• Journal of Intelligence and Information Systems
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• v.27 no.3
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• pp.95-112
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• 2021

In university education, the choice of major class plays an important role in students' careers. However, in line with the changes in the industry, the fields of major subjects by department are diversifying and increasing in number in university education. As a result, students have difficulty to choose and take classes according to their career paths. In general, students choose classes based on experiences such as choices of peers or advice from seniors. This has the advantage of being able to take into account the general situation, but it does not reflect individual tendencies and considerations of existing courses, and has a problem that leads to information inequality that is shared only among specific students. In addition, as non-face-to-face classes have recently been conducted and exchanges between students have decreased, even experience-based decisions have not been made as well. Therefore, this study proposes a recommendation system model that can recommend college major classes suitable for individual characteristics based on data rather than experience. The recommendation system recommends information and content (music, movies, books, images, etc.) that a specific user may be interested in. It is already widely used in services where it is important to consider individual tendencies such as YouTube and Facebook, and you can experience it familiarly in providing personalized services in content services such as over-the-top media services (OTT). Classes are also a kind of content consumption in terms of selecting classes suitable for individuals from a set content list. However, unlike other content consumption, it is characterized by a large influence of selection results. For example, in the case of music and movies, it is usually consumed once and the time required to consume content is short. Therefore, the importance of each item is relatively low, and there is no deep concern in selecting. Major classes usually have a long consumption time because they have to be taken for one semester, and each item has a high importance and requires greater caution in choice because it affects many things such as career and graduation requirements depending on the composition of the selected classes. Depending on the unique characteristics of these major classes, the recommendation system in the education field supports decision-making that reflects individual characteristics that are meaningful and cannot be reflected in experience-based decision-making, even though it has a relatively small number of item ranges. This study aims to realize personalized education and enhance students' educational satisfaction by presenting a recommendation model for university major class. In the model study, class history data of undergraduate students at University from 2015 to 2017 were used, and students and their major names were used as metadata. The class history data is implicit feedback data that only indicates whether content is consumed, not reflecting preferences for classes. Therefore, when we derive embedding vectors that characterize students and classes, their expressive power is low. With these issues in mind, this study proposes a Net-NeuMF model that generates vectors of students, classes through network analysis and utilizes them as input values of the model. The model was based on the structure of NeuMF using one-hot vectors, a representative model using data with implicit feedback. The input vectors of the model are generated to represent the characteristic of students and classes through network analysis. To generate a vector representing a student, each student is set to a node and the edge is designed to connect with a weight if the two students take the same class. Similarly, to generate a vector representing the class, each class was set as a node, and the edge connected if any students had taken the classes in common. Thus, we utilize Node2Vec, a representation learning methodology that quantifies the characteristics of each node. For the evaluation of the model, we used four indicators that are mainly utilized by recommendation systems, and experiments were conducted on three different dimensions to analyze the impact of embedding dimensions on the model. The results show better performance on evaluation metrics regardless of dimension than when using one-hot vectors in existing NeuMF structures. Thus, this work contributes to a network of students (users) and classes (items) to increase expressiveness over existing one-hot embeddings, to match the characteristics of each structure that constitutes the model, and to show better performance on various kinds of evaluation metrics compared to existing methodologies.

• (The) Research of the performance art and culture
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• no.19
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• pp.347-378
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• 2009

