Sangho Kim, Euidong Yoo and Paul M. Pedersen
This study involved analysis of the consumption behaviours of spectators in the K-League (South Korea). Its dual purpose was to cluster spectators into homogeneous groups on the…
Abstract
This study involved analysis of the consumption behaviours of spectators in the K-League (South Korea). Its dual purpose was to cluster spectators into homogeneous groups on the basis of attitudes towards game attendance, and to define the segments obtained on the basis of the demographic and lifestyle profiles of the spectators. Multiple steps were taken to analyse the data from a survey of 967 spectators. This revealed four distinct groups - promotion-concerned, place-concerned, price-concerned and indifferent.
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This study estimates the impact of growth transmitted from a near economic center (NEC) to neighboring countries in boosting the growth of Asian countries.
Abstract
Purpose
This study estimates the impact of growth transmitted from a near economic center (NEC) to neighboring countries in boosting the growth of Asian countries.
Design/methodology/approach
This study constructs the NEC of a country and combines it with the Penn World Tables database. The study estimates the impact of NEC on the economic growth of Asian countries over the period 1950–2019. The study also identifies the factors that boost the delivery of neighboring effects.
Findings
Estimation results show that a country’s output growth increases by about 0.14% when NEC’s output growth increases by 1%.
Practical implications
This study suggests that Asian growth benefited from a developed country that transmits economic prosperity to neighboring countries.
Social implications
This study suggests that a country should have a good economic relationship with neighboring countries to boost economic growth.
Originality/value
This study contributes to the existing literature as follows: First, this is the first study that investigated spatial externality in growth between neighboring countries in Asia. Secondly, this study empirically tests the flying geese model in Asian growth. Thirdly, the study investigates the factors that facilitate growth spillover between countries.
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Maxim Tyan, Jungwon Yoon, Nhu Van Nguyen, Jae-Woo Lee and Sangho Kim
Major changes of an aircraft configuration are conducted during the early design stage. It is important to include the airworthiness regulations at this stage while there is…
Abstract
Purpose
Major changes of an aircraft configuration are conducted during the early design stage. It is important to include the airworthiness regulations at this stage while there is extensive freedom for designing. The purpose of this paper is to introduce an efficient design framework that integrates airworthiness guidelines and documentation at the early design stage.
Design/methodology/approach
A new design and optimization process is proposed that logically includes the airworthiness regulations as design parameters and constraints by constructing a certification database. The design framework comprises requirements analysis, preliminary sizing, conceptual design synthesis and loads analysis. A design certification relation table (DCRT) describes the legal regulations in terms of parameters and values suitable for use in design optimization.
Findings
The developed framework has been validated and demonstrated for the design of a Federal Aviation Regulations (FAR) 23 four-seater small aircraft. The validation results show an acceptable level of accuracy to be applied during the early design stage. The total mass minimization problem has been successfully solved while satisfying all the design requirements and certification constraints specified in the DCRT. Moreover, successful compliance with FAR 23 subpart C is demonstrated. The proposed method is a useful tool for design optimization and compliance verifications during the early stages of aircraft development.
Practical implications
The new certification database proposed in this research makes it simpler for engineers to access a large amount of legal documentation related to airworthiness regulations and provides a link between the regulation text and actual design parameters and their bounds.
Originality/value
The proposed design optimization framework integrates the certification database that is built of several types of legal documents such as regulations, advisory circulars and standards. The Engineering Requirements and Guide summarizes all the documents and design requirements into a single document. The DCRT is created as a summary table that indicates the design parameters affected by a given regulation(s), the design stage at which the parameter can be evaluated and its value bounds. The introduction of the certification database into the design optimization framework significantly reduces the engineer’s load related for airworthiness regulations.
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This study investigates the dynamic production structure of the Japanese manufacturing industry by using the adjustment cost approach. The study is to shed some light on the…
Abstract
Purpose
This study investigates the dynamic production structure of the Japanese manufacturing industry by using the adjustment cost approach. The study is to shed some light on the unique dynamic structure of the Japanese manufacturing industry. The study attempts to help design and predict industrial policies that are implemented to enhance domestic investments by the Japanese government.
Design/methodology/approach
This study obtains a system of dynamic factor demand and output supply equations by applying the dual approach to the intertemporal value function as represented by the Hamilton–Jacobi equation. By using industrial panel data for 1973–2012 of the Japanese manufacturing industry, the study estimates the system of the behavioral equations and corresponding elasticities. The study uses hypothesis tests and dynamic elasticities to investigate the dynamic structure of the Japanese manufacturing industry.
Findings
Estimation results show that labor and capital are quasi-fixed variables that adjust about 0.2 percent annually to the long-run optimum levels. Estimated adjustment rates are very slow as often presumed about the Japanese manufacturing industry, which uses lifetime employment practice and slow decision-making process in investment decisions. The results also show that output supply and factor demand elasticities vary greatly depending on time horizon. Factor demand increases when its own price increases in the short run, suggesting that factor adjustment is mostly determined factor prices in the past due to sluggish factor adjustment. However, factor demand becomes a normal downward-sloping curve in the long run as factor adjustment gets completed.
