• Journal of Distribution Science
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• v.12 no.10
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• pp.75-84
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• 2014

Purpose - This article aims to examine whether the stock issuance of firms in the retail industry follows Myers' (1984) pecking order theory, which is based on information asymmetry. According to the pecking order model, firms have a sequence of financing decisions, of which the first choice is to use retained earnings, the second one is to get into safe debt, the next involves risky debt, and the last involves finance with outside equity. Since the 2000s, the polarization of the LEs (Large enterprises) and SMEs (Small and Medium Enterprises) arose in the retail industry. The LEs exhibited an improvement in growth and profitability, whereas SMEs had a tendency to degenerate. This study contributes to corroborating the features of financing decisions in the retail industry distinguished from the other industries. Research design, data, and methodology - This study considers the stocks listed on the KOSPI and KOSDAQ markets from 1991 to 2013, and is more concentrated on the stocks in the retail industry. The data were collected from the financial information company, WISEfn. The empirical analysis is conducted by employing two measures of net equity issues (and), which were introduced in Fama and French (2005), and can be calculated from firms' accounting information. All variables are generated as the aggregate value of the numerator divided by aggregate assets, which, in effect, treats the entire sample as a single firm. Substantially, the financing decisions of the firms were analyzed by examining how often and under what circumstances firms issue and repurchase equity. Then, this study compares the features of the retail industry with those of the other industries. Results - The proportion of sample firms that show annual net stock issues reaching the level of the year's average was 54.33% for the 1990s, and fell to 39.93% per year for the 2000s. In detail, the fraction of the small firms actually increases from 45.08% to 51.04%, whereas that of large firms shows a dramatic decline from 58.94% to 24.76%. Considering the fact that the large firms' rapid increase in growth after the 2000s may lead to an increase in equity issues, this result is rather surprising. Meanwhile, net stock repurchases of assets are considerably disproportionate between the large (-50.11%) and the small firms (-15.66%) for the 2000s. Conclusions - Stock issuance of retail firms is not in line with the traditional seasoned equity offering based on information asymmetry. The net stock issuance of the small firms in the retail industry can be interpreted as part of an effort to reorganize business and solicit new investment to resolve degenerating business performance. For large firms, on the other hand, the net repurchase can be regarded as part of an effort to rearrange business for efficiency and amplifying synergy across business sections through spin-off. These results can help the government establish a support policy on retail industry according to size.

• Korean Journal of Legislative Studies
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• v.27 no.1
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• pp.5-40
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• 2021

This study attempts to analyze gender gaps in voter turnout for three different types of elections held since 2017 at the aggregate level using the Central Election Management Commission's turnout data, paying attention to the importance of women's voting. The findings are as follows. First, modern gender gaps in voter turnout at the aggregate level are confirmed in most regions regardless of election types. Second, the gender gap in turnout varies with age. The gender difference is verified in the "widowhood effect," where turnout decreases in the oldest-old. In the new voter group, modern gender gaps appear in most regions. The reversed gender difference in turnout in the late 20s, which reflects the Korean society's characteristics, is confirmed in all elections. Third, it is unclear whether the reverse gender gap in turnout becomes more pronounced in urbanized districts. As urbanization progressed, modern gender differences in voter turnout across age groups are observed at the population-based size level. Paradoxically, the modern gender gap tends to be weak and turns into the traditional gender gap in younger age groups (in the late thirties) in Gangnam-gu and Seocho-gu, the most modernized districts in Seoul. These results show that the modern gender gap in turnout is now a common phenomenon and continues to be strengthened by newly recruited voters in Korea. Thus we should pay more attention to female voters' political behavior and a new approach beyond the developmental theory to understand the causal mechanism to generate the modern gender gap in voter turnout.

