• 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.

• Journal of environmental and Sanitary engineering
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• v.20 no.1 s.55
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• pp.64-75
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• 2005

The total production of food waste was about 11,398ton/day('03) in Korea. Also, food waste was treated by landfill, incineration, reuse and anaerobic digestion. The method of food waste treatment depended primarily on landfill. However, the method of landfill causing social problems was prevented to treat food waste in the first of January 2005.12) Thus, anaerobic digestion is an important method to treat food waste because of possibility of energy recovery as methane gas. In this study, the possibility of food waste treatment containing high organic material and low pH in the one stage anaerobic reactor to save cost and time and energy recovery using $CH_{4}$ gas by the hybrid anaerobic reactor (HAR) was measured. The HAR was designed by combing the merits of the anaerobic filter (AF) to minimize the microorganism shock when food waste of very low pH was injected and up-flow anaerobic sludge blanket (UASB) to prevent from plugging and channeling phenomena by large suspended solids when semi solids were injected. Granule was packed in the section of HAR. The purpose of the BMP experiment was to measure the amount of methane generated when organic material was resolved under anaerobic conditions, to grasp bio resolution of organic material. Total accumulated methane production per VS amount was $0.471(m^{3}/\cal{kg}\;VS)$. So, the value was about $81.2\%$ of theoretical methane production which was $0.58(m^{3}/\cal{kg}\;VS)$ by elementary analysis and organic matter removal velocity (K) was $0.18(d^{-1})$. From these results, food waste was treated by anaerobic treatment. From this study, $CH_{4}$ generation from food waste (11,398 ton/day) could be estimated. By using an energy conversion factor of Braun's study, $5.97KWh/m^{3}\;CH4,\;60\%\;of\;CH_{4}$ gas generation, the amount of total energy producing food waste is to 6,727MWh/day. It could be confirmed that energy recovery using $CH_{4}$ gas was possible. Above these results, food waste containing organic matters of high concentration could be treated in HRT 30 days under an anaerobic condition, using the hybrid anaerobic reactor and reuse of $CH_{4}$ gas was possible.

• Journal of the Korean Geotechnical Society
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• v.31 no.5
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• pp.5-21
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• 2015

An energy pile is a novel type of ground heat exchangers (GHEX's) which sets up heat exchange pipes inside a pile foundation, and allows to circulate a working fluid through the pipe for exchanging thermal energy with the surrounding ground stratum. Using existing foundation structure, the energy pile can function not only as a structural foundation but also as a GHEX. In this paper, six full-scale energy piles were constructed in a test bed with various configurations of the heat exchange pipe inside large-diameter cast-in-place piles, that is, three parallel U-type heat exchangers (5, 8 and 10 pairs), two coil type heat exchangers (with a 500 mm and 200 mm pitch), and one S-type heat exchanger. During constructing the energy piles, the constructability of each energy pile was evaluated with consideration of the installation time, the number of workers and any difficulty for installing. In order to evaluate the thermal performance of energy piles, the thermal performance tests were carried out by applying intermittent (8 hours operating-16 hours pause) artificial cooling operation to simulate a cooling load for commercial buildings. Through the thermal performance tests, the heat exchange rates of the six energy piles were evaluated in terms of the heat exchange amount normalized with the length of energy pile and/or the length of heat exchange pipe. Finally, the economic feasibility of energy pile was evaluated according to the various types of heat exchange pipe by calculating demanded expenses per 1 W/m based on the thermal performance test results along with the market value of heat exchange pipes and labor cost.

• Korean Journal of Ecology and Environment
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• v.33 no.3 s.91
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• pp.187-196
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• 2000

This paper describes a simple method that uses differences among Carlson's (1977) trophic state index (TSI) values based on total phosphorus (TP), chlorophyll a (CHL) and Secchi depth (SD) to draw inferences regarding the factors that are limiting to phytoplankton growth and the composition of lake seston. Examples are provided regarding seasonal and spatial patterns in a large subtropical lake (Lake Okeechobee, Florida, USA) and inter- and intra-lake variations from a multilake data set developed from published studies. Once an investigator has collected routine water quality data and established TSI values based on TP, CHL, and SD, a number of inferences can be made. Additional information can be provided where it also is possible to calculate a TSI based on total nitrogen (TN). Where TSI (CHL)<>TSI (SD), light attenuating particles are large (large filaments or colonies of algae), and the phytoplankton may be limited by zooplankton grazing. Other limiting conditions are inferred by different relationships between the TSI values. Results of this study indicate that the analysis is quite robust, and that it generally gives good agreement with conclusions based on more direct methods (e.g., nutrientaddition bioassays, zooplankton size data, zooplankton removal experiments). The TSI approach, when validated periodically with these more costly and time-intensive methods, provides an effective, low cost method for tracking long-term changes in pelagic structure and function with potential value in monitoring lake ecology and responses to management.

