• The Journal of Asian Finance, Economics and Business
• /
• v.6 no.3
• /
• pp.41-53
• /
• 2019

Building a target capital structure is one of the most important decisions in corporate financial management. The purpose of this article is to identify the determinants of capital structure and adjustment mechanism toward the target leverage. The partial adjustment model was applied on a sample of 306 non-financial companies listed on Vietnam stock exchange market during the period of 2008-2017. By the fixed effect model estimation method, the research results have discovered the factors of growth opportunities, firm size, tangible fixed assets and firm's unique characteristics have a positive effect on the target capital structure of enterprises. Besides, profitability and dividend payment have a negative effect on the target capital structure of enterprises. Accordingly, the research results show that the average adjustment speed toward target leverage of the firms is 90.03%. Research results also demonstrate firms have higher or lower debt ratio than the target debt ratio, capital surplus or capital deficit also have an impact on the adjustment rate toward the target capital structure. The research results are consistent with the Dynamic Trade-off Theory. From this result, this article has provided policy implications for non-financial companies listed on Vietnam's stock market in building a reasonable target capital structure according to operating timeline to maximize enterprise value.

• Communications for Statistical Applications and Methods
• /
• v.7 no.3
• /
• pp.773-788
• /
• 2000

Statistical process control (SPC) and engineering process control (EPC) are based on different strategies for processes quality improvement. SPC reduces process variability by detecting and eliminating special causes of process variation. while EPC reduces process variability by adjusting compensatory variables to keep the quality variable close to target. Recently there has been needs for a process control proceduce which combines the tow strategies. This paper considers a combined scheme which simultaneously applies SPC and EPC techniques to reduce the variation of a process. The process model under consideration is an integrated moving average(IMA) process with a step shift. The EPC part of the scheme adjusts the process back to target at every fixed monitoring intervals, which is referred to a repeated adjustment scheme. The SPC part of the scheme uses an exponentially weighted moving average(EWMA) of observed deviation from target to detect special causes. A Markov chain model is developed to relate the scheme's expected cost per unit time to the design parameters of he combined control scheme. The expected cost per unit time is composed of off-target cost, adjustment cost, monitoring cost, and false alarm cost.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.8
• /
• pp.137-148
• /
• 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.

• Communications for Statistical Applications and Methods
• /
• v.7 no.2
• /
• pp.435-446
• /
• 2000

Statistical process control(SPC) and engineering process control(EPC) are two strategies for quality improvement that have been developed independently. EPC seeks to minimize variability by adjusting compensatory variables in order to make the process level close to the target, while SPC seeks to reduce variability by monitoring and eliminating causes of variation. One purpose of this paper is to propose the IMA(0,1,1) model as the in-control process model. For the out-of-control process model we consider two cases; one is the case with a step shift in the level, and the other is the case with a change in the nonstationarity. Another purpose is to suggest the use of an integrated process control procedure with adjustment and monitoring, which can consider the proposed process model effectively. An integrated control procedure will improve the process control activity significantly for cases of the proposed model, when compared to the procedure of using either EPC or SPC, since EPC will keep the process close to the target and SPC will eliminate special causes.

• The Korean Journal of Financial Management
• /
• v.25 no.3
• /
• pp.33-78
• /
• 2008

This paper empirically examines whether firms engage in a dynamic adjustment process toward target capital structure and, whether there is a target capital structure or mean reverting using the partial adjustment model while allowing for costly adjustment. Also we investigate the empirical determinants of optimal target capital structure in long term equilibrium. As a result, our empirical model captures at least several important features of capital structure behavior for Korean listed firms. First, Korean firms pursue target capital structure and also there is mean reverting phenomenon. Second, Non-Chaebol and small firm in adjustment speed is faster than Chaebol and large firm. Third, even capital market restricts the adjustment speed interestingly. Fourth, Korean firms have target behavior according to a degree of observed gap. Fifth, Korean firms close about one-fourth of the gap between their actual and target debt ratios within one year and thence targeting behavior explains far more of the observed changes in capital structure than market timing or pecking order considerations. Sixth, capital market is significant in determining optimal capital structure.

• Management & Information Systems Review
• /
• v.31 no.1
• /
• pp.89-116
• /
• 2012

This paper is an empirical study for the listed manufacturing companies in the Korea Stock Exchange during the sample period(2001-2010). The research is based on the target adjustment model(Shyam-Sunder and Myers(1999)) and the pecking order model(Frank and Goyal(2003)), and is aimed at reflecting the critical viewpoint of Chirinko and Singha(2000). An analysis in the model of Shyam-Sunder and Myers(1999) shows the value is too low to support the pecking order model in view of the following results. A target adjustment coefficient value is between 0 and 1, and is significant variable and explanatory power is very high, while deficit-in-funds coefficients close to 0. In addition, the result of an empirical test following the methodology used by Frank and Goyal(2003) does not support the pecking order theory.

