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A New Method of Testing for Information Asymmetry in Corporate Dividend Policy
Park, Seongho 영산대학교 1998 영산논총 Vol.2 No.-
본 논문은 기업의 경영자와 외부 투자자들 사이에 정보의 비대칭성이 존재하는가를 검증할 수 있는 새로운 방법을 제안한다. 이 검증방법은 기업배당에 관한 정보전달가설을 다른 가설들과 구별함으로써 정보전달가설을 검증하는데 적용할 수 있다. 또한 본 논문의 연구결과는 주식시장에서 배당정보에 대한 각기 상이한 주가 반응을 설명하는데 이용할 수 있다.
The Influence of Cultural Orientation on Electronic Word-of-Mouth in Online Communities
Seongho Park,Pansoo Kim 한국산업경영시스템학회 2018 한국산업경영시스템학회지 Vol.41 No.4
The importance of eWOM (electronic word-of-mouth) communication through online communities is increasing on a daily basis. This study analyzed how the relationship between eWOM (electronic Word-Of-Mouth) factor and eWOM communication depends on the cultural orientation of users in the online community. The research model was developed based on four cultural orientations of individual affect Social tie and usefulness. The model consists of variables such as social tie and perceived usefulness as predecessors of eWOM, four dimensions of cultural orientation (Horizontal Individualism, Horizontal Collectivism, Vertical Individualism, Vertical Collectivism), and eWOM. The model was tested empirically using the PLS (partial least squares) structure equation model. Survey was conducted for online community users in South Korea. Data was statistically validated whether fits on research model. The study results reveal that Social Tie have a positive effect on Perceived Usefulness. Social Tie and Perceived Usefulness have a positive effect on eWOM. 3 of cultural orientations (HC, VI, VC) have a positive effect on Social Tie. Only one of cultural orientations (HC) have an negative effect on Perceived Usefulness. Especially, horizontal collectivism (HC) shows strong correlation with perceived usefulness, whereas vertical collectivism (VC) shows weak correlation with perceived usefulness andvertical individualism (VI) shows strongly correlation with social tie, whereas horizontal individualism (HI) shows weak correlation with social tie. Based on the study results, customized service strategy could be formulated according to the different vertical styles and various eWOM factors.
An Empirical Framework of Corporate Dividend Policy
Park, Seongho 영산대학교 1997 영산논총 Vol.1 No.-
This paper investigates the dynamic relationship between corporate dividends and earnings in order to shed some light on the nature of corporate dividend policy. It characterizes the agency-cost hypothesis on corporate dividend policy as implying the dynamic relation between dividends and past earnings, whereas the signaling hypothesis is understood as implying the dynamic relation between current dividends and future earnings. The results of this paper provide us an empirical framework with which we can test the relevancy of these two hypotheses on dividend policy.
Park, Seongho,Park, Chansaem,Lee, Ung,Jung, Ikhwan,Na, Jonggeol,Kshetrimayum, Krishnadash S.,Han, Chonghun American Chemical Society 2014 INDUSTRIAL & ENGINEERING CHEMISTRY RESEARCH - Vol.53 No.37
<P>Exergy analysis of the retrofit design scheme of a conventional liquefied natural gas (LNG) regasification process in South Korea was considered in this study. A new exergy evaluation method called exergy decomposition is introduced, in which the exergy is decomposed into thermal and chemical exergies. In studying the conventional LNG regasification process, we found that a large portion of chemical exergy is lost by boil-off gas flaring. Of 17 MW of thermal exergy transferred from cold LNG to seawater in the regasification unit, a fraction as large as 16 MW (close to 95%) is wasted because of heat-transfer irreversibility, limiting the rational exergetic efficiency of the overall process to merely 0.847. Previously reported design schemes, namely, the dual Brayton cycle and the organic Rankine cycle, with low-grade heat sources were also evaluated using the new method and were found to limit the overall rational exergetic efficiencies to 0.890 and 0.849, respectively. A new integrated, retrofitted scheme for LNG regasification with a gas-to-liquid (GTL) process is proposed as an alternative to minimize thermal and chemical exergy losses. The integrated LNG regasification–GTL process improves the overall rational exergetic efficiency to 0.868.</P><P><A href='http://pubs.acs.org/doi/suppl/10.1021/ie501583m'>ACS Electronic Supporting Info</A></P>