reproduction mechanism of fisheries resources. However, harvesting juvenile fish deprives adult fish of the opportunity to reproduce, thereby changing self-regulating renewable resources into non-renewable ones and preventing sustainable harvesting as well as reducing fishers' income. We reviewed the catch status of Korea on juvenile mackerel and analyzed how reducing the catch ratio of juvenile mackerel may affect the spawning stock and Korean fishermen's revenue. In addition, we analyzed the problem of caching juvenile mackerel in Korean fisheries and current efforts to protect and reduce the catch ratio of juvenile mackerel in Korea. Furthermore, we suggested future efforts to protect juvenile mackerel. The result of the study showed that reducing the catch ratio of juvenile mackerel from 44.4% to 30.0% would increase fishers' revenue by 60.6 billion KRW. We suggest the changing of purse seine fishery's catching methods from night operation to day operation, relocation of fishing vessels to move to other fishing grounds when fishing vessels meet high density of juvenile mackerel, and consumers' clever choice of consuming adult mackerel in order to accelerate the move toward protecting juvenile mackerel in Korea.

• 수산해양기술연구
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• 제55권4호
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• pp.363-371
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• 2019

Thousands of demersal fishes inhabit in the waters around Korea and most of them are overexploited. One of reasons is technological development, which increases the efficiency of the vessels continuously. The analysis was conducted to identify the change of fishing power index to develop the vessel and gear technology that may have improved the fishing efficiency of the Danish seine fishery from 1960s to 2010s. Gross tonnage was decreased stably, but the horse power was increased annually. The length of ground rope, warp and hand rope was somewhat longer, but changed a little. Color fish finder was utilized from the mid-1960s and positioning system was used five years later. A hydraulic line hauler were introduced in the mid-1980s, and supply rate was gradually increased. Surveys on the supply and upgrading of fishing equipment utilized visiting researchers. Therefore, the relative fishing power index in the Danish seine fishery increased stably from 1.0 in 1970 to 1.0 in 1980, to 1.2 in 1990, to 1.3 in 2000 and to 1.3 in 2010. The results are expected to contribute to reasonable fisheries stock management.

• 한국주거학회논문집
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• 제27권4호
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• pp.23-32
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• 2016

The necessity of remodeling performance grading system is getting increased for the systematic management of existing housing stock, providing the resident's right to know and promoting the remodeling projects. A quantitative and objective evaluation method that has reflected the characteristics of remodeling must be developed because there is an aspect of having difficulty of assessment by an ordinary person as remodeling performance contains specialized details while the difficulty of applying the criteria of new buildings in terms of assessment items, criteria and methods. Accordingly, this study sets the goal as setting up the development objectives of performance grading system that has considered the remodeling characteristics. This study has analyzed the various assessment systems related to the domestic apartments as well as setting up the organization system of the remodeling performance grading system, perspectives of performance assessment and scope of assessment through literature, etc. It has also established the principles for setting up the assessment items of remodeling performance grade to present the directions for setting up assessment items and criteria.