• Korean small business review
• /
• v.31 no.4
• /
• pp.67-93
• /
• 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 Global Scholars of Marketing Science
• /
• v.20 no.1
• /
• pp.59-69
• /
• 2010

Green or an environmental consciousness has been a major issue for businesses and government offices, as well as consumers, worldwide. In response to this movement, the Korean government announced, in the early 2000s, the era of "Green Growth" as a way to encourage green-related business activities. The Korean fashion industry, in various levels of involvement, presents diverse eco-friendly products as a part of the green movement. These apparel products include organic products and recycled clothing. For these companies to be successful, they need information about who are the consumers who consider green issues (e.g., environmental sustainability) as part of their personal values when making a decision for product purchase, use, and disposal. These consumers can be considered as eco-sumers. Previous studies have examined consumers' purchase intention for or with eco-friendly products. In addition, studies have examined influential factors used to identify the eco-sumers or green consumers. However, limited attention was paid to eco-sumers' disposal or recycling behavior of clothes in comparison with their green product purchases. Clothing disposal behaviors are ways that consumer can get rid of unused clothing and in clue temporarily lending the item or permanently eliminating the item by "handing down" (e.g., giving it to a younger sibling), donating, exchanging, selling, or simply throwing it away. Accordingly, examining purchasing behaviors of eco-friendly fashion items in conjunction with clothing disposal behaviors should improve understanding of a consumer's clothing consumption behavior from the environmental perspective. The purpose of this exploratory study is to provide descriptive information about Korean eco-sumers who have ecologically-favorable lifestyles and behaviors when buying and disposing of clothes. The objectives of this study are to (a) categorize Koreans on the basis of clothing disposal behaviors; (b) investigate the differences in demographics, lifestyles, and clothing consumption values among segments; and (c) compare the purchase intention of eco-friendly fashion items and influential factors among segments. A self-administered questionnaire was developed based on previous studies. The questionnaire included 10 items of clothing disposal behavior, 22 items of LOHAS (Lifestyles of Health and Sustainability) characteristics, and 19 items of consumption values, measured by five-point Likert-type scales. In addition, the purchase intention of two eco-friendly fashion items and 11 attributes of each item were measured by seven-point Likert type scales. Two polyester fleece pullovers, made from fabric created from recycled bottles with the PET identification code, were selected from one Korean brand and one US imported brand among outdoor sportswear brands. A brief description of each product with a color picture was provided in the survey. Demographic variables (i.e., gender, age, marital status, education level, income, occupation) were also included. The data were collected through a professional web survey agency during May 2009. A total of 600 final usable questionnaires were analyzed. The age of respondents ranged from 20 to 49 years old with a mean age of 34 years. Fifty percent of the respondents were males and about 58% were married, and 62% reported having earned university degrees. Principal components factor analysis with varimax rotation was used to identify the underlying dimensions of the clothing disposal behavior scale, and three factors were generated (i.e., reselling behavior, donating behavior, non-recycling behavior). To categorize the respondents on the basis of clothing disposal behaviors, k-mean cluster analysis was used, and three segments were obtained. These consumer segments were labeled as 'Resale Group', 'Donation Group', and 'Non-Recycling Group.' The classification results indicated approximately 98 percent of the original cases were correctly classified. With respect to demographic characteristics among the three segments, significant differences were found in gender, marital status, occupation, and age. LOHAS characteristics were reduced into the following five factors: self-satisfaction, family orientation, health concern, environmental concern, and voluntary service. Significant differences were found in the LOHAS factors among the three clusters. Resale Group and Donation Group showed a similar predisposition to LOHAS issues while the Non-Recycling Group presented the lowest mean scores on the LOHAS factors compared to the other segments. The Resale and Donation Groups described themselves as enjoying or being satisfied with their lives and spending spare-time with family. In addition, these two groups cared about health and