• The Korean Journal of Financial Management
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• v.21 no.2
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• pp.99-123
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• 2004

We focus in this study on incremental financing decisions and estimate a logit model for the probability a firm will choose a private placement over a public bond issue. We hypothesize that information asymmetry, financial risk, agent cost, and proprietary information may affect a firm's choice between public debt and private placements. We find that as the size of firm increases, the probability of choosing a private placement declines significantly. The age of the firm, however, is not a significant factor affecting the firm's choice between public and privately-placed bond. The coefficients on the firm's leverage and non-investment grade dummy are significantly positive, meaning firms with high financial risk and credit risk select private placements. The findings regarding agency-related variables, PER and Tobin's Q, are somewhat complex. We find significant evidence that firms with high PER prefer private placements to public bonds, suggesting that borrowers with options to engage in asset substitution or underinvestment are more likely to choose private placements. The coefficient of Tobin's Q is negative, but not significant, which weakly support the hold-up hypothesis. When we construct an interaction term on the Tobin's Q with a non-investment rating dummy, however, the Tobin's Q interaction term becomes positive and significant. Thus, high Tobin's Q firms with a speculative rating are significantly more likely to choose a private placement, regardless of the potential hold-up problems. The ratio of R&D to sales, proxy for proprietary information, is positively significant. This result can be interpreted as evidence in favor of a role for proprietary information in the debt sourcing decision process for these firms.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.5
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• pp.93-104
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• 2019

The entrepreneurship can be a source of national growth potential as behavioral tendencies of people who seek innovation, take risks of failure, and proactively respond to opportunities. In particular, in the economic situation of Korea where growth has been stagnated, it is necessary to strengthen the entrepreneurship of women which is relatively lower than men's in order to activate the start-up and economic participation of the whole people. In this regard, this study focuses not only on gender differences in entrepreneurship but also on the hidden impact of social contexts that cause gender differences in entrepreneurship. Specifically, this study examined the moderating effects of childbirth, a factor that reflects the social context of Korea in the relationship between gender and entrepreneurship. According to the results of the model that includes the interaction effect of these variables in addition to the independent effects of gender and childbirth, the gender effect disappeared, while the significant effect of both the childbirth variable and the interaction variable of gender and childbirth were confirmed. Furthermore, according to additional analysis, which identified the differences in entrepreneurship by creating four types of treatment groups based on gender and childbirth status, entrepreneurship was significantly lower in the 'female and childbirth' group than in all other groups. The difference between the remaining treatment groups was not statistically significant. These results indicate that differences in entrepreneurship levels between men and women overlap not with the unique trait of men and women, but with the social contextual effects of Korea, where women are under the full burden of childbirth and parenting. This study suggests implications that effective policy measures to promote women's entrepreneurship or economic activity should be taken by taking into account the social context of Korea that suppresses women's entrepreneurial behavior.

• Korean Journal of Mineralogy and Petrology
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• v.35 no.3
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• pp.313-331
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• 2022

Natural or native abiotic molecular hydrogen (H₂) is a major component in natural gas, however yet its importance in the global energy sector's usage as clean and renewable energy is underestimated. Here we review the occurrence and geological settings of native hydrogen to demonstrate the much widesprease H₂ occurrence in nature by comparison with previous estimations. Three main types of source rocks have been identified: (1) ultramafic rocks; (2) cratons comprising iron (Fe²⁺)-rich rocks; and (3) uranium-rich rocks. The rocks are closely associated with Precambrian crystalline basement and serpentinized ultramafic rocks from ophiolite and peridotite either at mid-ocean ridges or within continental margin(Zgonnik, 2020). Inorganic geological processes producing H₂ in the source rocks include (a) the reduction of water during the oxidation of Fe²⁺ in minerals (e.g., olivine), (b) water splitting due to radioactive decay, (c) degassing of magma at low pressure, and (d) the reaction of water with surface radicals during mechanical breaking (e.g., fault) of silicate rocks. Native hydrogen are found as a free gas (51%), fluid inclusions in various rock types (29%), and dissolved gas in underground water (20%) (Zgonnik, 2020). Although research on H₂ has not yet been carried out in Korea, the potential H₂ reservoirs in the Gyeongsang Basin are highly probable based on geological and geochemical characteristics including occurrence of ultramafic rocks, inter-bedded basaltic layers and iron-copper deposits within thick sedimentary basin and igneous activities at an active continental margin during the Permian-Paleogene. The native hydrogen is expected to be clean and renewable energy source in the near future. Therefore it is clear that the origin and exploration of the native hydrogen, not yet been revealed by an integrated studies of rock-fluid interaction studies, are a field of special interest, regardless of the presence of economic native hydrogen reservoirs in Korea.

