• Asia-Pacific Journal of Business
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• v.11 no.4
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• pp.225-241
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• 2020

Purpose - The purpose of this study was to examine the effect of the ratio of outside directors, especially the ratio of outside directors according to their tenure, on firm value. Design/methodology/approach - This study collected total 3,861 firm-year data about companies listed KRX KOSPI market in Korea. The Pooled Ordinary Least Square Model and Panel Fixed Effects Model were hired in order to analyze the data. Findings - First, it was found that the ratio of outside directors for total sample had no significant effect on firm value, and the estimation coefficient of dummy variable for the average tenure less than 3 years had a significant positive(+) effect on firm value. Second, the ratio of outside directors corresponding to the tenure of less than 3 years had a significant positive(+) effect on the firm value. On the contrary, the ratio of outside directors corresponding to the tenure of 3 years or more had a significant negative(-) effect on firm value. Third, the ratio of outside directors corresponding to the tenure for more than 6 years did not show any significant influence on firm value. Research implications or Originality - First, if other matters are not additionally considered, keeping the tenure of outside directors shortly on average could help to increase firm value. Second, in the case of firms facing the decision to reappoint outside directors for the first time, it is highly likely that the firm value would decrease on average, so careful decisionmaking considering various aspects is required. However, this study does not take into account the legal standards for the appointment of outside directors, diversity of outside directors, and the actual independence of outside directors according to other criteria in the analysis. Therefore, if these factors are considered, there is a possibility that the empirical analysis results of this study may show different patterns.

• Korea Trade Review
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• v.45 no.5
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• pp.141-159
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• 2020

Container terminals at Gwangyang Port are operated by three container operators: A, B and C. Ultimately, there is consensus that a single operator should operate all terminals so that economies of scale can be achieved even in the operation of the container terminal. Integration between operators has a positive effect on both operators and shipping companies. From the operator's point of view, overlapping fixed costs between operators can be unified, reducing overall costs and utilizing spare facilities. On the other hand, from the viewpoint of the shipping company, it is possible to ensure stable use of the port facilities and always allow berthing, reduce days on demurrage and ship waiting, and provide one-stop service for work. However, existing cases of operators' integration or relocation of terminals remained to estimate the expected effects of alternatives, emphasizing only the financial point of view. The port terminal is a large system, and it is important to consider that it is an aggregate of major logistics facilities and equipment. Moreover, if the estimation can be made by quantifying the expected effect, the justification of the terminals' relocation can be further emphasized. Therefore, it is very important to estimate the expected effect from the viewpoint of systemic operation. Moreover, the need for operators' integration can be further emphasized if it can be estimated through quantification of expected effects. Currently, three alternatives are considered as alternatives to the terminals' relocation, and in this study, the optimal plan was derived for the 3 alternatives by the linear planning model of the minimum shuttle transportation cost in the terminal. The optimal plan is alternative 2, which shows the most advantageous integration effect in terms of expected effects. Alternative 2 integrates the B terminal into the C terminal, and the A terminal operates independently as it is.

• 한국노년학
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• v.37 no.3
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• pp.727-745
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• 2017

This study purported to examine the effects of precarious employment and social capital on the changes of self-rated health status among the middle aged and the young-old population in South Korea. The study analyzed 12 year follow-up data generated by the Korean Labor and Income Panel Study(KLIPS 6-17), which included 10532 employed subjects aged 55 to 75. Multi-level growth curve modeling was performed by fixed and random effect models using STATA 13.0 program. Afterwards, Hausman test was performed, which resulted in support of the estimation by fixed effect model. The results showed that a day labor position was significant factor affecting the deteriorated changes of self-rated health status over time. In addition, wage, weekly working hours, and private/relational social capitals were also found to be significant factors affecting the changes of the self-rated health status. The results supported the divergence hypothesis as well as the cumulative advantage theory. Efforts should be made to develop and implement various employment support policies and social service programs to alleviate the health inequality of the employed workers over their middle-aged to young-old period.

