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Perspective of Bronchial Responsiveness According to an Inhaled Anti-inflammatory Treatment in Cough Asthma (기침형 천식에서 향염증 흡입제 치료 경과에 따른 기도과민성 변화에 대한 고찰)

  • Moon, Seung-Hyug;Ki, Shin-Young;Kim, Yong-Hoon;Park, Choon-Sik
    • Tuberculosis and Respiratory Diseases
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    • v.45 no.5
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    • pp.1012-1021
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    • 1998
  • Background : It is known that airway inflammation is present in most patients with asthma, but the relationship between symptoms and the severity and nature of airway inflammation has not been established. Cough variant asthma is defined as an asthma in which the dominant symptom is cough, and the condition can be successfully treated with inhaled steroids. This study was performed to evaluate the time course of bronchial responsiveness according to an inhaled anti-inflammatory therapy and the factors which affect the resolution of bronchial responsiveness, and an efficacy of nedocromil to cough asthma. Method: A prospective study for the investigation of bronchial responsiveness according to an inhaled anti-inflammatory treatment in sixty-one cough asthmatics was performed. Twenty-three entered budesonide ($400{\mu}g{\times}2/day$), twenty-two entered nedocromil ($4mg{\times}2/day$) and sixteen patients entered combined group. The bronchial hyperresponsiveness (BHR) was estimated by methacholine challenge test using counted breath method. The symptom was estimated by 'symptom score'. Reevaluation of BHR and symptom was performed at 2 month after treatment, and if BHR was not resoluted at this time, regarded as a non-responder, and then follow-up of BHR and symptom was performed at 4- and/or 6 month after treatment. Results: The improvement of BHR and symptom was significant in 2 month (p<0.05), but there was no change of them during follow-up period of 4- and/or 6 month in non-responders. In comparison of allergic markers such as serum total IgE, peripheral eosinophil count and skin test reactivity between responders and non-responders, there was no difference in each other. However, in comparison of other factors such as cumulative pack-years, symptom duration, age, gender, and the initial degree of PC20, there was a significant difference in each other(p<0.05). The percent of patients with the resolution of BHR in 2 month was not different in each group(p=0.95). There was no significant difference in the degree of improvement of BHR and symptom in each group. Conclusion: Bronchial responsiveness and symptom was not significantly improved in non-responders during follow-up period of 4- and/or 6 month. The effect of inhaled nedocromil was equivalent to that of inhaled steroid in cough asthmatics, and the response to combined treatment is not superior to that achieved by either of these agents used alone.

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Muc5ac Gene Expression Induced by Cigarette Smoke is Mediated Via a Pathway Involving ERK1/2 and p38 MAPK (담배 연기에 의한 Muc5ac 유전자 발현에 관여하는 세포 내 신호 전달 경로로서의 ERK1/2와 p38 MAPK)

  • Kim, Yong Hyun;Yoon, Hyoung Kyu;Kim, Chi Hong;Ahn, Joong Hyun;Kwon, Soon Seog;Kim, Young Kyoon;Kim, Kwan Hyoung;Moon, Hwa Sik;Park, Sung Hak;Song, Jeong Sup;Cho, Kyung Sook
    • Tuberculosis and Respiratory Diseases
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    • v.58 no.6
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    • pp.590-599
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    • 2005
  • Object : Cigarette smoking is a major cause of mucus hypersecretion, which is a pathophysiological feature of many inflammatory airway diseases. Mucins, which are an important part of the airway mucus, are synthesized from the Muc gene in airway epithelial cells. However, the signaling pathways for cigarette smoke-induced mucin synthesis are unknown. The aim of this study was to determine the signal pathway for smoking induced Muc5ac gene expression. Methods : A549 cells were cultured and transiently transfected with the Muc5ac promoter fragment. These cells were stimulated with 5% cigarette smoke extract (CSE) alone or with CSE after a pretreatment with various signal transduction pathway inhibitors (AG1478, PD98059 and SB203580). The Muc5ac promoter activity was examined using the luciferase reporter system, and the level of phosphorylated EGFR, ERK1/2, p38 MAPK and JNK were all examined using Western blot analysis. Muc5ac mRNA expression was also examined using reverse transcriptase polymerase chain reactions (RT-PCR). Results : 1. The peak level of luciferase activity of the Muc5ac promoter was observed at 5% concentration and after 3 hours of incubation with the CSE. The level of EGFR phosphorylation and the luciferase activity of the transfected cells caused by the CSE were significantly suppressed by AG1478 or PD98059 (P<0.01). 2. CSE phosphorylated ERK1/2 or p38 MAPK but not JNK. The Muc5ac mRNA expression level was increased by the CSE but that was suppressed by PD98059 or AG1478. 3. The CSE-induced phosphorylation of ERK1/2 was blocked by PD98059 and that of p38 MAPK was blocked by either PD98059 or SB203580. Either PD98059 or SB203580 suppressed the luciferase activity of the transfected cells (P<0.0001). Conclusion : The Muc5ac mRNA expression level was increased by the CSE. The increased CSE-induced transcriptional activity was mediated via EGF receptor activation, which led to ERK1/2 and p38 MAPK phosphorylation.

