• Journal of Distribution Research
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• v.16 no.1
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• pp.95-115
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• 2011

Food service is the major part of franchise business in Korea, accounting for 69.9% of the brands in the market. As the food service industry becomes mature, many franchisees have struggled to survive in the market. In general, consumers have higher levels of expectation toward service quality of franchised outlets compared that of (non-franchised) independent ones. They also tend to believe that franchisees deliver standardized service at the uniform food price, regardless of their locations. Such beliefs seem to be important reasons that consumers prefer franchised outlets to independent ones. Nevertheless, few studies examined the impact of qualify features of franchisees on customer satisfaction so far. To this end, this study examined the characteristics of various quality features of franchisees in the food service industry, regarding their relationship with customer satisfaction and dissatisfaction. The quality perception of heavy-users was also compared with that of light-users in order to find insights for developing differentiated marketing strategy for the two segments. Customer satisfaction has been understood as a one-dimensional construct while there are recent studies that insist two-dimensional nature of the construct. In this regard, Kano et al. (1984) suggested to categorize quality features of a product or service into five types, based on their relation to customer satisfaction and dissatisfaction: Must-be quality, Attractive quality, One-dimensional quality, Indifferent quality, and Reverse quality. According to the Kano model, customers are more dissatisfied when Must-be quality(M) are not fulfilled, but their satisfaction does not arise above neutral no matter how fully the quality fulfilled. In comparison, customers are more satisfied with a full provision of Attactive quality(A) but manage to accept its dysfunction. One-dimensional quality(O) results in satisfaction when fulfilled and dissatisfaction when not fulfilled. For Indifferent quality(I), its presence or absence influences neither customer satisfaction nor dissatisfaction. Lastly, Reverse quality(R) refers to the features whose high degree of achievement results in customer dissatisfaction rather than satisfaction. Meanwhile, the basic guidelines of the Kano model have a limitation in that the quality type of each feature is simply determined by calculating the mode statistics. In order to overcome such limitation, the relative importance of each feature on customer satisfaction (Better value; b) and dissatisfaction (Worse value; w) were calculated following the formulas below (Timko, 1993). The Better value indicates how much customer satisfaction is increased by providing the quality feature in question. In contrast, the Worse value indicates how much customer dissatisfaction is decreased by providing the quality feature. Better = (A + O)/(A+O+M+I) Worse = (O+M)/(A+O+M+I)(-1) An on-line survey was performed in order to understand the nature of quality features of franchisees in the food service industry by applying the Kano Model. A total of twenty quality features (refer to the Table 2) were identified as the result of literature review in franchise business and a pre-test with fifty college students in Seoul. The potential respondents of our main survey was limited to the customers who have visited more than two restaurants/stores of the same franchise brand. Survey invitation e-mails were sent out to the panels of a market research company and a total of 257 responses were used for analysis. Following the guidelines of Kano model, each of the twenty quality features was classified into one of the five types based on customers' responses to a set of questions: "(1) how do you feel if the following quality feature is fulfilled in the franchise restaurant that you visit," and "(2) how do you feel if the following quality feature is not fulfilled in the franchise restaurant that you visit." The analyses revealed that customers' dissatisfaction with franchisees is commonly associated with the poor level of cleanliness of the store (w=-0.872), kindness of the staffs(w=-0.890), conveniences such as parking lot and restroom(w=-0.669), and expertise of the staffs(w=-0.492). Such quality features were categorized as Must-be quality in this study. While standardization or uniformity across franchisees has been emphasized in franchise business, this study found that consumers are interested only in uniformity of price across franchisees(w=-0.608), but not interested in standardizations of menu items, interior designs, customer service procedures, and food tastes. Customers appeared to be more satisfied when the franchise brand has promotional events such as giveaways(b=0.767), good accessibility(b=0.699), customer loyalty programs(b=0.659), award winning history(b=0.641), and outlets in the overseas market(b=0.506). The results are summarized in a matrix form in Table 1. Better(b) and Worse(w) index indicate relative importance of each quality feature on customer satisfaction and dissatisfaction, respectively. Meanwhile, there were differences in perceiving the quality features between light users and heavy users of any specific franchise brand in the food service industry. Expertise of the staffs was labeled as Must-be quality for heavy users but Indifferent quality for light users. Light users seemed indifferent to overseas expansion of the brand and offering new menu items on a regular basis, while heavy users appeared to perceive them as Attractive quality. Such difference may come from their different levels of involvement when they eat out. The results are shown in Table 2. The findings of this study help practitioners understand the quality features they need to focus on to strengthen the competitive power in the food service market. Above all, removing the factors that cause customer dissatisfaction seems to be the most critical for franchisees. To retain loyal customers of the franchise brand, it is also recommended for franchisor to invest resources in the development of new menu items as well as training programs for the staffs. Lastly, if resources allow, promotional events, loyalty programs, overseas expansion, award-winning history can be considered as tools for attracting more customers to the business.

