• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.605-613
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• 2020

In unfrictionless markets, one measure of asset pricing is its height of friction. This study develops a three-factor model by loosening the assumptions about stocks without friction, without risk, and perfectly liquid. Friction is used as an indicator of transaction costs to be included in the model as a variable that will reduce individual profits. This approach is used to estimate return, beta and other variable for firms listed on the Indonesian Stock Exchange (IDX). To test the efficacy of friction-adjusted three-factor model, we use intraday data from July 2016 to October 2018. The sample includes all listed firms; intraday data chosen purposively from regular market are sorted by capitalization, which represents each tick size from the biggest to smallest. We run 3,065,835 intraday data of asking price, bid price, and trading price to get proportional quoted half-spread and proportional effective half-spread. We find evidence of adjusted friction on the three-factor model. High/low trading friction will cause a significant/insignificant return difference before and after adjustment. The difference in average beta that reflects market risk is able to explain the existence of trading friction, while the difference between SMB and HML in all observation periods cannot explain returns and the existence of trading friction.

• Korean Journal of Human Ecology
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• v.15 no.6
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• pp.1025-1035
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• 2006

Brand Relationship Quality(BRQ) reflects the intensity and viability of the enduring association between a consumer and a brand so it is assumed to be the indicator which can affect brand performance such as brand satisfaction, brand attitude, and brand loyalty. The purpose of this study is to analyze the structural equation model showing the path between BRQ and brand performance. The subjects were women in their 20s to 40s living in Seoul and other metropolitan areas. 482 copies of questionnaire were analyzed by reliability, Pearson's correlation analysis, confirmatory factor analysis using SPSS 11.0 Package and AMOS 5.0 Package. The results showed that BRQ had positive influence on the brand performance-brand satisfaction, brand attitude, brand loyalty. As for the total effect about brand loyalty, BRQ was the most influential variable compared with other variables- brand satisfaction, brand attitude. The indirect impact of BRQ on brand loyalty is bigger than the direct impact of BRQ and brand satisfaction emerged as the important intermediate variable between BRQ and brand loyalty. Therefore, effective marketing strategy can be accomplished according to differential impact of the BRQ facets to induce consumer's satisfaction, which can lead to brand loyalty.

• 한국해양학회지
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• v.10 no.2
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• pp.51-56
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• 1975

Continued to the previous papers, the present investigation is carried out to clarify cesium-137 activities and potassium contents among 54 samples of edible marine algae collected along the coast of Korea during September, 1973 and April, 1974. The potassium contents are variable, 1.5-29.6%, and 11.36% on an average, while most of the members contain them about 10-16% generally. Among the algal phyla, they are 13.49% in green, 10.82% in brown and 16.46% in red algae, respectively. Cesium-137 activities are variable, 0.19-8.13 pCi$\^$137/ Cs/g K, and 2.35 pCi$\^$137/Cs/g K on an average in the samples investigated. Among the algal phyla they are 4.35 in green, 2.17 in brown and 0.89 pCi $\^$137/Cs/g K in red algae, respectively. Green algae contain especially higher activities compared with the other two groups. The brown alga, Myelophycus caespitosus shows the highest activities, 8.13 pCi$\^$137/Cs/g K, among the members investigated. Considering the concentration factor, this plant would be an indicator plant of cesium-137 among the marine algae along the coast of Korea.

• Water Engineering Research
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• v.6 no.2
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• pp.63-71
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• 2005

Nowadays Climate disasters are frequently happening due to occasional occurrences of EI Nino and La Nina events and among them, water shortage is one of the serious problems. To cope with this problem, climate model simulations can give very helpful information. To utilize the climate model for enhancing the water resources planning techniques, probabilistic measures of the effectiveness of global climate model (GCM) simulations of an indicator variable for discriminating high versus low regional observations of a target variable are proposed in this study. The objective of this study is to present the various analysis methods to find the suitable application methods of GCM information for Korean water resources planning. The basic formulation uses the significance probability of the Kolmogorov-Smirnov test for detecting differences between two variables. The various methods for adopting correct association, changing the window size, discrimination condition, and the use of temporally down scaled data were proposed to find out the suitable way for Korean water resources planning.