• Journal of Korean Society of Coastal and Ocean Engineers
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• v.26 no.1
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• pp.49-64
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• 2014

Seabed beneath and near the coastal structures may undergo large excess pore water pressure composed of oscillatory and residual components in the case of long durations of high wave loading. This excess pore water pressure may reduce effective stress and, consequently, the seabed may liquefy. If the liquefaction occurs in the seabed, the structure may sink, overturn, and eventually fail. Especially, the seabed liquefaction behavior beneath a gravity-based structure under wave loading should be evaluated and considered for design purpose. In this study, to evaluate the liquefaction potential on the seabed, numerical analysis was conducted using 2-dimensional numerical wave tank. The 2-dimensional numerical wave tank was expanded to account for irregular wave fields, and to calculate the dynamic wave pressure and water particle velocity acting on the seabed and the surface boundary of the structure. The simulation results of the wave pressure and the shear stress induced by water particle velocity were used as inputs to a FLIP(Finite element analysis LIquefaction Program). Then, the FLIP evaluated the time and spatial variations in excess pore water pressure, effective stress and liquefaction potential in the seabed. Additionally, the deformation of the seabed and the displacement of the structure as a function of time were quantitatively evaluated. From the analysis, when the shear stress was considered, the liquefaction at the seabed in front of the structure was identified. Since the liquefied seabed particles have no resistance force, scour can possibly occur on the seabed. Therefore, the strength decrease of the seabed at the front of the structure due to high wave loading for the longer period of time such as a storm can increase the structural motion and consequently influence the stability of the structure.

• Journal of Yeungnam Medical Science
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• v.8 no.2
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• pp.52-62
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• 1991

The toxic effect of azalea extract, expecially on cardiovascular system, is relatively unclear. The purpose of this study is to study the possible underlying mechanism and effect of toxic ingredient of azalea on cardiovascular system. The 71 healthy rabbits were divided into 10 groups : In group as preliminary study ; 4cc of normal saline was administered intravenously(N) ; 0.7gm/kg and 1.0gm/kg of azalea extract was administered respectively in the same route, volume(A1, A2) ; atropine was administered intravenously(A) ; after pretreatment with atropine(0.04mg/kg) to block parasympathetic system, azalea extract was injected like the above groups(AA1, AA2) ; normal saline, 0.7gm/kg and 1.0gm/kg of azalea extract were administered respectively with 0.2cc(1 : 1000) epinephrine(E0,E1,E2). We measured the following indices at I minute interval during first 10 minutes and then 10 minute interval during next 30 minutes : RR interval, QTc interval, maximal systolic and diastolic pressure drop with occuring time and presence of significant arrhythmia. The results were as follows : 1. The changes of RR interval, QTc interval were significantly increased in groups by Azalea extract. The blood pressure change was significantly decreased in groups by Azalea extract. There were no significant differences according to dosage of Azalea extract. 2. The changes of RR interval, blood pressure were significant differences between administration of atropine and Azalea extract after pretreatment with atropine, but not in the change of QTc interval. 3. There were no significant differences in the change of RR interval, ATc interval, blood pressure drop according to pretreatment with atropine. 4. The interaction between epineprine and Azalea extract was not noted by the effect of epineprine itself. 5. The ST change by 0.7gm/kg, 1.0gm/kg of Azalea extract was revealed in 1 case(14.0%), 7 case(100%), respectively. 6. Most of all cases with arrhthymia, ventricular tachycardia, ventricular fibrillation, were noted in the group by epineprine, except one case by Azalea extract(1.0gm/kg). It was idioventricular rhythm. In conclusion, azalea extract has negative inotropic and chronotropic effect with arrhythmogenic potential possibly through direct myocardial ischemia or injury but we cann't be absolutely exclusive of actions of autonmic nervous system, especially parasympathetic nervous system.

• Korean Journal of Ecology and Environment
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• v.48 no.4
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• pp.229-237
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• 2015