• Korean journal of food and cookery science
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• v.31 no.4
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• pp.497-504
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• 2015

The purpose of this study was to compare body image and dietary behavior in middle and high school girls in the Gyeongbuk area in September, 2014. Data were collected from a total of 194 middle school and 170 high school girls through a self-reported questionnaire. A total of 364 completed questionnaires were collected and used for the final analysis. The mean body mass index (BMI) of respondents was normal at 21.29. Generally, high school girls had greater height, weight and BMI than middle school girls. Height (p<0.001) and weight (p<0.001) were significantly different, while BMI was not. The ratio of students who perceived their body size as 'Fat' was significantly (p<0.05) higher in high school (43.9%) than in middle school (31.6%). The ratio of dissatisfaction with their current body image was significantly (p<0.001) higher in high school girls (64.1%) than in middle school girls (44.0%). Among respondents who perceived their body size as 'Fat', many high school girls actually (53.3%) had normal or low body weight and this was significantly (p<0.001) higher than in middle school girls (39.3%). Experience with weight control was higher in high school girls (67.3%) than in middle school girls (60.6%), but there was no significant difference. Regarding the weight control methods, respondents selected 'combination diet and exercise' (22.2%), 'diet control' (20.9%), 'exercise' (18.7%), and 'reduce snacks and midnight snack' (17.4%). 15 items under obesity-related dietary behavior were measured with 5-point scales and lower scores indicated obesity diet behavior. The mean score for all respondents was 3.19/5.00, and high school girls (3.06) scored significantly (p<0.001) higher than middle school girls (3.33). Our study suggests that the development of effective nutrition and health education for diet control is crucial for adolescent girls. This study will enable educators to plan more effective strategies to improve the dietary knowledge of adolescent girls.

• Journal of Korean Society of Forest Science
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• v.43 no.1
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• pp.20-30
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• 1979

The purpose of present study is to analyze the genetic variation of natural stand of Pinus densiflora. In 1976 following after the seletion of 1974 and 1975, twenty trees from each of three natural populations of the species were selected and seeds were collected, and the locations and conditions of populations are presented in table 1, 2 and figure 1. Some morphological traits of the populations were already detailed in our fifth report of this series. The morphological traits of cone, seed and seed-wing, and also the growth performances and needle characters of the seedling were observed in the present study according to the previous methods. The results obtained are summarized as follows; 1. The meteorological data obtained by averaging the records of 30 year period(1931~1960) measured from the nearest meteorological station to each population are shown in fig. 2, 3, 4. The distributional patterns of investigated climate factors are generally considered to be similar among the locations. However, the precipitation density during growing season and the air temperature during dormant season on Samchuk area (Pop. 9) were quite different from those of the other areas. 2. The measurements of fresh cone weight, length, diameter and cone index (i.e.: length to diameter ratio) are presented in table 7. As shown in table 7, all these traits except for cone diameter seem to be not significant in population and to be highly significant in family differences within population. 3. The morohological traits of seed and seed-wing are detailed in table 8, 9, and highly significant differences are recognized among the populations and the families within population in seed weight, seed length, seed thickness but not among the populations in the other observed traits. The values of correlation between the characteristics of cone and seed are presented in table 12. As shown, the correlation between cone length and seed wing length, between seed wing width and seed width were significantly positive in population 8 and 9 but in population 7. The positive correlations between seed length and seed width were calculated in all populations studied 4. Significant statistical differences among populations and families within population are observed in the growth performances of 1-0 seedling height of these progenies. But the differences in 1-1 seedling height and root collar diameter are shown only among familes within population. As shown in table 13, the most parts of correlations are not significant statistically between the growth performances of seedling and the seed characters. 5. As shown in table 15, statistical differences are considered to be significant among the populations in stomata row on both sides of the needle but not in serration density. The correlations between progenies and parents are not generally observed in the investigated traits of needle as shown in table 16.

