• KDI Journal of Economic Policy
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• v.31 no.1
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• pp.239-276
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• 2009

The paper investigates the possible relationship between earnings prediction by security analysts and special ownership ties that link security companies those analysts belong to and firms under analysis. "Security analysts" are known best for their role as information producers in stock markets where imperfect information is prevalent and transaction costs are high. In such a market, changes in the fundamental value of a company are not spontaneously reflected in the stock price, and the security analysts actively produce and distribute the relevant information crucial for the price mechanism to operate efficiently. Therefore, securing the fairness and accuracy of information they provide is very important for efficiencyof resource allocation as well as protection of investors who are excluded from the special relationship. Evidence of systematic distortion of information by the special tie naturally calls for regulatory intervention, if found. However, one cannot presuppose the existence of distorted information based on the common ownership between the appraiser and the appraisee. Reputation effect is especially cherished by security firms and among analysts as indispensable intangible asset in the industry, and the incentive to maintain good reputation by providing accurate earnings prediction may overweigh the incentive to offer favorable rating or stock recommendation for the firms that are affiliated by common ownership. This study shares the theme of existing literature concerning the effect of conflict of interests on the accuracy of analyst's predictions. This study, however, focuses on the potential conflict of interest situation that may originate from the Korea-specific ownership structure of large conglomerates. Utilizing an extensive database of analysts' reports provided by WiseFn(R) in Korea, we perform empirical analysis of potential relationship between earnings prediction and common ownership. We first analyzed the prediction bias index which tells how optimistic or friendly the analyst's prediction is compared to the realized earnings. It is shown that there exists no statistically significant relationship between the prediction bias and common ownership. This is a rather surprising result since it is observed that the frequency of positive prediction bias is higher with such ownership tie. Next, we analyzed the prediction accuracy index which shows how accurate the analyst's prediction is compared to the realized earnings regardless of its sign. It is also concluded that there is no significant association between the accuracy ofearnings prediction and special relationship. We interpret the results implying that market discipline based on reputation effect is working in Korean stock market in the sense that security companies do not seem to be influenced by an incentive to offer distorted information on affiliated firms. While many of the existing studies confirm the relationship between the ability of the analystand the accuracy of the analyst's prediction, these factors cannot be controlled in the above analysis due to the lack of relevant data. As an indirect way to examine the possibility that such relationship might have distorted the result, we perform an additional but identical analysis based on a sub-sample consisting only of reports by best analysts. The result also confirms the earlier conclusion that the common ownership structure does not affect the accuracy and bias of earnings prediction by the analyst.

• Journal of dental hygiene science
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• v.13 no.4
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• pp.449-460
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• 2013

This study analyzes the processes of change in oral health behaviors induced by oral health education for 23 university students. To this end, we analyzed the changing patterns of the stages of change and motivational components for each oral health behavior. Additionally, we performed an in-depth interview-based investigation of the factors influencing such motivational components. Oral health education was performed twice with a concrete purpose of changing the participants' behaviors in complying with the practice of proper brushing and flossing as the main oral health management, and checking the nutrient facts as a good dietary habit. Upon completion of these two sessions of oral health education, the level of change in oral health behavior was assessed by measuring the stages of change and motivational components for each oral health behavior. In order to gain an in-depth understanding of the reasons for the changes that were demonstrated more markedly during the second education session than during the first session, collective interview surveys were carried out after the second session. The contents of the recorded interviews were categorized into subscales of distinctive concepts on the basis of the items of a health behavior model. The study had the findings as below. First, after the first and second education sessions, some behaviors showed positive changes from lower to higher levels of practice. Second, self-efficacy about oral health behavior was high or perceived barriers were low when its necessity and benefits were clearly perceived. Third, educational features such as the practice and participation-centered education, and examining their own oral conditions influenced the participants' oral health awareness and behavioral changes. There is a need for oral health education capable of leading to practical behavioral changes by establishing concrete strategies of deriving various motivational components at each stage of the processes of change.