Those who were from Jaeincheon and Jaein line entertainers played great roles during transition period from traditional society to modern society, and even at present the dances of them are the representative traditional dances of Korea and the matrix of Korean originality. Nevertheless, Korea dance field has given little importance to these dances, but too much importance to Gibang dance in studying traditional dances, which causes the studies on Jaein line danced to be superficial or separate. Therefore, the aims of this article are to analyze the dances of Jaein line by Han Seong-jun, who was representative for the dances, and to appraise the historical value of them. Han Seong-jun(1874-1942) was the most influential dummer and dancer of his day in Japanese colonial times, and has been recognized as one of the masters of traditional dances. He established autonomy of traditional dances by reorganizing, collecting and stage-formalizing the dances, and systemized transmitting ways for various folk dances including a Buddhist dance, which made it possiblefor those dances to be traditional dances of Korea and the bases for creative dances. The values of Jaein line dances, which were transmitted through Han, are the following: First, the dances have been designated as national or regional intangible cultural assets, and, as the representative traditional arts, we proudly show them to the world. Second, the dances, as one of the genres of Korean dances, are the subjects of younger scholars' studies. Third, the dances become one of the representative examples of revivals of traditional dances, which tend to be extinct during modernization times, and contribute to establishing national identity and subjectivity. In addition, they contribute to discovering and transmitting other traditional dances. Fourth, the dances enable many dancers to make association, that is, Association for Preservation of Traditional Dances,for the transmitting the dances, and to distribute the dances and get many dancers to transmit the dances. Furthermore, as new performance repertories, they give another pleasure to the audience. In addition to the above, as a base for expansion of Korean creative dances, Han's dances have other values such as the following: First, in searching for a new methodology for creation, he played an important role in rediscovering the foundation in the tradition, and tried to discover nationalidentity by employing the traditional dances for expression of theme. Second, he contributed to drastically dissolving the genres by expanding the gesture language from motion factors of traditional dances, which can be compared to the modern dance. Third, he tried new challenging approaches to re-create the tradition, and contributed to pursuing the simple elements of our traditional dances as traditional aesthetics. While the dances of Jaein line have such values as the above, there are also some problems around the dances, such as the confusion in the process of transmission resulted from different transmission forms and transmitters, which we must no longer leave as it is. Furthermore, it is urgent that the rest of Jaein line dances be recovered and designated as intangible cultural assets for the sound transmission of the traditional dances.

• Korean Journal of Soil Science and Fertilizer
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• v.10 no.3
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• pp.103-134
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• 1977

The physiological and biochemical role of potassium for upland crops according to recent research reports and the nutritional status of potassium in Korea were reviewed. Since physical and chemical characteristics of potassium ion are different from those of sodium, potassium can not completely be replaced by sodium and replacement must be limited to minimum possible functional area. Specific roles of potassium seem to keep fine structure of biological membranes such as thylacoid membrane of chloroplast in the most efficient form and to be allosteric effector and conformation controller of various enzymes principally in carbohydrate and protein metabolism. Potassium is essential to improve the efficiency of phoro- and oxidative- phosphorylation and involve deeply in all energy required metabolisms especially synthesis of organic matter and their translocation. Potassium has many important, physiological functions such as maintenance of osmotic pressure and optimum hydration of cell colloids, consequently uptake and translocation of water resulting in higher water use efficiency and of better subcellular environment for various physiological and biochemical activities. Potassium affects uptake and translocation of mineral nutrients and quality of products. potassium itself in products may become a quality criteria due to potassium essentiality for human beings. Potassium uptake is greatly decreased by low temperature and controlled by unknown feed back mechanism of potassium in plants. Thus the luxury absorption should be reconsidered. Total potassium content of upland soil in Korea is about 3% but the exchangeable one is about 0.3 me/100g soil. All upland crops require much potassium probably due to freezing and cold weather and also due to wet damage and drought caused by uneven rainfall pattern. In barley, potassium should be high at just before freezing and just after thawing and move into grain from heading for higher yield. Use efficiency of potassium was 27% for barley and 58% in old uplands, 46% in newly opened hilly lands for soybean. Soybean plant showed potassium deficiency symptom in various fields especially in newly opened hilly lands. Potassium criteria for normal growth appear 2% $K_2O$ and 1.0 K/(Ca+Mg) (content ratio) at flower bud initiation stage for soybean. Potassium requirement in plant was high in carrot, egg plant, chinese cabbage, red pepper, raddish and tomato. Potassium content in leaves was significantly correlated with yield in chinese cabbage. Sweet potato. greatly absorbed potassium subsequently affected potassium nutrition of the following crop. In the case of potassium deficiency, root showed the greatest difference in potassium content from that of normal indicating that deficiency damages root first. Potatoes and corn showed much higher potassium content in comparison with calcium and magnesium. Forage crops from ranges showed relatively high potassium content which was significantly and positively correlated with nitrogen, phosphorus and calcium content. Percentage of orchards (apple, pear, peach, grape, and orange) insufficient in potassium ranged from 16 to 25. The leaves and soils from the good apple and pear orchards showed higher potassium content than those from the poor ones. Critical ratio of $K_2O/(CaO+MgO)$ in mulberry leaves to escape from winter death of branch tip was 0.95. In the multiple croping system, exchangeable potassium in soils after one crop was affected by the previous crops and potassium uptake seemed to be related with soil organic matter providing soil moisture and aeration. Thus, the long term and quantitative investigation of various forms of potassium including total one are needed in relation to soil, weather and croping system. Potassium uptake and efficiency may be increased by topdressing, deep placement, slow-releasing or granular fertilizer application with the consideration of rainfall pattern. In all researches for nutritional explanation including potassium of crop yield reasonable and practicable nutritional indices will most easily be obtained through multifactor analysis.

