• The Korean Journal of Financial Management
• /
• v.12 no.1
• /
• pp.167-186
• /
• 1995

기업인수합병(M&A) 시장의 활성화에 따라 적대적 공개매수를 방어하기 위한 반인수조치(Antitakeover Techniques)들에 관한 관심도 고조되고 있다. 지금까지 널리 알려져 있는 대표적인 반인수 조치들은 Fair Price Amendment(FPA), Classified Board Amendment(CBA)와 Poison Pills(PP) 등이다. 이들 대표적 세 반인수조치들 중에서 FPA와 CBA 채택의 경우는 주주들의 사전 승인이 요구되는데 반하여 PP는 주주들의 사전 승인없이 채택이 가능한 반인수조치이다. 이처럼 상이한 반인수조치들의 채택은 채택기업의 가치에 상이한 부의 효과를 미치는데, 이 분야의 많은 실증적연구 결과들이 보고되고 있다. 본 연구에서는 표본기업으로 현재까지 상호개별적으로 연구되어 왔던 두가지 반인수조치(FTA, CBA)에 PP와 비채택기업도 포함시키고 있다. 지금까지의 반인수조치 채택에 따른 기업가치에 미치는 부의 효과에 관한 연구결과를 확인해보고, 반인수조치 채택에 관한 경영자의 의사결정과 경영자의 부 사이에 체계적인 관계가 존재하는지를 실증분석하고자 한다. 여기서 경영자의 부는 기업내부자 지분율과 기업내 경영자를 위한 Golden Parachute의 존재 유무로 측정한다. 본 연구에서는 3개의 가설을 설정하였다. 가설1: 만일 경영자가 주주의 이익을 희생하면서 자신의 이익을 위한 반인수조치를 채택한다면, 반인수조치 채택의 공표는 평균적으로 기업가치에 부(-)의 효과를 보일 것이다. 가설2: 경영자의 내부지분율이 낮을때 경영자들은 주주에게 가장 해로운 반인수조치를 선택할 것이다. 가설3: Golden Parachute가 존재하지 않을때 경영자들은 주주에게 가장 해로운 반인수조치를 채택할 것이다. 본 연구의 대상기업들중에서 반인수조치 채택 기업들은 IRRC 1990년도판에서 수집되었고, 대칭표본 기업으로 반인수조치를 채택하지 않은 기업들은 CRSP 파일에서 기업규모, SIC 코드를 대응시켜 선정하였다. 임원, 관계이사들과 친인척을 포함하는 내부자의 지분과 Golden Parachute 존재 여부는 이 연구의 표본기업들의 Proxy Statement에서 수집하였다. 최종 표본기업은 FPA 채택기업, CBA 채택기업, PP채택기업, 그리고 비채택기업으로 4개의 상호 배타적인 기업 그룹으로 구성되었다. 본 연구는 Event Study와 Multinomial Logistic Regession의 두가지 실증분석 방법을 사용하였다. Event Study방법론은 반인수조치 채택 공표시 초과수익률을 조사하기 위해 사용하였다. Multinomial Logistic Regession은 선택된 반인수조치 종류와 설명 변수들(내부자 지분율, Golden Parachute)간에 체계적인 관계가 존재하는지를 검증하기 위해 사용되었다. 반인수조치들을 채택하는 기업들은 반인수조치를 채택하고 있지 않은 기업들에 비해 내부자 지분율이 낮게 나타났으며, 반인수조치 중 PP를 채택한 기업에서 가장 낮은 내부지분율을 보이고 있다. GP 채택을 보면 PP를 선택한 기업의 50%가 GP를 채택하였다. 본 연구에서 반인수조치 채택 발표일 하루 전후의 초과수익률을 조사한 결과는 반인수조치 미채택기업, CBA, FPA 채택기업들의 초과수익률은 통계적으로 의미가 없었으나, PP채택에 따른 초과수익률은 의미 있는 부(-)의 값을 나타냈다. 이와같이 CBA와 FPA채택기업들은 주주의 부를 감소시키지 않았으나 PP채택기업들은 주주의 부를 감소시켰다. 따라서 경영자는 주주의 이익을 희생시키면서 자신의 이익을 위해 PP를 선택하고 있음을 보여 주고 있다. 연구결과는 내부자 지분율의 크기가 경영자와 주주간의 이해를 효과적으로 일치시키고 있음을 제시하고 있다. 즉, 내부자 지분율이 큰 기업일수록 반인수조치를 채택하지 않거나 반인수조치 채택시에 주주의 이익에 반하지 않은 반인수조치를 선택하는 경향이 높다. Golden Parachute이 존재하는 기업은 FPA를 채택하거나 반인수조치를 채택하지 않는 것보다 PP나 CBA를 채택하는 경향이 더 높다. 한편 기업에서의 GP의 존재가 경영자의 가장 해로운 반인수조치 선택을 억제하지 못함을 보여주고 있는데, 이는 GP가 비효과적인 계약메카니즘임을 제기한다. GP가 경영자와 주주간의 이해를 일치시키도록하는 계약이라기 보다는 차라리 기업방어전략이 비효과적일때 경영자 자신의 안전판으로 제공되고 있음을 보여준다. 이 논문의 주요공헌은 기업내부자 지분율의 크기와 GP의 존재가 반인수조치 선택에 체계적인 영향을 미치고 있음을 보여준 것이다. 여기서 사용된 Multinomial Logistic모델은 내부지분을 크기와 GP의 존재가 PP또는 CBA가 채택될 것인지를 예측할 수 있게 한다.