• Korean Journal of Environment and Ecology
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• v.29 no.3
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• pp.391-400
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• 2015

In order to investigate the distribution and species composition of fish in shallow wetlands that might be affected by environmental factors, we investigated the physicochemical parameters, macrophytes biomass, and fish assemblage in 24 shallow wetlands in South Korea from May to June, 2012. In this study, a total of 20 fish species were identified, and Cypinidae were found to be the most dominant species. Physicochemical parameters and macrophyte biomass were different in the survey sites, and macrophytes biomass, in particular, showed a positive relationship with fish abundance in stepwise multiple regression (df=1, F=32.00, P=0.001). According to the result of the cluster analysis between survey sites, the survey sites were divided into three groups in accordance with species composition of fish in relation to macrophytes biomass. In the wetlands of the first group, Lepomis macrochirus which belongs to Centrarchidae was found to be dominant and other fish assemblages were hardly seen. In the second group, unlike the first group, Carassius auratus that belongs to Cypinidae was found to be dominant. In the third group, Lepomis macrochirus was found to be as dominant as the first group but various other fish species appeared. Where there was abundance of the main food sources (i. e. zooplankton) of fish in the survey sites, there were more diverse macrophyte biomass. Consequently, it is proven that macrophytes strongly affect the species composition and abundance of fish, and high biomass of macrophytes support high assemblage of fish. Based on these results, we recommend establishing diverse aquatic macrophytes communities when restoring or creating wetlands to assure high diversity of fish species that use macrophytes as their habitat.

• Korean Journal of Environment and Ecology
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• v.34 no.2
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• pp.157-169
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• 2020

The purpose of this study is to investigate the ecological characteristics and vegetation structures of Eurya japonica in Busan. As a result of the TWINSPAN and DCA analysis, 89 plots of 100㎡ each were divided into 3 communities: Quercus serrata-Pinus densiflora-E. japonica community, Pinus thunbergii-E. japonica community, and P. thunbergii-Camellia japonica community. Community I consisted of the Quercus serrata-Pinus densiflora-E. japonica which was mainly located in the high altitude inland. While Q. serrata and P. densiflora competed in the tree layer, the dominant species of the understory layer was E. japonica. Since Carpinus tschonoskii, one of the climax species, was distributed evenly from shrub to tree layers, it was likely that deciduous oak trees or Carpinus tschonoskii would become dominant species in community I. In community I, E. japonica was found in higher altitude than the other evergreen broad-leaved tree and was expected to maintain their tree vigor even if the vegetation structure is converted into the deciduous forest. Community II, the P. thunbergii-E. japonica community, was predicted to maintain its tree vigor unless there were unexpected disturbance factors. Community III, consisting of P. thunbergii-C. japonica and located in Dongbaek Island, was under artificial management. In community III, P. thunbergii was the only species in the tree layer, while C. japonica was predominant in the understory layer. E. japonica and various evergreen broad-leaved tree species were present in the understory layer and shrub layer, which were unmanaged areas. Therefore, it is expected that unless C. japonica is continuously managed, E. japonica is likely to become the dominant species. There were also various evergreen broad-leaved species, such as Machilus thunbergii and Pittosporum tobira, present in the shrub layer. If the temperature continues to rise, the habitat is expected to become evergreen broad-leaved forests in the future as P. thunbergii community declines. The result of Pearson's correlation coefficient analysis of E. japonica and species appearing in 89 plots showed that 9 species were had a statistically significant relationship (p<0.05). Four species, including P. tobira and Q. dentata, had a positive correlation. Five species had a negative correlation, and C. japonica, which had the same ecological position as E. japonica, showed the most negative correlation at -0.384.