Clinical and radiographic evaluation of $Neoplan^{(R)}$ implant with a sandblasted and acid-etched surface and external connection (SLA 표면 처리 및 외측 연결형의 국산 임플랜트에 대한 임상적, 방사선학적 평가)

  • An, Hee-Suk;Moon, Hong-Suk;Shim, Jun-Sung;Cho, Kyu-Sung;Lee, Keun-Woo
    • The Journal of Korean Academy of Prosthodontics
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    • v.46 no.2
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    • pp.125-136
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    • 2008
  • Statement of problem: Since the concept of osseointegration in dental implants was introduced by $Br{{\aa}}nemark$ et al, high long-term success rates have been achieved. Though the use of dental implants have increased dramatically, there are few studies on domestic implants with clinical and objective long-term data. Purpose: The aim of this retrospective study was to provide long-term data on the $Neoplan^{(R)}$ implant, which features a sandblasted and acid-etched surface and external connection. Material and methods: 96 $Neoplan^{(R)}$ implants placed in 25 patients in Yonsei University Hospital were examined to determine the effect of the factors on marginal bone loss, through clinical and radiographic results during 18 to 57 month period. Results: 1. Out of a total of 96 implants placed in 25 patients, two fixtures were lost, resulting in 97.9% of cumulative survival rate. 2. Throughout the study period, the survival rates were 96.8% in the maxilla and 98.5% in the mandible. The survival rates were 97.6% in the posterior regions and 100% in the anterior regions. 3. The mean bone loss for the first year after prosthesis placement and the mean annual bone loss after the first year for men were significantly higher than that of women (P<0.05). 4. The group of partial edentulism with no posterior teeth distal to the implant prosthesis showed significantly more bone loss compared to the group of partial edentulism with presence of posterior teeth distal to the implant prosthesis in terms of mean bone loss for the first year and after the first year (P<0.05). 5. The mean annual bone loss after the first year was more pronounced in posterior regions compared to anterior regions (P<0.05). 6. No significant difference in marginal bone loss was found in the following factors: jaws, type of prostheses, type of opposing dentition, and submerged /non-submerged implants (P<0.05). Conclusion: On the basis of these results, the factors influencing marginal bone loss were gender, type of edentulism, and location in the arch, while the factors such as arch, type of prostheses, type of opposing dentition, submerged / non- submerged implants had no significant effect on bone loss. In the present study, the cumulative survival rate of the $Neoplan^{(R)}$ implant with a sandblasted and acid-etched surface was 97.9% up to a maximum 57-month period. Further long-term investigations for this type of implant system and evaluation of other various domestic implant systems are needed in future studies.