• The Journal of Society for e-Business Studies
• /
• v.16 no.3
• /
• pp.23-45
• /
• 2011

People could possess different self-identity under virtual world from physical world because of anonymity of the virtual world and this difference could influence their behavior in the virtual world. Based on self-discrepancy theory, this research proposes that continuous use model in self-expression goal. We defined the difference bet ween actual self~identity and ideal self~identity in the virtual world as "self-discrepancy in virtual world", and the difference between actual self-identity in the physical world and actual self-identity in the virtual world as "cross-world self-discrepancy". Before testing hypothesis, we compare the actual self-identity in the online community with the actual self-identity in the physical world, and with ideal self-identity in the virtual world. We derived an index for two different types of self-identity in terms of Personal Self-identity and Social Self-identity through factor analysis. Our results show that online community members have a higher level of ideal self-identity than actual self-identity in online community, and they have better personal self-identity in online community than physical world while a lower level of social self-identity in online community than physical world. The results of the hypothesis testing analysis based on 300 respondents showed that "self-discrepancy in virtual world" negatively influenced perceived usefulness for self-expression while "cross-world self-discrepancy" positively influenced perceived usefulness for self-expression. The perceived usefulness for self-expression and ease of use positively influence both continuous use and knowledge contribution. Specially, the effect of perceived usefulness for self-expression on knowledge contribution is much bigger than the effect of ease of use. This study extends self-discrepancy theory to virtual worlds by suggesting various types of self-discrepancy and by applying the effect of self-discrepancies in online community. Also, this study extends technology acceptance model in the personal goal in terms of self-expression. This study hopes to offer practical insights by suggesting positive effect of self-discrepancy on behavior in the online community.

