• Journal of Preventive Medicine and Public Health
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• v.30 no.4 s.59
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• pp.669-685
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• 1997

Previous studies, reporting the inverse relationship between osteoarthritis and osteoporosis suggest the existence of possible pathophysiologic mechanisms between them. To examinine the hypothesis that 'bone mineral densities of women with osteoarthritis are significantly higher than that of women without osteoarthritis in Korea', subjects from the health and nutritional examination survey in Kuri city were sampled. Samples were selected through multi-stage sampling frame using established clusters in Kuri city. From August 18 to September 10,1997, the survey was conducted. Among the. total number of selected sample population (1,656 people), response .ate was 52.4 percent (348 men and 519 women). 420 women who took BMD measurement, radiologic exam, and anthropometric exam were selected for the analysis. The analytic results are as follows. 1. General characteristics: Mean BMD was $0.493g/cm^2$, mean age was 43.0, mean BMI was $23.9kg/m^2$. The number of women who experienced menopause was 106, hysterectomy was 19. There were 0 case of osteoarthritis of hip, 64 cases of osteoarthritis of knee, and 2 cases of osteoarthritis of hand. 2. Univariate analysis results: Mean BMD of women with the osteoarthritis of knee was significantly lower than that of women without the osteoarthritis of knee(0.4269 vs. $0.5057g/cm^2$). But, there were too few cases of osteoarthritis of hip and hand, so comparative studies of BMD in osteoarthritis of hip and hand could not be conducted. There were significant differences of BMD among pre-menopause group(0.5204), post-menopause group(0.4206), and hysterectomy group(0.4881). Additionally, there were significant differences of BMD among diabetes group(0.4297), impaired glucose tolerance group(0.4874), and normal group(0.5057). Furthermore, age, parity, BMI, bioimpedance were significantly related with BMD. 3. Multivariate analysis results: To examinine the relationship between osteoarthritis and BMD while controlling the other variables' effects which were significant in the univariate analyses, multiple linear regression analysis was done. But, it was found that osteoarthritis of knee was not a significant variable to BMD anymore. While age and menopause had significant negative relationship with BMD. Diabetes, parity, BMI, and bioimpedance did not have significant relationships with BMD. After stratification of subjects according to menopause, multiple linear regression analyses were done to each strata. Consequently, age in post-menopause group, age and osteoarthritis of knee in hysterectomy group showed significant negative relationship with BMD. The results did not support the many results of other previous studies done with white men and women. further studies of biological plausibility to Korean women are recommended. Also it is suggested that longitudinal study to verify the relationship between osteoarthritis and BMD will be valuable.

• Journal of Chest Surgery
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• v.36 no.8
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• pp.545-558
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• 2003

Adult respiratory distress syndrome (ARDS) is of particular interest because of its severity of the associated lung injury and its high mortality. However, the pathophysiologies of ARDS in infant and childhood groups are still not well clarified inspite of many previous investigations. To investigate the time course of pathophysiology of ARDS in infant and childhood groups, this study was designed with experimental endotoxin-induced ARDS model using young rabbits (8 week-old). Material and Method: Rabbits were divided into the control group (n=8) and the endotoxin-treated group (n=32). The endotoxin group was subdivided into 4 groups by the sampling times as 3, 6, 12 and 24 hr-groups (G- $E_{3,6,12,24,}$ each n=8). The experimental ARDS was made by a bolus injection of endotoxin (Escherichia coli serotype 055 : B5, 0.50 mg/kg) via rabbit ear vein. For evaluation of the hematologic and inflammatory markers, and superoxide dismutase (SOD) concentrations, the blood samples were taken from the heart. The bronchoalveolar lavage fluid (BALF) were obtained for analysis of the leukocytes and protein concentration. With biopsy of the lung, histopathologic changes of the lung were also evaluated. Result: In the endotoxin groups, significant leukopenia (owing to pancytopenia) occurred in 3 and 6-hr groups, which was followed by significant leukocytosis (owing to neutrophilia) in the 12 and 24-hr groups (p<0.05). Serum levels of tumor necrosis factor-$\alpha$ (TNF-$\alpha$) and interleukin-1 $\beta$ (IL-1 $\beta$) in the endotoxin groups were higher than those of control group (p<0.05). Serum levels of superoxide dismutase (SOD) of G- $E_{3}$ and G- $E_{6}$ were higher than those of control group, whereas those of G- $E_{12}$ were lower than those of control groups (p<0.05). Total leukocyte counts and protein con-centrations in BALF were significantly elevated in the endotoxin groups compared to the control group (p < 0.05). The hemorrhagic pattern of BALF showed occurred in the endotoxin groups. The endotoxin groups (in G- $E_{6}$) had severe infiltration of inflammatory cells (lymphocyte and monocyte) in the pulmonary interstitium and parenchyma, migrations of neutrophil and eosinophil into alveolar spaces and interstitial widening, which are the evidences of acute lung injury. In the endotoxin groups, there were significant positive correlations between the BALF findings and the immunologic markers (TNF-$\alpha$, IL-1$\beta$, SOD) (p<0.05). Conclusion: Severe acute lung injury occurred in all the endotoxin-treated rabbits. The pathophysiologic findings were so progressive until 6-hr by time dependant pattern, and then recovered slowly, Variable hematologic, immuno-logic, and pathologic factors were well correlated in the development and progression of endoxin-induced lung injury. The pathophysiologic responses were sensitive and rapid in young rabbit Young rabbit seemed to be a useful experimental animal model for infant and childhood groups.roups.

