• Journal of the Korean Society of Fisheries and Ocean Technology
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• v.40 no.4
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• pp.268-281
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• 2004

A study was carried out in order to estimate the deformation of the pound net according to the current by the model test in the circulating water channel. The tension of the frame rope and the variation of net shape were measured to investigate the deforming of the model pound net in the flow. The results are obtained as follows; 1. The experimental equation between tensions (R) of the frame rope and velocity (ν)was found to be R=$19.58v^{1.98}$($r^2$=0.98) in case of the upperward flow with fish court net and R=$26.90v^{1.72}$($r^2$=0.95)at the upperward flow with bag net according to the velocity from 0.0m/s to 0.6m/s, respectively. 2. As the variation of flow speed inside of the model net was gradually decreased according as which is passed through netting panels, in case of the upperward flow with fish court net, the flow speed was about 70% of initial flow speed at 0.1m/s, 60% at 0.2m/s, 50% at 0.3m/s and 40% 0.4~0.6m/s at the measurement point(h) inside of the first bag net, respectively. In case of the upperward flow with bag net, as the flow speed was steeply decreased according as which if passed through the second bag net, it was 30~60% of the initial flow speed and was 20~30% inside of the first bag net and was about 10~20% inside of the inclined passage net. 3. In case of the upperward flow with fish court net, the variation of deformed angle of fish court net was from 0$^{\circ}$ to 70$^{\circ}$and that of inclined passage net was from 0$^{\circ}$ to 63$^{\circ}$and that of the second bag net was from 0$^{\circ}$ to 47$^{\circ}$ . 4. In case of the upperward flow with fish court net, the variation of deformed angle of the second bag net was changed from 0$^{\circ}$ to 70$^{\circ}$and that of the inclined passage net was from 0$^{\circ}$ to 55$^{\circ}$ and that of the fish court net was from 0$^{\circ}$ to 50$^{\circ}$. The depth ratio of the first bag net was changed from 0% to 35% and that of the second bag net was from 0% to 20% and that of the inclined passage net was from 0% to 35%. In the flow speed 0.5m/s, the inclined passage net was raised up to the entry of the bag net and then prevented it more over 90%. 5. To be increased the opening volume of pound net, it needs to attach the added weight outside of the fish court net, inclined passage net and bag net. At the same time, it needs to adjust the tension of the twine for maintenance of the shape.

• The Korean Journal of Nuclear Medicine Technology
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• v.18 no.1
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• pp.49-61
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• 2014

Purpose: With the aging of the population, the attack rate of osteoporotic vertebral compression fracture is in the increasing trend, and percutaneous vertebroplasty (PVP) is the most commonly performed standardized treatment. Although there is a research report of the excellence of usefulness of the SPECT/CT examination in terns of the exact diagnosis before and after the procedure, the bone cement material used in the procedure influences the image quality by forming an artifact in the CT image. Therefore, the objective of the research lies on evaluating the effect the bone cement gives to a SPECT/CT image. Materials and Methods: The images were acquired by inserting a model cement to each cylinder, after setting the background (3.6 kBq/mL), hot cylinder (29.6 kBq/mL) and cold cylinder (water) to the NEMA-1994 phantom. It was reconstructed with Astonish (Iterative: 4 Subset: 16), and non attenuation correction (NAC), attenuation correction (AC+SC-) and attenuation and scatter correction (AC+SC+) were used for the CT correction method. The mean count by each correction method and the count change ratio by the existence of the cement material were compared and the contrast recovery coefficient (CRC) was obtained. Additionally, the bone/soft tissue ratio (B/S ratio) was obtained after measuring the mean count of the 4 places including the soft tissue(spine erector muscle) after dividing the vertebral body into fracture region, normal region and cement by selecting the 20 patients those have performed PVP from the 107 patients diagnosed of compression fracture. Results: The mean count by the existence of a cement material showed the rate of increase of 12.4%, 6.5%, 1.5% at the hot cylinder of the phantom by NAC, AC+SC- and AC+SC+ when cement existed, 75.2%, 85.4%, 102.9% at the cold cylinder, 13.6%, 18.2%, 9.1% at the background, 33.1%, 41.4%, 63.5% at the fracture region of the clinical image, 53.1%, 61.6%, 67.7% at the normal region and 10.0%, 4.7%, 3.6% at the soft tissue. Meanwhile, a relative count reduction could be verified at the cement adjacent part at the inside of the cylinder, and the phantom image on the lesion and the count increase ratio of the clinical image showed a contrary phase. CRC implying the contrast ratio and B/S ratio was improved in the order of NAC, AC+SC-, AC+SC+, and was constant without a big change in the cold cylinder of the phantom. AC+SC- for the quantitative count, and AC+SC+ for the contrast ratio was analyzed to be the highest. Conclusion: It is considered to be useful in a clinical diagnosis if the application of AC+SC+ that improves the contrast ratio is combined, as it increases the noise count of the soft tissue and the scatter region as well along with the effect of the bone cement in contrast to the fact that the use of AC+SC- in the spine SPECT/CT examination of a PVP performed patient drastically increases the image count and enables a high density of image of the lesion(fracture).