• Journal of Music and Human Behavior
• /
• v.1 no.1
• /
• pp.11-32
• /
• 2004

According to Edwin Gordon(1987, 1997, 2003), music aptitude is a product of interaction of innate potential and early environmental experiences. He referred to music aptitude of children up to nine years of age as developmental music aptitude which fluctuates due to musical environment. Music aptitude stabilizes at age nine, and the music aptitude after age nine is called "stabilized music aptitude". This research is to examine Gorden's hypothesis that the younger a child receives music education, the higher music aptitude. Also, this research is to experiment the effect of Audiation activities developed in Audie Music Curriculum on music aptitude. The researcher and another Audie teacher as a co-teacher guided children together for 30 minutes once a week. The pedagogy guidelines for informal guidance in music learning theory were kept throughout the classes. Also, Audie's teaching method which had been developed for Korean Kindergarten educational environment was also applied. Five-year-old subjects in Experimental group 1 experienced the Audie Music Curriculum of one year; five-year-old subjects in Experimental group 2 experienced it for two years. Primary Measures of Music Audiation was administered three times during their last year of Kindergarten. Subjects in the Control groups, one examined at the beginning and the other at the end of their last year in Kindergarten, received no Audie instruction. There was no significant difference in tonal aptitude, but there was significant difference in rhythmic aptitude(p< .05) among the experiemental groups. Because both Experimental groups showed statistical significance (p< .001) in the music aptitude increase during their academic years, the significant differences of the year-end music aptitude between control group and experimental groups were the expected result.

• Korean Journal of Remote Sensing
• /
• v.30 no.1
• /
• pp.61-73
• /
• 2014

This study reviewed an application of water quality estimation using an Airborne Hyperspectral Imagery (A-HSI) and tested a part of Han River water quality (especially suspended solid) estimation with available in-situ data. The estimation of water quality was processed two methods. One is using observation data as downwelling radiance to water surface and as scattering and reflectance into water body. Other is linear regression analysis with water quality in-situ measurement and upwelling data as at-sensor radiance (or reflectance). Both methods drive meaningful results of RS estimation. However it has more effects on the auxiliary dataset as water quality in-situ measurement and water body scattering measurement. The test processed a part of Han River located Paldang-dam downstream. We applied linear regression analysis with AISA eagle hyperspectral sensor data and water quality measurement in-situ data. The result of linear regression for a meaningful band combination shows $-24.847+0.013L_{560}$ as 560 nm in radiance (L) with 0.985 R-square. To comparison with Multispectral Imagery (MSI) case, we make simulated Landsat TM by spectral resampling. The regression using MSI shows -55.932 + 33.881 (TM1/TM3) as radiance with 0.968 R-square. Suspended Solid (SS) concentration was about 3.75 mg/l at in-situ data and estimated SS concentration by A-HIS was about 3.65 mg/l, and about 5.85mg/l with MSI with same location. It shows overestimation trends case of estimating using MSI. In order to upgrade value for practical use and to estimate more precisely, it needs that minimizing sun glint effect into whole image, constructing elaborate flight plan considering solar altitude angle, and making good pre-processing and calibration system. We found some limitations and restrictions such as precise atmospheric correction, sample count of water quality measurement, retrieve spectral bands into A-HSI, adequate linear regression model selection, and quantitative calibration/validation method through the literature review and test adopted general methods.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.12 no.5
• /
• pp.127-139
• /
• 2017

In recent 10 years the attention to social entrepreneurship has raised increasing among scholars, public sector, and community development. However less research has been conducted on how social entrepreneurship intention create a social enterprise and what factors can be affected to the social entrepreneurial intentions. This paper aims at contributing to identify the antecedents of entrepreneurial behavior and intentions. Especially, we have had a strong interests in compassion factors which haven't been used as important variables to encourage for people to do social entrepreneurial activities. Also, we try to find the moral obligation and perceived social support as antecedents of social entrepreneurial intentions. Finding show that compassion and moral obligation affect to the social entrepreneurial intention. Especially this study identify the external factor of society with the variable, perceived social support. Once individuals recognize that the infrastructure and societal positive mood on social entrepreneurship is friendly to social entrepreneurship, people have a tendency to try to do some social entrepreneurial activities. Only few empirical studies exist in this research domain. A study of more than 271 Korean college students has studied which personal traits predict certain characteristics of social entrepreneurs (such as having social vision or looking for social innovational opportunities). In addition to those antecedents, students experience is the critical factor that enabled continued expansion of the social entrepreneurial activities. The results of this research show how we can nurture social entrepreneurs and how we can develop the social environment to promote social entrepreneurship.