• Journal of the Ergonomics Society of Korea
• /
• v.30 no.6
• /
• pp.757-764
• /
• 2011

Objective: The aim of this study was to provide a method to improve the compliance and reduce the time by reducing the workload during the model change work. Background: The enterprises are constructing the small quantity batch production system by increasing the number of model change and reducing model-changing. However, the compliance is low because the work is strenuous and high skills are needed, so the system management is facing with many difficulties. Method: After classifying the model change work according to the purposes(preparation, change and adjustment) with the target of mascara filling machine, element tasks time were measured and the motion analysis(therblig symbol) and REBA analysis were performed. The study incorporated 3 independent variables as the number of motion, REBA score and the element time. The dependent variable is the type of element work as preparation, change and adjustment. The statistical test was performed by one-way ANOVA(${\alpha}$ < 0.05). Results: For the preparation, the number of motions appeared in the order of Use(U), Transport Loaded(TL), and Position(P). The order appeared in change is Use(U), Release Load(RL), and Grasp (G). The adjustment appeared in the order of Position(P) and Use(U). The results of average motion time as the element work times divided by the number of motion appeared in the order of adjustment(1.85sec/motion), preparation(1.11sec/motion), and change(0.62sec/motion). The results of REBA showed that the average risk level of change and adjustment were medium, but 53.1% of change and 42.9% of adjustment were evaluated as high. Conclusion: Reducing the avoidance and improving the compliance of work could be expected if the job autonomy were improved by improving the working postures with high risk level. Application: It is expected to solve the problem of reducing the time of model change work in the small quantity batch production system. The future work is to carry out the improvement directions found in the results and compare the results after improvement.

• Journal of the Korean Society of Surveying, Geodesy, Photogrammetry and Cartography
• /
• v.31 no.2
• /
• pp.173-180
• /
• 2013

In this paper, we studied on measurement of soil deformation around the tip of model pile by close-range photogrammetry. The rigorous bundle adjustment method was utilized to monitor the soil deformation in the laboratory model pile-load test as function of incremental penetration of the pile. Control points were installed on the frame of the laboratory model box case and more than 150 target points were inserted inside the soil around the model pile and on the surface. Four overlapping images including three horizontal and one vertical image were acquired by a non-metric camera for each penetration step. The images were processed to automatically locate the control and target points in the images for the self-calibration and the bundle adjustment. During the bundle adjustment, the refraction index of the acrylic case of the laboratory model was accounted for accurate measurement. The experiment showed the proposed approach enabled the automated photogrammetric monitoring of soil deformation around the tip of model pile.

• Child Health Nursing Research
• /
• v.25 no.3
• /
• pp.290-302
• /
• 2019

Purpose: This study aimed to identify the attributes of social adjustment among adolescent cancer survivors using concept analysis and to propose a definition of the concept. Methods: In accordance with the hybrid model of concept analysis, this study employed a three-phase circular process comprising theoretical, fieldwork, and final analysis phases. A thorough literature review was conducted using MEDLINE, Embase, and Korean databases, followed by qualitative fieldwork with seven participants. The results derived from the theoretical and fieldwork phases were integrated into the final analysis phase. Results: Four attributes of social adjustment were found in adolescent cancer survivors: having harmonious relationships with friends, having harmonious relationships with boy/girlfriends, fulfilling their present roles, and planning for and expecting future roles. The following definition of social adjustment of adolescent cancer survivors is proposed: "the conquering of difficulties arising from the continuum of childhood cancer and the achievement of the developmental tasks of typical adolescents." Conclusion: Social adjustment of childhood cancer survivors is crucial for integrating them into society. The findings of this study provide a basis for developing an instrument to measure the social adjustment of adolescent cancer survivors and for developing of interventions that target this group.

• Transactions of the Korean Society of Machine Tool Engineers
• /
• v.16 no.1
• /
• pp.92-97
• /
• 2007

This study was carried out to minimize the lifting force and to design the slim sized frame of a height adjustment mechanism. This unit is designed for the display devices in order to enhance the ergonomics for effective height adjustment as well as to achieve much slimmer frame for the pedestal. A tolerance analysis of 6 sigma was applied to achieve smooth lift at design stage not to change the tolerance specification of gap several times in a roller type of lifting mechanism at mass production stage. The specification of minimum gap and the target of production yield ratio were agreed with a quality team before tooling. A DFSS simulation on drawings had been done with reasonable tolerance and achievable standard deviation(${\sigma}$) several times until the target specification of gap and yield ratio was met. Once tolerance and deviation(${\sigma}$) were fixed tooling start was done successfully. A CAE method was applied to achieve a slim design. Design parameters were frozen when those parameters matched the reference strength data of standard model. Through those tolerance analysis and CAE simulation the number of tool modification was reduced and production yield ratio was raised up without arguing quality specification at production stage in the end.