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

• Journal of KIISE:Computer Systems and Theory
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• v.33 no.3
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• pp.157-165
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• 2006

The change of external/internal factors of the cell rquires specific biological functions to maintain life. Such functions encourage particular genes to jnteract/regulate each other in multiple ways. Accordingly, we applied a linear decomposition model IFSA, which derives hidden variables, called the 'expression mode' that corresponds to the functions. To interpret gene interaction/regulation, we used a cross-correlation method given an expression mode. Linear decomposition models such as principal component analysis (PCA) and independent component analysis (ICA) were shown to be useful in analyzing high dimensional DNA microarray data, compared to clustering methods. These methods assume that gene expression is controlled by a linear combination of uncorrelated/indepdendent latent variables. However these methods have some difficulty in grouping similar patterns which are slightly time-delayed or asymmetric since only exactly matched Patterns are considered. In order to overcome this, we employ the (IFSA) method of [1] to locate phase- and shut-invariant features. Membership scoring functions play an important role to classify genes since linear decomposition models basically aim at data reduction not but at grouping data. We address a new function essential to the IFSA method. In this paper we stress that IFSA is useful in grouping functionally-related genes in the presence of time-shift and expression phase variance. Ultimately, we propose a new approach to investigate the multiple interaction information of genes.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.8 no.4
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• pp.177-191
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• 2013

6th Industry reduced agricultural income and rural areas, the economic downturn is going to be activated is attracting attention as an alternative. 6th industry means that the integrated or linked, the manufacture and processing of secondary industry based on primary industry, the distribution and service of tertiary industry. Park Geun-hye government to realize the creative economy in agriculture as an alternative to specifically evaluate the 6th industries and suggests various policy alternatives. In addition, to support the development of models and analysis of best practices, including sleep studies are in progress. However, the 6th Industry management body for performing management level, technical level, the leader in comprehensive evaluation of competencies and indicators on the development of an evaluation study is insufficient. In this regard, the present study performed 6th industry management body for the management level, technical level, the leader competency evaluation indicators to develop a comprehensive evaluation by utilizing AHP method was developed indicators. The results achieved in Korea As different countries and the FTA as cheap agricultural imports increased 6th industry revenues associated with the management body is very likely to be worse. The endless competition to survive in the most important of the strategy for each individual project management body to operate on their own, rather than to strengthen internal capacity by strengthening linkages with other industries, products, and services that promote the sale will be. This also is that you need to improve revenue management body. Thus, all 6th industry management body at the location of their efforts to gain the trust of consumers will require, moreover, for each management body to build cooperation between the various measures will be sought. In addition to the smart era rapidly changing needs of customers, depending on the life cycle of products and services are getting faster and the new consumer is getting more and more tend to find new products. Thus, customers and management body 6th industry changes quickly and accurately predict market trends, and also to market new products and services that further efforts would be needed.

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

• Korean Journal of Agricultural and Forest Meteorology
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• v.8 no.4
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• pp.209-221
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• 2006

The purpose of this study is to analyze the effects of climate change on the nonpoint source pollution in a small watershed using a mid-range model. The study area is a basin in a rural area that covers 384 ha with a composition of 50% forest and 19% paddy. The hydrologic and water quality data were monitored from 1996 to 2004, and the feasibility of the GWLF (Generalized Watershed Loading function) model was examined in the agricultural small watershed using the data obtained from the study area. As one of the studies on climate change, KEI (Korea Environment Institute) has presented the monthly variation ratio of rainfall in Korea based on the climate change scenario for rainfall and temperature. These values and observed daily rainfall data of forty-one years from 1964 to 2004 in Suwon were used to generate daily weather data using the stochastic weather generator model (WGEN). Stream runoff was calibrated by the data of $1996{\sim}1999$ and was verified in $2002{\sim}2004$. The results were determination coeff, ($R^2$) of $0.70{\sim}0.91$ and root mean square error (RMSE) of $2.11{\sim}5.71$. Water quality simulation for SS, TN and TP showed $R^2$ values of 0.58, 0.47 and 0.62, respectively, The results for the impact of climate change on nonpoint source pollution show that if the factors of watershed are maintained as in the present circumstances, pollutant TN loads and TP would be expected to increase remarkably for the rainy season in the next fifty years.

• Horticultural Science & Technology
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• v.29 no.6
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• pp.633-640
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• 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 Environmental Science International
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• v.16 no.4
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• pp.523-532
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• 2007

This study utilized the 1/25,000 topographic map of the upper area from the Geum-ho watermark located at the middle of Geum-ho river from the National Geographic Information Institute. For the analysis, first, the influence of the size of critical area to the hydro topographic factors was examined changing grid size to $10m{\times}10m,\;30m{\times}30m\;and\;50m{\times}50m$, and the critical area for the formation of a river to $0.01km^2{\sim}0.50km^2$. It is known from the examination result of watershed morphology according to the grid size that the smaller grid size, the better resolution and accuracy. And it is found, from the analysis result of the degree of the river according to the minimum critical area for each grid size, that the grid size does not affect on the degree of the river, and the number of rivers with 2nd and higher degree does not show remarkable difference while there is big difference in the number of 1st degree rivers. From the results above, it is thought that the critical area of $0.15km^2{\sim}0.20km^2$ is appropriate for formation of a river being irrelevant to the grid size in extraction of hydro topographic parameters that are used in the runoff analysis model using topographic maps. Therefore, the GIUH model applied analysis results by use of the river level difference law proposed in this study for the explanation on the outflow response-changing characters according to the decision of a critical value of a minimum level difference river, showed that, since an ogival occurrence time and an ogival flow volume are very significant in a flood occurrence in case of not undertow facilities, the researcher could obtain a good result for the forecast of river outflow when considering a convenient application of the model and an easy acquisition of data, so it's judged that this model is proper as an algorism for the decision of a critical value of a river basin.

