• Journal of the Korean Society of Fisheries and Ocean Technology
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• v.57 no.4
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• pp.316-333
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• 2021

In order to understand basic data for improving the fishing system and fishing vessel structure in coastal improved stow net fishery, a questionnaire survey and on-site hearing were conducted from May 10 to June 11, 2019 to analyze opinions on the improvement of operation status and fishing vessel structure. The questionnaire survey consisted of ten questions on the operation status of coastal improved stow net fishery and six questions on the improvement of fishing vessel structure, and the results of each question were analyzed by the region, the captain's age, the captain's career and the age of fishing vessel. As a result of analyzing opinions on the operation status of the coastal improved stow net fishery, it was found that the average time required for casting net was 32.8 to 33.0 minutes and that the average time required for hauling net was 41.0 to 42.2 minutes which took 10 to 12 minutes more than for casting net. The most important work requiring improvement during fishing operation (the first priority) were 'hauling net operation,' 'readjustment and storage of fishing gear,' and 'fish handling' and the hardest factor in fishing management were in the order of 'reduction of catch,' 'labor shortage' and 'rising labor costs.' The most institutional improvement that is most needed in coastal improved stow net fishery was an 'using fine mesh nets.' Most of the respondent to the questions on the experience in hiring foreign crews was 'either hiring or willing to hire foreign crews,' and the average number of foreign crews employed was found to be 2.3 to 2.4 persons. The most important reason for hiring (or considering employment) foreign crews was 'high labor costs.' The degree of communication with foreign crews during fishing operation were 'moderate' or 'difficult to direct work.' The most important problem in hiring foreign crews (the first priority) was an 'illegal departure.' As the survey results on the opinion of structural improvement of coastal improved stow net fishing vessel, the degree of satisfaction with fishing vessel structure related to fishing operation was found to be somewhat unsatisfactory, with an average of 3.3 points on a five-point scale. The inconvenient structure of fishing vessel in possession (the first priority), the space needed most for the construction of new fishing vessel (the first priority) and the space considered important for the construction of new fishing vessel (the first prioprity) was a 'fish warehouse.' The most preferred equipment for the construction of new fishing vessel were 'engine operation monitoring' and 'navigation safety devices.' The average size (tonnage class), the average horse power and the average total length of fishing vessel for proper profit and safety fishing operation was between 13.8 and 14.0 tonnes, 808.3 to 819.5 H.P. and 23.4 to 23.5 meters, respectively. The results of the operation status of coastal improved stow net fishery and the requirement for improving the fishing vessel structure are expected to be provided as basic data for reference when we build or improve the fishing vessel.

• Korean Journal of Agricultural and Forest Meteorology
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• v.25 no.4
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• pp.346-358
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• 2023

Due to the acceleration of climate change or global warming, it is important to predict rice productivity in the future and investigate physiological changes in rice plants. The research aimed to explore how rice adapts to climate change by examining the response of nitrogen absorption and nitrogen use efficiency in rice under elevated levels of carbon dioxide and temperature, utilizing the SPAR system for analysis. The temperature increased by +4.7 ℃ in comparison to the period from 2001 to 2010, while the carbon dioxide concentration was held steady at 800 ppm, aligning with South Korea's late 21st-century RCP8.5 scenario. Nitrogen was applied as fertilizer at rates of 0, 9, and 18 kg 10a^-1, respectively. Under conditions of climate change, there was an 81% increase in the number of panicles compared to the present situation. However, grain weight decreased by 38% as a result of reduction in the grain filling rate. BNUE, indicative of the nitrogen use efficiency in plant biomass, exhibited a high value under climate change conditions. However, both NUEg and ANUE, associated with grain production, experienced a notable and significant decrease. In comparison to the current conditions, nitrogen uptake in leaves and stems increased by 100% and 151%, respectively. However, there was a 25% decrease in nitrogen uptake in the panicle. Likewise, the nitrogen content and NDFF (Nitrogen Derived from Fertilizer) in the sink organs, namely leaves and roots, were elevated in comparison to current levels. Therefore, it is imperative to ensure resources by mitigating the decrease in ripening rates under climate change conditions. Moreover, there seems to be a requirement for follow-up research to enhance the flow of photosynthetic products under climate change conditions.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.4
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• pp.21-35
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• 2023

