• 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.

• Tuberculosis and Respiratory Diseases
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• v.42 no.1
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• pp.84-92
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• 1995

Background: Nasal applied continuous positive airway pressure(CPAP) is a highly effective method of treatment for obstructive sleep apnea syndrome. More than a decade of accumulated experience with this treatment modality confirmed that it is unquestionably the medical treatment of choice for patients with obstructive sleep apnea syndrome. However it takes long time to reach optimal CPAP pressure. To save the time to reach optimal pressure, it is necessary to clarify the time to reach optimal pressure for treatment of obstructive sleep apnea syndrome. Method: CPAP pressure is titrated during an overnight study according to a standardized protocol. Just before the presleep bio-calibration procedures, the technician applies the nasal mask and switches on the clinical CPAP unit. Initial positive for pressure is typically 3.0 centimeters of water pressure. After sleep onset, the technician gradually increases the pressure until sleep-disordered breathing events disappear or become minimal. The pressure must maintain maximal airway patency during both NREM and REM sleep to be considered effective. Before recommending a final pressure setting, sleep recording and oximetry data are reviewed by an American Board of Sleep Medicine certified Sleep Specialist and a Registrered Polysomnographic Technologist. Results: We examined the time required to reach optimal pressure during routine CPAP titration in 127 consecutively evaluated individuals diagnosed with sleep-disordered breathing. Results indicate that 33% of patients required more than four hours to attain satisfactory titration. This indicates that a four-hour session is marginally enough time, at best, to determine a proper CPAP pressure setting. Moreover, 60 of 127 patients required further adjustment after optimal pressure was reached. These additional pressure trials were needed to confirm that higher pressures were not superior for eliminating sleep-disordered breathing events. Conclusions: The data presented underscore the logistical difficulty of titrating CPAP during split-night studies without modifying the titration procedure. Futhermore, the time needed to reach optimal pressure makes it improbable that proper CPAP titration can be performed during a 2-3 hour nap study.

• Journal of Korean Society of Occupational and Environmental Hygiene
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• v.25 no.3
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• pp.405-417
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• 2015

Objectives: The aim of this study is to evaluate the association between physical factors, working conditions and occupational injuries among Korean workers. Methods: We used data from the 2nd Korean Working Conditions Survey, conducted in 2010. A total of 7,114 workers over 15 years of age were selected from among 10,019 Korean workers. The participants were interviewed using questionnaires. A multiple logistic regression model was used to analyze the associations among physical factors, working conditions and occupational injuries. Results: After the adjustment of socio-demographic factors, the odds ratio of injuries through physical factors such as vibration (adjusted Odds Ratio [aOR] 4.037, 95% CI 2.30-7.09), noise (aOR 4.562, 95% CI 2.64-7.89), high temperature (aOR 3.262, 95% CI 1.86-5.73), and low temperature (aOR 3.358, 95% CI 1.76-6.41) were greater in the exposed group than in the non-exposed group. The odds ratios of occupational injury(aOR 5.272, 95% CI 3.19-8.7 for very high speed work, aOR 3.303, 95% CI 1.95-5.60 for tight deadlines, and aOR 3.641, 95% CI 1.72-7.70 for not enough time to work) increased with increased work demands. Conclusions: In this study, physical factors such as vibration, noise, and high and low temperatures were significantly correlated with occupational injuries according to the increase in exposure intensity(p for trend <0.001). Also, working conditions such as high-speed work, tight deadlines and insufficient time to work showed significant associations with occupational injuries(p for trend<0.001).