• Journal of the Institute of Electronics Engineers of Korea SC
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• v.47 no.5
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• pp.43-51
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• 2010

Attenuation coefficients of medical ultrasound not only reflect the pathological information of tissues scanned but also provide the quantitative information to compensate the decay of backscattered signals for other medical ultrasound parameters. Based on the frequency-selective attenuation property of human tissues, attenuation estimation methods in spectral domain have difficulties for real-time implementation due to the complexicity while estimation methods in time domain do not achieve the compensation for the diffraction effect effectively. In this paper, we propose the modified VSA method, which compensates the diffraction with reference phantom in time domain, using adaptive bandpass filters with decreasing center frequencies along depths. The adaptive bandpass filtering technique minimizes the distortion of relative echogenicity of wideband transmit pulses and maximizes the signal-to-noise ratio due to the random scattering, especially at deeper depths. Since the filtering center frequencies change according to the accumulated attenuation, the proposed algorithm improves estimation accuracy and precision comparing to the fixed filtering method. Computer simulation and experimental results using tissue-mimicking phantoms demonstrate that the distortion of relative echogenicity is decreased at deeper depths, and the accuracy of attenuation estimation is improved by 5.1% and the standard deviation is decreased by 46.9% for the entire scan depth.

• Journal of Korean Society of Transportation
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• v.32 no.6
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• pp.662-674
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• 2014

In this study, accident frequency prediction models were constructed by collecting variables such as geometric structures, safety facilities, traffic volume and weather conditions, land use, highway design-satisfaction criteria along 780km (4,372 sections) of 4 lane-highways over 8 areas. As for models, a fixed parameter model and a random parameter model were employed. In the random parameter model, some influences were reversed as the range was expressed based on specific probability in the case of no fixed coefficients. In the fixed parameter model, the influences of independent variables on accident frequency were interpreted by using one coefficient, but in the random parameter model, more various interpretations were took place. In particular, curve radius, securement of shoulder lane, vertical grade design criteria satisfaction showed both positive and negative influence, according to specific probability. This means that there could be a reverse effect depending on the behavioral characteristics of drivers and the characteristics of highway sections. Rather, they influence the increase of accident frequency through the all sections.

• The Korean Journal of Franchise Management
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• v.13 no.4
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• pp.39-48
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• 2022

Purpose: COVID-19 has negatively influenced the financial performance of restaurant firms. Previous literature suggests that the franchising strategy effectively helps restaurant firms recover from difficult business conditions through various methods for expanding business size and enhancing business efficiency. According to risk-sharing theory, restaurant franchisors may minimize operational risks by sharing the risks with their franchisees. For instance, restaurant franchisors could generate more stable cash flow using franchise fees from their franchisees. However, research on the effect of franchise's risk reduction factor on business performance during pandemic is scarce. Thus, this study aims to examine the positive moderating effect of franchising between COVID-19 and restaurants' financial performance. Research design, data, and methodology: Panel data including financial information and franchising status of restaurant firms were collected for analysis. In order to control for unobserved firm-specific factors, generalized least squared estimation in fixed effects model was conducted. Huber-White robust standard errors were used to deal with heteroscedasticity issues. Results: It was found that COVID-19 pandemic has a negative effect on the restaurants' financial performance such as ROA (return on assets), ROE (return on equity), and PM (profit margins), which confirms the findings from existing literature. More importantly, results show that the degree of franchising has a positive moderating effect on the relationship between COVID-19 and financial performance of restaurant firms. This suggests that more active engagement in franchising may decrease negative impacts of COVID-19 on the restaurants' financial performance. Conclusions: The study supports existing literature related to risk-sharing theory, by confirming that pandemics, such as COVID-19, negatively affect financial performance of the restaurants. Furthermore, it was found that franchising strategy can help lessen negative impacts of pandemics on the firm performance. These findings can contribute to the franchise and restaurant management literature by suggesting the role of franchising in reducing business risks, thereby positively affecting financial performance. Moreover, this study offers business managers of franchisors and franchisees insights for utilizing franchising in restaurant risk management. Policymakers may also gain information on aiding restaurant firms during global crisis, such as COVID-19.