• Development and Reproduction
• /
• v.14 no.4
• /
• pp.281-286
• /
• 2010

Recent evidence has revealed that the intratesticular injection of hypertonic saline(20%) resulted in a chemically castrated state such as nadir testosterone levels in rats. To confirm the efficacy of this simple saline-injection method further, we investigated the changes in the gross and microscopic anatomy of testis. Our study comprised three groups; intact(control) group, orchidectomy group and saline-injection (experimental) group. Single dose of hypertonic saline (sterilized, $750{\mu}{\ell}/testis$) were directly administered into both testis of adult rats (about 300 g BW). Bilateral orchidectomy was performed at the same day of saline injection. Following 30 days post-injection, reproductive tissues were surgically removed, weighed and fixed for histological examination. The body weights were not changed in both orchidectomy group and saline-injection group when compared to those in intact group. The wet weights of testis were significantly decreased in saline-injection group when compared to those in intact group. The wet weights of epididymis and seminal vesicle and prostate were significantly decreased in orchidectomy group and saline-injection group when compared to those in intact group. Macroscopically, the testes exerted slight atrophy and the tunica albuginea seemed to be intact in saline injection group. Histologically, however, larger parts of testicular tissue underwent necrosis and were barely recognizable after hematoxylin-eosin staining. In the same section, only the opposite part of the injection site was stained showing abnormal state of cell layers mostly fibrosis and infiltrated leukocytes. Sloughing of immature germ cells from the basement membrane along with shedding cells in the intraluminal space was notable in most seminiferous tubules from the saline injected testis. The present study confirmed that the direct injection of hypertonic saline into testis can induce a castration-like, testosterone-depriving effects on accessory sex organs. Our findings suggest that the efficacy of this less expensive and minimally invasive method seems to be almost even with that of conventional orchidectomy and chemical castration, though more in-depth evaluation should be supported.

• Journal of Dairy Science and Biotechnology
• /
• v.32 no.1
• /
• pp.47-53
• /
• 2014

In this study, our aim was to investigate the changes in ginsenosides and polyphenols in red ginseng extract fermented by Lactobacillus acidophilus and to manufacture fresh cheese using fermented red ginseng extract. Red ginseng extract (3%, w/v) was fermented by L. acidophilus for 24 h. On performing lactic acid bacteria counts, we determined that L. acidophilus reached its maximum growth phase after 16 h; this was followed by decrease in growth. During fermentation, the levels of ginsenosides Rg3 (20S) and Rg3 (20R) as well as protopanaxadiol (20R), F1, and compound K increased, while those of s Rb2, Rd, Rf, and Rg1 decreased. The pH, titratable acidity, and viable cell counts in fresh cheese prepared using fermented red ginseng extract were measured during the storage period. The pH decreased over time, while titratable acidity and viable cell counts increased with increase in the duration of the storage period. Sensory tests showed that the overall sensory properties of fresh cheese prepared using 1% fermented red ginseng extract were similar to those of the control groups. This result suggests that L. acidophilus-fermented red ginseng has potential for development as a new bioactive material.

