• 한국체육학회지인문사회과학편
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• v.58 no.1
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• pp.295-308
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• 2019

The purpose of the present study is to apply a health belief model to the serious perception of an increase in youth obesity, and to develop and validate a measurement tool for youth obesity prevention among this group who are experiencing increasing rates of obesity. The specific goals of this study are to 1) apply a health belief model to develop a measurement tool for obesity prevention among youth who are seeing rising rates of obesity, and 2) provide an integrated validation procedure and foundation for developing this measurement tool. A total of 1801 high school students[sample1: 902(male:464,female:438); sample2: 899(male:464,female:438)] were recruited and collected data from 12 high school in Seoul and Kyonggi area. For this study the analytic framework of unified validity was developed which can comprehensively reflect unified validity be Messick(1995), framework for conducting a strong program of construct validation by Benson(1998), the unified validity implementation method of Rasch model suggested by Wolfe and Smith(2007a, 2007b). Furthermore, after dividing the developed analytic framework into each stage(the substantive domain), the evidence of validity of Youth Obesity Prevention Scale(YOPS) applying Health Belief Model was systematically suggested. The YOPS suggested the evidence about the substantive domain of unified validity. The developed YOPS was consist of Susceptibility, Severity, Benefits, Barriers and Cues to Action. After 3 stage in substantive domain, the components of YOPS(5factors and 28items) satisfied the unidimensionality, and the 5 point Likert scale had the significant discrimination of the respondents' response.

• Journal of Digital Convergence
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• v.18 no.6
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• pp.217-223
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• 2020

The purpose of this study is to examine the restructuring strategies that are selected according to the corporate life cycle and to provide evidence that restructuring strategies that are chosen when firms face financial difficulties can have a positive impact on corporate restructuring. This study is logistic regression analysis of 3,593 samples of companies listed on Korea Exchange from 2001 to 2016. The results of this study show that a company that is growing through the expansion of its size and investment can overcome the financial difficulties of the company. And this study finds evidence that the declining firms use the capital increase or debt issuance to revive the corporate regeneration. The results of this study suggest that it is important to consider the life cycle at the time of corporate restructuring and select the appropriate strategy accordingly.

• Korean Journal of Plant Resources
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• v.29 no.2
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• pp.171-188
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• 2016

This study was carried out to investigate the flora of Mt. Baegam (1,099 m) from March, 2014 to July, 2015. The vascular plants were summarized as 506 taxa, including 90 families, 293 genera, 435 species, 5 subspecies, 58 varieties and 8 forms. Among the investigated 506 taxa, 14 Korean endemic, 16 rare plants and 80 specially designated plants (V degree: 3 taxa, IV degree: 7 taxa, III degree: 22 taxa, II degree: 21 taxa, I degree: 27 taxa) by the Ministry of Environment were also included. The naturalized plants were 36 taxa including 3 ecosystem disturbance wild plant. The urbanization index and percent of naturalized plants species were estimated as 11.2% and 7.1%, respectively. Useful plants of 506 taxa listed consists of 207 taxa (40.9%) of edible plants, 200 taxa (39.5%) of pasture plants, 146 taxa (28.9%) of medicinal plants, 58 taxa (11.5%) of ornamental plants and 15 taxa (3.0%) of timber plants, respectively.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.9
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• pp.3827-3833
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• 2011

This paper performed empirical tests of the validity of the pecking order theory which explains financing behavior of firms under information asymmetry. The results of regression analyses using the data of listed manufacturing companies in the Korean Stock Market from 1981 to 2010 have shown strong evidences supporting the pecking order theory. Especially regression coefficients of change of debt on funds deficit and control variables were found to be almost (+1) with statistically significance, which is interpreted as being consistent with the pecking order theory. Same results were found when I performed regression analyses by dividing the sample period into pre-currency crisis period, currency crisis period and post-currency crisis period and using 2 regression models. Change of tangible asset were found to function as collateral rather than reducing information asymmetry and as the firm size decreased, use of debt increased and as profitability increased use of debt decreased, which are consistent with the pecking order theory.