Expectations surrounding generative AI technology and its profound ramifications are sweeping across various industrial domains. Given the anticipated pivotal role of the startup ecosystem in the utilization and advancement of generative AI technology, it is imperative to cultivate a deeper comprehension of the present state and distinctive attributes characterizing venture capital (VC) investments within this domain. The current investigation delves into South Korea's landscape of VC investment deals and prognosticates the projected VC investments by juxtaposing these against the United States, the frontrunner in the generative AI industry and its associated ecosystem. For analytical purposes, a compilation of 286 investment deals originating from 117 U.S. generative AI startups spanning the period from 2008 to 2023, as well as 144 investment deals from 42 South Korean generative AI startups covering the years 2011 to 2023, was amassed to construct new datasets. The outcomes of this endeavor reveal an upward trajectory in the count of VC investment deals within both the U.S. and South Korea during recent years. Predominantly, these deals have been concentrated within the early-stage investment realm. Noteworthy disparities between the two nations have also come to light. Specifically, in the U.S., in contrast to South Korea, the quantum of recent VC deals has escalated, marking an augmentation ranging from 285% to 488% in the corresponding developmental stage. While the interval between disparate investment stages demonstrated a slight elongation in South Korea relative to the U.S., this discrepancy did not achieve statistical significance. Furthermore, the proportion of VC investments channeled into generative AI enterprises, relative to the aggregate number of deals, exhibited a higher quotient in South Korea compared to the U.S. Upon a comprehensive sectoral breakdown of generative AI, it was discerned that within the U.S., 59.2% of total deals were concentrated in the text and model sectors, whereas in South Korea, 61.9% of deals centered around the video, image, and chat sectors. Through forecasting, the anticipated VC investments in South Korea from 2023 to 2029 were derived via four distinct models, culminating in an estimated average requirement of 3.4 trillion Korean won (ranging from at least 2.408 trillion won to a maximum of 5.919 trillion won). This research bears pragmatic significance as it methodically dissects VC investments within the generative AI domain across both the U.S. and South Korea, culminating in the presentation of an estimated VC investment projection for the latter. Furthermore, its academic significance lies in laying the groundwork for prospective scholarly inquiries by dissecting the current landscape of generative AI VC investments, a sphere that has hitherto remained void of rigorous academic investigation supported by empirical data. Additionally, the study introduces two innovative methodologies for the prediction of VC investment sums. Upon broader integration, application, and refinement of these methodologies within diverse academic explorations, they stand poised to enhance the prognosticative capacity pertaining to VC investment costs.

• Korean Journal of Agricultural Science
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• v.2 no.1
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• pp.61-100
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• 1975

