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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.

Mumps and Rubella Specific IgG in Unvaccinated Infants (영아의 볼거리 및 풍진 특이 IgG 감소 양상)

  • Cheon, Hae Won;Shin, Young Kyoo;Lee, Kee Hyoung;Choung, Ji Tae;Tockgo, Young Chang
    • Pediatric Infection and Vaccine
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    • v.4 no.2
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    • pp.225-231
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    • 1997
  • Purpose: To evaluate the postnatal changes of serum levels of mumps- and rubella-specific IgG antibody in unvaccinated infants, this study was performed using enzyme linked immunosorbent assay(ELISA). The sera were collected from 103 unvaccinated infants under 15 months of age. The results obtained were as follows. 1) The seropositivities and the levels of mumps specific IgG decreased by ages, 70.6% in month, 50.0% in 2~3 months, 6.7% in 4~5 months and 0% after 6 months of age respectively. 2) The seropositivities of rubella-specific IgG were 58.8 % in 1 month, 70% in 2~3 months, 13.3% in 4~5 months, and 0% after 6 months of ages in unvaccinated infants respectively. 3) The seropositivities and antibody levels of mumps and rubella specific IgG had significantly decreased with age, and there was negative correlation between ages of infants and mumps or rubella-specific IgG levels(correlation coefficient r=-0.500, P < 0.001). Conclusions: The seropositivities of transplacental antibodies of mumps and rubella in unvaccinated infants were 0% after 6 months of age. These transplacental antibodies disappeared earlier age than we had thought.

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Utility and Care Patterns of Lotus Shown in Classic Poetries and Proses, Painting (고전 시문과 회화를 통해 본 연(Nelumbonucifera)의 활용과 애호 행태)

  • Kim, Myung-Hee;Hong, Hyoung-Soon
    • Journal of the Korean Institute of Traditional Landscape Architecture
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    • v.29 no.4
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    • pp.1-13
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    • 2011
  • The purpose of this study is to consider practical examples of the method of utilizing plant material 'lotus' used by the ancients, and the value and meaning they wanted to get from it. The method of this study to do this is descriptive study to consider and interpret poem and painting reflecting impression and concept world of lotus. Summary of this study is as follows. First, ornamental value of lotus could be divided in effect of group plant and detail value held by the flower, the leaves and the stem. Especially, group plant lotus in large site provides unique landscape differentiated form other flowering plants. As well, another feature of lotus is its high ornamental value spread in detail elements including the flower, the leaves, the stem and the lotus seed. Second, fragrance expressed 'Hyang-won-ik-cheong(香遠益淸)' is an important charm of lotus. Lotus was utilized as olfactory element providing fragrance. The ancients considered lotus fragrance not only for enjoy but as symbolic object comparing noble man's dignity so that they expressed it in poem and painting. Third, lotus was utilized as acoustical element. That is, the sound of raindrops harmonizing the surface of water and wide lotus leaves was called 'hearing lotus fond and rain', enjoying it as classic grace. Fourth, summer play lotus sightseeing was called mind wash up meaning 'washing the mind polluted by the mundane world'. Such poetic taste was widely enjoyed by various classes from general public to royal family. Besides, poetic taste related with lotus is the method of drinking alcohol using the feature of big lotus leave and vacant stem, called 'Beog-tong-ju(碧筒酒)'. And in the Joseon dynasty period, when the distinction between the man and the woman influenced by Confucian, lotus seed and 'lotus collecting song' was important sign to express romance between man and woman. Lotus has been enamored by wide classes transcending cultural background as thought and religion since ancient times. Due to such reasons, various symbolic meaning of lotus and planting examples related to religious facilities as temples could not be considered in various manner is limitation of this study, and which is research project for the future.

Effect of Corn Silage and Soybean Silage Mixture on Rumen Fermentation Characteristics In Vitro, and Growth Performance and Meat Grade of Hanwoo Steers (옥수수 사일리지와 대두 사일리지의 혼합급여가 In Vitro 반추위 발효성상 및 거세한우의 성장과 육질등급에 미치는 영향)

