• Journal of Distribution Science
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• v.14 no.12
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• pp.129-139
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• 2016

Purpose - This paper examines the explanatory power of the agency theory in the determination of cash holdings for Korean retail firms. If the agency theory holds, a firm with strong corporate governance structure tends to have low cash holdings. A strong governance structure makes the CEO of this firm to behave in the interests of shareholders and thus the CEO has low incentive to stockpile cash holdings, which can be easily diverted for the CEO's own managerial purposes. We investigate this relationship between corporate governance structure and cash holdings, by using corporate governance scores as a proxy variable that captures the effectiveness of corporate governance mechanism. Research design, data, and methodology - We adopt the sample of publicly listed retail firms in KOSPI market from 2005 to 2013. Financial and accounting statements are gathered from the WISEfn database. We also use the corporate governance scores published by Korean Corporate Governance Service. The relationship between the corporate governance scores and cash holdings is cross-sectionally estimated based on the ordinary least square method. This estimation method is widely accepted in the existing literature. The sample of large conglomerates, Chebol, and the remainder firms are separately examined as well, to account for the distinctive internal financing environment in these large conglomerates. Results - We mainly contribute to the extant literature by providing empirical evidence against the agency theory of cash policy. Unlike the prediction of agency theory, we confirm statistically insignificant or even positive correlations between the set of corporate governance scores and cash-asset ratios. Almost all the major corporate governance attributes including total score, shareholder rights, board structure, and the quality of information disclosure do not show negative correlations with cash holdings, which poses a strong challenge to the validity of the agency theory in the determination of retail firms' cash holdings. Conclusions - This study presents interesting empirical results with respect to the cash policy in Korean retail firms. Consistent to prior studies, I verify that the agency theory only limitedly explains the level of cash holdings. Future studies may obtain more robust results by examining a longer sample period.

• Journal of Radiation Protection and Research
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• v.41 no.3
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• pp.237-244
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• 2016

Background: Korea Atomic Energy Research Institute is developing a fission product transport module for predicting the behavior of radioactive materials in the primary cooling system of a nuclear power plant as a separate module, which will be connected to a severe accident analysis code, Core Meltdown Progression Accident Simulation Software (COMPASS). Materials and Methods: This fission product transport (COMPASS-FP) module consists of a fission product release model, an aerosol generation model, and an aerosol transport model. In the fission product release model there are three submodels based on empirical correlations, and they are used to simulate the fission product gases release from the reactor core. In the aerosol generation model, the mass conservation law and Raoult's law are applied to the mixture of vapors and droplets of the fission products in a specified control volume to find the generation of the aerosol droplet. In the aerosol transport model, empirical correlations available from the open literature are used to simulate the aerosol removal processes owing to the gravitational settling, inertia impaction, diffusiophoresis, and thermophoresis. Results and Discussion: The COMPASS-FP module was validated against Aerosol Behavior Code Validation and Evaluation (ABCOVE-5) test performed by Hanford Engineering Development Laboratory for comparing the prediction and test data. The comparison results assuming a non-spherical aerosol shape for the suspended aerosol mass concentration showed a good agreement with an error range of about ${\pm}6%$. Conclusion: It was found that the COMPASS-FP module produced the reasonable results of the fission product gases release, the aerosol generation, and the gravitational settling in the aerosol removal processes for ABCOVE-5. However, more validation for other aerosol removal models needs to be performed.

• Plant Journal
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• v.13 no.3
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• pp.36-46
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• 2017

In the reaction furnace of modified Claus process, chemical equilibrium reactions and kinetic reactions occur simultaneously. The main kinetic components are hydrogen ($H_2$), carbon monoxide (CO), carbonyl sulphide (COS) and carbon disulphide ($CS_2$). The equilibrium calculations, empirical correlations and sulfur recovery technology providers' (licensors) data for kinetic components (COS and $CS_2$) in the reaction furnace were analyzed to evaluate the amount of kinetic components by applying them to five different projects in which GS Engineering & Construction participated. Kinetic components ($H_2$ and CO) are also calculated and the results are analyzed to evaluate the impact of temperature in the reaction furnace and the waste heat boiler. Total required $O_2$ deviations for combustion in the reaction furnace are additionally shown, with and without side reactions. A full understanding of side reactions in the modified Claus process can help to improve sulfur recovery efficiency and optimize equipment design.

• Journal of Soil and Groundwater Environment
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• v.22 no.4
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• pp.1-8
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• 2017

Efficient groundwater management requires accurate information about the water volume used. The pumped volume of groundwater can be indirectly estimated using empirical formulae based on electric power consumption. The purpose of this study is to test the accuracy of this indirect method. The Haean basin in Gangwon is located in a rural area, where majority of the groundwater extracted is used for irrigation. The pumped volume of groundwater indirectly estimated from electricity usage using these empirical formulae was compared with the actual pumped volume determined by conducting experiments on April 29 and May 19, 2017. The field survey collected data on electricity usage, pumped volume, and groundwater levels. Based on this measured data, correlations were calculated between electricity usage and pumping volume, as well as groundwater level and pumping rate. The results show that electricity usage and pumped volume measured for both wells (YHE1 and YHE2) are highly correlated (r=0.99, p<0.001). However, for YHE1, notably, the correlation between the groundwater level and pumping rate was not significant, and only some correlations were identified for these variables for the YHE2 test well. The average error with respect to the estimation of the actual pumped volume from the existing formula (1) and formulae (2) and (3) are +399% and -88%, respectively. To reduce these errors, these formulae need to consider other factors affecting the pumped volume.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.13 no.8
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• pp.3417-3426
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• 2012