• Tuberculosis and Respiratory Diseases
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• v.44 no.3
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• pp.559-573
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• 1997

Background : Asthma causes recurrent episodes of wheezing, breathlessness, chest tightness, and cough. These symptoms are usually associated with widespread but variable airflow limitation that is partly reversible either spontaneously or with treatment. The inflammation also causes an associated increase in airway responsiveness to a variety of stimuli. Method : Of the 403 adult bronchial asthma patients enrolled from March 1992 to March 1994 in Allergy Clinics of Severance Hospital in Yonsei University, this study reviewed the 97 cases to evaluate the treatment effects and to analyse prognostic factors. The patients were classified to five groups according to treatment responses ; group 1 (non control group) : patients who were not controlled during following up, group 2 (high step treatment group) : patients who were controlled longer than 3 months by step 3 or 4 treatment of "Global initiative for asthma, Global strategy for asthma management and prevention" (NHLBI/WHO) with PFR(%) larger than 80%, group 3 (short term control group) : patients who were controlled less than 1 year by step 1 or 2 treatment of NHLBI/WHO, group 4 (intermediate term control group) : patients who were controlled for more than 1 year but less than 2 years by step 1 or 2 treatment of NHLBI/WHO, group 5 (long term control group) : patients who were controlled for more than 2 years by step 1 or 2 treatment of NHLBI/WHO. Especially the patients who were controlled more than 1 year with negatively converted methacholine test and no eosinophil in sputum were classified to methacholine negative conversion group. We reviewed patients' history, atopy score, total IgE, specific IgE, methacholine PC20 and peripheral blood eosinophil count, pulmonary function test, steroid doses and aggrevation numbers after treatment. Results : On analysis of 98 patients, 20 cases(20.6%) were classified to group 1, 26 cases(26.8%) to group 2, 23 cases(23.7%) to group 3, 15 cases(15.5%) to group 4, and 13 cases(13.4%) to groups 5. There were no differences of sex, asthma type, family history, smoking history, allergic rhinitis and aspirin allergy among the groups. In long term control group, asthma onset age was younger, symptom duration was shorter, and initial pulmonary function was better. The long term control group required lower amounts of oral steroid. had less aggrevation during first 3months after starting treatment and shorter duration from enrollment to control Atopy, allergic skin test, sputum and blood eosinophil, total IgE, nonspecific bronchial responsiveness was not significantly different among the groups. Seven out of 28 patients who were controlled more than 1 years showed negatively converted methachloine test and no eosinophils in the sputum. The mean control duration was $20.3{\pm}9.7$ months and relapse did not occur. Conclusion : Patients who had asthma of onset age younger, shorter symptom duration, better PFT, lower treatment initial steps, lower amounts of steroid needs and less aggravation numbers after starting treatment were classified in the long term control groups compared to the others.