This study has been made to find out the possibilty of successfully using the following $K_2O$ recommended equation $K_2O\;kg/10a=(Ko/\sqrt{Ca+Mg}-Ks/\sqrt{Ca+Mg})sqrt{Ca+Mg}.\;47.\;B\;D$. where $Ko/sqrt{Ca+Mg}=0.03518+0.0007658\;Sio_2/O.M$. $K_Ssqrt{Ca+Mg}$=Exchangeable K me/100g/$\sqrt{Total\;soluble(Ca+Mg)me/100g\;in\;Soil}$ B. D. =Bulk density of top soil, when the dose of Nitrogen for rice is estimated from the following equation: $N\;kg/10a=(4.2+0.096\;SiO_2/O.M).F$ where $F=0.907+0.263x-0.013x^2$ $SiO_2/O.M=(available\;SiO_2=ppm)/(organic\;matter\;%)$in soil For this. two field experiments. one in sandy and the other in clay paddy soil. have been conducted using 3 levels of wollastonite (0, 500, 100kg/10a) as main treatments; 3 levels of $K_2O$ application were used as sub-plots. These were as follows : (1) 8kg of $K_2O$/10a regardless of the K activity-$K/\sqrt{Ca+Mg}$; (2) kg of $K_2O$/10a estimated from the above equation. and (3) same as (2) above plus additional 30% of $K_2O$. The dose of N kg/ 10a was determined from the above equation based on the value of $SiO_2$/O.M. ratio in each treatment. There were three replications. The leading variety of rice in Chung Chong Nam Do area. Akibare (introduced from Japan) was used. The data obtained. through soil and plant analysis and growth and yield observations. have been throughly examined to attain the following summarized conclusions. 1. The nitrogen dose. estimated from the above equation. was in excess for optimum growth of the rice variety Akibare; indicating the necessity of modification onthe value of "F" or the constants in the equation. The concept of using $SiO_2$/O.M. in the equation was shown to be applicable. 2. The dose of potash. estimated from the respective equation given above. also was in excess of the rice requirements indicating the necessity of minor change in the estimation of $Ko/\sqrt{Ca+Mg}$ value and some great modification in the calculation of $Ks/\sqrt{Ca+Mg}$ value for the equation; however the concept of using $K/\sqrt{Ca+Mg}$ as a basis of $K_2O$ recommendation was shown to be quite reasonable. 3. It was found. from the correlation study using the data of paddy yield and amount of $K_2O$ absorbed by rice plants that the substitution of the value of $Ks/\sqrt{Ca+Mg}$ in the equation for the vaule $Ks/\sqrt{Ca+Mg}=0.037+0.78K\;me/100g$ soil was much more applicable than using the value calculated from the data of soil and wollastonite analysis.

• Journal of Intelligence and Information Systems
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• v.19 no.3
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• pp.113-125
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• 2013

Every company wants to know customer's requirement and makes an effort to meet them. Cause that, communication between customer and company became core competition of business and that important is increasing continuously. There are several strategies to find customer's needs, but VOC (Voice of customer) is one of most powerful communication tools and VOC gathering by several channels as telephone, post, e-mail, website and so on is so meaningful. So, almost company is gathering VOC and operating VOC system. VOC is important not only to business organization but also public organization such as government, education institute, and medical center that should drive up public service quality and customer satisfaction. Accordingly, they make a VOC gathering and analyzing System and then use for making a new product and service, and upgrade. In recent years, innovations in internet and ICT have made diverse channels such as SNS, mobile, website and call-center to collect VOC data. Although a lot of VOC data is collected through diverse channel, the proper utilization is still difficult. It is because the VOC data is made of very emotional contents by voice or text of informal style and the volume of the VOC data are so big. These unstructured big data make a difficult to store and analyze for use by human. So that, the organization need to automatic collecting, storing, classifying and analyzing system for unstructured big VOC data. This study propose an intelligent VOC analyzing system based on opinion mining to classify the unstructured VOC data automatically and determine the polarity as well as the type of VOC. And then, the basis of the VOC opinion analyzing system, called domain-oriented sentiment dictionary is created and corresponding stages are presented in detail. The experiment is conducted with 4,300 VOC data collected from a medical website to measure the effectiveness of the proposed system and utilized them to develop the sensitive data dictionary by determining the special sentiment vocabulary and their polarity value in a medical domain. Through the experiment, it comes out that positive terms such as "칭찬, 친절함, 감사, 무사히, 잘해, 감동, 미소" have high positive opinion value, and negative terms such as "퉁명, 뭡니까, 말하더군요, 무시하는" have strong negative opinion. These terms are in general use and the experiment result seems to be a high probability of opinion polarity. Furthermore, the accuracy of proposed VOC classification model has been compared and the highest classification accuracy of 77.8% is conformed at threshold with -0.50 of opinion classification of VOC. Through the proposed intelligent VOC analyzing system, the real time opinion classification and response priority of VOC can be predicted. Ultimately the positive effectiveness is expected to catch the customer complains at early stage and deal with it quickly with the lower number of staff to operate the VOC system. It can be made available human resource and time of customer service part. Above all, this study is new try to automatic analyzing the unstructured VOC data using opinion mining, and shows that the system could be used as variable to classify the positive or negative polarity of VOC opinion. It is expected to suggest practical framework of the VOC analysis to diverse use and the model can be used as real VOC analyzing system if it is implemented as system. Despite experiment results and expectation, this study has several limits. First of all, the sample data is only collected from a hospital web-site. It means that the sentimental dictionary made by sample data can be lean too much towards on that hospital and web-site. Therefore, next research has to take several channels such as call-center and SNS, and other domain like government, financial company, and education institute.

