• Asia Marketing Journal
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• v.13 no.2
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• pp.99-130
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• 2011

In recent years, a new way of differentiating product design has emerged -better known as 'masterpiece marketing,' this is a strategy where famous art pieces are borrowed on to product designs. Because the recent trends of well-being and LOHAS have encouraged the consumers' desires to enjoy culture and live a more opulent lifestyle, famous and notable paintings have grown to be more of "approachable masterpieces" to the public. As a strategy intended to develop a new consumerism, while still prioritizing customers' values and their satisfaction, companies have been drawn to this new type of marketing. The current consumption society has converted renowned art pieces from simply works of 'high culture' to a further way of marketing, aimed to differentiate products and dominate the market. Though many products have had masterpieces applied to their designs and have been noticed for their marketability, there has been less systematic research done on the scientific background behind this marketing approach. This research focused on the art pieces' fundamental nature of inducing emotions in the viewer, and hypothesized about how the evaluation of a product may be influenced by the affect provoked by the art piece used. To be more specific, if art pieces with different levels of pleasure and arousal -the two axis of emotion suggested by existing research on emotion -were used on each product, the goal was to see how the different levels influenced the consumer's assessment of the products, focusing on product's type as well as the evaluation of their attributes. First, a pretest was done to verify the relationship between the emotion provoked by the art piece and the consumer's preference. There were two types of surveys, each with five drawings from the ten that were assumed to differ in levels of the two axis of emotion. The survey was composed of questions asking for positive emotion, negative emotion, level of arousal, and preference. The correlation between the measurements of positive and negative emotions was -0.792, so an integrated entry was used in the analysis by subtracting the measurement of negative emotions from that of positive emotions. The first hypothesis that paintings that provoke positive emotions will be more preferred than paintings that bring out negative emotions was supported; and through this research, paintings that were to be used for the products were selected. The second pretest was conducted to settle on an item that would be used in the research. Items meant to measure utilitarian and hedonic attributes of milk and chocolate, the two products to be used in the research, were extracted. Because milk is a utilitarian product with strong practical attributes while chocolate is a hedonic product with strong hedonic attributes, these two were selected to be used in this research. The first study was executed to see if there is a difference in attitude about products that have different painting on their designs, which either induces positive or negative emotions. It was also to verify whether this difference in attitude was mediated by the viewer's preference for the art piece. This study showed that when positive emotion inducing painting was used, the product was better evaluated compared to the product with a painting that provokes a negative emotion, thus supporting the second hypothesis. It was also supported that the effect of affect on product evaluation was mediated by preference for the art piece. The second study was done to see the influence of the level of arousal on the evaluation of the product's attributes. Art pieces that differ in the level of arousal were selected through the pretest, and later it verified the hypothesis that the level of arousal has an effect on the assessment of the attributes of the product. In the case of milk, a utilitarian product, the fourth hypothesis that a high-arousal painting will better evaluated for its hedonic attributes was supported, as well as the fifth, which hypothesized that a low-arousal painting will receive a higher assessment for its utilitarian attributes. However, for chocolate, a hedonic product, both fourth and fifth hypotheses were not supported. This study is significant for the following basis: first, it verified the importance of the emotion induced by the painting on the evaluation of the product's attributes, by applying a systematic and scientific method. Second, it expanded from the existing research on positive/negative emotions to confirm the additional influence of the state of arousal on product evaluation.

• Journal of Distribution Research
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• v.15 no.2
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• pp.1-34
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• 2010

