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Technology Innovation Activity and Default Risk (기술혁신활동이 부도위험에 미치는 영향 : 한국 유가증권시장 및 코스닥시장 상장기업을 중심으로)

  • Kim, Jin-Su
    • Journal of Technology Innovation
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    • v.17 no.2
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    • pp.55-80
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    • 2009
  • Technology innovation activity plays a pivotal role in constructing the entrance barrier for other firms and making process improvement and new product. and these activities give a profit increase and growth to firms. Thus, technology innovation activity can reduce the default risk of firms. However, technology innovation activity can also increase the firm's default risk because technology innovation activity requires too much investment of the firm's resources and has the uncertainty on success. The purpose of this study is to examine the effect of technology innovation activity on the default risk of firms. This study's sample consists of manufacturing firms listed on the Korea Securities Market and The Kosdaq Market from January 1,2000 to December 31, 2008. This study makes use of R&D intensity as an proxy variable of technology innovation activity. The default probability which proxies the default risk of firms is measured by the Merton's(l974) debt pricing model. The main empirical results are as follows. First, from the empirical results, it is found that technology innovation activity has a negative and significant effect on the default risk of firms independent of the Korea Securities Market and Kosdaq Market. In other words, technology innovation activity reduces the default risk of firms. Second, technology innovation activity reduces the default risk of firms independent of firm size, firm age, and credit score. Third, the results of robust analysis also show that technology innovation activity is the important factor which decreases the default risk of firms. These results imply that a manager must show continuous interest and investment in technology innovation activity of one's firm. And a policymaker also need design an economic policy to promote the technology innovation activity of firms.

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Effects of a Growth Retardant Paclobutrazol on the Growth and Yield Related Elements of Peanut (Archis hypogea L.) (생장조정제(生長調整劑) Paclobutrazol이 땅콩의 생육특성(生育特性)과 수량관련요소(收量關聯要素)에 미치는 영향(影響))

  • Lee, H.S.;Cho, J.S.
    • Korean Journal of Weed Science
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    • v.8 no.1
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    • pp.71-89
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    • 1988
  • This study was conducted to evaluate the effect of a growth retardant, Paclobutrazol on the growth, yield and its components. and physiological traits in peanut cv. Saeddle (early variety) and Nampung (medium variety). The results are summarized as follows : Main stem and branch length of both varieties were remarkably retarded at early growth stage application, but the retardation effect was reduced at late growth stage application. Number of branches was increased remarkably by treating 60ppm at 20days after seedling (DAS) in early variety. Lodging ill medium variety was not observed through growth period when 120ppm of Paclobutrazol was applied while lodging was not appeared between 40 DAS and 80 DAS in early variety. The numbers of riped pods in early variety was increased when application of 120ppm at 40 DAS was made while it was increased as application of 120ppm at 90 DAS in the medium variety. Cercospora leaf spot was reduced by spraying at 40 or 50 DAS regardless of concentration and varieties. Chlorophyll content and photosynthetic activity increased when paclobutrazol was applied during 40-60 DAS in early variety while these were observed at 90 DAS in medium variety. Seed weight tended to increase as paclobutrazol application was delayed. The ratio of pods to seeds was higher at 60ppm-40 DAS in early variety while it was higher at 120ppm-90 DAS in medium variety.

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Abnormal Perfusion on Myocardial Perfusion SPECT in Patients with Wolff-Parkinson-White Syndrome (Wolff-Parkinson-White 증후군 환자의 심근 관류 이상)

