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The Effects of The Distinction in Family Business on CEO Succession Types: A Behavioral Agency Theory Perspective (행동대리인 이론관점에서 가족기업 특성이 승계에 미치는 영향)

  • Kim, Ki-Hyung;Moon, Chul-Woo;Kim, Sang-kyun;Lee, Byung-Hee
    • Korean small business review
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    • v.39 no.1
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    • pp.1-39
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    • 2017
  • The first generation of the business that had been founded in 1960~1970s faces the situation to consider the succession of the family business developed by devotion of their whole lives in the critical timing to the next generation. In the process of selecting the party of family business succession, it is required to consider a variety of succession types including smooth transfer to the other family member or the employee of the company, selling the company, or hiring external specialist. Foreign countries acknowledge the importance of the succession in the family owned company to perform multiple studies on the influential factors to the succession, distinction, and types of family business succession; and they utilize the results for the related policy development and the support of family owned business succession. However, few studies have been conducted on the succession of the domestic family owned business and majority of them are related to the types of succession. Considering its share and influential power in the domestic economy, it is necessary to develop the guideline and the policies to solve many issues on the succession of the family owned business by systemic studies. Hence, the impact of the main characteristics in the family owned business on the types of its succession was analyzed in this study focusing on five domains of Socioemtional Wealth (SEW) in view of Behavioral Agency Theory by Gomez-Mejia et al. (2007) using the data from 540 family owned small-to-medium sized businesses so as to analyze the issues on their business succession. Upon the empirical analysis results, it was confirmed that they were influenced to the selection of succession type by family succession > internal employee succession > external succession, for the variables of social contribution which were non-financial characteristics, internal employee succession > family succession > external succession for the intellectual properties, and family succession > external succession for the management participation of the family. The distinction of social contribution were influenced the most to the selection of the succession types. Financial factors, business performance, and R&D investment variables were not significantly influenced to their selection of the succession types. In case of simultaneous management, the family succession rate was high and it showed the control effect to strengthen selecting family owned business with R&D investment, social contribution, and company history variables. The behavioral agency theory used in this study was confirmed with high explanation power on the family owned business succession. The family owned business showed the tendency to maintain SEW, and non-financial factors such as accumulated know-how and social contribution based on the long term history were significantly affected to the succession in the small-to-medium sized family owned businesses, unlike general large sized listed companies. The results of this study are expected to be helpful practically for the succession of the family owned business and to suggest the guideline for the development of governmental policy.

Importance and requirements for dental prosthesis order platform services: a survey of dental professionals (치과 보철물 거래 플랫폼 서비스의 중요성과 요구사항: 치과 전문가 설문조사)

  • Gyu-Ri Kim;Keunbada Son;Du-Hyeong Lee;So-Yeun Kim;Myoung-Uk Jin;Kyu-Bok Lee
    • Journal of Dental Rehabilitation and Applied Science
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    • v.39 no.3
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    • pp.105-118
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    • 2023
  • Purpose: This study aimed to gain better understanding of the importance of dental prosthesis order platform services and to identify the essential elements for their enhancement and wider adoption among dental professionals. Materials and Methods: A survey was conducted to assess the perspectives of dentists, dental technicians, dental hygienists, and dental industry professionals toward dental prosthesis ordering and associated platform services (a total of 53 respondents). The questionnaire was devised after an expert review and assessed for reliability using Cronbach's alpha coefficient. Factor analysis revealed that 57 factors across five categories accounted for 88.417% of the total variance. The survey was administered through an online questionnaire platform, and data analysis was conducted using a statistical software, employing one-way analysis of variance and Tukey's honestly significant difference test (α = 0.05). Results: The essential elements identified were accurate information input, effective communication, delivery of distortion-free impressions, convenience in data transmission and storage, development of stable and affordable platform services (P < 0.05). Furthermore, significant differences were observed in the importance of these items based on age, dental profession, and career experience (P < 0.05). Conclusion: The dental prosthesis ordering platform services, the requirements of dental personnel were stability, economic efficiency, and ease of transmitting and storing prosthesis data. The findings can serve as important indicators for the development and improvement of dental prosthesis order platform services.

