• The Journal of Asian Finance, Economics and Business
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• v.7 no.7
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• pp.73-84
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• 2020

Existing studies disagree over the core predictors of firm-level financial choices in developing countries. The general practice only validates the traditional capital structure model, which leads to inconsistency and a lack of novelty. This study removed overfitting issues among existing factors and presented the most reliable and advanced capital structure model in Pakistani firms. The panel data include 368 Pakistani companies from 19 non-financial sectors over the period 2004 to 2017. We apply Akaike and Bayesian Information Criteria to remove overfitting issues among inconsistent proxies in the capital structure model. The fixed effects regression is used for basic results and the Generalized Method of Moments is applied to control the endogeneity. Besides the conventional proxies, we report that credit rating, distance from bankruptcy, managerial concentration, and institutional quality are the most advanced capital structure determinants in Pakistan. These predictors remain significant across firm size and growth levels. Also, the findings confirm that new predictors are reliable to define capital structure dynamics and improve the speed of adjustment in overall and sub-sample analysis. The major findings suggest that managers and policymakers should consider these advanced predictors to design their financial settings in firms.

• The Journal of Economics, Marketing and Management
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• v.9 no.1
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• pp.25-40
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• 2021

Purpose: The forecasting is the likelihood scientifically proved judgment about the prospects, the possible conditions of this or that phenomenon in the future and (or) about the alternative ways and the means of their realization. To adapt the instruments of budgeting for the analysis cash flow of company. Research design, data and methodology: The creates the budget of cash flow were carried out on the basis of data of the report for the 2017 of corporations POSCO and in the first half of the 2018 Daewoo Shipbuilding & Marine Engineering of South Korea. Results: The simultaneous use of budgeting techniques and the simple financial analysis allows to systematize the transactions, to identify the main problem areas in the movement cash flows. Therefore, working capital analysis is to determine the limits of their fluctuations in view of the changes in the business processes. Conclusions: In the pedagogical context solved the features of budgeting in the part evaluation current assets, its financing, its elements: the cash, the debtor. In the process of budgeting of cash flow, in credit budget, in financial budget we can see the main indicators: the current assets, the functioning capital, the optimum number of debtors, the optimum amount of cash and another.

• Journal of the Society of Naval Architects of Korea
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• v.59 no.6
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• pp.372-384
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• 2022

Total shipping accounts for 2.9 % of the annual average percentage of global anthropogenic GHG emissions. The International Maritime Organization implements EEDI (Energy Efficiency Design Index), Energy Efficiency eXisting-ship Index (EEXI), and Carbon Intensity Indicator (CII) as regulatory frameworks for shipping decarbonization. The Republic of Korea has enforced the Act on Development and Popularization of Greenship from 2020 and publicly announced the 1st national plan which was named 『2030 Greenship-K Promotion Strategy』 for the activation of a greenship market. The Greenship Certification Scheme is going on for the sustainability of Korean shipbuilding and shipping industries, to secure clean maritime environments, as well as to contribute to the national economy. Greenship Certification guarantees the credit of such eco-friendly technologies and products for shipping. The certification is going to be the basis of industrial competitiveness in coastal and international shipping. This study investigates an existing certification process, identifies the limitations, and proposes the process improved with several case studies. The improved certification scheme may have rationality for Net-zero with regard to climate alignment.