  • Kang, Do-Young;Cha, Kwang-Soo;Han, Seung-Ho;Park, Tae-Ho;Kim, Moo-Hyun;Kim, Young-Dae
    • The Korean Journal of Nuclear Medicine
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    • v.39 no.1
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    • pp.9-14
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    • 2005
  • Purpose: Abnormal myocardial perfusion may be caused by ventricular preexcitation, but its location, extent, severity and correlation with accessory pathway (AP) are not established. We evaluated perfusion patterns on myocardial perfusion SPECT and location of AP in patients with WPW (Wolff-Parkinson-White) syndrome. Materials and Methods: Adenosine Tc-99m MIBI or Tl-201 myocardial perfusion SPECT was performed in 11 patients with WPW syndrome. Perfusion defects (PD) were compared to AP location based on ECG with Fitzpatrick's algorithm or electrophysiologic study and radiofrequency catheter ablation. Results: Patients had atypical chest discomfort or no symptom. Risk of coronary artery disease (CAD) was below 0.1 in 11 patients using the nomogram to estimate the probability of CAD. Coronary angiography was performed in 4 patients (mid-LAD 50% in one, normal in others). In 4 patients, AP localization was done by electrophysiologic study and radiofrequency catheter ablation (RFCA). Small to large extent ($11.0{\pm}8.5%$, range:$3{\sim}35%$) and mild to moderate severity ($-71{\pm}42.7%$, range:$-2l7{\sim}-39%$) of reversible (n=9) or fixed (n=1) perfusion defects were noted. One patient with right free wall (right lateral) AP showed normal. PD locations were variable following the location of AP. One patient with left lateral wall AP was followed 6 weeks after RFCA and showed significantly decreased PD on SPECT with successful ablation. Conclusion: Myocardial perfusion defect showed variable extent, severity and location in patients with WPW syndrome. Abnormal perfusion defect showed in most of all patients, but it did not seem to be correlated specifically with location of accessory pathway and coronary artery disease. Therefore myocardial perfusion SPECT should be interpreted carefully in patients with WPW syndrome.

Effect of Mixed-Sowing of Legume and Applying of Cattle Manure on the Productivity, Feed Values and Organic Hanwoo Carrying Capacity of Rye (Secale cereale L.) (콩과 사료작물의 혼파와 우분의 시용이 호밀의 생산성, 사료가치 및 단위면적당 유기한우 사육능력에 미치는 영향)

  • Oh, Myeong-Gon;Jo, Ik-Hwan;Hwangbo, Soon
    • Korean Journal of Organic Agriculture
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    • v.22 no.3
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    • pp.457-468
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    • 2014
  • This study was conducted to investigate the effect of mixed-sowing of legume forage and applying of cattle manure on the productivity of rye in order to produce the organic roughage to be effectively reducing the environmental contamination and to provide Hanwoo rearing farmer with safe organic animal products. The present study also aimed to evaluate optimal applying level of cattle manure and carrying capacity of Korean native cattle (Hanwoo) per unit area. The annual amount of crude protein (CP) of rye in Gyeongju were higher than those of in Gyeongsan and Yeongju, and the mixed-sowing of forage pea was the highest (p<0.05) compared with the single-sowing. The amount of CP were increased proportionately corresponded to the applying level of fermented cattle manure, and found significantly (p<0.05) high at the level of 100 and 150 kg/ha groups. With feed value of forage, CP was tended to be higher in the mixed-sowing of legume than the single-sowing of rye at the wintering experimental sites of legume, and in particular the forage peas was higher (p<0.05) than other crops. Carrying capacity of organic Hanwoo (head/ha) was higher (p<0.05) in Gyeongju (3.28 head) than that in Gyeongsan (1.94) and Yeongju (1.50). The carrying capacity in the single-sowing of rye also was lower than that in the mixed-sowing of legume, and the forage peas was the highest among the mixed-sowing groups (p<0.05). Overall, the present results showed that it would be recommended to take into account the wintering for mix-sowing of legume. The fermented cattle manure may be applied for legume in the wintering unavailable regions. In addition, the applying the fermented cattle manure at the level of 100~150kg/ha and the mix-sowing of legume with forage peas may increase the productivity per unit area and feed value including CP for improving carrying capacity of organic Hanwoo.

Quantity and Characteristics of Manure Produced by Holstein Heifer at Different Seasons (홀스타인 육성우의 계절별 분뇨 배설량 및 특성에 관한 연구)