• International Journal of Highway Engineering
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• v.6 no.2 s.20
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• pp.1-13
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• 2004

This study dealt with size effect of specimen in measuring deformation strength and estimating rut resistance of asphalt concretes under static loading using Kim test. Two aggregates, a normal asphalt (pen 60-80) and 6 polymer-modified asphalt (PMA) binders were used for preparation of 14 dense-graded mixtures. Mixtures were prepared based on optimum asphalt content by Marshall compactor (S= 10cm) and gyratory compactor (S= 15cm) for Kim test and for wheel tracking test. In statistical analysis by general linear model (GLM) procedure of SAS, the diameter of specimen was found not to be a significant factor that affect the Kim test result. Therefore, it was found that either loom-diameter or 15cm-diameter of specimen gave no significant difference in deformation strength ($K_D$) values in Kim test for any aggregate mixture. However, the thickness of specimen was found to be a significant factor in determining $K_D$. It is estimated that $K_D$ is a function of y, vertical deformation, and y has something to do with thickness of specimen. Therefore, it is suggested that the thickness of specimen should not be higher than 6.6cm, and the correction factor depending on the thickness value should be developed in the future study.

• Journal of Korean Society of Transportation
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• v.27 no.1
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• pp.73-81
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• 2009

While various factors in passenger and freight demand analysis affect on destination choice, a key factor, in general. is an attractiveness measure by size variable (e.g., population. employment etc) in destination zone. In order to measure the attractiveness, some empirical studies suggested that disaggregate gravity model are more suitable than aggregate gravity model. This study proposes that truck travelers trip diary data among Korean commodity flow data could be used to estimate the behaviors of incorporating trip departure time, activity duration and attractiveness in destination. As a result, the main findings of size and distance variables coincide with the conventional gravity model having a positive effect of population variable and a negative effect of distance variable. Due to disaggregate gravity modeling, the unique findings of this study reports that small trucks are more likely to choose short distance and early morning, morning peak and afternoon peak departure time choice. On the other hand, large trucks are more likely to choose long distance and night time departure time choice.

• Journal of the Korean GEO-environmental Society
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• v.15 no.9
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• pp.59-67
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• 2014

With increasing underwater structure construction, there is high interest in offshore foundation and underwater grout and various study has been done in this area. For grout materials constructed underwater, it may be washed away by water or easily disturbed and material separation phenomenon during curing period always happens. As a result, it is difficult to ensure construction quality and this has a significant influence on the design strength of structure. In this study, to understand application effects of anti-washout admixture for the preplaced construction method, where grout is injected in monopile after filled with aggregates, laboratory tests on bleeding and compressive strength of anti-washout admixture were performed under various test conditions varying size of aggregate, water and cement ratio and admixture, and test results were compared and evaluated.

• International Journal of Concrete Structures and Materials
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• v.11 no.2
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• pp.343-363
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• 2017

The objective of this work was finding out the most advisable testing conditions for an effective and robust characterization of the tensile strength (TS) of concrete disks. The independent variables were the loading geometry, the angle subtended by the contact area, disk diameter and thickness, maximum aggregate size, and the sample compression strength (CS). The effect of the independent variables was studied in a three groups of experiments using a factorial design with two levels and four factors. The likeliest location where failure beginning was calculated using the equations that account for the stress-strain field developed within the disk. The theoretical outcome shows that for failure beginning at the geometric center of the sample, it is necessary for the contact angle in the loading setup to be larger than or equal to a threshold value. Nevertheless, the measured indirect tensile strength must be adjusted to get a close estimate of the uniaxial TS of the material. The correction depends on the loading geometry, and we got their mathematical expression and cross-validated them with the reported in the literature. The experimental results show that a loading geometry with a curved contact area, uniform load distribution over the contact area, loads projected parallel to one another within the disk, and a contact angle bigger of $12^{\circ}$ is the most advisable and robust setup for implementation of BT on concrete disks. This work provides a description of the BT carries on concrete disks and put forward a characterization technique to study costly samples of cement based material that have been enabled to display new and improved properties with nanomaterials.

