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The effect of Big-data investment on the Market value of Firm (기업의 빅데이터 투자가 기업가치에 미치는 영향 연구)

  • Kwon, Young jin;Jung, Woo-Jin
    • Journal of Intelligence and Information Systems
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    • v.25 no.2
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    • pp.99-122
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    • 2019
  • According to the recent IDC (International Data Corporation) report, as from 2025, the total volume of data is estimated to reach ten times higher than that of 2016, corresponding to 163 zettabytes. then the main body of generating information is moving more toward corporations than consumers. So-called "the wave of Big-data" is arriving, and the following aftermath affects entire industries and firms, respectively and collectively. Therefore, effective management of vast amounts of data is more important than ever in terms of the firm. However, there have been no previous studies that measure the effects of big data investment, even though there are number of previous studies that quantitatively the effects of IT investment. Therefore, we quantitatively analyze the Big-data investment effects, which assists firm's investment decision making. This study applied the Event Study Methodology, which is based on the efficient market hypothesis as the theoretical basis, to measure the effect of the big data investment of firms on the response of market investors. In addition, five sub-variables were set to analyze this effect in more depth: the contents are firm size classification, industry classification (finance and ICT), investment completion classification, and vendor existence classification. To measure the impact of Big data investment announcements, Data from 91 announcements from 2010 to 2017 were used as data, and the effect of investment was more empirically observed by observing changes in corporate value immediately after the disclosure. This study collected data on Big Data Investment related to Naver 's' News' category, the largest portal site in Korea. In addition, when selecting the target companies, we extracted the disclosures of listed companies in the KOSPI and KOSDAQ market. During the collection process, the search keywords were searched through the keywords 'Big data construction', 'Big data introduction', 'Big data investment', 'Big data order', and 'Big data development'. The results of the empirically proved analysis are as follows. First, we found that the market value of 91 publicly listed firms, who announced Big-data investment, increased by 0.92%. In particular, we can see that the market value of finance firms, non-ICT firms, small-cap firms are significantly increased. This result can be interpreted as the market investors perceive positively the big data investment of the enterprise, allowing market investors to better understand the company's big data investment. Second, statistical demonstration that the market value of financial firms and non - ICT firms increases after Big data investment announcement is proved statistically. Third, this study measured the effect of big data investment by dividing by company size and classified it into the top 30% and the bottom 30% of company size standard (market capitalization) without measuring the median value. To maximize the difference. The analysis showed that the investment effect of small sample companies was greater, and the difference between the two groups was also clear. Fourth, one of the most significant features of this study is that the Big Data Investment announcements are classified and structured according to vendor status. We have shown that the investment effect of a group with vendor involvement (with or without a vendor) is very large, indicating that market investors are very positive about the involvement of big data specialist vendors. Lastly but not least, it is also interesting that market investors are evaluating investment more positively at the time of the Big data Investment announcement, which is scheduled to be built rather than completed. Applying this to the industry, it would be effective for a company to make a disclosure when it decided to invest in big data in terms of increasing the market value. Our study has an academic implication, as prior research looked for the impact of Big-data investment has been nonexistent. This study also has a practical implication in that it can be a practical reference material for business decision makers considering big data investment.

The Research Status and Task of the Metalcrafts of Shoso-in Collection (정창원(正倉院) [쇼소인] 금속공예의 연구 현황과 과제)

