• Journal of Korea Trade
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• 제23권7호
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• pp.128-146
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• 2019

Purpose - The purpose of this paper is to investigate the relationship between internal control, economic policy uncertainty, and performance of cross-border merger and acquisition (M&A) based on the panel data of Chinese listed firms. The authors expected that internal control has a positive moderating effect on the performance of cross-border M&A and that it mainly occurs during periods when economic policies are relatively stable. In addition, the authors tried to find out the mechanism of internal control affecting cross-border M&A and the corporate performance. Design/methodology - The authors tested the hypotheses by a multivariate regression model based on the panel data of Chinese listed firms from 2009 to 2017. The dependent variable is the change value of business performance (DROA_1,2,3) and the explanatory variables are cross-border M&A (MA), China's uncertainty of economic policy (EPU), and internal control level (IC) respectively. Findings - The authors find that internal control has a positive moderating effect on the relationship between cross-border M&A and corporate performance. Further, the authors find that the moderating effect is more significant in state-owned enterprises and that it mainly occurs during periods when economic policies are relatively stable. Originality/value - This paper is the leading study that tries to analyze empirically the relationship between internal control, economic policy uncertainty, and performance of cross-border M&A. It provides a new avenue through which internal control might reasonably mitigate the risks of cross-border M&A and correspondingly improve the performance of cross-border M&A. It also confirms the moderating effect of internal control on the performance of cross-border M&A under the uncertainty of economic policy.

• The Journal of Asian Finance, Economics and Business
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• 제9권5호
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• pp.99-109
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• 2022

The main reason for the increase in cross-border mergers and acquisitions in developed and emerging countries is globalization and growing economic interdependence across countries. The state of the economy has a significant impact on whether cross-border mergers and acquisitions are encouraged or discouraged by international strategic capital market changes. This study empirically evaluates the influence of determinants of economic development on the scale effect of Cross Border M&As separately on emerging and developed nations as a research gap. We first separated the small and large scale firms based on companies' worth and used panel regression to analyze the impact of GDP, employment rate, and market capitalization on cross-border merger & acquisition deals over the period of 2008-2018. Results indicate that GDP and market capitalization have a positive effect on CBM&A, whereas employment rate has a negative effect on CBM&A deals in large-scale firms of both emerging and developed countries. This study results offer the implication for the potential investors and policymakers to strategically analyze the implementation of cross-border mergers & acquisitions.

• The Journal of Asian Finance, Economics and Business
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• 제6권2호
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• pp.95-104
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• 2019

Along with the economic globalization and network generalization, this provides a good opportunity to the development of cross-border e-commerce trade. Based on this background, this paper sets ASEAN countries as an example to exploit the determinants of cross-border e-commerce trade including the export and the import, respectively. The panel data from the year of 1998 to 2016 will be employed to estimate the relationship between cross-border e-commerce trade and relevant variables under the dynamic ordinary least squares and the error correction model. The findings of this paper show that there is a long-run relationship between cross-border e-commerce trade and relevant variables. Generally speaking, the GDP(+) and real exchange rate(-export & +import) have an effect on cross-border e-commerce trade. However, the population (+) and the terms of trade (-) only have an effect on cross-border e-commerce import. The empirical evidences show that the GDP and the real exchange rate always affect the development of cross-border e-commerce trade. Therefore, all ASEAN countries should try their best to develop the economic growth and focus on the exchange rate regime so as to meet the need of cross-border e-commerce trade development.

• 전기전자학회논문지
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• 제10권1호
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• pp.87-95
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• 2006

