• 한국콘텐츠학회논문지
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• 제13권11호
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• pp.829-844
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• 2013

본 연구는 국내 유가증권시장(KOSPI 시장) 상장회사들의 국제금융위기 전, 후 기간의(2006년부터 2011년 사이) 자본구조 결정요인에 대한 추세적 변화를 검정함이 주된 목적이다. 기존의 국내,외 분석들과 비교하여, 본 연구는 패널자료분석을 이용한 동 시기를 기준으로한 표본회사들에 대한 분석이며, 결과들이 과거 연구들과 유사성을 보인다면 동 위기와 관계없는 일관성있는 결정요인으로서 분석될 수 있을 것이다. 자본구조와 관련된 4가지 가설들(즉, 패널자료모형을 통한 결정요인분석, 미국발 금융위기 전,후의 자본구조의 구조적 변화분석, 수정된 '듀퐁 시스템'분석을 통한 요인별 분석, 그리고 국내 상장회사들의 부채비율 관련 해당산업 평균 또는 중앙값 회귀 등)이 각각 검정되었다. 패널자료 분석결과 장부가와 시장가 기준 모든 부채비율에서 음(-)의 수익성, 양(+)의 자산규모, 그리고 음(-)의 영업이익의 변동성 등이 통계적 유의성을 보였으며, 로지스틱 회귀모형 결과 금융위기 전, 후의 자본구조 결정요인의 변화요인으로서 외국인 지분율, 기업의 자유현금흐름 등이 유의성있는 요인들로 분석되었다, 국내 KOSPI 상장회사들은 5년의 주기(cycle)로 해당산업 부채비율의 중심경향척도(특히, 중앙값)에 수렴하는 특성도 나타내었다.

• 유통과학연구
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• 제14권6호
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• pp.75-80
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• 2016

Purpose - A growing demand for sustainability reporting has placed pressure on firms with non-financial information that affects firm valuation, growth, and development. In particular, a number of researchers have investigated various topics in Corporate Social Responsibility (CSR), non-financial information. Prior studies suggest that CSR may affect corporate outcomes like corporate reporting, financial performance, and disclosures. However, the results from prior studies are not clear whether CSR affects corporate outcomes. This is partially due to the measurement issues with CSR. In this study, we examine whether CSR affects the quality of corporate reporting, one of the popular measures in corporate outcomes. We find an evidence that CSR positively affects the quality of corporate reporting. Research design, data, and methodology - In this study, we collected a unique dataset of CSR from MSCI. Total 169 firms listed in the Korean Stock Exchange from 2011 to 2014 were collected and analysed with the detailed CSR reports. Using a correlation test, we found a weak association between CSR and the quality of corporate reporting. However, the regression tests provided a strong relationship between CSR and the quality of corporate reporting after controlling for other variables that may affect the quality of corporate reporting. Additionally, we calculated the t-statistics based on heteroskedaticity-consistent standard errors (White, 1980). Results - Before we run the regression test, we sort the measures of the two dependent variables into each rating of CSR (from AAA to CCC). The results indicate that the quality of corporate reporting measured by discretionary accruals and performance-matched discretionary accruals monotonically decrease as the CSR ratings increase. This supports our hypothesis. In the regression tests, the coefficient on MJDA (PMDA) is -0.183 (-0.173) and significant at the 5% level. We can interpret the results as CSR affecting the quality of corporate reporting in positive ways. Other coefficients on control variables are consistent with prior studies. For example, the coefficients on both LOSS and LEV are positive and significant at conventional level, meaning that firms with financial difficulty may harm their quality of corporate reporting. Conclusion - We found an evidence that CSR is positively associated with the quality of corporate reporting. This study contributes to the literature in various ways. First, this study extends the line of CSR research by providing additional evidence in the setting of ethical behaviors by managements. This is consistent with the hypothesis and supports the results of prior studies. Second, to the best of my knowledge, this is the first study using the MSCI CSR ratings. In contrast with prior studies using different measures of CSR, the MSCI CSR ratings allow us to provide in-depth analysis. Third, the additional measure of dependent variable (PMDA) allows us to improve the robustness of our results. Overall, the results provided this study to extend the findings in prior studies by providing incremental evidence.

