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.
DOCUMENT
This thesis studies the factors that influence physical distribution structure design. Distribution Structure Design (DSD) concerns the spatial layout of the distribution channel as well as the location(s) of logistics facilities. Despite the frequent treatment of DSD in supply chain handbooks, an empirically validated conceptual framework of factors is still lacking. This thesis studies DSD in multiple industry sectors (Fashion, Consumer Electronics, Online Retail) and proposes a conceptual framework.
MULTIFILE
Both emotional words and words focused by information structure can capture attention. This study examined the interplay between emotional salience and information structure in modulating attentional resources in the service of integrating emotional words into sentence context. Event-related potentials (ERPs) to affectively negative, neutral, and positive words, which were either focused or nonfocused in question-answer pairs, were evaluated during sentence comprehension. The results revealed an early negative effect (90-200 ms), a P2 effect, as well as an effect in the N400 time window, for both emotional salience and information structure. Moreover, an interaction between emotional salience and information structure occurred within the N400 time window over right posterior electrodes, showing that information structure influences the semantic integration only for neutral words, but not for emotional words. This might reflect the fact that the linguistic salience of emotional words can override the effect of information structure on the integration of words into context. The interaction provides evidence for attention-emotion interactions at a later stage of processing. In addition, the absence of interaction in the early time window suggests that the processing of emotional information is highly automatic and independent of context. The results suggest independent attention capture systems of emotional salience and information structure at the early stage but an interaction between them at a later stage, during the semantic integration of words.
LINK
Distribution structures, as studied in this paper, involve the spatial layout of the freight transport and storage system used to move goods between production and consumption locations. Decisions on this layout are important to companies as they allow them to balance customer service levels and logistics costs. Until now there has been very little descriptive research into the factors that drive decisions about these structures. Moreover, the literature on the topic is scattered across various research streams. In this paper we review and consolidate this literature, with the aim to arrive at a comprehensive list of factors. Three relevant research streams were identified: Supply Chain Management (SCM), Transportation and Geography. The SCM and Transportation literature mostly focus on distribution structure including distribution centre (DC) location selection from a viewpoint of service level and logistics costs factors. The Geography literature focuses on spatial DC location decisions and resulting patterns mostly explained by location factors such as labour and land availability. Our review indicates that the main factors that drive decision-making are “demand level”, “service level”, “product characteristics”, “logistics costs”, “labour and land”, “accessibility” and “contextual factors”. The main trade-off influencing distribution structure selection is “service level” versus “logistics costs”. Together, the research streams provide a rich picture of the factors that drive distribution structure including DC location selection. We conclude with a framework that shows the relative position of these factors. Future work can focus on completing the framework by detailing out the sub factors and empirically testing the direction and strength of relationships. Cooperation between the three research streams will be useful to further extend and operationalize the framework.
DOCUMENT
The present study investigated whether text structure inference skill (i.e., the ability to infer overall text structure) has unique predictive value for expository text comprehension on top of the variance accounted for by sentence reading fluency, linguistic knowledge and metacognitive knowledge. Furthermore, it was examined whether the unique predictive value of text structure inference skill differs between monolingual and bilingual Dutch students or students who vary in reading proficiency, reading fluency or linguistic knowledge levels. One hundred fifty-one eighth graders took tests that tapped into their expository text comprehension, sentence reading fluency, linguistic knowledge, metacognitive knowledge, and text structure inference skill. Multilevel regression analyses revealed that text structure inference skill has no unique predictive value for eighth graders’ expository text comprehension controlling for reading fluency, linguistic knowledge and metacognitive knowledge. However, text structure inference skill has unique predictive value for expository text comprehension in models that do not include both knowledge of connectives and metacognitive knowledge as control variables, stressing the importance of these two cognitions for text structure inference skill. Moreover, the predictive value of text structure inference skill does not depend on readers’ language backgrounds or on their reading proficiency, reading fluency or vocabulary knowledge levels. We conclude our paper with the limitations of our study as well as the research and practical implications.
DOCUMENT
Although creativity is often seen as requiring spontaneity and flexibility, recent work suggests that there is creative potential in a structured and systematic approach as well. In a series of four experiments, we show that when Personal Need for Structure (PNS) is high, either chronic (Study 1) or situationally induced (Study 2), creative performance benefits from high task structure. Further, in line with earlier work on cognitive fixation effects, we show that when high task structure contains an example of noncreative task execution, creative performance is impaired, regardless of individuals' PNS. Nevertheless, participants high in PNS react relatively favorably to high task structure (Study 3) and are more likely to adopt a structured task approach when given the choice (Study 4). In sum, our results show that task structure can both stimulate and inhibit creative performance, particularly for people high in need for structure. © 2014 John Wiley & Sons, Ltd.
DOCUMENT
This paper studies the factors that drive distribution structure design (DSD), which includes the spatial layout of distribution channels and location choice of logistics facilities. We build on a generic framework from existing literature, which we validate and elaborate using interviews among industry practitioners. Empirical evidence was collected from 18 logistics experts and 33 decision-makers affiliated to shippers and logistics service providers from the fashion, consumer electronics and online retail sectors. It turns out that interviewees share similar rankings of main factors across industries, and even confirm factor weights from earlier research established using multi-criteria decision analysis, which would indicate that the framework is sector- neutral at the highest level. The importance attached to subfactors varies between sectors according to our expectations. We were able to identify 20 possible new influencing subfactors. The results may support managers in their decision-making process, and regional policy-makers with regard to spatial planning and regional marketing. The framework is a basis for researchers to help improve further quantitative DSD support models.
DOCUMENT
An all-day series of talks on the topic of writing for games and other media. The talks cover the basics of character motivations, a solid plot structure that has been used as the basis of multiple commercial projects, and advice for improving scenes and dialogue.
DOCUMENT
Collaborative learning tasks may represent an effective way to stimulate higher-order processes among high-ability students in regular classrooms. This study investigatedthe effects of task structure and group composition on the elaboration and metacognitive activities of 11th grade preuniversity students during a collaborative learning task: 102 students worked in small groups. On an ill-structured or moderately structured task. Differential effects forcognitive ability were investigated using a continuous measure. Likewise, the effects of group composition were examined using a continuous measure of the cognitiveheterogeneity of the group. The group dialogues were transcribed and coded. Analysis revealed an interaction effect between task structure and cognitive abilityon students’ elaboration and metacognitive activities. Task structure had a negative effect on the elaborative contributions of high-ability students. For students with lower abilities, task structure had a positive effect onelaboration and metacognitive activities. No effects were found of the cognitive heterogeneity of the group. Group composition seemed not to be related to group interactionamong 11th grade pre-university students. The results indicate that open-ended collaborative tasks with little guidance and directions on how to handle them, canstimulate higher-order processes among high-ability students and may offer them the challenge they need.
MULTIFILE
The present study was to further the understanding of the conceptual relationship between narrative absorption, that is the intense engagement with a story world, and felt suspense, that is the anticipation of a narrative outcome event. To this end, a media comparative online experiment was conducted with a 2 (Media format: film vs. Literature) × 2 (Suspense structure: diegetic vs. Non-diegetic delay) × 2 (Stories) between subject design. Results revealed a complex relationship among felt suspense, attention, emotional engagement, and transportation, showing the high importance of attention in felt suspense, and the moderating effect of media format and gender. Findings indicate that non-diegetic suspense delay unlike diegetic suspense decreases felt suspense and narrative absorption independently of media format.
LINK