• Asian Journal of Business Environment
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• v.12 no.1
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• pp.1-9
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• 2022

Purpose: This study measures the effect of Information Technology (IT) on both cost and profit efficiency of State-owned Commercial Banks (SOCBs) in Bangladesh. Research design, data and methodology: Yearly Non-IT and IT data are collected from the annual report of SOCBs of Bangladesh from 2008 to 2017. Variable Return to Scale (VRS) cost Data Envelopment Analysis (DEA) and Profit DEA are employed to measure the efficiency of SOCBs and Ordinary Least Square (OLS) is used to investigate the impacts of ICT components on operating cost and profit efficiency for SOCBs. Results: The average cost efficiency (74.4%) was noticed higher than the average profit efficiency (20.6%) for SOCBs. SOCBs were more affordable and less profitable for both cost and profit efficiency. Rupali bank was the most cost efficient while Sonali bank was the most profit efficient. IT Investment and IT personnel expenses were positively significant for cost efficiency. IT income, IT personnel, IT personnel expenses, ATM expenses, and Credit card expenses were negatively significant for profit efficiency. Conclusion: The further studies can combine DEA with machine learning algorithms to study the impact of IT on banks' performances. The results could aid government to remove the hindrance of progress in Bangladesh.

• Nuclear Engineering and Technology
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• v.55 no.6
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• pp.2288-2297
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• 2023

Current designs of both large reactor units and small modular reactors utilize a nuclear fuel with increasing enrichment. This increasing demand for better nuclear fuel utilization is a challenge for nuclear fuel handling facilities. The operation with higher enriched fuels leads to reduced reserves to legislative and safety criticality limits of spent fuel transport, storage and final disposal facilities. Design changes in these facilities are restricted due to a boron content in steel and aluminum alloys that are limited by rolling, extrusion, welding and other manufacturing processes. One possible solution for spent fuel pools and casks is the burnup credit method that allows decreasing very high safety margins associated with the fresh fuel assumption in spent fuel facilities. This solution can be supplemented or replaced by an alternative solution based on placing the neutron absorber material directly into the fuel assembly, where its efficiency is higher than between fuel assemblies. A neutron absorber permanently fixed in guide tubes decreases system reactivity more efficiently than absorber sheets between the fuel assemblies. The paper summarizes possibilities of fixed neutron absorbers for various nuclear fuel and fuel handling facilities. Moreover, an absorber material was optimized to propose alternative options to boron. Multiple effective absorbers that do not require steel or aluminum alloy compatibility are discussed because fixed absorbers are placed inside zirconium or steel cladding.

• Journal of Distribution Science
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• v.13 no.9
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• pp.47-57
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• 2015

Purpose - The aim of this paper is to investigate the explanatory power of the Pecking-order theory (the cost of financing increases with asymmetric information) among Korean retail firms from the perspective of debt capacity. According to the Pecking-order theory, a firm's first preference is to use internal funds for its capital needs, its next preference is the issuance of debt, and its last preference is the issuance of equity; this is due to the information asymmetry problem between existing shareholders and investors. However, prior empirical studies, such as Lemmon and Zender (2010), argue that the entire sample test for the Pecking-order theory could be misleading due to the different levels of debt issuance capability of each of the individual firms; in fact, they confirm that the explanatory power of the Pecking-order theory improves after taking into account the differences in debt capacity of the U.S. firms they examined. This paper implements a case study approach among Korean retail firms to examine the relationship between debt capacity and the explanatory power of the Pecking-order theory in Korea. Research design, data, and methodology - This study uses the sample of public retail firms on the Korea Composite Stock Price Index (KOSPI) from the time period of 1990 to 2013. We gather related financial and accounting statements from the financial information firm WISEfn. Credit rating information is provided by the Korea Investor Service. We employ the models of Lemmon and Zender (2010) and Son and Kim (2013) to measure a firm's debt capacity. Their logit models use the rating dummy variable as a dependent variable and incorporate other firm characteristics as independent variables to estimate debt capacity. To test the Pecking-order theory, we adopt variants of the financing deficit model of Shyam-Sunder and Myers (1999). In the test of the Pecking-order theory, we consider all of the changes in total debt obligations, current debt obligations, and long-term debt obligations. Results - Our main contribution to the literature is our confirmation of the predicted relationship between debt capacity and the explanatory power of the Pecking-order theory among Korean retail firms. The coefficients on financing deficits become greater as a firm's debt capacity improves. This is consistent with the results of Lemmon and Zender (2010). The coefficients on the square of the financing deficits are also negative for the firms in the largest debt capacity group, which is also consistent with the predictions in prior literature. Conclusions - This study takes a case study approach by examining Korean retail firms. We confirm that the Pecking-order theory explains the capital structure of retail firms more appropriately, after taking into account the debt capacity of each firm. This result suggests the importance of debt capacity consideration in the testing of the Pecking-order theory. Our result also implies that there has been a potential underestimation of the explanatory power of the Pecking-order theory in existing studies.