• Asia pacific journal of information systems
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• v.20 no.1
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• pp.141-170
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• 2010

User created content (UCC) is created and shared by common users on line. From the user's perspective, the increase of UCCs has led to an expansion of alternative means of communications, while from the business perspective UCCs have formed an environment in which an abundant amount of new contents can be produced. Despite outward quantitative growth, however, many aspects of UCCs do not meet the expectations of general users in terms of quality, and this can be observed through pirated contents and user-copied contents. The purpose of this research is to investigate effective methods for fostering production of creative user-generated content. This study proposes two core elements, namely, reward and motivation, which are believed to enhance content creativity as well as the mediating factor and users' committement, which will be effective for bridging the increasing motivation and content creativity. Based on this perspective, this research takes an in-depth look at issues related to constructing the dimensions of reward and motivation in UCC services for creative content product, which are identified in three phases. First, three dimensions of rewards have been proposed: task dimension, social dimension, and organizational dimention. The task dimension rewards are related to the inherent characteristics of a task such as writing blog articles and pasting photos. Four concrete ways of providing task-related rewards in UCC environments are suggested in this study, which include skill variety, task significance, task identity, and autonomy. The social dimensioni rewards are related to the connected relationships among users. The organizational dimension consists of monetary payoff and recognition from others. Second, the two types of motivations are suggested to be affected by the diverse rewards schemes: intrinsic motivation and extrinsic motivation. Intrinsic motivation occurs when people create new UCC contents for its' own sake, whereas extrinsic motivation occurs when people create new contents for other purposes such as fame and money. Third, commitments are suggested to work as important mediating variables between motivation and content creativity. We believe commitments are especially important in online environments because they have been found to exert stronger impacts on the Internet users than other relevant factors do. Two types of commitments are suggested in this study: emotional commitment and continuity commitment. Finally, content creativity is proposed as the final dependent variable in this study. We provide a systematic method to measure the creativity of UCC content based on the prior studies in creativity measurement. The method includes expert evaluation of blog pages posted by the Internet users. In order to test the theoretical model of our study, 133 active blog users were recruited to participate in a group discussion as well as a survey. They were asked to fill out a questionnaire on their commitment, motivation and rewards of creating UCC contents. At the same time, their creativity was measured by independent experts using Torrance Tests of Creative Thinking. Finally, two independent users visited the study participants' blog pages and evaluated their content creativity using the Creative Products Semantic Scale. All the data were compiled and analyzed through structural equation modeling. We first conducted a confirmatory factor analysis to validate the measurement model of our research. It was found that measures used in our study satisfied the requirement of reliability, convergent validity as well as discriminant validity. Given the fact that our measurement model is valid and reliable, we proceeded to conduct a structural model analysis. The results indicated that all the variables in our model had higher than necessary explanatory powers in terms of R-square values. The study results identified several important reward shemes. First of all, skill variety, task importance, task identity, and automony were all found to have significant influences on the intrinsic motivation of creating UCC contents. Also, the relationship with other users was found to have strong influences upon both intrinsic and extrinsic motivation. Finally, the opportunity to get recognition for their UCC work was found to have a significant impact on the extrinsic motivation of UCC users. However, different from our expectation, monetary compensation was found not to have a significant impact on the extrinsic motivation. It was also found that commitment was an important mediating factor in UCC environment between motivation and content creativity. A more fully mediating model was found to have the highest explanation power compared to no-mediation or partially mediated models. This paper ends with implications of the study results. First, from the theoretical perspective this study proposes and empirically validates the commitment as an important mediating factor between motivation and content creativity. This result reflects the characteristics of online environment in which the UCC creation activities occur voluntarily. Second, from the practical perspective this study proposes several concrete reward factors that are germane to the UCC environment, and their effectiveness to the content creativity is estimated. In addition to the quantitive results of relative importance of the reward factrs, this study also proposes concrete ways to provide the rewards in the UCC environment based on the FGI data that are collected after our participants finish asnwering survey questions. Finally, from the methodological perspective, this study suggests and implements a way to measure the UCC content creativity independently from the content generators' creativity, which can be used later by future research on UCC creativity. In sum, this study proposes and validates important reward features and their relations to the motivation, commitment, and the content creativity in UCC environment, which is believed to be one of the most important factors for the success of UCC and Web 2.0. As such, this study can provide significant theoretical as well as practical bases for fostering creativity in UCC contents.

