• Journal of Korea Technology Innovation Society
• /
• v.12 no.4
• /
• pp.687-714
• /
• 2009

In this paper, we study empirically the relations between financial constraints and dividend adjustment speed of innovative small and medium sized enterprises (SMEs) listed on Kosdaq Market of Korea Exchange. The main results of this study can be summarized as follows. Determinants suggested by the major theories of dividends, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory explain significantly the dividend payout policy of Kosdaq SMEs. Lintner's dividend adjustment model indicates that Kosdaq SMEs have long run target payout ratio, and that Kosdaq SMEs adjust partially the gap between actual and target payout ratio each year. In the core variables of Lintner (1956) dividend adjustment model, past DPS has more effect than current EPS. These results suggest that Kosdaq SMEs maintain stable dividend policy which maintain past DPS level without corporate special reasons. Dividend adjustment speed of innovative Kosdaq SMEs is more fast than that of uninnovative Kosdaq SMEs, and dividend adjustment speed of financial unconstrained innovative Kosdaq SMEs is faster than that of financial constrained innovative Kosdaq SMEs. Futhermore, dividend adjustment speed of innovative Kosdaq SMEs classified by Small and Medium Business Administration is faster than that of unclassified innovative Kosdaq SMEs. The former is linked with financial policies and services like credit guaranteed service, venture investment fund, insurance program, and so on. In conclusion, past DPS and current EPS suggested by the Lintner's dividend adjustment model explain mainly dividend adjustment speed, and financial constraints explain also partially. Therefore, if managers of innovative Kosdaq SMEs can properly understand of the effects of financial constraints on dividend smoothing, they can maintain constantly dividend policy. This is encouraging result for Korea government as it has implemented many policies to commit to innovative Kosdaq SMEs.

• The Korean Journal of Financial Management
• /
• v.25 no.2
• /
• pp.33-68
• /
• 2008

The purpose of this paper is to test the market timing hypothesis and impact of macro economic variables on capital structure choice as well as the traditional static trade-off and pecking order theories of capital structure in a integrated framework. Through a two stage test of target capital structure and capital structure choice, none of theories was consistently supported, but most of them were partly supported. In the first stage analysis of target ratio, coefficients of firm-specific variables generally supported the predictions of pecking order theory rather than those of the static trade-off theory. However, the result of the second stage test on capital structure choice supported the hypothesis of the static trade-off theory, which claims that firms usually set and pursue the target leverage ratio. Further, the result of the seconde stage shows that a simple pecking oder theory does not hold because firms with deficit of internal fund tend to issue bonds rather than stocks to raise outside fund. Also, the result indicates that the market timing hypothesis holds because firms with over-valued stocks tend to issue stocks rather than bonds. However, contrary to Korajczyk and Levy(2003), the impact of macro economic variables such as term or credit spreads on capital structure choice was negligible, and the impact of macro economic and market timing hypothesis variables were not greater in financially unconstrained firms as Korajczyk and Levy(2003) suggested.

• Journal of KIISE:Computer Systems and Theory
• /
• v.31 no.10
• /
• pp.543-552
• /
• 2004

This paper proposes an energy optimization technique for latency and quality constrained video applications. It consists of two key techniques: frame-skipping technique and buffering technique. While buffering increases the slack time utilization at the OS level. frame skipping Increases the slack time itself at the application level, and both enhance the effectiveness of the dynamic voltage scaling technique. We use an H.263 encoder application as a test vehicle to which the proposed technique is applied. Experiments demonstrate that the proposed technique achieves noticeable energy reduction satisfying the given latency and video quality constraints.

• The Journal of Society for e-Business Studies
• /
• v.10 no.1
• /
• pp.61-80
• /
• 2005

Business Process Management (BPM) System is a software system to support an efficient execution, control and management of business processes. The system automates complex business processes and manages them effectively to raise productivity. Traditional commercial systems mainly focus on automating processes and do not have methods for enhancing process performances and task performer's efficiency. Therefore, there is room for enhancement of task performers' productivities and efficiency of business processes. In this paper, we propose a new method of executing business processes more efficiently in that a whole process is scheduled considering the degree of participants' workload. The method allows managing the largest constraints among constituent resources of the process. This method is based on the DBR (Drum-Buffer-Rope) in TOC (Theory of Constraints) concepts. We first consider the differences between business process models and DBR application models, and then develop the modified drum, buffer and rope. This leads us to develop BP-DBR (Business Process-DBR) that can control the proper size of task performers' work list and arrival rate of process instances. Use of BP-DBR improves the efficiency of the whole process as well as participants' working condition. We then carry out a set of simulation experiments and compare the effectiveness of our approach with that of the scheduling techniques used in existing systems.