• The Journal of the Petrological Society of Korea
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• v.26 no.1
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• pp.45-54
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• 2017

The characteristics of the rock cleavage in Jurassic Geochang granite were analysed using the distribution of microcrack lengths and spacings. The phases of distribution of the above lengths and spacings were derived from the enlarged photomicrographs(${\times}6.7$) of the thin section. First, the length and spacing-cumulative diagrams for the six directions of rock cleavages were arranged in increasing order($H2{\rightarrow}R1$) on the density(${\rho}$) of microcrack length. The various parameters were extracted through the combination of the above two types of diagrams. The discrimination factors representing the three quarrying planes and three rock cleavages were acquired through the mutual contrast between the values of parameters. The analysis results of the research are summarized as follows. The evaluation for the six directions of rock cleavages was performed using the parameters such as (1) intersection angle(${\alpha}-{\beta}$) and (2) exponent difference(${\lambda}_S-{\lambda}_L$) between two exponential straight lines related to spacing(${\alpha}$, ${\lambda}_S$) and length(${\beta}$, ${\lambda}_L$). The values of parameters(1 and 2) are in order of H(hardway, (H1 + H2)/2) < G(grain, (G1 + G2)/2) < R(rift, (R1 + R2)/2). On the contrary, the values of the above two parameters for three planes are in order of R < G < H. Meanwhile, the direction of convergence between two exponential straight lines was derived. The above direction is compliant to arrangement of the line os' centering around the line ol. The above two lines converge in the direction of the Y-axis when the line ol and line os' occupy the upper region on the left and the lower region on the right, respectively(R-type). On the contrary, the above two lines converge in the direction of the X-axis when the order of arrangement between line ol and line os' is reversed(H-type). Especially, the positive(+) or negative(-) value of intersection angle(${\alpha}-{\beta}$) is determined by the arrangement of two vertical lines. This type of correlation analysis is useful for evaluating the relative strength of rock cleavage and discriminating three quarrying planes.

• Journal of Music and Human Behavior
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• v.2 no.2
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• pp.1-14
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• 2005

This research was to study the behavior of listening music, music preference, meaning and role of music. The interviewees were 158 male/female students of high school in second level. This research had a interview which is composed with 7 multiple choice-questions and 1 short answer-question. In result, in the question of 'The average time of listening music', the most students(64, 41.8%) answered '1~2hours', the secondary, '2~3hours' which was 32.(20.9%) In the next question, 'The preference of music genre', 87students(56.8%) answered 'Korean pop and rock', 'American pop' was 11.1% each. Regarding 'The favorite mood of music', 50.3% of students answered 'Mellow songs, 24.8% of students answered 'Jaunty songs'. Regarding 'The social factor of listening music', more than half students(56.7%) agreed that friends or something like that may affect their music preference. Likewise, 51.6% agreed that their temper or character may affect their music preference. They answered that they enjoy the music usually when they take a rest(30.1%), when in moving(24.3%). Lastly, it said 'The meaning of music' is mostly 'Getting rid of stress and Refresh'(25.1%). And 'Calmness', 'Comfort' was 21.8%. The music especially to students means 'Emotional exit'. The music which can enable them to express their feelings is related with feeling and emotion deeply. And emotional factors like stress, depression, anxiety becomes the main reason of accepting the music meaningfully. In conclusion, This research says that they experience positive feelings and express emotions through music which enables them to understand fully their feelings and emotions.

• Journal of Korea Technology Innovation Society
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• v.21 no.2
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• pp.636-662
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• 2018