Introduction As consumers' purchase behavior change into a rational and practical direction, the discount store industry came to have keen competition along with rapid external growth. Therefore as a solution, distribution businesses are concentrating on developing PB(Private Brand) which can realize differentiation and profitability at the same time. And as improvement in customer loyalty beyond customer satisfaction is effective in surviving in an environment with keen competition, PB is being used as a strategic tool to improve customer loyalty. To improve loyalty among PB users, it is necessary to develop PB by examining properties of a customer group, first of all, quality level perceived by consumers should be met to obtain customer satisfaction and customer trust and consequently induce customer loyalty. To provide results of systematic analysis on relations between antecedents influenced perceived quality and variables affecting customer loyalty, this study proposed a research model based on causal relations verified in prior researches and set 16 hypotheses about relations among 9 theoretical variables. Data was collected from 400 adult customers residing in Seoul and the Metropolitan area and using large scale discount stores, among them, 375 copies were analyzed using SPSS 15.0 and Amos 7.0. The findings of the present study followed as; We ascertained that the higher company reputation, brand reputation, product experience and brand familiarity, the higher perceived quality. The study also examined the higher perceived quality, the higher customer satisfaction, customer trust and customer loyalty. The findings showed that the higher customer satisfaction and customer trust, the higher customer loyalty. As for moderating effects between PB and NB in terms of influences of perceived quality factors on perceived quality, we can ascertain that PB was higher than NB in the influences of company reputation on perceived quality while NB was higher than PB in the influences of brand reputation and brand familiarity on perceived quality. These results of empirical analysis will be useful for those concerned to do marketing activities based on a clearer understanding of antecedents and consecutive factors influenced perceived quality. At last, discussions about academical and managerial implications in these results, we suggested the limitations of this study and the future research directions. Research Model and Hypotheses Test After analyzing if antecedent variables having influence on perceived quality shows any difference between PB and NB in terms of their influences on them, the relation between variables that have influence on customer loyalty was determined as Figure 1. We established 16 hypotheses to test and hypotheses are as follows; H1-1: Perceived price has a positive effect on perceived quality. H1-2: It is expected that PB and NB would have different influence in terms of perceived price on perceived quality. H2-1: Company reputation has a positive effect on perceived quality. H2-2: It is expected that PB and NB would have different influence in terms of company reputation on perceived quality. H3-1: Brand reputation has a positive effect on perceived quality. H3-2: It is expected that PB and NB would have different influence in terms of brand reputation on perceived quality. H4-1: Product experience has a positive effect on perceived quality. H4-2: It is expected that PB and NB would have different influence in terms of product experience on perceived quality. H5-1: Brand familiarity has a positive effect on perceived quality. H5-2: It is expected that PB and NB would have different influence in terms of brand familiarity on perceived quality. H6: Perceived quality has a positive effect on customer satisfaction. H7: Perceived quality has a positive effect on customer trust. H8: Perceived quality has a positive effect on customer loyalty. H9: Customer satisfaction has a positive effect on customer trust. H10: Customer satisfaction has a positive effect on customer loyalty. H11: Customer trust has a positive effect on customer loyalty. Results from analyzing main effects of research model is shown as

• The Korean Journal of Air & Space Law and Policy
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• v.32 no.1
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• pp.83-138
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• 2017

Korea-China FTA entered into force on the 20th of December 2015, and one year elapsed after its effectuation as the FTA with China, our country's largest trading partner. Therefore, this study looks at the trends of air transport trade between Korea and China, and examines the contents of concessions to the air transport services sector in Korea-China FTA, and analyzes the impact on the air transport sector by Korea-China FTA, and proposes our country's aviation policy direction in order to respond to such impact. In 2016 the trends of air transport trade between Korea and China are as follows : The export amount of air transport trade to China was 40.03 billion dollars, down by 9.3% from the last year, and occupied 32.2% of the total export amount to China. The import amount of air transport trade from China was 24.26 billion dollars, down by 9.1% from the last year, and occupied 27.7% of the total import amount from China. The contents of concessions to the air transport services sector in Korea-China FTA are as follows : China made concessions to the aircraft repair and maintenance services and the computer reservation system services with limitations on market access and national treatment in the air transport services sector of the China Schedule of Specific Commitments of Korea-China FTA Chapter 8 