• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.11
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• pp.66-79
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• 2016

A discussion has recently emerged over the increase of approvals of K-REITs, which is concluded on the basis of how to raise funds for business activity, fulfill the expected rate of return and maximize the management of managing investment funds. In addition, corporations need to acknowledge the necessity of the capital structure reflected in the current economic environment and decision-making processes. This research analyzed the characteristics by investment types and influence factors about the debt ratio of K-REITs. The data were collected from general management about business state, investment, and finance from 2002 to 2015 in K-REITs (except for the GFC period of 2007~2009). The results of the research demonstrated the high ratios of the largest shareholder characteristics, which are corporation, pension funds, mutual funds, banks, securities, insurance, and, recently, the increasing ratio of the largest shareholder and major stockholder. The investment of K-REITs is increasing the role of institutional investors that take a leading development of K-REITs. The behaviors of simultaneous investment of institutional investors were analyzed to show that they received higher interest rates than other financial institutions and ran in parallel with attraction and compensation. The results of the multiple regressions analysis, utilizing variables about debt ratio were as follows. The debt ratio showed a negative (-) relation that profitability is increasing, which matches the pecking order theory and trade off theory. On the other hand, investment opportunities (growth potential) showed a negative (-) relation and assets scale that indicated a positive (+) relation. The research results are reflected as follows. K-REITs focused on private equity REITs more than public offering REITs, and in the case of financing the capital of others, loan capital is operated under the guarantee of tangible assets (most of real estate) more than financing of the stock market. Further, after the GFC, the capital of others was actively utilized in K-REITs business, and the debt ratio showed that the determinant factors by the ratio and characteristics of the largest shareholder and investment products.

• Korean Security Journal
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• no.29
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• pp.163-191
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• 2011

Recently, the problems in school violence did not stop on the crime between the members at the school and which developed into the invasion crime of the school caused by outsiders. The school is no more the safety zone from the crime. Particularly, in the case of the elementary school, because there are nearly no people who oppose to the outside attacker and can control this, it is the place where it is vulnerable to the invasion crime. The Metropolis of Seoul implements the School Sheriff system within the jurisdiction bureau, in the public elementary school. However, actually the School Sheriff business is being managed, never applying a rule in the Security Industry Law with the main content, that is the Security Industry Law application is excluded. Because the jurisdiction on the contract of Seoul City and operating company are run, the various issues is caused. First, since it is not being considered as a security business, the commercial liability insurance for security company has no chance to applicate when the operation company and the School Sheriff have related damage generation. So the security for the indemnification of loss of the victim is weak. Second, The task of the School Sheriff is ruled just by in the individual contracts. But it is insufficient with this thing. The related duties are required some supplement like a general rule application including the obligation of the guard in the security industry law. Third, the education of the School Sheriff needs to connect with the educational programme in the security industry law. The related professional education specially needed for the prevention of school violence ought to be reserved compensation. Forth, the citizens still demand the strengthening of police patrol for the surroundings of a school in spite of the result of Seoul City's public survey. Therefore, the active relation of cooperation with the police needs to be supported legally and institutionally with the Security Industry Law application. Fifthly, the success of the School Sheriff business can be more guaranteed with the supervision of the legal and institutional device like a the Security Industry Law application or police and all sorts of administrative execution's and etc.

• Asia Marketing Journal
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• v.16 no.1
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• pp.71-100
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• 2014