• (The)Korea Educational Review
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• v.24 no.1
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• pp.199-225
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• 2018

Using the 3rd to the 6th wave data from the Korean Children and Youth Panel Survey(KCYPS), we examined the effects of academic characteristics and social relations on the trajectories of the life satisfaction among adolescents. OLS results showed that male students were more satisfied with their lives than female students in the 3rd grade of middle school. As academic characteristics, academic achievement and the level of class adjustment improved life satisfaction but the amount of learning time spent had a negative effect on life satisfaction. However, the effect of academic achievement lost its statistical significance after including variables of social relations. Relationships with parents, teachers, and friends had positive effects on life satisfaction. The longitudinal analysis using the fixed effect estimation also showed a similar result of the associations among the variables to that in the OLS analysis. The life satisfaction gap between male and female students narrowed over time from the 3rd grade of middle school to the 2nd grade of high school. The effects of relationships with parents and friends showed significant effects on both female and male students, but the relationship with their teachers was significant only for female students. Based on the results, we discussed the issues of Korean education related to the life satisfaction among adolescents.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.24 no.9B
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• pp.1795-1805
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• 1999

In an OFDM (Orthogonal Frequency-Division Multiplexing) system, the sampling frequency offset between the transmitter and receiver is known to cause the interchannel interference (ICI), resulting in performance degradation. In this paper, we propose two time-domain techniques to estimate the sampling frequency offset, especially for a high data-rate OFDM system. The first technique estimates the sampling frequency offset by using the phase difference between two received samples with a fixed amount of time interval, corresponding to the transmitted training symbol, under the assumption of perfect symbol and carrier offset synchronization. The second technique estimates the sampling frequency offset and carrier frequency offset jointly, when the two offsets exist together, by using two training symbols with different frequency components and using a sample algebraic calculation. The proposed estimation techniques for sampling frequency offset cause no time delay due to all time-domain processing, and have a good performance due to no ICI effect. The performances of the proposed techniques are demonstrated by various simulations.

• Korean Journal of Fisheries and Aquatic Sciences
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• v.35 no.4
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• pp.445-450
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• 2002

A series of 29 sampling with a 330 ${\mu}$m and a 64 ${\mu}$m mesh size of nets was conducted at a fixed station in Ilkwang Bay, southeast cost of Korea, from Oct, 2, 1991 to Oct. 10, 1992, to investigate the effects of mesh size of nets on biomass estimation of copepod Acartia steueri. The catch of copepodite and nauplius stages of A. steueli taken by two nets with different mesh size was different, showing that all developmental stages of A. steueri were retained on the 64 ${\mu}$m mesh net, but only $\geq$stage 4 copepodite were caught by the 330 ${\mu}$m mesh net. Abundance and biomass in each developmental stage estimated with the 64 ${\mu}$m mesh net were significantly higher than those of the 330 ${\mu}$m mesh net, except for adult female and stage 5 copepodite in female. The body length as well as the body width is likely to affect the catch of the nets. The mean biomass of A. steueli estimated with the traditional 330 ${\mu}$m net was 2.8 times lower than the value obtained with the 64 ${\mu}$m mesh net. However, the seasonal patterns of the biomass were comparable. These results suggest that accurate sampling strategr of the entire copepods assemblage including nauplii and copepodites are essential when estimating the abundance and biomass of copepods for the better understanding of the role of copepods in marine ecosystem.

• Journal of the Korea Institute of Information and Communication Engineering
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• v.8 no.2
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• pp.265-275
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• 2004

In this paper, an OFDM-CDMA broadband system is considered for a possible candidate of fixed wireless broadband access network applications. With an emphasis on a preamble design for multi-channel separation, we address a channel estimation based on the time-domain windowing and its imperfectness in OFDM-based multiple-antenna transmission systems. By properly designing each preamble for multiple antennas to be orthogonal in the time domain, the channel estimation can be applied to the ETSI HlPERLAN/2 and IEEE-802.11a standards in the case of more than two transmit antennas. Also, an effect of diversity techniques on the performance of OFDM-CDMA based broadband wireless access networks is investigated and the maximum achievable diversity gain for a two-path Rayleigh fading environment is evaluated Simulation results show that the OFDM-CDMA system applying a space-time-frequency diversity with a full-rate full diversity code can give the diversity of D = 4 and D = 8 for both multi-user cases of maximum user and half user capacities, respectively.