• (The) Research of the performance art and culture
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• no.18
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• pp.413-444
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• 2009

This paper is an analysis of stage and performance elements for the ceremonial procedures and dance featured in bongsudang-jinchan, a feast celebrating the 60th birthday of Hyegyeong-gung Hongssi (Crown Princess Hong of Hyegyeonggung), the mother of King Jeongjo, which took place in Hwaseong haegung palace in 1795. The primary sources used are data on bongsudangjinchan recorded in Wonhaeng-eulmyojeongriuigwe, Jeongjo-sillok, Hongjae-jeonseo, pictorial sources such as Folding Screens of Hwaseong-neunghaeng and Hwaseong Ilgi, which is a journal in Korean by Yi Hui-pyeong. A court ceremony to offer music, dance, flowers, and food, as well as wine and poetry which express the sentiments of chung (fidelity) and hyo (filial piety) was considered a national ceremony and has constituted a unique musical culture during the 500 years of Joseon dynasty. However, after the fall of Joseon dynasty, ceremonial music and dance, which have been organically linked within the overall symbolic system of ye (courtesy), became scattered to become independent 'pieces.' As a result, all of their philosophy, principles, and the time-space interpretation of court music and dance became greatly reduced, leaving only the artistic expression and formal structure of the music and dance to become emphasized. Since the 1990s, there has been many research and events aiming to re-create the court ceremonial tradition, resulting in the increase of the related performance activities. This is especially true with bongsudang-jinchan, which is now being performed on modern stage in various forms. However there are still many problems to be solved, such as the issue of re-creating and restoring the original, and the question of artistic value found in the traditional pieces. Until now, much focus has been paid to the outer re-construction of uiju document as recorded in Wonhaeng-eulmyo-jeongriuigwe. On the other hand, there lacked an in-depth study which analyzes the stage situation and performance elements. Therefore in this paper, after focusing on the stage structure and performance elements, it is concluded that bongsudang-jinchan, the only court feast to be held in Haeng gung, not only consists of the fundamental aspects of court performance principle as 'governing through ye and ak (music),' but also served as an important occasion to bring together the sovereign and the subject. Bongsudang-jinchan had features of both naeyeon (feast for ladies) and oeyeon (feast for gentlemen). It minimized the use of screens and allowed every guest to enjoy food, music, and dance together, but provided a separate tent for foreign guests, maintaining the ideal balance between equality and distinction among different gender and social status. A screen symbolizing the venue for the feast is placed for all of the government officials. The king then pronounces the beginning of the banquet in which the ideal of gunsin-dongyeon (king and officials dining together) is realized. This indicates that bongsudang-jinchan, compared to other court ceremonies that emphasize the principle of yeak (courtesy and music), focuses more on the spirit of harmony and rapprochement. The king played a more active role in bongsudang-jinchan than in any other royal feasts. Examples as recorded in uiju documents are; Jeongjo's conversation with his retainers after the 7th wine, king's bestowing of food and flowers to the officials, writing his own majesty's poems with regard to the festival, and asking the retainers to write replying poems. All these played an important part in making the occasion more rich, extensive, and meaningful. Moreover, as analysis of the structure of orchestral music and court dance featured in bongsudang-jinchan shows, it was like any other court banquet in that it employed minimal use of extravagance in movements and conversation. However, the colors and tonal texture used in the music and dance were more brilliant in this case. Compared to other banquets that took place before king Jeongjo, the dance style was more diverse, which included some of the latest additions. There were past performances arranged anew. Noteworthy are; the incorporation of "Seonyurak (Boat Dance)" and "Geommu (Sword Dance)," traditionally used for local officials and civilians feast, to suit the court taste; and the use of saenghwang (mouth organ), which was a rising instrument in pungnyubang (literati's private salon), for "Hakmu (Cranes Dance)." This especially indicates the nature of the 'open structure' pursued by the court banquets at the time, which strove to break away from the traditional rules and customs and accept something new.

