• Journal of Digital Convergence
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• v.11 no.4
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• pp.177-188
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• 2013

This study examines how managerial ownership structure affects the borrower's choice of private versus public debt using 2,608 firm-year data for 2006-2008. This paper investigates the relationship between managerial ownership structure and debt choice. Managerial ownership is measured using number of stocks and unexercised stock-options and debt is classified public and private debt. The results find that there is a positive association between managerial ownership and the private debt dependence and also find that when firms finance additional funds, higher managerial ownership leads managers to choose private debt not public debt. Since private debt can be classified into bank debt and non bank debt, this paper examines the relationship between managerial ownership and a choice of bank debt. The results indicate that managers with higher ownership are more likely to use bank debt over public debt and non bank debt. By examining the relation between managerial ownership and a debt choice, this paper has following contributions. First, this study shows that managerial ownership affects the choice of the source of financing using three different proxies of managerial ownership. Second, this study classified private debt into bank debt and non-bank debt and provide the evidence of preference toward private debt especially bank debt among other financing sources. Finally, there are extensive studies related to capital structure and managerial ownership, but there is little empirical research on the debt choice and managerial ownership. Thus, this paper adds to literature by exploring the effects of managerial ownership on a debt choice.

• Journal of Forest and Environmental Science
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• v.36 no.3
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• pp.175-186
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• 2020

This study approaches, from a floristic perspective, the under-researched human-primate competition for forest resources. Investigating the human impact on fruit trees edible for Kinda baboons (Papio kindae Lönnberg), we have collated dietary data on a free-ranging troop and floristic information on two forest sites of the Kundelungu National Park (KNP), Democratic Republic of Congo: the relatively intact Integral Zone (IZ) and the human-disturbed Annex Zone (AZ). Trees with DBH≥10 cm have been identified, counted and measured throughout 22 sample plots (11 per site), each measuring 1,000 ㎡. A total of seven woody species whose fruits are eaten by Kinda baboons were recorded. Four of them, namely the Sycamore fig Ficus sycomorus L., the Mobola plum Parinari curatellifolia Planch. ex Benth, the Kudu berry Pseudolachnostylis maprouneifolia Pax and the Monkey orange Strychnos innocua Delile were found in both sites, while the Large-leaved jackal-berry Diosyros kirkii Hiern and the Buffalo thorn Ziziphus mucronata Willd. were exclusively in the IZ, and Strychnos cocculoides Baker only in the AZ. Compared to the IZ, the AZ had lower values of stem density, species richness and diversity indices, suggesting a negative human impact on baboon-edible trees, in line with our hypothesis. Moreover, as was expected, human activities decreased the abundance of larger baboon-edible fruit trees. However, the size-class distribution of P. curatellifolia depicted a reverse J-curve in the AZ. The abundant younger P. curatellifolia trees remaining in that human-disturbed site constitute an important food stock for baboons, if well preserved. These results also illustrate the critical role of rangers' patrols, formerly more frequent (and presumably efficient) in the IZ than in the AZ of the Park. Their implications on baboons and miombo forests are discussed from both the research and conservation perspectives.

• Journal of Korean Society of Forest Science
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• v.101 no.2
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• pp.266-278
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• 2012

The objective of this study was developing dynamic stand growth model to predict diameter at breast height (DBH) growth by thinning intensity and cycle for major tree species of South Korea. The yield table, one of static stand growth models, constructed by Korea Forest Service was employed to prepare dynamic stand growth models for 8 tree species. In the process of model development, the thinning type was designated to thinning from below and equations for predicting the DBH change after thinning by different intensities was generated. In addition, stand density (N/ha), age and site index were adopted as explanatory variables for DBH prediction model. Thereafter, using the model, DBH growth under various silvicuture through integrating such equations considering thinning intensities, and cycles. The dynamic stand growth model of DBH developed in this study can provide understanding of effectiveness in forest growth and growing stock when thinning practice is performed in forest. Furthermore, results of this study is also applicable to quantitatively assess the carbon storage sequestration capability.