• The Journal of Korean Society for Radiation Therapy
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• v.26 no.1
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• pp.137-147
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• 2014

Purpose : The purpose of this study is to verify the accuracy of dose delivery according to the patient's breathing cycle in Gated Volumetric Modulated Arc Therapy Materials and Methods : TrueBeam STxTM(Varian Medical System, Palo Alto, CA) was used in this experiment. The Computed tomography(CT) images that were acquired with RANDO Phantom(Alderson Research Laboratories Inc. Stamford. CT, USA), using Computerized treatment planning system(Eclipse 10.0, Varian, USA), were used to create VMAT plans using 10MV FFF with 1500 cGy/fx (case 1, 2, 3) and 220 cGy/fx(case 4, 5, 6) of doserate of 1200 MU/min. The regular respiratory period of 1.5, 2.5, 3.5 and 4.5 sec and the patients respiratory period of 2.2 and 3.5 sec were reproduced with the $QUASAR^{TM}$ Respiratory Motion Phantom(Modus Medical Devices Inc), and it was set up to deliver radiation at the phase mode between the ranges of 30 to 70%. The results were measured at respective respiratory conditions by a 2-Dimensional ion chamber array detector(I'mRT Matrixx, IBA Dosimetry, Germany) and a MultiCube Phantom(IBA Dosimetry, Germany), and the Gamma pass rate(3 mm, 3%) were compared by the IMRT analysis program(OmniPro I'mRT system software Version 1.7b, IBA Dosimetry, Germany) Results : The gamma pass rates of Case 1, 2, 3, 4, 5 and 6 were the results of 100.0, 97.6, 98.1, 96.3, 93.0, 94.8% at a regular respiratory period of 1.5 sec and 98.8, 99.5, 97.5, 99.5, 98.3, 99.6% at 2.5 sec, 99.6, 96.6, 97.5, 99.2, 97.8, 99.1% at 3.5 sec and 99.4, 96.3, 97.2, 99.0, 98.0, 99.3% at 4.5 sec, respectively. When a patient's respiration was reproduced, 97.7, 95.4, 96.2, 98.9, 96.2, 98.4% at average respiratory period of 2.2 sec, and 97.3, 97.5, 96.8, 100.0, 99.3, 99.8% at 3.5 sec, respectively. Conclusion : The experiment showed clinically reliable results of a Gamma pass rate of 95% or more when 2.5 sec or more of a regular breathing period and the patient's breathing were reproduced. While it showed the results of 93.0% and 94.8% at a regular breathing period of 1.5 sec of Case 5 and 6, it could be confirmed that the accurate dose delivery could be possible on the most respiratory conditions because based on the results of 100 patients's respiratory period analysis as no one sustained a respiration of 1.5 sec. But, pretreatment dose verification should be precede because we can't exclude the possibility of error occurrence due to extremely short respiratory period, also a training at the simulation and careful monitoring are necessary for a patient to maintain stable breathing. Consequently, more reliable and accurate treatments can be administered.