  • Choi, Eungchon
    • Korean Journal of Heritage: History & Science
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    • v.51 no.3
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    • pp.32-53
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    • 2018
  • The $Sh{\bar{o}}s{\bar{o}}-in$(正倉院) is the detached storage building for Japanese treasures that belongs to $T{\bar{o}}dai-ji$ in Nara, Japan. The reason why $Sh{\bar{o}}s{\bar{o}}-in$ collections are drawing attention is that Japanese artifacts, sculptures, paintings, and other objects that were introduced through the Silk Road, such as Sasanian Persia and India, and those that were introduced from the Unified Silla and Tang China. In addition, hundreds of well-preserved documents of $Sh{\bar{o}}s{\bar{o}}-in$ collections play an important role as a historical reference material covering not only the social situation of the time but also the history of exchange of cultural diplomacy and the change of Buddhist doctrine. In particular, some of collections of $Sh{\bar{o}}s{\bar{o}}-in$ were made in China and may have been imported or received as gifts, but many of the artifacts made in Baekje and Unified Silla are becoming more and more important. This paper examined the research status of $Sh{\bar{o}}s{\bar{o}}-in$ metal crafts of Korean and foreign scholars, and examined the association with the relics of $Sh{\bar{o}}s{\bar{o}}-in$ through metal crafts excavated from the Korean Peninsula. The research on the future direction of $Sh{\bar{o}}s{\bar{o}}-in$ collections should be summarized as follows. 1. Systematization of state-level support and single window for the research of $Sh{\bar{o}}s{\bar{o}}-in$ collections 2. Accurate listing and database of $Sh{\bar{o}}s{\bar{o}}-in$ collections 3. The positive implementation of joint research with Japan and invitation of researchers related to $Sh{\bar{o}}s{\bar{o}}-in$ collections 4. The exchange exhibition between the Korean National Treasures and the $Sh{\bar{o}}s{\bar{o}}-in$ collections 5. Expansion of the research base through the publication and support of books related to $Sh{\bar{o}}s{\bar{o}}-in$ collections.

Experimental Study on Ignition and Explosion Hazard by Measuring the Amount of Non-volatile (NVR) and Explosion Limit of Biodiesel Mixture (바이오디젤 혼합물의 가열잔분측정과 폭발한계 측정을 통한 발화 및 폭발위험성에 대한 실험적인 연구)

  • Kim, Ju Suk;Koh, Jae-Sun
    • Journal of the Society of Disaster Information
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    • v.18 no.1
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    • pp.182-193
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    • 2022
  • Purpose: By measuring and evaluating the risk of biodiesel through non-volatile residue (NVR) and flash point and explosion limit measurement at a specific temperature according to ASTM test standards, the risk of chemical fire causative substances is identified and a universal evaluation method By derivation and securing the risk-related data of the material, it can be used for the identification and analysis of the cause of the fire, and it can be applied to the risk assessment of other chemical substances Method: In order to measure the risk of biodiesel, it was measured using the non-volatile residue(NVR) measurement method, which measures how much flammable liquid is generated at a specific temperature. Heating was tested by applying KS M 5000: 2009 Test Method 4111. In addition, the flash point was measured using the method specified in ASTM E659-782005, and the energy supply method was measured using the constant temperature method. In addition, the explosion limit measurement was conducted in accordance with ASTM E 681-04 「Standard test method for concentration limits of flammability of chemicals(Vapors and gases)」 test standard. Result: As a result of checking the amount of combustible liquid by the non-volatile residue (NVR)measurement method, the non-volatile residue(NVR) of general diesel when left at 105±2℃ for 3 hours was about 30% (70% of volatile matter) and about 4% of biodiesel. In addition, similar results were obtained for the non-volatile residue(NVR)heating temperature of 150±2℃, 3 hours and 200±2℃ for 1 hour, and white smoke was generated at 200℃ or higher. In addition, similar values were obtained as a result of experimentally checking the explosion (combustion) limits of general diesel, general diesel containing 20% biodiesel, and 100% biodiesel. Therefore, it was confirmed that the flammability risk did not significantly affect the explosion risk. Conclusion: The results of this study suggested the risk judgment criteria for mixtures through experimental research on flammable mixtures for the purpose of securing the effectiveness, reliability, and reproducibility of the details of the criteria for determining dangerous substances in the existing Dangerous Materials Safety Management Act. It will be possible to provide reference data for the judgment criteria for flammable liquids that are regulated in the field. In addition, if the know-how for each test method is accumulated through this study, it is expected that it will be used as basic data in the research on risk assessment of dangerous substances and as a basis for research on the determination of dangerous substances.