• The Korean Journal of Nuclear Medicine Technology
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• v.18 no.1
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• pp.62-68
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• 2014

Purpose: After I-131 therapy, SPECT/CT is useful in identifying location of thyroid remnants and metastasis of thyroid cancers. An excessive uptake of thyroid leads to a ringing artifact in the SPECT images. The aim of this study is to investigate and suggest a proper post filters to remove ringing artifact and produce better image quality. Materials and Methods: A low-cost, customized thyroid-mimicking phantom, consisting of an acrylic bottle and a hollow sphere was used for SPECT/CT Discovery (GE Healthcare, USA). It was filled with I-131 solution. The ratio of hollow sphere to background were varied as 50:1, 200:1, 1000:1 and 4000:1. Acquired images were reconstructed by OSEM (2 iterations, 10 subsets) with and without Evolution (resolution recovery correction, GE). Three different post-filters were applied; Butterworth (cut off: 0.38 to 0.58 with intervals of 0.05), Hanning (cut off: 0.8 to 1 with intervals of 0.05) and Gaussian (FWHM: 3 to 5 with intervals of 0.5) filters. Contrast, background variability, air area variability, and full width half maximum (FWHM) were compared. Results: Higher contrasts were obtained from the SPECT images with Evolution than without Evolution. In the case of images without Evolution, image distortion such as star artifact was generated. For all sphere-to-background ratio, the Butterworth filter showed better constrasts and FWHMs than other two filters, but the ringing artifact was still generated in all studies except 50:1 and it was decreased as cutoff value was increased. The ringing artifact didn't appear with Hanning and Gaussian filters at all studies, however constrats and FWHMs with Gaussian was worse than Hanning filter. For the images having ringing artifacts, the background variability and air area variability were increased. Conclusion: In this study, we suggested that it is desirable to use Hanning filter when the ringing artifact is generated and to use Butterworth filter when ringing artifact is not generated in I-131 SPECT.

• Korean Journal of Agricultural Science
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• v.12 no.1
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• pp.75-85
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• 1985

This study is intended to find out the influence of Lignosulfonic Acid Type Admixture on compressive, tensile, flexural strength and dispersing action of mortar, and fixation of by-product of pulp industry. 1. The more Pozzolith-84 is added, the larger flow value is. The admixture of lignosulfonic acid type adhere to cement particles and the surface potential of particles is generated. On account of the repulsion among the cement particles, they are dispersed and the mortar get workable, so the production cost of precast product is curtailed and the amount of cement is reduced in a certain workability of mortar. 2. The strength of mortar is greater than plain mortar when P/C added is 0.2 and 0.4%. As time passed the potential energy is reduced and the distance of particles which lignosulfonic acid adhered to get near according as the amount of adhesion is increased. The setting and hardening reaction of morter is occurred in close state, so the strength of mortar is increased a little. The strength of mortar is less than plain mortar when amount P/C added is 0.8%. Pozzolith-84 is mainly composed of lignosulfonic acid and lignin does not influence the hardening of mortar, therefore the remained $SO_3$, $SO_3H$ are the reason of decrease of strength. 3. There is high significance between specific gravity and compressive strength. The larger specific gravity is, the more compressive strength is increased. There is high significance between 7 day's strength and 28 day's strength. The larger compressive strength is, the more tensile and flexural strength are increased. 4. Since Pozzolith-84 is a by-product of pulp industry, by using the Pozzolith-84 admixture the concreate quality is improved. The water pollusion is reduced according to fix by-products in concrete structure.