• Horticultural Science & Technology
• /
• v.29 no.6
• /
• pp.633-640
• /
• 2011

Brassica rapa is an A genome model species for Brassica crop genetics, genomics, and breeding. With the completion of sequencing the B. rapa genome, functional analysis of the genome is forthcoming issue. The expressed sequence tags are fundamental resources supporting annotation and functional analysis of the genome including identification of tissue-specific genes and promoters. As of July 2011, 147,217 ESTs from 39 cDNA libraries of B. rapa are reported in the public database. However, little information can be retrieved from the sequences due to lack of organized databases. To leverage the sequence information and to maximize the use of publicly-available EST collections, the Brassica rapa tissue-specific EST database (BrTED) is developed. BrTED includes sequence information of 23,962 unigenes assembled by StackPack program. The unigene set is used as a query unit for various analyses such as BLAST against TAIR gene model, functional annotation using MIPS and UniProt, gene ontology analysis, and prediction of tissue-specific unigene sets based on statistics test. The database is composed of two main units, EST sequence processing and information retrieving unit and tissue-specific expression profile analysis unit. Information and data in both units are tightly inter-connected to each other using a web based browsing system. RT-PCR evaluation of 29 selected unigene sets successfully amplified amplicons from the target tissues of B. rapa. BrTED provided here allows the user to identify and analyze the expression of genes of interest and aid efforts to interpret the B. rapa genome through functional genomics. In addition, it can be used as a public resource in providing reference information to study the genus Brassica and other closely related crop crucifer plants.

• Journal of Korean Tunnelling and Underground Space Association
• /
• v.15 no.3
• /
• pp.187-199
• /
• 2013

Umbrella arch method (UAM) used for improving the stability of the tunnel ground condition has been widely applied in the tunnel construction projects due to the advantage of obtaining both reinforcement and waterproof. The purpose of this study is to develop the evaluation technique of the integrity of bore-hole in UAM by using a non-destructive test and to evaluate the possibility of being applied to the field. In order to investigate the variations of frequency depending on grouted length, the specimens with different grouted ratios are made in the two constraint conditions (free boundary condition and embedded condition). The hammer impact reflection method in which excitation and reception occur simultaneously at the head of pipe was used. The guided waves generated by hitting a pipe with a hammer were reflected at the tip and returned to the head, and the signals were received by an acoustic emission (AE) sensor installed at the head. For the laboratory experiments, the specimens were prepared with different grouted ratios (25 %, 50 %, 75 %, 100 %). In addition, field tests were performed for the application of the evaluation technique. Fast Fourier transform and wavelet transform were applied to analyze the measured waves. The experimental studies show that grouted ratio has little effects on the velocities of guided waves. Main frequencies of reflected waves tend to decrease with an increase in the grouted length in the time-frequency domain. This study suggests that the non-destructive tests using guided ultrasonic waves be effective to evaluate the bore-hole integrity of the UAM in the field.

• Journal of Korean Society of Environmental Engineers
• /
• v.34 no.4
• /
• pp.223-231
• /
• 2012

The purpose of this study is to investigate basically the mechanism of heat transfer by the resolution of complex fluid flow inside a sophisticated designed screw dryer for the treatment of sewage sludge by using numerical analysis and experimental study. By doing this, the result was quite helpful to obtain the design criteria for enhancing drying efficiency, thereby achieving the optimal design of a multiple screw type dryer for treating inorganic and organic sludge wastes. One notable design feature of the dryer was to bypass a certain of fraction of the hot combustion gases into the bottom of the screw cylinder, by the fluid flow induction, across the delicately designed holes on the screw surface to agitate internally the sticky sludges. This offers many benefits not only in the enhancement of thermal efficiency even for the high viscosity material but also greater flexibility in the application of system design and operation. However, one careful precaution was made in operation in that when distributing the hot flue gas over the lump of sludge for internal agitation not to make any pore blocking and to avoid too much pressure drop caused by inertial resistance across the lump of sludge. The optimal retention time for rotating the screw at 1 rpm in order to treat 200 kg/hr of sewage sludge was determined empirically about 100 minutes. The corresponding optimal heat source was found to be 150,000 kcal/hr. A series of numerical calculation is performed to resolve flow characteristics in order to assist in the system design as function of important system and operational variables. The numerical calculation is successfully evaluated against experimental temperature profile and flow field characteristics. In general, the calculation results are physically reasonable and consistent in parametric study. In further studies, more quantitative data analyses such as pressure drop across the type and loading of drying sludge will be made for the system evaluation in experiment and calculation.