• The Journal of Asian Finance, Economics and Business
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• 제8권10호
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• pp.1-10
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• 2021

This paper attempts to investigate the determinants of capital structure of Vietnamese firms and also shed light on some of the factors of the modern theory of capital structure which is relevant for explaining the capital structure in advanced countries which are also relevant in the context of Vietnam. Using panel data from more than 1000 Vietnamese listed enterprises census 2017-2020, the paper finds that leverage ratio of Vietnamese firms is significantly related to probability. The firms have high level of fixed assets which they use as collateral, resulting in higher debt ratio, which is in line with the pecking order theory. The result also confirm that highly targeted debt ratio is positively correlated with the industry characteristics (using real estate firms as a benchmark), in which firm operates. Furthermore, consistent with the trade-off hypothesis, the leverage ratio is positively affected by non - debt tax shield. The result confirms that a large number of companies are state - owned, will have an insignificant impact of firm's size (as reverse proxy for bankruptcy cost) on leverage ratio. We also find that there is no distinction between state-owned enterprises and private enterprises due to strict adherence to the rules set by the Vietnamese government. Distinct from other countries, corporate income tax has slight impact on capital structure in Vietnamese firms.

• 대한교통학회지
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• 제25권5호
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• pp.183-193
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• 2007

전통적으로 혼잡통행료는 교통시설의 한계사회비용과 한계개인비용의 차이를 혼잡통행료로 부과함으로써 사용자 균형(user equilibrium)상태의 도로망을 체계최적(system optimum)으로 유도하는 한계비용가격(marginal cost pricing) 또는 최적혼잡통행료(first-optimal pricing)이론에 근거를 두고 있다. 이러한 이론을 기초로 본 연구에서는 가변수요를 갖는 다계층 도로이용자를 대상으로 링크 최적혼잡통행료의 이론적 특성을 살펴보고 혼잡통행료 징수에 따른 계층간 그리고 지역간 형평성을 분석하기 위한 방법론을 연구한다. 여기서, 도로이용자가 경험하는 경로통행비용은 시간요소(통행시간)와 화폐요소(혼잡통행료)의 2가지 판단기준으로 구성되고 시간가치에 의해 하나의 단위로 전환(trade off)이 가능하다. 경로 통행비용이 시간단위로 환산될 경우, 최적혼잡통행료는 시간단위 체계최적 조건으로부터 도출될 수 있고 경로통행비용이 화폐단위로 환산될 경우, 최적혼잡통행료는 화폐단위 체계최적 조건으로부터 도출될 수 있다. 따라서 본 연구에서는 이러한 체계최적 조건으로부터 도출된 최적혼잡통행료를 산정하는 모형을 개발하고 이를 통하여 계층간 형평성을 살펴본다.

• 한국정보과학회논문지:소프트웨어및응용
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• 제37권5호
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• pp.411-415
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• 2010

요구사항 충돌은 시스템의 기능의 오작동이나 프로젝트 전체의 실패를 가져올 수 있다. 현재 요구사항 충돌연구는 식별에 치중되어 있고 해결에 관한 연구는 우선순위에 의하여 선택을 하는 것이 대부분이다. 요구사항 충돌을 해결하기 위해 본 논문에서는 TRIZ의 이론을 적용하여 창의적인 아이디어를 제시할 수 있도록 돕는 요구사항 충돌 해결 원리(CRRC)를 제안한다. TRIZ는 모순을 해결하여 아이디어를 내는 데 특화된 이론으로 200만 건 이상의 특허 사례를 바탕으로 만들어졌다. CRRC는 요구사항 충돌을 분류하고 유형에 적합한 TRIZ이론을 소프트웨어에 맞게 적용하였다. 대조 실험 적용 결과 CRRC를 제공하면 다양한 종류의 창의적인 요구사항 충돌 해결 방안을 제시할 수 있었다.

