• Korean Journal of Poultry Science
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• v.7 no.2
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• pp.54-76
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• 1980

A survey was conducted to determine the status of health and productivity of poultry farms in Korea. Area included Was Kyunggido where exist nearly 50% of national poultry population. From this area, 41 layer and 34 broiler farms covering 21 Countries were selected randomly for the survey. When farms were divided in the operation size, 95.1% of layer and 82.3% of broiler farms were classified as business or industrial level while the rest were managed in a small scale as part time job. Generally layer farms had been established much earlier than broiler farms. Geographically 10.7% of layer farms were sited near the housing area such as field foreast and rice field. No farms were located near the seashore. The distance from one farm from the other was very close, being 80% of the farms within the distance of 1km and as many as 28% of the farms within loom. This concentrated poultry farming in a certain area created serious problems for the sanitation and preventive measures, especially in case of outbreak of infectious diseases. Average farm size was 5,016${\times}$3.3㎡ for layers and 1,037${\times}$3.3㎡ for broilers. 89.5% of layer ana 70.6% of broiler farms owned the land for farming while the rest were on lease. In 60% of layer farms welters were employed for farming while in the rest their own labour was used. Majority of farms were equipped poorly for taking necessary practice of hygiene and sanitation. The amount of disinfectant used by farms was considerably low. As many as 97.6% of lave. farms were practised with Newcastle(ND) and fowl pox(F$.$pox) vaccine, whereas only 43.6% and 5.1% of broiler farms were practised with ND and F$.$pox vaccine, respectively. In 17-32.7% of farms ND vaccine was used less than twice until 60 days of age and in only 14.6% of farms adult birds were vaccinated every 4months. Monthly expense for preventive measures was over 200,000W in 32% of farms. Only 4.9-2.7% of vaccine users were soaking advice from veterinarians before practising vaccination, 85% of the users trusted the efficacy of the vaccines. Selection of medicine was generally determined by the farm owner rather than by veterinarans on whom 33.3% of farms were dependant. When diseases outbroke, 49.3% of farms called for veterinary hospital and the rest were handled by their own veterinarians, salesmen or professionals. Approximately 70% of farms were satisfied with the diagnosis made by the veterinarians. Frequency of disease outbreaks varied according to the age and type of birds. The livabilities of layers during the period of brooding, rearing ana adultwere 90.5, 98.9 and 75.2%, respectively while the livalibility of broilers until marketing was 92.2%. In layers, average culling age, was 533.3 day and hen housed eggs were 232.7. Average feed conversion rates of layers and broilers were 3.30 and 2.48, respectively. Those figures were considerably higher than anticipated but still far lower than those in developed countries.

• Radiation Oncology Journal
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• v.19 no.3
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• pp.216-223
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• 2001

Purpose : We evaluated retrospectively the outcomes of inoperable squamous cell lung cancer patients treated with radiotherapy to find out prognostic factors affecting survival. Materials and methods : Four hundred and eleven patients diagnosed as squamous cell lung cancer between November 1988 and December 1997 were the basis of this analyses. The planned dose to the gross tumor volume was ranged from 30 to 70.2 Gy. Chemotherapy was combined in 72 patients $(17.5\%)$ with the variable schedule and drug combination regimens. Follow-up period ranged from 1 to 113 months with the median of 8 months and survival status was identified in 381 patients $(92.7\%)$. Overall survival rate was calculated using the Kaplan-Meier method. Results : Age ranged from 23 years to 83 years with the median 63 years. The male to female ratio was about 16:1. For all 411 patients, the median overall survival was 8 months and the 1-year survival rate (YSR), 2-YSR, and 5-YSR were $35.6\%,\;12.6\%,\;and\;3.7\%$, respectively. The median and 5-YSR were 29 months and $33.3\%$ for Stage IA, 13 months and $6.3\%$ for Stage IIIA, and 9 months and $3.4\%$ for Stage IIIB, respectively(p=0.00). The median survival by treatment aim was 11 months in radical intent group and 5 months in palliative, respectively (p=0.00). Of 344 patients treated with radical intent, median survival of patients (N=247) who received planned radiotherapy completely was 12 months while that of patients (N=97) who did not was 5 months (p=0.0006). In the analyses of the various prognostic factors affecting to the survival outcomes in 247 patients who completed the planned radiotherapy, tumor location, supraclavicular LAP, SVC syndrome, pleural effusion, total lung atelectasis and hoarseness were statistically significant prognostic factors both in the univariate and multivariate analyses while the addition of chemotherapy was statistically significant only in multivariate analyses. The acute radiation esophagitis requiring analgesics was appeared in 49 patients $(11.9\%)$ and severe radiation esophagitis requiring hospitalization was shown in 2 patients $(0.5\%)$. The radiation pneumonitis requiring steroid medication was shown in 62 patients $(15.1\%)$ and severe pneumonitis requiring hospitalization was occurred in 2 patients $(0.5\%)$. During follow-up, 114 patients $(27.7\%)$ had progression of local disease with 10 months of median time to recur (range : $1\~87\;months$) and 49 patients $(11.9\%)$ had distant failure with 7 months of median value (range : $1\~52\;months$). Second malignancy before or after the diagnosis of lung cancer was appeared in 11 patients Conclusion : The conventional radiotherapy in the patients with locally advanced squamous cell lung cancer has given small survival advantage over supportive care and it is very important to select the patient group who can obtain the maximal benefit and to select the radiotherapy technique that would not compromise the life quality in these patients.