This study aims to determine how ownership structure (share-holding ratio of insiders, foreigners) affects agent costs (the portion of asset efficiency or non-operating expenses) through empirical analysis. However, as existing studies on correlations between ownership structure and agent costs adopted Pooled OLS Model, this study focused on additionally formulating Fixed Effect Model and Random Effect Model aimed to reflect the time of data formation and corporate effects as study models based on verification results on the suitability of Pooled-OLS Model before comparative analysis for the purpose of improvement of credibility and statistical validity of the results of empirical analysis based on the premise that the Pooled OLS Model is not reliable enough to verify massive panel data. The data has been accumulated over 10 years from 1998 to 2007 after the IMF crisis hit the nation, from a subject 331 companies except for financial institutions. As a result of the empirical analysis, verification of the suitability of model has determined that the Random Effect Model is appropriate in terms of asset efficiency among agent costs items. On the other hand, the Fixed Effect Model is appropriate in terms of non-operating costs. As a result of the empirical analysis according to the appropriate model, no hypothesis adopted in the Pooled OLS Model has been accepted. This suggests that developing an appropriate model is more important than other factors for the purpose of generating statistically significant empirical results by showing that different empirical results are produced according to the type of empirical analysis.

• International Journal of Air-Conditioning and Refrigeration
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• v.9 no.1
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• pp.1-10
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• 2001

The present study investigated the effects of experimental parameters on the thermal characteristics of an in-line 6x1 array of discrete heat sources for a test multichip module using water, PF-5060 and paraffin slurry. The parameters were heat flux of 10-40W/$cm^2$. Reynolds number of 3,000~20,000 and mass fraction up to 10% for paraffin slurry The size of paraffin slurry was within 10~40$\mu$m before and after experiments. The local heat transfer coefficients for the paraffin slurry were larger than those for water. Thermally fully developed conditions were observed after the third or fourth row (five or seven times of the chip length) and the paraffin slurry showed effective cooling performance at the high heat flux The paraffin slurry with the mass fraction of 5% showed the most efficient cooling performance when the heat transfer and the pressure drop in the test section are considered simultaneously. The experimental data at the fourth and sixth rows are best agreed with the values predicted by the Malina and Sparrow`s correlation among other correlations, and the empirical correlations for water and 5% paraffin slurry were obtained at the first and sixth rows when the channel Reynolds number is over 3,000.

• Transactions of the Korean Society of Mechanical Engineers B
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• v.20 no.5
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• pp.1725-1734
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• 1996

Experimental condensation and evaporation heat transfer coefficients were measured in a horizontal smooth tube and a horizontal micro-finned tube with HFC-134a. The test sections are straight, horizontal tubes with have a 9.52mm outside diameter and about 5000mm long. The micro-finned tube had 60 fins with a height of 0.12mm and a spiral angle of 25.deg.. The condensation test section was a double-pipe type with counter flow configuration. The evaporation test section employed an electic heating method. Enhancement factors which is defined as a ratio of the heat transfer coefficient for micro-finned tube to that for smooth tube, varied from 1.3 to 1.6(mass flux:110~190kg/m$^{2}$s) for condensation and 1.2 to 1.5 (mass flux:70~160kg/m$^{2}$s) for evaporation. The experimental data of condensation and evaporation heat transfer coefficients were compared to several empirical correlations. Based on these comparisons, modified correlations of the condensation and evaporation heat transfer coefficient for both smooth and micro-finned tubes were proposed.

• Journal of ILASS-Korea
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• v.13 no.2
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• pp.79-84
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• 2008

The correlations for cross-flow have not been well established, because of the complexity of breakup and atomization mechanism. A study was performed to investigate the characteristics of spray behaviour of liquid jet in the bag breakup regime injected into low-speed cross-flow with the pressure single-hole nozzle. The shadow-graphy method was used for the cross-flow jet visualization. The experimental variables of liquid jet were nozzle diameter $(0.3mm{\sim}1.0mm)$, injection pressure $(50kPa{\sim}150kPa)$, and the velocity of cross-flow $(27m/s{\sim}42m/s)$. The highest penetration trajectories of liquid jet are governed by the momentum ratio $({\rho}_{\iota}U_{\iota}^2/{\rho}_aU_{cross}^2)$ rather than the Weber number and the new empirical equations of the highest penetration trajectory and breakup point at low-speed corss-flow are established.

• Proceedings of the Korean Nuclear Society Conference
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• 1998.05a
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• pp.812-817
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• 1998

Experimental studies on heat transfer and solidification of the molten metal pool with overlying coolant with boiling were performed The simulant molten pool material is tin (Sn) with the melting temperature of 232$^{\circ}C$. Demineralized water and R113 are used as the working coolant. This work examines the crust formation and the heat transfer characteristics of the molten metal pool immersed in the boiling coolant. The Nusselt number and the Rayleigh number in the molten metal Pool region of this study are compared between the water coolant case and the R113 coolant case. The experimental results or the water coolant are higher than those for R113. Also, the empirical relationship of the Nusselt number and the Rayleigh number is compared with the literature correlations measure from mercury. The present experimental results are higher than the literature correlations. It is believed that this discrepancy is caused by the effect of heat loss to the environment on the natural convection heat transfer in the molten pool.

• Journal of the Korean Geotechnical Society
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• v.20 no.9
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• pp.33-45
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• 2004

Sandfill at reclaimed sites is usually formed by more than one placement method. Reclaimed sandfill often shows highly variable profiles and the cone penetration test is most commonly used for site characterization. Correlations between cone resistance and geotechnical parameters for sand are influenced by in-situ stress level and it is important to incorporate stress level effect. In this study, cone penetration tests were performed at several elevations from the top of a 10m high surcharge, which was later removed step by step. In order to establish more reliable correlations between cone resistance and geotechnical parameters for sand, different ways of normalizing cone resistance by the corresponding in-situ vertical stress were investigated.