Annex. Korea made concessions to the computer reservation system services, selling and marketing of air transport services, and aircraft repair and maintenance without limitations on market access and national treatment in the air transport services sector of the Korea Schedule of Specific Commitments of Korea-China FTA Chapter 8 Annex. The impact on the air transport sector by Korea-China FTA are as follows : As for the impact on the air passenger market, in 2016 the arrival passengers of the international flight from China were 9.96 million, up by 20.6% from the last year, and the departure passengers to China were 9.90 million, up by 34.8% from the last year. As for the impact on the air cargo market, in 2016 the exported goods volumes of air cargo to China were 105,220.2 tons, up by 6.6% from the last year, and imported goods volumes from China were 133,750.9 tons, up by 12.3% from the last year. Among the major items of exported air cargo to China, the exported goods volumes of benefited items in the Tariff Schedule of China of Korea-China FTA were increased, and among the major items of imported air cargo from China, the imported goods volumes of benefited items in the Tariff Schedule of Korea of Korea-China FTA were increased. As for the impact on the logistics market, in 2016 the handling performance of exported air cargo to China by domestic forwarders were 119,618 tons, down by 2.1% from the last year, and the handling performance of imported air cargo from China were 79,430 tons, down by 4.4% from the last year. In 2016 the e-commerce export amount to China were 109.16 million dollars, up by 27.7% from the last year, and the e-commerce import amount from China were 89.43 million dollars, up by 72% from the last year. The author proposes the aviation policy direction of Korea according to Korea-China FTA as follows : First, the open skies between Korea and China shall be pushed ahead. In June 2006 Korea and China concluded the open skies agreement within the scope of the third freedom and fourth freedom of the air for passenger and cargo in Sandong Province and Hainan Province of China, and agreed the full open skies of flights between the two countries from the summer season in 2010. However, China protested against the interpretation of the draft of the memorandum of understanding to the air services agreement, therefore the further open skies did not take place. Through the separate aviation talks with China from Korea-China FTA, the gradual and selective open skies of air passenger market and air cargo market shall be pushed ahead. Second, the competitiveness of air transport industry and airport shall be secured. As for the strengthening methods of the competitiveness of Korea's air transport industry, the support system for the strengthening of national air carriers' competitiveness shall be prepared, and the new basis for competition of national air carriers shall be made, and the strategic network based on national interest shall be built. As for the strengthening methods of the competitiveness of Korea's airports, particularly Incheon Airport, the competitiveness of the network for aviation demand creation shall be strengthened, and the airport facilities and safety infrastructure shall be expanded, and the new added value through the airport shall be created, and the world's No.1 level of services shall be maintained. Third, the competitiveness of aviation logistics enterprises shall be strengthened. As for the strengthening methods of the competitiveness of Korea's aviation logistics enterprises, as the upbringing strategy of higher added value in response to the industry trends changes, the new logistics market shall be developed, and the logistics infrastructure shall be expanded, and the logistics professionals shall be trained. Additionally, as the expanding strategy of global logistics market, the support system for overseas investment of logistics enterprises shall be built, and according to expanding the global transport network, the international cooperation shall be strengthened, and the network infrastructure shall be secured. As for the strengthening methods of aviation logistics competitiveness of Incheon Airport, the enterprises' demand of moving in the logistics complex shall be responded, and the comparative advantage in the field of new growth cargo shall be preoccupied, and the logistics hub's capability shall be strengthened, and the competitiveness of cargo processing speed in the airport shall be advanced. Forth, in the subsequent negotiation of Korea-China FTA, the further opening of air transport services sector shall be secured. In the subsequent negotiation being initiated within two years after entry into force of Korea-China FTA, it is necessary to ask for the further opening of the concessions of computer reservation system services, and aircraft repair and maintenance services in which the concessions level of air transport services sector by China is insufficient compared to the concessions level in the existing FTA concluded by China. In conclusion, in order to respond to the impact on Korea's air passenger market, air cargo market and aviation logistics market by Korea-China FTA, the following policy tasks shall be pushed ahead : Taking into consideration of national air carriers' competitiveness and nation's benefits, the gradual and selective open skies shall be pushed ahead, and the support system to strengthen the competitiveness of air transport industry and airport shall be built, and entry into aviation logistics market by logistics enterprises shall be expanded, and the preparations to ask for the further opening of air transport services sector, low in the concessions level by China shall be made.