• 마이크로전자및패키징학회지
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• 제29권2호
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• pp.113-119
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• 2022

플렉서블, 웨어러블 디바이스 등을 포함한 차세대 전자 기기의 기계적 신뢰성 향상을 위하여 다양한 유연 접합부에서 높은 수준의 기계적 신뢰성이 요구되고 있다. 기존 고분자 기판 접합을 위한 에폭시 등의 유기 접착소재는 접합부 두께 증가가 필연적이며, 반복 변형, 고온 경화에 의한 열기계적 파손 문제를 수반한다. 따라서 유연 접합을 위해서 접합부 두께를 최소화하고 열 손상을 방지하기 위한 저온 접합 공정 개발이 요구된다. 본 연구에서는 플렉서블 기판의 유연, 강건, 저 열 손상 접합이 가능한 플렉서블 레이저 투과 용접(flexible laser transmission welding, f-LTW)를 개발하였다. 유연 기판 위 탄소나노튜브(carbon nanotube, CNT)를 박막 코팅하여 접합부 두께를 줄였으며, CNT 분산 빔 레이저 가열을 통한 고분자 기판 표면의 국부적 용융 접합 공정이 개발되었다. 짧은 접합 공정 시간과 기판의 열 손상을 최소화하는 레이저 공정 조건을 구축하였으며 고분자 기판과 CNT 접합 형성 메커니즘을 분석하였다. 또한 접합부의 강건성 및 유연성 평가를 위해 인장강도 시험, 박리 시험과 반복 굽힘 시험을 진행하였다.

• 한국음향학회지
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• 제42권4호
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• pp.329-344
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• 2023

본 논문에서는 소량 및 불균형 능동소나 데이터세트에 적용된 다양한 딥러닝 기반 표적식별기의 일반화 성능을 종합적으로 분석하였다. 서로 다른 시간과 해역에서 수집된 능동소나 실험 데이터를 이용하여 두 가지 능동소나 데이터세트를 생성하였다. 데이터세트의 각 샘플은 탐지 처리 이후 탐지된 오디오 신호로부터 추출된 시간-주파수 영역 이미지이다. 표적식별기의 신경망 모델은 다양한 구조를 가지는 22개의 Convolutional Neural Networks(CNN) 모델을 사용하였다. 실험에서 두 가지 데이터세트는 학습/검증 데이터세트와 테스트 데이터세트로 번갈아 가며 사용되었으며, 표적식별기 출력의 변동성을 계산하기 위해 학습/검증/테스트를 10번 반복하고 표적식별 성능을 분석하였다. 이때 학습을 위한 초매개변수는 베이지안 최적화를 이용하여 최적화하였다. 실험 결과 본 논문에서 설계한 얕은 층을 가지는 CNN 모델이 대부분의 깊은 층을 가지는 CNN 모델보다 견실하면서 우수한 일반화 성능을 가지는 것을 확인하였다. 본 논문은 향후 딥러닝 기반 능동소나 표적식별 연구에 대한 방향성을 설정할 때 유용하게 사용될 수 있다.

