Korean Efficiency Test
Laura N Gerard
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The purpose of this study is to investigate the relationship between physical efficiency index (PEI) calculated by the Harvard step test and heart rate variation (HRV), and to identify parameters of HRV that can predict PEI in college students. Sixteen college students were participated in this study and they were randomly divided into two groups; higher PEI group (HPEI, n=6) and lower PEI group (LPEI, n=10). To investigate the relationship between PEI and HRV, we were measured HRV and Harvard step test. HRV test was the resting, immediately, 15 min and 30 min after the Harvard step test using electrocardiography device polyG-I. Relationship between PEI and HRV were determined Pearson correlation coefficient, and multiple regression analysis was performed for examining HRV parameters to predict PEI. As shown in the result, not only PEI was negatively correlated with root mean squared differences between adjacent normal RR intervals (RMSSD), but had a positive correlation with low-frequency/high-frequency, but also normalized low frequency (normLF), the ratio of LF, and RMSSD, the change in RR interval showed a significant difference at each time point of measurement according to PEI levels. But, there were no significant differences among the HRV variables except normLF and RMS-SD. Our findings suggest a critical information that PEI calculated by the Harvard step test can be used as an index to predict the autonomic nerve function, and high PEI may have a positive effect on changes in autonomic nerve activity during recovery after exercise intervention.
New designated products with scope, energy efficiency standards and test methods:
- Dishwashers
- Portable air conditioners
- Computers
- Multi-function printers
- Pumps
- Tubular LED lamps using external converter
The KEMCO certification was established was established to help controlling energy consumption in South Korea. It is a major factor in controlling emissions and setting the right incentives for improving energy efficiency.
The first energy efficiency program in Korea was set up in 1992 and targets products with a high energy consumption. Over the years, two additional programs have been introduced to target different products and areas. While one program only focuses on energy consumption during usage, there is also a dedicated program to reduce standby power in certain products.
The ministry is the main player for introducing energy efficiency policies and drafting respective regulations. The main policy for this has been the Rational Energy Utilization Act, which is divided into three different programs. The implementation and execution of these regulations and programs has been delegated by MOTIE to KEMCO.
The most important one is the Energy Efficiency Label and Standard Program first introduced in 1992. This is a mandatory certification scheme that covers 35 product categories, including:
Normally, only already KC-certified products fall under this energy efficiency program. It requires product testing at designated national labs to determine the energy efficiency grades. The test report has to be provided to KEMCO, which makes it publicly available. Manufacturers then have to attach a label indicating the energy efficiency grade on their product.
The below label on the left can voluntarily be attached if products meet the required standards. However, products have to attach the warning label, should they fail to conform to the specified standby power standards.
This voluntary program covers roughly 44 products categories, mainly targeting appliances for industry or buildings. If they satisfy the energy efficiency standards set by the government, they can apply the respective label and may be eligible for financial support.
In countries with hot climates, air-conditioning systems account for the highest amount of energy consumption in most households. Also, in Korea, the amount of electricity consumption increases rapidly because most people switch on their air conditioners to beat the unbearable summer heat.
For high energy consuming electric devices like air-conditioning systems, the need for improved energy efficiency is becoming more and more urgent. The easiest way to save energy is, of course, to buy an energy-efficient model. Energy efficient air-conditioners not only consume less electricity (and thus save costs), they also reduce the emission of greenhouse gases such as carbon monoxide.
For the local Korean market, KEY (Korea Energy Agency) mandates energy efficiency lavelling of 29 products including air conditioners, refrigerators, freezers, washing machines, dish washers, rice cookers, vacuum cleaners, and more. The efficiency rating ranges from 1 (most efficient) to 5 (least efficient). Products that do not meet the minimum energy performance standard are banned from production and sales.
Air enthalpy type calorimeter is aimed at testing the cooling & heating capacity and electrical heat performance. It calculates the capacity in accordance with international and national standards by measuring air enthalpy differences between intake and discharge of the indoor test unit chamber and the air flow. The test conditions will be varied according to the relevant norms.
Manufacturers can benefit from a full range of convenient and time-saving testing service from a single source. This includes, among others, conformity and performance testing on ISO standard and energy efficiency testing based on ISO standards and national energy regulations such as Saudi Arabia, UAE, Kuwait, Indonesia, Republic of South Africa, Chile, Qatar, Australia and so on.
We investigate whether female directors serving on corporate boards are associated with investment efficiency in publicly traded firms in South Korea (hereafter, Korea). Investment efficiency is achieved when firms reduce either their levels of over- or under-investment. Hence, we ascertain the direction of improvement by examining whether the presence of female directors alters either over- or under-investment decisions to improve the overall efficiency of investments and consider earlier work that documents differences in gender-related characteristics to explain this association.
Empirical evidence abounds that gender plays an important role in the business context. Among the various theories, two competing theories attempt to explain why gender differences appear to have varying effects on business achievements. One is the liberal feminist theory, which assumes that women face greater discrimination and/or the systematic deprivation of resources, hindering their efforts to succeed in business ventures (Fischer et al. 1993). Hence, granted the same opportunities, women and men would achieve similar results due to similar capabilities (Holmes 2007). The other theory is social feminist theory, which recognizes inherent differences in gender that arise from the socialization process which shapes gender-related behaviors and outcomes. This difference does not imply that women are inferior to men but rather suggests that different traits can be equally effective (Black 1989; Carter et al. 2003; Fischer et al. 1993). Given that social feminist theory acknowledges gender-related traits, we put more weight on this view in conjunction with literature in the area of psychology that specifically delineates differences between men and women, as we believe differences in gender-based characteristics are relevant to the development of our hypotheses and that they will manifest differently in various business contexts.
In the realm of financial reporting, corporate governance, and investment decisions, a growing body of research provides evidence that gender affects various corporate outcomes. Some studies have reached the consensus that female directors are more independent than their male counterparts and that firm performance is higher for firms with more female board representation (Carter et al. 2003; Conyon and He 2017; Green and Homroy 2018; Liu et al. 2014). Female director assignments to audit committees improve their monitoring role, which in turn diminishes earnings management (Adams and Ferreira 2009; Gul et al. 2008). Their presence on boards also enhances stock price informativeness and improves earnings quality (Gul et al. 2011; Srinidhi et al. 2011). Moreover, firms with female directors make fewer acquisitions and pay lower bid premia, helping to create shareholder value (Levi et al. 2014), and higher dividends have been found at firms with weak governance which use dividends as a governance device (Chen et al. 2017). While gender diversity on top executive teams is associated with lower risk and better performance (Perryman et al. 2016), other studies do not find such a relationship and urge more research to understand the benefits in this area (Adams 2016; Sila et al. 2016). Other studies document the negative aspects of such appointments on firm risk, stock prices, and firm performance (Adams and Ferreira 2009; Ahern and Dittmar 2012; Matsa and Miller 2013). Thus far, research on this topic remains inconclusive and at best mixed.
This study focuses on Korean firms because much of the previous discussion draws on theories and data from advanced economies and cultures that generally advocate gender equality, which may not extend to the strong male-centered business environment in Korea. As noted above, the chaebol-driven business environment also sets Korea apart from other advanced economies, offering a unique context in which to explore how female participation at the board level affects investment decisions, as relatively less is known about how gender affects corporate decisions in Korea. Better board governance may not always be beneficial to the firm depending on the competition, as Ryu et al. (2017) find evidence that adjusted stock returns are lower for Korean firms with better governance when product market competition is intense.