Crystal Structures of Full Dehydrated $Ca_{35}Cs_{22}Si_{100}Al_{92}O_{384}$and $Ca_{29}Cs_{34}Si_{100}Al_{92}O_{384}$ ($Ca^{2+}$ 이온과 $Cs^+$ 이온으로 치환되고 탈수된 두개의 제올라이트 X $Ca_{35}Cs_{22}Si_{100}Al_{92}O_{384}$$Ca_{29}Cs_{34}Si_{100}Al_{92}O_{384}$의 결정구조)

  • Jang, Se Bok;Song, Seung Hwan;Kim, Yang
    • Journal of the Korean Chemical Society
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    • v.40 no.6
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    • pp.427-435
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    • 1996
  • The structures of fully dehydrated $Ca^{2+}$- and $Cs^+$-exchanged zeolite X, $Ca_{35}Cs_{22}Si_{100}Al_{92}O_{384}$($Ca_{35}Cs_{22}$-X; a=25.071(1) $\AA)$ and $Ca_{29}Cs_{34}Si_{100}Al_{92}O_{384}$($Ca_{29}Cs_{34}$-X; a=24.949(1) $\AA)$, have been determined by single-crystal X-ray diffraction methods in the cubic space group Fd3 at $21(1)^{\circ}C.$ Their structures were refined to the final error indices $R_1$=0.051 and $R_2$=0.044 with 322 reflections for $Ca_{35}Cs_{22}$-X, and $R_1$=0.058 and $R_2$=0.055 with 260 reflections for $Ca_{29}Cs_{34}$-X; $I>3\sigma(I).$ In both structures, $Ca^{2+}$ and $Cs^+$ ions are located at five different crystallographic sites. In dehydrated $Ca_{35}Cs_{22}$-X, sixteen $Ca^{2+}$ ions fill site I, at the centers of the double 6-rings(Ca-O=2.41(1) $\AA$ and $O-Ca-O=93.4(3)^{\circ}).$ Another nineteen $Ca^{2+}$ ions occupy site II (Ca-O=2.29(1) $\AA$, O-Ca-O=118.7(4)') and ten $Cs^+$ ions occupy site II opposite single six-rings in the supercage; each is $1.95\AA$ from the plane of three oxygens (Cs-O=2.99(1) and $O-Cs-O=82.3(3)^{\circ}).$ About three $Cs^+$ ions are found at site II', 2.27 $\AA$ into sodalite cavity from their three-oxygen plane (Cs-O=3.23(1) $\AA$ and $O-Cs-O=75.2(3)^{\circ}).$ The remaining nine $Cs^+$ ions are statistically distributed over site Ⅲ, a 48-fold equipoint in the supercages on twofold axes (Cs-O=3.25(1) $\AA$ and Cs-O=3.49(1) $\AA).$ In dehydrated $Ca_{29}Cs_{34}$-X, sixteen $Ca^{2+}$ ions fill site I(Ca-O=2.38(1) $\AA$ and $O-Ca-O=94.1(4)^{\circ})$ and thirteen $Ca^{2+}$ ions occupy site II (Ca-O=2.32(2) $\AA$, $O-Ca-O=119.7(6)^{\circ}).$ Another twelve $Cs^+$ ions occupy site II; each is $1.93\AA$ from the plane of three oxygens (Cs-O=3.02(1) and $O-Cs-O=83.1(4)^{\circ})$ and seven $Cs^+$ ions occupy site II'; each is $2.22\AA$ into sodalite cavity from their three-oxygen plane (Cs-O=3.21(2) and $O-Cs-O=77.2(4)^{\circ}).$ The remaining sixteen $Cs^+$ ions are found at III site in the supercage (Cs-O=3.11(1) $\AA$ and Cs-O=3.46(2) $\AA).$ It appears that $Ca^{2+}$ ions prefer sites I and II in that order, and that $Cs^+$ ions occupy the remaining sites, except that they are too large to be stable at site I.