• The Journal of Korean Academy of Orthopedic Manual Physical Therapy
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• v.7 no.1
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• pp.5-28
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• 2001

Objectives: The objective of this study was to investigate analysis of bone mineral density according to Women with low back pain women. Methods: The data were collected from women who visited Physical Examination Center of a Catholic university hospital located in Daegu. Questionnaires were completed by 50 women during the period from July 20, 2000 to January 12, 2001. The sample was divided into three groups(the normal group of 16 cases and the osteopenia group of 12cases and the osteoporosis group of 22 cases). Bone mineral density(BMD) of lumbar spine was measured using energy absorptiometry. Results: The bone mineral density of the lumbar spine decreased with aging. The bone mineral density of the lumbar spine decreased with the serum Calcium and Phosphorus and Alkaline phosphatase increased. The mean bone mineral density of the lumbar spine of healthy women in age(50~59) was 0.87g/$cm^2$, the lumbar spine of women with low back pain in age(50~59) was 0.77g/$cm^2$. In the multiple regression of risk factors to bone mineral density(BMD) of lumbar spine were correlated with age, marriage existence, exercise time, the loving food of taste, calcium, bone mineral density standard T scores(p<0.05). The experience for LBP increased as weight increased(Odds ratio=999.000). The experience for LBP increased as number of Exercise decreased(Odds ratio=999.000). The experience for LBP increased as menopause existence increased(Odds ratio=999.000). The experience for LBP increased as serum Calcium and Phosphorus increased (Odds ratio=999.000). however all four variables had significant no relationship. The correlation in variables in relation to low back pain and bone mineral density, age showed contra-correlation with low back pain existence, Alkaline phosphatase(p<0.01). Weight showed contra-correlation with body mass index(BMI)(p<0.01). Exercise time showed correlation with number of exercise(p<0.01). The loving food of taste showed contra-correlation with Alkaline phosphatase(p<0.05). Bone mineral density showed correlation with menopause existence(p<0.05). Conclusions: Results from this study indicated that a statistically significant association between bone mineral density of the lumbar spin and age, marriage existence, exercise time, the loving food of taste, calcium, bone mineral density standard T scores. In logistic regression test, there were no related variables. The combination of bone mineral density measurement and assessment of the bone turnover rate by measuring biochemical would be helpful for the treatment of patients with risks of osteoporosis. The more precise study for risk factors to osteoporosis is essential.

• Journal of Intelligence and Information Systems
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• v.26 no.3
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• pp.171-191
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• 2020