organic foods, and tried to conserve energy and resources. Principal components factor analysis generated clothing consumption values into the following three factors: personal values, social value, and practical value. The ANOVA test with the factors showed differences primarily between the Resale Group and the other two groups. The Resale Group was more concerned about personal value and social value than the other segments. In contrast, the Non-Recycling Group presented the higher level of social value than did Donation Group. In a comparison of the intention to purchase eco-friendly products, the Resale Group showed the highest mean score on intent to purchase Product A. On the other hand, the Donation Group presented the highest intention to purchase for Product B among segments. In addition, the mean scores indicated that the Korean product (Product B) was more preferable for purchase than the U.S. product (Product A). Stepwise regression analysis was used to identify the influence of product attributes on the purchase intention of eco product. With respect to Product A, design, price and contribution to environmental preservation were significant to predict purchase intention for the Resale Group, while price and compatibility with my image factors were significant for the Donation Group. For the Non-Recycling Group, design, price compatibility with the factors of my image, participation to eco campaign, and contribution to environmental preservation were significant. Price appropriateness was significant for each of the three clusters. With respect to Product B, design, price and compatibility with my image factors were important, but different attributes were associated significantly with purchase intention for each of the three groups. The influence of LOHAS characteristics and clothing consumption values on intention to purchase Products A and B were also examined. The LOHAS factor of health concern and the personal value factor were significant in the relationships with the purchase intention; however, the explanatory powers were low in the three segments. Findings showed that each group as classified by clothing disposal behaviors showed differences in the attributes of a product, personal values, and the LOHAS characteristics that influenced their purchase intention of eco-friendly products. Findings would enable organizations to understand eco-friendly behavior and to design appropriate strategic decisions to appeal eco-sumers.

• Journal of Nutrition and Health
• /
• v.48 no.6
• /
• pp.476-487
• /
• 2015

Purpose: This study was conducted to examine the concentration of nutrients in transitional breast milk from Korean lactating mothers and to evaluate daily intakes of their infants based on the Dietary Reference Intakes for Koreans 2010 (KDRIs 2010). Methods: Breast milk samples were collected at 5~15 days postpartum from 100 healthy lactating Korean mothers. Macro- and micro-nutrients, and immunoglobulin (Igs) concentrations in breast milk were analyzed. Results: The mean energy, protein, fat, and carbohydrate concentrations in breast milk were $59.99{\pm}8.01kcal/dL$, $1.47{\pm}0.27g/dL$, $2.88{\pm}0.89g/dL$, and $6.72{\pm}0.22g/dL$. The mean linoleic acid (LA), a-linolenic acid (ALA), arachidonic acid (AA), and docosahexaenoic acid (DHA) concentrations were $181.44{\pm}96.41mg/dL$, $28.15{\pm}8.89mg/dL$, $5.67{\pm}1.86mg/dL$, and $5.74{\pm}2.57mg/dL$. The mean vitamin A, vitamin D, vitamin E, vitamin $B_1$, vitamin $B_2$, vitamin $B_{12}$, and folate concentrations were $2.75{\pm}1.75{\mu}g/dL$, $2.31{\pm}1.12ng/dL$, $0.74{\pm}1.54mg/dL$, $3.02{\pm}1.84mg/dL$, $7.51{\pm}20.96{\mu}g/dL$, $61.78{\pm}26.78{\mu}g/dL$, $63.71{\pm}27.19ng/dL$, and $0.52{\pm}0.26{\mu}g/dL$. The mean concentrations of calcium, iron, potassium, sodium, zinc, and copper were $20.71{\pm}3.34mg/dL$, $0.59{\pm}0.86mg/dL$, $66.71{\pm}10.35mg/dL$, $27.72{\pm}10.16mg/dL$, $0.44{\pm}0.41mg/dL$, and $70.48{\pm}30.41{\mu}g/dL$. The mean IgA and total IgE concentrations were $61.85{\pm}31.97mg/dL$ and $235.00{\pm}93.00IU/dL$. The estimated daily intakes of infants for protein, vitamin D, vitamin E, vitamin $B_2$, vitamin $B_{12}$, iron, potassium, sodium, zinc, and copper were sufficient compared to KDRIs 2010 adjusted by transitory milk intakes. The estimated infants' intakes of energy, fat, carbohydrate, vitamin A, vitamin C, vitamin $B_1$, folate, and calcium did not meet KDRIs 2010 adjusted by transitory milk intakes. Conclusion: In general most estimated nutrient intakes of Korean breast-fed infants in transitory breast milk were sufficient, however some nutrient intakes were not sufficient based on KDRIs 2010. These results warrant conduct of future studies for investigation of important dietary factors associated with nutrients in breast milk to improve the quality of breast milk, which may contribute to understanding nutrition in early life and promoting growth and development of breast-fed infants.