• Journal of Korea Trade
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• 제25권4호
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• pp.108-127
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• 2021

Purpose - On the basis of knowledge transfer theory, we empirically explored how three types of human resource (HR) innovation knowledge exchange within a Chaebol drive the global subsidiary performance of the headquarters (HQ) of a Chaebol's globally affiliated companies. Design/methodology - Using a sample of 176 Korean HQ firms of the top 53 Chaebols and 1,061 of their foreign manufacturing subsidiaries (n = 1,061), we tested the relationship between the exchange of explorative and exploitative sustainable HR innovation knowledge among HQ firms of Chaebols, their subsequent transfer of technical HR knowledge via technical schemas, and the subsequent impact on the global subsidiary performance. Findings - The Chaebols' decisions about the three strategic knowledge management options (i.e., the degree of exchange of explorative and exploitative technological HR innovation knowledge and the extent of HQ-subsidiary HR knowledge transfer) have highly significant relationships with the global subsidiary performance. The results help explains the conditions under which the explorative versus exchange of exploitative sustainable HR innovation knowledge pays off by showing the moderating role of the degree of HQ-to-subsidiary technical HR knowledge transfer, at least in the case of the Chaebol as one representative type of the emerging-market business groups. Originality/value - As the first of its kind in the field of sustainable HR innovation knowledge management at the business group level, the present study makes a clear contribution in demonstrating how the performance of Chaebols' manufacturing subsidiaries depends greatly on their strategy for management of knowledge, as reflected in the choices they make about sharing both explorative and exploitative sustainable HR innovation knowledge among HQ firms and the subsequent transfer of HQ's sustainable HR innovation knowledge to the foreign subsidiaries.

• 한국정보과학회논문지:시스템및이론
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• 제27권3호
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• pp.287-299
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• 2000

본 논문에서는 양방향 토러스 네트워크와 웜홀 라우팅을 사용하는 다중컴퓨터에 대해 멀티캐스트 통신방법을 트리방식, 경로방식, 그리고 두 방식을 조합한 하이브리드방식으로 분류하였다. 경로방식으로는 동적분할 멀티캐스트 라우팅 알고리즘을 제안하였으며, 하이브리드방식으로는 라우팅의 첫 단계로 트리방식을 사용하고 두 번째 단계로는 경로방식을 사용하는 멀티캐스트 라우팅 알고리즘을 제안하여 성능을 분석하였다. 세가지 멀티캐스트 라우팅 알고리즘간의 성능은 메세지 길이에 따른 평균 지연시간을 사용하여 비교하였다. 그리고 웜홀 라우팅에서 플릿 버퍼 크기의 변화에 따른 성능을 가상 컷-스루와 비교 하였으며, 경로방식의 알고리즘을 사용하여 버퍼 크기의 변화에 따른 지연시간을 기준으로 두 스위칭 방식의 성능관계를 분석하였다.

• 제어로봇시스템학회:학술대회논문집
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• 제어로봇시스템학회 1999년도 제14차 학술회의논문집
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• pp.238-243
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• 1999

Minimum-fuel and -time orbit transfer are two major goals of the satellite trajectory optimization. In this paper, we consider satellites in two coplanar elliptic orbits when the apsidal lines coincide, and analytically find the conditions for the two-impulse minimum-time transfer orbit using Lambert's theorem. The transfer time is a decreasing function of a variable related to the transfer orbit's semimajor axis in the minimum-time case. In the minimum-time case, there is no unique minimum-time solution, but there is a limiting solution. However, there exists a unique solution in the case of minimum-fuel transfer, fur which we find analytically the necessary and sufficient conditions. As a special case, we consider when the transfer angle is one hundred and eighty degrees. In this case, we show that we obtain the classical fuel-optimal Hohmann transfer orbit. We also derive the Hohmann transfer rime and delta-velocity equations from more general equations, which are obtained using Lambert's theorem. We note the tradeoff between minimum-time and - fuel transfer. An optimal coplanar orbit maneuver algorithm to trade off the minimum-time goal against the minimum-fuel goal is proposed. Finally, the numerical simulation results are given to demonstrate the derived theory and the algorithm.