• International Area Studies Review
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• v.13 no.3
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• pp.213-238
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• 2009

This paper empirically examines effects of exporting on employment over the period 2000-2007 for Korean listed and non-listed manufacturing firms. The paper employs the dynamic panel model of labor demand and controls for simultaneity of the exports and real wages using a two step random effect Tobit-DPD (Dynamic Panel Data) procedure. Our empirical results suggest that surprisingly, there is no robust evidence for employment effects of exporting of Korea's large firms and small-medium sized firms during the sample period after Korean financial crisis. This implies that Korean exporting patterns have been changed in a way that exporting highly capital intensive goods leads to importing more intermediate goods and thus to countervailing the employment effects of exporting. This suggests that expansion of exporting by lowering exporting prices through the bilateral FTA might not be helpful to enhancing employment in Korea.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.4 no.4
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• pp.45-70
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• 2009

This article investigates which types of the strategies announced by the listed firms contribute to enhancing the long-term performance of the companies. Since 2002, Korean Exchange adopted the "faire disclosure policy" which mandates that all publicly traded companies must disclose material information to all investors at the same time. Thanks to the policy, Korean investors can, now, easily access the board's decision on management strategies on the same day the decision is made. If the companies trustfully carry out their announced strategies, we can decide which types of strategies actually enhance or deteriorate the long-term performance, simply by comparing the announced strategies and the firm's performance. The sample companies are confined to 60 firms that became listed in the KOSDAQ market through back-door listing from 2003 to 2005. Using only the newly listed companies, we can avoid the interference on the long-term performance of the strategies pursued before the event date. This often holds true, for many companies radically modify their strategies after the listing. Furthermore, the back-door listing companies serve our purpose better than IPO companies do, because the former tend to have a variety of announcement within a given period of time beginning the listing date. Using these sample companies, this article analyzes the effect on one year buy-and-hold returns and abnormal buy-and-hold returns after the listing of the various types of strategies announced during the same period of time. The results show that those evidences of restructuring such as 'reduction of capital' and 'resignation of incumbent board members', actually contribute to the increase in adjusted long-term stock returns. Those strategies which can be view as evidence of new investment such as 'increase in tangible assets', 'acquisition of other companies', do also helps the stockholders better off. On the contrary, 'increase in bank loans', 'changes of CEO' and 'merger' deteriorate the equity value. The last findings let us to presume that the back-door listing companies appear to use the bank loans for value-reducing activities; the change in CEO is not a sign of restructuring, but rather a sign of failure of the restructuring; another merger carried out after back-door listing itself is also value-reducing activity. This article's findings on reduction of capital, merger and bank loans oppose the results of the former empirical studies which analyze only the short-term effect on stock price. Therefore, more long-term performance studies on public disclosures are in order.

• The Korean Journal of Financial Management
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• v.25 no.1
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• pp.51-84
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• 2008

We investigate the signaling effect of repurchase preceding new equity issue using Korean data. In a short time span, firms announce stock repurchases and equity offerings. The proximity of two events in Korean firms indicates that those are not independent of each other. In this paper, we test the signaling effect of repurchase on equity offerings on the two measures. One is announcement effect, which is measured as CAR(0, +2). The other is the effectiveness which is measured as CAR(0, +30) because the price movement during this window influences on the price of new issues. Previous studies that stock repurchase convey positive signal to equity offerings-Billet and Xue(2004) and Jung(2004)-construct sample without the limit of time interval between two events. This causes the unclear relation between those because of the long time interval. In this study we consider only samples of being within one year each other to reduce this problem and clarify the signal of repurchase on equity offerings. Korean firms are allowed to repurchase own shares with two different method. One is direct repurchase as same as open market repurchase. The other is stock stabilization fund and stock trust fund which trust company or bank buy and sell their shares on the behalf of firms. Generally, the striking different characteristic between direct repurchase and indirect repurchase is following. Direct repurchase is applied by more strict regulation than indirect repurchase. Therefore, the direct repurchase is more informative signal to the equity offering than the indirect repurchase. We construct two sample firms- firms with direct repurchase preceding-equity offerings and indirect repurchase-preceding equity offering, and one control firms-equity offerings only firms-to investigate the announcement effect and the effectiveness of repurchases. Our findings are as follows. Direct repurchase favorably affect the price of new issues favorably. CAR(0, +2) of firms with direct repurchase is not different from that of equity offerings only firms but CAR(0, +30) is higher than that of equity offerings only firms. For firms with indirect repurchase and equity offerings, Both the announcement effect and the effectiveness does not exist. Jung(2004) suggest the possibilities of how indirect stock repurchase can be regarded as one of unfair trading practices on based on the survey results that financial managers of some of KSE listed firms have been asked of their opinion on the likelihood of the stock repurchase being used in unfair trading. This is not objective empirical evidence but opinion of financial managers. To investigate whether firms announce false signal before equity offerings to boost the price of new issues, we calculate the long-run performance following equity offerings. If firms have announced repurchase to boost the price of new issues intentionally, they would undergo the severe underperformance. The empirical results do not show the severer underperformance of both sample firms than equity offerings only firms. The suggestion of false signaling of repurchase preceding equity offerings is not supported by our evidence.