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Clinical Applications and Efficacy of Korean Ginseng (고려인삼의 주요 효능과 그 임상적 응용)

  • Nam, Ki-Yeul
    • Journal of Ginseng Research
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    • v.26 no.3
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    • pp.111-131
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    • 2002
  • Korean ginseng (Panax ginseng C.A. Meyer) received a great deal of attention from the Orient and West as a tonic agent, health food and/or alternative herbal therapeutic agent. However, controversy with respect to scientific evidence on pharmacological effects especially, evaluation of clinical efficacy and the methodological approach still remains to be solved. Author reviewed those articles published since 1980 when pharmacodynamic studies on ginseng have intensively started. Special concern was paid on metabolic disorders including diabetes mellitus, circulatory disorders, malignant tumor, sexual dysfunction, and physical and mental performance to give clear information to those who are interested in pharmacological study of ginseng and to promote its clinical use. With respect to chronic diseases such as diabetes mellitus, atherosclerosis, high blood pressure, malignant disorders, and sexual disorders, it seems that ginseng plays preventive and restorative role rather than therapeutics. Particularly, ginseng plays a significant role in ameliorating subjective symptoms and preventing quality of life from deteriorating by long term exposure of chemical therapeutic agents. Also it seems that the potency of ginseng is mild, therefore it could be more effective when used concomitantly with conventional therapy. Clinical studies on the tonic effect of ginseng on work performance demonstrated that physical and mental dysfunction induced by various stresses are improved by increasing adaptability of physical condition. However, the results obtained from clinical studies cannot be mentioned in the indication, which are variable upon the scientist who performed those studies. In this respect, standardized ginseng product and providing planning of the systematic clinical research in double-blind randomized controlled trials are needed to assess the real efficacy for proposing ginseng indication. Pharmacological mode of action of ginseng has not yet been fully elucidated. Pharmacodynamic and pharmacokinetic researches reveal that the role of ginseng not seem to be confined to a given single organ. It has been known that ginseng plays a beneficial role in such general organs as central nervous, endocrine, metabolic, immune systems, which means ginseng improves general physical and mental conditons. Such multivalent effect of ginseng can be attributed to the main active component of ginseng,ginsenosides or non-saponin compounds which are also recently suggested to be another active ingredients. As is generally the similar case with other herbal medicines, effects of ginseng cannot be attributed as a given single compound or group of components. Diversified ingredients play synergistic or antagonistic role each other and act in harmonized manner. A few cases of adverse effect in clinical uses are reported, however, it is not observed when standardized ginseng products are used and recommended dose was administered. Unfavorable interaction with other drugs has also been suggested, which the information on the products and administered dosage are not available. However, efficacy, safety, interaction or contraindication with other medicines has to be more intensively investigated in order to promote clinical application of ginseng. For example, daily recommended doses per day are not agreement as 1-2g in the West and 3-6 g in the Orient. Duration of administration also seems variable according to the purpose. Two to three months are generally recommended to feel the benefit but time- and dose-dependent effects of ginseng still need to be solved from now on. Furthermore, the effect of ginsenosides transformed by the intestinal microflora, and differential effect associated with ginsenosides content and its composition also should be clinically evaluated in the future. In conclusion, the more wide-spread use of ginseng as a herbal medicine or nutraceutical supplement warrants the more rigorous investigations to assess its effacy and safety. In addition, a careful quality control of ginseng preparations should be done to ensure an acceptable standardization of commercial products.

Comparison of the Forage Quality and Productivity According to Varieties and Plant Parts of Imported Silage Corn (Zea mays, L) (도입 사일리지용 옥수수의 품종과 식물체 부위에 대한 사료가치와 생산성 비교)

