Earticle

본 연구는 기업지배구조가 자본비용과 GAAP ETR smoothing 간에 어떤 관련성이 있는지를 규명하는 데 있다. 결과는 첫째, GAAP ETR smoothing 은 기업의 자본비용과 음(-)의 관련성 있다는 가설 1은 지지되었다. 둘째, 경영자의 재량적인 ETR smoothing 은 기업의 본질적인 비-재량적 ETR smoothing 에 비해 기업의 자본비용과 음(-)의 관련성이 더 크다는 가설 1-1은 미약하게 지지되었다. 셋째, GAAP ETR smoothing과 자본비용과의 음(-)의 관련성은 기업지배구조의 조절효과로 인해 완화된다는 가설 2는 지지 되지 못하였다. 넷째, 경영자의 재량적인 ETR smoothing 은 기업의 본질적인 비-재량적 ETR smoothing 에 비하여 자본비용 간의음(-)의 관련성이 기업지배구조의 조절효과로 인해 더 완화된다는 가설 2-1은 지지 되지 못하였다. 한계점으로는 국가통계 표본에 있어서 KOSPI 및 KOSDAQ 기업을 대상으로 하였으나 대표성의 결여로 인하여 특정 산업이 과도하게 포함됨에 따라 전체 산업 구조를 반영하지 못해 결과가 왜곡되었다는 점이 존재한다. 향후 연구에서는 국가통계표본이 지니는 한계를 보완할 수 있는 체계적인 연구가 필요할 것으로 사료된다.

The purpose of this study is to empirically analyze whether corporate governance moderates the relationship between GAAP ETR smoothing and the cost of capital. The results are as follows. First, Hypothesis 1, predicting a negative(-) relationship between GAAP ETR smoothing and the cost of capital, was supported. Second, Hypothesis 1-1, predicting that greater discretionary ETR smoothing would strengthen the negative(-) relationship between non-discretionary ETR smoothing and the cost of capital, received weak support. Third, Hypothesis 2, predicting that superior corporate governance would weaken the negativ(-) relationship between GAAP ETR smoothing and future cost of capital, was not supported because of inconsistent results. Fourth, Hypothesis 2-1 was likewise not supported because of inconsistent results. The inconsistency observed in some of the findings suggests the proposed hypotheses may have been affected by self-selection bias possibly introducing sampling errors. In addition, although this study analyzed KOSPI and KOSDAQ firms with a national statistical sample, certain industries were overrepresented, thereby reducing true representation of the sample. Therefore, future studies should address the limitations of national statistical samples.

This paper introduces the design and analysis of two types of novel inherently compliant actuators. The two actuation systems are characterized by the property that the output apparent stiffness can be varied independently from the position. The two proposed actuators can regulate the stiffness through the adjustable moment arm mechanism with minimum energy consumption. In the first VSA, this behavior is realized by implementing a lever arm mechanism with variable pivot point position. Compared with the existing VSA that based on the lever arm principle, the way of the spring compressed is more convenient to be implemented by using the tendon and pulley mechanism. Furthermore, the kinematic structure for spring compression is more beneficial for dealing with the unexpected dynamic collision situation. The internal elastic elements of the VSA use the fitted quadratic spring, which improve the characteristics of actuating torque and output stiffness. The stiffness regulation of the second VSA is realized by implementing the connecting rod and slider mechanism. This is a equivalent model of the lever arm mechanism with a variable length moment arm. The stiffness of the VSA is only related to the effective working radius for linear spring configuration, but not to the applied external torques or the deflection angle. This feature makes the stiffness control of the VSA more convenient. The working principles of the two actuators are elaborated and the characteristics of torque and stiffness of the VSA are presented. The mechanical solutions of the two actuators are described.

다양한 산업분야에서 사용되는 4절 링크기구는 링크 길이가 고정되어 있으므로 기구의 움직임을 변경하기 위 해서는 독립적인 링크기구나 제어장치를 추가해야 하는 불편함이 있다. 따라서 본 논문에서는 상황에 따라 링크기구 의 운동을 선택적으로 제어할 수 있도록 링크 길이가 조절되는 가변형 4절 링크기구를 설계하였으며 링크기구에 의 해 구동되는 제품인 선풍기에 적용하여 그 타당성을 검증하였다. 바람 범위의 효율성을 고려하여 선풍기 회전각도를 3단계로 분할하였으며 각 구간에 필요한 링크 길이를 계산하였다. 또한, 원통캠을 이용하여 링크 길이를 조절하였으 며 선풍기의 회전각도 조절 작동 여부를 실제 제작 및 측정을 통해 확인하였다. 본 논문에서 제시한 가변형 링크기구 는 산업용 로봇이나 연료 밸브 시스템 등과 같은 4절링크 적용 제품의 효율성을 향상시킬 수 있을 것으로 기대된다.

Since 4-bar linkage widely used in various industrial fields has a fixed link length, it is inconvenient to add an independent link structure or control device to change the movement of output link. Therefore, this paper proposes a new concept of variable 4-bar linkage mechanism to selectively adjust the movement of the output link to fit desired situations, and applied to the commercial table fans, which is a representative product using a 4-bar linkage system. The optimal rotation angle steps for efficiency are determined experimentally and the appropriate lengths of linkage to fit each step are calculated analytically. Changes in the linkage length are implemented by the rotational motion using a grooved cylindrical cam and the feasibility of the proposed variable linkage mechanism is verified through fabrication and measurement. The presented variable link mechanism is expected to improve the efficiency of industrial robots and fuel valve systems.

The homogeneous line broadening in EDF leads to unstable lasing and strong mode competition. In this paper a multiwavelength fiber ring laser that overcomes these effects by using variable attenuators between the DWDM and $1{\times}N$ coupler, has been proposed. Fiber ring lasers with four and eight wavelength outputs are implemented, and we show that the output powers can be adjusted with stable operation. The EDF ring laser has one four-wavelength output and four of single wavelengths, with OSNR of 50 and 60 dB respectively.

The purpose of this study is to analyze the difference between preference and purchase intention according to price sensitivity of the brunch cafe. The analysis was conducted using SPSS 20.0 Version statistical package program for consumers who have visiting experienced in Busan area. Univariate ANOVA, factor analysis, and regression statistical methods were employed. First, the results of the hypothesis test showed that customer preference and price sensitivity were significantly different for each type of brand new brunch cafe. Second, purchase intention of cafe customers were different according to the type of brunch cafe. In addition, the purchase intention has a significant effect on purchase intention, but there is no significant effect on price sensitivity. Third, relationships beteen purchased intention and consumer preference was different by gender. Last, the preference and purchase intention of the new brunch cafe showed the highest value in the Japanese brunch cafe in current study. In sum, this study provides practical marketing materials, and economic implications of diversification of start-up markets.