• Journal of The Korean Society of Grassland and Forage Science
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• v.32 no.1
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• pp.1-8
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• 2012

This study was carried out in 2010 to investigate the utilization and forage quality of native grasses, such as $Phragmites$ $communis$ which might reduce the cost of feeding domestic cattle. The regions surveyed were the Haenam ranch in Haenam, Pyeongchang, Wonju, and Yeonggwang. In Haenam, yearly silage production harvested from 300 ha was 2,000 MT (7 MT/ha). All of those round bale silages were self-consumed in that region, and marketing price was 50,000~55,000 won per roll (110 won/kg). $Phragmites$ $communis$ of 150 cm in length contained 8.4% crude protein (CP) with relative feed value (RFV) 71.9 and 60.1% in vitro dry matter digestibility (IVDMD), which was somewhat more favorable than forage quality of rice straw. The silage quality of $Phragmites$ $communis$ varied greatly by the time of harvest (CP 4.7~6.4%, RFV 62.2~78.9, and IVDMD 41.9~53.9%), even with the same district and of the same original forage materials. Generally, the quality of $Phragmites$ $communis$ silage of was poorer than that of sorghum ${\times}$ sudangrass hybrid. In Pyeongchang, forage quality of $Phragmites$ $communis$ was decreased from 13.9% to 7.6% in CP, 90.7 to 76.1 in RFV, and 72.9% to 54.7% in IVDMD, as plant was getting mature, from 79 cm to 117 cm, 121 cm or to 142 cm in length. In Wonju, the quality values of $Phragmites$ $communis$ of 130 cm in length were 8.5% CP, 82.3 RFV and 70.2% IVDMD, while those of matured grasses of 220 cm in length were lower (10.2% CP, 65.1 RFV and 48.9% IVDMD), but this was a little more favorable than quality of rice straw. In Yeonggwang, feeding $Phragmites$ $communis$ was tried in a Hanwoo feed, but stopped due to low profitability. In conclusion, the overall quality of most native grasses including $Phragmites$ $communis$ in this survey was poor. Therefore, we recommend that $Phragmites$ $communis$ and native grasses should be harvested on June or July to obtain richer forage quality in forage values than rice straw.

• Journal of Nutrition and Health
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• v.51 no.1
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• pp.60-72
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• 2018

Purpose: The purpose of this study was to determine differences in eating-out, dietary life styles, and healthy dietary competencies among middle-aged consumers according to obesity status and gender for implications of consumer education. Methods: Data were drawn from the 2016 Food Consumption Behavior Survey, and 3,022 subjects (mail 1,388; female 1,634) who were middle-aged adults were investigated. Analysis of variance with $Scheff\acute{e}$ test, t-test, $x^2$-test, and factor analysis were performed using SPSS v.24. Results: Males showed less interest in diet than females. For both males and females, higher BMI degrees were associated with higher levels of interest in diet. For frequency, monthly average consumption expenditure, one-time cost for eating out, and drinking frequency, males showed higher levels than females. Especially for the male group, higher obesity status was associated with higher levels of eating out and drinking. Dietary lifestyles of males and females turned out to be very similar. For the male group, normal weight group was more likely to show 'health and high quality pursuit dietary life-style' than the other groups. For females, the normal weight group were more likely to show 'health and high quality pursuit dietary life-style' and 'safety pursuit dietary life-style' than the other groups. The level of 'healthy dietary competence' for females was found to be higher than that for males. For the female group, there were significant differences according to obesity status, and practice was more important than knowledge in determining a healthy dietary life. Conclusion: For dietary life-related education for obese middle-aged consumers, it is important to emphasize less eating-out and drinking and less overeating while eating-out based on the results that eating-out, drinking, and overeating in the obesity group were significantly higher than in the normal group. It is important to focus on the value of dietary life and diverse foods, based on the results that the obesity group was less likely to be have healthy dietary lifestyles and consume less diverse foods than the normal group.

