Hai-yen Pham, Richard Chung, Ben-Hsien Bao and Byung-Seong Min
The purpose of this paper is to examine the impact of product market competition on dividend payout and share repurchases in Australia in which a full dividend imputation system…
Abstract
Purpose
The purpose of this paper is to examine the impact of product market competition on dividend payout and share repurchases in Australia in which a full dividend imputation system has been in place since 1987.
Design/methodology/approach
Panel data estimation with industry and year-fixed effects is employed to examine the role of industry competition on dividend payout and share repurchases. The paper uses a sample of ASX200 non-financial firms, including 4,272 observations over the period 1992–2015. To address the endogeneity problem, the authors utilize the event of Australia–United States Free Trade Agreement (AUSFTA), which became effective on 01 January 2005, and perform a difference-in-difference analysis.
Findings
The authors find that firms operating in competitive markets are likely to pay more dividends and repurchase more shares to reduce agency costs. The positive relation between industry competition and dividends is stronger among firms where the CEO and the Chairman of the Board are the same person and among firms with higher market-to-book ratio and higher standard deviation of stock returns. The study results are robust when the authors account for the impact of franking credit on dividend payment. In the difference-in-difference analysis, the authors find strong evidence of a casual relation that product competition drives changes in dividend policy.
Practical implications
The findings are consistent with the notion that intense product market competition can mitigate agency conflicts between managers and shareholders and with the information signalling explanation of market competition. As such, regulators may want to introduce policies that encourage more market competition (e.g. market deregulation) to enhance market efficiency.
Originality/value
This study incorporates product market competition in explaining the firm payout policy.
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Hussein Abedi Shamsabadi, Byung-Seong Min and Richard Chung
The purpose of this paper is to empirically investigate the effects of corporate governance on the dividend payout (DP) in Australia where DP remains high and corporate governance…
Abstract
Purpose
The purpose of this paper is to empirically investigate the effects of corporate governance on the dividend payout (DP) in Australia where DP remains high and corporate governance system has recently been strengthened.
Design/methodology/approach
A self-constructed governance indexes over 2001-2013 is used for the random effect panel Tobit model to investigate the effect of corporate governance on cash dividend. Two different versions of the indexes and the traditionally emphasized governance elements such as board structure are also used for the robustness checks.
Findings
Estimation results report that a positive effect of governance, combined with size of firm and profitability, on DPs. In contrast, financial distress and the global financial crisis, respectively, have negative effect on dividend policy. Further examinations imply that the positive effect of governance is attenuated by growth opportunities while intensified by firm free cash flow and the franked dividend policy.
Originality/value
The sample period and the governance indexes in this paper, respectively, are the longest and the most comprehensive among existing studies on Australian case. This paper also combined the traditional governance-dividend theme with corporate tax, particularly the unique franked dividend tax system.
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Carl A Rodrigues, Nailin Bu and Byung Min
Discusses the effectiveness of different training approaches in other cultures. Highlights differing learning preferences in different societies. Proposes that traineers in…
Abstract
Discusses the effectiveness of different training approaches in other cultures. Highlights differing learning preferences in different societies. Proposes that traineers in nations which contain a lack of individuality or confucianism prefer more teacher centred methods to those with an emphasis on individualism who require a more hands on approach.
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This paper investigates whether the investment strategies of multinational enterprises (MNEs) have changed as a result of the 1997 financial crisis in Korea. Estimation results…
Abstract
This paper investigates whether the investment strategies of multinational enterprises (MNEs) have changed as a result of the 1997 financial crisis in Korea. Estimation results using balanced panel data indicate that the investment decisions of global MNEs seem to have changed following the crisis. The crisis seems to have served as a “cold shower” for MNEs making investment decisions, as they have taken exchange rate “volatility” into account to a greater extent following the crisis. In contrast, there is no robust evidence that the investment decisions of foreign investors are closely correlated with the level of exchange rate, either before or after the crisis.