• Journal of Korean Society of Forest Science
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• v.29 no.1
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• pp.54-101
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• 1976

This study was conducted on the major factors affecting soil erosion and surface run-off. In order to investigate the processes and mechanisms of soil erosion on denuded forest-land in Korea, and to systematize the magnitudes of influences and interactions between individual factors, the five major factors adopted in these experiments are soil textures (coarse sand and clay loam), slope steepness ($10^{\circ}$, $20^{\circ}$, $30^{\circ}$ and $40^{\circ}$), rainfall intensities (50, 75 and 100mm/hr), slope mulching methods (bare, coarse straw-mat mulching, grass mulching and anti-erosion liquid mulching) and vegetation densities (sparse, moderate and dense). The processes and mechanisms of soil erosion, and the effects of mulchings on soil erosion as well as surface run-off rates were studied algebraically with four parts of laboratory experiments under the simulated rainfall and another part of field experiment under the natural rainfall. The results in this study are summarized as follows: 1. Experiment factors and surface run-off rates The surface run-off rates under the natural rainfall were resulted about 24.7~28.7% from the bare slopes, about 14.0~16.4% from the straw-mat mulched slopes, about 7.9~9.1% from the liquid mulched slopes, and about 5.6~7.2% from the grass mulched slopes respectively. The surface run-off rates under the simulated rainfall differed greatly according to the rainfall intensity and the mulching method. 2. Magnitudes of influences and interactions of the individual factor on the surface run-off rates. The experimental analyses on the major factors(soils, slopes, rainfalls, mulchings and vegetations) affecting the rates of surface run-off, show that the mean differences of surface run-off rate are significant at 5% level between the soil texture factors, among the slope steepness factors, among the rainfall intensity factors, among the mulching method factors, and among the vegetation density factors respectively. The interactions among the individual factor have a great influence(significant at 1% level) upon the rate of surface run-off, except for the interactions of the factors between soils and slopes; between slopes and vegetations; among soils, slopes and rainfalls; and among soils, slopes and mulchings respectively. On the bare slopes under the simulated rainfall, the magnitude of influences of three factors(soils, slopes and rainfalls) affecting the rate of surface run-off is in the order of the factor of rainfalls, soils and slopes. The magnitude of influences of three factors (soils, rainfalls and mulchings) affecting the rate of surface run-off, on the mulched slopes under the simulated rainfall is in the order of the factor of mulchings, rainfalls and soils and that of influences of the factor of soils, slopes and mulchings is in the order of the factor of mulchings, soils and slopes. On the vegetation growing slopes under the simulated rainfall, the magnitude of influences of three factors (soils, slopes and vegetations) affecting the rate of surface run-off is in the order of the factor of vegetations, soils and slopes. In the same condition of treatments on the field experiment under the natural rainfall, the order of magnitude of influences affecting the rate of surface run-off is the factor of mulchings, soils and slopes. 3. Experiment factors and soil losses The soil losses of the experiment plots differed according to the factors of soil texture, slope steepness, rainfall intensity and mulching method. The soil losses from the coarse soil were increased about 1.1~1.3 times as compared with that of fine soil under the natural rainfall, while the soil losses from the fine soil were increased about 1.2~1.3 times compared with that of coarse soil under the simulated rainfall. The equation of $E=aS^b$ (a, b are constant) between the slope steepness (log S) and soil losses (log E) under the simulated rainfall were developed. The equation of $E=aI^b$ (a, b are constant) between the rainfall intensity (log I) and soil losses (log E) were developed, and b values have a decreasing tendency according to the increase of the slope steepness and rainfall intensity. The soil losses under the natural rainfall were appeared about 38~41% from the coarse straw-mat mulched slopes, about 20~22% from the liquid mulched slopes, about 14~15% from the grass mulched slopes as compared with that of the bare slopes respectively. The soil loss from the vegetation plots showed about 7.1~16.4 times from the sparse plot, about 10.0~17.9 times from the moderate plot and about 11.1~28.1 times from the dense plot as compared with that of the bare slopes. 4. Magnitudes of influences and interactions of the individual factor on the soil erosion. The experimental analyses on the major factors(soils, slopes, rainfalls, mulchings and vegetations) affecting the soil erosion, show that the mean differences of soil losses are highly significant between the soil texture factors, among the slope steepness factors, among the rainfall intensity factors, among the mulching method factors and among the vegetation density factors respectively. The interactions among the individual factor have mostly great influences upon the soil erosion. The magnitude of influences of three factors (soils, slopes and rainfalls) affecting the soil erosion on the bare slopes under the simulated rainfall is in order of the factor of rainfalls, soils and slopes. On the mulched slopes under the simulated rainfall, the magnitude order of influences of three factors(soils, rainfalls and mulchings) affecting the soil erosion is the factor of mulchings, rainfalls and soils, and the order of influences of factor of soils, slopes and mulchings is the factor of mulchings, soils and slopes. On the vegetation growing slopes under the simulated rainfall, the magnitude of influences of three factors (soils, slopes and vegetations) affecting the soil erosion is in the order of the factor of slopes. vegetations and soils. In the same condition of treatments on the field experiment under the natural rainfall, the order of magnitude of influences of three factors (soils, slopes and mulchings) affecting the soil erosion is the factor of mulchings, of slopes and of soils.