  • Kim, Jong Geun;Li, Yan Feng;Wei, Sheng Nan;Jeong, Eun Chan;Kim, Hak Jin
    • Journal of The Korean Society of Grassland and Forage Science
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    • v.40 no.2
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    • pp.98-105
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    • 2020
  • This experiment was conducted to a comparison of the productivity according to variety and forage quality by plant parts of imported silage corn (Zea mays, L) in Pyeongchang. The corns evaluated in this experiment were 8 varieties (P1184, P1151, P1194, P1543, P1345, P1429, P1443, and P2105) introduced from the United States, Pioneer Hybrid Co. The harvested corn was divided into 5 plant parts (leaf, stem, cob, husk, and grain), and the ratio of each part was calculated using dry weight and the feed value was analyzed. The emergence rate of corn was generally good except for the P1151 and P2105 varieties. The average tasseling date was July 24th and the silking date was July 27th, but the P2105 variety was late to July 28th and August 1st, and the remaining varieties were similar. P1345 was the highest (289 and 123 cm), and P1151 varieties were the lowest (267 and 101 cm) in the plant and ear height. Disease resistance was low in P1184, P1443 and P1429, and P1197 and P1345 were high. In the case of stover, the dry matter (DM) content was the lowest at 19.6% in the P1151 and the highest at 24.9% in the P1429. DM content of ear was the highest in the P2105 (55.5%), and P1184 (54.2%) and P1345 (54.3%) were also significantly higher (p<0.05). The DM yield of stover of P2105, P1429 and P1194 varieties was significantly higher (p<0.05), and ear yield of P2105, P1345 and P1443 was higher. The proportions of each part of plants (leaf, stem, cob, husk, and grain) divided by 5 was high, with 50-60% of the ear(grain+cob) ratio. The ratio of husk and cob was roughly similar, and the leaf and stem part showed a ratio of about 20%. The crude protein (CP) content was highest in leaf, followed by grain. The CP content of the stem was the lowest, and the husk was not significantly different among the varieties (p>0.05). The acid detergent fiber (ADF) content was similar to the rest parts except grain, but the leaf part tended to be lower, and other parts except the stem and leaf showed no significant difference between varieties (p>0.05). There was no significant difference in NDF (neutral detergent fiber) content in husk, but there was a difference between varieties in other parts (p<0.05). In addition, there was a special difference by plant parts for each variety, P2015 on the stem, P1197 on the leaf, P1151 on the cob, P1197 on the husk, and P1197 on the grains with high NDF content. IVDMD (in vitro dry matter digestibility) was not significantly different between stems and grains, but there was a difference between varieties in cobs and husks. According to the results, DM yield of P2105 variety was the best in the experiment, and the ratio of grain was excellent in P1543 and P1345. In addition, it was found that the feed value was higher in the leaves and grains, and the leaf and stem had higher feed values than husk or cob.

The Effect of VDT Work on Vision and Eye Symptoms among Workers in a TV Manufacturing Plant (텔레비젼(TV)생산업체 근로자들의 영상단말기(VDT)작업이 시력과 안증상에 미치는 영향)

  • Woo, Kuck-Hyeun;Choi, Gwang-Seo;Jung, Young-Yeon;Han, Gu-Wung;Park, Jung-Han;Lee, Jong-Hyeob
    • Journal of Preventive Medicine and Public Health
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    • v.25 no.3 s.39
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    • pp.247-268
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    • 1992
  • This study was conducted to evaluate the effect of VDT work on eyes and vision among workers in a TV manufacturing plant. The study subjects consisted of 264 screen workers and 74 non-screen workers who were less than 40 years old male and had no history of opthalmic diseases such as corneal opacities, trauma, keratitis, etc and whose visual acuity on pre-employment health examination by Han's test chart was 1.0 or above. The screen workers were divided into two groups by actual time for screen work in a day : Group I, 60 workers, lesser than 4 hours a day and group II, 204 workers, more than 4 hours a day. From July to October 1992 a questionnaire was administered to all the study subjects for the general charateristics and subjective eye symptoms after which the opthalmologic tests such as visual acuity, spherical equivalent, lacrimal function, ocular pressure, slit lamp test, fundoscopy were conducted by one opthalmologist. The proportion of workers whose present visual acuity was decreased more than 0.15 in comparison with that on the pre-employment health examination by Han's test chart was 20.6% in Group II. 15.0% in Group I and 14.9% in non-screen workers. However, the differences in proportion were not statistically significant. The proportion of workers with decreased visual acuity was not associated with the age, working duration, use of magnifying glass and type of shift work (independent variables) in all of the three groups. However, screen workers working under poor illumination had a higher proportion of persons with decreased visual acuity than those working under adequate illumination (P<0.05) . The proportion of workers whose near vision was decreased was 27.5% in Group II, 18.3% in Group I, and 28.4% in non-screen workers and these differences in proportion were not statistically significant. Changes of near vision were not associated with 4 independent variables in all of the three groups. Six out of seven subjective eye symptoms except tearing were more common in Group I than in non-screen workers and more common in Group II than in Group I (P<0.01). Mean of the total scores for seven subjective symptoms of each worker(2 points for always, 1 point for sometimes, 0 point for never) was not significantly different between workers with decreased visual acuity and workers with no vision change. However, mean of the total scores for Group II was higher than those for the Group I and non-screen workers (P<0.01). Total eye symptom scores were significantly correlated with the grade of screen work, use of magnifying glass, and type of shift work. There was no independent variable which was correlated with the difference in visual acuity between the pre-employment health examination and the present state, the difference between far and near visions, lacrimal function, ocular pressure, and spherical equivalent. Multiple linear regression analysis for the subjective eye symptom scores revealed a positive linear relationship with actual time for screen work and shift work(P<0.01). In this study it was not observed that the VDT work decreased visual acuity but it induces subjective eye symptoms such as eye fatigue, blurred vision, ocular discomfort, etc. Maintenance of adequate illumination in the work place and control of excessive VDT work are recommended to prevent such eye symptoms.

