• The Journal of Fisheries Business Administration
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• v.51 no.3
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• pp.17-31
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• 2020

The purpose of this study is to identify economic situation on scale of tuna distant longline fishery by analyzing its economies of scale using the cost function. To analyze its economics of scale, the deep-sea fishing statistics were used from 2012 to 2016. In detail, the number of panels for estimating the cost function was 68 tuna distant longline vessels from 2012 to 2016, and the total number of observations over the five years were 340. As a final model, the two-way fixed effect model based on the translog cost function was adopted through the F test, the Breusch-Pagan test and the Hausman test. As a result of the analysis, it was found that tuna distant longline fishery between 2012 and 2014 was diseconomies of scale, the fishery between 2015 and 2016 was economies of scale. However, the economic indicators of the scale from 2012 to 2016 were almost close to zero, indicating that the constant returns to scale, the optimal scale, were reached. Therefore, in the situation where the amount of fishery resources in the world continues to decrease, it is necessary to prepare a method to obtain economic benefits through scale maintenance and reduction rather than indiscriminate scale expansion.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.801-808
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• 2020

The purpose of the study is to find the factors that influence the financial leverage of Vietnam firms. The dependent variable is the financial leverage and the independent variables are firm size, asset structure, liquidity, growth opportunities, profitability, and firm age. The data are collected from Vietnam firms' annual financial reports in the period from 2010 to 2019. The study uses a sample of 448 Vietnam listed firms in the period. We also employ a panel regression model with pooled OLS and fixed effect to analyze the firms' financial data. The results of the model showed that financial leverage (FL) has a negative relationship with some factors such as asset structure (AS), liquidity (LQ), growth opportunities (GRW), profitability (ROA), and firm age (AGE) in the fixed effect regression. It means that when liquidity, profitability, and firm age increase, firms' financial leverage will decrease. While firms' financial leverage has still a positive relationship with the firm size (SIZE) in the model. As a result, when firm size increases, financial leverage will increase, too. The results showed that models are fit for the research and can be used to predict future findings. It is also useful for enterprises, financial advisors, investors, as well as the financial managers.

• Journal of Labour Economics
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• v.31 no.3
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• pp.21-46
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• 2008

This paper estimates of the effect of Clean Workplace Program on industrial accident rates among firms with fewer than 50 workers. The program subsidizes selected firms for work environment improvement. After controling for selectivity and fixed effects in difference-in-difference model, we find that the program reduces the accident rates by 0.34%p, which amount to a decline of 15.8% in total accident rates.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.853-861
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• 2020

The study aims to measure the productivity of the Saudi banking sector at the retail level using secondary data for 11 local banks from the period 2015-2019. The study uses an extended version of the Cobb-Douglas production function to account for the fact that as banks openup more retail branches, they will need to employ more labor. The extended Cobb-Douglas production function was estimated using the two-way fixed effect model to account for unobserved heterogeneity across Saudi banks resulting from differences in labor competencies and leadership style. Besides, the model accounts for unobserved heterogeneity among Saudi banks due to the advancement in electronic services over time. The results showed that labor, branches, customers' deposits, and fixed deposits have a positive effect on the total value of generated loans. Conversely, ATM has an insignificant effect on generated loans. The average scale elasticity shows that the Saudi banks at the retail level are operating under decreasing returns to scale. The average marginal rate of technical substitution shows that Saudi banks need at least one ATM to replace one unit of labor at the retail level while keeping the same level of output.

• Computers and Concrete
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• v.25 no.3
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• pp.255-266
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• 2020

This study presents comparation of fixed and viscos boundary condition effects on three-dimensional earthquake response and performance of a RCC dam considering linear and non-linear response. For this purpose, Cine RCC dam constructed in Aydın, Turkey, is selected in applications. The Drucker-Prager material model is considered for concrete and foundation rock in the nonlinear time-history analyses. Besides, hydrodynamic effect was considered in linear and non-linear dynamic analyses for both conditions. The hydrodynamic pressure of the reservoir water is modeled with the fluid finite elements based on the Lagrangian approach. The contact-target element pairs were used to model the dam-foundation-reservoir interaction system. The interface between dam and foundation is modeled with welded contact for both fixed and viscos boundary conditions. The displacements and principle stress components obtained from the linear and non-linear analyses are compared each other for empty and full reservoir cases. Seismic performance analyses considering demand-capacity ratio criteria were also performed for each case. According to numerical analyses, the total displacements and besides seismic performance of the dam increase by the effect of the viscous boundary conditions. Besides, hydrodynamic pressure obviously decreases the performance of the dam.

• The Journal of Economics, Marketing and Management
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• v.9 no.4
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• pp.1-8
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• 2021

Purpose: This study empirically investigates what factors contribute to corporate value in the Korea New Exchange (KONEX) market and determines whether financial constraints contribute any effect on it. Research design, data and methodology: A fixed-effect panel regression model was utilized to analyze financial constraints on firm value for KONEX listed firms through the fiscal period from 2013 to 2020. Results: we find that firms' research and development, volatility, size, and sales growth give significant impacts to firm value, but the significance and direction are different. In addition, no significant relationship exists between the largest shareholder's equity ratio and firm value in all models. The debt-to-equity ratio did not show a significant relationship with corporate value. A significant negative relationship was found between R&D and corporate value in the entire sample. Volitility exhibited a positive relationship with corporate value in the entire sample and financially unconstrained companies. Firm size presented a significant negative relationship with company value in all models. Sales growth showed a significant negative relationship with corporate value in financially constrained companies. Conclusions: No difference is found between financially constrained and unconstrained companies in the KONEX market. We can infer that KONEX companies have a large difference with KOSPI or KOSDAQ. Further analysis is needed on the differences among these markets.