While the role of emotional antecedents of effective selling behavior would be important, the issue has not been fully addressed in the sales literature. To fill this gap, we conceptualize and empirically examine the relationships among salesperson's emotional regulation processes such as emotional intelligence (EI) and emotional labor (EL), effective selling behavior, and sales performance on the basis of educational, occupational, social psychology literature and marketing literature (e.g., Henning-Thurau, Groth, Paul, and Gremler 2006; Kidwell et al. 2011; Liu et al. 2008; Mayer, Salovey, and Caruso 2008). First, salesperson's EI is defined as his or her capability that enables correct perceptions about emotional situations in sales interactions. The EI is expected to work as psychological resources for different types of EL (i.e., deep acting and surface acting) to be performed by salesperson as emotional expression strategies (e.g., Lie et al. 2008). It is, then, expected that the features of EL selected by the salesperson would lead to different levels of adaptive selling behavior (ASB) and thereby sales performance (Monaghan 2006). Further, given that salesperson's customer orientation (CO) is found to be an important correlate of ASB (Franke and Park 2006), it is expected that CO would moderate the relationship between EL and ASB (Rozell, Pettijohn, and Parker 2004). Hence, this research attempts to shed additional light on emotionally-driven (EL) as well as cognitively-driven (CO) antecedents of ASB (Frank and Park 2006). The findings of the survey research, done with 336 salespersons in insurance and financial companies, are summarized as follows. First, salespersons with a high level of EI are found to use both deep acting (regulating the emotions themselves) and surface acting (controlling only emotional expressions) in a versatile way, when implementing EL. Second, the more the salesperson performs deep acting, the more he or she shows ASB. It is, then, important for salespersons to use deep acting more frequently in the EL process in order to enhance the quality of interacting with customers through ASB. On the other hand, the salesperson's surface acting did not have a significant relationship with ASB. Moreover, CO was found to moderate the relationship between the salesperson's deep acting and ASB. That is, the context of high CO culture and individual salesperson's deep acting would synergistically make the selling efforts adaptive to customer preferences. Conceptualizing and empirically verifying the antecedent roles of important emotional constructs such as EI and EL in salesperson's effective selling behavior (ASB) and sales performance is a major theoretical contribution in the sales literature. Managerially, this research provides a deeper understanding on the nature of tasks performed by salespersons in service industries and a few guidelines for managing the sales force. First, sales organizations had better consciously assess EI capacity in the selection and nurturing processes of salespersons, given that EI can efficiently drive EL and the resulting effective selling behavior and performance. Further, the concept of EL could provide a framework to understand the salespersons' emotional experiences in depth. Especially, sales organizations may well think over how to develop deep acting capabilities of their sales representatives. In this direction, the training on deep acting strategies would be an essential task for improving effective selling behavior and performance of salespersons. This kind of training had better incorporate the perspectives of customers such that many customers can actually discern whether salespersons are doing either surface acting or deep acting. Finally, based on the synergistic effects of deep acting and CO culture, how to build and sustain CO is always an ever-important task in sales organizations. While the prior sales literature has emphasized the process and structure of highly customer-oriented sales organization, our research not only corroborates the important aspects of customer-oriented sales organization, but also adds the important dimension of competent sales representatives who can resonate with customers by deep acting for sales excellence.

• Korean Security Journal
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• no.10
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• pp.189-213
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• 2005

Risk management should be controlled systematically by effectively evaluating and suggesting countermeasures against the various risks which are followed by the change of the society and environment. These days, enterprise risk management became a new trend in the field. The first step in risk analysis is to recognize the risk factors, that is to verify the vulnerabilities of loss in the security facilities. The second step is to consider the probability of loss in assessing the risk factors. And the third step is to evaluate the criticality of loss. The security manager will determine the assessment grades and then the risk levels of each risk factor, on the basis of the result of risk analysis which includes the assessment of vulnerability, the provability of loss and the criticality. It is of great importance to put the result of risk analysis in mathematical statement for a scientific approach to risk management. Using the risk levels gained from the risk analysis, the security manager can develop a comprehensive and supplementary security plan. In planning the risk management measures to prepare against and minimize the loss, insurance is one of the best loss-prevention programs. However, insurance in and of itself is no longer able to meet the security challenges faced by major corporations. The security manager have to consider the cost-effectiveness, to suggest the productive risk management alternatives by using the security files which contains every information about the security matters. Also he/she have to reinforce the company regulations on security and safety, and to execute education repeatedly on security and risk management. Risk management makes the most efficient before-the-loss arrangement for and after-the-loss continuation of a business. So it is very much important to suggest a best cost-effective and realistic alternatives for optimizing risk management above all, and this function should by maintained and developed continuously and repeatedly.