• Korean Journal of Organic Agriculture
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• v.7 no.1
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• pp.91-103
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• 1998

After the consumption of green vegetable juice by Korean increase rapidly, the ${NO_3}^-$ intake through green vegetable juice have been ignored to consider for the calculation of daily ${NO_3}^-$ intake. It is necessary to collect the basic data on the ${NO_3}^-$ content in green vegetable juice by different sorts, harvesting time and mixing rate of vegetable, manufacturers and storage conditions for the next calculation of daily ${NO_3}^-$ intake for Korean. Followings are the research results from monitoring and laboratory experiment related with ${NO_3}^-$ and vitamine C in green vegetable juice. The ${NO_3}^-$ content of angelica plaant(tomorrow's leaf) and kale were higher in spring than those in summer and autumm. The highest value of ${NO_3}^-$ content in tomorrow's leaf and kale were 4.85 and 2.94 times higher compare to the lowest value. The average ${NO_3}^-$ content in the midribs of tomorrow's leaf and kale were 7.5 and 2.1 times higher than those in leafblades. It indicate the green vegetable juice made from leadblade of tomorrow's leaf and kale might be better compare to those from midrib in terms of ${NO_3}^-$ content. The content of ${NO_3}^-$ and vitamine C as affected by the timecourse after juice making were decreased rapidly compare to those by storage temperature in case of carrot, kale and cucumber juice. It show the positive comelation between the content of ${NO_3}^-$ and vitamine C in carrot, kale and cucumber juice regardless of room temperature(${NO_3}^-$) or cold temperature(${NO_3}^-$). The content of ${NO_3}^-$ and vitamine C of green vegetable juice by P company were the highest among the manufactuers. The lower content of ${NO_3}^-$ and vitamine C of green vegecable juice by TW company and GB company compare to P company is due to dilution with water to produce the juice. The content of ${NO_3}^-$ of green vegetable juice which were available in market showed 143ppm in carrot juice, 506ppm in tomorrow's leaf juice, 669ppm in wild water celery juice, 985ppm in kale juice, whereas the content of vitamine C were 43ppm in carrot juice, 289ppm in wild water celery juice, 353ppm in kale juice and 768ppm in tomorrow's leaf juice. It was calculated that people take 253mg by tomorrow's leaf juice, 335mg by wild water celery juice, 483mg by kale juice if they drink 500ml of green vegetable juice perday, and it suggest to excess 1.16, 1.53 and 2.21 times respectively only by green vegetable juice consumption.

• Korean Journal of Soil Science and Fertilizer
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• v.44 no.5
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• pp.887-894
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• 2011