• Journal of Biosystems Engineering
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• v.6 no.1
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• pp.28-38
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• 1981

A survey has been conducted to investigate the presents of breaks down and repair of power tiller for efficient use. Eight provinces were covered for this study. The results are summarized as follows. A. Frequency of breaks down. 1) Power tiller was breaken down 9.05 times a year and it represents a break down every 39.1 hours of use. High frequency of breaks down was found from the fuel and ignition system. For only these system, the number of breaks down were 2.02 and it represents 23.3% among total breaks down. It was followed by attachments, cylinder system, and traction device. 2) For the power tiller which was more than six years old, breaks down accured 37.7 hours of use and every 38.6 hours for the power tiller which was purchased in less than 2 years. 3) For the kerosene engine power tiller, breaks down occured every 36.8 hours of use, which is a higher value compared with diesel engine power tiller which break down every 42.8 hours of use. The 8HP kerosene engine power tiller showed higher frequency of break down compared with any other horse power tiller. 4) In October, the lowest frequency of break down was found with the value of once for every 51.5 hours of use, and it was followed by the frequency of break down in June. The more hours of use, the less breaks down was found. E. Repair place 1) 45.3% among total breaks down of power tiller was repaired by the owner, and 54.7% was repaired at repair shop. More power tiller were repaired at repair shop than by owner of power tiller. 2) The older the power tiller is, the higher percentage of repairing at the repair shop was found compared with the repairing by the owner. 3) Higher percentage of repairing by the owner was found for the diesel engine power tiller compared with the kerosene engine power tiller. It was 10 HP power tiller for the kerosene power tiller and 8 HP for the diesel engine power tiller. 4) 66.7% among total breaks down of steering device was repaired by the owner. It was the highest value compared with the percentage of repairing of any other parts of power tiller. The lowest percentage of repairing by owner was found for the attachments to the power tiller with the value of 26.5%. C. Cause of break down 1) Among the total breaks down of power tiller, 57.2% is caused by the old parts of power tiller with the value of 5.18 times break down a year and 34.7% was caused by the poor maintenance and over loading. 2) For the power tiller which was purchased in less than two years, more breaks down were caused by poor maintenance in comparison to the old parts of power tiller. 3) For the both 8-10 HP kerosene and diesel engine power tiller, the aspects of breaks down was almost the same. But for the 5 HP power tiller, more breaks down was caused by over loading in comparison to the old parts of power tiller. 4) For the cylinder system and traction device, most of the breaks down was caused by the old parts and for the fuel and ignition system, breaks down was caused mainly by the poor maintenance. D. Repair Cost 1) For each power tiller, repair cost was 34,509 won a year and it was 97 won for one hoar operation. 2) Repair cost of kerosene engine power tiller was 40,697 won a year, and it use 28,320 won for a diesel engine power tiller. 3) Average repair cost for one hour operation of kerosene engine power tiller was 103 won, and 86 won for a diesel engine power tiller. No differences were found between the horse power of engines. 4) Annual repair cost of cylinder system was 13,036 won which is the highest one compared with the repair cost of any other parts 362 won a year was required to repair the steering device, and it was the least among repair cost of parts. 5) Average cost for repairing the power tiller one time was 3,183 won. It was 10,598 won for a cylinder system and 1,006 won for a steering device of power tiller. E. Time requirement for repairing by owner. 1) Average time requirements for repairing the break down of a power tiller by owner himself was 8.36 hours, power tiller could not be used for operation for 93.58 hours a year due to the break down. 2) 21.3 hours were required for repairing by owner himself the break down of a power tiller which was more than 6 years old. This value is the highest one compared with the repairing time of power tiller which were purchased in different years. Due to the break down of the power tiller, it could not be used for operation annually 127.13 hours. 3) 10.66 hours were required for repairing by the owner himself a break down of a diesel engine power tiller and 6.48 hours for kerosene engine power tiller could not be used annually 99.14 hours for operation due to the break down and it was 88.67 hour for the diesel engine power tiller. 4) For both diesel and kerosene engine power tiller 8 HP power tiller required the least time for repairing by owner himself a break down compared with any other horse power tiller. It was 2.78 hours for kerosene engine power tiller and 8.25 hours fur diesel engine power tiller. 5) For the cylinder system of power tiller 32.02 hours were required for repairing a break down by the owner himself. Power tiller could not be used 39.30 hours a year due to the break down of the cylinder system.

