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Factors Affecting Debt Maturity Structure: Evidence from Listed Enterprises in Vietnam

  • PHAN, Duong Thuy
    • The Journal of Asian Finance, Economics and Business
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    • v.7 no.10
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    • pp.141-148
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    • 2020
  • This paper analyzes factors affecting the debt maturity structure of enterprises listed on the Vietnam stock market. The panel data of research sample includes 549 non-financial listed enterprises on the Vietnam stock market from 2009 to 2019. The Generalized Least Square (GLS) tool is employed to address econometric issues and to improve the accuracy of the regression coefficients. In this research, debt maturity structure is the dependent variable. Capital structures, fixed assets, liquidity, firm size, asset maturity, profitability, corporate income tax, gross domestic product, inflation rate, credit growth scale are independent variables in the study. The model results show, that among the factors affecting the structure of debt maturity, the capital structure, asset structure, and firm size have the highest estimation coefficients, which shows that capital structure, asset structure, and firm size plays an important role in the decision-making process of debt maturity structure. The empirical results show that there are differences in the impact of these factors on the debt maturity structures in state-owned enterprises and non-state enterprises listed on the Vietnam stock market. The findings of this article are useful for business administrators, helping business managers make the right financial decisions to determine the target debt maturity structure in enterprises.

Market Imperfections as an Explanation for Higher Premiums in Foreign Takeovers of U.S. Companies (외국기업(外國企業)이 미국기업(美國企業)을 인수(引受)할 때 지불(支拂)하는 높은 프레미엄에 대한 설명(說明)으로서의 시장불완전성(市場不完全性))

  • Jung, Hyung-Chan
    • The Korean Journal of Financial Management
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    • v.8 no.2
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    • pp.209-255
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    • 1991
  • This paper develops a simple model to explain the reasons why foreign acquirers pay significantly higher premiums for U.S. target firms than do U.S. buyers. We also provide empirical work on the valuation effect of foreign takeovers and the determinants of the wealth gains of U.S. target shareholders involved in foreign takeovers. The results indicate that target wealth gains are significantly higher in foreign takeovers than in domestic takeovers, after controlling for the wealth effects of payment method, acquisition type, tax status, size and time period of bids. This confirms the valuation effect of foreign takeovers. Furthermore, the results of cross-sectional regression analysis show that the variation in U.S. target wealth gains is explained by extra tax benefits stemming from double tax deductions for acquisition-related interest expenses incurred by foreign acquirers. These findings imply that differential taxation across tax jurisdictions is the main source of the valuation effect of foreign takeovers. In addition, we find that there exists a valuation effect of the nationality of the foreign acquirers. Japanese companies pay significantly higher premiums than do non-Japanese acquirers. The finding also indicates that competition among bidders increases the abnormal returns to U.S. target shareholders in foreign takeovers.

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The Comparative Analysis on the Change of People's Outdoor Space Preference according to Time Difference in Multi-Family Housing using a Conjoint Analysis (컨조인트 분석기법을 이용한 공동주택 옥외공간의 선호도 변화 비교 분석)

  • Hwang, Kyu-Sung;Lee, Chan-Ho
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.12 no.11
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    • pp.4907-4913
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    • 2011
  • The purpose of this study is to find how the preferred properties of potential users for the outdoor space of the multi-family housing complex had changed according to time differance and to select the target market through market segmentation. The study has identified that the most important property among four properties had been changed from a Communication to a Amenity according to time difference. This is shown that considering information and communication as an important properties had been changed to regarding leisure and culture facilities as valuable properties.