To evaluate the effects of abiotic factors of paddy fields on greenhouse gases (GHGs) emissions from rice paddy fields, $CH_4$ emission amounts were investigated from rice paddy fields by different soil organic matter contents, paddy types, and agricultural climatic zone in Yeongnam area during 3 years. $CH_4$ emission amounts according to soil organic matter contents in paddy field were conducted at having different contents of 5 soil organic matters fields (23.6, 28.7, 31.0, 34.5, and $38.0g\;kg^{-1}$), The highest $CH_4$ emission amount was recorded in the highest soil organic matters plot of $38.0g\;kg^{-1}$. High correlation coefficient (r=$0.963^{**}$) was obtained between $CH_4$ emissions from paddy fields and their soil organic matter contents. According to paddy field types, $CH_4$ emission amounts were investigated at 4 different paddy fields as wet paddy, sandy paddy, immature paddy, and mature paddy. The highest $CH_4$ emissions was recorded in wet paddy (100%) and followed as immature paddy 64.0%, mature paddy 46.8%, and sandy paddy 23.8%, respectively. For the effects of temperature on $CH_4$ emissions from paddy fields, 4 agricultural climatic zones were investigated, which were Yeongnam inland zone (YIZ), eastern coast of central zone (ECZ), plain area of Yeongnam inland mountainous zone (PMZ), and mountainous area of Yeongnam inland mountainous zone (MMZ). The order of $CH_4$ emission amounts from paddy fields by agricultural climatic zone were YIZ (100%) > ECZ (94.6%) > PMZ (91.6%) > MMZ (78.9%). The regression equation between $CH_4$ emission amounts from paddy fields and average air temperature of Jul. to Sep. of agricultural climatic zone was y = 389.7x-4,287 (x means average temperature of Jul. to Sep. of agricultural climatic zone, $R^2=0.906^*$)

• Korean Journal of Heritage: History & Science
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• v.44 no.1
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• pp.196-221
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• 2011

The Royal Private Shrines or the Samyo(私廟), were dedicated to members of Choseon's royal family who could not be enshrined at the (official) Royal Ancestral Shrine, the Jongmyo(宗廟). The Samyo were constructed at the national level and were systematically managed as such. Because these private Shrines were dedicated to those who couldn't belong to the Jongmyo but were still very important, such as the ruling king's biological father or mother. The details of all royal constructions were included in the State Event Manuals, and with them, the two-dimensional layouts of the Samyo also. From the remaining "Hyunsa-gung Private Tomb Construction Layout Record(顯思宮別廟營建都監儀軌)" of 1824, which is the construction record of Gyeongwoo-gung Shrine(景祐宮) dedicated to Subin, the mother of King Sunjo(純祖), it became possible to investigate the so far unknown "The Painting of Gyeongwoo-gung Shrine", in terms of the year produced, materials used and other situational contexts. The investigation revealed that the "The Painting of Gyeongwoo-gung Shrine" is actually the "Hyunsa-gung Private Tomb Layout" produced by the Royal Construction Bureau. The bureau painted this to build Hyunsa-gung Private Shrine in a separately prepared site outside the court in 1824, according to the royal verdict to close down and move the temporary shrine inside the courtyard dedicated to Subin who had passed away in 1822. As the Construction Bureau must have also produced the Gyeongwoo-gung Shrine Layout, the painter(s) of this layout should exist among the official artists listed in the State Event Manual, but sadly, as their paintings have not survived to this day, we cannot compare their painting styles. The biggest stylistic character of the Painting of Gyeongwoo-gung Shrine is its perfect diagonal composition method and detailed and neat portrayalof the many palace buildings, just as seen in Donggwoldo(東闕圖, Painting of a panoramic view for Changdeokgung and Changgyeonggung Palaces). A well-perceiving architectural painting employs a specific point of view chosen to fit the purpose of the painting, or it can opt to the multi-viewpoint. Korean traditional architectural paintings in early ages utilized the diagonal composition method, the bird-eye viewpoint, or the multi-viewpoint. By the 18th century, detailed but also artistic architectural paintings utilizing the diagonal method are observed. In the early 19th century, the peak of such techniques is exhibited in Donggwoldo(Painting of a panoramic view for Changdeokgung and Changgyeonggung Palaces). From the perfect diagonal composition method employed and the details of the palace buildings numbering almost two hundreds, we can determine that the Painting of Gyeongwoo-gung Shrine also belongs to the same category of the highly technical architectural paintings as Donggwoldo(Painting of a panoramic view for Changdeokgung and Changgyeonggung Palaces). We can also confirm this hypothesis by comparing the painting techniques employed in these two paintings in detailthe way trees and houses are depicted, and the way ground texture is expressed, etc. The unique characteristic of the Painting of Gyeongwoo-gung Shrine is, however, that the area surrounding the central shrine building(正堂), the most important area of the shrine, is drawn using not the diagonal method but the bird-eye viewpoint with the buildings lying flat on both the left and right sides, just as seen in the "Buildings Below the Central Shrine(正堂以下諸處)" in the State Event Manual's Painting Method section. The same viewpoint method is discovered in some other concurrent paintings of common residential buildings, so it is not certain that this particular viewpoint had been a distinctive feature for shrine paintings in general. On the other hand, when the diagonalmethod pointing to the left direction is chosen, the top-left and bottom-right sections of the painting become inevitably empty. This has been the case for the Painting of Gyeongwoo-gung Shrine, but in contrast, Donggwoldo shows perfect screen composition with these empty margins filled up with different types of trees and other objects. Such difference is consistent with the different situational contexts of these two paintings: the Painting of Gyeongwoo-gung Shrine is a simple single-sheet painting, while Donggwoldo is a perfected work of painting book given an official title. Therefore, if Donggwoldo was produced to fulfill the role of depiction and documentation as well as the aesthetic purpose, contrastingly, the Painting of Gyeongwoo-gung Shrine only served the purpose of copying the circumstances of the architecture and projecting them onto the painting.