Step-by-Step Growth Factors for Technology-Based Ventures: A Case Study of Advanced Nano Products Co. Ltd (기술기반 벤처기업의 단계별 성장요인: (주)나노신소재 사례 중심으로)

  • Jeong, Chanwoo;Lee, Wonil
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.16 no.6
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    • pp.85-105
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    • 2021
  • In this study, a case study was conducted on Advanced Nano Products Co.,Ltd, a company that was established in 2000 and has the core technology to produce and commercialize nano materials and ultrafine nano powders based on nano technology. Deviating from the general case study, a case study analysis frame was set based on the theory of technology management and industry-university cooperation theory, and cases were analyzed. In this case study, Advanced Nano Products Co.,Ltd. was analyzed from two analytical perspectives: the establishment of a Management Of Technology system within the company and the Industry-Academic Cooperation activity. Based on this theoretical-based analysis framework, company visit interviews and related data research and analysis were conducted. As a result of the study of the case company, it was possible to derive how the technology management and industry-university cooperation affect the growth stage of the company as follows. First, the strategic use of technology management is an important factor in strengthening the competitive advantage and core competencies of venture companies, and for survival and growth of startups in the early stages. Second, strategic use of technology management and patents and establishment of a patent management system are a part of business strategy and play a pivotal role in corporate performance. Third, the human and material infrastructure of universities affects the growth of companies in the early stage of start-up, and the high utilization of industry-university cooperation promotes the growth of companies. Fourth, continuous industry-academic cooperation activities in the growth and maturity stages of a company's growth stage are the basis for activating external exchanges and building networks. Lastly, technology management and industry-university cooperation were found to be growth factors for each growth stage of a company. In order for a company to develop continuously from the start-up to the growth and maturity stages, it is necessary to establish a technology management system from the beginning and promote strategic technology management activities. In addition, it can be said that it is important to carry out various industry-academic cooperation activities outside the company. As a result of the case analysis, it was found that Advanced Nano Products Co.,Ltd, which performed these two major activities well, overcame the crisis step by step and continued to grow until now. This study shows how the use of technology management and industry-academic cooperation creates value in each growth stage of technology-based venture companies. In addition, its active use will play a big role in the growth of other venture companies. The results of this case study can be a valid reference for growth research of technology start-up venture companies and related field application and utilization.

High School Student Perception of the Relationships between Solar and Visible Radiation and between Terrestrial and Infrared Radiation (태양 복사와 가시광선 복사 및 지구 복사와 적외선 복사의 관계에 대한 고등학생들의 인식)

  • Lee, Jong-Jin;Seo, Eun-Kyoung;Ahn, Yumin
    • Journal of the Korean earth science society
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    • v.43 no.2
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    • pp.312-323
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    • 2022
  • This study began with the hypothesis of whether "solar radiation" and "terrestrial radiation" can be replaced by "visible radiation" and "infrared radiation", respectively. To this end, we investigated the perceptions of high school students who completed the Earth Science I course through a questionnaire to reveal how they perceived each concept. We also analyzed the descriptions and illustrations of textbooks that may have affected their perceptions. All of the students who participated in the questionnaire recognized solar radiation as radiation emitted only in the visible light region. About 35% of the students recognized convection, conduction, and latent heat as energy transfer by radiation in the Earth's heat budget. By analyzing six types of Earth Science I textbooks in the 2015 revised curriculum, we observed that two types introduced the terms "shortwave radiation" and "longwave radiation" but had no explanation for them, while the other two described solar radiation as "radiation mainly in the visible light region" or "radiation in short wavelengths". Regarding solar and terrestrial radiation in the last two types, there was no explanation for the wavelength regions, or ambiguous terms such as "short wavelength" and "long wavelength" were used. In addition, the two textbooks contained some errors in the illustration of the energy budget. Considering that textbooks described solar and terrestrial radiation without defining the exact terms for shortwave and longwave radiation, learners are likely to recognize solar and terrestrial radiation as visible and infrared radiation, respectively. This finding implies that vague statements or errors in textbooks can cause or reproduce students' misconceptions. The discussion in this study is expected to be used as a helpful reference material for teaching and learning processes regarding the Earth's radiation equilibrium and heat budget, and thereby contribute to proposing reasonable description plans for future textbook writing.