• Asia Marketing Journal
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• 제15권3호
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• pp.53-77
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• 2013

As advertising and promotions are categorized as operating expenses, managers tend to reduce marketing budget to improve their short term profitability. Gauging the value and accountability of marketing spending is therefore considered as a major research priority in marketing. To respond this call, recent studies have documented that financial market reacts positively to a firm's marketing activity or marketing related outcomes such as brand equity and customer satisfaction. However, prior studies focus on the relation of marketing variable and financial market variables. This study suggests a channel about how marketing activity increases firm valuation. Specifically, we propose that a firm's marketing activity increases the level of the firm's product market information and thereby the dispersion in financial analysts' earnings forecasts decreases. With less uncertainty about the firm's future prospect, the firm's managers and shareholders have less information asymmetry, which reduces the firm's cost of capital and thereby increases the valuation of the firm. To our knowledge, this is the first paper to examine how informational benefits can mediate the effect of marketing activity on firm value. To test whether marketing activity contributes to increase in firm value by mitigating information asymmetry, this study employs a longitudinal data which contains 12,824 firm-year observations with 2,337 distinct firms from 1981 to 2006. Firm value is measured by Tobin's Q and one-year-ahead buy-and-hold abnormal return (BHAR). Following prior literature, dispersion in analysts' earnings forecasts is used as a proxy for the information gap between management and shareholders. For model specification, to identify mediating effect, the three-step regression approach is adopted. All models are estimated using Markov chain Monte Carlo (MCMC) methods to test the statistical significance of the mediating effect. The analysis shows that marketing intensity has a significant negative relationship with dispersion in analysts' earnings forecasts. After including the mediator variable about analyst dispersion, the effect of marketing intensity on firm value drops from 1.199 (p < .01) to 1.130 (p < .01) in Tobin's Q model and the same effect drops from .192 (p < .01) to .188 (p < .01) in BHAR model. The results suggest that analysts' forecast dispersion partially accounts for the positive effect of marketing on firm valuation. Additionally, the same analysis was conducted with an alternative dependent variable (forecast accuracy) and a marketing metric (advertising intensity). The analysis supports the robustness of the main results. In sum, the results provide empirical evidence that marketing activity can increase shareholder value by mitigating problem of information asymmetry in the capital market. The findings have important implications for managers. First, managers should be cognizant of the role of marketing activity in providing information to the financial market as well as to the consumer market. Thus, managers should take into account investors' reaction when they design marketing communication messages for reducing the cost of capital. Second, this study shows a channel on how marketing creates shareholder value and highlights the accountability of marketing. In addition to the direct impact of marketing on firm value, an indirect channel by reducing information asymmetry should be considered. Potentially, marketing managers can justify their spending from the perspective of increasing long-term shareholder value.

• 한국콘텐츠학회논문지
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• 제20권11호
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• pp.131-144
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• 2020

많은 나라에 정치적 연결이 널리 퍼져 있으며 현재 경제연구에서 화두가 되고 있다. 중국에서는 기업들이 여러 가지 방법으로 정치적 연결을 활발히 형성하고 있다. 본 논문은 연구모델과 이론분석을 바탕으로 2010~2014년 중국 A주 상장부동산의 재무자료와 기업지배구조 자료를 활용해 정치연계 및 기업성과의 연구 모델을 제시하고 구성한다. 논문은 주로 CEO의 정치 연관성을 분석한다. 이 연구는 분석 결과에 대해 일변량 회귀 분석과 다변량 분석을 사용하여 강건성 테스트를 수행한다. 실증적 연구 분석은 세 부분으로 구성되어 있다. 첫째, 중국 상장 부동산 기업의 경우 CEO 정치 연계는 기업 실적과 상당히 부정적인 상관관계를 가지고 있다. 이는 CEO가 정치적 연줄이 있는 부동산 기업이 다른 기업보다 낮은 성과를 얻는다는 것을 의미한다. 둘째, CEO의 개인적 특성에서 연령, 성별, 교육수준은 기업의 성과와 긍정적인 관계를 가지며, 추가적인 이후 상황은 기업의 성과와 부정적으로 관련되어 있다는 것을 의미한다. 마지막으로 기업 특성은 기업의 성과와 부정적인 관계를 가지며, 최고 관리자 수는 기업의 성과와 긍정적으로 관련되어 있다. 이 연구는 중국 부동산 산업의 정치적 연관성에 대한 연구를 수행했으며, 기업의 발전에 유익한 참고 자료를 제공할 수 있다.