This study focused on digital music, which is the most valuable cultural asset in the modern society and occupies a particularly important position in the flow of the Korean Wave. Digital music was collected based on the "Gaon Chart," a well-established music chart in Korea. Through this, the changes in the ranking of the music that entered the chart for 73 weeks were collected. Afterwards, patterns with similar characteristics were derived through time series cluster analysis. Then, a descriptive analysis was performed on the notable features of each pattern. The research process suggested by this study is as follows. First, in the data collection process, time series data was collected to check the ranking change of digital music. Subsequently, in the data processing stage, the collected data was matched with the rankings over time, and the music title and artist name were processed. Each analysis is then sequentially performed in two stages consisting of exploratory analysis and explanatory analysis. First, the data collection period was limited to the period before 'the music bulk buying phenomenon', a reliability issue related to music ranking in Korea. Specifically, it is 73 weeks starting from December 31, 2017 to January 06, 2018 as the first week, and from May 19, 2019 to May 25, 2019. And the analysis targets were limited to digital music released in Korea. In particular, digital music was collected based on the "Gaon Chart", a well-known music chart in Korea. Unlike private music charts that are being serviced in Korea, Gaon Charts are charts approved by government agencies and have basic reliability. Therefore, it can be considered that it has more public confidence than the ranking information provided by other services. The contents of the collected data are as follows. Data on the period and ranking, the name of the music, the name of the artist, the name of the album, the Gaon index, the production company, and the distribution company were collected for the music that entered the top 100 on the music chart within the collection period. Through data collection, 7,300 music, which were included in the top 100 on the music chart, were identified for a total of 73 weeks. On the other hand, in the case of digital music, since the cases included in the music chart for more than two weeks are frequent, the duplication of music is removed through the pre-processing process. For duplicate music, the number and location of the duplicated music were checked through the duplicate check function, and then deleted to form data for analysis. Through this, a list of 742 unique music for analysis among the 7,300-music data in advance was secured. A total of 742 songs were secured through previous data collection and pre-processing. In addition, a total of 16 patterns were derived through time series cluster analysis on the ranking change. Based on the patterns derived after that, two representative patterns were identified: 'Steady Seller' and 'One-Hit Wonder'. Furthermore, the two patterns were subdivided into five patterns in consideration of the survival period of the music and the music ranking. The important characteristics of each pattern are as follows. First, the artist's superstar effect and bandwagon effect were strong in the one-hit wonder-type pattern. Therefore, when consumers choose a digital music, they are strongly influenced by the superstar effect and the bandwagon effect. Second, through the Steady Seller pattern, we confirmed the music that have been chosen by consumers for a very long time. In addition, we checked the patterns of the most selected music through consumer needs. Contrary to popular belief, the steady seller: mid-term pattern, not the one-hit wonder pattern, received the most choices from consumers. Particularly noteworthy is that the 'Climbing the Chart' phenomenon, which is contrary to the existing pattern, was confirmed through the steady-seller pattern. This study focuses on the change in the ranking of music over time, a field that has been relatively alienated centering on digital music. In addition, a new approach to music research was attempted by subdividing the pattern of ranking change rather than predicting the success and ranking of music.

• The Korean Journal of Physiology
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• v.18 no.1
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• pp.51-65
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• 1984

In an effort to elucidate the effect of physical training on the electrocardiographic amplitudes, QRS vector, axis and QRS vector amplitude, electrocardiograms were recorded before and 1, 5 and 10 minutes after 3 minute rebounder exercise in 23 healthy male students aged between 18 and 21 years in two groups of athletes and non-athletes. ECG amplitudes were measured from lead I, $V_1$ and $V_5$ and axis and amplitudes of QRS vectors were measured from lead I and III in frontal plane, from lead $V_2$ and lead $V_6$ in horizontal plane. The results obtained are summarized as follows. ECG amplitudes: The R wave amplitude was $23.38{\pm}1.14\;mm$ in athletes which was higher than $17.91{\pm}2.00\;mm$ in non-athletes. After exercise, the difference in two groups remained significant throughout the recovery period. The S wave amplitude was increased significantly, and the T wave amplitude was decreased in both groups after exercise. The P wave amplitude was increased in both groups after exercise, and it was lower in athletes than in non-athletes. The PQ segment amplitude was zero in athletes but negative in non-athletes than in the resting state. The J point amplitude was positive in resting state and was negative after exercise in both groups. J+0.08 sec point amplitude was also lowered after exercise, and it was higher in athletes than in non-athletes. Therefore the whole ST segment was proved to be decreased after exercise. The summated amplitude of R in $V_5$ plus S in $V_1$ was $38.74{\pm}2.71\;mm$ in athletes which was higher than $32.82{\pm}2.90\;mm$ in non-athletes. After exercise, it was also significantly higher in athletes than in non-athletes. Axis of QRS vector: In frontal plane, axis of QRS vector was $62.7{\pm}7.36^{\circ}$ in athletes, it showed no significant difference between the two groups. In horizontal plane, axis of QRS vector was $-23.5{\pm}7.2^{\circ}$ in athletes which was significantly higher than $-38.8{\pm}8.2^{\circ}$ in non-athletes. After exercise, it was significantly higher than the resting state in both groups. Amplitude of QRS vector : In frontal plane, amplitude of QRS vector was $13.86{\pm}1.44\;mm$ in athletes which was significantly higher than $9.62{\pm}0.97\;mm$ in non-athletes. After exercise, it was also significantly higher in athletes than in non-athletes. In horizontal plane, amplitude of QRS vector was $19.82{\pm}2.10\;mm$ in athletes which was significantly higher than $16.90{\pm}1.39\;mm$ in non-athletes. After exercise, it was also significantly higher in athletes than in non-athletes. From the above, these results indicate that R wave amplitude in athletes was significantly higher than in non-athletes before and after exercise, and that the summated amplitude of R in $V_5$ plus S in $V_1$ in athletes was also $38.74{\pm}2.71\;mm$ suggesting a left ventricular hypertrophy We should note that the PQ segment and ST segment amplitude were higher in athletes than in non-athletes, and they were decreased with exercise in both groups. In particular, the fact that amplitudes of QRS vector in frontal plane or in horizontal plane were significantly greater in athletes than in non-athletes may be an index in evaluating athletes.