Evaluation and Verification of the Attenuation Rate of Lead Sheets by Tube Voltage for Reference to Radiation Shielding Facilities (방사선 방어시설 구축 시 활용 가능한 관전압별 납 시트 차폐율 성능평가 및 실측 검증)

  • Ki-Yoon Lee;Kyung-Hwan Jung;Dong-Hee Han;Jang-Oh Kim;Man-Seok Han;Jong-Won Gil;Cheol-Ha Baek
    • Journal of the Korean Society of Radiology
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    • v.17 no.4
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    • pp.489-495
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    • 2023
  • Radiation shielding facilities are constructed in locations where diagnostic radiation generators are installed, with the aim of preventing exposure for patients and radiation workers. The purpose of this study is seek to compare and validate the trend of attenuation thickness of lead, the primary material in these radiation shielding facilities, at different maximum tube voltages by Monte Carlo simulations and measurement. We employed the Monte Carlo N-Particle 6 simulation code. Within this simulation, we set a lead shielding arrangement, where the distance between the source and the lead sheet was set at 100 cm and the field of view was set at 10 × 10 cm2. Additionally, we varied the tube voltages to encompass 80, 100, 120, and 140 kVp. We calculated energy spectra for each respective tube voltage and applied them in the simulations. Lead thicknesses corresponding to attenuation rates of 50, 70, 90, and 95% were determined for tube voltages of 80, 100, 120, and 140 kVp. For 80 kVp, the calculated thicknesses for these attenuation rates were 0.03, 0.08, 0.21, and 0.33 mm, respectively. For 100 kVp, the values were 0.05, 0.12, 0.30, and 0.50 mm. Similarly, for 120 kVp, they were 0.06, 0.14, 0.38, and 0.56 mm. Lastly, at 140 kVp, the corresponding thicknesses were 0.08, 0.16, 0.42, and 0.61 mm. Measurements were conducted to validate the calculated lead thicknesses. The radiation generator employed was the GE Healthcare Discovery XR 656, and the dosimeter used was the IBA MagicMax. The experimental results showed that at 80 kVp, the attenuation rates for different thicknesses were 43.56, 70.33, 89.85, and 93.05%, respectively. Similarly, at 100 kVp, the rates were 52.49, 72.26, 86.31, and 92.17%. For 120 kVp, the attenuation rates were 48.26, 71.18, 87.30, and 91.56%. Lastly, at 140 kVp, they were measured 50.45, 68.75, 89.95, and 91.65%. Upon comparing the simulation and experimental results, it was confirmed that the differences between the two values were within an average of approximately 3%. These research findings serve to validate the reliability of Monte Carlo simulations and could be employed as fundamental data for future radiation shielding facility construction.

Classification of Carbon-Based Global Marine Eco-Provinces Using Remote Sensing Data and K-Means Clustering (K-Means Clustering 기법과 원격탐사 자료를 활용한 탄소기반 글로벌 해양 생태구역 분류)

  • Young Jun Kim;Dukwon Bae;Jungho Im ;Sihun Jung;Minki Choo;Daehyeon Han
    • Korean Journal of Remote Sensing
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    • v.39 no.5_3
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    • pp.1043-1060
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    • 2023
  • An acceleration of climate change in recent years has led to increased attention towards 'blue carbon' which refers to the carbon captured by the ocean. However, our comprehension of marine ecosystems is still incomplete. This study classified and analyzed global marine eco-provinces using k-means clustering considering carbon cycling. We utilized five input variables during the past 20 years (2001-2020): Carbon-based Productivity Model (CbPM) Net Primary Production (NPP), particulate inorganic and organic carbon (PIC and POC), sea surface salinity (SSS), and sea surface temperature (SST). A total of nine eco-provinces were classified through an optimization process, and the spatial distribution and environmental characteristics of each province were analyzed. Among them, five provinces showed characteristics of open oceans, while four provinces reflected characteristics of coastal and high-latitude regions. Furthermore, a qualitative comparison was conducted with previous studies regarding marine ecological zones to provide a detailed analysis of the features of nine eco-provinces considering carbon cycling. Finally, we examined the changes in nine eco-provinces for four periods in the past (2001-2005, 2006-2010, 2011-2015, and 2016-2020). Rapid changes in coastal ecosystems were observed, and especially, significant decreases in the eco-provinces having higher productivity by large freshwater inflow were identified. Our findings can serve as valuable reference material for marine ecosystem classification and coastal management, with consideration of carbon cycling and ongoing climate changes. The findings can also be employed in the development of guidelines for the systematic management of vulnerable coastal regions to climate change.