Originality/value
Japanese manufacturing firms hire employees through lifetime contract to exploit the benefits of dynamic learning-by-doing and execute investments carefully considering all the possible impacts. Under the strategy, adjustment costs for changing workers and capital stock are minimized. Dynamic adjustment model is expected to shed some light on the unique dynamic structure of the Japanese manufacturing industry. However, researches regarding the dynamic factor adjustment of the Japanese manufacturing industry are hard to find. This study is expected to fill the research vacuum.
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Sang Ho Kim and Yohan An
This paper aims to investigate the impact of the separation between control and cash flow rights (control-ownership disparity) on the earnings management practices of Chinese…
Abstract
Purpose
This paper aims to investigate the impact of the separation between control and cash flow rights (control-ownership disparity) on the earnings management practices of Chinese firms. The notable features of Chinese firms are those of concentrated ownership and the severe disparity that exists between the control and cash flow rights of controlling shareholders.
Design/methodology/approach
This study measures the level of Chinese firms’ earnings management by adopting two different methods of measurement: accrual-based earnings management (AEM) and real activity earnings management (REM). The authors also consider the possible trade-off effects between these two types of measurements. The data set in this study encompasses over 2,000 Chinese firms, using data from 2003 to 2015.
Findings
The results indicate that controlling shareholders are more likely to engage in AEM as their cash flow rights are more concentrated, while they are less likely to use REM as the disparity of control-cash flow rights increases. Further, this inverse relationship between REM and control-cash flow rights disparity becomes more pronounced in the case of a low cash flow rights group. As REM generally causes distortions in firms’ operations, it is possible that the controlling shareholders are more likely to constrain the use of REM as the disparity is perceived to grow. This result may indicate a reduced agency problem between controlling and minority shareholders due to the developing and/or existing ownership dispersions, which are mainly driven by recent reforms applied to Chinese capital markets. However, we do not entirely exclude the possibility of other types of expropriations by the controlling shareholders. It appears that the controlling shareholders are still able to exert a significant level of control, even following a substantial ownership dispersion, and they may seek alternative expropriation methods, including but not limited to intercorporate loan or related party transactions as the disparity of control-cash flow rights increases.
Originality/value
Although the Chinese economy is experiencing a series of reforms to infuse market forces into capital markets, little has been known about the effects of ownership-control disparity in Chinese firms. Our findings highlight the importance of the country specific context in this vein of research.
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Sang Ho Kim and Yohan An
This paper aims to examine the effects of economic policy uncertainty (EPU) on accounting conservatism in Korean firms. An increase in EPU could widen information asymmetry…
Abstract
Purpose
This paper aims to examine the effects of economic policy uncertainty (EPU) on accounting conservatism in Korean firms. An increase in EPU could widen information asymmetry between insiders and outsiders, to the detriment of a firm’s investment decisions, stock price and cost of capital. This paper hypothesizes that Korean firms are likely to decrease accounting conservatism during high EPU due to inefficient institutional structure and weak corporate governance, together with the vulnerability of the Korean economy to exogenous shocks.
Design/methodology/approach
This study measures a firm’s level of conservatism using three accrual-based models proposed by Ball and Shivakumar (2006): 1) the cash flow model (CF model), 2) the Dechow and Dichev model (DD model) and 3) the Jones model. As a robustness test, this paper uses C-score model as an alternative measure of accounting conservatism. The data set used in this study is a total of 23,109 firm-year observations during the sample period from 2000 to 2018.
Findings
The test results show that an increase in EPU adversely affects Korean firms’ accounting conservatism, and that this adverse impact is more pronounced in financially distressed and non-manufacturing firms. This study’s findings highlight the importance of institutional structure during a period of high EPU, which can create incentives for either improving or deteriorating reporting quality.
Originality/value
This study adds new evidence to extant literature on the effects of EPU on managers’ choice of accounting policies and demonstrates that managers in emerging markets may have different incentives to cope with country-specific EPU fluctuations.
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Ngoc Anh Vu, Jae‐Woo Lee, Sangho Kim and Daniel Neufeld
Rotor performance analysis and design are complex due to the wide variation in flow characteristics. Design tools that can rapidly and accurately compute aerofoil data are needed…
Abstract
Purpose
Rotor performance analysis and design are complex due to the wide variation in flow characteristics. Design tools that can rapidly and accurately compute aerofoil data are needed for rotorcraft design and analysis purposes. The purpose of this paper is to describe a process which has been developed that effectively automates the generation of two‐dimensional (2D) aerofoil characteristics tables.
Design/methodology/approach
The process associates a number of commercial software packages and in‐house codes that employ diverse methodologies, including the Navier‐Stokes equation‐solving method, the high‐order panel method and Euler equations solved with the fully coupled viscous‐inviscid interaction (VII) method. The paper describes the development of a general automated generation method that extends from aerofoil shape generation to aerofoil characteristic analysis. The generated data are stored in C81 aerofoil characteristics tables for use in comprehensive rotorcraft analysis codes and rotor blade design. In addition, the methodology could be easily applied for fixed‐wing analysis and design, especially for transonic aircraft.
