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The Impact of Debt on Corporate Profitability: Evidence from Vietnam

  • NGO, Van Toan;TRAM, Thi Xuan Huong;VU, Ba Thanh
    • The Journal of Asian Finance, Economics and Business
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    • v.7 no.11
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    • pp.835-842
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    • 2020
  • The study aims to investigate the impact of debt on corporate profitability in the context of Vietnam. The paper investigates the impact of debt on corporate profitability in non-finance listed companies on the Vietnam stock market. The panel data of the research sample includes 118 non-financial listed companies on the Vietnam stock market for a period of nine years, from 2009 to 2017. The Generalized Method of Moments (GMM) is employed to address econometric issues and to improve the accuracy of the regression coefficients. In this research, corporate profitability is measured as the return of EBIT on total assets. The debt ratio is a ratio that indicates the proportion of a company's debt to its total assets. Firm sizes, tangible assets, growth rate, and taxes are control variables in the study. The empirical results show that debt has a statistically significant negative effect on corporate profitability. The result also shows this effect is stronger in a non-linear (concave) way, we show that the debt ratio has nonlinear effects on corporate profitability. From this, experimental evidence shows that the optimal debt ratio is 38.87%. This evidence provides a new insight to managers of the non-finance companies on how to improve the firm's profitability with debt.

Erasure of Memory and Theory of Modern Architecture (이성주의의 기억말소와 비올레 르 ??의 근대건축이론)

  • Kang, Tae-Woong
    • Journal of architectural history
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    • v.15 no.4
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    • pp.23-36
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    • 2006
  • Since he was a leading figure in nineteenth century architecture, Viollet-le-Duc's architectural theory is crucial to the foundation of modern architecture. He has been called a Gothic Revivalist, a Structural Rationalist and a Positivist. The first title was perhaps due to his vigorous restoration of Gothic works such as $N\hat{o}tre$ Dame, but he did not adore the Gothic style just for itself. Rather, he hoped to deduce some principles from the style. So how did he manage this? In his book "Entretiens sur l'Architecture (Lectures on Architecture), published between 1864 and 1872, he mentions using Descartes' four rules for reaching architectural certainty in contrast with the chaotic situation during that modernising period. Furthermore Viollet-le-Duc's theory can be seen as a serious attempt to translates Descartes' philosophical rules into systems of architectural speculation. Descartes' four rules of doubt are anchored in mathematical propositions, and without mathematical distinctions, none of these rules are valid. In other word, mathematics for Viollet is the yardstick of judgement between distinctness and indistinctness. Many architectural problems arise from this view. In this paper, the validities of applying Descartes' method of doubt to architectural discourse will be discussed in order to address the question:-Did Viollet-le-Duc clearly grasp Cartesian method by which memory was erased from the world?

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A Study on account and authority management method of IOT system (IOT 체계의 계정 및 권한관리 방법에 대한 연구)

  • Kim, Min-Hwi;Kim, Young-kil
    • Proceedings of the Korean Institute of Information and Commucation Sciences Conference
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    • 2017.05a
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    • pp.225-228
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    • 2017
  • In this paper, we propose a methodology to deal with the IOT system gradually as the use of effective systems such as electronic devices, healthcare, smart cars, smart home, remote meter reading and telemedicine closely related to our real life in the IOT system An IOT integrated account solution is needed as a way to address these needs as the demand grows for the need to identify and manage how users access and use the system for what period of time and at what point in time. We propose the communication algorithms for endpoint system, IOT system management rights policy, user information, and how to apply them to IOT system smart car and smart home on each object internet.