• Journal of Environmental Science International
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• v.1 no.1
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• pp.1.1-11
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• 1992

To find heavy metal-specific effects on the photosynthetic apparatus of higher plants, we investigated effects of $CuCl_2$, HgCl_2$ and $ZnCl_2$ on electron transport activity and chlorophyll fluorescence induction kinetics of chloroplasts isolated from barley seedlings. Effects on some related processes such as germination, growth and photosynthetic pigments of the test plants were also studied. Germination and growth rate were inhibited in a concentration-dependent manner by these metals. Mercury was shown to be the most potent inhibitor of germination, growth and biosynthesis of photosynthetic pigments of barley plants. In the inhibition of electron transport activity, quantum yield of PS II, and chlorophyll fluorescence induction kinetics of chloroplasts isolated from barley seedlings, mercury chloride showed more pronounced effects than other two metals. Contrary to the effects of other two metals, mercury chloride increased variable fluorescence significantly and abolished qE in the fluorescence induction kinetics from broken chloroplasts of barley seedlings. This increase in variable fluorescence is due to the inhibition of the electron transport chain after PS ll and the following dark reactions. The inhibition of qE could be attributed to the interruption of pH formation and do-epoxidation of violaxathin to zeaxanthin in thylakoids by mercury. This unique effect of mercury on chlorophyll fluorescence induction pattern could be used as a good indicator for testing the presence and/or the concentration of mercury in the samples contaminated with heavy metals.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.8
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• pp.453-463
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• 2021

The current study aims to investigate the relationship between CSRD and firm performance, as an indicator for corporate socially responsible behavior, and corporate market performance of listed companies on the Amman stock exchange (ASE). The study adopts a quantitative methodology and utilizes pooled data sets that was collected following content analysis approach of the annual reports for the period 2014 to 2019. The study sample consists of 42 listed companies. The study ran a multiple regression model in order to capture the relationship between the independent variable CSRD and the dependent variable that is Firm performance which was measured using Tobin's Q. The study also utilized five control variables in order to control the hypothesized relationship between CSRD and Firm Performance. The results indicate a negative but significant relationship between CSRD and corporate market performance measured by Tobin's Q. The results stand against the notion of the business case for CSR, and indicate the opposite position, so, the higher CSRD, the lower will be Tobin's Q. Such results support the notion of the institutional theory, and provide an initial evidence for legitimacy seeking behavior in Jordanian companies. However, the results indicate a lower level of awareness of CSR across investors and market players, which support arguments of the difference in market perceptions towards CSR.

• Journal of Distribution Science
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• v.14 no.3
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• pp.63-71
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• 2016

Purpose - A variety of indicators are used for the diagnosis of economic situation. However, most indicators explain the past economic situation because of the time difference between the measurement and announcement. This study aims to argue for the resurrection of an idea: electricity demand can be used as an indicator of economic activity. In addition, this study made an endeavor to develop a new Real Business Index(RBI) which could quickly represent the real economic condition based on the sales statistics of industrial and public electricity. Research design, data, and methodology - In this study monthly sales of industrial and public electricity from 2000 to 2015 was investigated to analyze the relationship between the economic condition and the amount of electricity consumption and to develop a new Real Business Index. To formulate the Index, this study followed next three steps. First, we decided the explanatory variables, period, and collected data. Second, after calculating the monthly changes for each variable, standardization and estimating the weighted value were conducted. Third, the computation of RBI finalized the development of empirical model. The principal component analysis was used to evaluate the weighted contribution ratio among 3 sectors and 17 data. Hodrick-Prescott filter analysis was used to verify the robustness of out model. Results - The empirical results are as follows. First, compatibility of the predictability between the new RBI and the existing monthly cycle of coincident composite index was extremely high. Second, two indexes had a high correlation of 0.7156. In addition, Hodrick-Prescott filter analysis demonstrated that two indexed also had accompany relationship. Third, when the changes of two indexes were compared, they were found that the times when the highest and the lowest point happened were similar, which suggested that it is possible to use the new RBI index as a complementing indicator in a sense that the RBI can explain the economic condition almost in real time. Conclusion - A new economic index which can explain the economic condition needs to be developed well and rapidly in a sense that it is useful to determine accurately the current economic condition to establish economic policy and corporate strategy. The salse of electricity has a close relationship with economic conditions because electricity is utilized as a main resource of industrial production. Furthermore, the result of the sales of electricity can be gathered almost in real time. This study applied the econometrics model to the statistics of the sales of industrial and public electricity. In conclusion, the new RBI index was highly related with the existing monthly economic indexes. In addition, the comparison between the RBI index and other indexes demonstrated that the direction of the economic change and the times when the highest and lowest points had happened were almost the same. Therefore, this RBI index can become the supplementary indicator of the official indicators published by Korean Bank or the statistics Korea.