Findings
The method is demonstrated to achieve aerofoil characteristics quickly and accurately in automated process. Calculations for the SC1095 aerofoil section are presented and compared with existing experimental C81 data and previous studies.
Practical implications
The development of C81 tables is of interest to industry as they seek to update their airfoil tables as new designs. Automated processes to achieve this are helpful and applicable.
Originality/value
The paper presents an effective automated process to generate aerofoil characteristics tables quickly, and accurately.
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Ngoc Anh Vu, Young‐Jae Lee, Jae‐Woo Lee, Sangho Kim and In Jae Chung
The purpose of this paper is to study the conceptual design and optimisation of a compound gyroplane. A study of a compound gyroplane configuration and its characteristics was…
Abstract
Purpose
The purpose of this paper is to study the conceptual design and optimisation of a compound gyroplane. A study of a compound gyroplane configuration and its characteristics was performed to develop a sizing program.
Design/methodology/approach
The vertical takeoff and landing capabilities of a helicopter are particularly important. The need for efficient hover and the effectiveness of forward flight in the helicopter can cause conflicts within the design process. The designers usually wish to increase the helicopter's maximum forward speed. Recently, the compound aircraft is one of the concepts considered for the purpose of expanding the flight envelope of rotorcraft. The study of the compound gyroplane showed its advance capabilities for this purpose. Understanding its characteristics, a number of calculations are conducted to implement a sizing program for compound gyroplanes based on the conventional helicopter sizing process.
Findings
The results of the sizing program were validated using existing aircraft data such as the Challis Heliplane, Carter Copter, FB‐1 Gyrodyne, and Jet Gyrodyne. The program is appropriate to size a compound gyroplane at the conceptual design phase. An optimisation study was also performed to enhance sizing results. The compromise between the rotor lift sharing factor and the ratio of the wing span (Bw) to rotor diameter (D) was solved by choosing the total gross weight (TOGW) as the objective function, while the design variables are compromising factors. The optimum results showed that the TOGW of all four kinds of compound gyroplanes was considerably reduced.
Originality/value
A conceptual sizing program for unconventional compound aircraft was developed. The study showed that an optimum design process is necessary to enhance the sizing results.
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Prasanta Kumar Roy and Mihir Kumar Pal
The study estimates total factor productivity growth (TFPG) and its components of the 4-digit manufacturing industries of chemical and chemical products in India from 1998–1999 to…
Abstract
The study estimates total factor productivity growth (TFPG) and its components of the 4-digit manufacturing industries of chemical and chemical products in India from 1998–1999 to 2017–2018, pre-economic crises period (from 1998–1999 to 2007–2008) and post-economic crises period (from 2008–2009 to 2017–2018) using frontier approaches, that is, data envelope analysis DEA and stochastic frontier approach (SFA). The components of TFPG are technological progress (TP), technical efficiency change (TEC) and economic scale change (SC). It is found that the growth rates of total factor productivity (TFP) in most of the 4-digit industries of chemical and chemical products in India increased during the post-economic crises period (from 2008–2009 to 2017–2018) and the increase in TFPG of them during that period is mainly accounted for by the increase in TP of the same during that period. The TEC of almost all the industries remains the same, however, declined during the post-economic crises (from 2008–2009 to 2017–2018) and SC of them remains very low or even negative during the aforementioned study periods.
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This paper aims to investigate changes in corporate disclosures of labour‐related costs in financial statements arising from a change in the accounting regime from generally…
Abstract
Purpose
This paper aims to investigate changes in corporate disclosures of labour‐related costs in financial statements arising from a change in the accounting regime from generally accepted accounting principles (GAAPs) to international financial reporting standards (IFRSs) in Australia.
Design/methodology/approach
An archival empirical approach is taken. Data are sampled for 160 listed companies in Australia over seven years covering Australian GAAPs (2003‐2005) and Australian IFRSs (2006‐2009) periods. To measure disclosures, a classification and count is made of line items for labour‐related costs found on the face of and in the notes to financial statements. These disclosures are analysed against firm‐specific characteristics and industry categories.
Findings
Results reveal companies disclosing “total labour costs” rose from about 60‐85 per cent, and the discretionary disaggregation of “total labour costs” became more prevalent. Companies providing disaggregated information in the post‐IFRSs period are characterized by lower total assets, lower sales and lower labour costs. Their return on equity and labour intensity are not found to be differentiating characteristics. Reasons for these phenomena are addressed.
Originality/value
Previous studies have not analysed the effect of IFRSs adoption on disclosures of labour‐related information. This study provides new evidence about the types of firms that have responded to IFRSs with new or enhanced labour‐related financial disclosures. It points to new opportunities for research and financial analysis from the enhanced availability of corporate‐level labour cost data.