  • Kang, Juhui;Lee, Kihwan;Marbun, Tabita Dameria;Song, Jaeyong;Kwon, Chan Ho;Yoon, Duhak;Seo, Jin-Dong;Jo, Young Min;Kim, Jin Yeoul;Kim, Eun Joong
    • Journal of The Korean Society of Grassland and Forage Science
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    • v.42 no.2
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    • pp.61-72
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    • 2022
  • The present study was conducted to examine the effect of soybean silage as a crude protein supplement for corn silage in the diet of Hanwoo steers. The first experiment was conducted to evaluate the effect of replacing corn silage with soybean silage at different levels on rumen fermentation characteristics in vitro. Commercially-purchased corn silage was replaced with 0, 4, 8, or 12% of soybean silage. Half gram of the substrate was added to 50 mL of buffer and rumen fluid from Hanwoo cows, and then incubated at 39℃ for 0, 3, 6, 12, 24, and 48 h. At 24 h, the pH of the control (corn silage only) was lower (p<0.05) than that of soybean-supplemented silages, and the pH numerically increased along with increasing proportions of soybean silage. Other rumen parameters, including gas production, ammonia nitrogen, and total volatile fatty acids, were variable. However, they tended to increase with increasing proportions of soybean silage. In the second experiment, 60 Hanwoo steers were allocated to one of three dietary treatments, namely, CON (concentrate with Italian ryegrass), CS (concentrate with corn silage), CS4% (concentrate with corn silage and 4% of soybean silage). Animals were offered experimental diets for 110 days during the growing period and then finished with typified beef diets that were commercially available to evaluate the effect of soybean silage on animal performance and meat quality. With the soybean silage, the weight gain and feed efficiency of the animal were more significant than those of the other treatments during the growing period (p<0.05). However, the dietary treatments had little effect on meat quality except for meat color. In conclusion, corn silage mixed with soybean silage even at a lower level provided a greater ruminal environment and animal performances, particularly with increased carcass weight and feed efficiency during growing period.

Growth Efficiency, Carcass Quality Characteristics and Profitability of 'High'-Market Weight Pigs ('고체중' 출하돈의 성장효율, 도체 품질 특성 및 수익성)

  • Park, M.J.;Ha, D.M.;Shin, H.W.;Lee, S.H.;Kim, W.K.;Ha, S.H.;Yang, H.S.;Jeong, J.Y.;Joo, S.T.;Lee, C.Y.
    • Journal of Animal Science and Technology
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    • v.49 no.4
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    • pp.459-470
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    • 2007
  • Domestically, finishing pigs are marketed at 110 kg on an average. However, it is thought to be feasible to increase the market weight to 120kg or greater without decreasing the carcass quality, because most domestic pigs for pork production have descended from lean-type lineages. The present study was undertaken to investigate the growth efficiency and profitability of ‘high’-market wt pigs and the physicochemical characteristics and consumers' acceptability of the high-wt carcass. A total of 96 (Yorkshire × Landrace) × Duroc-crossbred gilts and barrows were fed a finisher diet ad laibtum in 16 pens beginning from 90-kg BW, after which the animals were slaughtered at 110kg (control) or ‘high’ market wt (135 and 125kg in gilts & barrows, respectively) and their carcasses were analyzed. Average daily gain and gain:feed did not differ between the two sex or market wt groups, whereas average daily feed intake was greater in the barrow and high market wt groups than in the gilt and 110-kg market wt groups, respectively(P<0.01). Backfat thickness of the high-market wt gilts and barrows corrected for 135 and 125-kg live wt, which were 23.7 and 22.5 mm, respectively, were greater (P<0.01) than their corresponding 110-kg counterparts(19.7 & 21.1 mm). Percentages of the trimmed primal cuts per total trimmed lean (w/w), except for that of loin, differed statistically (P<0.05) between two sex or market wt groups, but their numerical differences were rather small. Crude protein content of the loin was greater in the high vs. 110-kg market group (P<0.01), but crude fat and moisture contents and other physicochemical characteristics including the color of this primal cut were not different between the two sexes or market weights. Aroma, marbling and overall acceptability scores were greater in the high vs. 110-kg market wt group in sensory evaluation for fresh loin (P<0.01); however, overall acceptabilities for cooked loin, belly and ham were not different between the two market wt groups. Marginal profits of the 135- and 125-kg high-market wt gilt and barrow relative to their corresponding 110-kg ones were approximately -35,000 and 3,500 wons per head under the current carcass grading standard and price. However, if it had not been for the upper wt limits for the A- and B-grade carcasses, marginal profits of the high market wt gilt and barrow would have amounted to 22,000 and 11,000 wons per head, respectively. In summary, 120~125-kg market pigs are likely to meet the consumers' preference better than the 110-kg ones and also bring a profit equal to or slightly greater than that of the latter even under the current carcass grading standard. Moreover, if only the upper wt limits of the A- & B-grade carcasses were removed or increased to accommodate the high-wt carcass, the optimum market weights for the gilt and barrow would fall upon their target weights of the present study, i.e. 135 and 125 kg, respectively.