  • Choi, D.Y.;Kwag, J.H.;Park, C.H.;Jeong, K.H.;Kim, T.I.;Kim, J.H.;Yoo, Y.H.;Yang, C.B.;Hong, H.L.
    • Journal of Animal Environmental Science
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    • v.12 no.3
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    • pp.123-132
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    • 2006
  • This study was conducted to determine the volume of Holstein heifers manure excreted and its characteristics. The average dry matter intake of heifers was 6.7 kg/head/day. The intake rate was lowest in spring among four seasons. The average dry matter intake rate during spring, summer, fall, and winter was 4.6, 8.3, 7.1, and 6.8 kg/head/day, respectively. The average water intake of heifers was $19.3{\ell}/head/day$. The wale. consumption was highest value ($21.8{\ell}/head/day$) in summer and lowest values ($18.3{\ell}/head/day$) in spring and winter. Values were found not to be statiscally different for the four seasons. The average manure production of heifers (average live weight was 363.1 kg) was 20.3 kg/head/day and it was 5.6% of live animal weight. The manure production during spring, summer, fall, and winter was 13.7, 23.5, 25.0, and 20.2 kg/head/day, respectively. Production during spring was lower than the other seasons (p<0.05). A higher correlation between live weight and manure production ($R^2=0.7816$) and between live weight and feed intake ($R^2=0.7296$) was observed for heifers. Correlations between manure production and water intake and between manure production and feed intake were found to be relatively low for heifers. The moisture content of feces was 83.5% and that of urine 94.6%. The pH of feces and urine were in the ranges of 7.4 and 7.5, respectively. The $BOD_5$, COD, SS, T-N, T-P concentrations of the heifer feces were 18,048, 50,114, 119,833, 2,519, and $427mg/{\ell}$, respectively. Heifer urine showed lower levels of $BOD_5(5,434mg/{\ell})$, COD$(6,550mg/{\ell})$, SS$(825mg/{\ell})$, T-N$(3,616mg/{\ell})$, and $T-P(28mg/{\ell})$ than feces. The fertilizer nutrient concentrations of heifer feces was 0.25% N, 0.1% $P_2O_5$ and 0.14% $K_2O$. Urine was found to contain 0.36% N, 0.006% of $P_2O_5$ and 0.31% $K_2O$.

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Quality characteristics of whey makgeolli vinegar produced using Acetobacter pomorum IWV-03 (유청 막걸리 식초 제조용 Acetobacter pomorum IWV-03 아세트산세균 분리 및 식초의 품질특성)

  • Park, Jun-Ki;Huh, Chang-Ki;Gim, Do-Woo;Kim, Yu-Jin;Kim, Su-Hwan;Kwon, Yoon-Kyung;Bae, Dal;Kim, Yong-Doo
    • Korean Journal of Food Science and Technology
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    • v.50 no.1
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    • pp.61-68
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    • 2018
  • The aim of this study was to develop various types of vinegar using whey. Amongst various acetic acidproducing strains, Acetobacter pomorum IWV-03 strain was selected as an excellent strain for the production of whey makgeolli vinegar. The acidity of this vinegar was found to be 5.6%. The total organic acid content and the free amino acid content of the whey makgeolli vinegar were 5.5 and 5.9 mg%, respectively, which was higher than that of the control makgeolli vinegar (5.0 and 4.5 mg%, respectively). In addition, DPPH and ABTS radical scavenging activity of whey makgeolli vinegar were 49.85 and 63.46%, respectively, which were again higher than that of control makgeolli vinegar (27.20 and 19.22%, respectively).

Comparison of antioxidant activities and effective compounds in Korean and Chinese Torreya seeds (한국산 및 중국산 비자 열매의 항산화 활성과 유효성분 비교)

  • Kim, Saet Byul;Kim, Byung Woo;Hyun, Sook Kyung
    • Korean Journal of Food Science and Technology
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    • v.50 no.3
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    • pp.274-279
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    • 2018
  • To evaluate the antioxidant activities of Korean and Chinese Torreya seeds, their total phenolic compound content, total flavonoid content, DPPH radical and ONOO-scavenging activities were compared using their water and methanol extracts. The effective compounds were identified and quantitatively analyzed by GC-MS. The DPPH and ONOO-scavenging activities were the highest in the Korean Torreya seeds. After using GC-MS to identify the active compounds, a total of eight compounds were identified in Korean Torreya seeds, and five compounds were found in Chinese Torreya seeds. In conclusion, we could confirm the antioxidant activity and the difference between active compounds of the Korean and Chinese Torreya seeds; we also confirmed the superiority of Korean Torreya seeds. Futhermore, this basic data about the Korean and Chinese Torreya seeds can be provided to consumers, so that they can select proper and suitable functional foods.