A Study on E-book Contents Distribution Business Model and its Adoption Attitude of College Students (전자책 콘텐츠의 유통 비즈니스 모델과 대학생의 수용태도 분석 연구)

  • Kim, Jun-Sik;Bae, Og-Hwa;Lim, Mi-Sol;Lee, Jae-Won
    • The Journal of Korean Institute for Practical Engineering Education
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    • v.4 no.2
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    • pp.75-83
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    • 2012
  • Due to the proliferation of smart devices, worldwide market growth of e-book content steep, but the domestic market shows relatively low growth rate and small size. In this study, a distribution modeling of the e-book business as a way to solve the problem of the domestic market of disabled was carried out to analyze the Amazon.com and Apple's e-book content distribution structure of the active leader in the U.S. market. And we tried to suggest a solution by investigation and analysis of the college students's receptive attitude on the e-book content as the main target to enable the markets based on the interest for publication. In adoption attitude survey, mainly low-readability and lack of content problem were reasons not to accommodate. There is a need to improve the quantity and quality of content through with technological advances and market participation together. For more participation, we expect to take advantage of the results of this study to establish or improve the systematic distribution structure.

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Segmentation of Coffee Shop Customers based on Organic Coffee Choice Motives (유기농 커피 선택 동기요인을 통한 커피전문점 고객 시장세분화에 관한 연구)

  • Cho, Meehee;Lee, Kyung-Hee
    • Journal of the East Asian Society of Dietary Life
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    • v.24 no.6
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    • pp.915-923
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    • 2014
  • This study investigated organic coffee choice motives from a coffee shop market segmentation perspective in order to understand the potential importance they may have upon attitudes and behavioral intentions to buy organic coffee. A factor-cluster segmentation approach was used for this study. An exploratory factor analysis identified five organic coffee choice motives: 'Sensory', 'Environment', 'Trust', 'Health' and 'Price'. Based upon these five choice motives, cluster analyses classified all respondents into three homogeneous subgroups: 'Highly motivated', 'Moderately motivated' and 'Unmotivated'. Analysis of variance tests indicated that attitudes and intentions to purchase organic coffee were significantly different among the three clusters. In particular, two cluster groups representing 'Highly motivated' and 'Moderately motivated' were found to offer the most utility for further organic coffee market segmentation research. Especially, due to perceptions about high price premium of organic coffee, the 'Moderately motivated' group had higher positive attitudes, although, their intentions to buy organic coffee were not higher than those of the 'Unmotivated' cluster. Findings support previous research propositions that high price could be the strongest barrier for people to purchase organic products including the organic coffee business context. This will assist to market and promote pricing strategies for caf$\acute{e}$s and restaurants to optimize organic coffee sales revenue. Implications for all cluster groups regarding unique socio-demographic characteristics and behavioral intentions are discussed. Organic coffee marketers can apply these findings towards the development of effective target market strategies.

Control Moment Gyroscope Torque Measurements Using a Kistler Table for Microsatellite Applications

  • Goo-Hwan Shin;Hyosang Yoon;Hyeongcheol Kim;Dong-Soo Choi;Jae-Suk Lee;Yeong-Ho Shin;EunJi Lee;Sang-sub Park;Seokju Kang
    • Journal of Space Technology and Applications
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    • v.4 no.1
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    • pp.12-26
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    • 2024
  • Attitude control of a satellite is very important to ensure proper for mission performance. Satellites launched in the past had simple missions. However, recently, with the advancement of technology, the tasks to be performed have become more complex. One example relies on a new technology that allows satellites quickly alter their attitude while orbiting in space. Currently, one of the most widely used technologies for satellite attitude control is the reaction wheel. However, the amount of torque generated by reaction wheels is too low to facilitate quick maneuvers by the satellite. One way to overcome this is to implement posture control logic using a control moment gyroscope (CMG). Various types of CMGs have been applied to space systems, and CMGs are currently mounted on large-scale satellites. However, although technological advancements have continued, the market for CMGs applicable to, small satellites remains in its early stages. An ultra-small CMG was developed for use with small satellites weighing less than 200 kg. The ultra-small CMG measured its target performance outcomes using a precision torque-measuring device. The target performance of the CMG, at 800 mNm, was set through an analysis. The final torque of the CMG produced through the design after the analysis was 821mNm, meaning that a target tolerance level of 10% was achieved.