• Culinary science and hospitality research
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• v.22 no.7
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• pp.267-280
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• 2016

Customer Experience Management (CEM) appeared as a complementary solution to overcome CRM limitations. CEM enhances profitability through building long-term relations with customers by understanding their experiences. This study aims at investigating the impact of customer experience quality on the willingness to pay more through customer satisfaction in the hotel businesses. The survey for this study was carried out on customers who had domestic hotel experience s within the last 6 months. Out of the 306 questionnaires retrieved, 225 valid responses were used for the empirical analysis that utilizied the statistical package programs SPSS 18.0 and AMOS 18.0. The research findings may be summarized as follows. First, as an outcome of the research hypothesis that each component of customer experience management would influence satisfaction, 'the peace of mind' & 'the moment of truth' were shown to have a significantly positive (+) impact on it. On the other hand, 'the product experience' was shown not to significantly influence it in a positive (+) way. Second, as an outcome of the research hypothesis that satisfaction would influence willingness to pay more. From the findings of the study, theoretical implications are as follows. It can be predicted that customer experience management will likely make customers more profitable because customers are willing to pay more with a sense of loyalty built through satisfaction of the hotel industry. In the practical implications, the dimension of experience quality examined by the study can be used as an index to measure and manage customer experience in the hotel industry.

• Korean Chemical Engineering Research
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• v.46 no.3
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• pp.451-464
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• 2008

Three-phase inverse fluidized bed has been widely adopted with its increasing demand in the fields of bioreactor, fermentation process, wastewater treatment process, absorption and adsorption processes, where the fluidized or suspended particles are small or lower density comparing with that of continuous liquid phase, since the particles are frequently substrate, contacting medium or catalyst carrier. However, there has been little attention on the three-phase inverse fluidized beds even on the hydrodynamics. Needless to say, the information on the hydrodynamics and transport phenomena such as heat and mass transfer in the inverse fluidized beds has been essential for the operation, design and scale-up of various reactors and processes which are employing the three-phase inverse beds. In the present article, thus, the information on the three-phase inverse fluidized beds has been summarized and reorganized to suggest a pre-requisite knowledge for the field work in a sense of engineering point of view. The article is composed of three parts; hydrodynamics, heat and mass transfer characteristics of three-phase inverse fluidized beds. Effects of operating variables on the phase holdup, bubble properties and particle fluctuating frequency and dispersion were discussed in the section of hydrodynamics; effects of operating variables on the heat transfer coefficient and on the heat transfer model were discussed in the section of heat transfer characteristics ; and in the section of mass transfer characteristics, effects of operating variables on the liquid axial dispersion and volumetric liquid phase mass transfer coefficient were examined. In each section, correlations to predict the hydrodynamic characteristics such as minimum fluidization velocity, phase holdup, bubble properties and particle fluctuating frequency and dispersion and heat and mass transfer coefficients were suggested. And finally suggestions have been made for the future study for the application of three-phase inverse fluidized bed in several available fields to meet the increasing demands of this system.

• Journal of the Korean Geographical Society
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• v.42 no.4
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• pp.488-505
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• 2007

The purposes of this research are twofold; 1) to verify spatial differences of tectonic movement using the spatial distribution of earthquakes, and 2) to infer mechanisms that generate spatial accumulation patterns of earthquakes in the Korean Peninsula. The first part of this sequential paper (Park, 2007) argues that the Korean Peninsula consists of four geostructural regions in which tectonic deformation and consequent geomorphological development patterns are different from each other Since this conclusion has been made by terrain analyses alone, it is necessary to verify this suggestion using other independent geophysical data. Because earthquakes are results of movement and deformation of land masses moving in different directions, the distribution of earthquake epicenters may be used to identify the direction and rates of land mass movement. This paper first analysed the spatial distribution of earthquakes using spatial statistics, and then results were compared with the spatial arrangement of geostructural regions. The spatial distribution of earthquakes in the Korean Peninsula can be summarized as the followings; firstly, the intensity of earthquakes shows only weak spatial dependency, and shows large difference even at adjacent regions. Secondly, the epicenter distribution has a clear spatial accumulation pattern, even though the intensity of earthquake shows a random pattern. Thirdly, the high density area of earthquakes shows a clear 'L' shape, passing through Pyeongannam-do, centered at Pyeongyang, and Hwanghae-do, Seosan and Pohang. The correlation coefficient between the density of earthquakes and distance from geostructral region boundaries is much higher than those between the density of fault lines and distance from tectonic division boundaries. Since fault lines and tectonic divisions in the Korean Peninsula are the results of long-term geological development, there is an apparent scale discrepancy to find significant correlations with earthquakes. This result verifies the research hypothesis that the Korean Peninsula is divided into four geostructral regions in which each has its own moving direction and spatial deformation characteristics. The existence of geostructural regions is also supported by the movement parrerns of land masses estimated from the GPS measurements. This conclusion is expected to provide a new perspective to understand the geomorphological developments and the earthquake occurrences in the Korean Peninsula.