• Journal of the korean academy of Pediatric Dentistry
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• v.31 no.4
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• pp.569-578
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• 2004

The purpose of this study was to clarify the palatal arch length, width and height in the primary and permanent dentition. Samples were consisted of normal occlusions both in the primary dentition(50 males and 50 females) and in the permanent dentition(50 males and 50 females). With their upper plaster casts were used and through 3-dimensional laser scanning(3D Scanner, DS4060, LDI, U.S.A.), cloud data, polygonization, section curve and loft surface, fit and horizontal plane were based to measure the palatal arch length, width and height(Surfacer 10.0, Imageware, U.S.A.). T-tests were applied for the statistical analyze of the data. The results were as follows : 1. In the measurement values, the values of the male were higher than those of the female except primary anterior palatal height. There were not only statistically significant differences in anterior palatal width(p<0.05) and posterior palatal width(p<0.01) in primary dentition but palatal width(p<0.05), anterior palatal length(p<0.01), middle and posterior palatal length(p<0.05) in permanent dentition between male and female. 2. In the indices of palate, there were statistically significant differences in height-length index(p<0.05) and width-length index(p<0.01) between male and female in primary dentition. In permanent dentition, there was statistically difference between male and female. 3. In the measurement values, posterior palatal width was increased most greatly. Posterior palatal height, anterior palatal width and anterior palatal length were followed by descending order. On the other hand, anterior palatal height and posterior palatal length were decreased. 4. In the indices of palate, the height-length index, the width-length index and posterior height-width index were increased, but the others were decreased.

• Journal of Intelligence and Information Systems
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• v.16 no.3
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• pp.77-97
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• 2010

Market timing is an investment strategy which is used for obtaining excessive return from financial market. In general, detection of market timing means determining when to buy and sell to get excess return from trading. In many market timing systems, trading rules have been used as an engine to generate signals for trade. On the other hand, some researchers proposed the rough set analysis as a proper tool for market timing because it does not generate a signal for trade when the pattern of the market is uncertain by using the control function. The data for the rough set analysis should be discretized of numeric value because the rough set only accepts categorical data for analysis. Discretization searches for proper "cuts" for numeric data that determine intervals. All values that lie within each interval are transformed into same value. In general, there are four methods for data discretization in rough set analysis including equal frequency scaling, expert's knowledge-based discretization, minimum entropy scaling, and na$\ddot{i}$ve and Boolean reasoning-based discretization. Equal frequency scaling fixes a number of intervals and examines the histogram of each variable, then determines cuts so that approximately the same number of samples fall into each of the intervals. Expert's knowledge-based discretization determines cuts according to knowledge of domain experts through literature review or interview with experts. Minimum entropy scaling implements the algorithm based on recursively partitioning the value set of each variable so that a local measure of entropy is optimized. Na$\ddot{i}$ve and Booleanreasoning-based discretization searches categorical values by using Na$\ddot{i}$ve scaling the data, then finds the optimized dicretization thresholds through Boolean reasoning. Although the rough set analysis is promising for market timing, there is little research on the impact of the various data discretization methods on performance from trading using the rough set analysis. In this study, we compare stock market timing models using rough set analysis with various data discretization methods. The research data used in this study are the KOSPI 200 from May 1996 to October 1998. KOSPI 200 is the underlying index of the KOSPI 200 futures which is the first derivative instrument in the Korean stock market. The KOSPI 200 is a market value weighted index which consists of 200 stocks selected by criteria on liquidity and their status in corresponding industry including manufacturing, construction, communication, electricity and gas, distribution and services, and financing. The total number of samples is 660 trading days. In addition, this study uses popular technical indicators as independent variables. The experimental results show that the most profitable method for the training sample is the na$\ddot{i}$ve and Boolean reasoning but the expert's knowledge-based discretization is the most profitable method for the validation sample. In addition, the expert's knowledge-based discretization produced robust performance for both of training and validation sample. We also compared rough set analysis and decision tree. This study experimented C4.5 for the comparison purpose. The results show that rough set analysis with expert's knowledge-based discretization produced more profitable rules than C4.5.

