• Geomechanics and Engineering
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• v.28 no.5
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• pp.437-454
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• 2022

The hydro-mechanical (HM) two-way sequential coupling in the TOUGH2-FLAC3D linking algorithm is validated completely and successfully in both M to H and H to M directions, which are initiated by mechanical surface loading for geomechanical validation and hydrological groundwater pumping for hydrogeological validation, respectively. For such complete and successful validation, a TOUGH2-FLAC3D linked numerical model is developed first by adopting the TOUGH2-FLAC3D linking algorithm, which uses the two-way (fixed-stress split) sequential coupling scheme and the implicit backward time stepping method. Two geomechanical and two hydrogeological validation problems are then simulated using the linked numerical model together with basic validation strategies and prerequisites. The second geomechanical and second hydrogeological validation problems are also associated with the Mandel effect and the Noordbergum and Rhade effects, respectively, which are three phenomenally well-known but numerically challenging HM effects. Finally, sequentially coupled numerical solutions are compared with either analytical solutions (verification) or fully coupled numerical solutions (benchmarking). In all the four validation problems, they show almost perfect to extremely or very good agreement. In addition, the second geomechanical validation problem clearly displays the Mandel effect and suggests a proper or minimum geometrical ratio of the height to the width for the rectangular domain to maximize agreement between the numerical and analytical solutions. In the meantime, the second hydrogeological validation problem clearly displays the Noordbergum and Rhade effects and implies that the HM two-way sequential coupling scheme used in the linked numerical model is as rigorous as the HM two-way full coupling scheme used in a fully coupled numerical model.

• The Journal of the Korea Contents Association
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• v.21 no.2
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• pp.548-561
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• 2021

Manufacturing is a pillar industry for national economic growth. Analyzing the internal problems of manufacturing enterprises can solve the difficulties faced by manufacturing enterprises and improve the overall performance of manufacturing enterprises.This study selected 1,546 listed manufacturing companies in Shenzhen and Shanghai stock markets from 2009 to 2015, and empirically analyzed the relationship between fixed assets and corporate performance by using the fixed effect model and the two-way fixed effect model.The study finds 1) the scale of fixed assets has a negative effect on corporate performance. 2) the quality of fixed assets has a weak positive relationship with fixed assets. 3) the growth rate of fixed assets impacts corporate performance positively.

• The Journal of Fisheries Business Administration
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• v.51 no.3
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• pp.17-31
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• 2020

The purpose of this study is to identify economic situation on scale of tuna distant longline fishery by analyzing its economies of scale using the cost function. To analyze its economics of scale, the deep-sea fishing statistics were used from 2012 to 2016. In detail, the number of panels for estimating the cost function was 68 tuna distant longline vessels from 2012 to 2016, and the total number of observations over the five years were 340. As a final model, the two-way fixed effect model based on the translog cost function was adopted through the F test, the Breusch-Pagan test and the Hausman test. As a result of the analysis, it was found that tuna distant longline fishery between 2012 and 2014 was diseconomies of scale, the fishery between 2015 and 2016 was economies of scale. However, the economic indicators of the scale from 2012 to 2016 were almost close to zero, indicating that the constant returns to scale, the optimal scale, were reached. Therefore, in the situation where the amount of fishery resources in the world continues to decrease, it is necessary to prepare a method to obtain economic benefits through scale maintenance and reduction rather than indiscriminate scale expansion.

• Ocean and Polar Research
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• v.41 no.1
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• pp.35-46
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• 2019

The purpose of this study is to identify factors influencing fish production of shallow-sea aquaculture in South Korea. This study employed the two-way fixed effect and random effect models based on the panel models and also the difference between GMM and system GMM models based on the dynamic panel models using the amount of fish farming production, the number of stocked fry, the number of cultured fish, the amount of inputted feed, the farming area, the number of workers, and the sales price data from 2010 to 2017. First, the two-way fixed effect model of the panel models was selected by panel characteristics, time characteristics and Hausman tests and also the model was statistically significant. As a result of the two-way fixed effect model, the number of stocked fry, the amount of inputted feed, and the number of workers were identified as factors that increase the fish production of shallow-sea aquaculture. However, the number of cultured fish and the sales price were analyzed as factors that reduce the fish production of shallow-sea aquaculture. Second, the system GMM model of the dynamic panel models was selected by Hansen test and Arellano-Bond test in order to identify whether or not the over-discrimination condition is appropriate. Based on the system GMM model, the number of stocked fry, the amount of inputted feed, the number of workers in this year and 1 year ago, the number of cultured fish 2 years ago, and the sale price 3 years ago were analyzed as factors that increase the fish production of shallow-sea aquaculture. However, the amount of fish farming production 1, 2, 3 years ago, the farming area in this year, and the number of cultured fish in this year and 1 year ago were identified as factors that reduce the fish production of shallow-sea aquaculture. In conclusion, this study suggests that it is desirable to control the amount of stocked fry rather than to expand the farming area for fish farming in shallow-sea aquaculture, so as to keep the sale price at a certain level by maintaining the appropriate amount of fish production.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.10
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• pp.219-228
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• 2021

The study examines the behavior of stock prices after large price changes. It further examines the effect of firm size on stock returns, and the presence of the disposition effect. The study employs the event study methodology using daily price data from Pakistan Stock Exchange (PSX) for the period January 2001 to July 2012. Furthermore, to examine the factors that explain stock price behavior after large price movements, the study employs a two-way fixed-effect model that allows for the analysis of unobservable company and time fixed effects that explain market reversals or continuation. The findings suggest that winners perform better than losers after experiencing large price shocks thus showing a momentum behavior. In addition, the winners remain the winner, while the losers continue to lose more. This suggests that most of the investors in PSX behave rationally. Further, the study finds no evidence of disposition effect in PSX. The investors underreact to new information and the prices continue to move in the direction of initial change. The pooled regression estimates show that firm size is positively related to post-event abnormal returns while the fixed-effect model reveals the presence of unobservable firm-specific and time-specific effects that account for price continuation.