• Journal of Nutrition and Health
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• v.42 no.7
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• pp.650-663
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• 2009

The purposes of this study were to investigate one portion size of menus served and to evaluate nutrient intake of lunch at three elderly care facility food services located in Seoul. A weighed plate method was employed to measure plate wastes and consumption of the menus served. Yield factors were calculated from cooking experiments based on standardized recipes, and were used to evaluate nutrient intake. One hundred elderly participated in this study for measuring plate waste and were asked to complete questionnaire. Nutrient analyses for the served and consumed meal were performed using CAN program. The yield factors of rice dishes after cooking are 2.4 regardless of rice dish types, 1.58 for thick soups, 0.60 to 0.70 for meat dishes, and 1.0 to 1.25 branched vegetable. Average consumption quantity of dishes were 235.97 g for rice, 248.53 g for soup, 72.83 g for meat dishes, 39.80 g for vegetables and 28.36 g for Kimchi. On average the food waste rate is 14.0%, indicating the second highest plate waste percentage of Kimchi (26.2%), and meat/fish dish (17.3%). The evaluation results of NAR (Nutrition Adequacy Ratio) showed that iron (0.12), calcium (0.64), riboflavin (0.80), and folic acid (0.97) were less than 1.0 in both male and female elderly groups, indicating significant differences of NAR among three facilities. Compared to the 1/3 Dietary Reference Intake (DRIs) for the elderly groups, nutrient intake analysis demonstrated that calcium (100%) and iron (100%), followed by riboflavin, vitamin A, and Vitamin B6 did not met of the 1/3 EAR (Estimated Average Requirement). For the nutritious meal management, a professional dietitian should be placed at the elderly care center to develop standardized recipes in consideration of yield factors and the elderly's health and nutrition status.

• Journal of Global Scholars of Marketing Science
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• v.18 no.1
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• pp.59-80
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• 2008