• Journal of Intelligence and Information Systems
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• v.26 no.2
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• pp.131-145
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• 2020

In line with the trend of industrial innovation, IoT technology utilized in a variety of fields is emerging as a key element in creation of new business models and the provision of user-friendly services through the combination of big data. The accumulated data from devices with the Internet-of-Things (IoT) is being used in many ways to build a convenience-based smart system as it can provide customized intelligent systems through user environment and pattern analysis. Recently, it has been applied to innovation in the public domain and has been using it for smart city and smart transportation, such as solving traffic and crime problems using CCTV. In particular, it is necessary to comprehensively consider the easiness of securing real-time service data and the stability of security when planning underground services or establishing movement amount control information system to enhance citizens' or commuters' convenience in circumstances with the congestion of public transportation such as subways, urban railways, etc. However, previous studies that utilize image data have limitations in reducing the performance of object detection under private issue and abnormal conditions. The IoT device-based sensor data used in this study is free from private issue because it does not require identification for individuals, and can be effectively utilized to build intelligent public services for unspecified people. Especially, sensor data stored by the IoT device need not be identified to an individual, and can be effectively utilized for constructing intelligent public services for many and unspecified people as data free form private issue. We utilize the IoT-based infrared sensor devices for an intelligent pedestrian tracking system in metro service which many people use on a daily basis and temperature data measured by sensors are therein transmitted in real time. The experimental environment for collecting data detected in real time from sensors was established for the equally-spaced midpoints of 4×4 upper parts in the ceiling of subway entrances where the actual movement amount of passengers is high, and it measured the temperature change for objects entering and leaving the detection spots. The measured data have gone through a preprocessing in which the reference values for 16 different areas are set and the difference values between the temperatures in 16 distinct areas and their reference values per unit of time are calculated. This corresponds to the methodology that maximizes movement within the detection area. In addition, the size of the data was increased by 10 times in order to more sensitively reflect the difference in temperature by area. For example, if the temperature data collected from the sensor at a given time were 28.5℃, the data analysis was conducted by changing the value to 285. As above, the data collected from sensors have the characteristics of time series data and image data with 4×4 resolution. Reflecting the characteristics of the measured, preprocessed data, we finally propose a hybrid algorithm that combines CNN in superior performance for image classification and LSTM, especially suitable for analyzing time series data, as referred to CNN-LSTM (Convolutional Neural Network-Long Short Term Memory). In the study, the CNN-LSTM algorithm is used to predict the number of passing persons in one of 4×4 detection areas. We verified the validation of the proposed model by taking performance comparison with other artificial intelligence algorithms such as Multi-Layer Perceptron (MLP), Long Short Term Memory (LSTM) and RNN-LSTM (Recurrent Neural Network-Long Short Term Memory). As a result of the experiment, proposed CNN-LSTM hybrid model compared to MLP, LSTM and RNN-LSTM has the best predictive performance. By utilizing the proposed devices and models, it is expected various metro services will be provided with no illegal issue about the personal information such as real-time monitoring of public transport facilities and emergency situation response services on the basis of congestion. However, the data have been collected by selecting one side of the entrances as the subject of analysis, and the data collected for a short period of time have been applied to the prediction. There exists the limitation that the verification of application in other environments needs to be carried out. In the future, it is expected that more reliability will be provided for the proposed model if experimental data is sufficiently collected in various environments or if learning data is further configured by measuring data in other sensors.

• The Journal of Korean Philosophical History
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• no.52
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• pp.393-424
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• 2017