• Progress in Medical Physics
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• v.20 no.4
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• pp.199-207
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• 2009

It is important to initialize Image Plate (IP) completely for removing residual latent image by sodium lamp for reliability and repeatability of computed radiography (CR) system. The purpose of this study was to evaluate latent images of computed radiography (CR) images respect to delay time after erasure of foregone latent image and its effect, and erasure level. Erasure thoroughness for CR acceptance test from American Association of Physicist in Medicine (AAPM) Report 93 (2006) was also evaluated. Measurements were made on a CR (Agfa CR 25; Agfa, BELGIUM) system. Chest postero-anterior (PA), Hand PA, L-spine lateral radiographs were chosen for evaluation. Chest phantom (3D-torso; CIRS, USA) was used for Chest PA and L-spine lateral radiography. For Hand PA radiography, projections was done without phantom. Except Hand PA radiographs, noise was increased with delay time, and ghost image was appeared on overexposed area. Effect of delay after erasure on latent image was not seen on naked eye, but standard deviation (SD) of pixel value on overexposed area was relatively higher than that of other areas. On Hand PA and Chest PA radiographs, noise were not occurred by adjustment of erasure level. On L-spine lateral images at lower erasure level than standard level, noise including ghost image were occurred because of high tube current. Erasure thoroughness of CR system in our department was to be proved by these evaluation. The results of this study could be used as a baseline for IP initialization and reliability of CR images.

• Land and Housing Review
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• v.6 no.3
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• pp.117-127
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• 2015

Korean government has launched a new public rental housing policy for younger generation suffering from instable housing conditions in CBD area. This paper is to analyze the financial feasibility of urban public rental housing projects, based on its cash flows. Urban rental housing projects should find out the way to reduce costs and to secure cheap land, because of the high land price in CBD area and complex relationship of legal rights. Project types are categorized by the land acquisition method and district characteristics. For 10 sample projects, financial feasibility was analyzed. Cash flows were calculated on the design plan and 16 scenarios were made by combining 4 important variables. The variables are increase rate of land price, increase rate of monthly rents, ratio of public and market rents, and the interest rate of National Housing Fund. The findings are as follows. Government land rent-type can reduce initial costs because it is not necessary to buy land. However, total NPV is lowered at the time of liquidation due to the land return. Private land acquisition-type require more initial costs. But the NPV at liquidation time increases with land disposal. To improve financial feasibility, acquisition-type should be preferred in high land-price area and rent-type should be preferred in low land-price area. Among influencing variables, the rate of increase in land price and the ratio of public and market rents turned out to be the most important. Although the ratio of public and market rents can be controllable, high ratio will cause the burden of tenants. Therefore, interest rate adjustment of National Housing Fund is more desirable.

• Journal of Korean Society for Atmospheric Environment
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• v.19 no.6
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• pp.625-637
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• 2003

This study was performed to examine the relationship between air pollution exposure and mortality in Seoul for the years of 1998∼2001. Daily counts of death were analyzed by general additive Poisson model, with adjustment for effects of seasonal trend, air temperature, humidity, and day of the week as confounders in a nonparametric approach. Daily death counts were associated with CO (current day),O$_3$ (current day), PM$_{10}$ (current day), NO$_2$ (1 day before), SO$_2$ (1 day before). Increase of 41.71 $\mu\textrm{g}$/㎥ (interquartile range) in PM$_{10}$ was associated with 1.3% (95% CI = 0.7∼1.9％) increase in the daily number of death. $O_3$ concentrations resulted in an increased risk of 1.3% for 23.86 ppb in all-aged mortality [RR = 1.013 (1.004-1.023)1. This effect was greater in children (less than 15 aged) and elderly (more than 65 aged). After ozone level exceeds 25 ppb, the dose-response relationship between mortality and ozone was almost linear. We concluded that Seoul had 1∼5％ increase in mortality in association with IQR (interquartile range) in air pollutants. Daily variations in air pollution within the range currently occurring in Seoul might have an adverse effect on daily mortality. These findings also support the hypothesis that air pollution, at levels below the current ambient air quality standards of Korea, is harmful to sensitive subjects, such as children or elderly.rly.