• Journal of the Korean Society of Food Science and Nutrition
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• v.34 no.1
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• pp.42-56
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• 2005

Hyperlipidemia is one of the risk factors for coronary artery disease. Despite of epidemiological evidence that tea consumption is associated with the reduced risk of coronary heart disease, experimental studies designed to show that drinking tea affects blood lipid concentration or oxidative stress have been unsuccessful. The purpose of this study was to investigate whether functional tea (three servings/day) supplement with medical nutrition therapy (MNT) lead to a beneficial outcomes in mildly hyperlipidemic adults. From February to October, 2003, the 43 hyperlipidemic (23 men, 20 women) subjects (total cholesterol$\geq$200 mg/dL or triglyceride$\geq$150 mg/dL) admitted to K Medical Center were studied. Subjects were randomly divided into 3 groups; placebo tea (PT), half dose of functional tea (HFT), full dose of functional tea (FFT). During 12 weeks of study period, the subjects were given placebo or functional tea daily with MNT. Anthropometric measurements, blood chemical analysis including lipid levels, total superoxide dismutase (SOD) and glutathione peroxidase (GSH-Px) levels, and dietary assessment were carried out at the beginning and end of experiment. The effects of functional tea were compared with the placebo in randomized clinical trial study. The placebo was prepared to match with the functional tea in color and taste. After the 12 weeks of MNT, the subjects had regular and balanced meal pattern. Consumption of foods high in cholesterol and saturated fat, salty foods, fried foods, and instant foods decreased significantly in all three groups (p<0.05). Intake of energy and cholesterol also decreased (p<0.05). Drinking three servings per day (390 mL/day) of functional tea significantly reduced the levels of blood triglyceride (HFT, 42.5%; FFT, 29.4%), total cholesterol (HFT, 8.5%; FFT, 13.7%), and atherogenic index (HFT, 14.6%; FFT, 21.7%). Whereas no changes were found in the LDL-, HDL-cholesterollevels, and LDL/HDL ratio. Plasma homocysteine (Hcy) concentration decreased significantly (p<0.05) in functional tea groups (HFT, 14.9%; FFT, 14.1%). SOD increased significantly (p<0.05) in HFT (8.3%). GSH-Px increased significantly (p<0.05) in FFT (12.8%). In conclusion, the MNT improved the dietary habits, in addition, functional tea supplement decreased blood lipid levels and Hcy, and increased SOD and GSH-Px levels. These results indicate that functional tea consumption may decrease the risk of cardiovascular disease via improving blood lipid levels and antioxidant status.

• Korean Journal of Fisheries and Aquatic Sciences
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• v.8 no.2
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• pp.47-60
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• 1975

