• Journal of Distribution Science
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• v.13 no.10
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• pp.73-82
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• 2015

Purpose - This paper aims to investigate whether information asymmetry could explain capital structures in Korean corporations. According to Myers (1984), firms prefer internal funding to external financing due to the costs associated with information asymmetry. When external financing is necessary, firms prefer to issue debt rather than equity by the same reasoning. Since Shyam-Sunder and Myers (1999), numerous studies continue to debate the validity of the theory. In this paper, we show how the theory depends on assumptions and incorporated variables. We hope our investigation can provide helpful implications regarding capital structure, information asymmetry, and other firm characteristics. Specifically, our empirical results are complementary to the analysis of Son and Lee's (2015), a recent study that examines the pecking order theory prediction for Korean retail firms. Research design, data, and methodology - We test empirical models that are some variants of model used in Shyam-Sunder and Myers (1999). The financial and accounting data are provided by WISEfn for the firms listed on the KOSPI during 1990 to 2013. Bond ratings are supplied by the Korea Investor Service (KIS). We take into account the heterogeneity in debt capacity; a firm's debt capacity is measured by using the method of Lemmon and Zender (2010) based on its bond ratings. Finally, we estimate empirical models suggested by Shyam-Sunder and Myers (1999), Frank and Goyal (2003), and Lemmon and Zender (2010). Results - First, we find that Shyam-Sunder and Myers' (1999) prediction fails to explain total debt changes of Korean firms. Second, we find a non-monotonic relationship between total debt changes and financial deficits with respect to debt capacity. This contradicts the prediction of Lemmon and Zender (2010) that argues the pecking order theory survives with a monotonically increasing relationship. Third, we estimate a negative correlation coefficient between financial deficit and current debt changes. The result is the complete opposite of the prediction of Lemmon and Zender (2010). Finally, we also confirm the non-monotonic relationship between non-current debt changes and financial deficits with respect to debt capacity. Yet, the slope of coefficient is smaller than that of total debt change case. Indeed, the results are, to some extent, consistent with the prediction of pecking order theory, if we exclude the mid-debt capacity firms. Conclusions - Our empirical results complementary to the analysis of Son and Lee (2015), a recent study focusing on capital structure in Korean retail firms; their paper suggests interesting topics regarding capital structure, information asymmetry, and other firm characteristics in Korean corporations. Contrary to Son and Lee (2015), our results show that total debt changes and current debt changes are inconsistent with the prediction of Shyam-Sunder and Myers (1999). However, similar to Son and Lee (2015), non-current debt changes are consistent with the pecking order prediction, in the case of excluding the mid-level debt capacity firms. This contrast allows us to infer that industry characteristics significantly affect the validity of the pecking order prediction. Further studies are needed to analyze the economics behind this phenomenon, which is beyond the scope of our paper. In addition, the estimation bias potentially matters regarding the firm-level debt capacity calculation. We also reserve this topic for future research.

• Journal of the Korean Society of Food Science and Nutrition
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• v.23 no.3
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• pp.414-419
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• 1994

This study was trying to find what physical changes occurred to albumin when it reacted with estrogen and other ligands. Each concentration of human serum albumin with 100$\mu$l estradiol reacted at the highest binding capacity of 280nm. In addition, 1 hr of reaction time showed the highest binding rate. Conformational changes in human serum albumin with dietylstillbesterol and N-ethyl-maleimide produced strong binding capacities. The changes were immediate and they did not increase or decrease over time. Effects of human serum albumin with estriol induced no interaction each other. The binding capacity of human serum albumin with vitamin D$_2$was lower than estradiol. and the highest binding rate showed 1 hr of reaction time. Vitamin D$_2$ was very similar to the binding capacity of estradiol.

• Proceedings of the Korean Geotechical Society Conference
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• 2002.06a
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• pp.77-89
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• 2002

To analyze a bearing capacity for pile groups, a number of model tests have been done and theoretical methods studied. In the case of design of group pile bearing capacity is calculated with only pile capacity. But uncertainty of bearing capacity and behavior of foundation cap(raft) leads to conservative design ignoring bearing effects of foundation cap. In the case of considering bearing capacity of foundation cap, the simple sum of bearing capacity of foundation cap and pile groups cannot be the bearing capacity of total foundation system. Since cap-pile-soil interaction affects the behavior of pile groups. Thus, understanding cap-pile-soil interaction is very important in optimal design. In this paper, the piled raft behavior is studied through model tests of 2$\times$2, 2$\times$3, 3$\times$3 pile group. Changes of behavior of pile group foundation by touching effects of foundation cap with soil are studied. Also changes of spacing between piles. Foundation cap is made of rigid steel plate and piles are made steel pipes. From this model tests, the changes of behavior changes of pile groups by touching effects of foundation cap with soil are studied.