Time Course Change of Phagocytes and Proinflammatory Activities in BALF in Endotoxin-induced Acute Lung Injury (시간별 내독소 정맥주입으로 유발된 급성폐손상의 변화양상에 대한 고찰)

  • Moon, Seung-Hyug;Oh, Je-Ho;Park, Sung-Woo;NamGung, Eun-Kyung;Ki, Shin-Young;Im, Gun-Il;Jung, Sung-Whan;Kim, Hyeon-Tae;Uh, Soo-Tack;Kim, Yong-Hoon;Park, Choon-Sik;Jin, Byeng-Weon
    • Tuberculosis and Respiratory Diseases
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    • v.44 no.2
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    • pp.360-378
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    • 1997
  • Background : Severe acute lung injury(ALI), also known as the adult respiratory distress syndrome(ARDS), is a heterogenous nature of dynamic and explosive clinical synrome that exacts a mortality of approximately 50%. Endotoxin(ETX) is an abundant component of the outer membrane of gram-negative bacteria capable of inducing severe lung injury in gram-negative sepsis and gram-negative bacterial pneumonia, which are among the most common predisposing causes of ARDS. The influx of PMNs into airway tissue is a pathological hallmark of LPS-induced lung injury. And there is a substantial evidence suggesting that cytokines are important mediators of lung injury in gram-negative sepsis. However, the kinetics of phagocytes and cytokines by an exact time sequence and their respective pathogenic importance remain to be elucidated. This study was performed to investigate the role of phagocytes and proinflammatory cytokines in ETX-induced ALI through a time course of changes in the concentration of protein, $TNF{\alpha}$ and IL-6, and counts of total and its differential cells in BALF. The consecutive histologic findings were also evaluated. Method : The experimental animals, healthy male Sprague-Dawley, weighted $200{\pm}50g$, were divided into control- and ALI- group. ALI was induced by an intravenous administration of ETX, 5mg/kg. Above mentioned all parameters were examined at 0(control), 3, 6, 24, 72 h after administration of ETX. $TNF{\alpha}$ and IL-6 cone. in BALF were measured by a bioassay. Results : The protein concentration and total leukocyte count(TC) in BALF was significantly increased at 3h compared to controls(p < 0.05). The protein conc. was significantly elavated during observation period, but TC was significantly decreased at 72h(p < 0.05 vs. 24h). There was a close relationship between TC and protein cone. in BALF(r = 0.65, p < 0.001). The PMN and monocyte count was well correlated with TC in BALF, and the correlation of PMN(r = 0.97, p < 0.001) appeared to be more meaningful than that of monocyte(r = 0.61, p < 0.001). There was also a significant correlation between protein cone. and PMN or monocyte count in BALF(PMN vs. monocyte : r = 0.55, p < 0.005 vs. r = 0.64, p < 0.001). The count of monocyte was significantly elavated during observation period though a meaningful reduction of PMN count in BALF at 72h, this observation suggested that monocyte may, at least, partipate in the process of lung injury steadly. In this study, there was no relationship between IL-6 and $TNF{\alpha}$ cone., and $TNF{\alpha}$ but not IL-6 was correlated with TC(r = 0.61, p < 0.05) and monocyte(r = 0.67, p < 0.05) in BALF only at 3, 6h after ETX introduced. In particular, the IL-6 cone. increased earlier and rapidly peaked than $TNF{\alpha}$ cone. in BALF. In histologic findings, the cell counts of lung slices were increased from 3 to 72h(p < 0.001 vs. NC). Alveolar wall-thickness was increased from 6 to 24h(p < 0.001 vs. NC). There was a significant correlation between the cell counts of lung slices and alveolar wall-thickness(r= 0.61, p < 0.001). This result suggested that the cellular infiltrations might be followed by the alterations of interstitium, and the edematous change of alveolar wall might be most rapidly recovered to its normal condition in the process of repair. Conclusion : We concluded that although the role of PMN is partly certain in ETX-induced ALI, it is somewhat inadequate to its known major impact on ALL Alveolar macrophage and/or non-immune cells such as pulmonary endothelial or epithelial cells, may be more importantly contributed to the initiation and perpetual progression of ETX-induced ALI. The IL-6 in ETX-induced ALI was independent to $TNF{\alpha}$, measured by a bioassay in BALF. The early rise in IL-6 in BALF implies multiple origins of the IL-6.