This study investigates the relationship between South Korean youths' Confucian values and sense of citizen ethics while presenting outlook on the sense of citizen ethics based on the theory of human nature. The purpose of this study, by doing so, is to present educational measures. For this purpose, empirical research method was applied in this study. In the empirical study, youths were surveyed and the answers were statistically analyzed and discussed with a view to achieve the study purpose. In the empirical research part of the study, Korean youths' awareness on Confucian values was examined along with its relationship with the sense of citizen ethics. The effect of Confucian values on sense of citizen ethics and their relationship were analyzed to evaluate the receptivity of youths on Confucian ideas and usefulness of sense of citizen ethics. This study investigated a total of final 311 sets of data from male and female students at middle and high schools located in Seoul, Gyeonggi, South Korea. First, to identify the youths' Confucian values and level of sense of citizen ethics, descriptive statistical analysis was conducted. As a result, the survey subjects were found to have, concerning the Confucian values, world view M=3.54, human relations view M=3.66, morality cultivation M=3.76, and social order M=3.45, higher than 3.0 to represent positive levels. The morality cultivation, in particular, was recorded the highest among all whereas the social order was relatively lower, which represents the degree of relying on Confucian values to establish social order. Second, the sub-variables of Confucian values were verified according to the personal characteristics of the surveyed youths and differences in their entire perception was investigated. As a result, according to gender, morality cultivation was found higher in female students (M=3.85) than in male students (M=3.64). According to the subjective economic level of their household, world view was found higher in upper class (M=3.98) than middle-low class (M=3.25) and low class (M=3.22) while human relations view was found higher in middle-upper class (M=3.79) than low class (M=3.46). As for the family type, morality cultivation was found higher in extended family (M=3.83) than nuclear family (M=3.62); and social order was higher in extended family (M=3.54) than nuclear family (M=3.36). Third, to verify the study theme of identifying the effects of youths' Confucian values on sense of citizen morality, hierarchical regression analysis was employed in this study, which used the multi-level model of multiple regression analysis. As a result, the Confucian values was found to have significant positive (+) correlations with the entire sense of citizen ethics in order of human relations view(${\beta}=.499$), world view(${\beta}=.412$), social order(${\beta}=.341$), and morality cultivation(${\beta}=.241$). Confucian value showed significant positive (+) correlations with autonomy in order of morality cultivation(${\beta}=.458$), human relations view(${\beta}=.454$), social order(${\beta}=.362$), and world view(${\beta}=.158$). Confucian values was found to have significant positive (+) correlations with community spirit in order of human relations view(${\beta}=.295$), social order(${\beta}=.281$), and morality cultivation(${\beta}=.232$). As shown in the findings above, youths' Confucian values was found to have significant positive (+) effects on the sense of citizen ethics. It is noted that the higher the Confucian values, the more positive the sense of citizen ethics would be. Consequentially, the Confucian values was identified to play an important role in the sense of citizen ethics in the modern society. Based on this analysis, this study presented specific measures - the necessity and possibility of education on sense of citizen ethics under the theory of human nature. To this end, this study proposed to find an optimal interface between the contemporary sense of citizen ethics and Confucian ethics through the respect for human life and nature, man of virtue as the ideal human model, and united society as a desirable society model.

• Journal of Intelligence and Information Systems
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• v.28 no.1
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• pp.45-68
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• 2022

The central and local governments of the Republic of Korea provided information necessary for disaster response through wireless emergency alerts (WEAs) in order to overcome the pandemic situation in which COVID-19 rapidly spreads. Among all channels for delivering disaster information, wireless emergency alert is the most efficient, and since it adopts the CBS(Cell Broadcast Service) method that broadcasts directly to the mobile phone, it has the advantage of being able to easily access disaster information through the mobile phone without the effort of searching. In this study, the characteristics of wireless emergency alerts sent to Seoul during the past year and one month (January 2020 to January 2021) were derived through various text mining methodologies, and various types of information contained in wireless emergency alerts were analyzed. In addition, it was confirmed through the population mobility by age in the districts of Seoul that what kind of influence it had on the movement behavior of people. After going through the process of classifying key words and information included in each character, text analysis was performed so that individual sent characters can be used as an analysis unit by applying a document cluster analysis technique based on the included words. The number of WEAs sent to the Seoul has grown dramatically since the spread of Covid-19. In January 2020, only 10 WEAs were sent to the Seoul, but the number of the WEAs increased 5 times in March, and 7.7 times over the previous months. Since the basic, regional local government were authorized to send wireless emergency alerts independently, the sending behavior of related to wireless emergency alerts are different for each local government. Although most of the basic local governments increased the transmission of WEAs as the number of confirmed cases of Covid-19 increases, the trend of the increase in WEAs according to the increase in the number of confirmed cases of Covid-19 was different by region. By using structured econometric model, the effect of disaster information included in wireless emergency alerts on population mobility was measured by dividing it into baseline effect and accumulating effect. Six types of disaster information, including date, order, online URL, symptom, location, normative guidance, were identified in WEAs and analyzed through econometric modelling. It was confirmed that the types of information that significantly change population mobility by age are different. Population mobility of people in their 60s and 70s decreased when wireless emergency alerts included information related to date and order. As date and order information is appeared in WEAs when they intend to give information about Covid-19 confirmed cases, these results show that the population mobility of higher ages decreased as they reacted to the messages reporting of confirmed cases of Covid-19. Online information (URL) decreased the population mobility of in their 20s, and information related to symptoms reduced the population mobility of people in their 30s. On the other hand, it was confirmed that normative words that including the meaning of encouraging compliance with quarantine policies did not cause significant changes in the population mobility of all ages. This means that only meaningful information which is useful for disaster response should be included in the wireless emergency alerts. Repeated sending of wireless emergency alerts reduces the magnitude of the impact of disaster information on population mobility. It proves indirectly that under the prolonged pandemic, people started to feel tired of getting repetitive WEAs with similar content and started to react less. In order to effectively use WEAs for quarantine and overcoming disaster situations, it is necessary to reduce the fatigue of the people who receive WEA by sending them only in necessary situations, and to raise awareness of WEAs.