• Management & Information Systems Review
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• v.17
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• pp.161-189
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• 2005

As the importance of intellectual assets has been brought into relief, this study aims at positively verifying where the intellectual workers' overall level of their knowledge conversion preference and their job character has reached, and how much the knowledge conversion preference, the job character and the fitness of both factors affects the job effectiveness respectively. For this purpose 3 types of research hypotheses were set up and the result of the verification of the hypotheses is summarized as follows: First, the verification of the relation between the knowledge conversion preference and the job effectiveness revealed that the workers who have the higher synthetic ability in knowledge conversion preference show the higher job satisfaction and job product. Secondly, the verification of the relation between the MPS representing the job character by measured index and the job satisfaction revealed that the absolute value of relative coefficient between the 4 factors excluding the public welfare factor and the MPS is 4, interpreted as medium correlation. Thirdly, the analysis on the degree of relation between the job product measured by the quality of job result and the input effort and the MPS showed that the absolute value of person relative coefficient is 5, interpreted not only as medium correlation but also very meaningful. Accordingly, the main purpose of this study was to give a guideline which can be utilized as an indicator for educating, training and placing the workers. As results, the main effect that the variable of knowledge conversion preference and job character chosen as the independent variable influences on the dependent variable of job satisfaction and job product is very meaningful except the public welfare factor.

• Journal of Environmental Impact Assessment
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• v.20 no.5
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• pp.585-600
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• 2011

South Korean central government has launched the first comprehensive climate change policies in 1999, and they have been renewed every three year. The third policies ended in 2007. However, it is quite rare to analyze whether the climate change policies are effective against climate change. In this context, this paper aims at analyzing the effectiveness of climate change policy which was launched for seven years from 1999 to 2007 in South Korea. The effectiveness analysis of policy can be done in terms of the individual policy and/or all policies being synthesized as a comprehensive unit. Employing the latter methodology, this paper analyzed the effectiveness on the basis of economic growth as independent variable, greenhouse gas emission as dependent variable, and energy use and its process as intervening variable. Seven analytic indicators covering the three variables were selected on the basis of two points in time before and after climate change policy having been launched. The seven indicators were analyzed in terms of three aspects. They were the change in the state of each indicator, the effectiveness of climate change policy from 1999 to 2007, and the effectiveness process from 1999 to 2007. The effectiveness process was analyzed in terms of the relational context and its flow processing path. Economic growth was advanced remarkably with increase in the total consumption of energy. As a result, greenhouse gas emission increased. However, energy efficiency increased with significant decrease in energy intensity, carbon intensity, and energy elasticity. The expansion of new and renewable energy over total energy supply was not effective significantly on the decrease in greenhouse gas emission. The processing path of climate change policy being effective advanced toward increase in energy efficiency through energy intensity rather than toward sustainable development. Such a way of the effectiveness of climate change policy implies that most policies focused on adaptation rather than on mitigation.

• Journal of Environmental Health Sciences
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• v.32 no.3
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• pp.215-221
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• 2006

This study investigated the inactivation of the total coliform, an indicator organism in chlorine dioxide, in order to assess the optimal disinfection procedure for drinking water treatment and distribution systems. This research focus on a number of factors, including the dosage of disinfectant, contact time, pH, temperature and DOC. Water samples were taken from the outlet of a settling basin at a conventional surface water treatment system. As the pH increased in the range of pH 6-9, the bactericidal effects of disinfectants decreased. Changes in levels of pH did not significantly after the disinfection effect of chlorine dioxide for total coliform. With an increase in temperature, there was a subsequent increase in the bactericidal effects of disinfectants. Thus, it is evident that a decrease in temperature will higher the CT values required to inactivate coliform for during the winter. DOC addition can also reduce total coliform inactivation. DOC is the most significant variable in total coliform inactivation with chlorine dioxide.