• The Korean Journal of Financial Management
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• v.24 no.2
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• pp.41-79
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• 2007

This study examines the expiration-day effects of stock index futures and options in the Korean stock market. The so-called 'expiration-day effects', which are the abnormal stock price movements on derivatives expiration days, arise mainly from cash settlement. Index arbitragers have to bear the risk of their positions unless they liquidate their index stocks on the expiration day. If many arbitragers execute large buy or sell orders on the expiration day, abnormal trading volumes are likely to be observed. If a lot of arbitragers unwind positions in the same direction, temporary trading imbalances induce abnormal stock market volatility. By contrast, if some information arrives at market, the abnormal trading activity must be considered a normal process of price discovery. Stoll and Whaley(1987) investigated the aggregate price and volume effects of the S&P 500 index on the expiration day. In a related study, Stoll and Whaley(1990) found a similarity between the price behavior of stocks that are subject to program trading and of the stocks that are not. Thus far, there have been few studies about the expiration-day effects in the Korean stock market. While previous Korean studies use the KOSPI 200 index data, we analyze the price and trading volume behavior of individual stocks as well as the index. Analyzing individual stocks is important for two reasons. First, stock index is a market average. Consequently, it cannot reflect the behavior of many individual stocks. For example, if the expiration-day effects are mainly related to a specific group, it cannot be said that the expiration of derivatives itself destabilizes the stock market. Analyzing individual stocks enables us to investigate the scope of the expiration-day effects. Second, we can find the relationship between the firm characteristics and the expiration-day effects. For example, if the expiration-day effects exist in large stocks not belonging to the KOSPI 200 index, program trading may not be related to the expiration-day effects. The examination of individual stocks has led us to the cause of the expiration-day effects. Using the intraday data during the period May 3, 1996 through December 30, 2003, we first examine the price and volume effects of the KOSPI 200 and NON-KOSPI 200 index following the Stoll and Whaley(1987) methodology. We calculate the NON-KOSPI 200 index by using the returns and market capitalization of the KOSPI and KOSPI 200 index. In individual stocks, we divide KOSPI 200 stocks by size into three groups and match NON-KOSPI 200 stocks with KOSPI 200 stocks having the closest firm characteristics. We compare KOSPI 200 stocks with NON-KOSPI 200 stocks. To test whether the expiration-day effects are related to order imbalances or new information, we check price reversals on the next day. Finally, we perform a cross-sectional regression analysis to elaborate on the impact of the firm characteristics on price reversals. The main results seem to support the expiration-day effects, especially on stock index futures expiration days. The price behavior of stocks that are subject to program trading is shown to have price effects, abnormal return volatility, and large volumes during the last half hour of trading on the expiration day. Return reversals are also found in the KOSPI 200 index and stocks. However, there is no evidence of abnormal trading volume, or price reversals in the NON-KOSPI 200 index and stocks. The expiration-day effects are proportional to the size of stocks and the nearness to the settlement time. Since program trading is often said to be concentrated in high capitalization stocks, these results imply that the expiration-day effects seem to be associated with program trading and the settlement price determination procedure. In summary, the expiration-day effects in the Korean stock market do not exist in all stocks, but in large capitalization stocks belonging to the KOSPI 200 index. Additionally, the expiration-day effects in the Korean stock market are generally due, not to information, but to trading imbalances.