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The Study on the Debris Slope Landform in the Southern Taebaek Mountains (태백산맥 남부산지의 암설사면지형)

  • Jeon, Young-Gweon
    • Journal of the Korean Geographical Society
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    • v.28 no.2
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    • pp.77-98
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    • 1993
  • The intent of this study is to analyze the characteristics of distribution, patter, and deposits of the exposed debris slope landform by aerial photography interpretation, measure-ment on the topographical maps and field surveys in the southern part Taebaek mountains. It also aims to research the arrangement types of mountain slope and the landform development of debris slopes in this area. In conclusion, main observations can be summed up as follows. 1. The distribution characteristics 1)From the viewpoint of bedrocks, the distribution density of talus is high in case of the bedrock with high density of joints, sheeting structures and hard rocks, but that of the block stream is high in case of intrusive rocks with the talus line. 2)From the viewpoint of bedrocks, the distribution density of talus is high in case of the bedrock with high density of joints, sheeting structures and hard rocks, but that of the block stream is high in case of inrtusive rocks with the talus line. 2) From the viewpoint of distribution altitude, talus is mainly distributed in the 301~500 meters part above the sea level, while the block stream is distributed in the 101~300 meters part. 3) From the viewpoint of slope oriention, the distribution density of talus on the slope facing the south(S, SE, SW) is a little higher than that of talus on the slope facing the north(N, NE, NW). 2. The Pattern Characteristics 1) The tongue-shaped type among the four types is the most in number. 2) The average length of talus slope is 99 meters, especially that of talus composed of hornfels or granodiorite is longer. Foth the former is easy to make free face; the latter is easdy to produce round stones. The average length of block stream slope is 145 meters, the longest of all is one km(granodiorite). 3) The gradient of talus slope is 20~45${^\circ}$, most of them 26-30${^\croc}$; but talus composed of intrusive rocks is gentle. 4) The slope pattern of talus shows concave slope, which means readjustment of constituent debris. Some of the block stream slope patterns show concave slope at the upper slope and the lower slope, but convex slope at the middle slope; others have uneven slope. 3. The deposit characteristics 1) The average length of constituent debris is 48~172 centimeters in diameter, the sorting of debris is not bad without matrix. That of block stream is longer than that of talus; this difference of debris average diameter is funda-mentally caused by joint space of bedrocks. 2) The shape of constituent debris in talus is mainly angular, but that of the debris composed of intrusive rocks is sub-angular. The shape of constituent debris in block stream is mainly sub-roundl. 3) IN case dof talus, debris diameter is generally increasing with downward slope, but some of them are disordered and the debris diameter of the sides are larger than that of the middle part on a landform surface. In block stream, debris diameter variation is perpendicularly disordered, and the debris diameter of the middle part is generally larger than that of the sides on a landform surface. 4)The long axis orientation of debris is a not bad at the lower part of the slope in talus (only 2 of 6 talus). In block stream(2 of 3), one is good in sorting; another is not bad. The researcher thinks that the latter was caused by the collapse of constituent debris. 5) Most debris were weathered and some are secondly weathered in situ, but talus composed of fresh debris is developing. 4. The landform development of debris slopes and the arrangement types of the mountain slope 1) The formation and development period of talus is divided into two periods. The first period is formation period of talus9the last glacial period), the second period is adjustment period(postglacial age). And that of block stream is divided into three periods: the first period is production period of blocks(tertiary, interglacial period), the second formation period of block stream(the last glacial period), and the third adjustment period of block stream(postglacialage). 2) The arrangement types of mountain slope are divided into six types in this research area, which are as follows. Type I; high level convex slope-free face-talus-block stream-alluvial surface Type II: high level convex slope-free face-talus-alluvial surface Type III: free face-talus-block stream-all-uvial surface Type IV: free face-talus-alluval surface Type V: talus-alluval surface Type VI: block stream-alluvial surface Particularly, type IV id\s basic type of all; others are modified ones.