• Journal of the Korean Society of Food Science and Nutrition
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• v.45 no.11
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• pp.1649-1657
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• 2016

The purpose of this study was to investigate the body mass index (BMI), dietary intake attitudes, and nutrient intake status according to sugar-containing food intake frequency of 409 college students in Gyeonggi-do. Subjects were categorized into three groups according to sugar-containing food intake frequency: rare intake group (n=113), average intake group (n=195), and frequent intake group (n=101). The average height and weight (P<0.001) of each group were $163.8{\pm}0.11cm$ and $52.9{\pm}8.6kg$, $164.4{\pm}0.1cm$ and $56.2{\pm}6.4kg$, and $167.9{\pm}0.1cm$ and $68.0{\pm}15.7kg$, respectively. The average BMIs of the groups were $19.6{\pm}2.3$, $20.7{\pm}0.8$, and $24.0{\pm}2.7$, respectively (P<0.001). Dietary intake attitude scores of the groups were $30.73{\pm}5.68$, $30.11{\pm}5.51$, and $28.00{\pm}5.31$, respectively (P<0.001). As a result of nutrient intake status, daily averages of energy and carbohydrate intake of the frequent intake group were significantly higher than those of the rare intake group (P<0.05). On the other hand, vitamin A, vitamin $B_1$, and vitamin C intakes of the rare intake group were significantly higher than those of the frequent intake group (P<0.05). Using multiple regression analysis, we found that BMI was the most significant variable affecting sugar-containing food intake. Therefore, nutrition education is necessary to improve nutrient intake while considering sugar intake for maintenance of healthy weight.

• Journal of Intelligence and Information Systems
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• v.20 no.3
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• pp.19-43
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• 2014

The Pareto principle, also known as the 80-20 rule, states that roughly 80% of the effects come from 20% of the causes for many events including natural phenomena. It has been recognized as a golden rule in business with a wide application of such discovery like 20 percent of customers resulting in 80 percent of total sales. On the other hand, the Long Tail theory, pointing out that "the trivial many" produces more value than "the vital few," has gained popularity in recent times with a tremendous reduction of distribution and inventory costs through the development of ICT(Information and Communication Technology). This study started with a view to illuminating how these two primary business paradigms-Pareto principle and Long Tail theory-relates to the success of virtual knowledge collaboration. The importance of virtual knowledge collaboration is soaring in this era of globalization and virtualization transcending geographical and temporal constraints. Many previous studies on knowledge sharing have focused on the factors to affect knowledge sharing, seeking to boost individual knowledge sharing and resolve the social dilemma caused from the fact that rational individuals are likely to rather consume than contribute knowledge. Knowledge collaboration can be defined as the creation of knowledge by not only sharing knowledge, but also by transforming and integrating such knowledge. In this perspective of knowledge collaboration, the relative distribution of knowledge sharing among participants can count as much as the absolute amounts of individual knowledge sharing. In particular, whether the more contribution of the upper 20 percent of participants in knowledge sharing will enhance the efficiency of overall knowledge collaboration is an issue of interest. This study deals with the effect of this sort of knowledge sharing distribution on the efficiency of knowledge collaboration and is extended to reflect the work characteristics. All analyses were conducted based on actual data instead of self-reported questionnaire surveys. More specifically, we analyzed the collaborative behaviors of editors of 2,978 English Wikipedia featured articles, which are the best quality grade of articles in English Wikipedia. We adopted Pareto ratio, the ratio of the number of knowledge contribution of the upper 20 percent of participants to the total number of knowledge contribution made by the total participants of an article group, to examine the effect of Pareto principle. In addition, Gini coefficient, which represents the inequality of income among a group of people, was applied to reveal the effect of inequality of knowledge contribution. Hypotheses were set up based on the assumption that the higher ratio of knowledge contribution by more highly motivated participants will lead to the higher collaboration efficiency, but if the ratio gets too high, the collaboration efficiency will be exacerbated because overall informational diversity is threatened and knowledge contribution of less motivated participants is intimidated. Cox regression models were formulated for each of the focal variables-Pareto ratio and Gini coefficient-with seven control variables such as the number of editors involved in an article, the average time length between successive edits of an article, the number of sections a featured article has, etc. The dependent variable of the Cox models is the time spent from article initiation to promotion to the featured article level, indicating the efficiency of knowledge collaboration. To examine whether the effects of the focal variables vary depending on the characteristics of a group task, we classified 2,978 featured articles into two categories: Academic and Non-academic. Academic articles refer to at least one paper published at an SCI, SSCI, A&HCI, or SCIE journal. We assumed that academic articles are more complex, entail more information processing and problem solving, and thus require more skill variety and expertise. The analysis results indicate the followings; First, Pareto ratio and inequality of knowledge sharing relates in a curvilinear fashion to the collaboration efficiency in an online community, promoting it to an optimal point and undermining it thereafter. Second, the curvilinear effect of Pareto ratio and inequality of knowledge sharing on the collaboration efficiency is more sensitive with a more academic task in an online community.