• Sim-seong Yeon-gu
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• v.28 no.1
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• pp.1-49
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• 2013

This article started with 'encounter'. Both authors met around the middle of February and discussed the subject for the inhospital conference presentation scheduled at the break of June. Having conversation like "Movies similar to fairytales heard from childhood are standing out conspicuously among commercial films which are attracting audiences and receiving fervent response these days. This phenomenon is marvelous and mysterious." together, and sharing this and that, the conversation turned naturally to 'Bram Stoker's Dracula', 'Series of Twilight', and 'Warm Bodies', both authors found out the fact that we saw these movies in common with propound impression. Feeling our hearts beating high, bit of fear and hesitation followed simultaneously at the moment when both of us encountered the idea to choose subject of conference presentation related to this and expressed one in words. While preparing for the conference, presenting to others, and having discussion with the audience, our hearts have been filled with Presentation was finished after active discussion beyond fixed hour and it also brought audience (among those present) to show strong emotional response both positively and negatively. At first, we just had a thought to put aside the content of presentation, but we felt lack of something else, lingering in our minds. We finally decided to accomplish our work into an article leading to submission, based on the advice and recommendation from one of the audience. This article is a small 'creative writing' born by sharing both authors' passion and enthusiasm. In the first part of this article, we have introduced the dream of 31-year-old woman's which led to the 'creative writing' and spotlighted her personal life, before and after the dream. In the second part, we have examined the consequence (way of realization) and meaning of creative impulse shown from or experienced from personal unconsciousness (dream, fantasy) together. Creative impulse shown from the individual appeared to bring creative transformation of individual personality through the process of 'introversion'. Otherwise it also appeared to be delivered as a masterpiece through 'creative writing' or from the process of 'extroversion'. Sometimes both consequences happened at once. We tried to examine and interpret the dream of 31-year-old woman's, which was introduced in the first part of this article, that is to say, the dream of 'Stephenie Meyer's, the author of the 'love between vampire boy and ordinary human girl' themed novel 'Twilight Series', in a psychoanalytic perspective. In the third part, highlighting individual dreams and three different movies 'Bram Stoker's Dracula', 'Twilight Series', and 'Warm Bodies', we found the transformation of symbol 'Man of Darkness, vampire' seen in each individual dreams and in some specific popular arts, such as novels and movies, receiving fervent response from people. We also found love between this symbol and humane woman, bearing fruit together with very impressive change shown in the attitude of 'Man of Darkness' (vampire)'s conscious ego and mutual relationship pattern. We contemplated this phenomenon, the reason why these events happen, and what kind of association presents among these events, individual, and this era and discussed the effects on individuals and this era, at present. 'Creative impulse', originated in the deep structure of human mind is realized as a 'transformation of individual personality' or masterpiece through artistic creation. If it has a chance to make a match with this era, shared by a lot of contemporary people, it also appears to bring positive effect as healing and salvation to each individual or to each era. From this article, we mainly highlighted positive and healing aspects of individual 'creative impulse'. We hope to deal with the negative consequences and their reason coming from 'creative impulse', if the occasion arises, in the future with a new article.