For the calculation of population parameter and estimation of recruitment of a fish population, an application of multiple regression method was used with some statistical inferences. Then, the differences between the calculated values and the true parameters were discussed. In addition, this method criticized by applying it to the statistical data of a population of bigeye tuna, Thunnus obesus of the Indian Ocean. The method was also applied to the available data of a population of Pacific saury, Cololabis saira, to estimate its recuitments. A stock at t year and t+1 year is, $N_{0,\;t+1}=N_{0,\;t}(1-m_t)-C_t+R_{t+1}$ where $N_0$ is the initial number of fish in a given year; C, number o: fish caught; R, number of recruitment; and M, rate of natural mortality. The foregoing equation is $$\phi_{t+1}=\frac{(1-\varrho^{-z}{t+1})Z_t}{(1-\varrho^{-z}t)Z_{t+1}}-\frac{1-\varrho^{-z}t+1}{Z_{t+1}}\phi_t-a'\frac{1-\varrho^{-z}t+1}{Z_{t+1}}C_t+a'\frac{1-\varrho^{-z}t+1}{Z_{t+1}}R_{t+1}......(1)$$ where $\phi$ is CPUE; a', CPUE $(\phi)$ to average stock $(\bar{N})$ in number; Z, total mortality coefficient; and M, natural mortality coefficient. In the equation (1) , the term $(1-\varrho^{-z}t+1)/Z_{t+1}$s almost constant to the variation of effort (X) there fore coefficients $\phi$ and $C_t$, can be calculated, when R is a constant, by applying the method of multiple regression, where $\phi_{t+1}$ is a dependent variable; $\phi_t$ and $C_t$ are independent variables. The values of Mand a' are calculated from the coefficients of $\phi_t$ and $C_t$; and total mortality coefficient (Z), where Z is a'X+M. By substituting M, a', $Z_t$, and $Z_{t+1}$ to the equation (1) recruitment $(R_{t+1})$ can be calculated. In this precess $\phi$ can be substituted by index of stock in number (N'). This operational procedures of the method of multiple regression can be applicable to the data which satisfy the above assumptions, even though the data were collected from any chosen year with similar recruitments, though it were not collected from the consecutive years. Under the condition of varying effort the data with such variation can be treated effectively by this method. The calculated values of M and a' include some deviation from the population parameters. Therefore, the estimated recruitment (R) is a relative value instead of all absolute one. This method of multiple regression is also applicable to the stock density and yield in weight instead of in number. For the data of the bigeye tuna of the Indian Ocean, the values of estimated recruitment (R) calculated from the parameter which is obtained by the present multiple regression method is proportional with an identical fluctuation pattern to the values of those derived from the parameters M and a', which were calculated by Suda (1970) for the same data. Estimated recruitments of Pacific saury of the eastern coast of Korea were calculated by the present multiple regression method. Not only spring recruitment $(1965\~1974)$ but also fall recruitment $(1964\~1973)$ was found to fluctuate in accordance with the fluctuations of stock densities (CPUE) of the same spring and fall, respectively.

• Korean Journal of Soil Science and Fertilizer
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• v.8 no.1
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• pp.1-17
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• 1975

Laboratory experiments on the phosphorus adsorption by soil were conducted to evaluate the parameters for determination of phosphorus adsorption capacity of soil, which serve as a basis for establishing the amount of phosphorus required to improve newly reclaimed soil and volcanic ash soil. The calculated Langmuir adsorption maxima varied from 6.2-32.9, 74.7-90.4 and 720-915mg p/100g soil for cultivated soils, non-cultivated soils, and volcanic ash soils respectively. The phosphorus absorption coefficient ranged from 116-179, 161-259 and 1,098-1,205mg p/100g soil for cultivated soils, non-cultivated soils, and volcanic ash soils respectively. The ratio of the phosphorus absorption coefficient to Langmuir adsorption maximum was low in soils of high phosphorus adsorption capacity (1.3-1.5) and high in soils of low phosphorus adsorption capacity (2.2-18.7). Changes in the amount of phosphurus adsorption induced by liming and preaddition of phosphorus were hadly detected by the phosphorus absorption coefficient, which is measured using a test solution with a relatively high phosphorus concentration. The Langmuir adsorption maximum was a more sensitive index of the phosphorus adsorption capacity. The Langmuir adsorption maxima of the non-cultivated soils, which were treated with an amount of calcium hydroxide equivalent to the exchangeable Al and incubated ($25-30^{\circ}C$) for 40 days at field capacity, were lower than the original soils. The change in the adorption maximum on incubation following the liming of soils was insignificant for other soils. The secondary adsorption maximum of soils, which received phosphorus equivalent to the Langmuir adsorption maximum of the limed soils incubated ($25-30^{\circ}C$) for 50 days at held capacity, was 74.5, 5.6 and 23.8% of the primary adsorption maximum for volcanic ash soils, non-cultivated soils, and cultivated soils respectively. The amount of phosphorus adsorbed by soils increased quadratically with the concentration of phosphorus solution added to the soils. The amount of phosphorus adsorbed by 5-g soil samples from 100ml of 100- and 1,000mg p/l solution for the mineral soils and volcanic ash soils respectively was found to be close to the Langmuir adsorption maximum. The amount of the phosphorus adsorbed at these concentrations is defined as a saturation adsorption maximum and proposed as a new parameter for the phosphorus adsorption capacity of the soil. The evaluation of the phosphorus adsorption capacity by the saturation adsorption maximum is regarded as a more practical method in that it obviates the need for the various concentrations used for the determination of the Langmuir adsorption maximum.