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Taehoon Kim, Jee‐Soo Mok, Chang‐Kyu Song, Jun‐Heyoung Park, Kyung‐O Kim, Ben Sun and Byung‐Youl Min
To review a newly developed PCB fabrication process based on a parallel lamination technique.
Abstract
Purpose
To review a newly developed PCB fabrication process based on a parallel lamination technique.
Design/methodology/approach
This paper has been written to introduce the SAVIA process, a new parallel lamination technique for PCB fabrication. The basic concept of the SAVIA process has been described along with the individual process steps and the reliability issues. The advantages of SAVIA process have been also discussed in both economical and technological aspects.
Findings
It was found that the parallel lamination technique, a key process for SAVIA, was not only highly flexible and reliable but also a cost‐effective fabrication method for high performance PCB. With the SAVIA process, manufacturing lead‐times can be substantially reduced due to the nature of the parallel processing. It was also confirmed that a highly reliable metal alloy interconnection was created between the core and the adhesive layers during the lamination process. The formed metal alloy contacts showed excellent electrical and physical characteristics. The between layers was precise.
Originality/value
The value of this paper is to introduce a novel PCB fabrication process based on a parallel lamination technique that is superior to conventional build‐up processes from both technological and economical viewpoints. By applying a parallel lamination technique, it is expected that fabrication costs can be lowered due to reductions in manufacturing lead‐time.
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Sora Shin, Hae-Hyun Choi, Yung Bin Kim, Byung-Hee Hong and Joo-Young Lee
The purpose of this paper is to evaluate the effects of intermittent and continuous heating protocols using graphene-heated clothing and identify more effective body region for…
Abstract
Purpose
The purpose of this paper is to evaluate the effects of intermittent and continuous heating protocols using graphene-heated clothing and identify more effective body region for heating in a cold environment.
Design/methodology/approach
Eight males participated in five experimental conditions at an air temperature of 0.6°C with 40 percent relative humidity: no heating, continuous heating the chest, continuous heating the back, intermittent heating the chest, and intermittent heating the back.
Findings
The results showed that the electric power consumption of the intermittent heating protocol (2.49 W) was conserved by 71 percent compared to the continuous protocol (8.58 W). Rectal temperature, cardiovascular and respiratory responses showed no significant differences among the four heating conditions, while heating the back showed more beneficial effects on skin temperatures than heating the chest.
Originality/value
First of all, this study was the first report to evaluate cold protective clothing with graphene heaters. Second, the authors provided effective intermittent heating protocols in terms of reducing power consumption, which was able to be evaluated with the characteristics of fast-responsive graphene heaters. Third, an intermittent heating protocol on the back was recommended to keep a balance between saving electric power and minimizing thermal discomfort in cold environments.
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In times of increasing shipping risks and uncertainty, the purpose of this paper is to analyze fiercely competitive shipping markets in the Asia-Pacific region and help the…
Abstract
Purpose
In times of increasing shipping risks and uncertainty, the purpose of this paper is to analyze fiercely competitive shipping markets in the Asia-Pacific region and help the carriers develop the optimal pricing schemes, shipping networks (e.g. routes and shipping frequency), and future investment plans.
Design/methodology/approach
This paper develops viable maritime logistics strategies based on the non-cooperative game theory which determines the optimal vessel size/type, shipping route, and shipping frequency, while taking into account multiple cost components and unpredictable shipping market dynamics.
Findings
This study revealed that the container carrier’s optimal shipping strategy was insensitive to changes in freight rates, fuel prices, and loading/unloading fees at the destination ports. However, it tends to be more sensitive to an increase in the shipping volume than the aforementioned parameters. In other words, aggressive pricing schemes and drastic cost-cutting measures alone cannot enhance carrier competitiveness in today’s shipping markets characterized by overcapacity and weak demand.