Contents of Heavy Metals in Marine Invertebrates from the Korean Coast (한국 연안산 해산 무척추동물의 중금속 함량)

  • Mok, Jong-Soo;Lee, Ka-Jeong;Shim, Kil-Bo;Lee, Tae-Seek;Song, Ki-Cheol;Kim, Ji-Hoe
    • Journal of the Korean Society of Food Science and Nutrition
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    • v.39 no.6
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    • pp.894-901
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    • 2010
  • To measure the heavy metal contents of marine invertebrates, we collected 239 individuals representing 52 species from the eastern (Pohang), western (Gunsan), and southern (Tongyeong) coasts of Korea: 34 species of molluscan shellfish (Gastropoda and Bivalvia), 6 species of Cephalopoda, 8 species of Crustacea, and 4 other species. The mean levels of the heavy metals in the samples taken from the edible portion of each Gastropoda were high in the order of Zn ($21.471\;{\mu}g/g$), Cu ($4.115\;{\mu}g/g$), Mn ($0.868\;{\mu}g/g$), Ni ($0.254\;{\mu}g/g$), Pb ($0.238\;{\mu}g/g$), Cd ($0.154\;{\mu}g/g$), and Cr ($0.110\;{\mu}g/g$). The heavy metals in the Bivalvia were high in the order of Zn ($35.655\;{\mu}g/g$), Mn ($5.500\;{\mu}g/g$), Cu ($3.129\;{\mu}g/g$), Cd ($0.423\;{\mu}g/g$), Ni ($0.402\;{\mu}g/g$), Cr ($0.233\;{\mu}g/g$), and Pb ($0.232\;{\mu}g/g$). The heavy metals in the Cephalopoda were high in the order of Zn ($18.380\;{\mu}g/g$), Cu ($3.594\;{\mu}g/g$), Mn ($0.630\;{\mu}g/g$), Cr ($0.150\;{\mu}g/g$), Pb ($0.068\;{\mu}g/g$), Cd ($0.034\;{\mu}g/g$), and Ni ($0.030\;{\mu}g/g$). The heavy metals in the Crustacea were high in the order of Zn ($25.333\;{\mu}g$/g), Cu ($9.042\;{\mu}g/g$), Mn ($0.659\;{\mu}g/g$), Cr ($0.592\;{\mu}g/g$), Cd ($0.207\;{\mu}g/g$), Pb ($0.126\;{\mu}g/g$), and Ni ($0.094\;{\mu}g/g$). Therefore, the mean levels of the harmful heavy metals (Cd and Pb) in marine invertebrates were high in the order of Bivalvia>Crustacea=Gastropoda>Cephalopoda. The average daily intakes of the heavy metals from the fisheries products were as follows: Cd ($6.88\;{\mu}g$), Cr ($19.13\;{\mu}g$), Cu ($137.02\;{\mu}g$), Mn ($156.13\;{\mu}g$), Ni ($11.39\;{\mu}g$), Pb ($7.01\;{\mu}g$) and Zn ($1,025.94\;{\mu}g$). The average weekly intakes of Cd, Cu, Pb and Zn from the fisheries products were 11.47%, 0.46%, 3.27% and 1.71% respectively, as compared with PTWI (Provisional Tolerable Weekly Intakes) established by FAO/WHO Expert Committee for Food Safety Evaluation.