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Performance of Korean State-owned Enterprises Following Executive Turnover and Executive Resignation During the Term of Office (공기업의 임원교체와 중도퇴임이 경영성과에 미치는 영향)

  • Yu, Seungwon;Kim, Suhee
    • KDI Journal of Economic Policy
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    • v.34 no.3
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    • pp.95-131
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    • 2012
  • This study examines whether the executive turnover and the executive resignation during the term of office affect the performance of Korean state-owned enterprises. The executive turnover in the paper means the comprehensive change of the executives which includes the change after the term of office, the change after consecutive terms and the change during the term of office. The 'resignation' was named for the executive change during the term of office to distinguish from the executive turnover. The study scope of the paper is restrained to the comprehensive executive change itself irrespective of the term of office and the resignation during the term of office. Therefore the natural change of the executive after the term of office or the change after consecutive terms is not included in the study. Spontaneous resignation and forced resignation are not distinguished in the paper as the distinction between the two is not easy. The paper uses both the margin of return on asset and the margin of return on asset adjusted by industry as proxies of the performance of state-owned enterprises. The business nature of state-owned enterprise is considered in the study, the public nature not in it. The paper uses the five year (2004 to 2008) samples of 24 firms designated as public enterprises by Korean government. The analysis results are as follows. First, 45.1% of CEOs were changed a year during the sample period on the average. The average tenure period of CEOs was 2 years and 3 months and 49.9% among the changed CEOs resigned during the term of office. 41.6% of internal auditors were changed a year on the average. The average tenure period of internal auditors was 2 years and 2 months and 51.0% among the changed internal auditors resigned during the term of office. In case of outside directors, on average, 38.2% were changed a year. The average tenure period was 2 years and 7 months and 25.4% among the changed internal directors resigned during the term of office. These statistics show that numerous CEOs resigned before the finish of the three year term in office. Also, considering the tenure of an internal auditor and an outside director which diminished from 3 years to 2 years by an Act on the Management of Public Institutions (applied to the executives appointed since April 2007), it seems most internal auditors resigned during the term of office but most outside directors resigned after the end of the term. Secondly, There was no evidence that the executives were changed during the term of office because of the bad performance of prior year. On the other hand, contrary to the normal expectation, the performance of prior year of the state-owned enterprise where an outside director resigned during the term of office was significantly higher than that of other state-owned enterprises. It means that the clauses in related laws on the executive dismissal on grounds of bad performance did not work normally. Instead it can be said that the executive change was made by non-economic reasons such as a political motivation. Thirdly, the results from a fixed effect model show there were evidences that performance turned negatively when CEOs or outside directors resigned during the term of office. CEO's resignation during the term of office gave a significantly negative effect on the margin of return on asset. Outside director's resignation during the term of office lowered significantly the margin of return on asset adjusted by industry. These results suggest that the executive's change in Korean state-owned enterprises was not made by objective or economic standards such as management performance assessment and the negative effect on performance of the enterprises was had by the unfaithful obeyance of the legal executive term.