• Journal of Preventive Medicine and Public Health
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• 제28권3호
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• pp.623-639
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• 1995

We have never seen any method to cope basically with complicated situation and problems around medical reimbursement rates here in Korea since 1977 witnessed by the beginning of medical insurance. By the way researchers concerned are beginning to propose some kinds of innovative and detailed ideas to government these days. They are Diagnosis-related group(DRG) and Resource-based .elative value scale(RBRVS). In the light of this situation it is so encouraging that our government can come up with that and move. In case of RBRVS research we have already been reaching even to the level of reviewing and revising methodology for its further development after naive pilot study on internal medicine and general surgery last year. However there might be something different conditions between USA and Korea to apply the same Dr. Hsiao's method and it must be vital to check so called' total work approach' compared with 'intra-service work approach' before expanding to the whole medical fields. According to the' Intra-service approach', the physician's work is supposed to be divided into three sub-works by the name of intraservice work, pre, and post service work. These sub-works, again should be merged together to be the pre-postwork subset through some statistical methods of the estimation process applied by Dr. Hsiao's methodology in RBRVS development later on. But in this paper that estimation process was not taken because we could have real values for all of those surveyed items related to just one specialty, OB & GY. Instead, We used some statistical comparison procedures relevant to demographic characteristics, reliability & validity and correlation analysis with American RVU(Relative value unit) between the total work and merged total work from intraservice work approach. The unit of analysis was individual physicians of OB & GY and 300 physicians were selected for each approach through statistical sampling method based on national population of OB & GY physicians in Korea. And also with the thankful help of Advisory Committee under Korean Association of OB & GY, questionnaires were made and mailed to the subjects, two times. As a result there were not any statistically significant differences in demographic characteristics between the two approaches except for the variable 'Response time for the questionnaires', but in other sections of comparisons, response rate, representative values, reliability & validity test, correlation analysis with American RVU, all showed 'Total approach' was not only more rational and statistically meaningful than 'Intra-service approach' but also had considerable merits. But we are not absolutely sure about this paper's robustness. Because of some limitations, we'd rather like to suggest further researches should be followed. In that sense the first thing would be a research for the influence of doctor's characteristics, especially 'frequency' on the rating of work and the way to define total work more clearly.

• 한국멀티미디어학회논문지
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• 제13권11호
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• pp.1715-1727
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• 2010

인간의 손은 현실의 사물과 인터랙션하는 가장 직접적이고 자연스러운 인터페이스라고 할 수 있으나, 가상 환경에서는 인간 손 관절체의 높은 자유도와 관련 인터페이스 장치의 한계로 말미암아 가상현실 애플리케이션에 활발히 도입되고 있지 못한 상황이다. 특히, 가상 조립 시뮬레이션은 제품 개발 단계에서 디지털 목업의 검증을 위한 프로세스로서 가상현실 애플리케이션 중 도전적인 주제라고 할 수 있다. 하지만, 가상의 객체를 파지(grasp)하기 어렵고 지속적으로 세밀하게 조작 할 수 없는 점 등은 핸드 햅틱 인터랙션이 가상 조립 등의 가상현실 애플리케이션에 적용 시 커다란 장벽으로 인식되고 있다. 본 논문에서는 핸드 햅틱 인터랙션을 두 관점에서 분석하여 각 단계별로 단계적 절차를 수행하는 방법을 제안하고자 한다. 인간이 사물을 쥐고 조작할 때, 손 안에서 사물이 빠져나가지 않도록 사물의 외형에 따라 손의 힘의 균형을 조절하는 견고함과 일단 사물을 쥐게 되면 손 안에서 인간의 의도를 반영한 정밀한 사물 조작이 가능한 세밀성이 가능한 핸드 햅틱 인터랙션을 제안하고자 한다. 제안된 알고리즘은 초기 grasp를 용이하게 하기 위해 품질평가척도를 통해 grasp의 견고함을 확보하고, 세밀한 조작성을 확보하기 위해 물리 기반의 시뮬레이션을 수행한다. 제안된 방법의 효율성을 평가하기 위하여 서로 다른 디스플레이 환경-모노, 입체 디스플레이-에서 실험을 수행하였다. 그리고 2-way ANOVA 테스트를 통하여 본 연구에서 제안한 충돌 전 grasp 단계와 충돌 후 조작 단계로 구분된 알고리즘이 앞서 언급한 두 관점을 모두 만족함을 보였다. 마지막으로, 제안된 인터랙션 방법을 이용하여 복잡한 그래픽 모델에 관한 가상 조립 시뮬레이션에 적용된 실 사례를 보였다.