This study aims to offer basic data to effectively preserve and manage pine forests using more precise pine forests' distribution status. In this regard, this study predicts the geographical distribution change of pine forests growing in South Korea, due to climate change, and evaluates the spatial distribution characteristics of pine forests by age. To this end, this study predicts the potential distribution change of pine forests by applying the MaxEnt model useful for species distribution change to the present and future climate change scenarios, and analyzes the effects of bioclimatic variables on the distribution area and change by age. Concerning the potential distribution regions of pine forests, the pine forests, aged 10 to 30 years in South Korea, relatively decreased more. As the area of the region suitable for pine forest by age was bigger, the decreased regions tend to become bigger, and the expanded regions tend to become smaller. Such phenomena is conjectured to be derived from changing of the interaction of pine forests by age from mutual promotional relations to competitive relations in the similar climate environment, while the regions suitable for pine forests' growth are mostly overlap regions. This study has found that precipitation affects more on the distribution of pine forests, compared to temperature change, and that pine trees' geographical distribution change is more affected by climate's extremities including precipitation of driest season and temperature of the coldest season than average climate characteristics. Especially, the effects of precipitation during the driest season on the distribution change of pine forests are irrelevant of pine forest's age class. Such results are expected to result in a reduction of the pine forest as the regions with the increase of moisture deficiency, where climate environment influencing growth and physiological responses related with drought is shaped, gradually increase according to future temperature rise. The findings in this study can be applied as a useful method for the prediction of geographical change according to climate change by using various biological resources information already accumulated. In addition, those findings are expected to be utilized as basic data for the establishment of climate change adaptation policies related to forest vegetation preservation in the natural ecosystem field.

• The Korean Journal of Ecology
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• v.26 no.3
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• pp.143-150
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• 2003

Korea has plentiful precipitation but rainfall events concentrate on several months of rainy season in her weather condition. Korea, therefore, experiences drought for a given period every year. Moreover the soil has usually low water holding capacity, as it is composed coarse particles originated from the granite. Response of several oaks and the Korean red pine (Pinus densiflora) on water stress showed that water budget was significant factor determining vegetation distribution. In addition, dehydration level due to cold resistance mechanism of several evergreen plants during the winter season was closely related to their distribution in natural condition. Experimental result under water stress showed that the Korean red pine was very tolerant to desiccation but the seedlings showed high mortality during the dry season. The mortality tended to proportionate to soil moisture content of each site. A comparison between soil moisture content during June when it is severe dry season and moisture content of the culture soil when the pine seedlings reached the permanent wilting point due to water withheld proved that high mortality during the dry season was due to water deficit. Water potential of sample plants measured during the exposure experiment to the air pollutant showed a probability that water related factors would dominate the occurrence of visible damage and the tolerance level of sample plants. In both field survey and laboratory experiment, plants exposed to air pollution showed more rapid transpiration than those grown in the unpolluted condition. The result would due to injury of leaf surface by air pollutants. Aluminum (Al/sup 3+/) increased in the acid soil not only inhibits root growth but also leads to abnormal distribution of root system and thereby caused water stress. The water stresses due to air pollution and soil acidification showed a possibility that they play dominating roles in inducing forest decline additionally to the existing water deficit due to weather and soil conditions in Korea. Sludge, which can contribute to improve field capacity, as it is almost composed of organic matter, showed an effect ameliorating the retarded growth of plant in the acidified soil. The effect was not less than that of dolomite known in widely as such a soil ameliorator. Litter extract contributed also to mitigate the water stress due to toxic Al/sup 3+/. We prepared a model showing the potential interaction of multiple stresses, which can cause forest decline in Korea by synthesizing those results. Furthermore, we suggested restoration plans, which can mitigate such forest decline in terms of soil amelioration and vegetation restoration.

• Korean Journal of Soil Science and Fertilizer
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• v.43 no.6
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• pp.789-792
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• 2010

Major impacts of climate change expert that soil erosion rate may increase during the $21^{st}$ century. This study was conducted to assess the potential impacts of climate change on soil erosion by water in Korea. The soil loss was estimated for regions with the potential risk of soil erosion on a national scale. For computation, Universal Soil Loss Equation (USLE) with rainfall and runoff erosivity factors (R), cover management factors (C), support practice factors (P) and revised USLE with soil erodibility factors (K) and topographic factors (LS) were used. RUSLE, the revised version of USLE, was modified for Korean conditions and re-evaluate to estimate the national-scale of soil loss based on the digital soil maps for Korea. The change of precipitation for 2010 to 2090s were predicted under A1B scenarios made by National Institute of Meteorological Research in Korea. Future soil loss was predicted based on a change of R factor. As results, the predicted precipitations were increased by 6.7% for 2010 to 2030s, 9.5% for 2040 to 2060s and 190% for 2070 to 2090s, respectively. The total soil loss from uplands in 2005 was estimated approximately $28{\times}10^6$ ton. Total soil losses were estimated as $31{\times}10^6$ ton in 2010 to 2030s, $31{\times}10^6$ ton in 2040 to 2060s and $33{\times}10^6$ ton in 2070 to 2090s, respectively. As precipitation increased by 17% in the end of $21^{st}$ century, the total soil loss was increased by 12.9%. Overall, these results emphasize the significance of precipitation. However, it should be noted that when precipitation becomes insignificant, the results may turn out to be complex due to the large interaction among plant biomass, runoff and erosion. This may cause increase or decrease the overall erosion.