• Journal of Fisheries and Marine Sciences Education
• /
• v.4 no.1
• /
• pp.30-46
• /
• 1992

Korea's first exploratory tuna fishing was done with a used longliner in 1957. Then the commercial fishing has been made steady headway since the 1960's and grown up to one of major tuna fishing countries in 1970's. The tuna fishing aimed primarily at acquiring foreign currency, then tuna was exported directly from the overseas fishing base. Tuna, however, has been gradually favored by Koreans as high-proteined foods according to the growth of GNP since the 1970's. In 1980, the canned tuna began to be produced and sold at home. And so the demand of raw tuna for cannaries has steeply increased not only for home but also for abroad, and stimulated the development of tuna purse seine fishery. The author carried out a study on the development of tuna purse seine fishery in Korea and countries concerned-the United States and Japan-because it is recognized to be significant for the further development of this fishery. Just as purse seining was originated in the United States, so tuna purse seining was also pioneered by Californian fishermen in the west coastal waters of the United States (Eastern Pacific Ocean). They started to produce the canned tuna in the early 1900's, and the demand for raw tuna began to be increased rapidly. In those days, tuna was mostly caught by pole-and-line, but the catch amount was far away from the demand. To satisfy this demand, they began to try out fishing tuna by the use of purse seine which had been born in the eastern waters in the 1820's and applied to catch white fishes in the western waters of the United States in those days. Even though their trial was technically successful through severe trial and error, a new problem was raised on the management of tuna resource and the preservation of porpoise which was occassionally caught with tuna. Then the Inter-American Tropical Tuna Commission (IATTC) was established by countries neighboring to the United States in 1950 and they set up the Commission's Yellowfin Regulatory Area (CYRA) and regulated the annual quota for yellowfin. Then, American owners tried to send their seiners to the Western African waters to expand the fishing ground in 1967 and to the Centeral-Western Pacfic in 1974, and the fishing ground was widely expanded. The number of the United States' purse seiners amounted to about 150 in 1980, but the enthusiasm was gradually cooled thereafter and the number of seiner was decreased to 67 in 1986. The landing of tuna by purse seiners in the United States after 1980 maintains 200 thousands M/T or so with a little increase despite the decreasing of domestic seiners. This shows that the landing by foreign seiners are increasing, compared with the landing by domestic seiners are decreasing. In Japan, even though purse seining was introduced in 1880, they had fished tuna by longline and pole-and -line until the tuna purse seining was introduced from the United States again. In the 1960's, Japanese tuna seiners made the exploratory fishing in the South-western Pacific and West African waters with a limited success. In 1971, the government-funded research center "JARMRAC" conducted the exploratory fishing which extended to the Central American waters, the Asia-Pacific Region and the South-western Pacific. It had also much difficulties, till they improved the fishing gear adaptable to the new fishing condition in the South-western Pacific. Japanese government has begun to licence 32 single seiners and 7 group seiners since 1980 and their standard has lasted up to now. The catch in the Pacific Islands Region amounted to 160 thousands M/T in 1986. Korea's tuna purse seine fishery was originated in 1971 by Jedong Industrial Co., Ltd. with three used tuna purse seiners purchased from the United States, and they began to fish in the Eastern Pacific, but failed owing to the superannuation of vessel and the infancy of fishing technique. The second challenge was done by Dongwon Industrial Co., Ltd. in 1979, with one used seiner purchased from the United States, and started to fish in the Eastern Pacific. Even though the first trial was almost unsuccessful but they could obtain the noticeable success by removing the vessel to the South-western Pacific in 1980. This success stimulated the Korean entherprisers to take part in this fishery, and the number of Korean tuna purse seiners has been increased rapidly in accordance with the increased demand for raw tuna. The number of vessels actually at work amounted to 36 in 1990 and they operate in the South-western Pacific. The annual catch of tuna by purse seiners amounted to 170 thousands M/T in 1990 and ranked to one of the major tuna purse seining countries in the world.

