Corporate Social Responsibility and Corporate Financial Performance: Evidence from Korea

This paper studies the empirical relation between corporate social responsibility (CSR) and corporate financial performance in Korea using a sample of 1122 firm-years during 2002-2008. We measure corporate social responsibility by both an equal-weighted CSR index and a stakeholder-weighted CSR index suggested by Akpinar et al. (2008). Corporate financial performance is measured by ROE, ROA and Tobin’s Q. We find a positive and significant relation between corporate financial performance and the stakeholder-weighted CSR index, but not the equal-weighted CSR index. This finding is robust to alternative model specifications and several additional tests, providing evidence in support of instrumental stakeholder theory.corporate social responsibility; corporate financial performance; KEJI index; instrumental stakeholder theory

Information Technology Payoff: A Panel Data Application to Swine Farm in Korea

This paper intends to verify IT payoff using swine data from Korean farms. We collected productivity data from a MIS database of 120 farms. We have applied the panel data methods to estimate the productivity gains after MIS adoption. The results support positive IT payoff after IT adoption. Productivity of Korean sow has increased after adoption of an Information System. Farm size has positive IT impact on productivity, but the impact is not statistically significant. Time has positive and significant impact on productivity, thus implying Korean swine farms noticed serious gain in productivity after IT adoption. Our findings explain the differential impact of IT adoption on industry by the time of use and size of business

Development of a hybrid magnetic resonance/computed tomography-compatible phantom for magnetic resonance guided radiotherapy

The purpose of the present study was to develop a hybrid magnetic resonance/computed tomography (MR/CT)-compatible phantom and tissue-equivalent materials for each MR and CT image. Therefore, the essential requirements necessary for the development of a hybrid MR/CT-compatible phantom were determined and the development process is described. A total of 12 different tissue-equivalent materials for each MR and CT image were developed from chemical components. The uniformity of each sample was calculated. The developed phantom was designed to use 14 plugs that contained various tissue-equivalent materials. Measurement using the developed phantom was performed using a 3.0-T scanner with 32 channels and a Somatom Sensation 64. The maximum percentage difference of the signal intensity (SI) value on MR images after adding K2CO3 was 3.31%. Additionally, the uniformity of each tissue was evaluated by calculating the percent image uniformity (%PIU) of the MR image, which was 82.18 ±1.87% with 83% acceptance, and the average circular-shaped regions of interest (ROIs) on CT images for all samples were within ±5 Hounsfield units (HU). Also, dosimetric evaluation was performed. The percentage differences of each tissue-equivalent sample for average dose ranged from -0.76 to 0.21%. A hybrid MR/CT-compatible phantom for MR and CT was investigated as the first trial in this field of radiation oncology and medical physics

Earnings management surrounding CEO turnover: evidence from Korea

This article examines the empirical relation between CEO turnover and earnings management in Korea using a sample of 317 CEO turnovers and 634 non-turnover control firms during the period of 2001-2008. We classify CEO turnovers into four types depending on whether the departure of outgoing CEO is peaceful or forced and the incoming CEO is promoted from within or recruited from outside the firm. We measure earnings management by both discretionary accruals and real activities management. We also control for the potential endogeneity of CEO turnover using Heckman’s two-stage approach. After controlling for corporate financial performance and governance structure, we find upward earnings management by the departing CEO only when the departure is forced and the new CEO is an insider. In this case, the new CEO also engages in downward earnings management using both discretionary accruals and real activities management. We also find some evidence that the new CEO recruited from outside the firm manages discretionary accruals upward following the peaceful departure of predecessor. In all other types of CEO turnover, we do not find evidence of significant earnings management by either CEO

Earnings management surrounding CEO turnover: evidence from Korea

This article examines the empirical relation between CEO turnover and earnings management in Korea using a sample of 317 CEO turnovers and 634 non-turnover control firms during the period of 2001-2008. We classify CEO turnovers into four types depending on whether the departure of outgoing CEO is peaceful or forced and the incoming CEO is promoted from within or recruited from outside the firm. We measure earnings management by both discretionary accruals and real activities management. We also control for the potential endogeneity of CEO turnover using Heckman’s two-stage approach. After controlling for corporate financial performance and governance structure, we find upward earnings management by the departing CEO only when the departure is forced and the new CEO is an insider. In this case, the new CEO also engages in downward earnings management using both discretionary accruals and real activities management. We also find some evidence that the new CEO recruited from outside the firm manages discretionary accruals upward following the peaceful departure of predecessor. In all other types of CEO turnover, we do not find evidence of significant earnings management by either CEO

STRAIN BEHAVIOUR OF ULTRA-HIGH-STRENGTH CONCRETE UNDER THE ELEVATED TEMPERATURE AND 0.25FCK LOADING

The high-temperature creep of Ultra-High-Strength Concrete (UHSC) has been investigated in this study. The purpose of this study is to evaluated total strain and high-temperature creep at elevated temperatures under loading condition of UHSC. To evaluate the strain behaviour of UHSC at elevated temperatures, ϕ100 mm × 200 mm cylindrical specimens of UHSC with compressive strengths of 80, 130 and 180 MPa concrete were heated to 700 °C at a rate of 1 °C/min. The total strain and high-temperature-creep were measured under the loading condition of 0.25 of the compressive strength at room temperature. As results, Total strain of UHSC increased showing shrinkage with increasing compressive strength. The high-temperature creep of UHSC increased with the temperature and higher level of compressive strength showed bigger high-temperature creep

Effects of noise on a model of oscillatory chemical reaction

A simple oscillating reaction model subject to additive Gaussian white noise is investigated as the model is located in the dynamic region of oscillations. The model is composed of three ordinary differential equations representing the time evolutions of X, Y, and Z, respectively. Initially, a uniform random noise is separately added to the three equations to study the effect of noise on the oscillatory cycle of X, Y, and Z. For a given value of noise intensity, the amplitude of oscillation increases monotonically with time. Furthermore, the noise is added to any one of the three equations to study the impact of noise on one species on the bifurcation behavior of the other

Fetal gender determination and BclI polymorphism using nucleated erythrocytes in maternal blood

This study demonstrated determination of fetal gender from nucleated red blood cells (NRBCs) in maternal blood and attempted to apply prenatal diagnosis of hemophilia A using BclI DNA polymorphism. Venous blood was drawn from 20 pregnant women, and NRBCs were recovered by magnetic activated cell sorting and anti-GPA (glycophorin A) immunostaining. After microdissector isolation of the NRBCs, primer extension preamplification (PEP) and nested PCR of the amelogenin gene were performed to determine fetal gender. We also performed PEP and nested PCR of BclI polymorphism to verify the validity of prenatal diagnosis of hemophilia A. DNA amplification was achieved in 107 cells (51.9%) and fetal gender determined with 65.0% accuracy. Unfortunately, we could not verify the validity within the scope of this study. However, in a larger number of cases that are informative in BclI polymorphism, we will be able to identify patients affected by hemophilia A using fetal NRBCs in maternal blood