• East Asian Journal of Business Economics (EAJBE)
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• v.7 no.4
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• pp.41-49
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• 2019

Purpose - This paper empirically investigates what factors contribute to corporate investments under financial constraint condition in the Korean stock market. In the paper, tangible assets' growth rate and fixed assets' growth rate were employed as investment performance and total assets were also used for comparison purpose. Research design and methodology - Samples are constructed by manufacturing firms listed on the stock market of Korea as well as those who settle accounts in December from 2001 to 2018. Financial institutions are excluded from the sample as their accounting procedures, governance and regulations differ. This study adopted a fixed panel regression model to assess the sample construction including yearly and cross-sectional data. Results - This results support the literatures that major shareholders showed positive significance to investment in financially unconstrained firms and no significance to investment in financially constrained firms. ROA showed positive significance to investment in financially unconstrained and constrained firms, whereas firm size showed negative significance to investment in financially unconstrained and constrained firms. Debt showed no positive significance to investment in financially unconstrained firms and negative significance to investment in financially constrained firms. Conclusions - This paper documented evidence that ROA and firm size are important factors to investment irrespective of firms' financial constraints. And this paper also supports that major shareholders give positive impact to investments in financially unconstrained firms. This means that financial constraints itself rule corporate' investment decision in financially constrained firms.

• KDI Journal of Economic Policy
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• v.26 no.2
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• pp.143-178
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• 2004

For a thorough accounting for economic growth, it is desired to include the working hours and the efficiency of labor as production factors in addition to the number of workers and human and physical capital stocks. This paper estimates the distribution of weekly working hours of total workers as a continuous variable using the maximum likelihood method, estimates the efficiency of labor as a function of working hours using wage statistics, and by combining these results, estimates the labor efficiency index in Korea for the period 1963~2003. Estimation results show that the efficiency of labor was maximized when the weekly working hours was 40 hours, and the average annual growth rate of the labor efficiency for the period 1963~2003 was 0.14 percent.

• Computers and Concrete
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• v.5 no.3
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• pp.261-277
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• 2008

This paper presents methodologies for remaining life prediction of plain concrete structural components considering tension softening effect. Non-linear fracture mechanics principles (NLFM) have been used for crack growth analysis and remaining life prediction. Various tension softening models such as linear, bi-linear, tri-linear, exponential and power curve have been presented with appropriate expressions. A methodology to account for tension softening effects in the computation of SIF and remaining life prediction of concrete structural components has been presented. The tension softening effects has been represented by using any one of the models mentioned above. Numerical studies have been conducted on three point bending concrete structural component under constant amplitude loading. Remaining life has been predicted for different loading cases and for various tension softening models. The predicted values have been compared with the corresponding experimental observations. It is observed that the predicted life using bi-linear model and power curve model is in close agreement with the experimental values. Parametric studies on remaining life prediction have also been conducted by using modified bilinear model. A suitable value for constant of modified bilinear model is suggested based on parametric studies.

• The Korean Journal of Food & Health Convergence
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• v.6 no.1
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• pp.17-20
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• 2020

Wheat is the most abundant crop in the world, accounting for one third of the world's population diet. In Ukraine, wheat is in fact, in addition to its nutritional value, a national symbol of the state. Therefore, the main thesis on the development of modern plant growing in Ukraine is the reduction of costs and the introduction of innovative technologies. The quality of grain and seed depends on many factors, namely: agro-climatic conditions, sowing condition of the seed material, quality characteristics of the soil, yielding properties of seeds, pre-sowing seed treatment. etc. For this purpose, the photosynthesis and intensity of photosynthesis need to be limited to the width of the leaf and the height of the leaves by a smaller cut of the stem. It is extremely important to ensure that the head and side pagons of wheat are in good condition. All parameters are often secured by the technology of grain preparation before delivery. Prior to this technology, it is possible to introduce processing of the material in the form for the development of the material. This article presents the effectiveness of the use of infrared irradiation for the pre-sowing treatment of winter wheat seeds in Sekobra Research, Germany.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.529-540
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• 2020

The objective of this research paper is to study the simultaneous relationship between fiscal decentralization, corruption, and income inequality among Vietnamese provinces. We use a balanced panel data set of 63 provinces/cities in Vietnam in the period from 2011 to 2018. The study used 3SLS-GMM (Three Stage Least Squares - Generalized Method of Moments estimator) and GMM-HAC (Generalized Method of Moments - Heteroskedastic and Autocorrelation Consistent estimator). Empirical evidence shows a strong simultaneous relationship: increased corruption will increase regional income disparities, income inequality, and increase fiscal decentralization. In addition, the results also suggest that an increase in per-capita income will reduce the level of corruption, or better control corruption of each province. The degree of increase in income inequality, which reduces fiscal decentralization, is the same for trade liberalization. All demonstrate that there is a simultaneous relationship between fiscal decentralization, corruption, and income inequality. In a region of high public governance quality, fiscal decentralization positively effects its economic growth. This issue will indirectly increase income inequality between provinces within a country. Our findings imply that a country's fiscal decentralization strategy should be linked to improving corruption control and local governance effectiveness, indirectly improving income inequality between localities or regions.