• Journal of Intelligence and Information Systems
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• v.20 no.1
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• pp.49-65
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• 2014

Word of Mouth (WOM) is a behavior used by consumers to transfer or communicate their product or service experience to other consumers. Due to the popularity of social media such as Facebook, Twitter, blogs, and online communities, electronic WOM (e-WOM) has become important to the success of products or services. As a result, most enterprises pay close attention to e-WOM for their products or services. This is especially important for movies, as these are experiential products. This paper aims to identify the network factors of an online movie community that impact box office revenue using social network analysis. In addition to traditional WOM factors (volume and valence of WOM), network centrality measures of the online community are included as influential factors in box office revenue. Based on previous research results, we develop five hypotheses on the relationships between potential influential factors (WOM volume, WOM valence, degree centrality, betweenness centrality, closeness centrality) and box office revenue. The first hypothesis is that the accumulated volume of WOM in online product communities is positively related to the total revenue of movies. The second hypothesis is that the accumulated valence of WOM in online product communities is positively related to the total revenue of movies. The third hypothesis is that the average of degree centralities of reviewers in online product communities is positively related to the total revenue of movies. The fourth hypothesis is that the average of betweenness centralities of reviewers in online product communities is positively related to the total revenue of movies. The fifth hypothesis is that the average of betweenness centralities of reviewers in online product communities is positively related to the total revenue of movies. To verify our research model, we collect movie review data from the Internet Movie Database (IMDb), which is a representative online movie community, and movie revenue data from the Box-Office-Mojo website. The movies in this analysis include weekly top-10 movies from September 1, 2012, to September 1, 2013, with in total. We collect movie metadata such as screening periods and user ratings; and community data in IMDb including reviewer identification, review content, review times, responder identification, reply content, reply times, and reply relationships. For the same period, the revenue data from Box-Office-Mojo is collected on a weekly basis. Movie community networks are constructed based on reply relationships between reviewers. Using a social network analysis tool, NodeXL, we calculate the averages of three centralities including degree, betweenness, and closeness centrality for each movie. Correlation analysis of focal variables and the dependent variable (final revenue) shows that three centrality measures are highly correlated, prompting us to perform multiple regressions separately with each centrality measure. Consistent with previous research results, our regression analysis results show that the volume and valence of WOM are positively related to the final box office revenue of movies. Moreover, the averages of betweenness centralities from initial community networks impact the final movie revenues. However, both of the averages of degree centralities and closeness centralities do not influence final movie performance. Based on the regression results, three hypotheses, 1, 2, and 4, are accepted, and two hypotheses, 3 and 5, are rejected. This study tries to link the network structure of e-WOM on online product communities with the product's performance. Based on the analysis of a real online movie community, the results show that online community network structures can work as a predictor of movie performance. The results show that the betweenness centralities of the reviewer community are critical for the prediction of movie performance. However, degree centralities and closeness centralities do not influence movie performance. As future research topics, similar analyses are required for other product categories such as electronic goods and online content to generalize the study results.