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Formation of Industrial Heritage Complex focusing on Incheon Rice Mill Industry (인천 정미업을 중심으로 한 산업유산군의 형성에 관한 연구)

  • Nam, Jee-Hyun;Jang, Hoi-Suk
    • Journal of architectural history
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    • v.23 no.2
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    • pp.7-24
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    • 2014
  • The purpose of this research is to clarify the valuable industrial heritages of rice mill industry complex remained in Incheon. In order to clarify the formation of integrated historical setting of rice mill industry of Incheon, we analyzed the old map of Incheon's old Jemulpo area and data on address, locations and happenings surrounding rice mill factories and relevant facilities. From here, we could find out the 4 representative rice mill industry area of integrated historical setting and 2 other supporting service area for rice mill industry in old city center of Incheon. Specifically, we could figure out the incremental stages to establish the rice mill industry in Incheon. In the first stage, the rice mill factories were established near foreign settlement area where trading offices and warehouses were equipped. And the second stage reflect the needs of expanding area for Japanese capitalism with the new landfill area. In the final stage, Korean rice mill owners established the korean laborers community near Korean residential area. This formation of integrated historical setting reflecting Incheon's rice mill industry is the identical industrial heritages and urban structures to show the tension and conflict between Japanese and Korean laborers' life in the Japanese Colonial Period.

High Performance AC-PDP Sustain Driver with Low switching Loss (낮은 스위칭 손실을 가지는 고성능 AC-PDP 구동 회로에 관한 연구)

  • Kang, Feel-Soon;Park, Sung-Jun;Park, Han-Woong;Kim, Cheul-U
    • Proceedings of the Korean Institute of Electrical and Electronic Material Engineers Conference
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    • 2002.05a
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    • pp.50-56
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    • 2002
  • When the plasma panel is used as a display, frequent discharging are made to occur by alternatively charging each side of the panel to a critical voltage, which causes repeated gas discharges to occur. In this paper, an efficient sustain driver is proposed to achieve a faster rise-time in order to be suitable to widely used ADS driving method. The proposed circuit increases an operational margin up to 20 % compared with conventional approaches improving the recovery efficiency regardless of the variation of panel capacitance. Thanks to the increased operational margin, the brightness decrease problem can be solved without a limitation to sustain pulse width. The principle of operation, and features are illustrated, and verified on a 7.5 inch diagonal panel at 200 kHz operating frequency - based on experimental prototype.

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Development of a Web-based Schedule Tool Using Flash (플래시를 이용한 웹기반 일정관리 도구 개발)

  • Jang, Myung-Houn
    • Journal of the Korea Institute of Building Construction
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    • v.10 no.2
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    • pp.51-57
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    • 2010
  • Schedule management of construction work is important in order to complete construction projects within a given period of time. As activities increase and relations become more complex, schedule management software becomes increasingly necessary. To address this, attempts are being made to incorporate web-based ICT (information and communications technology) in construction project management. This research proposed a method to manage construction schedules via web pages using Flash. The interactive and graphic property of Flash enables a field manager to manage schedules easily and efficiently. A prototype was implemented using Flash and Action Script, and it was applied to a sample network in a web page.

Lived Experiences of Life World for Adolescents with Epilepsy (청소년 간질 환자의 생활세계 경험)

  • Park, Yeong-Sook;Jeong, Eun-Nam;Yang, Jin-Hyang
    • Journal of Korean Academy of Fundamentals of Nursing
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    • v.18 no.1
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    • pp.6-18
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    • 2011
  • Purpose: This study was done to explore the meaning and nature of life world for adolescents with epilepsy. The hermeneutic phenomenological method which was developed by van Manen was used. Methods: Participants were four boys and five girls, ages 13 to 18 being seen in a neurology outpatient department. Data were collected from iterative work with in-depth interviews from during the period from February to September, 2010. Contents of the interviews were tape-recorded with participant consent. Results: Essential themes that fit into the context of the 4 existential grounds of body, time, space and other people were: an illness that makes a hurt in one's heart rather than one's body, a change in the body that is not controllable, a future like thick fog, everyday life trapped in illness, a change of relationships, learning how to live with an illness. Conclusion: Findings reveal the life world of the adolescents is affected to varying degrees by the epilepsy. It is important for nurses to identify and address developmental issues and effects of the illness and to support reorientation in a disintegrated life situation. The result of this study will provide nurses with insights into these experiences and should help promote empathetic care.