• Management & Information Systems Review
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• v.38 no.1
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• pp.201-223
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• 2019

The purpose of this study is to verify empirically the causal relationship between service quality, ease of use, customer satisfaction, and repurchase intention of mobile shopping mall. And this study is to investigate the ease of use and customer satisfaction mediating effect of between service quality and repurchase intention. Therefore, 323 university students in Jeonnam area were surveyed and the structural equation model was derived based on previous research. Service quality of mobile shopping mall make a significant effect on using easiness, purchasing satisfaction and repurchase intention. However, among service quality of mobile shopping mall, service scape like mobile interface and site design made a positive effect on purchasing satisfaction, but did not any effect on repurchase intention. In other words, service quality factors that make positive effects on customer's pleasant using and repurchase intention make a positive effect on repurchase intention when providing and using the service customer wants faithfully rather than external part of the site and mutually influencing attitude or behavior well. The implications suggested by this study are as follows. First, service quality of mobile shopping mall makes a significant effect on repurchase intention, so it's necessary to improve CS service system so as to treat customers' inquiries or inconveniences actively during mobile shopping and return and refund of defective products quickly and conveniently. And, in addition to the finally used factors in analysis process, benefits using customers' grade by number of purchases, such as various events, coupons, reserve, etc. and active contents marketing strategies providing more various pleasures and values of shopping are necessary. Second, satisfaction of mobile shopping mall makes a positive effect on repurchase intention, so visiting of site and repurchasing of product are continuously done as customers' satisfaction on shopping mall is increasing. Therefore, shopping mall site requires differentiation of contents, exact plan and practice of service, marketing, etc. so that customers can feel more satisfaction. This study is significant as it systematically analyzed concepts of components that service quality of mobile shopping mall makes an effect on using easiness, purchasing satisfaction, and repurchase intention, verified the relations, systematized it by theoretical structure, and widened the understanding of effects making an effect on repurchase intention.

• 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.

• Journal of the Korea Convergence Society
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• v.7 no.3
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• pp.149-157
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• 2016

For workers, industrial accidents exert a bad effect on the productivity, quality of life, and depress the morale. This study aimed to examine the overall influence on job performance of employees who returned to work after industrial accidents. This was a cross-sectional study using the data of 2013 and 2014 Panel Study of Worker's Compensation Insurance (PSWCI), and we performed logistic-regression analysis to analyze an affinity between general characteristics and job performance as independent variable and outcome variable, respectively. As a result, the major factor depressed the job performance were the 1 - 7 degree of disabilities and injuries with convalescence period for 6 to 9month or more than 12 months. In other words, this study shown that job performance was decreased as higher degree of disability and longer convalescence period. Job performance is the factor to identify indirectly worker's successful return to work, and it is important in follow-up of workers who returned to work after industrial accidents. Stable job performance of an industrial disaster victim is the key factor to maintain worker's comfortable and qualitative life as well as increase of productive capacity.

• Journal of the KSME
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• v.34 no.11
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• pp.845-858
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• 1994

1988년 이전에는 한국의 석유화학공장은 다른 나라에 비하여 관리상태나 손해상황이 양호한 공 장으로 여겨져 거의 안전도조사(underwriting survey)가 실시되지 않았으나 1989년 이후부터 보험사고가 급격히 증가, 보험금 지급이 많아져 위험조사를 실시한 후 보험을 인수하게 되었다. 일반적으로 석유화학공업의 내용연수는 15년에서 20년으로 보고 있으며 미국, 일본 등 선진국 에서도 건설한지 20년을 전후해서 사고가 다발한다는 점은 국내 석유화학공장의 안전성 확보대 책에서 중요한 점을 시사한다. 석유화학공업의 안전성 확보대책으로서 해외재보험자가 요구하고 있는 "경영전반적인 위험관리"를 도입 추진하여야 할 것으로 사료된다. 여기에는 사전적 손해 방지대책을 포함하는 위험통제는 기본적으로 이루어져야 하며 사후적 대책인 위험재무도 경영 효율이 극대화되도록 하여야 한다. 그러나 최근 들어 국내공장의 사고빈발로 해외재보험자들이 재물손해의 자기부담금액(deductible)인상(business interuption)의 Time Excess연장(7일에서3 0일) 등의 보험조건을 강화하고 있다. 따라서 외국의 사고 경험에 비추어 국내 플랜트의 내용연 수가 거의 다 되어서 사고발생위험이 잠재하고 있고 석유화학공업의 특성상 사고빈도는 낮으나 손해규모가 대규모이고 국가경제에 기여하는 비율이 타산업에 비해 월등히 크다는 점 등에서 안전대책에 대한 경영자의 관심제고를 밑바탕으로 한 위험관리의 정착화, 안전기준 등의 국제 수준으로 향상 및 전문기술인력 확보를 통하여 사고발생 억제에 대하여 소홀히 해서는 안된다고 사료된다.안된다고 사료된다.작 원리 및 제조방법에 대하여 기술한다. 2차원 그래픽의 기능만으로도 충분한 역할을 수행할 수 있지만, 그 다음 단계인 기본설계나 상세설계와의 자료 공유를 생각하면, 3차원 그래 픽이 필요하다. 다만, 3차원 그래픽 기능을 추가하기 위해 많은 노력이 요구되는데, 현재 PHIG S와 x-window가 결합되어 PEX라는 라이브러리로 개발되고 있으므로 차후의 연구에 포함될 수 있을 것이며, 이 글에서는 간단한 2차원 그래픽 기능만을 이용하였다. 앞으로 PEX의 기능을 적 절히 구사하면, 좋은 효과를 볼 수 있을 것이다. 279cm 되게 하고 선축은 팬톰의 27번 절편과 28번 절편의 접변과 최대 전단면의 교차선과 일치시켜 양방향에서 15분씩 조사하여 전단면에서 선량을 측정하였다. 팬톰내 선축상 중앙점의 선량을 기준으로 다른 부위의 선량을 비교하였다. 두경부와 복부, 폐의 하반에서 선량의 차이는 $\pm$ 10% 이내였고, 폐의 상반과 어깨와 골반 부위에서 선량은 10%이상 저선량을 보였다. 특히 어깨부위에는 30%이상 저선량을 보였다. 이로부터 서울대병원과 유사한 조건에서 코발트로 전신조사하는 경우에는 폐나 두경부에 대응하는 조직보상체를 이용하기보다는 어깨부위에 선량을 추가하는 것이 바람직할 것이라고 생각한다.alpha$ 부분공간들의 합공간 역시 on-semistrbtifiable over $\alpha$ 하다. 6. 폐연속 net-cevering 함수에 의하여 cn-semistratifiable over $\alpha$ 성질이 보존된다. 보잘것이 없었고, 현재에도