• Korea Real Estate Review
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• v.28 no.3
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• pp.53-64
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• 2018

OECD countries have been stimulating private pensions instead of public pensions because the financial stability of public pensions has been threatened by the aging population. Korea, which has the fastest aging population in the world, has been following the recommended policies of major countries. Unlike major economies, however, most of Korea's household assets are composed of real estate assets. Due to the economic and social importance of real estate assets in Korea, the wealth effect of real estate has been used as a major tool in macroeconomic policy. This study analyzed the effect of real estate value changes on the contribution of private pensions (personal pension + retirement pension). Utilizing a two-way, fixed effect model with the balanced panel data of the National Survey of Tax and Benefit, empirical results presented that the private pension contribution increased by 0.171% when the value of real estate increased by 1%. Thus, real estate value changes were analyzed as positive for retirement preparation through private pension. These results suggested that if the real estate market would shrink in the future, consumption would decrease, and the degree of preparation for retirement might be smaller.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.853-861
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• 2020

The study aims to measure the productivity of the Saudi banking sector at the retail level using secondary data for 11 local banks from the period 2015-2019. The study uses an extended version of the Cobb-Douglas production function to account for the fact that as banks openup more retail branches, they will need to employ more labor. The extended Cobb-Douglas production function was estimated using the two-way fixed effect model to account for unobserved heterogeneity across Saudi banks resulting from differences in labor competencies and leadership style. Besides, the model accounts for unobserved heterogeneity among Saudi banks due to the advancement in electronic services over time. The results showed that labor, branches, customers' deposits, and fixed deposits have a positive effect on the total value of generated loans. Conversely, ATM has an insignificant effect on generated loans. The average scale elasticity shows that the Saudi banks at the retail level are operating under decreasing returns to scale. The average marginal rate of technical substitution shows that Saudi banks need at least one ATM to replace one unit of labor at the retail level while keeping the same level of output.

• Structural Engineering and Mechanics
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• v.69 no.1
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• pp.69-75
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• 2019

The plates made of two materials joined to each other having the different coefficient of thermal expansions are frequently encountered in the industrial applications. The stress analysis of these members under the effect of high-temperature variation has great importance in design. In this study, the stress analysis of the experimental model developed for the problem considered here was performed by the method of photothermoelasticity. The thermal strains were formed by the mechanical way and these were fixed by the strain freezing method. For the stress measurements, the method of slicing is applied which provides three-dimensional stress analysis. The analytical solution in the literature was compared with the related stress distribution obtained from the model. Moreover, the axisymmetric finite element model developed for the problem was solved by ABAQUS and the results obtained here compared with those of the experimental model and the analytical solution. As a result of this study, this experimental method and numerical model can be used for these type of thermal stress problems which have not been comprehensively analyzed yet.

• Asia-Pacific Journal of Business
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• v.12 no.4
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• pp.289-297
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• 2021

Purpose - This study analyzed the correlation between economic liberalization and foreign direct investment. The purpose of this study is to seek ways to attract foreign direct investment from developing countries. Design/methodology/approach - This study analysed with observations of 19 from 2000 to 2018 using a fixed effect model, a random effect model, and a two-way fixed effect model. Findings - First, it was found that economic liberalization had a positive effect on attracting foreign direct investment in the early stages of economic liberalization. Second, it was found that economic liberalization in the deepening stage of economic liberalization had a negative effect on attracting foreign direct investment. In general, it was found that the higher the level of economic liberalization in developing countries is not accompanied by innovative changes in the industrial structure, the higher the level of economic liberalization is likely to decrease the inducement of foreign direct investment due to negative factors such as an increase in labor costs. Overall, this study approved that Economic liberalization have a non-linear (inverted U-shape) relationship with the inflow of foreign direct investment. Research implications or Originality - First, this study attempted to expand the variables for the determinants of FDI by analyzing economic factors which is a determinent of FDI. Second, economic liberalization generally has a positive effect on foreign direct investment, but it proved that it does not have only positive effects as a factor of attracting foreign direct investment in developing countries. The advantage of low wages in ASEAN countries acts as a factor for foreign direct investment, but as the degree of economic liberalization increases, the environment such as government size, guarantee of property rights, international trade freedom, fiscal soundness, and regulations change positively. On the other hand, it can be suggested that if the industrial level is less, it may lead to a loss of comparative advantage and a decrease in investment.

• Korean Journal of Agricultural Science
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• v.41 no.4
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• pp.481-485
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• 2014

According to statistical data the past ten years, cultivation area and yield of radish are steadily decreasing. This phenomenon cause instability of radish's supply due to meteorological chage, even if radish's yield per unit area is increasing by cultivation technological development. These problems raise radish's price. So, we conducted study on meteorological factors for accuracy improvement of radish yield estimation. Panel analysis was used with two-way effect model considering group effect and time effect. As the result, we show that mixed effects model (fixed effect: group, random effects: time) was statistical significance. According to the model, a rise of one degree in the average air temperature on August will decrease radish's yield per unit area by $428kg{\cdot}10a^{-1}$ and that in the average air temperature on October will increase radish's yield per unit area by $438kg{\cdot}10a^{-1}$. The reason is that radish's growth will be easily influenced by meteorological condition of a high temperature on August and by meteorological condition of a low temperature on Octoboer.