PRESENT AND FUTURE DEVELOPMENTS OF PORTS IN ASIA AND THE PACIFIC

  • Ha, Dong-Woo
    • Journal of Korea Port Economic Association
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    • v.18 no.2
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    • pp.27-45
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    • 2002
  • The continuing pace of technological change and the trend toward larger and faster ships is evident as shipping lines compete in seeking economies of scale in the global market and ports. become increasingly reliant on sophisticated equipment. Across the Asia and Pacific region some of the worlds most modern container ships are calling at an extensive network of mainline and feeder ports. This paper shows that during the period from 1999 to 2011, Asian container trade is expected to continue to increase more rapidly than the world average, i.e., 7.2 per cent per annum compared with the world average of 6.3 per cent. It is forecast that the total volumes of international containers handled at the ports in Asia and the Pacific will increase at an average growth rate of 7,2 per cent per annum. In order to handle the anticipated port container traffic in 2011, new container berths are required in nearly every country in the Asia and the Pacific region. This will entail very significant capital investment requirements. If countries in the UNESCAP region are to position their ports to meet the challenges of the next decade, there is an urgent need to implement more robust strategies to address important issues including prioritisation of port development projects, promotion of private sector participation in ports, emphasis on productivity and preparation for intermodal integration and logistics growth.

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Real Exchange Rate Misalignment in Pakistan: An Application of Regime Switching Model

  • FIAZ, Asma;KHURSHID, Nabila;SATTI, Ahsan;MALIK, Muhammad Shuaib;MALIK, Wasim shahid
    • The Journal of Asian Finance, Economics and Business
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    • v.8 no.12
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    • pp.63-73
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    • 2021
  • This study investigates the key determinants of exchange rate (RER) misalignment for the period 1991 to 2020. The BEER technique has been used to estimate the degree of the equilibrium exchange rate. To explore the actual exchange rate misalignment and to assess the behavior of variables that are different in different regimes of undervaluation and overvaluation, the nonlinear technique of Markov regime-switching (MSM) was applied. The mean and variance of each regime are highly significant and show that undervaluation episodes have a low mean (116.139) and more volatility (1.229) while overvaluation episodes have a high mean (126.732) with less volatility (0.871). The findings show that MSM accurately identifies exchange rate misalignment in both regimes as separate incidents of overvaluation and undervaluation. Results further depict that misalignment of the RER is affected by terms of trade, net foreign assets, interest differential, government investment, and consumption decision. Results recommend that if policymakers want to use the exchange rate as a policy tool, they must first consider the drivers of the equilibrium exchange rate. As a result, any deliberate actions to address exchange rate misalignment must focus on the underlying fundamentals that drive the exchange rate.

An indoor fusion positioning algorithm of Bluetooth and PDR based on particle filter with dynamic adjustment of weights calculation strategy

  • Qian, Lingwu;Yuan, Bingjie
    • KSII Transactions on Internet and Information Systems (TIIS)
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    • v.15 no.10
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    • pp.3534-3553
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    • 2021
  • The low cost of Bluetooth technology has led to its wide usage in indoor positioning. However, some inherent shortcomings of Bluetooth technology have limited its further development in indoor positioning, such as the unstable positioning state caused by the fluctuation of Received Signal Strength Indicator (RSSI) and the low transmission frequency accompanied by a poor real-time performance in positioning and tracking moving targets. To address these problems, an indoor fusion positioning algorithm of Bluetooth technology and pedestrian dead reckoning (PDR) based on a particle filter with dynamic adjustment of weights calculation strategy (BPDW) will be proposed. First, an orderly statistical filter (OSF) sorts the RSSI values of a period and then eliminates outliers to obtain relatively stable RSSI values. Next, the Group-based Trilateration algorithm (GTP) enhances positioning accuracy. Finally, the particle filter algorithm with dynamic adjustment of weight calculation strategy fuses the results of Bluetooth positing and PDR to improve the performance of positioning moving targets. To evaluate the performance of BPDW, we compared BPDW with other representative indoor positioning algorithms, including fingerprint positioning, trilateral positioning (TP), multilateral positioning (MP), Kalman filter, and strong tracking filter. The results showed that BPDW has the best positioning performance on static and moving targets in simulation and actual scenes.