• Information Systems Review
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• v.16 no.3
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• pp.161-177
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• 2014

Corporate credit rating assessment consists of complicated processes in which various factors describing a company are taken into consideration. Such assessment is known to be very expensive since domain experts should be employed to assess the ratings. As a result, the data-driven corporate credit rating prediction using statistical and artificial intelligence (AI) techniques has received considerable attention from researchers and practitioners. In particular, statistical methods such as multiple discriminant analysis (MDA) and multinomial logistic regression analysis (MLOGIT), and AI methods including case-based reasoning (CBR), artificial neural network (ANN), and multiclass support vector machine (MSVM) have been applied to corporate credit rating.2) Among them, MSVM has recently become popular because of its robustness and high prediction accuracy. In this study, we propose a novel optimized MSVM model, and appy it to corporate credit rating prediction in order to enhance the accuracy. Our model, named 'GAMSVM (Genetic Algorithm-optimized Multiclass Support Vector Machine),' is designed to simultaneously optimize the kernel parameters and the feature subset selection. Prior studies like Lorena and de Carvalho (2008), and Chatterjee (2013) show that proper kernel parameters may improve the performance of MSVMs. Also, the results from the studies such as Shieh and Yang (2008) and Chatterjee (2013) imply that appropriate feature selection may lead to higher prediction accuracy. Based on these prior studies, we propose to apply GAMSVM to corporate credit rating prediction. As a tool for optimizing the kernel parameters and the feature subset selection, we suggest genetic algorithm (GA). GA is known as an efficient and effective search method that attempts to simulate the biological evolution phenomenon. By applying genetic operations such as selection, crossover, and mutation, it is designed to gradually improve the search results. Especially, mutation operator prevents GA from falling into the local optima, thus we can find the globally optimal or near-optimal solution using it. GA has popularly been applied to search optimal parameters or feature subset selections of AI techniques including MSVM. With these reasons, we also adopt GA as an optimization tool. To empirically validate the usefulness of GAMSVM, we applied it to a real-world case of credit rating in Korea. Our application is in bond rating, which is the most frequently studied area of credit rating for specific debt issues or other financial obligations. The experimental dataset was collected from a large credit rating company in South Korea. It contained 39 financial ratios of 1,295 companies in the manufacturing industry, and their credit ratings. Using various statistical methods including the one-way ANOVA and the stepwise MDA, we selected 14 financial ratios as the candidate independent variables. The dependent variable, i.e. credit rating, was labeled as four classes: 1(A1); 2(A2); 3(A3); 4(B and C). 80 percent of total data for each class was used for training, and remaining 20 percent was used for validation. And, to overcome small sample size, we applied five-fold cross validation to our dataset. In order to examine the competitiveness of the proposed model, we also experimented several comparative models including MDA, MLOGIT, CBR, ANN and MSVM. In case of MSVM, we adopted One-Against-One (OAO) and DAGSVM (Directed Acyclic Graph SVM) approaches because they are known to be the most accurate approaches among various MSVM approaches. GAMSVM was implemented using LIBSVM-an open-source software, and Evolver 5.5-a commercial software enables GA. Other comparative models were experimented using various statistical and AI packages such as SPSS for Windows, Neuroshell, and Microsoft Excel VBA (Visual Basic for Applications). Experimental results showed that the proposed model-GAMSVM-outperformed all the competitive models. In addition, the model was found to use less independent variables, but to show higher accuracy. In our experiments, five variables such as X7 (total debt), X9 (sales per employee), X13 (years after founded), X15 (accumulated earning to total asset), and X39 (the index related to the cash flows from operating activity) were found to be the most important factors in predicting the corporate credit ratings. However, the values of the finally selected kernel parameters were found to be almost same among the data subsets. To examine whether the predictive performance of GAMSVM was significantly greater than those of other models, we used the McNemar test. As a result, we found that GAMSVM was better than MDA, MLOGIT, CBR, and ANN at the 1% significance level, and better than OAO and DAGSVM at the 5% significance level.