• Journal of Intelligence and Information Systems
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• v.25 no.3
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• pp.221-238
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• 2019

Recently, companies and public institutions have been actively introducing chatbot services in the field of customer counseling and response. The introduction of the chatbot service not only brings labor cost savings to companies and organizations, but also enables rapid communication with customers. Advances in data analytics and artificial intelligence are driving the growth of these chatbot services. The current chatbot can understand users' questions and offer the most appropriate answers to questions through machine learning and deep learning. The advancement of chatbot core technologies such as NLP, NLU, and NLG has made it possible to understand words, understand paragraphs, understand meanings, and understand emotions. For this reason, the value of chatbots continues to rise. However, technology-oriented chatbots can be inconsistent with what users want inherently, so chatbots need to be addressed in the area of the user experience, not just in the area of technology. The Fourth Industrial Revolution represents the importance of the User Experience as well as the advancement of artificial intelligence, big data, cloud, and IoT technologies. The development of IT technology and the importance of user experience have provided people with a variety of environments and changed lifestyles. This means that experiences in interactions with people, services(products) and the environment become very important. Therefore, it is time to develop a user needs-based services(products) that can provide new experiences and values to people. This study proposes a chatbot development process based on user needs by applying the design thinking approach, a representative methodology in the field of user experience, to chatbot development. The process proposed in this study consists of four steps. The first step is 'setting up knowledge domain' to set up the chatbot's expertise. Accumulating the information corresponding to the configured domain and deriving the insight is the second step, 'Knowledge accumulation and Insight identification'. The third step is 'Opportunity Development and Prototyping'. It is going to start full-scale development at this stage. Finally, the 'User Feedback' step is to receive feedback from users on the developed prototype. This creates a "user needs-based service (product)" that meets the process's objectives. Beginning with the fact gathering through user observation, Perform the process of abstraction to derive insights and explore opportunities. Next, it is expected to develop a chatbot that meets the user's needs through the process of materializing to structure the desired information and providing the function that fits the user's mental model. In this study, we present the actual construction examples for the domestic cosmetics market to confirm the effectiveness of the proposed process. The reason why it chose the domestic cosmetics market as its case is because it shows strong characteristics of users' experiences, so it can quickly understand responses from users. This study has a theoretical implication in that it proposed a new chatbot development process by incorporating the design thinking methodology into the chatbot development process. This research is different from the existing chatbot development research in that it focuses on user experience, not technology. It also has practical implications in that companies or institutions propose realistic methods that can be applied immediately. In particular, the process proposed in this study can be accessed and utilized by anyone, since 'user needs-based chatbots' can be developed even if they are not experts. This study suggests that further studies are needed because only one field of study was conducted. In addition to the cosmetics market, additional research should be conducted in various fields in which the user experience appears, such as the smart phone and the automotive market. Through this, it will be able to be reborn as a general process necessary for 'development of chatbots centered on user experience, not technology centered'.

• Journal of the Korea Society of Computer and Information
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• v.14 no.12
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• pp.157-167
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• 2009

Recently, the leakage of confidential information and personal information is taking place on the Internet more frequently than ever before. Most of such online security incidents are caused by attacks on vulnerabilities in web applications developed carelessly. It is impossible to detect an attack on a web application with existing firewalls and intrusion detection systems. Besides, the signature-based detection has a limited capability in detecting new threats. Therefore, many researches concerning the method to detect attacks on web applications are employing anomaly-based detection methods that use the web traffic analysis. Much research about anomaly-based detection through the normal web traffic analysis focus on three problems - the method to accurately analyze given web traffic, system performance needed for inspecting application payload of the packet required to detect attack on application layer and the maintenance and costs of lots of network security devices newly installed. The UTM(Unified Threat Management) system, a suggested solution for the problem, had a goal of resolving all of security problems at a time, but is not being widely used due to its low efficiency and high costs. Besides, the web filter that performs one of the functions of the UTM system, can not adequately detect a variety of recent sophisticated attacks on web applications. In order to resolve such problems, studies are being carried out on the web application firewall to introduce a new network security system. As such studies focus on speeding up packet processing by depending on high-priced hardware, the costs to deploy a web application firewall are rising. In addition, the current anomaly-based detection technologies that do not take into account the characteristics of the web application is causing lots of false positives and false negatives. In order to reduce false positives and false negatives, this study suggested a realtime anomaly detection method based on the analysis of the length of parameter value contained in the web client's request. In addition, it designed and suggested a WAF(Web Application Firewall) that can be applied to a low-priced system or legacy system to process application data without the help of an exclusive hardware. Furthermore, it suggested a method to resolve sluggish performance attributed to copying packets into application area for application data processing, Consequently, this study provide to deploy an effective web application firewall at a low cost at the moment when the deployment of an additional security system was considered burdened due to lots of network security systems currently used.