Recently, the Moon administration established the Ministry of Small and Medium-sized Enterprises (SMEs) and Startups, as part of its national strategy for start-up and innovation growth led by small and medium-sized venture companies. In a slowing economy, as venture companies with excellent internal competencies are seen to be favorable to growth, the government funding for technology development is becoming increasingly important. Previous studies examine the internal competence factors that can strengthen competitiveness through self-efforts and the influence structure of growth stage, which is an important factor in industrial environment, on business performance. As the government support for venture firms has been strengthened, the effect of government funding on the management performance and technological innovation performance of venture firms have been recently discussed in various ways. However, there is a lack of precedent research on the moderating effect of the utilization of government funding on the existing influence structure in which firm's internal competence and growth stages affects business performance. Therefore, this study examined whether the internal competencies of the venture firms and the stage of growth have direct effects on business performance and analyzed the moderating effect in connection with government funding utilization under these influence structures. The results of the study are as follows. First, the utilization of government funding in the venture firms whose R&D personnel ratio is relatively low, not to have own brands and showed an increase of employees has a significantly positive influence on business performance. Second, the moderating effects of the government funding utilization at the high growth stage of the venture firms are shown significantly. These results suggest that the venture policy linked to the job creation of the present government requires not only the support considering R&D personnel but also the necessity of supporting human resources policy to a greater extent and further study on the effectiveness of venture firms in the high growth stage.

• Journal of the Korean Society for Marine Environment & Energy
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• v.8 no.2
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• pp.83-99
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• 2005

To evaluate environmental charateristics of the South Sea and East China Sea on summer, water and sediment quality were measured in June 2001-2003. Surface layer was affceted by Warm water originated from the high temperature and salinity-Tsushima Warm Current, on the other hand, Yellow Sea Cold Water was spread to the bottom layer in the south-western part of the Jeju island, and salinity at stations near the Yangtze River was decreased below 29psu because of a enormous freshwater discharges. Thermocline-depth was formed at about 10m, and chlorophyll maximum layer was existed in and below the thermocline. COD(Chemical Oxygen Demand), TN(Total Nitrogen), and TP(Total Phosphorus) concentrations showed seawater quality grade II in surface layer of the most area, but concentrations of such as COD, Chl. a, TSS(Total Suspended Solid), and nutrients were greatly increased in the effect area of Yangtze River discharges. Correlations between dissolved inorganic nitrogen, Chl. a and salinity were negative patterns strongly, in contrast, those of inorganic phosphorus, COD and Chl. a were positive, which indicates that phytoplankton biomass and phosphorus are considered as important factors of organic matter distribution and algal growth, respectively. in the study area. The distribution of ignition loss, COD, and $H_2S$ of surface sediment were in the ranges of 2.61-8.81%, $0.64-11.86mgO_2/g-dry$, and ND-0.25 mgS/g-dry, respectively, with relatively high concentration in the eastern part of the study area. Therefore, to effective and sustainable use and management of this area, continuous monitoring and countermeasures about major input sources to the water and sediment, and prediction according to the environmental variation, are necessary.

• Journal of Distribution Science
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• v.10 no.4
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• pp.21-28
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• 2012

While recent economic stagnation has left consumers dispirited, rapid growth has been seen in the domestic coffee industry recently. With the growth in coffee consumption, a tremendous increase in the number of specialty coffee shops has been seen in the domestic coffee market. The expectation that markets specializing in coffee will continue to grow for a long time will cause existing enterprises to expand their shops and increase the rate of entry of new shops. Intense competition in the domestic coffee market will force companies to create a competitive advantage through differentiated marketing strategies. This paper focuses on how the shopping value and repatronage intention of customers using coffee shops is affected by service quality. Moreover, this paper intends to examine the service quality that is critical for the successful management of relationships and the values that are important to consumers. For these purposes, the discriminative effect of service quality on shopping value was analyzed and the effect of utilitarian and hedonic value on repatronage intention was reviewed. The results of this study are detailed below. First, interaction and outcome quality can positively affect the hedonic value, whereas environment quality is not meaningful for utilitarian value. Considering the relative effect on utilitarian value outcome, the effect of outcome quality is greater than that of interaction. This result shows that the role of outcome quality is most important for improving utilitarian value. Second, outcome and environment quality positively affect hedonic value; however, interaction quality does not meaningfully increase hedonic value. These results indicate that customers recognize hedonic value on the basis of their evaluation of the service outcomes and the background to delivery service. In particular, it was revealed that the relative effect of outcome quality on hedonic value is greater than that of environment quality. Third, both utilitarian value and hedonic value had a positive effect on repatronage intention. The relative influence of the hedonic value is that the shopping value affects the repatronage intention more than the utilitarian value. These results mean that customers recognize coffee shops as spaces for satisfying utilitarian and hedonic values, and they place more importance on the benefits of the emotional experience than functional needs. Finally, this study suggests that output quality is more important than other service factors, and the results of this paper give some implications to the coffee shop industry that customers seek utilitarian needs based on economic value and place more weight on hedonic value, such as that offered by relationship media.