Recently, e-sports are growing with potentiality as a new industry with conspicuous profit model. But studies that dealing with e-sports are not enough. Hence, proposes of this paper are both to establish basic model that is for the design of e-sport marketing strategy and to contribute toward future studies which are related to e-sports. Recently, the researches to explain sports-sponsorship through the identification theory have been discovered. Many researches say that somewhat proper identification is a requirement for most sponsors to improve the their images which is essential to sponsorship activity. Consequently, the research for sponsorship associated with identification in the e-sports, not in the physical sports is the core sector of this study. We extracted the variables from online's major characteristics and existing sport sponsorship researches. First, because e-sports mean the tournaments or leagues in the use of online game, the main event of the game is likely to call it online game. Online media's attributes are distinguished from those of offline. Especially, interactivity, anonymity, and expandibility as a e-sport game attributes are able to be mentioned. So, these inherent online attributes are examined on the relationship with flow. Second, in physical sports games, Fisher(1998) revealed that team similarity and team attractivity were positively related to team identification. Wann(1996) said that the result of former game influenced the evaluation of the next game, then in turn has an effect on the identification of team supporters. Considering these results in the e-sports side, e-sports gamer' attractivity, similarity, and match result seem to be important precedent variables of the identification with a gamer. So, these e-sport gamer attributes are examined on the relationship with both flow and identification with a gamer. Csikszentmihalyi(1988) defined the term flow as feeling status for him to be making current positive experience optimally. Hoffman and Novak(1996) also said that if a user experienced the flow he would visit a website without any reward. Therefore flow might be positively associated with user's identification with a gamer. And, Swanson(2003) disclosed that team identification influenced the positive results of sponsorship, which included attitude toward sponsors, sponsor patronage, and satisfaction with sponsors. That is, identification with a gamer expect to be connected with corporation identification significantly. According to the above, we can design the following research model. All variables used in this study(interactivity, anonymity, expandibility, attractivity, similarity, match result, flow, identification with a gamer, and identification with a sponsor) definitely were defined operationally underlying precedent researches. Sample collection was carried out to the person who has an experience to have enjoyed e-sports during June 2006. Much portion of samples is men because much more men than women enjoy e-sports in general. Two-step approach was used to test the hypotheses. First, confirmatory factor analysis was committed to guarantee the validity and reliability of variables. The results showed that all variables had not only intensive and discriminant validity, but also reliability. Then, research model was examined with fully structural equation using LISREL 8.3 version. The fitness of the suggested model mostly was at the acceptable level. Shortly speaking about the results, first of all, in e-sports game attributes, only interactivity which is called a basic feature in online situation affected flow positively. Secondly, in e-sports gamer's attributes, similarity with a gamer and match result influenced flow positively, but there was no significant effect in the relationship between the attractivity of a gamer and flow. And as expected, similarity had an effect on identification with a gamer significantly. But unexpectedly attractivity and match result did not influence identification with a gamer significantly. Just the same as the fact verified in the many precedent researches, flow greatly influenced identification with a gamer, and identification with a gamer continually had an influence on the identification with a sponsor significantly. There are some implications in these results. If the sponsor of e-sports supports the pro-game player who absolutely should have the superior ability to others and is similar to the user enjoying e-sports, many amateur gamers will feel much of the flow and identification with a pro-gamer, and then after all, feel the identification with a sponsor. Such identification with a sponsor leads people enjoying e-sports to have purchasing intention for products produced by the sponsor and to make a positive word-of-mouth for those products or the sponsor. For the future studies, we recommend a few ideas. Based on the results of this study, it is necessary to find new variables relating to the e-sports, which is not mentioned in this study. For this work to be possible, qualitative research seems to be needed to consider the inherent e-sport attributes. Finally, to generalize the results related to e-sports, a wide range of generations not a specific generation should be researched.

• Korean small business review
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• v.31 no.4
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• pp.67-93
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• 2009