• Korean small business review
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• v.31 no.4
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• pp.67-93
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• 2009

The purpose of this paper is to explore the relations between financial constraints and dividend smoothing of innovative small and medium sized enterprises(SMEs) listed on Korea Securities Market and Kosdaq Market of Korea Exchange. The innovative SMEs is defined as the firms with high level of R&D intensity which is measured by (R&D investment/total sales) ratio, according to Chauvin and Hirschey (1993). The R&D investment plays an important role as the innovative driver that can increase the future growth opportunity and profitability of the firms. Therefore, the R&D investment have large, positive, and consistent influences on the market value of the firm. In this point of view, we expect that the innovative SMEs can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. And also, we expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Aivazian et al.(2006) exert that the financial unconstrained firms with the high accessibility to capital market can adjust dividend payment faster than the financial constrained firms. We collect the sample firms among the total SMEs listed on Korea Securities Market and Kosdaq Market of Korea Exchange during the periods from January 1999 to December 2007 from the KIS Value Library database. The total number of firm-year observations of the total sample firms throughout the entire period is 5,544, the number of firm-year observations of the dividend firms is 2,919, and the number of firm-year observations of the non-dividend firms is 2,625. About 53%(or 2,919) of these total 5,544 observations involve firms that make a dividend payment. The dividend firms are divided into two groups according to the R&D intensity, such as the innovative SMEs with larger than median of R&D intensity and the noninnovative SMEs with smaller than median of R&D intensity. The number of firm-year observations of the innovative SMEs is 1,506, and the number of firm-year observations of the noninnovative SMEs is 1,413. Furthermore, the innovative SMEs are divided into two groups according to level of financial constraints, such as the financial unconstrained firms and the financial constrained firms. The number of firm-year observations of the former is 894, and the number of firm-year observations of the latter is 612. Although all available firm-year observations of the dividend firms are collected, deletions are made in the case of financial industries such as banks, securities company, insurance company, and other financial services company, because their capital structure and business style are widely different from the general manufacturing firms. The stock repurchase was involved in dividend payment because Grullon and Michaely (2002) examined the substitution hypothesis between dividends and stock repurchases. However, our data structure is an unbalanced panel data since there is no requirement that the firm-year observations data are all available for each firms during the entire periods from January 1999 to December 2007 from the KIS Value Library database. We firstly estimate the classic Lintner(1956) dividend adjustment model, where the decision to smooth dividend or to adopt a residual dividend policy depends on financial constraints measured by market accessibility. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between current payout rato and target payout ratio each year. In the Lintner model, dependent variable is the current dividend per share(DPS_t), and independent variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t). We hypothesized that firms adjust partially the gap between the current dividend per share(DPS_t) and the target payout ratio(Ω) each year, when the past dividend per share(DPS_t-1) deviate from the target payout ratio(Ω). We secondly estimate the expansion model that extend the Lintner model by including the determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory. In the expansion model, dependent variable is the current dividend per share(DPS_t), explanatory variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t), and control variables are the current capital expenditure ratio(CEA_t), the current leverage ratio(LEV_t), the current operating return on assets(ROA_t), the current business risk(RISK_t), the current trading volume turnover ratio(TURN_t), and the current dividend premium(DPREM_t). In these control variables, CEA_t, LEV_t, and ROA_t are the determinants suggested by the residual dividend theory and the agency theory, ROA_t and RISK_t are the determinants suggested by the dividend signaling theory, TURN_t is the determinant suggested by the transactions cost theory, and DPREM_t is the determinant suggested by the catering theory. Furthermore, we thirdly estimate the Lintner model and the expansion model by using the panel data of the financial unconstrained firms and the financial constrained firms, that are divided into two groups according to level of financial constraints. We expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, because the former can finance more easily the investment funds through the market accessibility than the latter. We analyzed descriptive statistics such as mean, standard deviation, and median to delete the outliers from the panel data, conducted one way analysis of variance to check up the industry-specfic effects, and conducted difference test of firms characteristic variables between innovative SMEs and noninnovative SMEs as well as difference test of firms characteristic variables between financial unconstrained firms and financial constrained firms. We also conducted the correlation analysis and the variance inflation factors analysis to detect any multicollinearity among the independent variables. Both of the correlation coefficients and the variance inflation factors are roughly low to the extent that may be ignored the multicollinearity among the independent variables. Furthermore, we estimate both of the Lintner model and the expansion model using the panel regression analysis. We firstly test the time-specific effects and the firm-specific effects may be involved in our panel data through the Lagrange multiplier test that was proposed by Breusch and Pagan(1980), and secondly conduct Hausman test to prove that fixed effect model is fitter with our panel data than the random effect model. The main results of this study can be summarized as follows. The determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory explain significantly the dividend policy of the innovative SMEs. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between the current payout ratio and the target payout ratio each year. In the core variables of Lintner model, the past dividend per share has more effects to dividend smoothing than the current earnings per share. These results suggest that the innovative SMEs maintain stable and long run dividend policy which sustains the past dividend per share level without corporate special reasons. The main results show that dividend adjustment speed of the innovative SMEs is faster than that of the noninnovative SMEs. This means that the innovative SMEs with high level of R&D intensity can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. The other main results show that dividend adjustment speed of the financial unconstrained SMEs is faster than that of the financial constrained SMEs. This means that the financial unconstrained firms with high accessibility to capital market can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Futhermore, the other additional results show that dividend adjustment speed of the innovative SMEs classified by the Small and Medium Business Administration is faster than that of the unclassified SMEs. They are linked with various financial policies and services such as credit guaranteed service, policy fund for SMEs, venture investment fund, insurance program, and so on. In conclusion, the past dividend per share and the current earnings per share suggested by the Lintner model explain mainly dividend adjustment speed of the innovative SMEs, and also the financial constraints explain partially. Therefore, if managers can properly understand of the relations between financial constraints and dividend smoothing of innovative SMEs, they can maintain stable and long run dividend policy of the innovative SMEs through dividend smoothing. These are encouraging results for Korea government, that is, the Small and Medium Business Administration as it has implemented many policies to commit to the innovative SMEs. This paper may have a few limitations because it may be only early study about the relations between financial constraints and dividend smoothing of the innovative SMEs. Specifically, this paper may not adequately capture all of the subtle features of the innovative SMEs and the financial unconstrained SMEs. Therefore, we think that it is necessary to expand sample firms and control variables, and use more elaborate analysis methods in the future studies.

• Korean Journal of Soil Science and Fertilizer
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• v.1 no.1
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• pp.89-115
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• 1968