• Journal of Distribution Research
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• v.11 no.3
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• pp.1-22
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• 2006

Medical treatment for the aged has become an increasingly important concern as the aged population continues to grow. However, little research has been done on the issue. This study examines the roles of the expertise, convenience, and interaction of medical treatment systems applied by geriatric hospital. Medical treatment systems include oriental medicine, western medicine and integrated(oriental and western) medicine practices. The empirical results of the study are as follows. First, the relative impacts of the expertise, convenience and interaction on customer satisfaction are different depending upon the medical treatment systems. Second, convenience and interaction are shown to be more important factors in western medicine, while interaction is the case in oriental medicine. As for the integrated medicine practices, expertise is considered more important. Thus, it is necessary for the western medicine to make more efforts on interaction and convenience, while it is critical to enhance medical personnels' service quality in the oriental medicine. In the integrated medical treatment, actual and effective cooperation should be achieved to secure expertise. Third, the data demonstrate that customer satisfaction has a positive influence on relationship quality which, in turn, impacts on repurchase intention. Finally, relationship quality has a negative influence on intention to switch in the western medicine, whereas the impact of relationship quality is not significant in the oriental and integrated medicine practices.

• Journal of Wetlands Research
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• v.19 no.4
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• pp.491-500
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• 2017

Stream water quantity is the most basic, fundamental and important element for stream water quality and for conservation of ecological environment. This study aims to analyze causes of changes in stream water quantity based on the percentage of impervious surface area (%ISA) in urban streams of Gyeonggi-do, and also to present a method to secure water quantity of urban streams in Gyeonggi-do and data to be applied to River Management Policy. For this purpose, the Anyangcheon watershed, the Tancheon watershed, and the Osancheon watershed were selected as samples of the urban streams. In addition, the stream water quantity and the changes in stream water quality which were based on the amount of ISA, and methods to directly and indirectly secure stream water quantity were investigated. The results are as follows. The amounts of ISA of the Anyangcheon watershed, of the Tancheon watershed, and of the Osancheon watershed showed a 5.32%, 6.32%, and 7.22% increase, respectively, from 2014 which was approximately 10 years ago. The runoff coefficient generally increased as the amount of ISA was increased. Water reuse quantity of stream in the Tanchon watershed had a positive effect on securing stream water quantity, but both in the Anyangcheon watershed and in the Osancheon watershed, it did not have a positive effect on that. However, water reuse quantity of stream improved the water quality of each stream.