Interactive Authoring Tool for Mobile Augmented Reality Content

  • Jeon, Jiyoung;Hong, Min;Yi, Manhui;Chun, Jiyoon;Kim, Ji Sim;Choi, Yoo-Joo
    • Journal of Information Processing Systems
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    • v.12 no.4
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    • pp.612-630
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    • 2016
  • As mobile augmented reality technologies are spreading these days, many users want to produce augmented reality (AR) contents what they need by themselves. To keep pace with such needs, we have developed a mobile AR contents builder (hereafter referred to as MARB) that enables the user to easily connect a natural marker and a virtual object with various interaction events that are used to manipulate the virtual object in a mobile environment so that users can simply produce an AR content using natural photos and virtual objects that they select. MARB consists of five major modules-target manger, virtual object manager, AR accessory manager, AR content manager, and AR viewer. The target manager, virtual object manager and AR accessory manager register and manage natural target markers, various virtual objects and content accessories (such as various decorating images), respectively. The AR content manger defines a connection between a target and a virtual object with enabling various interactions for the desired functions such as translation/rotation/scaling of the virtual object, playing of a music, etc. AR viewer augments various virtual objects (such as 2D images, 3D models and video clips) on the pertinent target. MARB has been developed in a mobile application (app) format in order to create AR contents simply using mobile smart devices without switching to a PC environment for authoring the content. In this paper, we present the detail organizations and applications of MARB. It is expected that MARB will enable ordinary users to produce diverse mobile AR contents for various purposes with ease and contribute to expanding the mobile AR market based on spread of a variety of AR contents.

A Study on International Business Competitiveness in Ship Industry

  • Lee, Jae-Sung
    • The Journal of Economics, Marketing and Management
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    • v.5 no.3
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    • pp.30-38
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    • 2017
  • The main target to do this analysis is to find out the competitiveness between 2 countries(Korea and USA) in the ship business industry. Ever since free from Japanese empire domination of modern history in Korean peninsular, Korea has been strong relationship with USA almost every fields. The purpose of this research is to realize which country is more competitive between 2 country's trade structure. This research conducted for period from 2000 to 2016. Expecting effect is to learn how to improve ship industry for 2 countries. Research method is used by comparative advantage trade theory. Even though Koran government has been accomplishing trade stimulus environment against USA ship industry, it is research limitation that overseas productions both Korean & USA are not available due to company business strategy. From early 50's, every USA industries hold a dominant position so far. Now, Korea is comparative advantage against that of USA in the field of ship industry. Sound competition relationship is good for both 2 countries for mutual benefits. The future prospect is Korea needs export market diversification to enlarge economic growth in the long run.

Development of PC-based PVC scheduling system connected with ERP system

  • Kang, Min-Gu;Kang, Soo-Kil;Lee, Ho-Kyung;Park, Sun-Won
    • 제어로봇시스템학회:학술대회논문집
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    • 2004.08a
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    • pp.945-949
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    • 2004
  • These days there are so many scheduling systems or softwares. But only few scheduling systems have succeeded in the market. In spite of powerful engine and functions, those systems have difficulties to be applied in real processes. In real processes, there are various constraints caused by physical or systematical environments of plants. Those constraints are too many to be handled in the system. This problem makes it difficult for the system to represent the details of processes. In order to resolve this problem, we have developed a specialized scheduling system for a target process. The system could be developed by the experts for target process and researchers for scheduling. In this study, a scheduling system for PVC process has been developed as an MILP (Mixed integer linear programming) model and coded in $Fortran^{TM}$. The scheduling system has been applied to two processes, which have different characteristics. Simulation results indicate that the profit of the target process can be increased by about 5% by implementing the scheduling system.

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Shoe Storage for Small Space (좁은공간에서의 신발장디자인)

  • Wang, Kang-Lin;Lee, Sung-Pil;Hyoung, Sung-Eun
    • Proceedings of the Korean Society for Emotion and Sensibility Conference
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    • 2008.10a
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    • pp.151-154
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    • 2008
  • The purpose of this research project is to provide information on emotional design and designs a kind of shoe storage for small space. Through researching the activities of target user and analyzing the present market, we get the clear understanding of direction for storage design, and create a new domain of for storages, with its added value and competition too. This will satisfy demand of consumers and benefit for enterprise.

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