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Structure of Export Competition between Asian NIEs and Japan in the U.S. Import Market and Exchange Rate Effects (한국(韓國)의 아시아신흥공업국(新興工業國) 및 일본(日本)과의 대미수출경쟁(對美輸出競爭) : 환율효과(換率效果)를 중심(中心)으로)

  • Jwa, Sung-hee
    • KDI Journal of Economic Policy
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    • v.12 no.2
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    • pp.3-49
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    • 1990
  • This paper analyzes U.S. demand for imports from Asian NIEs and Japan, utilizing the Almost Ideal Demand System (AIDS) developed by Deaton and Muellbauer, with an emphasis on the effect of changes in the exchange rate. The empirical model assumes a two-stage budgeting process in which the first stage represents the allocation of total U.S. demand among three groups: the Asian NIEs and Japan, six Western developed countries, and the U.S. domestic non-tradables and import competing sector. The second stage represents the allocation of total U.S. imports from the Asian NIEs and Japan among them, by country. According to the AIDS model, the share equation for the Asia NIEs and Japan in U.S. nominal GNP is estimated as a single equation for the first stage. The share equations for those five countries in total U.S. imports are estimated as a system with the general demand restrictions of homogeneity, symmetry and adding-up, together with polynomially distributed lag restrictions. The negativity condition is also satisfied for all cases. The overall results of these complicated estimations, using quarterly data from the first quarter of 1972 to the fourth quarter of 1989, are quite promising in terms of the significance of individual estimators and other statistics. The conclusions drawn from the estimation results and the derived demand elasticities can be summarized as follows: First, the exports of each Asian NIE to the U.S. are competitive with (substitutes for) Japan's exports, while complementary to the exports of fellow NIEs, with the exception of the competitive relation between Hong Kong and Singapore. Second, the exports of each Asian NIE and of Japan to the U.S. are competitive with those of Western developed countries' to the U.S, while they are complementary to the U.S.' non-tradables and import-competing sector. Third, as far as both the first and second stages of budgeting are coneidered, the imports from each Asian NIE and Japan are luxuries in total U.S. consumption. However, when only the second budgeting stage is considered, the imports from Japan and Singapore are luxuries in U.S. imports from the NIEs and Japan, while those of Korea, Taiwan and Hong Kong are necessities. Fourth, the above results may be evidenced more concretely in their implied exchange rate effects. It appears that, in general, a change in the yen-dollar exchange rate will have at least as great an impact, on an NIE's share and volume of exports to the U.S. though in the opposite direction, as a change in the exchange rate of the NIE's own currency $vis-{\grave{a}}-vis$ the dollar. Asian NIEs, therefore, should counteract yen-dollar movements in order to stabilize their exports to the U.S.. More specifically, Korea should depreciate the value of the won relative to the dollar by approximately the same proportion as the depreciation rate of the yen $vis-{\grave{a}}-vis$ the dollar, in order to maintain the volume of Korean exports to the U.S.. In the worst case scenario, Korea should devalue the won by three times the maguitude of the yen's depreciation rate, in order to keep market share in the aforementioned five countries' total exports to the U.S.. Finally, this study provides additional information which may support empirical findings on the competitive relations among the Asian NIEs and Japan. The correlation matrices among the strutures of those five countries' exports to the U.S.. during the 1970s and 1980s were estimated, with the export structure constructed as the shares of each of the 29 industrial sectors' exports as defined by the 3 digit KSIC in total exports to the U.S. from each individual country. In general, the correlation between each of the four Asian NIEs and Japan, and that between Hong Kong and Singapore, are all far below .5, while the ones among the Asian NIEs themselves (except for the one between Hong Kong and Singapore) all greatly exceed .5. If there exists a tendency on the part of the U.S. to import goods in each specific sector from different countries in a relatively constant proportion, the export structures of those countries will probably exhibit a high correlation. To take this hypothesis to the extreme, if the U.S. maintained an absolutely fixed ratio between its imports from any two countries for each of the 29 sectors, the correlation between the export structures of these two countries would be perfect. Therefore, since any two goods purchased in a fixed proportion could be classified as close complements, a high correlation between export structures will imply a complementary relationship between them. Conversely, low correlation would imply a competitive relationship. According to this interpretation, the pattern formed by the correlation coefficients among the five countries' export structures to the U.S. are consistent with the empirical findings of the regression analysis.

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