• Journal of Intelligence and Information Systems
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• v.24 no.1
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• pp.101-124
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• 2018

Recently, most of the technologies have been developed in various forms through the advancement of single technology or interaction with other technologies. Particularly, these technologies have the characteristic of the convergence caused by the interaction between two or more techniques. In addition, efforts in responding to technological changes by advance are continuously increasing through forecasting promising convergence technologies that will emerge in the near future. According to this phenomenon, many researchers are attempting to perform various analyses about forecasting promising convergence technologies. A convergence technology has characteristics of various technologies according to the principle of generation. Therefore, forecasting promising convergence technologies is much more difficult than forecasting general technologies with high growth potential. Nevertheless, some achievements have been confirmed in an attempt to forecasting promising technologies using big data analysis and social network analysis. Studies of convergence technology through data analysis are actively conducted with the theme of discovering new convergence technologies and analyzing their trends. According that, information about new convergence technologies is being provided more abundantly than in the past. However, existing methods in analyzing convergence technology have some limitations. Firstly, most studies deal with convergence technology analyze data through predefined technology classifications. The technologies appearing recently tend to have characteristics of convergence and thus consist of technologies from various fields. In other words, the new convergence technologies may not belong to the defined classification. Therefore, the existing method does not properly reflect the dynamic change of the convergence phenomenon. Secondly, in order to forecast the promising convergence technologies, most of the existing analysis method use the general purpose indicators in process. This method does not fully utilize the specificity of convergence phenomenon. The new convergence technology is highly dependent on the existing technology, which is the origin of that technology. Based on that, it can grow into the independent field or disappear rapidly, according to the change of the dependent technology. In the existing analysis, the potential growth of convergence technology is judged through the traditional indicators designed from the general purpose. However, these indicators do not reflect the principle of convergence. In other words, these indicators do not reflect the characteristics of convergence technology, which brings the meaning of new technologies emerge through two or more mature technologies and grown technologies affect the creation of another technology. Thirdly, previous studies do not provide objective methods for evaluating the accuracy of models in forecasting promising convergence technologies. In the studies of convergence technology, the subject of forecasting promising technologies was relatively insufficient due to the complexity of the field. Therefore, it is difficult to find a method to evaluate the accuracy of the model that forecasting promising convergence technologies. In order to activate the field of forecasting promising convergence technology, it is important to establish a method for objectively verifying and evaluating the accuracy of the model proposed by each study. To overcome these limitations, we propose a new method for analysis of convergence technologies. First of all, through topic modeling, we derive a new technology classification in terms of text content. It reflects the dynamic change of the actual technology market, not the existing fixed classification standard. In addition, we identify the influence relationships between technologies through the topic correspondence weights of each document, and structuralize them into a network. In addition, we devise a centrality indicator (PGC, potential growth centrality) to forecast the future growth of technology by utilizing the centrality information of each technology. It reflects the convergence characteristics of each technology, according to technology maturity and interdependence between technologies. Along with this, we propose a method to evaluate the accuracy of forecasting model by measuring the growth rate of promising technology. It is based on the variation of potential growth centrality by period. In this paper, we conduct experiments with 13,477 patent documents dealing with technical contents to evaluate the performance and practical applicability of the proposed method. As a result, it is confirmed that the forecast model based on a centrality indicator of the proposed method has a maximum forecast accuracy of about 2.88 times higher than the accuracy of the forecast model based on the currently used network indicators.

• Korean Security Journal
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• no.1
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• pp.371-408
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• 1997