• Journal of Intelligence and Information Systems
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• v.17 no.4
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• pp.175-191
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• 2011

With the MICE(Meeting, Incentive travel, Convention, Exhibition) industry coming into the spotlight, there has been a growing interest in the domestic exhibition industry. Accordingly, in Korea, various studies of the industry are being conducted to enhance exhibition performance as in the United States or Europe. Some studies are focusing particularly on analyzing visiting patterns of exhibition visitors using intelligent information technology in consideration of the variations in effects of watching exhibitions according to the exhibitory environment or technique, thereby understanding visitors and, furthermore, drawing the correlations between exhibiting businesses and improving exhibition performance. However, previous studies related to booth recommendation systems only discussed the accuracy of recommendation in the aspect of a system rather than determining changes in visitors' behavior or perception by recommendation. A booth recommendation system enables visitors to visit unplanned exhibition booths by recommending visitors suitable ones based on information about visitors' visits. Meanwhile, some visitors may be satisfied with their unplanned visits, while others may consider the recommending process to be cumbersome or obstructive to their free observation. In the latter case, the exhibition is likely to produce worse results compared to when visitors are allowed to freely observe the exhibition. Thus, in order to apply a booth recommendation system to exhibition halls, the factors affecting the performance of the system should be generally examined, and the effects of the system on visitors' unplanned visiting behavior should be carefully studied. As such, this study aims to determine the factors that affect the performance of a booth recommendation system by reviewing theories and literature and to examine the effects of visitors' perceived performance of the system on their satisfaction of unplanned behavior and intention to reuse the system. Toward this end, the unplanned behavior theory was adopted as the theoretical framework. Unplanned behavior can be defined as "behavior that is done by consumers without any prearranged plan". Thus far, consumers' unplanned behavior has been studied in various fields. The field of marketing, in particular, has focused on unplanned purchasing among various types of unplanned behavior, which has been often confused with impulsive purchasing. Nevertheless, the two are different from each other; while impulsive purchasing means strong, continuous urges to purchase things, unplanned purchasing is behavior with purchasing decisions that are made inside a store, not before going into one. In other words, all impulsive purchases are unplanned, but not all unplanned purchases are impulsive. Then why do consumers engage in unplanned behavior? Regarding this question, many scholars have made many suggestions, but there has been a consensus that it is because consumers have enough flexibility to change their plans in the middle instead of developing plans thoroughly. In other words, if unplanned behavior costs much, it will be difficult for consumers to change their prearranged plans. In the case of the exhibition hall examined in this study, visitors learn the programs of the hall and plan which booth to visit in advance. This is because it is practically impossible for visitors to visit all of the various booths that an exhibition operates due to their limited time. Therefore, if the booth recommendation system proposed in this study recommends visitors booths that they may like, they can change their plans and visit the recommended booths. Such visiting behavior can be regarded similarly to consumers' visit to a store or tourists' unplanned behavior in a tourist spot and can be understand in the same context as the recent increase in tourism consumers' unplanned behavior influenced by information devices. Thus, the following research model was established. This research model uses visitors' perceived performance of a booth recommendation system as the parameter, and the factors affecting the performance include trust in the system, exhibition visitors' knowledge levels, expected personalization of the system, and the system's threat to freedom. In addition, the causal relation between visitors' satisfaction of their perceived performance of the system and unplanned behavior and their intention to reuse the system was determined. While doing so, trust in the booth recommendation system consisted of 2nd order factors such as competence, benevolence, and integrity, while the other factors consisted of 1st order factors. In order to verify this model, a booth recommendation system was developed to be tested in 2011 DMC Culture Open, and 101 visitors were empirically studied and analyzed. The results are as follows. First, visitors' trust was the most important factor in the booth recommendation system, and the visitors who used the system perceived its performance as a success based on their trust. Second, visitors' knowledge levels also had significant effects on the performance of the system, which indicates that the performance of a recommendation system requires an advance understanding. In other words, visitors with higher levels of understanding of the exhibition hall learned better the usefulness of the booth recommendation system. Third, expected personalization did not have significant effects, which is a different result from previous studies' results. This is presumably because the booth recommendation system used in this study did not provide enough personalized services. Fourth, the recommendation information provided by the booth recommendation system was not considered to threaten or restrict one's freedom, which means it is valuable in terms of usefulness. Lastly, high performance of the booth recommendation system led to visitors' high satisfaction levels of unplanned behavior and intention to reuse the system. To sum up, in order to analyze the effects of a booth recommendation system on visitors' unplanned visits to a booth, empirical data were examined based on the unplanned behavior theory and, accordingly, useful suggestions for the establishment and design of future booth recommendation systems were made. In the future, further examination should be conducted through elaborate survey questions and survey objects.

