• Journal of Korea Trade
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• v.23 no.7
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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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• v.9 no.5
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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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• v.6 no.2
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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.

• Journal of IKEEE
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• v.10 no.1 s.18
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• pp.87-95
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• 2006

This paper presents the analyses of the effect of inserting border lines between different color regions on edge detection in color codes, and is not intended to present any new algorithm for color-code recognition. With its role to complement the RFID (radio frequency identification) and the wide and fast spread of digital cameras, an interest on color codes is fast increasing. However, the severe distortion of colors in obtained images prohibits color codes from expanding their applications. To reduce the effect of color distortion it is desirable to process the whole pixels in each color region statistically, instead of relying on some pixels sampled from the region. This requires segmentation, and the segmentation usually requires edge detection. To help detect edges not disconnected, we inserted border lines of the width of two pixels between adjacent color regions. Two colors were used for the border lines: one consisting of white pixels, and the other black pixels. The edge detection was performed on images with either of the two kinds of border lines inserted, and the results were compared to results without inserted border lines. We found that inserting black border lines degraded edge detection by causing zipper effect while inserting white border lines improved it compared to the cases without inserted border lines.

• KOREAN JOURNAL OF CROP SCIENCE
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• v.29 no.4
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• pp.321-327
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• 1984

Grain yield of rice plants grown in outmost first and second rows in paddy field blocked by 50 cm wide levee was averaged 30 percent more than that in center rows, but yield increased percents in border rows were significantly different between varieties. Average border effect through 3 varieties were recognized only in first and second rows from levee, but most vigorous variety, Hangangchal, showed border effect up to fourth rows from levee. Rice plants grown in border rows had more number of panicles per hill and more number of spikelets per panicle. Total dry matter weight and average leaf area of rice plants in border rows differed with those in center rows from 30 to 60 days after transplanting. Early maturing variety showed the difference between border and center rows quickly concerning to total dry matter weight and leaf area. Rice plants grown in border rows showed higher values of CGR, RGR, NAR, and LAR through the growth duration except 1 or 2 growing periods.

• Journal of Korea Trade
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• v.26 no.7
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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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• v.24 no.6
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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.

• The Journal of Korean Academy of Prosthodontics
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• v.33 no.1
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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.

• International Area Studies Review
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• v.14 no.3
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• pp.339-362
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• 2010

This study empirically examined the effect of ownership on cross-border acquisition performance. This study analyzed 284 international acquisitions undertaken by Korean public companies between 1986 and 2008. This study showed that the ownership had a negative impact on cross-border acquisition performance. Furthermore, this study found that the interaction between the ownership and cultural distance had a negative impact on cross-border acquisition performance. This study also showed support that the interaction between the ownership and acquisition relatedness had a negative impact on cross-border acquisition performance. This study improved the understanding of roles of the ownership and complemented previous research on the relationship among cultural distance, acquisition relatedness, and cross-border acquisition performance.

• Journal of Integrative Natural Science
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• v.5 no.4
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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.