1. The experiment was carried out for investigating the interaction between potassium nutrition and thermoperiod (as an environment regulating factor) in relation to behaviors of several nutrients including phosphorus-32 and Potassium-42 in IPOMOEA BATAS. 2. To obtain same condition to trace the behaviors of phosphorus and potassum-42 they were simultaneously incorporated to roots. The determination of each CPM by counting twice with adequate interval and calculating true CPM of each isotope according to different half-life, was carried out with satisfactory. 3. Some specific symptoms i.e, chlorosis and withering of growing point under the condition of lower potassium level were found and was accelerated by the low night temperature. 4. A manganese shortage in growing point of the lower potassium level was found by activiation analysis and very low distribution ratio of phosphorus-32 and potassium-42 in the growing point of the lower potassium level was manifested, though the contents of nitrogen, phosphorus, potassium, sodium and magnesium were not in great difference. 5. In addition to the low water content with appearence of "hard", shorterning internode and lower ratio of roots to shoot as well as the symptoms of potassium deficiency such as brown spot in leaf blade and necrosis of leaf margin were appeared at later stage of experiment at the lower potassium level. 6. Very stimulating vegetative growth, e.g, large plant length, leaf expansion, increasing node number and fresh weight as well as high ratio of roots to shoot, high water content was resulted in the condition of higher potassium level. 7. A specific interaction between higher potassium level and thermoperiod was found, that is, the largest tuber production and the largest ratio of roots to shoot were resulted in the combined condition of higher potassium level and constant temperature while the largest plant length, fresh weight etc. i.e. the most stimulative vegetative growth was resulted in the combined condition of higher potassium level and low night temperature. 8. Comparatively low water content in the former condition of stimulative tuber production was resulted(especially at the tuber thickening stage), while high water content in the latter condition of stimulative vegetation was resulted though the higher potassium level made generally high water contents. 9. The nitrogen contents of soluble and insoluble did not make distinct difference between the lower and higher potassium level. 10. Though the phosphorus contents were not distinctly different by the potassium level, the lower potassium level made the percentage of phosphorus increased at tuber forming stage accumulating more phosphorus in roots, while the higher potassium level decreased percentage of phosphorus at that stage. 11. The higher potassium level made distinctly high potassium contents than the lower potassium level and increased contents at the tuber forming stage through both conditions. 12. The sodium contents were low in the condition of higher potassium level than the lower potassium level and decreased at tuber forming stage in both conditions, on the contary of potassium. 13. Except the noticeable deficeney of manganese in the growing point of the lower potassium level, mangense and magnesium contents in other organs did not make distinct difference according to the potassium level. 14. Generally more uptake and large absorption rate of phosphorus-32 and potassium-42 were resulted at the higher potassium level, and the most uptake, and the largest absorption rate of phosphorus and potassium-42 (especially potassium-42 at tuber forming stage) were resulted in the condition of higher potassium level and constant temperature which made the highest tuber production. 15. The higher potassium level stimulated the translocation of phoshorus-32 and potassium-42 from roots to shoots while the lower potassium level suppressed or blocked the translocation. 16. Therefore, very large distribution rate of $p^{32}$, $K^{42}$ in shoot, especially, in growing point, compared with roots was resulted in the higher potassium level. 17. The lower potassium level suppressed the translocation of phosporus-32 from roots to shoot more than that of potassium-42. 18. The uptake of potassium-42 and translocation in IPOMOEA BATATAS were more vivid than phosphorus-32. 19. A specific interaction between potassium nutrition and thermoperiod which resulted the largest tuber production etc. was discussed in relation to behaviors of minerals and potasium-42 etc. 20. Also, the specific effect of the lower and higher potassium level on the growth pattern of IPOMOEA BATATAS were discussed in relation to behaviors of minerals and isotopes. 21. An emphasize on the significance of the higher potassium level as well as the interaction with the regulating factor and problem of potassium level (gradient) for crops product ion were discussed from the point of dynamical and variable function of potassium.

• Journal of radiological science and technology
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• v.31 no.1
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• pp.17-23
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• 2008

Purpose : Because there is a difference depending on the environment as for an inspection equipment the important part of bone density scan and the precision/accuracy of a tester, the management of quality must be made systematically. The equipment failure caused by overload effect due to the aged equipment and the increase of a patient was made frequently. Thus, the replacement of equipment and additional purchases of new bonedensity equipment caused a compatibility problem in tracking patients. This study wants to know whether the clinical changes of patient's bonedensity can be accurately and precisely reflected when used it compatiblly like the existing equipment after equipment replacement and expansion. Materials and methods : Two equipments of GE Lunar Prodigy Advance(P1 and P2) and the Phantom HOLOGIC Spine Road(HSP) were used to measure equipment precision. Each device scans 20 times so that precision data was acquired from the phantom(Group 1). The precision of a tester was measured by shooting twice the same patient, every 15 members from each of the target equipment in 120 women(average age 48.78, 20-60 years old)(Group 2). In addition, the measurement of the precision of a tester and the cross-calibration data were made by scanning 20 times in each of the equipment using HSP, based on the data obtained from the management of quality using phantom(ASP) every morning (Group 3). The same patient was shot only once in one equipment alternately to make the measurement of the precision of a tester and the cross-calibration data in 120 women(average age 48.78, 20-60 years old)(Group 4). Results : It is steady equipment according to daily Q.C Data with $0.996\;g/cm^2$, change value(%CV) 0.08. The mean${\pm}$SD and a %CV price are ALP in Group 1(P1 : $1.064{\pm}0.002\;g/cm^2$, $%CV=0.190\;g/cm^2$, P2 : $1.061{\pm}0.003\;g/cm^2$, %CV=0.192). The mean${\pm}$SD and a %CV price are P1 : $1.187{\pm}0.002\;g/cm^2$, $%CV=0.164\;g/cm^2$, P2 : $1.198{\pm}0.002\;g/cm^2$, %CV=0.163 in Group 2. The average error${\pm}$2SD and %CV are P1 - (spine: $0.001{\pm}0.03\;g/cm^2$, %CV=0.94, Femur: $0.001{\pm}0.019\;g/cm^2$, %CV=0.96), P2 - (spine: $0.002{\pm}0.018\;g/cm^2$, %CV=0.55, Femur: $0.001{\pm}0.013\;g/cm^2$, %CV=0.48) in Group 3. The average error${\pm}2SD$, %CV, and r value was spine : $0.006{\pm}0.024\;g/cm^2$, %CV=0.86, r=0.995, Femur: $0{\pm}0.014\;g/cm^2$, %CV=0.54, r=0.998 in Group 4. Conclusion: Both LUNAR ASP CV% and HOLOGIC Spine Phantom are included in the normal range of error of ${\pm}2%$ defined in ISCD. BMD measurement keeps a relatively constant value, so showing excellent repeatability. The Phantom has homogeneous characteristics, but it has limitations to reflect the clinical part including variations in patient's body weight or body fat. As a result, it is believed that quality control using Phantom will be useful to check mis-calibration of the equipment used. A value measured a patient two times with one equipment, and that of double-crossed two equipment are all included within 2SD Value in the Bland - Altman Graph compared results of Group 3 with Group 4. The r value of 0.99 or higher in Linear regression analysis(Regression Analysis) indicated high precision and correlation. Therefore, it revealed that two compatible equipment did not affect in tracking the patients. Regular testing equipment and capabilities of a tester, then appropriate calibration will have to be achieved in order to calculate confidential BMD.

