• 제목/요약/키워드: agency problem

검색결과 1,059건 처리시간 0.029초

Family Ownership and Firm Value : Perspective to Related-party Transaction and Wealth Transfer

  • Kim, Dong-Wook;Kim, Byoung-Gon;Youn, Myoung-Kil
    • 유통과학연구
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    • 제15권4호
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    • pp.5-13
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    • 2017
  • Purpose - This research analyzes the effects of Korean family ownership characteristics on firm value. The positive and negative effects of family ownership on Korean firm value were analyzed. If negative effects are evident, this research explores the factors that cause a decrease in firm value. Research design, data, and methodology - The study examined a total of 5,743 companies listed on the Korea Exchange from the period 2002 to 2012 using a panel data regression analysis. Result - An empirical analysis suggests that Korean family ownership diminishes firm value. Korean family firm value has been reduced when controlling shareholders are participated in management and pursue excessive wages, or make the management entrenchment effects associated with ownership-control disparity. When the controlling shareholders of family firms have increasing control rights over the shareholders' general meeting and the directors' board, the agency costs associated with seeking increasing executive wages or private benefits reduce firm value. Conclusions - This study has significance because it reveals the negative effect of family ownership in Korea on firm value. These negative effects can be the result of agency problems from controlling family shareholders seeking excessive wages or ownership-control disparity.

서울시 일부 가정주부들의 가정간병인제도 및 간병교육에 대한 수용태도에 관한 연구 (Study on the Attitude to Home Attendants System and Home Nursing Education of the Housewives in the City)

  • 김기정;장임원
    • Journal of Preventive Medicine and Public Health
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    • 제21권2호
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    • pp.380-389
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    • 1988
  • This study was conducted in order to find out the attitude of housewives toward the home attendants system, the type of institute managing home attendants, the education for home attendants, the basic requisites for home attendants, and home nursing education, and identify the factors influencing on the housewives's attitude. The data were collected through questionnaires obtained from 401 housewives from March 1 to March 31, 1988. The results summarized were as follows; 1) 90.2 percent of total housewives favored the home attendants system, and housewives who had have their family member with health problem especially showed favorable response. 2) The favored types of institution managing home attendants appeared to be private social work agency(33.0%), half-private and half-public agency(32.2%), government agency(19.9%) and profit agency (2.2%). In particular, housewives who had experienced nursing favored half-private and half-public ageney (37.6%). 3) As the basic requisites for home attendants, housewives wanted service attitude(37.2%), nursing education(34.4%) and nursing experience(28.4%). But, housewives with nursing experience favored nursing education rather than service attitude. 4) 91.1% of total housewives favored the home nursing education. In particular, housewives of high education level and nursing experience showed more favorable response to the home nursing education.

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스파이크가 부착된 유도탄의 공력 가열 해석 (Aerodynamic Heating Analysis of Spike-Nosed Missile)

  • 정석영;윤성준;변우식;안창수
    • 한국군사과학기술학회지
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    • 제7권3호
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    • pp.21-29
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    • 2004
  • Numerical analysis of aerodynamic heating for KPSAM is performed using aerodynamic heating model suitable to KPSAM, which has complex flow field resulting from the spike attached to the dome, such as large separation area and the strong shock/boundary layer interaction region around reattachment point on the dome. The aerodynamic heating model is validated and modified through the comparison between the flight test measurement and the thermal analysis results. TFD temperature sensors are installed on the dome to measure surface temperature during the flight. Computation results, obtained from the heat transfer analysis on the sensors, agree well with flight test data. The aerodynamic heating model provides heat transfer rate into surface as a boundary condition of unsteady 1D/axisymmetric thermal analysis on the missile structure. The axisymmetric thermal analysis using FLUENT is more versatile than the 1D analysis and can be applied to the heating problem related with complex structures and multi-dimensional heat transfer problems such as prediction of temperature rise at contact surface of different materials.

Translucent Cryptography의 취약점 개선 (The Improvement of Translucent Cryptography)

  • 김종희;이필중
    • 한국통신학회논문지
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    • 제27권12C호
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    • pp.1276-1281
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    • 2002
  • 키 복구 시스템의 대안으로 Bellare와 Rivest가 translucent cryptography의 개념을 소개하였다. Translucent cryptography란 사용자간의 암호 통신을 제3자가 확률 p(0$\leq$p$\leq$1)로 복구할 수 있는 시스템이다. 이 시스템에서는 사용자의 비공개키를 사전에 위탁할 필요가 없으며, p의 값을 조정함으로써 사용자와 복구 기관 사이의 균형을 조정할 수 있다. 예를 들어, p의 값을 0.4로 한다면 복구 기관은 사용자간의 암호 메시지 100개 중 40개를 복구할 수 있게 된다. 본 논문에서는 translucent cryptography에서 사용자가 손쉽게 복구 기관을 속여 복구 기관이 p의 확률만큼 복호화할 수 없는 문제점을 지적하고, 이에 대한 개선책을 제안한다.