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A Study on Web-based Technology Valuation System (웹기반 지능형 기술가치평가 시스템에 관한 연구)

  • Sung, Tae-Eung;Jun, Seung-Pyo;Kim, Sang-Gook;Park, Hyun-Woo
    • Journal of Intelligence and Information Systems
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    • v.23 no.1
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    • pp.23-46
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    • 2017
  • Although there have been cases of evaluating the value of specific companies or projects which have centralized on developed countries in North America and Europe from the early 2000s, the system and methodology for estimating the economic value of individual technologies or patents has been activated on and on. Of course, there exist several online systems that qualitatively evaluate the technology's grade or the patent rating of the technology to be evaluated, as in 'KTRS' of the KIBO and 'SMART 3.1' of the Korea Invention Promotion Association. However, a web-based technology valuation system, referred to as 'STAR-Value system' that calculates the quantitative values of the subject technology for various purposes such as business feasibility analysis, investment attraction, tax/litigation, etc., has been officially opened and recently spreading. In this study, we introduce the type of methodology and evaluation model, reference information supporting these theories, and how database associated are utilized, focusing various modules and frameworks embedded in STAR-Value system. In particular, there are six valuation methods, including the discounted cash flow method (DCF), which is a representative one based on the income approach that anticipates future economic income to be valued at present, and the relief-from-royalty method, which calculates the present value of royalties' where we consider the contribution of the subject technology towards the business value created as the royalty rate. We look at how models and related support information (technology life, corporate (business) financial information, discount rate, industrial technology factors, etc.) can be used and linked in a intelligent manner. Based on the classification of information such as International Patent Classification (IPC) or Korea Standard Industry Classification (KSIC) for technology to be evaluated, the STAR-Value system automatically returns meta data such as technology cycle time (TCT), sales growth rate and profitability data of similar company or industry sector, weighted average cost of capital (WACC), indices of industrial technology factors, etc., and apply adjustment factors to them, so that the result of technology value calculation has high reliability and objectivity. Furthermore, if the information on the potential market size of the target technology and the market share of the commercialization subject refers to data-driven information, or if the estimated value range of similar technologies by industry sector is provided from the evaluation cases which are already completed and accumulated in database, the STAR-Value is anticipated that it will enable to present highly accurate value range in real time by intelligently linking various support modules. Including the explanation of the various valuation models and relevant primary variables as presented in this paper, the STAR-Value system intends to utilize more systematically and in a data-driven way by supporting the optimal model selection guideline module, intelligent technology value range reasoning module, and similar company selection based market share prediction module, etc. In addition, the research on the development and intelligence of the web-based STAR-Value system is significant in that it widely spread the web-based system that can be used in the validation and application to practices of the theoretical feasibility of the technology valuation field, and it is expected that it could be utilized in various fields of technology commercialization.