• Journal of Korean Society of Forest Science
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• v.16 no.1
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• pp.1-32
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• 1972

By means of the interspecific hybridization in the Sub-genus Diploxylon of the Genus Pinus, $F_1$ hybrids of Pinus rigida${\times}$elliottii, Pinus rigida${\times}$radiata, P. rigida${\times}$serotina and P. densiflora${\times}$thunbergii had been produced. And on the basis of the crossabilities of these hybrids the taxonomic affinities of these pines were examined. And the needle characteristics of these hybrid and the occurence of phenolic substances in these $F_1$ hybrid were also investigated to see the potential usefulness of these characteristics for the diagnosis of the taxonomic affinity. And, the growth performances of the $F_1$ hybrids have also been compared with those of parental species. In order to contribute to the establishment of the hybrid seed orchard the introgression phenomena between P. densiflora and P. thunbergii in the eastern coastal area have also been investigated along with the investigation of the heterozygosity of plus trees of P. densiflora growing in the clone bank in Suwon. And the results were summarized as follows. 1. On the basis of crossabilities as well as on the taxonomic affinities according to the systems of Shaw, Pilger and Duffield, it has been proven that the parental species of those hybrids are of close affinities and range of the fertile hybrid seed production rate was as high as 28-58% in the best hybrid combination (Table 13). 2. Among those hybrids, the ${\times}$ Pinus, rigiserotina hybrid seemed to be most promising in the growth performance exhibiting 109-155% more volume growth compared to the seed parent with the statistic significance of 1% level (Tables 16 and 17). 3. Notwithstanding the fact that the all of the pollen parents are cold tender, all hybrids exhibit cold hardiness as much as their seed parent and it seems to suggest that the characteristics of cold hardiness were transmitted from the seed parent. 4. Though a striking difference in needle length was observed between the parental species of each hybrid, it was difficult to distinguish each hybrid from their seed parent by the needle length except ${\times}$P. rigiserotina which is characterized by long needle which is 65% more longer than the needle of the seed parent (Table 21). 5. With regard to the anatomical characteristics of needle, the hypoderm is apparently thicker in most of the $F_1$ hybrid pines and the characteristics of resin canals are dominated by medial in most $F_1$ hybrid. And, the fibrovascular bundles were apart as were in their seed parent. Therefore it was found to be possible to distinguish the hybrids pines from their parents by the needle characteristics. And, it is to be noticed that the ${\times}$P. densithunbergii was more close to the pollen parent having RDI value of 0.73 (Fig.l, Table 22). 6. It has been demonstrated that ${\times}$P. rigielliottii, ${\times}$P. rigiradiata and ${\times}$P. rigitaeda have a phenolic substance (No.7) of light yellow at Rf-0.46, same as their seed parent, but no trace of phenolic substance was observed in their pollen parent. This fact will serve as an important criteria for early identification of hybridity in progeny testing. However, the fact that both of ${\times}$P. rigiserotina and ${\times}$P. densithunbergii exhibit the same reactions of phenolic substances as well their parental species seems to indicate the close affinities between the parental species of the respective hybrid (Fig.2, Table 23). 7. The separation and the reaction of phenolic substance developed on TLC were found to be same in the same species showing no variations between the individuals, and no variations due to tree part of sampling, tree age or pollen sources. And the reaction was also observed regardless of the not varied by the kind of developing solvent whether it is Aceton-Chloroform (3:7 v/v) or Benzene-Methanol-Acetic acid (90:16:8 v/v). 8. The introgression phenomena of natural Pinus densifiora stand in both east and west coastal area indicates that the major part of the red pines investigated are all heterozygous and the heterozygosity of pines are higher in the west coast than in the east coast(Tables 24 and 25). 9. Based on the RDI, among the plus trees of Pinus densiflora selected in Korea and Japan as well, no pure P. densiflora has been found. Since all of the sample trees of Pinus densiflora were found to be as heterozygous bearing part of the characteristics of P. thunbergii, those red pines were considered to be natural heterotic hybrid pines(Figs. 3 and 4. Tables 26 and 27).