• Safety and Health at Work
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• v.11 no.1
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• pp.1-9
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• 2020

Background: As the impact of climate change intensifies, exposure to heat stress will grow, leading to a loss of work capacity for vulnerable occupations and affecting individual labor decisions. This study estimates the future work capacity under the Representative Concentration Pathways 8.5 scenario and discusses its regional impacts on the occupational structure in the Republic of Korea. Methods: The data utilized for this study constitute the local wet bulb globe temperature from the Korea Meteorological Administration and information from the Korean Working Condition Survey from the Occupational Safety and Health Research Institute of Korea. Using these data, we classify the occupations vulnerable to heat stress and estimate future changes in work capacity at the local scale, considering the occupational structure. We then identify the spatial cluster of diminishing work capacity using exploratory spatial data analysis. Results: Our findings indicate that 52 occupations are at risk of heat stress, including machine operators and elementary laborers working in the construction, welding, metal, and mining industries. Moreover, spatial clusters with diminished work capacity appear in southwest Korea. Conclusion: Although previous studies investigated the work capacity associated with heat stress in terms of climatic impact, this study quantifies the local impacts due to the global risk of climate change. The results suggest the need for mainstreaming an adaptation policy related to work capacity in regional development strategies.

• Journal of the Korean Society for Heat Treatment
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• v.31 no.2
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• pp.56-62
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• 2018

Many researchers have studied on the precipitation control after solution treatment to improve the damping capacity without decreasing the strength. However, studies on the damping capacity and microstructure changes after deformation in the solid solution strengthening alloys were inadequate, such as the Al-Zn series magnesium alloys. Therefore, in order to investigate the effect of annealing condition on microstructure change and damping a capacity of AZ61 magnesium alloy. In this study, it was confirmed that the microstructure changes affect the damping capacity and hardness when annealed AZ61 alloy. AZ61 magnesium alloy was rolled at $400^{\circ}C$ with rolling reduction of 30%. These specimens were annealed at $350^{\circ}C$ to $450^{\circ}C$ for 30-180 minutes. After annealing, microstructure was observed by using optical microscopy, and damping capacity was measured by using internal friction measurement machine. Hardness was measured by Vickers hardness tester under a condition of 0.3 N. In this study, static recrystallization was observed regardless of the annealing conditions. In addition, uniform equiaxed grain structure was developed by annealing treatment. Hardness is decreased with increasing grain size. This is associated with Hall-Petch equation and static recrystallization. In case of damping capacity, bigger grain size show the larger damping capacity.

• Journal of Korean Society of Transportation
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• v.8 no.1
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• pp.5-15
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• 1990

As a result of the lack of methodology for the determination of navigational channel capacity and the consequence lack of effective management of traffic, navigational channels are often grossly underutilized or highly congested. The traditional rule of first-come-first-served admission of vessels to channels is not efficient as it assumes equal time intervals between entrance of consecutive vessels. A new vessel traffic management system is developed in this research and methodologies to measure the improvement in the channel capacity are developed. Methodology to measure the channel performances for three queue disciplines are developed. The effects of changes in major factors on the channel capacity model such as channel length, fleet mix and arrival rate, as well as changes in strategy are analyzed. Under given channel conditions, best strategy are recommended. Also, a method for effective stochastic channel capacity simulation was developed. The results of analysis and as ertions are compared with the results of simulation runs to prove their applicability.