• Archives of Pharmacal Research
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• v.29 no.8
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• pp.707-711
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• 2006

Bifidobacteria-loaded alginate poly-l-lysine microparticles (bap microparticles) were prepared using an air atomization method and then freeze-dried. The viability of the bap microparticles was investigated as a function of the amount of the bifidobacteria cultures, and the addition of a yeast extract, cryoprotectants, antioxidants and neutralizer. The size of the bap microparticles with and without the bifidobacteria was $84.8{\pm}28.5\;{\mu}m$ ($mean{\pm}standard$ deviation) and $113.1{\pm}38.5\;{\mu}m$, respectively. The surface morphology was slightly ellipsoid and wrinkled regardless of the incorporating bifidobacteria. The viability gradually decreased with increasing freeze-drying time. Free-flowing powdered bap microparticles were obtained at least 12 h after freeze-drying the wetted slurry of bap microparticles. However, the particles tended to aggregate when either lactose or ascorbic acid was added. The addition of a yeast extract, cryoprotectants (glycerol and lactose), antioxidants ($NaHSO_3$ and ascorbic acid) and neutralizer $(Mg_3(PO_4)_2)$ resulted in a significantly higher viability of the bifidobacteria in the bap microparticles after freeze-drying (0.34-1.84 log) compared with the culture alone.

• Journal of the Korea Institute of Building Construction
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• v.15 no.3
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• pp.257-263
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• 2015

In this study, the quality of blast furnace slag and the engineering properties of recycled aggregate based mortar with variable replacement of blast furnace slag have been focused. Blast furnace slag(BS) manufactured in various areas in Korea were prepared for this study. For the investigation results, 4 types(among the all of 9 types) of the experimental results were identified as below the standard level when using blast furnace slag chosen from different factories. Especially the particle size of the blast furnace slag was considered as the largest problem. When using BS in the recycled aggregates based mortar, the increase amount of blast furnace slag, increased the fluidity but delayed the setting time and decreased strength at early age. Based on the relationship of the amount of BS and the engineering properties of mortar, this study found that the amount of $SO_3$ and L.O.I affect the setting time, 3 days strength and 91 days strength to the certain standard level.

• Journal of the Korea institute for structural maintenance and inspection
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• v.24 no.5
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• pp.1-8
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• 2020

This study presents a shear strength estimation model, in which the shear failure of a reinforced concrete (RC) member is assumed to be governed by the flexure-shear mechanism. Two shear demand curves and corresponding potential capacity curves for cracked tension and uncracked compression zones are derived, for which the bond mechanism developed between reinforcing bars and surrounding concrete is considered in flexural analysis. The shear crack concentration factor is also addressed to consider the so-called size effect induced in large RC members. In addition,unlike exising methods, a new formulation was addressed to consider the interaction between the shear contributions of concrete and stirrup. To verify the proposed method, an extensive shear database was established, and it appeared that the proposed method can capture the shear strengths of the collected test specimens regardless of their material properties, geometrical features, presence of stirrups, and bond characteristics.

• Journal of Korea Trade
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• v.23 no.5
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• pp.118-128
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• 2019

Purpose - This paper examines the international R&D contest in which the extent of intellectual property right (IPR) affects both the size of prize for the winning firm and the extent of positive spillover through cost of firms. Recognizing the possibility of incomplete protection of IPR, the present paper analyzes the effect of changes in the extent of IPR on payoffs to firms and social welfare. Design/methodology - This paper examines coordination of IPRs by countries in economic integration. The paper then develops a general model of international R&D contest with incomplete protection of IPR. An increase in the extent of IPR augments the share of the prize the winning firm can appropriate, while decreasing the positive cost externality. To derive sharper results, the paper considers the cases of linear and fixed spillovers. Findings - Under plausible assumptions, an increase in the IPR augments the payoff to each firm and the aggregate payoffs as well. The paper also shows that the number of firms participating in the R&D contest can be endogenously determined in the two-stage R&D contest. The higher the extent of cost spillover, and the larger the effective prize, the more firms participate in the international R&D contest. Originality/value - Existing studies assume that firms winning the R&D contest enjoy perfect IPR to the output of their R&D activities. This is a very restrictive assumption in that other firms can copy the new products or processes. By allowing for the incompleteness of the IPR, the present paper develops a more realistic model of R&D contest. The novelty of the present paper is to allow for the possibility that the higher extent of IPR increases the prize and decreases positive cost externality at the same time. The findings of the present paper can serve as a basis for government policy toward R&D activities of firms and protection of IPRs.