• Earthquakes and Structures
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• v.24 no.5
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• pp.345-352
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• 2023

This paper studied the effect of soil-structure interaction (SSI) on the seismic response and retrofit of a reinforced concrete structure with a soft-first story for different soil types. A 5-story structure built on a 30m deep homogeneous soil mass was considered as a case study structure, and steel column jacketing and steel bracing were chosen as seismic retrofit methods. Seismic responses of a fixed-base and a flexible base structure subjected to seven scaled earthquake records were obtained using the software OpenSees to investigate the effect of soil on seismic response and retrofit. The nonlinearBeamColumn elements with the fiber sections were used to simulate the nonlinear behavior of the beams and columns. Soil properties were defined based on shear wave velocity according to categorized site classes defined in ASCE-7. The finite element model of the soil was made using isoparametric four-noded quadrilateral elements and the nonlinear dynamic responses of the combined system of soil and structure were calculated in the OpenSees. The analysis results indicate that the soil-structure interaction plays an important role in the seismic performance and retrofit of a structure with a soft-first story. It was observed that column steel jacketing was effective in the retrofit of the model structure on a fixed base, whereas stronger retrofit measures such as steel bracing were needed when soil-structure interaction was considered.

• Journal of Korea Trade
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• v.26 no.6
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• pp.96-117
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• 2022

Purpose - Considering the recent instability of world economy and its heavy dependence on foreign, Korea must formulate breakthrough approaches to proactively cope with these adverse global developments. As such, this study aims to ascertain how participation in global value chains (GVCs) relates to corporate productivity and derive policy implications. Design/methodology - This study utilizes the microdata of Korean manufacturers to develop indicators of GVC participation at the enterprise level and analyzes the effects of GVC participation on the firm's total factor productivity by using fixed effect model. Findings - Enterprises with highest rates of export-side GVC participation see their productivity grow as their export-side GVC participation rates increase. In addition, when companies are classified by their export-side GVC participation rates, increasing export values improves all firm's productivity. In particular, those with low participation rates are analyzed to achieve higher productivity by increasing their imports, not only exports, which implies that companies with lower export-side GVC participation can boost productivity by reinforcing their export and import activities. Originality/value - This research paper distinguishes itself from others in that it makes a novel attempt to design the indicators of GVC participation at the enterprise level, not at the national or industry level. In addition, this study contributes to the existing literature by dividing companies into subgroups depending on their GVC participation rates for each of export and import and identifying variances in the effect of GVC participation on productivity growth among subgroups.

• Journal of Korean Society of Rural Planning
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• v.22 no.4
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• pp.103-114
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• 2016

The global trade partners have been diversified and mixed in agricultural market, which is expended the international agri-food market through the Regional Trade Agreement and World Trade Organization, etc. The aim of this study is to derive influential factors for exports increases of agricultural products targeting to Association of South-East Asian Nations (ASEAN). We set the equation for agricultural products exports referred to panel gravity model considering panel fixed effect for controlling endogeneity within variables. The results of this study are the follows; (1) Social economic distance considering international oil price negatively affects in the mushroom model; (2) Korean GDP affects (-) in a mushroom model and (+) in a vegetable model, however, ASEAN's per capita GDP indicates opposite influence in the same model; (3) Relative exchange rate shows negative impact in a vegetable model; (4) The entry status into WTO and the status in force of FTA have converse effects in mushroom and vegetable model, respectively.

• Asian-Australasian Journal of Animal Sciences
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• v.20 no.1
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• pp.12-18
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• 2007

The objective of the study was to compare ranking of Sahiwal bulls selected on the basis of highest lactation milk yield of their dams with their estimated breeding values (EBVs) using an animal model. Data on 23,761 lactation milk yield records of 5,936 cows from five main Livestock Experiment Stations in Punjab province of Pakistan (1964-2004) were used for the study. At present the young A.I bulls are required to be from A-category bull-dams. Dams were categorized as A, B, C and D if they had highest lactation milk yield of ${\geq}$2,700, 2,250-2,699, 1,800-2,249 and <1,800 litres, respectively. The EBVs for lactation milk yield were estimated for all the animals using an individual animal model having fixed effect of herd-year and season of calving and random effect of animal. Fixed effect of parity and random effect of permanent environment were incorporated when multiple lactation were used. There were 396 young bulls used for semen collection and A.I during 1973-2004. However, progeny with lactation yields recorded, were available only for 91 bulls and dams could be traced for only 63 bulls. Overall lactation milk yield averaged 1,440.8 kg. Milk yield was 10% heritable with repeatability of 39%. Ranking bulls on highest lactation milk yield of their dams, the in-vogue criteria of selecting bulls, had a rank correlation of 0.167 (p<0.190) with ranking based on EBVs from animal model analysis. Bulls' EBVs for all lactations had rank correlation of 0.716 (p<0.001) with EBVs based on first lactation milk yield and 0.766 (p<0.001) with average EBVs of dam and sire (pedigree index). Ranking of bulls on highest lactation yield of their dams has no association with their ranking based on animal model evaluation. Young Sahiwal bulls should be selected on the basis of pedigree index instead of highest lactation yield of dams. This can help improve the genetic potential of the breed accruing to conservation and development efforts.