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The Impact of Financial Leverage on Firm's Profitability: An Empirical Evidence from Listed Textile Firms of Bangladesh

  • RAHMAN, Md. Musfiqur;SAIMA, Farjana Nur;JAHAN, Kawsar
    • Asian Journal of Business Environment
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    • v.10 no.2
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    • pp.23-31
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    • 2020
  • Purpose: The purpose of this paper is to find out the impact of financial leverage on firm's profitability in the listed textile sector of Bangladesh. Research design, data and methodology: A sample of 22 DSE listed textile firms has been used to conduct the study. In this study, firm profitability is measured by Return on Equity (ROE) and both short term debt and long term debt are used as the as proxies of financial leverage. Pooled Ordinary Least Squares (OLS), Fixed Effect (FE), and Generalized Method of Moments (GMM) models have been used to test the relationship between financial leverage and profitability of firms. Result: This study finds a significant negative relationship between leverage and firm's profitability using the Pooled OLS method. The result is also consistent with the fixed effect and GMM method. This result implies that firm's profitability is negatively affected by the firm's capital structure. Conclusion: The study concludes that maximum textile firms use external debt as a source of finance as they don't have sufficient internally generated funds. This study recommends that firm should give more emphasize on generating fund internally to meet up their financing needs.

Selectivity of cations in electrodialysis and its desalination efficiency on brackish water (전기투석 막여과의 이온제거 특성 및 지하염수의 담수화효율)

  • Choi, Su Young;Kweon, Ji Hyang
    • Journal of Korean Society of Water and Wastewater
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    • v.27 no.4
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    • pp.445-456
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    • 2013
  • In this study, desalination by electrodialysis with ion exchange membranes was applied to synthetic waters with various ion concentrations and also for ground waters from coastal areas in Korea. Electrodialysis performance on the synthetic solutions showed the similar tendency in operation time and current curves, i.e., shorter operation time and higher maximum current with increasing applied voltages. The ED results of synthetic waters with different ion compositions, i.e., $Na_2SO_4$, $MgSO_4$, $CaSO_4$, at the similar conductivity condition, i.e., $1,250{\mu}s/cm$ revealed that effects of mono- and divalent ions on water quality and performance in electrodialysis were different. The divalent ions had less efficiency in the ED compared to monovalent sodium ions and also divalent calcium ions showed better performance than Mg ions. The electrodialysis on the ground waters produced high quality of drinking water. The groundwater from SungRoe however showed a buildup of membrane resistance. Organic matter concentrations and great portions of divalent ions in the groundwater were possible causes of the deteriorated performance.

Differences in Field Sign Abundance of Mammal Species Around the Roads in Baekdudaegan Mountains

  • Hur, Wee-Haeng;Lee, Woo-Shin;Choi, Chang-Yong;Park, Young-Su;Lee, Chang-Bae;Rhim, Shin-Jae
    • Journal of Korean Society of Forest Science
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    • v.94 no.2 s.159
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    • pp.112-116
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    • 2005
  • This study was conducted to obtain the information of distribution, protection and management for mammal species in fragmented forest areas around the road from June 2002 to May 2003 in 9 study sites of Baekdugdaegan mountains, Korea. Field signs of twelve mammals, moles Molera robusta, Korean hares Lepus coreanus, Manchurian chipmunk Tamias sibiricus, red squirrels Sciurus vulgaris, Korean racoon dogs Nyctereutes procyonoides, Siberian weasels Mustela sibirica, badgers Meles meles, otters Lutra lutra, Bengal cats Felis bengalensis, wild boars Sus scrofa, water deer Hydropotes inermis and roe deer Capreolus pygargus were recorded in this study. There were no differences in total number of species between 50 m areas and 50-100 m areas from road in snow and non-snow season. Number of mammals' field signs were different in non-snow season between both areas. Red squirrels and Siberian weasels were more abundant in 50 m areas, and Korean hares and Manchurian chipmunks were in 50-100 m areas. Habitat using pattern of mammal species may be affected by the road. Reasonable road construction and maintenance would be needed for protection and management of wildlife and their habitats.