• Journal of Distribution Science
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• v.16 no.2
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• pp.89-99
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• 2018

Purpose - In this study, we discuss the current status and barriers of digital transformation focused on small businesses. More specifically, this study consists of two studies. The purpose of study 1 is to investigate the effect of digitization of small businesses on the sales of stores and the number of visiting customers. The purpose of Study 2 is to examine the status and obstacles of online channels use by small businesses. Research design, data, and methodology - In Study 1, we will examine the changes in sales and visitor numbers of stores that are rapidly adapting to digital transformation among small business. For this, we utilize the actual situation of store management survey conducted by the Small Enterprise and Market Service. Specifically, multiple regression equations were used to determine whether blogs and online shopping malls were operating, and the proportion of credit cards to sales as independent variables and sales and number of visiting customers as dependent variables. Next, in Study 2, we surveyed the 15 small business owners in the latest survey on the actual situation of store management survey conducted in 2015, and conducted an in-depth interview to examine the barriers to the use of online channels by small business. Results - As a result of study 1, it is found that the small business who run the blogs have higher sales and visits than the small business who do not. However, there is no difference in the sales and the number of visiting customers between the stores that operate the online shopping malls and those that do not. Second, the higher the proportion of credit cards, the higher the sales and the number of visiting customers. In study 2, we analyzed the barriers to the expansion of online channels by in-depth interviews. Interviews show that barriers to access to online channels are limited by search neutrality, high commission burden, and low bargaining power. These problems are caused by the insufficiency of small business compared to online and mobile portal and O2O platform vendors. Conclusions - This study suggests that small business who have difficulty in establishing direct online channels need digital transformation of small business. In addition, when using such an external platform, we have identified the problems that small business face.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.9
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• pp.589-598
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• 2016

The aim of this study was to investigate the relationship among the variables and the influence of academic self-efficacy and critical thinking disposition on the problem solving ability of nursing students. A descriptive research design was employed in this study. The participants were 404 sophomore nursing students in D city, who were surveyed between May 2 and May 20, 2016, using self-report questionnaire. The data were analyzed with SPSS WIN 21.0 using descriptive statistics, ANOVA, t-test, Scheffe test, Pearson's correlation coefficient, and multiple stepwise regression analysis. Significant correlations among the academic self-efficacy, critical thinking disposition, and problem solving ability were found. In academic self-efficacy and critical thinking disposition, there were significant differences in gender, academic credit, interpersonal relationship, and satisfaction with nursing as a major. The problem solving ability showed statistically significant differences in academic credit, interpersonal relationships, and satisfaction with nursing as a major. The regression model explained 51.7% of the effect on the problem solving ability. Academic self-efficacy and critical thinking disposition were factors influencing the problem solving ability of nursing students. Based on these results, to increase problem solving ability of nursing students, it will be necessary to develop an educational program and strategy for improving the academic self-efficacy and critical thinking disposition.