• Magazine of the Korean Society of Agricultural Engineers
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• v.13 no.4
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• pp.2456-2470
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• 1971

Compaction of soil is very important for construction of soil structures such as highway fills, embankment of reservoir and seadike. With increasing compaction effort, the strength of soil, interor friction and Cohesion increas greatly while the reduction of permerbilityis evident. Factors which may influence compaction effort are moisture content, grain size, grain distribution and other physical properties as well as the variable method of compaction. The moisture content among these parameter is the most important thing. For making the maximum density to a given soil, the comparable optimum water content is required. If there is a slight change in water content when compared with optimum water content, the compaction ratio will decrease and the corresponding mechanical properties will change evidently. The results in this study of soil compaction with different water content are summarized as follows. 1) The maximum dry density increased and corresponding optimum moisture content decreased with increasing of coarse grain size and the compaction curve is steeper than increasing of fine grain size. 2) The maximum dry density is decreased with increasing of the optimum water content and a relationship both parameter becomes rdam-max=2.232-0.02785 $W_0$ But this relstionship will be change to $r_d=ae^{-bw}$ when comparable water content changes. 3) In case of most soils, a dry condition is better than wet condition to give a compactive effort, but the latter condition is only preferable when the liquid limit of soil exceeds 50 percent. 4) The compaction ratio of cohesive soil is greeter than cohesionless soil even the amount of coarse grain sizes are same. 5) The relationship between the maximum dry density and porosity is as rdmax=2,186-0.872e, but it changes to $r_d=ae^{be}$ when water content vary from optimum water content. 6) The void ratio is increased with increasing of optimum water content as n=15.85+1.075 w, but therelation becames $n=ae^{bw}$ if there is a variation in water content. 7) The increament of permeabilty is high when the soil is a high plasticity or coarse. 8) The coefficient of permeability of soil compacted in wet condition is lower than the soil compacted in dry condition. 9) Cohesive soil has higher permeability than cohesionless soil even the amount of coarse particles are same. 10) In generall, the soil which has high optimum water content has lower coefficient of permeability than low optimum water content. 11) The coefficient of permeability has a certain relations with density, gradation and void ratio and it increase with increasing of saturation degree.

• Journal of Intelligence and Information Systems
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• v.25 no.3
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• pp.117-140
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• 2019

As the aging phenomenon accelerates and various social problems related to the elderly of the vulnerable are raised, the need for effective elderly care solutions to protect the health and safety of the elderly generation is growing. Recently, more and more people are using Smart Toys equipped with ICT technology for care for elderly. In particular, log data collected through smart toys is highly valuable to be used as a quantitative and objective indicator in areas such as policy-making and service planning. However, research related to smart toys is limited, such as the development of smart toys and the validation of smart toy effectiveness. In other words, there is a dearth of research to derive insights based on log data collected through smart toys and to use them for decision making. This study will analyze log data collected from smart toy and derive effective insights to improve the quality of life for elderly users. Specifically, the user profiling-based analysis and elicitation of a change in quality of life mechanism based on behavior were performed. First, in the user profiling analysis, two important dimensions of classifying the type of elderly group from five factors of elderly user's living management were derived: 'Routine Activities' and 'Work-out Activities'. Based on the dimensions derived, a hierarchical cluster analysis and K-Means clustering were performed to classify the entire elderly user into three groups. Through a profiling analysis, the demographic characteristics of each group of elderlies and the behavior of using smart toy were identified. Second, stepwise regression was performed in eliciting the mechanism of change in quality of life. The effects of interaction, content usage, and indoor activity have been identified on the improvement of depression and lifestyle for the elderly. In addition, it identified the role of user performance evaluation and satisfaction with smart toy as a parameter that mediated the relationship between usage behavior and quality of life change. Specific mechanisms are as follows. First, the interaction between smart toy and elderly was found to have an effect of improving the depression by mediating attitudes to smart toy. The 'Satisfaction toward Smart Toy,' a variable that affects the improvement of the elderly's depression, changes how users evaluate smart toy performance. At this time, it has been identified that it is the interaction with smart toy that has a positive effect on smart toy These results can be interpreted as an elderly with a desire to meet emotional stability interact actively with smart toy, and a positive assessment of smart toy, greatly appreciating the effectiveness of smart toy. Second, the content usage has been confirmed to have a direct effect on improving lifestyle without going through other variables. Elderly who use a lot of the content provided by smart toy have improved their lifestyle. However, this effect has occurred regardless of the attitude the user has toward smart toy. Third, log data show that a high degree of indoor activity improves both the lifestyle and depression of the elderly. The more indoor activity, the better the lifestyle of the elderly, and these effects occur regardless of the user's attitude toward smart toy. In addition, elderly with a high degree of indoor activity are satisfied with smart toys, which cause improvement in the elderly's depression. However, it can be interpreted that elderly who prefer outdoor activities than indoor activities, or those who are less active due to health problems, are hard to satisfied with smart toys, and are not able to get the effects of improving depression. In summary, based on the activities of the elderly, three groups of elderly were identified and the important characteristics of each type were identified. In addition, this study sought to identify the mechanism by which the behavior of the elderly on smart toy affects the lives of the actual elderly, and to derive user needs and insights.