The purpose of this paper is to explore the relations between financial constraints and dividend smoothing of innovative small and medium sized enterprises(SMEs) listed on Korea Securities Market and Kosdaq Market of Korea Exchange. The innovative SMEs is defined as the firms with high level of R&D intensity which is measured by (R&D investment/total sales) ratio, according to Chauvin and Hirschey (1993). The R&D investment plays an important role as the innovative driver that can increase the future growth opportunity and profitability of the firms. Therefore, the R&D investment have large, positive, and consistent influences on the market value of the firm. In this point of view, we expect that the innovative SMEs can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. And also, we expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Aivazian et al.(2006) exert that the financial unconstrained firms with the high accessibility to capital market can adjust dividend payment faster than the financial constrained firms. We collect the sample firms among the total SMEs listed on Korea Securities Market and Kosdaq Market of Korea Exchange during the periods from January 1999 to December 2007 from the KIS Value Library database. The total number of firm-year observations of the total sample firms throughout the entire period is 5,544, the number of firm-year observations of the dividend firms is 2,919, and the number of firm-year observations of the non-dividend firms is 2,625. About 53%(or 2,919) of these total 5,544 observations involve firms that make a dividend payment. The dividend firms are divided into two groups according to the R&D intensity, such as the innovative SMEs with larger than median of R&D intensity and the noninnovative SMEs with smaller than median of R&D intensity. The number of firm-year observations of the innovative SMEs is 1,506, and the number of firm-year observations of the noninnovative SMEs is 1,413. Furthermore, the innovative SMEs are divided into two groups according to level of financial constraints, such as the financial unconstrained firms and the financial constrained firms. The number of firm-year observations of the former is 894, and the number of firm-year observations of the latter is 612. Although all available firm-year observations of the dividend firms are collected, deletions are made in the case of financial industries such as banks, securities company, insurance company, and other financial services company, because their capital structure and business style are widely different from the general manufacturing firms. The stock repurchase was involved in dividend payment because Grullon and Michaely (2002) examined the substitution hypothesis between dividends and stock repurchases. However, our data structure is an unbalanced panel data since there is no requirement that the firm-year observations data are all available for each firms during the entire periods from January 1999 to December 2007 from the KIS Value Library database. We firstly estimate the classic Lintner(1956) dividend adjustment model, where the decision to smooth dividend or to adopt a residual dividend policy depends on financial constraints measured by market accessibility. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between current payout rato and target payout ratio each year. In the Lintner model, dependent variable is the current dividend per share(DPS_t), and independent variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t). We hypothesized that firms adjust partially the gap between the current dividend per share(DPS_t) and the target payout ratio(Ω) each year, when the past dividend per share(DPS_t-1) deviate from the target payout ratio(Ω). We secondly estimate the expansion model that extend the Lintner model by including the determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory. In the expansion model, dependent variable is the current dividend per share(DPS_t), explanatory variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t), and control variables are the current capital expenditure ratio(CEA_t), the current leverage ratio(LEV_t), the current operating return on assets(ROA_t), the current business risk(RISK_t), the current trading volume turnover ratio(TURN_t), and the current dividend premium(DPREM_t). In these control variables, CEA_t, LEV_t, and ROA_t are the determinants suggested by the residual dividend theory and the agency theory, ROA_t and RISK_t are the determinants suggested by the dividend signaling theory, TURN_t is the determinant suggested by the transactions cost theory, and DPREM_t is the determinant suggested by the catering theory. Furthermore, we thirdly estimate the Lintner model and the expansion model by using the panel data of the financial unconstrained firms and the financial constrained firms, that are divided into two groups according to level of financial constraints. We expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, because the former can finance more easily the investment funds through the market accessibility than the latter. We analyzed descriptive statistics such as mean, standard deviation, and median to delete the outliers from the panel data, conducted one way analysis of variance to check up the industry-specfic effects, and conducted difference test of firms characteristic variables between innovative SMEs and noninnovative SMEs as well as difference test of firms characteristic variables between financial unconstrained firms and financial constrained firms. We also conducted the correlation analysis and the variance inflation factors analysis to detect any multicollinearity among the independent variables. Both of the correlation coefficients and the variance inflation factors are roughly low to the extent that may be ignored the multicollinearity among the independent variables. Furthermore, we estimate both of the Lintner model and the expansion model using the panel regression analysis. We firstly test the time-specific effects and the firm-specific effects may be involved in our panel data through the Lagrange multiplier test that was proposed by Breusch and Pagan(1980), and secondly conduct Hausman test to prove that fixed effect model is fitter with our panel data than the random effect model. The main results of this study can be summarized as follows. The determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory explain significantly the dividend policy of the innovative SMEs. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between the current payout ratio and the target payout ratio each year. In the core variables of Lintner model, the past dividend per share has more effects to dividend smoothing than the current earnings per share. These results suggest that the innovative SMEs maintain stable and long run dividend policy which sustains the past dividend per share level without corporate special reasons. The main results show that dividend adjustment speed of the innovative SMEs is faster than that of the noninnovative SMEs. This means that the innovative SMEs with high level of R&D intensity can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. The other main results show that dividend adjustment speed of the financial unconstrained SMEs is faster than that of the financial constrained SMEs. This means that the financial unconstrained firms with high accessibility to capital market can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Futhermore, the other additional results show that dividend adjustment speed of the innovative SMEs classified by the Small and Medium Business Administration is faster than that of the unclassified SMEs. They are linked with various financial policies and services such as credit guaranteed service, policy fund for SMEs, venture investment fund, insurance program, and so on. In conclusion, the past dividend per share and the current earnings per share suggested by the Lintner model explain mainly dividend adjustment speed of the innovative SMEs, and also the financial constraints explain partially. Therefore, if managers can properly understand of the relations between financial constraints and dividend smoothing of innovative SMEs, they can maintain stable and long run dividend policy of the innovative SMEs through dividend smoothing. These are encouraging results for Korea government, that is, the Small and Medium Business Administration as it has implemented many policies to commit to the innovative SMEs. This paper may have a few limitations because it may be only early study about the relations between financial constraints and dividend smoothing of the innovative SMEs. Specifically, this paper may not adequately capture all of the subtle features of the innovative SMEs and the financial unconstrained SMEs. Therefore, we think that it is necessary to expand sample firms and control variables, and use more elaborate analysis methods in the future studies.