• Korean Journal of Plant Resources
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• v.24 no.1
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• pp.76-88
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• 2011

The flora of vascular plants in the mountains located in the Uiryeong-gun area, in the South province of the Korean Peninsula, such as Jagul-san(897.1 m), 676 Highland(676 m), Byeokhwa-san(522 m), and the Bangeo-san(530.4 m), was investigated between April 2008 and August 2009. These investigations found 580 taxa consisting of 496 species, 1 subspecies, 77 varieties, and 6 forms, found within 319 genera under 103 families. The count totaled at 744 taxa(16.2% of all vascular plant taxa in Korea), which was made up of 648 species, 3 subspecies, 81 varieties, and 12 forms, found within of 362 genera under 109 families, when voucher specimens from the previous research studies were added. Forests of the investigated areas were generally composed of mixed Pinus densiflora and Quercus sp. The areas with comparatively excellent vegetation were the valley neighboring Baekun-sa(temple) (in the eastern slope of Mt. Jagul-san), the southwest slope of Mt. 676 Highland, the eastern slope of Mt. Byeokhwa-san, and the northern slope of Mt. Bangeo-san. 10 families were collected in abundance: Compositae, Graminae, Leguminosae, Liliaceae, Rosaceae, Cyperaceae, Labiatae, Polygonaceae, Ranunculaceae, and Violaceae these families made up 50% of all collected taxa. 19 taxa were endemic to the area, including Salix hallaisanensis H.Lev, S. koriyanagi Kimura, Aconitum austrokoreense Koidz, A. pseudolaeve Nakai, Clematis trichotoma Nakai, Thalictrum uchiyamai Nakai, Stewartia pseudocamellia Maxim, Philadelphus schrenkii Rupr., Lespedeza ${\times}$ robusta Nakai, Vicia chosenensis Ohwi, Euonymus trapococca Nakai, and Angelica cartilagino-marginata var. distans(Nakai) Kitag. Eight of the taxa were rare and endangered plants, as designated by the Korea Forest Service, including Jeffersonia dubia(Maxim.) Baker & S. Moore and Viola diamantiaca Nakai. 38 taxa of alien plants were found. Vegetation of the surveyed areas falls in the South province of the Korean Peninsula. Of all the taxa collected, 463 taxa(10.06% of all vascular plants in Korea) are considered useful plants, 231 taxa are edible, 193 taxa have medicinal uses, 65 taxa are used ornamentally, 234 taxa are important forage, 3 taxa are used as an industrial raw material, 17 taxa are used for timber, 18 taxa contain useful dyes, and 7 taxa are used for fiber.

• Korean Journal of Plant Resources
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• v.32 no.4
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• pp.355-378
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• 2019

We investigated the flora of vascular plants in Mt. Papyeong which is located in the northern part of Paju and the border of western DMZ through 13 surveys from April 2016 to August 2019. The vascular plants of Mt. Papyeong include 410 taxa; 361 species, 9 subspecies, 36 varieties, and 4 forms from 257 genera of 91 families. Among 410 taxa, we characterize endemic species, rare and endangered plants, floristic regional indicator plants, and climate change adapted plants in Korea. Specifically, there are 9 Korean endemic plants designated by Korea National Arboretum and 6 taxa by Korean Ministry of Environment. According to IUCN evaluation, there are 13 rare and endangered plants in Mt. Papyeong. On the other hand, 2 taxa were listed in a red list suggested by Korean Ministry of Environment. The floristic regional indicator plants include 46 taxa which are composed of 2 species of IV degree, 13 taxa of III degree, 11 taxa of II degree, and 20 taxa of I degree. Also, 27 naturalized plants were identified, and the percentage of Naturalized Index (NI) and Urbanization Index (UI) were 6.58%, and 8.43%, respectively. We hope that this investigation provide a valuable data for applying the further studies on the biodiversity and strategy of conservation of environment in the DMZ and Paju areas.