• Asia Marketing Journal
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• v.14 no.2
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• pp.65-96
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• 2012

Brand has received much attention from considerable marketing research. When consumers consume product or services, they are exposed to a lot of brand related stimuli. These contain brand personality, brand experience, brand identity, brand communications and so on. A special kind of new crisis occasionally confronting companies' brand management today is the brand related rumor. An important influence on consumers' purchase decision making is the word-of-mouth spread by other consumers and most decisions are influenced by other's recommendations. In light of this influence, firms have reasonable reason to study and understand consumer-to-consumer communication such as brand rumor. The importance of brand rumor to marketers is increasing as the number of internet user and SNS(social network service) site grows. Due to the development of internet technology, people can spread rumors without the limitation of time, space and place. However relatively few studies have been published in marketing journals and little is known about brand rumors in the marketplace. The study of rumor has a long history in all major social science. But very few studies have dealt with the antecedents and consequences of any kind of brand rumor. Rumor has been generally described as a story or statement in general circulation without proper confirmation or certainty as to fact. And it also can be defined as an unconfirmed proposition, passed along from people to people. Rosnow(1991) claimed that rumors were transmitted because people needed to explain ambiguous and uncertain events and talking about them reduced associated anxiety. Especially negative rumors are believed to have the potential to devastate a company's reputation and relations with customers. From the perspective of marketer, negative rumors are considered harmful and extremely difficult to control in general. It is becoming a threat to a company's sustainability and sometimes leads to negative brand image and loss of customers. Thus there is a growing concern that these negative rumors can damage brands' reputations and lead them to financial disaster too. In this study we aimed to distinguish antecedents of brand rumor transmission and investigate the effects of brand rumor characteristics on rumor spread intention. We also found key components in personal acceptance of brand rumor. In contextualist perspective, we tried to unify the traditional psychological and sociological views. In this unified research approach we defined brand rumor's characteristics based on five major variables that had been found to influence the process of rumor spread intention. The five factors of usefulness, source credibility, message credibility, worry, and vividness, encompass multi level elements of brand rumor. We also selected product involvement as a control variable. To perform the empirical research, imaginary Korean 'Kimch' brand and related contamination rumor was created and proposed. Questionnaires were collected from 178 Korean samples. Data were collected from college students who have been experienced the focal product. College students were regarded as good subjects because they have a tendency to express their opinions in detail. PLS(partial least square) method was adopted to analyze the relations between variables in the equation model. The most widely adopted causal modeling method is LISREL. However it is poorly suited to deal with relatively small data samples and can yield not proper solutions in some cases. PLS has been developed to avoid some of these limitations and provide more reliable results. To test the reliability using SPSS 16 s/w, Cronbach alpha was examined and all the values were appropriate showing alpha values between .802 and .953. Subsequently, confirmatory factor analysis was conducted successfully. And structural equation modeling has been used to analyze the research model using smartPLS(ver. 2.0) s/w. Overall, R² of adoption of rumor is .476 and R² of intention of rumor transmission is .218. The overall model showed a satisfactory fit. The empirical results can be summarized as follows. According to the results, the variables of brand rumor characteristic such as source credibility, message credibility, worry, and vividness affect argument strength of rumor. And argument strength of rumor also affects rumor intention. On the other hand, the relationship between perceived usefulness and argument strength of rumor is not significant. The moderating effect of product involvement on the relations between argument strength of rumor and rumor W.O.M intention is not supported neither. Consequently this study suggests some managerial and academic implications. We consider some implications for corporate crisis management planning, PR and brand management. This results show marketers that rumor is a critical factor for managing strong brand assets. Also for researchers, brand rumor should become an important thesis of their interests to understand the relationship between consumer and brand. Recently many brand managers and marketers have focused on the short-term view. They just focused on strengthen the positive brand image. According to this study we suggested that effective brand management requires managing negative brand rumors with a long-term view of marketing decisions.

• 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.