• Korean Journal of Soil Science and Fertilizer
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• v.10 no.3
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• pp.103-134
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• 1977

The physiological and biochemical role of potassium for upland crops according to recent research reports and the nutritional status of potassium in Korea were reviewed. Since physical and chemical characteristics of potassium ion are different from those of sodium, potassium can not completely be replaced by sodium and replacement must be limited to minimum possible functional area. Specific roles of potassium seem to keep fine structure of biological membranes such as thylacoid membrane of chloroplast in the most efficient form and to be allosteric effector and conformation controller of various enzymes principally in carbohydrate and protein metabolism. Potassium is essential to improve the efficiency of phoro- and oxidative- phosphorylation and involve deeply in all energy required metabolisms especially synthesis of organic matter and their translocation. Potassium has many important, physiological functions such as maintenance of osmotic pressure and optimum hydration of cell colloids, consequently uptake and translocation of water resulting in higher water use efficiency and of better subcellular environment for various physiological and biochemical activities. Potassium affects uptake and translocation of mineral nutrients and quality of products. potassium itself in products may become a quality criteria due to potassium essentiality for human beings. Potassium uptake is greatly decreased by low temperature and controlled by unknown feed back mechanism of potassium in plants. Thus the luxury absorption should be reconsidered. Total potassium content of upland soil in Korea is about 3% but the exchangeable one is about 0.3 me/100g soil. All upland crops require much potassium probably due to freezing and cold weather and also due to wet damage and drought caused by uneven rainfall pattern. In barley, potassium should be high at just before freezing and just after thawing and move into grain from heading for higher yield. Use efficiency of potassium was 27% for barley and 58% in old uplands, 46% in newly opened hilly lands for soybean. Soybean plant showed potassium deficiency symptom in various fields especially in newly opened hilly lands. Potassium criteria for normal growth appear 2% $K_2O$ and 1.0 K/(Ca+Mg) (content ratio) at flower bud initiation stage for soybean. Potassium requirement in plant was high in carrot, egg plant, chinese cabbage, red pepper, raddish and tomato. Potassium content in leaves was significantly correlated with yield in chinese cabbage. Sweet potato. greatly absorbed potassium subsequently affected potassium nutrition of the following crop. In the case of potassium deficiency, root showed the greatest difference in potassium content from that of normal indicating that deficiency damages root first. Potatoes and corn showed much higher potassium content in comparison with calcium and magnesium. Forage crops from ranges showed relatively high potassium content which was significantly and positively correlated with nitrogen, phosphorus and calcium content. Percentage of orchards (apple, pear, peach, grape, and orange) insufficient in potassium ranged from 16 to 25. The leaves and soils from the good apple and pear orchards showed higher potassium content than those from the poor ones. Critical ratio of $K_2O/(CaO+MgO)$ in mulberry leaves to escape from winter death of branch tip was 0.95. In the multiple croping system, exchangeable potassium in soils after one crop was affected by the previous crops and potassium uptake seemed to be related with soil organic matter providing soil moisture and aeration. Thus, the long term and quantitative investigation of various forms of potassium including total one are needed in relation to soil, weather and croping system. Potassium uptake and efficiency may be increased by topdressing, deep placement, slow-releasing or granular fertilizer application with the consideration of rainfall pattern. In all researches for nutritional explanation including potassium of crop yield reasonable and practicable nutritional indices will most easily be obtained through multifactor analysis.