• 한국환경보건학회지
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• 제40권2호
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• pp.114-126
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• 2014

Objectives: We aimed to develop a measurement method of five metabolites of trichloroethylene (TCE) in a concurrent biological sample, e.g., trichloroacetic acid (TCA), dichloroacetic acid (DCA), S-(1,2-dichlorovinyl) glutathione (DCVG), S-(1,2-dichlorovinyl)-L-cysteine (DCVC), and N-Acetyl-S-(1,2-dichlorovinyl)-L-cysteine (NAcDCVC) and to validate the method before application to pharmacokinetic study. Methods: TCE metabolites were simultaneously analyzed using high performance liquid chromatography coupled with electrospray ionization mass spectrometry (HPLC-ESI-MS/MS) with as little as 50 ${\mu}L$ of serum and urine. DCA, TCA and NAcDCVC were extracted with diethyl ether, while DCVC and DCVG were extracted by solid phase extraction. This method was validated according to the guidelines for bioanalytical method validation of the Korean National Institute of Toxicological Research. Then, we determined the five metabolites in five strains of mice at 24 hr after exposure to 1 g TCE /kg body weight. Results: The limits of detection for the five metabolites in biological samples ranged from 0.001 to 0.076 nmol/mL, which is comparable to or better than those previously reported. Most calibration curves showed good linearity ($R^2=0.99$), and between-batch variation was less than 20% expressing acceptable robustness and reproducibility. Using this method, we found TCA and DCA were detected in all test mice at 24 hr after the oral administration while NAcDCVC and DCVC were detected in some strains, which showed strain-dependent metabolism of TCE. Conclusions: The present method could provide robust and accurate measurements of major key metabolites of TCE in biological media, which allowed concurrent analysis of TCE metabolism for limited amounts of biospecimens.

• Biomolecules & Therapeutics
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• 제19권1호
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• pp.38-44
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• 2011

Cisplatin is widely used for various types of cancers. However, its side effects, most notably, renal toxicity often limit its clinical utility. Although previous metabolomic studies reported possible toxicity markers, they used small number of animals and statistical approaches that may not perform best in the presence of intra-group variation. Here, we identified urinary biomarkers associated with renal toxicity induced by cisplatin using NMR-based metabolomics combined with Orthogonal Projections to Latent Structures-Discriminant Analysis (OPLS-DA). Male Sprague-Dawley rats (n=22) were treated with cisplatin (10 mg/kg single dose), and the urines obtained before and after treatment were analyzed by NMR. Multivariable analysis of NMR data presented clear separation between non-treated and treated groups. The OPLS-DA statistical results revealed that 1,3-dimethylurate, taurine, glucose, glycine and branched-chain amino acid (isoleucine, leucine and valine) were significantly elevated in the treated group and that phenylacetylglycine and sarcosine levels were decreased in the treated group. To test the robustness of the approach, we built a prediction model for the toxicity and were able to predict all the unknown samples (n=14) correctly. We believe the proposed NMR-based metabolomics with OPLS-DA approach and the resulting urine markers can be used to augment the currently available blood markers.