• Journal of Distribution Science
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• v.13 no.1
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• pp.83-91
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• 2015

Purpose - Despite the structural irrationality of multi-level transportation and the oil price rise, the domestic freight transportation market continues to grow, mirroring the rise in e-commerce and resultant increase in courier services and freight volumes. Several studies on courier services have been conducted. However, few studies or statistics have been published regarding regular freight services although they have played a role in the freight service market. The present study identifies the characteristics of regular freight service users to seek competitiveness enhancement measures specific to regular freight services. Research design, data, and methodology - IPA is a comparative analysis of the relative importance of and satisfaction with each attribute simultaneously. This study used IPA because it facilitates the process of analyzing importance and performance, deriving implications and a visual understanding of results. To enhance the competitiveness of regular freight services, this study surveyed its current users regarding the importance of the regular freight service factors. A total of 200 copies of a questionnaire were circulated and 190 copies were returned. In addition to demographics, respondents answered questions about the importance of and satisfaction with services on a 5-point Likert scale. Excluding 3 inappropriate copies, 187 out of 190 copies were analyzed. PASW Statistics 18 was used for statistical analysis. A total of 20 question items were selected for the service factors presented in the questionnaire based on the 1st pilot survey and previous studies. Results - According to the IPA performed to compare the importance of and satisfaction with service factors, both importance and satisfaction are high in the 1st quadrant, which involves the economic advantage of using regular freight services, quick arrival at destinations, weight freight handling, and less time constraints on freight receipt/dispatch. This area requires continuous management. Satisfaction is higher than importance in the 2nd quadrant, which involves the adequacy of freight, cost savings over ordinary courier services, notification on freight arrival, and freight tracking information. This area requires intensive investment and management. Satisfaction is lower than importance in the 3rd quadrant, involving the credit card payment system, courier delivery service, distance to freight handling sites, easy access to freight handling sites, and prompt problem solving. This area requires further intensive management. Both importance and satisfaction are low in the 4th quadrant, involving the availability of collection service, storage space at freight handling sites, kindness of collection/delivery staff, kindness of outlet staff, and easy delivery checks. This area is a set of variables should be excluded from priority control targets. Conclusions - Based on the IPA, service factors that need priority controls because of high importance and low satisfaction include the credit card payment system, delivery service, distance to freight handling sites, easy access to freight handling sites, and prompt problem solving. The findings need to be applied to future marketing strategies for regular freight services and for developing competitiveness enhancement programs.

• Asia-Pacific Journal of Business
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• v.12 no.1
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• pp.135-149
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• 2021

Purpose - I analyzes risk-to-performance evaluated in the market using data from sale and lease back. Specifically, I analyze from the perspective of financial institutions that purchase sale and lease back based on the cases of investment by ship investment companies and acquisition of ships. Design/methodology/approach - I use 49 sale and lease back data from 2017 to 2019 for empirical analysis. Findings - The main results of this paper are as follows. First, after sale and lease back of domestic ships, the average amount of sales by the leased shipping company is 25.1 billion won, the average amount of investment by the purchased financial institution is 14.6 billion won (60%) and the average length of the ship is nine years. In ship finance, sale and lease back is deemed to be appropriately used as a means of restructuring for a large amount of money. Second, the main risk factor for sale and lease back of domestic ships is credit risk and can be measured in VaR in practice. As a result of the empirical analysis, the average credit risk burden ratio is 9%. As a major risk factor, low creditworthiness of restructuring companies is the key. Third, as a result of measuring the profitability of financial institutions that purchase sale and lease back of domestic ships at a net current price, it has an average value of 300 million won, but the deviation by case is very large. Fourth, the risk adjusted performance of sale and lease back of domestic ships is 0.54 on average compared to the total risk capital, and 0.52 compared to the stock-risk capital, and as with profitability earlier, the deviation of each case is very large and misaligned. In order to boost the sale and lease back market for large and long-term assets, in order to overcome low profitability as a prerequisite for future participation of commercial purchased financial institutions, it is expected that purchase decisions based on expectations versus risk will be necessary. Research implications or Originality - The results of this paper are expected to broaden the understanding of sale and lease back and foster the ability to assess long-term risk and performance. Based on this, it is believed that rapid restructuring of companies through sale and lease back of large amounts of long-term assets will greatly increase the utility of the domestic financial market.