• Korean small business review
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• v.31 no.4
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• pp.67-93
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• 2009

The purpose of this paper is to explore the relations between financial constraints and dividend smoothing of innovative small and medium sized enterprises(SMEs) listed on Korea Securities Market and Kosdaq Market of Korea Exchange. The innovative SMEs is defined as the firms with high level of R&D intensity which is measured by (R&D investment/total sales) ratio, according to Chauvin and Hirschey (1993). The R&D investment plays an important role as the innovative driver that can increase the future growth opportunity and profitability of the firms. Therefore, the R&D investment have large, positive, and consistent influences on the market value of the firm. In this point of view, we expect that the innovative SMEs can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. And also, we expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Aivazian et al.(2006) exert that the financial unconstrained firms with the high accessibility to capital market can adjust dividend payment faster than the financial constrained firms. We collect the sample firms among the total SMEs listed on Korea Securities Market and Kosdaq Market of Korea Exchange during the periods from January 1999 to December 2007 from the KIS Value Library database. The total number of firm-year observations of the total sample firms throughout the entire period is 5,544, the number of firm-year observations of the dividend firms is 2,919, and the number of firm-year observations of the non-dividend firms is 2,625. About 53%(or 2,919) of these total 5,544 observations involve firms that make a dividend payment. The dividend firms are divided into two groups according to the R&D intensity, such as the innovative SMEs with larger than median of R&D intensity and the noninnovative SMEs with smaller than median of R&D intensity. The number of firm-year observations of the innovative SMEs is 1,506, and the number of firm-year observations of the noninnovative SMEs is 1,413. Furthermore, the innovative SMEs are divided into two groups according to level of financial constraints, such as the financial unconstrained firms and the financial constrained firms. The number of firm-year observations of the former is 894, and the number of firm-year observations of the latter is 612. Although all available firm-year observations of the dividend firms are collected, deletions are made in the case of financial industries such as banks, securities company, insurance company, and other financial services company, because their capital structure and business style are widely different from the general manufacturing firms. The stock repurchase was involved in dividend payment because Grullon and Michaely (2002) examined the substitution hypothesis between dividends and stock repurchases. However, our data structure is an unbalanced panel data since there is no requirement that the firm-year observations data are all available for each firms during the entire periods from January 1999 to December 2007 from the KIS Value Library database. We firstly estimate the classic Lintner(1956) dividend adjustment model, where the decision to smooth dividend or to adopt a residual dividend policy depends on financial constraints measured by market accessibility. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between current payout rato and target payout ratio each year. In the Lintner model, dependent variable is the current dividend per share(DPS_t), and independent variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t). We hypothesized that firms adjust partially the gap between the current dividend per share(DPS_t) and the target payout ratio(Ω) each year, when the past dividend per share(DPS_t-1) deviate from the target payout ratio(Ω). We secondly estimate the expansion model that extend the Lintner model by including the determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory. In the expansion model, dependent variable is the current dividend per share(DPS_t), explanatory variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t), and control variables are the current capital expenditure ratio(CEA_t), the current leverage ratio(LEV_t), the current operating return on assets(ROA_t), the current business risk(RISK_t), the current trading volume turnover ratio(TURN_t), and the current dividend premium(DPREM_t). In these control variables, CEA_t, LEV_t, and