Essential Computational Tools for High-Fidelity Aerodynamic Simulation and Design (고 정밀 항공우주 유동해석 및 설계를 위한 공력계산 툴)

  • Kim, Chong-Am
    • 유체기계공업학회:학술대회논문집
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    • 2006.08a
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    • pp.33-36
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    • 2006
  • As the computing environment is rapidly improved, the interests of CFD are gradually focused on large-scale computation over complex geometry. Keeping pace with the trend, essential computational tools to obtain solutions of complex aerospace flow analysis and design problems are examined. An accurate and efficient flow analysis and design codes for large-scale aerospace problem are presented in this work. With regard to original numerical schemes for flow analysis, high-fidelity flux schemes such as RoeM, AUSMPW+ and higher order interpolation schemes such as MLP (Multi-dimensional Limiting Process) are presented. Concerning the grid representation method, a general-purpose basis code which can handle multi-block system and overset grid system simultaneously is constructed. In respect to design optimization, the importance of turbulent sensitivity is investigated. And design tools to predict highly turbulent flows and its sensitivity accurately by fully differentiating turbulent transport equations are presented. Especially, a new sensitivity analysis treatment and geometric representation method to resolve the basic flow characteristics are presented. Exploiting these tools, the capability of the proposed approach to handle complex aerospace simulation and design problems is tested by computing several flow analysis and design problems.

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HIGH-SPEED FLOW PHENOMENA IN COMPRESSIBLE GAS-LIQUID TWO-PHASE MEDIA (압축성 기-액 이상매체중의 고속 유동현상)

  • Shin, Byeong-Rog
    • 한국전산유체공학회:학술대회논문집
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    • 2007.10a
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    • pp.249-257
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    • 2007
  • A high resolution numerical method aimed at solving gas-liquid two-phase flow is proposed and applied to gas-liquid two-phase shock tube problem. The present method employs a finite-difference 4th-order Runge-Kutta method and Roe's flux difference splitting approximation with the MUSCL TVD scheme. By applying the homogeneous equilibrium cavitation model, the present density-based numerical method permits simple treatment of the whole gas-liquid two-phase flow field, including wave propagation and large density changes. The speed of sound for gas-liquid two-phase media is derived on the basis of thermodynamic relations and compared with that by eigenvalues. By this method, a Riemann problem for Euler equations of one dimensional shock tube was computed. Numerical results such as detailed observations of shock and expansion wave propagations through the gas-liquid two-phase media and some data related to computational efficiency are made. Comparisons of predicted results and exact solutions are provided and discussed.

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NUMERICAL SIMULATIONS OF TWO DIMENSIONAL INCOMPRESSIBLE FLOWS USING ARTIFICIAL COMPRESSIBILITY METHOD (가상 압축성 기법을 이용한 이차원 비압축성 유동의 수치모사)

  • Lee, H.R.;Yoo, I.Y.;Kwak, E.K.;Lee, S.
    • 한국전산유체공학회:학술대회논문집
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    • 2010.05a
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    • pp.389-396
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    • 2010
  • In this paper, a new computational code was developed using Chorin's artificial compressibility method to solve the two-dimensional incompressible Navier-Stokes equations. In spatial derivatives, Roe's flux difference splitting was used for the inviscid flux, while central differencing was used for the viscous flux. Furthermore, AF-ADI with dual time stepping method was implemented for accurate unsteady computations. Two-equation turbulence models, Menter's $k-{\omega}$ SST model and Coakley's $q-{\omega}$ model, hae been adopted to solve high-Reynolds number flows. A number of numerical simulations were carried out for steady laminar and turbulent flow problems as well as unsteady flow problem. The code was verified and validated by comparing the results with other computational results and experimental results. The results of numerical simulations showed that the present developed code with the artificial compressibility method can be applied to slve steady and unsteady incompressible flows.

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Engine Performance and Emissions Characteristics in an LPG Engine Converted with Mixer and LPi System Fuel Supply Methods (개조된 LPG엔진에서 Mixer와 LPi 연료공급방식의 엔진성능 및 배기특성)

  • Choi, Gyeung-Ho;Kim, Jin-Ho;Cho, Ung-Lae;Han, Sung-Bin
    • Transactions of the Korean Society of Mechanical Engineers B
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    • v.28 no.9
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    • pp.1075-1080
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    • 2004
  • In this study, performance and emissions characteristics of an liquefied petroleum gas (LPG) engine converted from a diesel engine were examined by using mixer system and liquid propane injection (LPi) system fuel supply methods. A compression ratio for the base diesel engine, 21, was modified into 8, 8.5, 9 and 9.5. The cylinder head and the piston crown were modified to roe the LPG in the engine. Ignition timing was controlled to be at minimum spark advance for best torque (MBT) each case. Engine performance and emissions characteristics are analyzed by investigating engine power, brake mean effective pressure (BMEP), brake specific fuel consumption (BSFC), volumetric efficiency, CO, THC and NOx. Experimental results showed that the LPi system generates higher power and lower emissions than the conventional mixer fuel supply method.