• Journal of Intelligence and Information Systems
• /
• v.26 no.4
• /
• pp.127-148
• /
• 2020

The data center is a physical environment facility for accommodating computer systems and related components, and is an essential foundation technology for next-generation core industries such as big data, smart factories, wearables, and smart homes. In particular, with the growth of cloud computing, the proportional expansion of the data center infrastructure is inevitable. Monitoring the health of these data center facilities is a way to maintain and manage the system and prevent failure. If a failure occurs in some elements of the facility, it may affect not only the relevant equipment but also other connected equipment, and may cause enormous damage. In particular, IT facilities are irregular due to interdependence and it is difficult to know the cause. In the previous study predicting failure in data center, failure was predicted by looking at a single server as a single state without assuming that the devices were mixed. Therefore, in this study, data center failures were classified into failures occurring inside the server (Outage A) and failures occurring outside the server (Outage B), and focused on analyzing complex failures occurring within the server. Server external failures include power, cooling, user errors, etc. Since such failures can be prevented in the early stages of data center facility construction, various solutions are being developed. On the other hand, the cause of the failure occurring in the server is difficult to determine, and adequate prevention has not yet been achieved. In particular, this is the reason why server failures do not occur singularly, cause other server failures, or receive something that causes failures from other servers. In other words, while the existing studies assumed that it was a single server that did not affect the servers and analyzed the failure, in this study, the failure occurred on the assumption that it had an effect between servers. In order to define the complex failure situation in the data center, failure history data for each equipment existing in the data center was used. There are four major failures considered in this study: Network Node Down, Server Down, Windows Activation Services Down, and Database Management System Service Down. The failures that occur for each device are sorted in chronological order, and when a failure occurs in a specific equipment, if a failure occurs in a specific equipment within 5 minutes from the time of occurrence, it is defined that the failure occurs simultaneously. After configuring the sequence for the devices that have failed at the same time, 5 devices that frequently occur simultaneously within the configured sequence were selected, and the case where the selected devices failed at the same time was confirmed through visualization. Since the server resource information collected for failure analysis is in units of time series and has flow, we used Long Short-term Memory (LSTM), a deep learning algorithm that can predict the next state through the previous state. In addition, unlike a single server, the Hierarchical Attention Network deep learning model structure was used in consideration of the fact that the level of multiple failures for each server is different. This algorithm is a method of increasing the prediction accuracy by giving weight to the server as the impact on the failure increases. The study began with defining the type of failure and selecting the analysis target. In the first experiment, the same collected data was assumed as a single server state and a multiple server state, and compared and analyzed. The second experiment improved the prediction accuracy in the case of a complex server by optimizing each server threshold. In the first experiment, which assumed each of a single server and multiple servers, in the case of a single server, it was predicted that three of the five servers did not have a failure even though the actual failure occurred. However, assuming multiple servers, all five servers were predicted to have failed. As a result of the experiment, the hypothesis that there is an effect between servers is proven. As a result of this study, it was confirmed that the prediction performance was superior when the multiple servers were assumed than when the single server was assumed. In particular, applying the Hierarchical Attention Network algorithm, assuming that the effects of each server will be different, played a role in improving the analysis effect. In addition, by applying a different threshold for each server, the prediction accuracy could be improved. This study showed that failures that are difficult to determine the cause can be predicted through historical data, and a model that can predict failures occurring in servers in data centers is presented. It is expected that the occurrence of disability can be prevented in advance using the results of this study.