• Journal of the Korea Organic Resources Recycling Association
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• v.23 no.3
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• pp.33-41
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• 2015

An alternative was investigated to maximize the treatment efficiency of wastewater treatment plant without large scale expansion. 79% of detention time was required for enough nitrogen control. As aeration time was extended, nitrification was processed, but opposite trend was seen in phosphorus. High concentration of $NO_3-N$ interrupted PAOs activity not to absorb phosphorus. An alternative was devised for selective use of anaerobic or anoxic zone. Trisection was suggested for alternative use of center room. The result was relatively successful. The concentration of phosphorus was reduced with reduction of nitrogen. Extended anaerobic condition seemed to stimulate denitrification. Valve connection of internal return from aeration tank will make it possible to use middle room alternatively. This method will be a good alternative for seasonal variation of water temperature.

• Journal of Animal Science and Technology
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• v.45 no.4
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• pp.641-648
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• 2003

In a batch mode treatment process, which electrolyzes the wastewater after derivation of N-P crystal formation and recovery, the characteristics of pollutant removal induced with the changes of loading rate and hydraulic retention time were studied. $MgCl_2$ was used as Mg source for the formation of struvite and the molar ratio of $MgCl_2$ to $PO_4^{3-}$ in influent was 1.3. When analyzing the average treatment efficiencies and removal characteristics obtained from four separate operations (Run I, II, III, IV), removal efficiencies of PO43- was not function of its loading rate. Under a condition of sufficient aeration and Mg source provided, over 88% of $PO_4^{3-}$ was eliminated by the formation of MAP without any pH adjustment, in spite of loading rate variation. An optimum-loading rate of NH4-N to achieve high removal efficiency was approximately $100g/m^3/d$. Below that loading rate, the removal of NH4-N was proportional to the loading rate into the system, and hence stable and high removal efficiency, over 90%, was achieved. However, when the loading rate increased over that rate, removal efficiency began to drop and fluctuate. Removal efficiency of TOCs was dependant upon the hydraulic retention time ($r^2$=0.97), not upon the loading rate. Stable and high color removal (94%) was obtained with 2 days of HRT in electrolysis reactor.

• Journal of Korean Tunnelling and Underground Space Association
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• v.16 no.1
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• pp.51-61
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• 2014

It is necessary to perform a dynamic analysis to numerically evaluate the effect of blasting on nearby facilities. The blast load time history, which cannot be directly measured, is most often determined from empirical equation. The load has to be adjusted to account for various factors influencing the load and the frequency, but there is not a clear guideline on how to adjust the load. In this study, a series of 2D dynamic numerical analyses that simulates a closely monitored test blasting is performed, from which the blast load that matches the measured vibrations are derived. In the analyses, it is assumed that the hole generated by the blasting is in the form of a circle, and the load was applied normally to the wall of the opening. Special attention was given in selecting the damping ratio for the ground, since it has important influence on the wave propagation and attenuation characteristics of the blast induce waves. The damping ratio was selected such that it matches favorably with the attenuation curve of the measurement. The analyses demonstrate that the empirical blast load widely used in practice highly overstimates the vibration since it does not account for the energy loss due to rock fragmentation. If the empirical load is used without proper adjustment, the numerical analysis may seriously overstimate the predicted vibration, and thus has to be reduced in the analysis.

• Journal of the Korean Geographical Society
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• v.50 no.1
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• pp.23-36
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• 2015

The temperature change patterns of climatic solar terms and their climatic fitness were analyzed. Harmonic analysis based on thirty-year(1981-2010) time-series data from sixty one weather stations across South Korea showed that the central peaks of the extreme heat had shifted toward start of autumn with increasing mean temperature. The overall climatic fitness of solar terms, such as major heat, frost descent, major snow, and major cold, was low, and it showed significant regional variations. The actual meteorological phenomenon representing each climatic solar term was observed much later than the day of the solar term at most weather stations. The number of observations, where an actual meteorological condition for each climatic solar term was recorded within ${\pm}1$ week from the day of that solar term, ranged only from 7.7% to 40.4% of the entire data. Study results also showed that the climatic fitness of major heat, frost descent, and major snow gradually changed in the east-west direction. Major cold, a solar term with higher climatic fitness, was influenced more strongly by latitude than longitude. Considering geographically uneven magnitude and trends in temperature changes, rearrangement and adjustment of time intervals between the solar terms may help us improve their applicability as realistic indicators of seasonal changes.