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A Study on Participation Intention and Herd Behavior on Domestic Securities Type Crowdfunding Investors: Focusing on the Theory of Planned Behavior (국내 증권형 크라우드펀딩 투자자의 참여의도와 무리행동에 관한 연구: 계획된 행동이론을 중심으로)

Hwang, Nakjin;Lee, So-young
- Asia-Pacific Journal of Business Venturing and Entrepreneurship
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- v.15 no.2
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- pp.1-18
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- 2020
This study is to identify the influence of major variables that affect the participation intention of securities type crowdfunding investors and how participation intention and perceived behavioral control affect investors' herd behavior including indirect effect analysis based on the theory of planned behavior. The ultimate purpose of this study is to understand the investment behavior of securities type crowdfunding investors and to help the relevant parties to develop various policies and business plans to revitalize the system and protect investors. An online survey was conducted on people who are interested or have experience in securities type crowdfunding to receive a total of 276 responses. Excluding outliers, a total of 261 responses were taken into account for the final analysis. For the data analysis, structural equation model analysis using SPSS 22.0 and Amos 22.0 statistical package was conducted. As a result, two of the major variables of the theory of planned behavior-attitude and subjective norm-have been found to have a positive effect on the participation intention of securities type crowdfunding investors. And after analyzing the indirect effect, the participation intention was found to play a mediating role between attitude, subjective norm and herd behavior. However, the perceived behavioral control presented as a major variable of behavioral intention in the theory of planned behavior showed that the effect on participation intention was statistically insignificant. Instead, it was found to have a direct positive effect on herd behavior. This is significant because it empirically confirmed that even if investors perceive securities type crowdfunding as easy to participate, perceived behavioral control does not seem to have a significant impact on participation intention because securities type crowdfunding is an investment in an early-stage business with a high risk of loss. On the other hand, the study has great significance in that it empirically confirmed that domestic securities type crowdfunding investors perceive the funding progress information provided by the platform as a signal and imitate many other investors, showing herd behavior when they actually make an investment. It is expected that this study will provide meaningful insights for the policy making of crowdfunding supervisory offices and platform operators by empirically identifying major variables that influence the participation intentions and herd behavior of domestic securities type crowdfunding investors.
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Sexual Behavior of Male Rats Following Damage to the Mammillary Bodies (유두체가 손상된 흰쥐 수컷의 성 행동)

Kim, Jong-Kyu;Kim, Chul
- The Korean Journal of Physiology
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- v.6 no.1
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- pp.33-37
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- 1972
It was thought desirable to elucidate the influence of the mammillary bodies upon sexual behavior. Twenty male rats were used, of which 9 rats had their mammillary bodies damaged electrolytically through implanted electrodes (mammillary body group) and 11 rats received the same surgery short of electrolytic damage to the mammillary bodies (operated control group). Their sexual behavior was observed 3 weeks after surgery. Observation was discontinued when an ejaculation was followed by a successive intromission. 1. Mounting without intromission occurred significantly less often in the mammillary body group than in the operated control group. 2. No significant group difference existed with regard to the occurrence of mounting with intromission. However, the value tended to rise in the mammillary body group compared with the value of the operated control group. 3. Mountings with and without intromission tended to occure more often in the mammillary body group than in the operated control group, but the difference was nonsignificant. 4. The ejaculatory latency (time interval between the first intromission and the first ejaculation) and the postejaculatory interval (time interval between an ejaculatory act and the next intromission) tended to decrease in the mammillary body group compared with the values of the operated control group. However, again the difference did not reach significancy. 5. There existed no significant group differences with regard to the mounting latency (time interval between the first encounter with female and the first mounting with or without intromission), the intromission latency (time interval between the first encounter and the first intromission), and the interintromission period (mean time interval between two successive intromissions). From the above results, it may be inferred that the mammillary bodies tend to exert slight and nonsignificant inhibitory influence upon sexual behavior of male rats. However, further study is indicated before reaching final conclusion.
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