이 논문은 에지 검출을 위해 다른 컬러 영역사이의 테두리선을 삽입한 효과를 분석한다. 컬러코드를 인식하는 새로운 알고리즘을 제안하지는 않는다. RFID 방식을 보상하고, 디지털 카메라의 이용률이 높아져서 컬러코드에 대한 관심이 매우 증가하고 있다. 그러나 컬러의 왜곡이 심해지면 컬러코드의 확산을 저하시키게 된다. 왜곡된 컬러의 효과를 감소시키기위해서 영역내 화소 각각의 특성보다 각 영역 전체의 화소를 통계적으로 처리하는 방법이 바람직하다. 이 처리를 위해서 영상 영역화가 필요하다. 연결되지 않은 에지를 검출하기 위해 인접 컬러 영역사이에 2 화소 크기의 테두리선을 삽입한다. 테두리선은 흰색, 검은색 경계선이 사용된다. 2 종류의 테두리선이 삽입된 영상에 대한 에지 검출이 수행되고, 그 결과가 테두리선이 삽입되지 않은 에지 검출 결과와 비교한다. 검은 테두리선을 삽입한 결과는 지퍼효과에 의해 에지 검출 능력이 저하되고, 흰 테두리선을 삽입한 결과는 삽입하지 않은 경우보다 에지 검출 능력이 향상되었다.

• 한국작물학회지
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• 제29권4호
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• pp.321-327
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• 1984

벼 재배시에 나타나는 주연효과의 품종간 차이와 생장해석을 통한 주연효과의 원인을 알고져 3품종을 공시하여 시험한 결과를 요약하면 다음과 같다. 1. 논의 외연 1∼2 열에 심겨진 벼의 수량은 내부열에 비하여 평균 30％ 정도 많았는데 주연효과는 품종에 따라서 최대 35％, 최소 21％이었다. 2. 주연효과에 의한 수량증가는 논의 외부 1∼2열에서만 나타났으나 한강찰벼는 외연으로부터 4열까지도 주연효과가 나타났다. 30 주연효과는 주당수수와 수당입수에서 현저하게 나타났다. 4. 수건물중과 엽면적은 이앙후 30∼60일경부터 외열과 내열간에 차이가 나타났는데 조생종은 중만생종보다 주연효과에 의한 건물중과 엽면적의 차이가 빨리 나타났다. 5. 개체군생장속도, 상대생장율, 순동화율 및 엽면적비 등에 있어서도 주연효과를 나타내는 시기가 많았다.

• Journal of Korea Trade
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• 제26권7호
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• pp.109-126
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• 2022

Purpose - Based on the relevant panel data for China and 13 of the RCEP countries from 2008-2019, this paper conducts an in-depth study on the impact of trade facilitation levels on China's cross-border e-commerce exports using the expanded trade gravity model. Design/methodology - This study constructs a trade facilitation index (TFI) system, and uses the principal component analysis method to measure the trade facilitation levels of RCEP countries in 2008-2019. This result is then introduced into the extended gravity model to explore the effect of trade facilitation in RCEP countries on China's cross-border e-commerce export. Findings - It is found that the overall trade facilitation level has a significant effect on China's cross-border e-commerce exports. Among the primary indicators, with the exception of infrastructure, the other four indicators demonstrate a significant impact. The findings show that China should strengthen its cooperation with RCEP countries in trade facilitation and cross-border e-commerce to better achieve complementary regional economic development. Originality/value - This paper has three contributions: first, this paper builds a TFI system that includes five primary indicators based on the characteristics of cross-border e-commerce. Second, we explore the impact of trade facilitation levels of RCEP countries on China's cross-border e-commerce exports, which helps to fill the gap in existing studies of the impact of cross-border e-commerce exports. Third, this paper further analyzes the impact of five primary indicators on cross-border e-commerce exports; this thus provides more targeted measures to improve trade facilitation levels.

• Journal of Korea Trade
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• 제24권6호
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• pp.1-18
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• 2020