• Applied Biological Chemistry
• /
• v.10
• /
• pp.69-100
• /
• 1968

1. In order to investigate on the microflora and enzyme activity of mold wheat 'Nuruk' , the major source of microorganisms for the brewing of Takju (a Korean Sake), two samples of Nuruk, one prepared at the College of Agriculture, Chung Nam University (S) and the other perchased at a market (T), were taken for the study. The molds, aerobic bacteria, lactic acid bacteria, and yeasts were examined and counted. The yeasts were classified by the treatment with TTC (2, 3, 5 triphenyltetrazolium chloride) agar that yields a varied shade of color. The amylase and protease activities of Nuruk were measured. The results were as the followings. a) In the Nuruk S found were: Aspergillus oryzae group, $204{\times}10^5$; Black Aspergilli, $163{\times}10^5$; Rhizogus, $20{\times}10^5$; Penicillia, $134{\times}10^5$; Areobic bacteria, $9{\times}10^6-2{\times}10^7$; Lactic acid bacteria, $3{\times}10^4$ In the Nuruk T found were: Aspergillus oryzae group, $836{\times}10^5$; Black Aspergilli, $286{\times}10^5$; Rhizopus, $623{\times}10^5$; Penicillia, $264{\times}10^5$; Aerobic bacteria, $5{\times}10^6-9{\times}10^6$; Lactic acid bacteria, $3{\times}10^4$ b) Eighty to ninety percent of the aerobic bacteria in Nuruk S appeared to belong to Bacillus subtilis while about 70% of those in Nuruk T seemed to be spherical bacteria. In both Nuruks about 80% of lactic acid bacteria were observed as spherical ones. c) The population of yeasts in 1g. of Nuruk S was about $6{\times}10^5$, 56.5% of which were TTC pink yeasts, 16% of which were TTC red pink yeasts, 8% of which were TTC red yeasts, 19.5% of which were TTC white yeasts. In Nuruk T(1g) the number of yeasts accounted for $14{\times}10^4$ and constituted of 42% TTC pink. 21% TTC red pink 28% TTC red and 9% TTC white. d) The enzyme activity of 1g Nuruk S was: Liquefying type Amylase, $D^{40}/_{30},=256$ W.V. Saccharifying type Amylase, 43.32 A.U. Acid protease, 181 C.F.U. Alkaline protease, 240C.F.U. The enzyme activity of 1g Nuruk T was: Liquefying type Amylase $D^{40}/_{30},=32$ W.V. Saccharifying type amylase $^{30}34.92$ A.U. Acid protease, 138 C.F.U. Alkaline protease 31 C.F.U. 2. During the fermentation of 'Takju' employing the Nuruks S and T the microflora and enzyme activity throughout the brewing were observed in 12 hour intervals. TTC pink and red yeasts considered to be the major yeasts were isolated and cultured. The strains ($1{\times}10^6/ml$) were added to the mashes S and T in which pH was adjusted to 4.2 and the change of microflora was examined during the fermentation. The results were: a) The molds disappeared from each sample plot since 2 to 3 days after mashing while the population of aerobic bacteria was found to be $10{\times}10^7-35{\times}10^7/ml$ inS plots and $8.2{\times}10^7-12{\times}10^7$ in plots. Among them the coccus propagated substantially until some 30 hours elasped in the S and T plots treated with lactic acid but decreased abruptly thereafter. In the plots of SP. SR. TP. and TR the coccus had not appeared from the beginning while the bacillus showed up and down changes in number and diminished by 1/5-1/10 the original at the end stage. b) The lactic acid bacteria observed in the S plot were about $7.4{\times}10^7$ in number per ml of the mash in 24 hours and increased up to around $2{\times}10^8$ until 3-4 days since. After this period the population decreased rapidly and reached about $4{\times}10^5$ at the end, In the plot T the lactic acid becteria found were about $3{\times}10^8$ at the period of 24 fours, about $3{\times}10$ in 3 days and about $2{\times}10^5$ at the end in number. In the plots SP. SR. TP, and TR the lactic acid bacteria observed were as less as $4{\times}10^5$ at the stage of 24 hours and after this period the organisms either remained unchanged in population or ceased to exist. c) The maiority of lactic acid bacteria found in each mash were spherical and the change in number displayed a tendency in accordance with the amount of lactic acid and alcohol produced in the mash. d) The yeasts had showed a marked propagation since the period of 24 hours when the number was about $2{\times}10^8$ ㎖ mash in the plot S. $4{\times}10^8$ in 48 hours and $5-7{\times}10^8$ in the end period were observed. In the plot T the number was $4{\times}10^8$ in 24 hours and thereafter changed up and down maintaining $2-5{\times}10^8$ in the range. e) Over 90% of the yeasts found in the mashes of S and T plots were TTC pink type while both TTC red pink and TTC red types held range of $2{\times}10-3{\times}10^7$ throughout the entire fermentation. f) The population of TTC pink yeasts in the plot SP was as $5{\times}10^8$ much as that is, twice of that of S plot at the period of 24 hours. The predominance in number continued until the middle and later stages but the order of number became about the same at the end. g) Total number of the yeasts observed in the plot SR showed little difference from that of the plot SP. The TTC red yeasts added appeared considerably in the early stage but days after the change in number was about the same as that of the plot S. In the plot TR the population of TTC red yeasts was predominant over the T plot in the early stage which there was no difference between two plots there after. For this reason even in the plot w hers TTC red yeasts were added TTC pink yeasts were predominant. TTC red yeasts observed in the present experiment showed continuing growth until the later stage but the rate was low. h) In the plot TP TTC pink yeasts were found to be about $5{\times}10^8$ in number at the period of 2 days and inclined to decrease thereafter. Compared with the plot T the number of TTC pink yeasts in the plot TP was predominant until the middle stage but became at the later stage. i) The productivity of alcohol in the mash was measured. The plot where TTC pink yeasts were added showed somewhat better yield in the earely stage but at and after the middle stage the difference between the yeast-added and the intact mashes was not recognizable. And the production of alcohol was not proportional to the total number of yeasts present. j) Activity of the liquefying amylase was the highest until 12 hours after mashing, somewhat lowered once after that, and again increased around 36-48 hours after mashing. Then the activity had decreased continuously. Activity of saccharifying amylase also decreased at the period of 24 hours and then increased until 48 hours when it reached the maximum. Since, the activity had gradually decreased until 72 hours and rapidly so did thereafter. k) Activity of alkaline protease during the fermentation of mash showed a tendency to decrease continusously although somewhat irregular. Activity of acid protease increased until hours at the maximum, then decreased rapidly, and again increased, the vigor of acid protease showed better shape than that of alkaline protease throughout. 3. TTC pink yeasts that were predominant in number, two strains of TTC red pink yeasts that appeared throughout the brewing, and TTC red yeasts were identified and the physiological characters examined. The results were as described below. a) TTC pinkyeasts (B-50P) and two strains of TTC red pink yeasts (B-54 RP & B-60 RP) w ere identified as the type of Saccharomyces cerevisiae and TTC pink red yeasts CB-53 R) were as the type of Hansenula subpelliculosa. b) The fermentability of four strains above mentioned were measured as follows. Two strains of TTC red pink yeasts were the highest, TTC pink yeasts were the lowest in the fermantability. The former three strains were active in the early stage of fermentation and found to be suitable for manufacturing 'Takju' TTC red yeasts were found to play an important role in Takju brewing due to its strong ability to produce esters although its fermentability was low. c) The tolerance against nitrous acid of strains of yeast was marked. That against lactic acid was only 3% in Koji extract, and TTC red yeasts showed somewhat stronger resistance. The tolerance against alcohol of TTC pink and red pink yeasts in the Hayduck solution was 7% while that in the malt extract was 13%. However, that of TTC red yeasts was much weaker than others. Liguefying activity of gelatin by those four strains of yeast was not recognized even in 40 days. 4. Fermentability during Takju brewing was shown in the first two days as much as 70-80% of total fermentation and around 90% of fermentation proceeded in 3-4 days. The main fermentation appeared to be completed during :his period. Productivity of alcohol during Takju brewing was found to be apporximately 65% of the total amount of starch put in mashing. 5. The reason that Saccharomyces coreanuss found be Saito in the mash of Takju was not detected in the present experiment is considered due to the facts that Aspergillus oryzae has been inoculated in the mold wheat (Nuruk) since around 1930 and also that Koji has been used in Takju brewing, consequently causing they complete change in microflora in the Takju brewing. This consideration will be supported by the fact that the original flavor and taste have now been remarkably changed.