Fly Ash Application Effects on CH4 and CO2 Emission in an Incubation Experiment with a Paddy Soil (항온 배양 논토양 조건에서 비산재 처리에 따른 CH4와 CO2 방출 특성)

  • Lim, Sang-Sun;Choi, Woo-Jung;Kim, Han-Yong;Jung, Jae-Woon;Yoon, Kwang-Sik
    • Korean Journal of Soil Science and Fertilizer
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    • v.45 no.5
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    • pp.853-860
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    • 2012
  • To estimate potential use of fly ash in reducing $CH_4$ and $CO_2$ emission from soil, $CH_4$ and $CO_2$ fluxes from a paddy soil mixed with fly ash at different rate (w/w; 0, 5, and 10%) in the presence and absence of fertilizer N ($(NH_4)_2SO_4$) addition were investigated in a laboratory incubation for 60 days under changing water regime from wetting to drying via transition. The mean $CH_4$ flux during the entire incubation period ranged from 0.59 to $1.68mg\;CH_4\;m^{-2}day^{-1}$ with a lower rate in the soil treated with N fertilizer due to suppression of $CH_4$ production by $SO_4^{2-}$ that acts as an electron acceptor, leading to decreases in electron availability for methanogen. Fly ash application reduced $CH_4$ flux by 37.5 and 33.0% in soils without and with N addition, respectively, probably due to retardation of $CH_4$ diffusion through soil pores by addition of fine-textured fly ash. In addition, as fly ash has a potential for $CO_2$ removal via carbonation (formation of carbonate precipitates) that decreases $CO_2$ availability that is a substrate for $CO_2$ reduction reaction (one of $CH_4$ generation pathways) is likely to be another mechanisms of $CH_4$ flux reduction by fly ash. Meanwhile, the mean $CO_2$ flux during the entire incubation period was between 0.64 and $0.90g\;CO_2\;m^{-2}day^{-1}$, and that of N treated soil was lower than that without N addition. Because N addition is likely to increase soil respiration, it is not straightforward to explain the results. However, it may be possible that our experiment did not account for the substantial amount of $CO_2$ produced by heterotrophs that were activated by N addition in earlier period than the measurement was initiated. Fly ash application also lowered $CO_2$ flux by up to 20% in the soil mixed with fly ash at 10% through $CO_2$ removal by the carbonation. At the whole picture, fly ash application at 10% decreased global warming potential of emitted $CH_4$ and $CO_2$ by about 20%. Therefore, our results suggest that fly ash application can be a soil management practice to reduce green house gas emission from paddy soils. Further studies under field conditions with rice cultivation are necessary to verify our findings.

The Environmental and Ecological Meaning of Bibo Landscape in Otgol Village (옻골마을 비보경관의 환경생태적 의미)

  • Jang, Byoung-Kwan;Whang, Bo-Chul
    • Journal of the Korean Institute of Landscape Architecture
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    • v.36 no.2
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    • pp.32-41
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    • 2008
  • An empirical study and environmental and ecological analysis were conducted on Otgol Village(a village of the Gyeongju Choi's clan in Daegu) where an enclosed pond and groves are still observed. In particular, the enclosed pond and groves and village water system were investigated from an ecological perspective. The enclosed landscape is described based on feng shui principles and the environmental and ecological significance were examined. In general, the environmental and ecological significance is very broad; however, they were analyzed in terms of the quality of life as an empirical study as follows: First, water quality was measured to investigate the improvement of continuous water system functions. In other words, water quality was measured at East Valley(resting space), West Valley(living space), the enclosed pond where the two valleys merge, and the stream that flows out of the pond. Second, the climate functions of the enclosed groves that border the village were examined. In other words, temperature was measured in two places(200m distance from the center of the groves). Third, whether or not a sound ecosystem can be sustained was investigated. In other words, landscape ecological indicators were chosen and measured. The results are as follows: First, the enclosed pond played the role of purifying water quality. While the East Valley has been popular with men for its rock walls and torrents, the West Valley has been popular with women as a living space(ex: doing the laundry). Therefore, the difference of water quality can be explained. Second, since enclosed groves are in a small village forest, they are very weak in terms of being wind proof and temperature reduction effects. Instead, they play the role of the village boundary. Third, the groves are ecologically sound considering the landscape ecological indicators and are similar to ordinary traditional rural villages. In terms of the connection of the green zone, the village groves are well connected to the village boundary wood. If the village groves are restored, in particular, they would offer a decent habitat for grove creatures. According to this study, the traditional village space was formed upon the influence of Feng Shui theories that are based on environmental and ecological principles that focus on the harmony between humans and nature. From the environmental and ecological perspective, the enclosed pond and groves are important factors in building a sustainable village. The diverse water space would help to improve water quality and increase water volume by promoting the water circulation system. In addition, the village woods would surround the village and decrease the temperature and humidity difference between winter and summer. If the groves are small and badly damaged, however, they are meaningful only in dividing the region. The overall improvement of a forestation system and botanical composition may increase the biological diversity and promote the migration of species. Otgol Village has developed an enclosed landscape to improve the village environment. In other words, a sound and refreshing living environment can be developed when the natural ecological system is well understood and properly preserved. Additionally, this traditional village planning will be the environmental and ecological method. From the perspective of environmental ecology, therefore, a traditional village is recommended.