Analysis of Quantitative Indices in Tl-201 Myocardial Perfusion SPECT: Comparison of 4DM, QPS, and ECT Program (Tl-201 심근 관류 SPECT에서 4DM, QPS, ECT 프로그램의 정량적 지표 비교 분석)

  • Lee, Dong-Hun;Shim, Dong-Oh;Yoo, Hee-Jae
    • The Korean Journal of Nuclear Medicine Technology
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    • v.13 no.3
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    • pp.67-75
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    • 2009
  • Purpose: As to the analytical method of data, the various programs in which it is used for the quantitative rating of the Tl-201 myocardial perfusion SPECT are reported that there is a difference. Therefore, the measured value error of the mutual program is expected to be generated even if the quantitative analysis is made against data of the same patient. Using quantitative index that able to represent myocardial perfusion defect level, we aimed to determine correlation among three myocardial perfusion analysis programs 4DM (4DMSPECT), QPS (Quantitative Perfusion SPECT), ECT (Emory Cardiac Toolbox) that be used generally in most departments of Nuclear Medicine. Materials and Methods: We analyzed the 145 patients who were examined by Tl-201 gated myocardial perfusion SPECT in department of nuclear medicine at Asan Mediacal Center from December 1th 2008 to February 14th 2008. We sorted as normal group and abnormal group. Normal group consist of 80 patients (Male/Female=38/42, age:$65.1{\pm}9.9$) who have low possibility of cardiovascular disease. And abnormal group consist of 65 patients (Male/Female=45/20, age:$63.0{\pm}8.7$) who were diagnosed cardiovascular disease with reversible perfusion defect or fixed perfusion defect through myocardial perfusion SPECT results. Using the 4DM, QPS, and ECT programs, the total defect extent (TDE) such as LAD, LCX, RCA and the summed stress score (SSS) have been analysed for their correlations and statistical comparison with the paried t-test for the quantitative indices analysed from each group. Results: The correlation of 4DM:QPS, QPS:ECT, ECT:4DM each group result from 145 patients is 0.84, 0.86, 0.82 at SSS, 0.87, 0.84, 0.87 at TDE, and both index showed good correlation. In paired t-test and Bland-Altman analysis results showed no statistically significant difference in the comparison of QPS:ECT at the mean SSS and TDE, 4DM:QPS, ECT:4DM comparative analysis results showed statistically significant difference at SSS and TDE index. The correlation of 4DM:QPS, QPS:ECT, ECT:4DM program results from abnormal group (65 patients) is 0.72, 0.72, 0.70 at SSS and 0.77, 0.70, 0.77 at TDE and TDE and SSS has a good correlation. In abnormal group, paired t-test and Bland-Altman analysis results showed no statistically significant difference at QPS:ECT SSS (p=0.89) and TDE (p=0.23) comparison, 4DM:QPS, ECT:4DM comparative analysis results showed statistically significant difference at SSS and TDE index (p<0.01). In normal group (80 patients), paired t-test and Bland-Altman analysis results showed no statistically significant difference at QPS:ECT SSS (p=0.95) and TDE (p=0.73) comparison. And 4DM:QPS, ECT:4DM comparative analysis results showed statistically significant difference at SSS and TDE index (p<0.01). Conclusions: The perfusion defect of the Tl-201 myocardial perfusion SPECT was analyzed in not only the patient in whom it has the cardiovascular disease but also the patient in whom the possibility of the cardiovascular disease is few. In the comparison of the all group research, the mean of the TDE and SSS, 4DM was lower than QPS and ECT progrms. Each program showed good correlation and the results showed statistically significant difference. However, in this way, it is determined to be compatible about the analysis value in which the large-scale side between the programs uses each program a difference in a clinical in the Bland-Altman analyzed result in spite of the good correlation and cannot use. but, this analyzed result will be able to be usefully used as the reference material for the clinical read and is expected.

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The Effects of Environmental Dynamism on Supply Chain Commitment in the High-tech Industry: The Roles of Flexibility and Dependence (첨단산업의 환경동태성이 공급체인의 결속에 미치는 영향: 유연성과 의존성의 역할)