• Journal of the Korean Association of Geographic Information Studies
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• v.24 no.4
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• pp.99-112
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• 2021

This study was performed to predict spatial change of future forestland area in South Korea at regional level for supporting forest-related plans established by local governments. In the study, land use was classified to three types which are forestland, agricultural land, and urban and other lands. A logistic regression model was developed using transitional interaction between each land use type and topographical factors, land use restriction factors, socioeconomic indices, and development infrastructures. In this model, change probability from a target land use type to other land use types was estimated using raster dataset(30m×30m) for each variable. With priority order map based on the probability of land use change, the total annual amount of land use change was allocated to the cells in the order of the highest transition potential for the spatial analysis. In results, it was found that slope degree and slope standard value by the local government were the main factors affecting the probability of change from forestland to urban and other land. Also, forestland was more likely to change to urban and other land in the conditions of a more gentle slope, lower slope criterion allowed to developed, and higher land price and population density. Consequently, it was predicted that forestland area would decrease by 2027 due to the change from forestland to urban and others, especially in metropolitan and major cities, and that forestland area would increase between 2028 and 2050 in the most local provincial cities except Seoul, Gyeonggi-do, and Jeju Island due to locality extinction with decline in population. Thus, local government is required to set an adequate forestland use criterion for balanced development, reasonable use and conservation, and to establish the regional forest strategies and policies considering the future land use change trends.

• Journal of Distribution Research
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• v.15 no.4
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• pp.61-85
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• 2010

Introduction: Diffusion is process by which an innovation is communicated through certain channel overtime among the members of a social system(Rogers 1983). Bass(1969) suggested the Bass model describing diffusion process. The Bass model assumes potential adopters of innovation are influenced by mass-media and word-of-mouth from communication with previous adopters. Various expansions of the Bass model have been conducted. Some of them proposed a third factor affecting diffusion. Others proposed multinational diffusion model and it stressed interactive effect on diffusion among several countries. We add a spatial factor in the Bass model as a third communication factor. Because of situation where we can not control the interaction between markets, we need to consider that diffusion within certain market can be influenced by diffusion in contiguous market. The process that certain type of retail extends is a result that particular market can be described by the retail life cycle. Diffusion of retail has pattern following three phases of spatial diffusion: adoption of innovation happens in near the diffusion center first, spreads to the vicinity of the diffusing center and then adoption of innovation is completed in peripheral areas in saturation stage. So we expect spatial effect to be important to describe diffusion of domestic discount store. We define a spatial diffusion model using multinational diffusion model and apply it to the diffusion of discount store. Modeling: In this paper, we define a spatial diffusion model and apply it to the diffusion of discount store. To define a spatial diffusion model, we expand learning model(Kumar and Krishnan 2002) and separate diffusion process in diffusion center(market A) from diffusion process in the vicinity of the diffusing center(market B). The proposed spatial diffusion model is shown in equation (1a) and (1b). Equation (1a) is the diffusion process in diffusion center and equation (1b) is one in the vicinity of the diffusing center. $$\array{{S_{i,t}=(p_i+q_i{\frac{Y_{i,t-1}}{m_i}})(m_i-Y_{i,t-1})\;i{\in}\{1,{\cdots},I\}\;(1a)}\\{S_{j,t}=(p_j+q_j{\frac{Y_{j,t-1}}{m_i}}+{\sum\limits_{i=1}^I}{\gamma}_{ij}{\frac{Y_{i,t-1}}{m_i}})(m_j-Y_{j,t-1})\;i{\in}\{1,{\cdots},I\},\;j{\in}\{I+1,{\cdots},I+J\}\;(1b)}}$$ We rise two research questions. (1) The proposed spatial diffusion model is more effective than the Bass model to describe the diffusion of discount stores. (2) The more similar retail environment of diffusing center with that of the vicinity of the contiguous market is, the larger spatial effect of diffusing center on diffusion of the vicinity of the contiguous market is. To examine above two questions, we adopt the Bass model to estimate diffusion of discount store first. Next spatial diffusion model where spatial factor is added to the Bass model is used to estimate it. Finally by comparing Bass model with spatial diffusion model, we try to find out which model describes diffusion of discount store better. In addition, we investigate the relationship between similarity of retail environment(conceptual distance) and spatial factor impact with correlation analysis. Result and Implication: We suggest spatial diffusion model to describe diffusion of discount stores. To examine the proposed spatial diffusion model, 347 domestic discount stores are used and we divide nation into 5 districts, Seoul-Gyeongin(SG), Busan-Gyeongnam(BG), Daegu-Gyeongbuk(DG), Gwan- gju-Jeonla(GJ), Daejeon-Chungcheong(DC), and the result is shown