This research investigates the factors influencing the capital structure of 271 non-financial firms listed on the Korean Stock Exchange (KSE) over a broad period from 1995 to 2021, encompassing both stable and crisis conditions. Employing a dynamic panel data model and the generalized method of moments (GMM) estimation, we address the endogeneity issue introduced by the inclusion of lagged dependent variables. Our research integrates firm-specific internal factors with macroeconomic external variables to provide a comprehensive understanding of the influence of varying economic environments on capital structure. Our study suggests that in times of economic stability, the capital structure decisions of a firm are more influenced by internal factors such as profitability. However, in periods of economic downturns, it is the external macroeconomic market conditions that tend to have a greater impact on these decisions. It is also noteworthy that both book leverage (BL) and market leverage (ML) exhibit quicker adjustments during stable periods as opposed to periods of crisis. This indicates a higher agility of firms in adapting their capital structures in stable, normal conditions. Our findings contribute to the existing literature by offering a holistic view of capital structure determinants in Korean firms. They underscore the necessity of adaptable financial strategies that account for both internal dynamics and external economic conditions. This study fills a gap in current research, presenting new insights into the dynamics of capital structure in Korean firms and suggesting a multifaceted approach to understanding capital structure in diverse economic contexts.
The following exchange, over email, between Dutch media theorist and Internet critic Geert Lovink and Aaron Moulton occurred on the occasion of the exhibition The Influencing Machine at Galeria Nicodim in Bucharest, which closed on April 20, 2019. The show, curated by Aaron Moulton, was an anthropological investigation into the macroview of the Soros Center for Contemporary Art (SCCA), an unprecedented network of art centers that existed across twenty Eastern European capitals throughout the 1990s. A survey of historical and contemporary artwork that explored ideas of influence, revolution, colonialism, and cultural exorcism, the Bucharest exhibition included a large archive covering the SCCA network that allowed first-time research into the institutionalized strategies of curatorial practice in the early years of the SCCA network, trajectories of influence that lead to specific kinds of cultural production.
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Design education has a nuanced relationship with examples. Although they are considered useful teaching tools, their use is often restricted to illustrating the design theories and principles around which the curriculum is structured. In contrast, professional designers view examples as autonomous entities and use them to initiate a critical dialogue with their current problem space. Therefore, students should be facilitated in cultivating their own repertoire of solutions and learn to initiate conversations between existing solutions and design challenges to gain a better understanding of the problem space and generate new designs. This paper outlines a small-scale experiment conducted with master's students in Applied Data Science at Utrecht University who took a course on designing recommender system interfaces. The students were provided with a set of examples of recommender interface designs as their main instructional tool. They could use this set to curate their own solution repertoire. As a result, the majority of the participants' work displayed more diverse designs, and they used design patterns distilled from those examples generatively, developing innovative designs. Based on this case study, we tentatively conclude that a design curriculum built around examples, complemented by theories, could be advantageous, as long as special attention is given to helping students initiate fruitful iterations between their challenges and a set of solutions.
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