Optimization of sterilization conditions for the production of retorted steamed egg using response surface methodology (반응표면분석을 이용한 레토르트 계란찜의 살균조건 최적화)

  • Cheigh, Chan-Ick;Mun, Ji-Hye;Chung, Myong-Soo
    • Korean Journal of Food Science and Technology
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    • v.50 no.3
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    • pp.331-338
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    • 2018
  • The purpose of this study was to determine the optimum sterilization conditions for the production of retorted steamed egg using response surface methodology. Sterilization processes for eighteen conditions using varying sterilization temperature ($X_1$), time ($X_2$), and method ($X_3$) as the independent variables were carried out through a $3^2{\times}2$ experimental factorial design. Quality evaluations after sterilization included measurements of $F_0$ value ($Y_1$), peak stress ($Y_2$), pH ($Y_3$), color value ($Y_{4-6}$), and organoleptic test [preference for appearance ($Y_7$), overall acceptability ($Y_8$), and preference for texture ($Y_9$) and egg taste ($Y_{10}$)]. Dependent variables ($Y_{1-10}$) of eighteen conditions were more affected by temperature and time than by the sterilization method. Eight factors were selected among the dependent variables as significant factors related to the quality of the steamed egg. Finally, by establishing an optimum range of each dependent variable and contour analysis, the optimum sterilization conditions for the production of steamed egg were determined to be $120^{\circ}C$ for 25 min using a 2-step sterilization process.

Safety Evaluation of Microbiological and Aflatoxin of Traditional Dried Persimmon (곶감의 미생물 및 aflatoxin에 대한 안전성 평가)

  • Seo, Min-Kyoung;Choi, Song-Yi;Lee, Kyoung Ah;Kim, Jung-Sook;Chung, Duck-Hwa;Lee, Soo-Hyung;Park, Ki-Hwan;Kim, Won-Il;Ryu, Jae-Gee;Kim, Hwang-Yong;Kim, Se-Ri
    • Journal of Food Hygiene and Safety
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    • v.29 no.4
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    • pp.260-267
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    • 2014
  • To evaluate microbiological and aflatoxin safety on traditional dried persimmon, a total of 315 samples were collected from 105 farms. The collected samples were assessed on aflatoxin and microorganisms (Aerobic plate count, coliform count, Escherichia coli, Escherichia coli O157:H7, Salmonella spp., Staphylococcus aureus, Listeria monocytogenes, Bacillus cereus). The the APC of sliced dried persimmon, dried persimmon, and semi dried persimmon were $3.93{\pm}0.96$, $2.12{\pm}0.93$, and $1.50{\pm}1.08{\log}\;CFU/g$, respectively. S. aureus was detected in 40.0% of sliced dried persimmon, 29.5% of dried persimmon, and 23.5% of semi dried persimmon. E. coli recovered from dried persimmon and semi dried persimmon was 6.6%, and 2.9%, respectively. However, E. coli O157:H7, Salmonella spp., and L. monocytogenes were not detected. According to the result of aflatoxin by ELISA and UPLC, aflatoxin was not detected in any sample. These data suggested that safety management system should be introduce to the farms producing traditional dried persimmon to enhance the safety of traditional dried persimmon.

Risk Ranking Analysis for the City-Gas Pipelines in the Underground Laying Facilities (지하매설물 중 도시가스 지하배관에 대한 위험성 서열화 분석)

  • Ko, Jae-Sun;Kim, Hyo
    • Fire Science and Engineering
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    • v.18 no.1
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    • pp.54-66
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    • 2004
  • In this article, we are to suggest the hazard-assessing method for the underground pipelines, and find out the pipeline-maintenance schemes of high efficiency in cost. Three kinds of methods are applied in order to refer to the approaching methods of listing the hazards for the underground pipelines: the first is RBI(Risk Based Inspection), which firstly assess the effect of the neighboring population, the dimension, thickness of pipe, and working time. It enables us to estimate quantitatively the risk exposure. The second is the scoring system which is based on the environmental factors of the buried pipelines. Last we quantify the frequency of the releases using the present THOMAS' theory. In this work, as a result of assessing the hazard of it using SPC scheme, the hazard score related to how the gas pipelines erodes indicate the numbers from 30 to 70, which means that the assessing criteria define well the relative hazards of actual pipelines. Therefore. even if one pipeline region is relatively low score, it can have the high frequency of leakage due to its longer length. The acceptable limit of the release frequency of pipeline shows 2.50E-2 to 1.00E-l/yr, from which we must take the appropriate actions to have the consequence to be less than the acceptable region. The prediction of total frequency using regression analysis shows the limit operating time of pipeline is the range of 11 to 13 years, which is well consistent with that of the actual pipeline. Concludingly, the hazard-listing scheme suggested in this research will be very effectively applied to maintaining the underground pipelines.