복합화약의 비선형 점탄성 특성 연구 (A Study on the Nonlinear Viscoelastic Properties of PBXs)

  • 심정섭;김현수;이근득;김정국
    • 한국군사과학기술학회지
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    • 제7권2호
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    • pp.100-108
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    • 2004
  • Nitramine-polymer composites suffer from a problem known as dewetting. Dewetting adversely affects the performance and the sensitivity characteristics of an explosive composition. Voids, which are generated between explosive particles and binder on dewetting, act as initiation sites. For a PBXs as well as propellants, where good adhesion and mechanical properties are of great importance, dewetting therefore must be prevented by strong adhesion between the filler and the binder. The surface energy of materials is measured by Wilhelmy plate and wicking method. The interfacial energy between the filler and the binder is calculated from the disperse phase and the polar phase of surface energy. Time dependent compressive properties of composite explosives have been determined by stress-strain curves obtained at different strain rates and temperatures. The interfacial state of the PBX was observed through SEM. It was found from the result that the interface between the explosive and the binder becomes better adhesion with decreasing interfacial tension and increasing work of adhesion. The result clearly shows that the castable PBX has good adhesion more than the pressable PBX.

촉매 지지용 다층 컵 구조를 이용한 메탄올 수증기 개질 반응 연구 (Methanol Steam Reforming Using Multilayer Cup Structure for Catalyst Support)

  • 지현진;이정훈;최은영;양성호
    • 한국수소및신에너지학회논문집
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    • 제31권2호
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    • pp.202-209
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    • 2020
  • In methanol steam reforming, commercial catalysts in the form of pellets are mainly used, but there are limitations to directly apply them to underwater weapon systems that require shock resistance and heat transfer characteristics. In this study, to overcome this problem, a multi-layer cup structure (MLCS) was applied to support a pellet type catalyst. The characteristics of pellet catalyst supported by MLCS and the pellet catalyst supported by conventional structure (CS) were compared by the reforming experiment. In the case of MLCS, a high methanol conversion rate was shown in the temperature range 200 to 300℃ relative to the CS manufactured with the same catalyst weight as MLCS. CS shown similar characteristics to MLCS when it manufactured in the same volume as MLCS by adding an additional 67% of the catalyst. In conclusions, MLCS can not only reduce catalyst usage by improving heat transfer characteristics, but also support pellet catalyst in multiple layers, thus improving shock resistance characteristics.

창원시 수소버스 운행에 따른 수소소비 현황 및 보급 활성화 방안 (Current Status of Hydrogen Consumption and Promotion Plan for the Deployment of Fuel Cell Bus in Changwon City)

  • 강부민;강영택;김민우;이상현;박민주;정창훈;정대운
    • 한국수소및신에너지학회논문집
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    • 제30권6호
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    • pp.479-484
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    • 2019
  • Environmental problems were related to human life from second industrial revolution. Recently, peoples are interested in solving global warming problem and improving air quality. Therefore, we request for eco-friendly vehicles such as fuel cell electric vehicles using eco-friendly hydrogen energy. In order to reduce particulate matter in Korea, we have established a plan to promote the deployment of eco-friendly vehicles. In this paper, we analyzed the average monthly charging status and hydrogen consumption by introducing fuel cell bus.

연속 웨이브렛 변환 및 데몬 신호처리를 이용한 캐비테이션 소음 검출 방법 (Cavitation Noise Detection Method using Continuous Wavelet Transform and DEMON Signal Processing)

  • 이희창;김태형;손권;이필호
    • 한국군사과학기술학회지
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    • 제20권4호
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    • pp.505-513
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    • 2017
  • Cavitation is a phenomenon caused by vapour cavities that is produced in rapid pressure changes. When the cavitation happened, the sound pressure level of a underwater radiated noise is increased rapidly. As a result, it can increase the probability of the identification or classification of a our warship's acoustic signature by an enemy ship. However, there is a problem that it is hard to precisely detect the occurrence of a cavitation noise. Therefore, this paper presents recent improvements in terms of the cavitation noise measurement by using continuous wavelet transform and DEMON(Detection of Envelope Modulation on Noise) signal processing. Then, we present that the suggested scheme is more suitable for detecting the cavitation than existing algorithms.

차원축소 없는 채널집중 네트워크를 이용한 SAR 변형표적 식별 (SAR Recognition of Target Variants Using Channel Attention Network without Dimensionality Reduction)

  • 박지훈;최여름;채대영;임호
    • 한국군사과학기술학회지
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    • 제25권3호
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    • pp.219-230
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    • 2022
  • In implementing a robust automatic target recognition(ATR) system with synthetic aperture radar(SAR) imagery, one of the most important issues is accurate classification of target variants, which are the same targets with different serial numbers, configurations and versions, etc. In this paper, a deep learning network with channel attention modules is proposed to cope with the recognition problem for target variants based on the previous research findings that the channel attention mechanism selectively emphasizes the useful features for target recognition. Different from other existing attention methods, this paper employs the channel attention modules without dimensionality reduction along the channel direction from which direct correspondence between feature map channels can be preserved and the features valuable for recognizing SAR target variants can be effectively derived. Experiments with the public benchmark dataset demonstrate that the proposed scheme is superior to the network with other existing channel attention modules.

타부 리스트가 결합된 유전자 알고리즘을 이용한 트리형 네트워크의 경제적 설계 (Economic Design of Tree Network Using Tabu List Coupled Genetic Algorithms)

  • 이성환;이한진;염창선
    • 산업경영시스템학회지
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    • 제35권1호
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    • pp.10-15
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    • 2012
  • This paper considers an economic design problem of a tree-based network which is a kind of computer network. This problem can be modeling to be an objective function to minimize installation costs, on the constraints of spanning tree and maximum traffic capacity of sub tree. This problem is known to be NP-hard. To efficiently solve the problem, a tabu list coupled genetic algorithm approach is proposed. Two illustrative examples are used to explain and test the proposed approach. Experimental results show evidence that the proposed approach performs more efficiently for finding a good solution or near optimal solution in comparison with a genetic algorithm approach.