• Sim-seong Yeon-gu
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• v.38 no.1
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• pp.1-44
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• 2023

Hexagram Bi (比 ䷇ 8) is one of the hexagrams comprised of one-unbroken line and five-broken lines. The hexagrams of one-unbroken and five-broken lines symbolize the relationship and dynamics between one yang-consciousness and the five-yin unconsciousness. The hexagram of one-unbroken line and five-broken lines has six different images depending on the position of the one unbroken line from the beginning line to the top line. In terms of psychology, this means that the position change of one yang line in relation to five yin lines may symbolize the function of consciousness which clarifies and determines the content of the psyche. In addition, the flow of psychic energy can be examined through the process of one unbroken line's movement. In other words, the psychic contents of the beginning line of hexagram Bok (復 ䷗ 24), which is the beginning of the hexagram of one-unbroken line and five-broken lines, proceed sequentially, and then arrive at the process of the last sixth, hexagram Bak (剝 ䷖ 23) through the fifth, the hexagram Bi (8). That is, it can be said that the content of the hexagram and the line determined according to the position of one unbroken line show a certain psychic flow. As a result, the first hexagram Bok (復 ䷗ 24), after recovering and starting newly, means the beginning of consciousness. After that the process of proceeding with the second, third, and fourth lines represents the flow of consciousness. And in the fifth place, the fifth line of hexagram Bi, it reaches its peak and is placed in the optimal state of consciousness because of its right and centered position at this hexagram Bi. Like nature, the psyche gradually enters the path of decline from the highest state, which leads to the last sixth, the top line of hexagram Bak. However, the top line of the hexagram Bak, where everything falls off, contains the content of starting again in its top line. It is the beginning line of hexagram Bok to inherit this. This means the circumambulation of the psyche that changes from a psychologically difficult state of depression to a stage of recovery. There is a stage that must be passed in this circulation process, and that is the hexagram Gon (坤 ䷁ 2). October(tenth month)'s hexagram Gon is placed between hexagram Bak, the ninth month of the lunar calendar, and hexagram Bok, the eleventh month of the lunar calendar. This represents that the flow of recovery must go through a maternal process of hexagram Gon. The retreat to the psychological uterus is inevitable in regenerating the psyche. This process flows from the hexagram Bak and through hexagram Gon to the hexagram Bok. At this situation the hexagram Gon acts the absolutely necessary role. In addition, the main body of the hexagrams of one-unbroken and five-broken lines, including the Bi hexagram, is also the Gon hexagram composed of six-broken lines. In other words, all six hexagrams of one-unbroken and five-broken lines have a certain relationship with the Gon hexagram, and it would be meaningful to look at the correlation between the unbroken lines of the hexagrams of one-unbroken and five-broken lines and the corresponding broken lines of the hexagram Gon. This can be said to be the dynamics of the maternal unconscious connected to the state of consciousness in six forms. Therefore, each hexagram of one-unbroken and five-broken lines symbolizes the expression of the integration the mother archetype with the consciousness. Revealing this well is the meaning of the hexagram of one-unbroken and five-broken lines. Its hexagram image consists of a combination of Gon (☷), which symbolizes the mother, and the thunder (☳) the eldest son, the water (☵) the middle son and the mountain (☶) the third son. As a result, the hexagram Bok (復 ䷗ 24), Sa (師 ䷆ 7), Gyeom (謙 ䷠ 15), Ye (豫 ䷏ 16), Bi (比 ䷇ 8) and Bak (剝 ䷖ 23) are sequentially created in the order of the unbroken line. This is symbolically the evolutionary process of consciousness. In this way, the hexagrams of one-unbroken and five-broken lines, which mean the conjunction of mother and son, represent the advancing relationship between the maternal unconscious and consciousness. In addition, the relationship with the mother according to the position of the son is related to the dynamics of mother archetype to the attitude of consciousness. The psychological meaning can be deduced from the flow of six lines of hexagrams of one-unbroken and five-broken lines. And the state in which the activation of the consciousness is at its peak is the fifth line of the hexagram Bi, and comparing it with the contents of the corresponding fifth line of hexagram Gon not only can find the state and meaning of the conjunction of consciousness and the maternal unconscious, but the entire flow can be compared to the individuation process.