• 대한전기학회논문지:시스템및제어부문D
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• 제49권1호
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• pp.18-25
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• 2000

In the two-mass servo system driving a load through a flexible shaft, a shaft torsional vibration is often generated. PI controller has been generally used is speed control of such system because of the simplicity of structure and related theory. This paper presents the inertia ratio of the PI servo control system which can be designed by using optimal pole assignment method is fixed. Therefore, it's difficult to obtain the desired control characteristics for different systems only by PI control algorithm. To solve this problems the two-mass speed control system with PID controller is designed by using pole assignment method and an optimum PID parameters are derived by evaluating ITAE(Integral of time multiplied by the absolute error) performance index. But this design method has some problems due to a trade-off between the fast command following property and the attenuation of disturbances and vibrations. In this paper, 2-DOF PID control method which satisfies the command following property, the reduction of overshoot and the property of disturbance rejection at the same time is proposed. This is a practical speed controller using the desired value filter and the feedforward gain. From several simulations, it's clarified that the proposed 2-DOF PID controller is useful for the two-mass system, in comparison with the conventional PID controller.

• 한국정보과학회논문지:시스템및이론
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• 제26권10호
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• pp.1217-1224
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• 1999

이동 호스트들의 위치 정보를 관리하는 것은 이동 컴퓨터 시스템에서 중요한 문제이다. 이동 호스트가 이동할 때 위치 수정과 위치 탐색간에는 상반관계가 존재한다. 본 논문에서는 위치 서버를 이용한 간단한 quorum 기반 분산 동적 위치 관리 방법을 제안한다. 이 방법에서는 이동 호스트들의 위치 정보가 모든 위치 레지스터가 아닌 위치 레지스터들의 부분집합에서 효율적으로 관리되기 때문에 위치 수정 비용과 위치 탐색 비용이 감소된다. 그리고 위치 레지스터들의 부분집합은 동적으로 변하고, 각 위치 서버의 부하는 이동 호스트에 대한 질의율을 고려하므로 균등해진다. 제안된 알고리즘의 성능은 위치 수정비용과 위치 탐색비용의 전체비용으로 평가되었고, Prakash의 알고리즘과 비교되었다.Abstract Managing location information of mobile hosts is an important issue in mobile computing systems. There is a trade-off between location update and search, when a mobile host moves. This paper proposes a simple quorum-based distributed dynamic location management method using location registers. The cost of location updates and searches is reduced by our method because the location information of mobile hosts is managed efficiently in a subset of location registers instead of in all location registers. In our method, the subset of location registers is dynamically changed, and the load of each location register is balanced by considering query rate for mobile hosts. The performance of proposed algorithm is evaluated in terms of the total cost of a location update and a location search, and is compared with Prakash's algorithm.

• The Journal of Asian Finance, Economics and Business
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• 제6권2호
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• pp.15-24
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• 2019

This study analyzes the effect of the capital structure of Korean manufacturing firms on default risk based on Moody's KMV option pricing model where the probability of default is obtained by measuring the distance to default as a covariant in logit model developed by Merton (1974). Based on the panel data of manufacturing firms, this study achieves its primary objective, using a fixed effect regression model and examines the effect of a firm's capital structure on default risk amongst publicly listed firms on Korea exchange during 2005-2016. Empirical results obtained suggest that the rise in short-term debt to assets leads to increase the risk of default whereas the increase in long-term debt to assets leads to decrease the default risk. The benefits of short-term debt financing over a short-term period fade out in the presence of information asymmetry. However, long-term debt financing overcomes the information asymmetry and enjoys the paybacks of tax advantage associated with long-term debt. Additionally, size, tangibility and interest coverage ratio are also the important determinants of default risk. Findings support the trade-off theory of capital structure and recommend the optimal use of long-term debt in a firm's capital structure.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.71-79
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• 2021

This study investigates the capital structure policy among Indonesian public companies. Previous studies suggest that capital structure policy could follow either static or dynamic behavior. The sample data used in this study was companies in the manufacturing sector, divided into three sub-sectors: the basic and chemical industry, miscellaneous industry, and the consumer goods industry. This study uses panel data from 2010 to 2018, with the Generalized Least Square (GLS) method and compared whether the fixed effect model is better than the common effect model. The results show that the dynamic and non-linear model tests can explain the capital structure determinants than the static and linear models. The dynamic model shows that the capital structure of a certain year is influenced by the capital structure of the previous year. The findings indicate that the company performs some adjustments in its capital structure policy by referring to the previous debt ratio, which implies support to the trade-off theory (TOT). The study also shows that profitability, tangible assets, size, and age explain the variation of capital structure policy. The patterns on the dynamic and non-linear confirm that capital structure runs in a nonlinear pattern, based on the sector, company condition, and the dynamic environment.