ROA_t are the determinants suggested by the residual dividend theory and the agency theory, ROA_t and RISK_t are the determinants suggested by the dividend signaling theory, TURN_t is the determinant suggested by the transactions cost theory, and DPREM_t is the determinant suggested by the catering theory. Furthermore, we thirdly estimate the Lintner model and the expansion model by using the panel data of the financial unconstrained firms and the financial constrained firms, that are divided into two groups according to level of financial constraints. We expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, because the former can finance more easily the investment funds through the market accessibility than the latter. We analyzed descriptive statistics such as mean, standard deviation, and median to delete the outliers from the panel data, conducted one way analysis of variance to check up the industry-specfic effects, and conducted difference test of firms characteristic variables between innovative SMEs and noninnovative SMEs as well as difference test of firms characteristic variables between financial unconstrained firms and financial constrained firms. We also conducted the correlation analysis and the variance inflation factors analysis to detect any multicollinearity among the independent variables. Both of the correlation coefficients and the variance inflation factors are roughly low to the extent that may be ignored the multicollinearity among the independent variables. Furthermore, we estimate both of the Lintner model and the expansion model using the panel regression analysis. We firstly test the time-specific effects and the firm-specific effects may be involved in our panel data through the Lagrange multiplier test that was proposed by Breusch and Pagan(1980), and secondly conduct Hausman test to prove that fixed effect model is fitter with our panel data than the random effect model. The main results of this study can be summarized as follows. The determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory explain significantly the dividend policy of the innovative SMEs. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between the current payout ratio and the target payout ratio each year. In the core variables of Lintner model, the past dividend per share has more effects to dividend smoothing than the current earnings per share. These results suggest that the innovative SMEs maintain stable and long run dividend policy which sustains the past dividend per share level without corporate special reasons. The main results show that dividend adjustment speed of the innovative SMEs is faster than that of the noninnovative SMEs. This means that the innovative SMEs with high level of R&D intensity can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. The other main results show that dividend adjustment speed of the financial unconstrained SMEs is faster than that of the financial constrained SMEs. This means that the financial unconstrained firms with high accessibility to capital market can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Futhermore, the other additional results show that dividend adjustment speed of the innovative SMEs classified by the Small and Medium Business Administration is faster than that of the unclassified SMEs. They are linked with various financial policies and services such as credit guaranteed service, policy fund for SMEs, venture investment fund, insurance program, and so on. In conclusion, the past dividend per share and the current earnings per share suggested by the Lintner model explain mainly dividend adjustment speed of the innovative SMEs, and also the financial constraints explain partially. Therefore, if managers can properly understand of the relations between financial constraints and dividend smoothing of innovative SMEs, they can maintain stable and long run dividend policy of the innovative SMEs through dividend smoothing. These are encouraging results for Korea government, that is, the Small and Medium Business Administration as it has implemented many policies to commit to the innovative SMEs. This paper may have a few limitations because it may be only early study about the relations between financial constraints and dividend smoothing of the innovative SMEs. Specifically, this paper may not adequately capture all of the subtle features of the innovative SMEs and the financial unconstrained SMEs. Therefore, we think that it is necessary to expand sample firms and control variables, and use more elaborate analysis methods in the future studies.