• Korean journal of applied entomology
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• v.13 no.3 s.20
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• pp.105-133
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• 1974

The present study is an attempt to solve the basic problems involved in the control of the Sclerotium disease. The biologic stranis of Sclerotium rolfsii Sacc., pathogen of Sclerotium disease of Magnolia kobus, were differentiated, and the effects of vitamins, various nitrogen and carbon sources on its mycelial growth and sclerotial production have been investigated. In addition the relationship between the cultural filtrate of Penicillium sp. and the growth of Sclerotium rolfsii, the tolerance of its mycelia or sclerotia to moist heat or drought and to Benlate (methyl-(butylcarbamoy 1)-2-benzimidazole carbamate), Tachigaren (3-hydroxy-5-methylisoxazole) and other chemicals were also clarified. The results are summarizee as follows: 1. There were two biologic strains, Type-l and Type-2 among isolates. They differed from each other in the mode of growth and colonial appearance on the media, aversion phenomenon and in their pathogenicity. These two types had similar pathogenicity to the Magnolia kobus and Robinia pseudoacasia, but behaved somewhat differently to the soybaen and cucumber, the Type-l being more virulent. 2. Except potassium nitrite, sodium nitrite and glycine, all of the 12 nitrogen sources tested were utilized for the mycelial growth and sclerotial production of this fungus when 10r/l of thiamine hydrochloride was added in the culture solution. Considering the forms of nitrogen, ammonium nitrogen was more available than nitrate nitrogen for the growth of mycelia, but nitrate nitrogen was better for sclerotia formation. Organic nitrogen showed different availabilities according to compounds used. While nitrite nitrogen was unavailable for both mycelial growth and sclerotial formation whether thiamine hydrochlioride was added or not. 3. Seven kinds of carbon sources examined were not effective in general, as long as thiamine hydrochloride was not added. When thiamine hydrochloride was added, glucose and saccharose exhibited mycelial growth, while rnaltose and soluble starch gave lesser, and xylose, lactose, and glycine showed no effect at all,. In the sclerotial production, all the tested carbon sources, except lactose, were effective, and glucose, maltose, saccharose, and soluble starch gave better results. 4. At the same level of nitrogen, the amount of mycelial growth increased as more carbon Sources were applied but decreased with the increase of nitrogen above 0.5g/1. The amount of sclerotial production decreased wi th the increase of carbon sources. 5. Sclerotium rolfsii was thiamine-defficient and required thiamine 20r/l for maximun growth of mycelia. At a higher concentration of more than 20r/l, however, mycelial growth decreased as the concentration increased, and was inhibited at l50r/l to such a degree of thiamine-free. 6. The effect of the nitrogen sources on the mycelial growth under the presence of thiamine were recognized in the decreasing order of $NH_4NO_3,\;(NH_4)_2SO_4,\;asparagine,\;KNO_3$, and their effects on the sclerotial production in the order of $KNO_3,\;NH_4NO_3,\;asparagine,\;(NH_4)_2SO_4$. The optimum concentration of thiamine was about 12r/l in $KNO_3$ and about 16r/l in asparagine for the growth of mycelia; about 8r/l in $KNO_3$ and $NH_4NO_3$, and 16r/l in asparagine for the production of sclerotia. 7. After the fungus started to grow, the pH value of cultural filtrate rapidly dropped to about 3.5. Hereafter, its rate slowed down as the growth amount increased and did not depreciated below pH2.2. 8. The role of thiamine in the growth of the organism was vital. If thiamine was not added, the combination of biotin, pyridoxine, and inositol did not show any effects on the growth of the organism at all. Equivalent or better mycelial growth was recognized in the combination of thiamine+pyridoxine, thiamine+inositol, thiamine+biotin+pyridoxine, and thiamine+biotin+pyridoxine+inositol, as compared with thiamine alone. In the combinations of thiamine+biotin and thiamine+biotin+inositol, mycelial growth was inhibited. Sclerotial production in dry weight increased more in these combinations than in the medium of thiamine alone. 9. The stimulating effects of the Penicillium cultural filtrate on the mycelial growth was noticed. It increased linearly with the increase of filtrate concentration up to 6-15 ml/50ml basal medium solution. 10. $NH_4NO_3$. as a nitrogen source for mycelial growth was more effective than asparasine regardless of the concentration of cultural filtrate. 