Originality/value
This paper is one of a few attempts to identify a host of factors influencing the container carrier’s competitiveness using the game theory and develop an optimal shipping strategy in the presence of conflicting interests of multiple stakeholders (e.g. carriers, shippers, and port authorities). To validate the rigor and usefulness of the proposed game-theoretic model, the authors also experiment it with an actual case study of container carriers serving the Northeast Asian shipping market.
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Yelin Ko, Sora Shin, Yong Seok Choi, Byung-Hee Hong, Sang-Yoon Park and Joo-Young Lee
The purpose of the study was to explore heat-accumulative and thermal-conductive characteristics of copper-graphene composite film (Cu-G film) while applying it to a human-skin…
Abstract
Purpose
The purpose of the study was to explore heat-accumulative and thermal-conductive characteristics of copper-graphene composite film (Cu-G film) while applying it to a human-skin analogue.
Design/methodology/approach
In the preliminary experiment, the authors evaluated the thermal conductive characteristics of the Cu-G film in three covered conditions (no film, copper film, and Cu-G film conditions). For the first factorial experiment, the heat-accumulative properties over heated pig skin were compared at air temperatures of 10, 25 and 35°C. For the second factorial experiment, 105 trials were conducted on pig skin by combining air temperatures, trapped air volumes, and numbers of film layers.
Findings
The results from the preliminary experiment showed that the Cu-G film distributed the surface heat to the outside of the Cu-G film, which resulted in even distribution of heat inside and outside the Cu-G film, whereas the copper film accumulated heat inside the copper film. The human-skin analogue of pig skin, however, showed the opposite tendency from that of the plastic. The pig-skin temperatures beneath the Cu-G film were higher than those beneath the copper film, and those differences were remarkable at the air temperature of 10°C. The accumulative heat was affected by the trapped air volume, fit to the skin, and number of Cu-G film layers.
Originality/value
In conclusion, the Cu-G film more effectively accumulated heat on the human-skin analogue than copper film, and those effects were more marked in cold environments than in mild or hot environments.
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Byung-Hyun Shin, Dohyung Kim, Sanghyup Park, Myungwon Hwang, Junghyun Park and Wonsub Chung
The secondary phase decreased the corrosion resistance because of the segregation of Cr and Mo. Therefore, this paper aims to study the precipitation condition and the effect of…
Abstract
Purpose
The secondary phase decreased the corrosion resistance because of the segregation of Cr and Mo. Therefore, this paper aims to study the precipitation condition and the effect of secondary phase with volume fraction on corrosion behavior.
Design/methodology/approach
Secondary phase precipitated approximately from 375°C to 975°C because of saturated Cr and Mo at grain boundary by growth of austenite. Therefore, heat treatment from 800°C to 1,300°C was applied to start the precipitation of the secondary phase.
Findings
The secondary phase is precipitated at 1,020°C because of segregation by heterogeneous austenite. The growth of austenite at 1,000°C needs the time to saturate the Cr and Mo at grain boundary. When the volume fraction of austenite is 56 per cent (14 min at 1,000°C), the secondary phase is precipitated with grain boundary of austenite. The secondary phase increased the current density (corrosion rate) and decreased the passivation. That is checked to the critical pitting temperature (CPT) curves. The 1 per cent volume fraction of secondary phase decreased CPT to 60°C from 71°C.
Research limitations/implications
The precipitation of secondary phase not wants anyone. Casted super-duplex stainless steel (SDSS) of big size precipitates the secondary phase. This study worked the precipitation condition and the suppression conditions of secondary phase.
Social implications
Manufacturers need precipitation condition to make high-performance SDSS.
Originality/value
The corrosion resistance of SDSS is hard the optimization because SDSS is dual-phase stainless steel. The precipitation of the secondary phase must be controlled to optimize of the corrosion resistance of SDSS. Anyone not studied the precipitation condition of secondary phase and the effect of secondary phase with volume fraction on corrosion behavior of SDSS.