• Journal of Korean Society of Forest Science
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• v.102 no.3
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• pp.365-371
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• 2013

Pine mushroom (Tricholoma matsutake) is one of the most profitable forest products in Korea. We postulated a hypothesis that a high rate of returns to labor input could make the harvest of pine mushroom off the optimum level. In the view of developing a sustainable production strategy for pine mushroom producers, production of pine mushroom collectors and pine mushroom growth function were estimated using maximum entropy method. Annual pine mushroom production and labor input were the data used in the estimation of production function of pine mushroom collectors and pine mushroom growth function. The level of sustainable maximum production derived from the estimated function. The production function estimated shows that production of pine mushroom is affected more by the resource of pine mushroom stocked in the forests than by labor that households put in forestry business. The production function of mushroom collectors and the estimated growth function indicate that pine mushroom harvests for the period of 2005-2011 did not reach the potential level of maximum sustainable production. Therefore, we suggest that pine mushroom harvest should be controlled until the resource stock of pine mushroom in the forests increases to the level of maximum sustainable production.

• Journal of Korean Society of Forest Science
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• v.107 no.3
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• pp.266-277
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• 2018

This study was conducted in clear cutting stands. For the whole-tree yarding operation, a tower-yarder based on excavator with a radio-controlled double clamp carriage was applied to analyze yarding productivity and cost. The productivity and cost of yarding operation was $6.2m^3/SMH$(machine utilization rate, 80.4%) and $13,705won/m^3$, respectively. Although the maximum yarding distance was longer than the previous studies, the setting up time of the tower-yarder was decreased as used straw line. The application of the radio-controlled double clamp carriage improved productivity and reduced costs. Based on the fuel log and growing stock($137.0m^3/ha$), the minimum production($m^3$) and area(ha) were $558.3m^3$ and 4.1 ha for Pinus rigida stands and $433.7m^3$ and 3.2 ha for Quercus mongolica stands, respectively. Based on the this study, it will be possible to select an efficient yarding machine by accumulation of data on minimum production and area for many machines in various harvesting sites.

• Pediatric Infection and Vaccine
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• v.7 no.1
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• pp.113-119
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• 2000

Purpose : Rotavirus is a most common etiologic agent of pediatric gastroenteritis. The standard method to diagnose rotavirus infection was the detection of viral particles in specimens through electron microscopy. But it was complex. Enzyme immunoassay and latex agglutinin are preferred because they are relatively handy, inexpensive and take a short time, in comparison with electron microscopy. However, several reports have shown that the use of ELISA to diagnose rotavirus infection in neonates can result in false positive reactions. The main purpose of this study is to compare ELISA and RT-PCR in the diagnosis of neonatal rotavirus infection. Methods : Data presented in this study were obtained form 123 newborn babies in the nursery of the Fatima Hospital, Masan, Korea, form Jury to December, 1997. We obtained two samples of stool from each of the newborn babies and then performed the Rotazyme test and the RT-PCR. In the Rotazyme test, the results were interpreted according to visual findings. The samples were used for the RT-PCR test after at stock $-30^{\circ}C$ to identify rotavirus group A. The result of the two tests were compared. Results : The informations are divided into 73 males and females. Out of the total informations 15 were transferred from other hospitals. Their average gestational age was $38.5{\pm}1.6$ weeks. The average birth weight was $3134.8{\pm}539gm$. In the Rotazyme test, 75 samples turned out to be positive. Out of them, 55 samples(75.3%) were positive and 18 samples(24.7%) were negative in the RT-PCR. On the other hand, in the Rotazyme test, 50 samples turned out be negative. Out of them, 27 samples(54%) were positive and 23 samples(46%) were negative in the RT-PCR. Conclusion : Rotavirus infection in uncommon in neonates. The diagnosis based on visual findings using Rotazyme test has a disadvantage in the sense that it can result in false positive reactions and false negative reactions in the diagnosis of neonatal rotavirus infection.

• Management & Information Systems Review
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• v.34 no.2
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• pp.193-206
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• 2015

The purposes of this paper are to investigate the impact of managers' agency problem on asymmetrical behavior of SG&C and to examines whether or not the corporate governance mechanisms can have any moderating effects on Asymmetrical behavior of SG&C. To test empirically the above mentioned purposes, we gathered firm-year data of manufacturing firms from 2007 to 2012 and the sample firms are listed on the Korean Stock Exchange. The findings of this research are summarized as follows: Firstly, for those firms whose agency problems are high, the stickiness of SG&A increases as sales variation. The results imply that managers are not willing to reduce their perquisite consumption in proportion with sales reduction. Secondly, we investigate how corporate governance mechanisms influence the cost stickiness behaviors of SG&A for those firms whose agency problem are high(above the median value of free cash flow used as a proxy of agency problem). The results are that as the effectiveness of corporate governance mechanisms improve the cost stickiness of SG&A mitigation except for the insider ownership. These results show that agency problem has impact on the asymmetrical behavior of SG&A. And effective governance mechanisms have moderate effects on the reducing stickiness behavior of SG&A caused by agency problem.