GAS-LIQUID TWO-PHASE HOMOGENEOUS MODEL FOR CAVITATING FLOW (캐비테이션 유동해석을 위한 기-액 2상 국소균질 모델)

  • Shin, Byeong-Rog
    • Journal of computational fluids engineering
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    • v.12 no.2
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    • pp.53-62
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    • 2007
  • A high resolution numerical method aimed at solving cavitating flow is proposed and applied to gas-liquid two-phase shock tube problem. The present method employs a finite-difference 4th-order Runge-Kutta method and Roe's flux difference splitting approximation with the MUSCL TVD scheme. By applying the homogeneous equilibrium cavitation model, the present density-based numerical method permits simple treatment of the whole gas-liquid two-phase flow field, including wave propagation and large density changes. The speed of sound for gas-liquid two-phase media is derived on the basis of thermodynamic relations and compared with that by eigenvalues. By this method, a Riemann problem for Euler equations of one dimensional shock tube was computed. Numerical results such as detailed observations of shock and expansion wave propagations through the gas-liquid two-phase media at isothermal condition and some data related to computational efficiency are made. Comparisons of predicted results and exact solutions are provided and discussed.

CAVITATION FLOW SIMULATION FOR A 2-D HYDROFOIL USING A HOMOGENEOUS MIXTURE MODEL ON UNSTRUCTURED MESHES (비정렬 격자계에서 균질혼합 모델을 이용한 2차원 수중익형 주위의 캐비테이션 유동 해석)

  • Ahn, S.J.;Kwon, O.J.
    • Journal of computational fluids engineering
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    • v.17 no.1
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    • pp.94-100
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    • 2012
  • In this paper, the cavitating flows around a hydrofoil have been numerically investigated by using a 2-d multi-phase RANS flow solver based on pseudo-compressibility and a homogeneous mixture model on unstructured meshes. For this purpose, a vertex-centered finite-volume method was utilized in conjunction with 2nd-order Roe's FDS to discretize the inviscid fluxes. The viscous fluxes were computed based on central differencing. The Spalart-Allmaras one equation model was employed for the closure of turbulence. A dual-time stepping method and the Gauss-Seidel iteration were used for unsteady time integration. The phase change rate between the liquid and vapor phases was determined by Merkle's cavitation model based on the difference between local and vapor pressure. Steady state calculations were made for the modified NACA66 hydrofoil at several flow conditions. Good agreements were obtained between the present results and the experiment for the pressure coefficient on a hydrofoil surface. Additional calculation was made for cloud cavitation around the hydrofoil. The observation of the vapor structure, such as cavity size and shape, was made, and the flow characteristics around the cavity were analyzed. Good agreements were obtained between the present results and the experiment for the frequency and the Strouhal number of cavity oscillation.

The Study on Blood Lipid Levels according to the Food Habits and Food Intake Patterns in Korean Elderly (일부 한국 노인의 식습관과 식사 섭취 패턴에 따른 혈중 지질 수준과의 관련성)

  • Kim, Ok-Sun;Ryu, Hye-Sook
    • The Korean Journal of Food And Nutrition
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    • v.22 no.3
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    • pp.421-429
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    • 2009
  • The purpose of this study was to analyze the eating habits and food intake patterns to elucidate the relationship between on blood lipid levels. The subjects based on the nutrition counseling data of medical health examination. The subjects were 774 adults(448 males and 326 females). Survey samples were divided by age $65\leq$ years. The subjects were 774 adults(448 males and 327 females). Survey samples were divided by age $65\leq$ years. Blood samples were analyzed for total cholesterol (TC), triglycerides(TG), LDL-cholesterol. The results showed there were significant difference frequency of overeating meal and total cholesterol(p<0.05), meal frequency, regularity of meals, frequency of meal out, eating breakfast, speed of meal et eating habits and blood lipid levels not significant difference. However, food intake patterns were significant difference in some kind of food such butter and cream bakery but there were not significant relationships between eggs, cod roe, Chinese foods, fried foods, Gal-bi-tang, Sun-ji-soup and blood lipid levels. Eating habits and food intake patterns was do not seem to be cause for blood lipid level in Korean elderly.