The Origin of Radioactive Elements Found in Groundwater Within the Chiaksan Gneiss Complex: Focusing on the Relationship with Minerals of the Surrounding Geology (치악산 편마암 복합체에 분포하는 지하수 내 함유된 방사성 원소의 기원: 주변 지질을 구성하는 광물과의 연관성을 중심으로)

  • Kim, Hyeong-Gyu;Lee, Sang-Woo;Kim, Soon-Oh;Jeong, Do-Hwan;Kim, Moon-Su;Kim, Hyun-Koo;Jeong, Jong Ok
    • Korean Journal of Mineralogy and Petrology
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    • v.35 no.2
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    • pp.153-168
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    • 2022
  • Petrological and mineralogical analyses were conducted to identify minerals containing radioactive elements (uranium) in the Chiaksan gneiss complex and to confirm their association with the surrounding groundwater. Fourteen minerals were identified through the microscopic and electron microscopy (SEMEDS) investigation. The principal minerals included plagioclase, biotite, quartz, alkali feldspar, chlorite, and calcite. Minor minerals were sphene, allanite, apatite, zircon, thorite, titanite, pyrite, and galena. A small amount of thorite was observed in the size of ~1 mm within macrocrystalline allanite. Allanite, which includes a large amount of rare earth elements, appeared in three distinctive patterns. The results of the EPMA analyses indicated that macrocrystalline allanite had higher elemental contents of TiO2~1.70 wt.%, Ce2O3~11.86 wt.%, FeO ~13.31 wt.%, MgO ~0.90 wt.% and ThO2 ~1.06 wt.% with the lowest average content of Al2O3 17.35 ± 2.15 wt.% (n = 7), CaO 12.13 ± 1.81 wt.% (n = 7). An allanite existing at the edge of the sphenes encompassing titanites had a higher element content of Al2O3 ~24.00 wt.%, Nd2O3 ~5.10 wt.%, Sm2O3~0.66 wt.%, Dy2O3~0.86 wt.% and Y2O3~1.38 wt.% with the lowest average content of TiO2 0.35 ± 0.21 wt.% (n = 11), Ce2O3 5.25 ± 1.03 wt.% (n = 11), FeO 9.84 ± 0.26 wt.% (n = 11), MgO 0.12 ± 0.05 wt.% (n = 11), and La2O3 1.49 ± 0.29 wt.% (n = 11). Allanites in a matrix of parental rocks exhibited intermediate values between the two elemental compositions mentioned above. None of the uranium-rich minerals were observed in the migmatitic gneiss within the study area. Consequently, the origin of uranium in the groundwater was not associated with the geology of the surrounding environment, but our investigation proved the existence of abundant allanites containing significant amounts of radioactive thorium and rare earth elements.