• Korean Journal of Environment and Ecology
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• v.29 no.5
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• pp.681-692
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• 2015

It is well documented that physiological and nutritional condition of wintering birds is strongly related to migration success to breeding sites, and also breeding success. However, how abiotic factors during winter affect the migration and breeding successes still remains unclear. Thus, this study developed a dynamic-state-dependent model for wintering life-history to identify the potential impact on the life-history, success to breeding site and breeding success of wintering birds, which are related to temperature fluctuation, interspecific competition and human disturbance at the wintering sites. To find the best-fit-model, we referred to the existing research data on wintering ecology of Red-crowned cranes (Grus japonensis) in Cheolwon, Korea, which is well documented as a long-term wintering study. Our model predicted that the higher temperature fluctuation and a higher rate of human disturbance are negatively related to migration success to breeding sites and their fitness, ultimately breeding success via changing of proportion in resource allocation (for e. g., lower energy compensation or higher level of stress accumulation). Particularly, the rate of body mass compensation after arrival at wintering sites may be accelerated when there are less temperature fluctuations and a lower rate of human disturbance. In addition, the rate of interspecific competition sharing the wintering foraging sites is negatively related to the rate of body mass compensation. Consequently, we discussed the conservation strategies of wintering birds based on the outcomes of the model.

• New & Renewable Energy
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• v.8 no.2
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• pp.33-43
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• 2012

Why solar companies preferred vertical integration of whole value chain? Major solar companies have built internally strong vertical integration of entire PV value chain. We raise a question whether such integration increases the corporate value and whether market situation affects the result. To test these questions, we conducted multi-variant analysis where characteristic factors mainly affect the corporate value measured in terms of Tobin'Q, based on the financial and non-financial data of PV companies listed in US stock market between 2005 and 2010. We hypothesize that since integration increases the overall efficiency but decreases the flexibility to adjust to various market situation, the combined effect of the efficiency gain and the flexibility loss ultimately determines the sign of integration effect on the corporate vale. We infer that the combined effect will be influenced heavily by business cycle, as in boom market (Seller's market) the efficiency gain may be larger than the flexibility loss and vice versa in bust market. We test whether the sign of combined effect changes after the year of 2009 and which factors influence most the sign. Year of 2009 is known as the year when market shifted from Seller's to Buyer's market. We show that 1) integration increases corporate value in general but after 2009 integration significantly decreases the value, 2) the ratios such as Production/Total Cost, Cash turnover period chosen for reversal of the flexibility measure are negatively affect Tobin's Q and especially stronger after 2009. This shows the flexibility improves corporate value and stronger in the recess period (Buyer's market). These results imply that solar company should set up integration strategy considering the tradeoff between efficiency and flexibility and the impact of the business cycle on both factors. Strategy only based on the price competitiveness determined in boom time can bring undesirable outcomes to the company. In addition, Strategic alliances in some value chains as a flexible bondage should be taken in account as complementary choice to the rigid integration.

• Food Science of Animal Resources
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• v.30 no.5
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• pp.703-716
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• 2010

It has recently been considered urgent to establish an accurate definition and scope of functional foods in the livestock industry in Korea. The tertiary function of food is gradually emphasized with various changes in conditions such as international competitive power enhancement of the whole world, including Korea. Therefore, the purpose of this study was carried out to gather basic information toward the establishment of standardization, management plans, and a system adapted to the Korean state through researching management systems of functional meat and meat products in the European Union (EU) and the Oceania Area (OA). A brief summary of this study is as follows. In the EU and OA, special management systems and laws about functional livestock and products were once nonexistent; only 'nutrition claims' and 'health claims' operated in the nutritional consolidation side of foods. Also, it was once thought that functional index materials and permissions established in the application of functional products sufficed, because management standards for enriched food were not established. Therefore, standardization of functional live stock products needs to be considered based on the case of developed countries in the EU and OA. It also seems that the above functional indicative substances can be applied, based on normal standards of indicative substances of functional products and the normal standards of indicators of functional substances added to livestock products presented in this study.