• Korean Journal of Fisheries and Aquatic Sciences
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• v.17 no.4
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• pp.333-343
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• 1984

This study was designed to elucidate the lipid and its fatty acid composition in various tissues of fresh water fishes. The free and bound lipids in meat, skin and viscera of crucian carp (Carassius carassius) were extracted with ethyl ether and the mixed solvent of chloroform-methanol-water (10/9/1, v/v). The free and bound lipids were fractionated into neutral lipid, glycolipid and phospholipid by a silicic acid column chromatography using chloroform, acetone and methanol, respectively, and quantitatively analyzed by thin layer chromatography (TLC) and TLC scanner. The fatty acid compositions of polar ana nonpolar lipids in meat, and these of neutral lipid in various tissues were analyzed by gas liquid chromatography(GLC). The free lipid content in meat, skin and viscera was $6.22\%,\;9.95\%\;and\;9.76\%$, whereas the bound lipid content in those tissues was $10.01\%,\;3.56\%\;and\;7.36\%$, respectively. The neutral lipid contents in free lipid were ranged from $71.7\%$ to $89.4\%$, and $3{\sim}9$ times higher than those in bound lipid, while the phospholipid contents in bound lipid were ranged from $42.3\%$ to $63.2\%$, and $5{\sim}10$ times higher than those in free lipid. The neutral lipid was mainly consisted of triglyceride ($81.91{\sim}88.34\%$) in free lipid, and esterified sterol & hydrocarbon ($41.00{\sim}59.43\%$) in bound lipid. The phospholipid was mainly consisted of phosphatidyl ethanolamine($54.56{\sim}66.79\%$) and phosphatidyl choline ($21.88{\sim}34.28\%$) in free lipid, and phosphatidyl choline ($50.49{\sim}70.57\%$) and phosphatidyl ethanolamine ($15.74{\sim}24.92\%$) in bound lipid. The major fatty acids of polar lipid in free and bound lipids were $C_{16:0}\;(17.53\%,\;19.29\%)$, $C_{18:1}\;(24.57\%,\;16.08\%)$, $C_{18:2}\;(8.39\%,\;4.03\%)$, $C_{22:5}\;(1.68\%,\;8.08\%)$, and $C_{22:6}\;(6.22\%,\;13.60\%)$ and these of neutral lipid in free and bound lipids were $C_{16:0}\;(17.67\%,\;24.15\%)$, $C_{16:1}\;(12.81\%,\;5.52\%)$, $C_{18:1}\;(24.13\%,\;13.02\%)$, $C_{18:2}\;(15.47\%,\;8.68\%)$, $C_{22:5}\;(0.88\%,\;4.14\%)$ and $C_{22:6}\;(1.17\%,\;5.04\%)$, respectively. The unsaturations (TUFA/TSFA) of polar lipid in free and bound lipids were 2.02 and 2.74, and $1.5{\sim}2.0$ times higher than 1.51 and 1.23 of nonpolar lipid. In both polar and nonpolar lipids, w3 highly unsaturated fatty acid (w3HUFA) content of bound lipid was $2{\sim}5$ times higher than that of free lipid. The polyenoic acid contents such as $C_{20:5},\;C_{22:5}\;and\;C_{22:6}$ in bound lipid were $2{\sim}5$ times higher than these in free lipid. Consequently, there were significant difference between the lipid and its fatty acid composition in free and bound lipids and/or in various tissues.