• Journal of The Korean Society of Integrative Medicine
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• v.11 no.3
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• pp.219-226
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• 2023

Purpose : The purpose of this study was to compare changes of salivary flow rate, salivary buffering capacity, and S. mutans after using a mouthwash containing essential oil or probiotics widely used as oral lactic acid bacteria in the oral environment. Methods : Fifty-three healthy adults aged 20 years or older voluntarily participated in this study after they were informed of the purpose of this study. Subjects were divided into a group treated with probiotics (L. reuteri) and a group treated with mouthwash containing essential oil. To evaluate changes in the oral environment, salivary flow rate, salivary buffering capacity, and S. mutans test were performed at baseline and 4 weeks later. Unstimulated and stimulated salivary flow samples were collected for 5 minutes and results were recorded in ml per minute. Salivary buffering capacity was divided into scores of 1 (low), 2 (moderate) and 3 (high) according to the color of the strip. The amount of S. mutans was classified as scores of 0, 1, 2, and 3 according to the decision table. Data collected in this study were analyzed at the 95 % significance level using the SPSS Version 23.0 program. Results : Both the unstimulated salivary flow rate and the stimulated salivary flow rate increased statistically after the intervention compared to those before intervention in the probiotics group. However, there was no statistically significant difference between the probiotics group and the mouthwash group. Salivary buffering capacity and S. mutans results showed no statistically significant differences between the probiotics group and the mouthwash group either. The salivary buffering capacity and the salivary flow rate showed a positive correlation. Conclusion : To improve the oral environment, such as salivary flow rate and salivary buffering capacity, an optimal product can be selected in consideration of individual preference and cost-effectiveness.

• The Korean Journal of Food And Nutrition
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• v.9 no.3
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• pp.231-235
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• 1996

The water binding capacity(WC) of acid detergent fiber(ADF) was estimated. The WBC of raw vegetables ranged from 5. 1g to 24.7g water/g ADF. WBC was high in pepers and low in welsh onions. The correlation coefficients between WBC and fiber components were examined to fled which component is responsible for the deteruuning ability to bind water. The correlation coefficient between WBC and cellulose was +0.8. The binding capacity of water by fiber was affected positively by cellulose. fermentation increased in WBC of ADF. Changes of no in accordance with pH changes were evaluated at pH 2, 5.2 and 6. In all cases, WBC was high In weak acid and neutral.

• The Transactions of The Korean Institute of Electrical Engineers
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• v.56 no.7
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• pp.1199-1204
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• 2007

In a cost based pool market, the generation capacity can be used as strategic bids by generation companies (Gencos) with the cost functions open to the market. Competition using strategic capacities is modeled by Cournot and Perfect Competiton (PC) model, and transformed into two by two payoff matrix game with Gencos' decision variables of Cournot and PC model. The payoff matrices vary when capacity payments are given to Gencos in accordance with their capacity bids. Nash Equilibrium (NE) in the matrices also moves with capacity price changes. In order to maximize social welfare of the market, NE should locate in a certain position of the payoff matrices, which corresponds to a PC NE. A concept of a critical capacity price is proposed and calculated in this paper that is defined as a minimum capacity price leading to PC NE. The critical capacity price is verified to work as a tool for suppressing a strategic capacity withholding in simulations of a test system.

• Journal of The Korean Society of Grassland and Forage Science
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• v.9 no.2
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• pp.77-81
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• 1989

This experiment was conducted to elucidate the changes of dry matter production in permanent pasture and its relation with relative yield of the 1st cutting, regrowth capacity, and persistance of orchardgrass sward, based on the data of preceeding The results were summarized as follows; 1. Relationship between relative yield of the 1st cutting and regrowth capacity were changed by the times of established pasture. Thus, the relative yield of the 1st cutting have negative significant correlation (P < -0.001) with regrowth capacity. 2. Regrowth capacity(RC) was positively significant correlations with the dry weight of plant (DW/pl.), number of tillers per plant (NT/pl.), plant size(PS) and distance between adjacent plants (DIS) of the 1st cutting. Also, regrowth capacity(RC) was positively correlations with the dry weight of plant (DW/pl.), number of tillers per plant (NT/pl.), stubble diameter(DIA), stubble area(SB), plant size(PS) and distance between adjacent plants(D1S) of the 2nd cutting. 3. The coefficients of regression of the 1st cutting showed a tendency to slightly decrease, on the other hand, the 2nd cutting and total yield were tended to increase by the times of established pasture. 4, Between the regrowth capacity and persistency were may deeply concerned to the changes of dry matter production in permanent pasture. 5. The process of dry matter production in permanent pasture can be shown in following diagrams.