• The Korean Journal of Nuclear Medicine
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• v.4 no.1
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• pp.19-26
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• 1970

1. Sixteen normal healthy subjects free from occult blood in the stool were selected and administered with their $^{51}Cr$ labeled own blood via duodenal tube and the recovery rate of radioactivity in feces and urine was measured. The average fecal recovery rate was 90.7 per cent ($85.7{\sim}97.7%$) of the administered radioactivity, and the average urinary excretion rate was 0.8 per cent ($0.5{\sim}1.5%$) 2. There was a close correlation between the amount of blood administered and the recovery rate from the feces; the more the blood administered, the higher the recovery rate was. It was also found that the administration of the tagged blood in the amount exceeding 15ml was suitable for measuring the radioactivity in the stools. 3. In five normal healthy subjects whose circulating erythrocytes had been tagged with $^{51}Cr$, there was little fecal excretion of radioactivity (average 0.9 ml of blood per day). This excretion is not related to hemorrhage and the main route of excretion of such an negligible radioactivity was postulated as gastric juice and bile. 4. A comparison of the radioactivity in the blood and feces of the patients with $^{51}Cr$ labeled erythrocytes seems to be a valid way of estimating intestinal blood loss.

• 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 Agricultural Science
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• v.16 no.1
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• pp.84-101
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• 1989

An accurate measurement of size, surface area and volume of agricultural products is essential in many engineering operations such as handling and sorting, and in heat transfer studies on heating and cooling processes. Little information is available on these properties due to their irregular shape, and moreover very little information on the rough rice, soybean, barley, and wheat has been published. Physical dimensions of grain, such as length, width, thickness, surface area, and volume vary according to the variety, environmental conditions, temperature, and moisture content. Especially, recent research has emphasized on the variation of these properties with the important factors such as moisture content. The objectives of this study were to determine physical dimensions such as length, width and thickness, surface area and volume of the rough rice, soybean, barley, and wheat as a function of moisture content, to investigate the effect of moisture content on the properties, and to develop exponential equations to predict the surface area and the volume of the grains as a function of physical dimensions. The varieties of the rough rice used in this study were Akibare, Milyang 15, Seomjin, Samkang, Chilseong, and Yongmun, as a soybean sample Jangyeobkong and Hwangkeumkong, as a barley sample Olbori and Salbori, and as a wheat sample Eunpa and Guru were selected, respectively. The physical properties of the grain samples were determined at four levels of moisture content and ten or fifteen replications were run at each moisture content level and each variety. The results of this study are summarized as follows; 1. In comparison of the surface area and the volume of the 0.0375m diameter-sphere measured in this study with the calculated values by the formula the percent error between them showed least values of 0.65% and 0.77% at the rotational degree interval of 15 degree respectively. 2. The statistical test(t-test) results of the physical properties between the types of rough rice, and between the varieties of soybean and wheat indicated that there were significant difference at the 5% level between them. 3. The physical dimensions varied linearly with the moisture content, and the ratios of length to thickness (L/T) and of width to thickness (W/T) in rough rice decreased with increase of moisture content, while increased in soybean, but uniform tendency of the ratios in barley and wheat was not shown. In all of the sample grains except Olbori, sphericity decreased with increase of moisture content. 4. Over the experimental moisture levels, the surface area and the volume were in the ranges of about $45{\sim}51{\times}10^{-6}m^2$, $25{\sim}30{\times}10^{-9}m^3$ for Japonica-type rough rice, about $42{\sim}47{\times}10^{-6}m^2$, $21{\sim}26{\times}10^{-9}m^3$ for Indica${\times}$Japonica type rough rice, about $188{\sim}200{\times}10^{-6}m^2$, $277{\sim}300{\times}10^{-9}m^3$ for Jangyeobkong, about $180{\sim}201{\times}10^{-6}m^2$, $190{\sim}253{\times}10^{-9}m^3$ for Hwangkeumkong, about $60{\sim}69{\times}10^{-6}m^2$, $36{\sim}45{\times}10^{-9}m^3$ for Covered barley, about $47{\sim}60{\times}10^{-6}m^2$, $22{\sim}28{\times}10^{-9}m^3$ for Naked barley, about $51{\sim}20{\times}10^{-6}m^2$, $23{\sim}31{\times}10^{-9}m^3$ for Eunpamill, and about $57{\sim}69{\times}10^{-6}m^2$, $27{\sim}34{\times}10^{-9}m^3$ for Gurumill, respectively. 5. The increasing rate of surface area and volume with increase of moisture content was higher in soybean than other sample grains, and that of Japonica-type was slightly higher than Indica${\times}$Japonica type in rough rice. 6. The regression equations of physical dimensions, surface area and volume were developed as a function of moisture content, the exponential equations of surface area and volume were also developed as a function of physical dimensions, and the regression equations of surface area were also developed as a function of volume in all grain samples.