11. In the series of fractionations of the cultural filtrate, mycelial growth occured in unvolatile, ether insoluble cation-adsorbed or anion-unadsorbed substance fractions among the fractions of volatile, unvolatile acids, ether soluble organic acids, ether insoluble, cation-adsorbed, cation-unadsorbed, anion-adsorbed and anion-unadsorbed. and anion-un-adsorbed substance tested. Sclerotia were produced only in cation-adsorbed fraction. 12. According to the above results, it was assumed that substances for the mycelial growth and sclerotial formation and inhibitor of sclerotial formation were include::! in cultural filtrate and they were quite different from each other. I was further assumed that the former two substances are un volatile, ether insotuble, and adsorbed to cation-exchange resin, but not adsorbed to anion, whereas the latter is unvolatile, ether insoluble, and not adsorbed to cation or anion-exchange resin. 13. Seven amino acids-aspartic acid, cystine, glysine, histidine, Iycine, tyrosine and dinitroaniline-were detected in the fractions adsorbed to cation-exchange resin by applying the paper chromatography improved with DNP-amino acids. 14. Mycelial growth or sclerotial production was not stimulated significantly by separate or combined application of glutamic acid, aspartic acid, cystine, histidine, and glysine. Tyrosine gave the stimulating effect when applied .alone and when combined with other amino acids in some cases. 15. The tolerance of sclerotia to moist heat varied according to their water content, that was, the dried sclerotia are more tolerant than wet ones. The sclerotia harvested directly from the media, both Type-1 and Type-2, lost viability within 5 minutes at $52^{\circ}C$. Sclerotia dried for 155 days at$26^{\circ}C$ had more tolerance: sclerotia of Type-l were killed in 15 mins. at $52^{\circ}C$ and in 5 mins. at $57^{\circ}C$, and sclerotia of Type-2 were killed in 10 mins. both at $52^{\circ}C$ or $57^{\circ}C$. 16. Cultural sclerotia of both strains maintained good germinability for 132 days at$26^{\circ}C$. Natural sclerotia of them stored for 283 days under air dry condition still had good germinability, even for 443 days: type-l and type-2 maintained $20\%$ and $26.9\%$ germinability, respectively. 17. The tolerance to low temperature increased in the order of mycelia, felts and sclerotia. Mycelia completely lost the ability to grow within 1 week at $7-8^{\circ}C$> below zero, while mycelial felts still maintained the viability after .3 weeks at $7-20^{\circ}C$ below zero, and sclerotia were even more tolerant. 18. Sclerotia of type-l and type-2 were killed when dipped into the $0.05\%$ solution of mercury chloride for 180 mins. and 240 mins. respectively: and in the $0.1\%$ solution, Type-l for 60 mins. and Type-2 for 30 mins. In the $0.125\%$ uspulun solution, Type-l sclerotia were killed in 180 mins., and those of Type-2 were killed for 90 mins. in the$0.125\%$solution. Dipping into the $5\%$ copper sulphate solution or $0.2\%$ solution of Ceresan lime or Mercron for 240 mins. failed to kill sclerotia of either Type-l or Type-2. 19. Inhibitory effect on mycelial growth of Benlate or Tachi-garen in the liquid culture increased as the concentration increased. 6 days after application, obvious inhibitory effects were found in all treatments except Benlate 0.5ppm; but after 12 days, distingushed diflerences were shown among the different concentrations. As compared with the control, mycelial growth was inhibited by $66\%$ at 0.5ppm and by $92\%$ at 2.0ppm of Benlate, and by$54\%$ at 1ppm and about $77\%$ at 1.5ppm or 2.0ppm of Tachigaren. The mycelial growth was inhibited completely at 500ppm of both fungicides, and the formation of sclerotia was checked at 1,000ppm of Benlate ant at 500ppm or 1,000ppm of Tachigaren. 20. Consumptions of glucose or ammonium nitrogen in the culture solution usually increased with the increment of mycelial growth, but when Benlate or Tachigaren were applied, consumptions of glucose or ammonium nitrogen were inhibited with the increment of concentration of the fungicides. At the low concentrations of Benlate (0.5ppm or 1ppm), however, ammonium nitrogen consumption was higher than that of the ontrol. 21. The amount of mycelia produced by consuming 1mg of glucose or ammonium nitrogen in the culture solution was lowered markedly by Benlate or Tachigaren. Such effects were the severest on the third day after their treatment in all concentrations, and then gradually recovered with the progress of time. 22. In the sand culture, mycelial growth was not inhibited. It was indirectly estimated by the amount of $CO_2$ evolved at any concentrations, except in the Tachigaren 100mg/g sand in which mycelial growth was inhibited significantly. Sclerotial production was completely depressed in the 10mg/g sand of Benlate or Tachigaren. 23. There was no visible inhibitory effect on the germination of sclerotia when the sclerotia were dipped in the solution 0.1, 1.0, 100, 1.000ppm of Benlate or Tachigaren for 10 minutes or even 20 minutes.

• 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.