  • Kim, Sang-Deok;Ji, Seong-Goo
    • Journal of Global Scholars of Marketing Science
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    • v.17 no.2
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    • pp.31-54
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    • 2007
  • The exchange between buyers and sellers in the industrial market is changing from short-term to long-term relationships. Long-term relationships are governed mainly by formal contracts or informal agreements, but many scholars are now asserting that controlling relationship by using formal contracts under environmental dynamism is inappropriate. In this case, partners will depend on each other's flexibility or interdependence. The former, flexibility, provides a general frame of reference, order, and standards against which to guide and assess appropriate behavior in dynamic and ambiguous situations, thus motivating the value-oriented performance goals shared between partners. It is based on social sacrifices, which can potentially minimize any opportunistic behaviors. The later, interdependence, means that each firm possesses a high level of dependence in an dynamic channel relationship. When interdependence is high in magnitude and symmetric, each firm enjoys a high level of power and the bonds between the firms should be reasonably strong. Strong shared power is likely to promote commitment because of the common interests, attention, and support found in such channel relationships. This study deals with environmental dynamism in high-tech industry. Firms in the high-tech industry regard it as a key success factor to successfully cope with environmental changes. However, due to the lack of studies dealing with environmental dynamism and supply chain commitment in the high-tech industry, it is very difficult to find effective strategies to cope with them. This paper presents the results of an empirical study on the relationship between environmental dynamism and supply chain commitment in the high-tech industry. We examined the effects of consumer, competitor, and technological dynamism on supply chain commitment. Additionally, we examined the moderating effects of flexibility and dependence of supply chains. This study was confined to the type of high-tech industry which has the characteristics of rapid technology change and short product lifecycle. Flexibility among the firms of this industry, having the characteristic of hard and fast growth, is more important here than among any other industry. Thus, a variety of environmental dynamism can affect a supply chain relationship. The industries targeted industries were electronic parts, metal product, computer, electric machine, automobile, and medical precision manufacturing industries. Data was collected as follows. During the survey, the researchers managed to obtain the list of parts suppliers of 2 companies, N and L, with an international competitiveness in the mobile phone manufacturing industry; and of the suppliers in a business relationship with S company, a semiconductor manufacturing company. They were asked to respond to the survey via telephone and e-mail. During the two month period of February-April 2006, we were able to collect data from 44 companies. The respondents were restricted to direct dealing authorities and subcontractor company (the supplier) staff with at least three months of dealing experience with a manufacture (an industrial material buyer). The measurement validation procedures included scale reliability; discriminant and convergent validity were used to validate measures. Also, the reliability measurements traditionally employed, such as the Cronbach's alpha, were used. All the reliabilities were greater than.70. A series of exploratory factor analyses was conducted. We conducted confirmatory factor analyses to assess the validity of our measurements. A series of chi-square difference tests were conducted so that the discriminant validity could be ensured. For each pair, we estimated two models-an unconstrained model and a constrained model-and compared the two model fits. All these tests supported discriminant validity. Also, all items loaded significantly on their respective constructs, providing support for convergent validity. We then examined composite reliability and average variance extracted (AVE). The composite reliability of each construct was greater than.70. The AVE of each construct was greater than.50. According to the multiple regression analysis, customer dynamism had a negative effect and competitor dynamism had a positive effect on a supplier's commitment. In addition, flexibility and dependence had significant moderating effects on customer and competitor dynamism. On the other hand, all hypotheses about technological dynamism had no significant effects on commitment. In other words, technological dynamism had no direct effect on supplier's commitment and was not moderated by the flexibility and dependence of the supply chain. This study makes its contribution in the point of view that this is a rare study on environmental dynamism and supply chain commitment in the field of high-tech industry. Especially, this study verified the effects of three sectors of environmental dynamism on supplier's commitment. Also, it empirically tested how the effects were moderated by flexibility and dependence. The results showed that flexibility and interdependence had a role to strengthen supplier's commitment under environmental dynamism in high-tech industry. Thus relationship managers in high-tech industry should make supply chain relationship flexible and interdependent. The limitations of the study are as follows; First, about the research setting, the study was conducted with high-tech industry, in which the direction of the change in the power balance of supply chain dyads is usually determined by manufacturers. So we have a difficulty with generalization. We need to control the power structure between partners in a future study. Secondly, about flexibility, we treated it throughout the paper as positive, but it can also be negative, i.e. violating an agreement or moving, but in the wrong direction, etc. Therefore we need to investigate the multi-dimensionality of flexibility in future research.

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