Purpose - This study investigates whether a listing effect exists in cross-border M&As and whether the effect can be attributed to the uncertainty of the GDP growth rate in the target firm's home country. We apply a joint variable analysis using M&A announcement data from the Korea Exchange (KRX), Shanghai Stock Exchange (SSE), and the Taiwan Stock Exchange (TWSE) from 2004 to 2013. We also conduct an event study using the measure of the uncertainty of the GDP growth rate (based on IMF statistics) in 55 target countries. Design/methodology - We measure the abnormal return (AR) using the market-adjusted model. We test the significance of the AR and the cumulative abnormal return (CAR) using a one-sample t-test. We examine the characteristics of the CARs depending on whether the target company is listed by applying a difference analysis using CAR as a test variable. In addition, we set CAR (-5, +5) as a dependent variable to identify the cause of the listing effect, and test both the financial characteristic variables of the acquirer and the collective characteristic variables of the merger as independent variables in the multiple regression analysis. Findings - First, we find the listing effect of cross-border M&As in the KRX, SSE, and TWSE, which represent the capital markets in Korea, China, and Taiwan, respectively. This listing effect persists during the global financial crisis and has a negative effect on the wealth of acquiring shareholders, especially when the target countries are emerging markets. Second, greater uncertainty regarding the target countries' economic growth in cross-border M&As has a negative effect on the wealth of acquiring firms' shareholders. Third, our empirical analysis demonstrates that the listing effect is attributable to the fact that firms listed in a target country with greater uncertainty of economic growth are more directly and greatly exposed to uncertain capital markets through stock markets, than are unlisted firms. Originality/value - This study is significant in that it presents a new strategic perspective in the study of cross-border M&As by demonstrating empirically that the listing effect is attributable to the uncertainty regarding the economic development of the target firms' home countries.

• 대한치과보철학회지
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• 제33권1호
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• pp.13-23
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• 1995

The purpose of this study is to inquire about the effects of individual tray design and impression method on the border extension and contour of denture. 10 students at the dentistry college who have normal occlusion and symmetric facial form and normal facial muscle activity were selected. The tray was designed three types (large, medium, small tray). After border molding was done by dentist and operator, final impression was taken. The length of impression body and width of border were measured by a vernier caliper on the cast. The obtained results were as follows : 1. As the tray border was shortened, the length of impression body and width of border was short (P<0.01). 2. When the impression was taken with the small tray, the length of impression body was short in passive border molding than active border molding. 3. When the medium tray was used, the width of impression body was short in passive border molding than active border molding.

• 국제지역연구
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• 제14권3호
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• pp.339-362
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• 2010

본 연구는 1986년부터 2008년까지 해외기업을 인수한 284개 한국의 상장기업들을 대상으로 인수기업의 피인수기업에 대한 통제수준이 국제 인수합병(M&A) 성과에 미치는 영향에 대하여 실증 분석하였다. 본 연구의 분석결과, 인수기업의 피인수기업에 대한 통제수준이 국제 인수합병 성과와 음(-)의 관계가 있음을 보여주었다. 또한 피인수기업에 대한 통제수준과 문화적 거리의 상호작용은 국제 인수합병 성과와 음(-)의 관계가 있으며, 피인수기업에 대한 통제수준과 관련형 인수의 상호작용도 국제 인수합병 성과와 음(-)의 관계가 있는 것으로 나타났다. 즉, 본 연구는 문화적 거리가 클수록 또는 관련형 인수일수록 피인수기업에 대한 통제수준은 국제 인수합병 성과에 더욱 부정적인 영향을 주는 것을 보여주었다. 이러한 결과는 국제 인수합병 성과의 결정요인으로서 피인수기업에 대한 통제수준의 역할에 대한 이해를 높이는 것은 물론, 문화적 거리 및 관련형 인수와 국제 인수합병 성과간의 관계에 대한 설명에 있어서도 피인수기업에 대한 통제수준을 고려함으로써 기존 연구들을 보완해 주고 있다.

• 통합자연과학논문집
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• 제5권4호
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• pp.220-228
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• 2012

District of Korea affected by westerly wind and heavy rainfall is predominantly distributed in the west and south of Honam district. So, this study is becoming a necessity. In this study, it is investigated that the characteristics of heavy rainfall occurred frequently in Honam district along the border of mT airmass after the end of rainy season due to atmospheric instability, lower (850 hPa) convergence and topographic effect. Our results show that heavy rainfall occurred in Honam district along the border of mT airmass results from the appropriate mechanism of the unstable vertical structure and moisture flux in the expansion and contraction of the border of mT airmass. All things considered, the improvement of the predictability of heavy rainfall occurred in Honam district along the border of mT airmass could be possible by the generalization of the results of this study.