• Journal of Korean Public Health Nursing
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• v.8 no.2
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• pp.1-34
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• 1994

This study has been done in order to analyze the relationship between climacteric symptoms and the stress of life events. For the purpose of this study. objectives set up were as followings. : 1. Climacteric symptoms complained by middle aged women are studied. 2. The stress of life events experienced by middle aged women is studied. 3. The relationship between climacteric symptoms and the stress of life events is studied. 4. The relationship between climacteric symptoms and general characteristics is studied. and the relationship between the stress of life events and general characteristics is also studied. The sample size of this study was 462 cases. The subjects were middle-aged women. who were from 40 to 60 years old and resided in Seoul. Data were collected by using questionnaires which consisted of 122 questions from Jan. 1 to Feb. 7 in 1992. The questionnaires include questions about general characteristics. climacteric symptoms and life events. The measurement scales for this study were adopted from the climacteric symptoms scale developed by Chi. Sung-Ai and the measurement scale of stress related to life events devised by Lee. Pyoung Sook. The analysis of data collected was done by using SPSS-pc package. Firstly. general characteristics were analyzed by using descriptive statistical methods. Secondly. climacteric symptoms were analyzed by using descriptive statistical methods. the analysis of variance and correlation analysis. Thirdly. the stress of life events was studied by using descriptive statistical methods. the analysis of variance. and tests of independence. The results of this study are as followings. 1. General characteristics of the respondents are as followings: The average age is 49. 13. and the age group from 46 to 50 has $30.5\%$ in the respondents. Christianity is the major religion $(42.6\%)$. and the respondents with a high school diploma are $(43.1\%)$ of the respondents. $60\%$ of all respondents are housewives. and $90.5\%$ are married. The average number of children is 2.71. and the average number of family is 4.24 Monthly income of $39.1\%$ of the respondents is from l,010,000 Won to 2,000,000 Won. The premenopausal group is $4.9\%$. and $45.5\%$ of all respondents are satisfied with marrital life. $43.3\%$ of all feel happy. and $13.9\%$ feel economic frustration. $27.9\%$ of respondents are satisfied with sexual life. and $45\%$ of all report that the amount of recreational activities are more needed. 2. The average score of climacteric symptoms is 1. 8461 (The maximum score is 5.0). The symptoms complained frequently are nervousness. muscle-ache. fatigue. headache and knee-ache. Climacteric symptoms are significantly different in menopausal states. age groups. the number of children, marrital satisfaction. the feeling of life. self-reported health states and sexual satisfaction. 3. The life events occurred frequently were 'discord with husband', 'children's important exams', 'separation from husband related to works' and 'vacation'. When life events are analyzed by factors. the most frequently mentioned factor is 'marrital life'. The stress of life events is significantly different in a few general characteristics (age. the number of children, the number of family, monthly income, menopausal status, the feeling of life. self-reported health states, economic satisfaction). 4. The score of climacteric symptoms complained is significantly different according to the stress of life events (p<0.051, Especially, the difference is the widest in psychological symptoms according to the factor of 'couple. marrital life' among stressful life events. In Summary, climacteric symptoms complained by middle-aged women are related to the amount of the stress of life events. Whether life events are positive of negative is not important. Yet. climacteric symptoms and stressful life events are deeply related to general characteristics. so we can not insist strongly that one be directly related to the other.