• Applied Biological Chemistry
• /
• v.9
• /
• pp.125-147
• /
• 1968

This experiment was carried out as a part of the studies on reasonable application of nitrogen in rice plant to determine: (I) Nitrogen absorption. and rooting of rice seedlings as affected by urea foliar application at late seedling stage (II) Effect of leaf prunning and foliar application of urea at late heading stage on the maturation and yield of rice (III) Effect of foliar application of urea and its time during the stage of ear formation on yield of rice plant. Results obtained are summarized as follows. Exp.I: Nitrogen absorption and rooting of rice seedlings as affected be urea foliar application at late seedling stage. 1 : The foliar application of urea plots$(T_{1},T_2)$ snowed mare N-content than non-urea foliar application plot(T0) at lane seedling stage, being significant among treatments and foliar application of urea seemed more effective in increasing the N-content of seedlings. and promoted root settlement and early growth alter the transplanting. 2 : The carbon contents of the plants of $T_1$, and $T_2$ at late seedling stage increased than T0, and the carbon contents. of $T_1$ and $T_2$ plots became higher in amount in proportion to the nitrogen absorption as compared with those of $T_0$. 3 : C/N ratio appeared significant among soil application plots($N_1, \;N_2$) and foliar application of urea plots ($T_1$, $T_2$ and $T_0$). C/N ratio was lower in case of increased amount of nitrogen. The higher contents of nitrogen and carbon and lower C/N ratio resulted in the increment of root numbers and root lengths. Exp.II: Effect of leaf prunning and foliar application of urea at late heading stage on the maturation and yield of rice. 1 : There was a highly significant decrease in the maturing rate by severe leaf prunning. In the mean time, significant increase in maturing rate was observed with urea foliar application and it was found the more frequent application the more effective for higher maturing rate with a moderate significance. A correlationship between the level of prunning and maturing rate was enumerated to 0.961 of correlation coefficient, which indicated an increased maturing rate by the increased number of remaining leaves. 2 : The 1.000 grain weight, grain weight and hulled rice yield increased by leaf prunning in order (plot a$A_1$, $A_3$, $A_2$ and $A_0$ were 89.8%, 89.4%, 87.8% and 87.5% respectively, showing the highest of rate in $A_1$ and $A_3$ in methods of ear fertilization and being highly significant between its treatment. 3 : 1000 grain weights were highly significant between time of application, showing a tendency of increase of weights with the time lagging until days before earings as that of maturing rates. High significance was recognized between methods of ear fertilization, showing the highest in $A_2$ 23.18 gr. 4 : Yields per $3.3m^2$ were not significant between time of ear fertilization, whereas were highly significant between methods of ear fertilization. Those of $A_1$, $A_3$, $A_2$ and $A_0$ were 1.486 kg, 1.491 kg, 1.381 kg and 1.328 kg, respectively, showing the highest in $A_1$ and $A_3$. 5 : Hulling ratios showed significant different between time of ear fertilization, showing the highest in $T_2$, whereas those of methods of ear fertilization were highly significant between its treatment, Those of $A_1$, $A_3$, $A_2$ and $A_0$ were 84.72%, 84.06%, 83.29%, and 82.56% respectively, showing the highest m $A_2$ and $A_3$ among others. 6 : Yields of hulled rice per $3.3m^2$ showed significant different between time of ear fertilization, showing the highest in $T_1$ 1.192 kg. Whereas, those were highly significant between methods of ear fertilization. Those of $A_1$, $A_3$, $A_2$ and $A_0$ were 1.259 kg, 1.254 kg, 1.149 kg and 1.095 kg, respectively, showing the highest in $A_1$ and $A_2$. 7 : Contents of nitrogen on rice plant increased in case of nitrogen application as ear fertilizer and showed that the case of urea foliar application was more effective than that of soil application, showing the increased nitrogen content of rice plant was accompanied by carbon content.