• The Journal of Small Business Innovation
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• v.21 no.1
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• pp.27-42
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• 2018

As global competition has become more intense in recent years, collaborative cooperation and shared growth between large and small enterprises for enhancing competitiveness of enterprises have become an important social concern. In the long run, collaborative cooperation between large and small enterprises is becoming more important not only in terms of enhancing corporate competitiveness but also in terms of CSR and CSV. In fact, many large companies are strengthening collaborative cooperation. This study compares and analyzes collaborative cooperation cases of major Chaebol companies including Samsung Electronics, and derive implications for collaborative cooperation plan of large companies.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.2
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• pp.141-149
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• 2022

Despite the importance of the insurance business for financial and economic development, few studies have looked at the factors that influence its growth. This research adds to the body of knowledge by empirically examining the impact of numerous factors on the development of the insurance business in 15 Middle East and North African (MENA) countries from 2000 to 2017. The study looks at macroeconomic, demographic, and institutional factors as potential drivers of the insurance industry's growth, with the insurance premium as a percentage of GDP as the dependent variable. All variables are stationary at the first difference, according to the IPS panel unit root test. The Pedroni residual cointegration test, Kao residual cointegration test, and Johansen-Fisher panel cointegration tests are then used to look for long-run associations. The cointegration tests strongly suggest that the insurance premium and the various variables have long-run correlations. Findings from the Fully-Modified OLS imply that GDP per capita, gross capital formation, and the KOF economic globalization index have a positive long-term impact on the insurance business. The insurance business is also driven by combating corruption and the rule of law. The population and regulatory quality, on the other hand, have no significant impact.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.5
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• pp.19-27
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• 2022

The size of the government is one of the most fundamental debates of open economies. In any economy, government plays an important role, but a pertinent level of economic prosperity has never been obtained in history without government. Therefore, the objective of this paper investigates the association of government size, economic volatility, and institutional quality for 182 economies from the time period 1996-2016 is collected from the World Bank database. GE is defined as the General government's final consumption expenditure. Health expenditure is represented by HE. Government expenditure on education is denoted by EDUEXP. The economic volatility is measured by the rolling standard deviation of GDP per capita growth rate, Population growth, Trade openness, GINI represented Gini index which measures the degree to which the income distributed or consumption expenses among citizens deviates from a perfectly equal distribution. The results proposed that economic volatility has a significant effect on government size and institutional qualities. Moreover, the paper extends the investigation by finding the link between economic volatility with government health and education expenditure separately. The policy implication drawn from this analysis is that controlling economic volatility may reduce the size of government and also significantly affect health and education expenditures.

• Journal of Korea Technology Innovation Society
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• v.11 no.1
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• pp.72-90
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• 2008

What has been the contribution of industrial innovation to economic growth? Typically, the issue has been approached with growth-accounting methods augmented to include a "stock of knowledge". An independent estimate of the rate of return to R&D is found in order to impute patents granted to the accumulation of knowledge. Griliches(1973) then uses a regression approach to assess the effect of an R&D variable on the computed TFP growth rate. The regression coefficient on the R&D variable would provide an estimate of the social rate of return to R&D. The related studies tend to show high social rates of return to R&D, typically in a range of 20 to 40 % per year. We need to provide multiple equation dynamic system for productivity and innovation in Korean economy in state space form. A wide range of time series models, including the classical linear regression model, can be written and estimated as special cases of a state space specification. State space models have been applied in the econometrics literature to model unobserved variables like productivity. Estimation produces the following results. Considering the goodness of fit, we can see that the evidence is strongly in favor of the range $0.120{\sim}0.135$ for the elasticity of TFP to R&D stock in the period between 1970's and the early 2000's.

• Korean Journal of Environmental Biology
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• v.21 no.4
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• pp.400-404
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• 2003

This study was to evaluate the effects of gamma irradiation on the germination, nutrient concentrations and growth of spinach and radish. Both the spinach and radish seeds exhibited relatively higher germination rates in response to the low doses of gamma irradiation compared to the non -irradiated control. Leaf DW of the radish did not respond to gamma irradiation but that of the spinach increased significantly in response to a gamma radiation of 4 Gy (P< 0.05). Leaf growth parameters of the spinach including the leaf area and SLA (leaf area/leaf dry weight) also demonstrated increased responses to gamma irradiation. R/S (root dry weight/shoot dry weight), root DW and root length of the spinach exhibited a positive response to gamma irradiation while those of the radish did not. In contrast, SRL (root length/root dry weight) significantly decreased with gamma irradiation at 8 Gy for the spinach, but not for the radish. The tissue nitrogen concentrations of the spinach showed an increased response to gamma irradiation while that of the radish did not. Furthermore, higher concentrations of phosphorus, potassium, calcium and magnesium were found in the irradiated spinach, but not in the irradiated radish. It seems that the non-specific physiological and/or biochemical activities of spinach might be accelerated by gamma irradiation, possibly accounting for the stimulation of nutrient uptake from the root media and early biomass accumulation in the current study.