• Information Systems Review
• /
• v.13 no.3
• /
• pp.99-121
• /
• 2011

With the advancement of mobile information technology, the era of smart work emerges as a means for enabling us to overcome temporal and spatial constraints. Thanks to smart mobile devices with seamless access, organizations can assign tasks to employees and provide services to the appropriate customers in mobile environments. In addition, smart work facilitates the improvement of coordination and collaboration among individuals and groups performing organizational tasks. The dramatic performance improvement is manifest by utilization of smart work in organizations. Therefore, the interest in the introduction of smart work is growing. With the lens of time-geography, this study investigates what makes smart work successful. This research, especially, concentrates on the processes for overcoming the temporal and spatial constraints in the field. A case study of the Seoul Metropolitan Rapid Transit Talk and Flash (SMRT T&F) is developed and analyzed through the framework of time-geography and the implementation processes and success factors of SMRT T&F are investigated.

• Proceedings of the Korean Institute of Information and Commucation Sciences Conference
• /
• 2015.10a
• /
• pp.107-110
• /
• 2015

In this paper, we propose a coalitonal game theoritic approach to the power control problem in resource-constrained wireless sensor networks, where the objective is to enhance power efficiency of individual sensors while providing the QoS requirements. We model this problem as two-sided one-to-one matching game and deploly deferred acceptance procedure that produces a single matching in the core. Furthermore, we show that, by applying the procedure repeatedly, a certain stable state is achieved where no sensor can anticipate improvements in their power efficiency as far as all of them are subject to their own QoS constraints. We evaluate our proposal by comparing them with cluster-based and the local optimal solution obtained by maximizing the total system energy efficiency, where the objective function is non-convex.

• Annual Conference on Human and Language Technology
• /
• 2003.10d
• /
• pp.134-136
• /
• 2003

본 논문은 Grosz et al(1995)의 중심화이론(centering theory)을 바탕으로 목적어의 생략의 동기를 설명할 수 있는가를 검증하였다. 한국의 민담에 나타난 431개의 절과 신문사설 249개의 절을 분석한 결과 공목적어(zero object)의 17%만이 중심유지변이(continue transition)에 사용되었으며, 이는 중심화이론의 기존 세 가지 제약만으로는 공목적어의 분포를 설명할 수 없음을 보여주는 것이다. 본 연구에서는 중심화이론 내에서 공목적어의 분포를 설명하기 위하여 Kameyama(1998)의 평행선호조건(Parallelism Preference Condition)을 도입할 것을 제안하였다. 평행선호조건의 도입은 세 가지 측면에서 지지된다. 첫째, 중심변이 개념만으로 설명이 불충분한 공목적어의 분포를 중심화이론 내에서 설명할 수 있다. 둘째, 순조로운 중심이동변이(smooth-shift transition)에 나타나는 공주어의 분포를 설명할 수 있다. 셋째, 평행선호조건은 공명대명사의 해석뿐만 아니라 시제의 생략이나 동사의 생략을 설명하기 위해서 독립적으로 지지되는 조건이다.

• The Korean Journal of Applied Statistics
• /
• v.32 no.4
• /
• pp.485-502
• /
• 2019

Theoretical statistics is a calculus based course. However, there are limitations to learn theoretical statistics when students do not know enough calculus techniques. Mathematical softwares (computer algebra systems) that enable calculus manipulations help students understand statistical concepts, by avoiding the difficulties of calculus. In this paper, we introduce mathematical software such as Maxima and Wolfram Alpha. To foster statistical concepts in theoretical statistics education, we present three examples that consist of mathematical derivations using wxMaxima and statistical simulations using R.

• Journal of Korean Society of Industrial and Systems Engineering
• /
• v.9 no.13
• /
• pp.45-50
• /
• 1986

본 연구에서 고찰한 surrogate relaxation은 Lagrangian relaxation 방법과는 달리 제약식들을 선형조합으로 묶어 문제를 푼다. 수리계획 분계가 convexity를 만족하지 못하는 경우에는 Lagrangian의 경우와 마찬가지로 surrogate gap이 발생한다. Lagrangian 쌍대이론을 토대로 surrogate optimality condition을 알아보고 수리계획법의 특별 형태인 정수선형계획법에 적용해 보았다. 일반적으로 surrogate gap은 Lagrangian gap 보다 작기 때문에 좀더 근사하게 원 문제의 최적 목적 함수값에 접근할 수 있다. 따라서 branch and bound 알고리즘을 개발할 때 중요한 정보를 제공하는 것이다.

• Journal of Korea Multimedia Society
• /
• v.5 no.3
• /
• pp.249-254
• /
• 2002

We consider a buffer-constrained adaptive quantization algorithm for image compression. Buffer control algorithm was considered with source coding scheme by some researchers and recently a formal description of the algorithm in terms of rate-distortion has been developed. We propose a buffer control algorithm that incorporates the buffer occupancy into the Lagrange multiplier form in a rate-distortion cost measure. Although the proposed algorithm provides the suboptimal performance as opposed to the optimal Vieterbi algorithm, it can be implemented with very low computaional complexity. In addition stability of this buffer control algorithm has been mentioned briefly using Liapnov stability theory.