This article is the reserch on actual condition of crime of arson which occurs in Korea and its countermeasures. The the presented problem in this article are that (1) we have generally very low rate concern about the crime of arson contrary to realistic problems of rapid increase of crime of arson (2) as such criminal motives became so diverse as to the economic or criminal purpose unlike characteristic and mental deficiency of old days, and to countermeasure these problems effectively it presentation the necessity of systemantic research. Based on analysis of reality of arson, the tendency of this arson in Korea in the ratio of increase is said to be higher than those in violence crime or general fire rate. and further its rate is far more greater than those of the U.S.A. and Japan. Arson is considered to be a method of using fire as crime and in case of presently residence to be the abject, it is a public offense crime which aqccompany fatality in human life. This is the well It now fact to all of us. And further in order to presentation to the crime of arson, strictness of criminal law (criminal law No, 164 and 169, and fire protection law No. 110 and 111) and classification of arsonist as felony are institutionary reinforced to punish with certainty of possibility, Therefore, as tendency of arson has been increased compared to other nations, it is necessary to supplement strategical policy to bring out overall concerns of the seriousness of risk and damage of arson, which have been resulted from the lack of understanding. In characteristics analysis of crime of arson, (1) It is now reveald that, in the past such crime rate appeared far more within the boundary of town or city areas in the past, presently increased rate of arsons in rural areas are far more than in the town or small city areas, thereby showing characteristics of crime of arson extending nation wide. (2) general timetable of arson shows that night more than day time rate, and reveald that is trait behavior in secrecy.(3) arsonists are usually arrested at site or by victim or report of third person(82,9%).Investigation activities or self surrenders rate only 11.2%. The time span of arrest is normally the same day of arson and at times it takes more than one year to arrest. This reveals its necessity to prepare for long period of time for arrest, (4) age rate of arson is in their thirties mostly as compared to homicide, robbery and adultery, and considerable numbers of arsons are in old age of over fifties. It reveals age rate is increased (5) Over half of the arsonists are below the junior high school (6) the rate of convicts by thier records is based on first offenders primarily and secondly more than 4 time convicts. This apparently shows necessity of effective correctional education policy for their social assimilation together with re-investigation of human education at the primary and secondary education system in thier life. The examples of motivation for arosnits, such as personal animosity, fury, monetary swindle, luscious purpose and other aims of destroying of proof, and other social resistance, violence including ways of threatening, beside the motives of individual defects, are diverse and arsonic suicide and specifically suicidal accompany together keenly manifested. When we take this fact with the criminal theory, it really reveals arsons of crime are increasing and its casualities are serious and a point as a way of suicide is the anomie theory of Durkheim and comensurate with the theory of that of Merton, Specifically in the arson of industrial complex, it is revealed that one with revolutionary motive or revolting motive would do the arsonic act. For the policy of prevention of arsons, professional research work in organizational cooperation for preventive activities is conducted in municipal or city wise functions in the name of Parson Taskforces and beside a variety of research institutes in federal government have been operating effectively to countermeasure in many fields of research. Franch and Sweden beside the U.S. set up a overall operation of fire prevention research funtions and have obtained very successful result. Japan also put their research likewise for countermeasure. In this research as a way of preventive fire policy, first, it is necessary to accomodate the legal preventitive activities for fire prevention in judicial side and as an administrative side, (1) precise statistic management of crime of arson (2) establishment of professional research functions or a corporate (3) improvement of system for cooperative structural team for investigation of fires and menpower organization of professional members. Secondly, social mentality in individual prospect, recognition of fires by arson and youth education of such effect, educational program for development and practical promotion. Thirdly, in view of environmental side, the ways of actual performance by programming with the establishment of cooperative advancement in local social function elements with administrative office, habitants, school facilities and newspapers measures (2) establishment of personal protection where weak menpowers are displayed in special fire prevention measures. These measures are presented for prevention of crime of arson. The control of crime and prevention shall be prepared as a means of self defence by the principle of self responsibility Specifically arsonists usually aims at the comparatively weak control of fire prevention is prevalent and it is therefore necessary to prepare individual facilities with their spontaneous management of fire prevention instead of public municipal funtures of local geverment. As Clifford L. Karchmer asserted instead of concerns about who would commit arson, what portion of area would be the target of the arson. It is effective to minister spontaveously the fire prevention measure in his facility with the consideration of characteristics of arson. On the other hand, it is necessary for the concerned personnel of local goverment and groups to distribute to the local society in timely manner for new information about the fire prevention, thus contribute to effective result of fire prevention result. In consideration of these factors, it is inevitable to never let coincide with the phemonemon of arsons in similar or mimic features as recognized that these could prevail just an epedemic as a strong imitational attitude. In processing of policy to encounter these problems, it is necessary to place priority of city policy to enhancement of overall concerns toward the definitive essense of crime of arson.

• Journal of Animal Science and Technology
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• v.52 no.5
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• pp.413-426
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• 2010

This study was conducted to investigate the effects on fermentation characteristics of rumen microorganism by different types and levels of lignosulfonate treated soybean meal (LSBM) in in vitro test and rumen simulation continuous culture (RSCC) system in dairy cows. The experiment I was control and 12 treatments (each with 3 replications) in vitro test to demonstrate composition of different types of treatments with lignosulfonate (Desulfonate, Na, Ca and solution) and levels (2, 4 and 8%) of soybean meal in the dairy cow diet. LSBM source treatments in the dairy cow diet showed pH value, $NH_3$-N concentration and total VFA concentration lower than control at all levels and incubation times (p<0.05). Dry matter digestibility of LSBM source treatments showed lower than control (p<0.05). Gas production and rumen microbial synthesis was decreased by rumen microbial fermentation for incubation times. Undegradable protein (UDP) concentration of all LSBM treatments was decreased for incubation times, and significantly higher than control (p<0.05). In the experiment II compared diets of the control, LSBM Na 2%, LSBM Sol 2%, which are high performance to undegradable protein (UDP) concentration experiment I in vitro test, and heated treatment lignosulfonate (LSBM Heat) 2% in the dairy cow diet from four station RSCC system ($4{\times}4$ Latin square). A rumen microbial fermentation characteristic was stability during 12~15 days of experimental period in all treatments. The pH value of LSBM treatments was higher than control treatment (p<0.05). The $NH_3$-N concentration, VFA concentration and rumen microbial synthesis of LSBM treatments were lower than control (p<0.05). The undegradable protein (UDP) showed LSBM Na 2% (45.28%), LSBM Sol 2% (43.52%) and LSBM Heat 2% (43.49%) higher than control (41.55%), respectively (p<0.05). Those experiments were designed to improve by-pass protein of diet and milk protein in the dairy cows. We will conduct those experiments the in vivo test by LSBM treatments in dairy cows diet.

• Journal of fish pathology
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• v.3 no.1
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• pp.39-50
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• 1990

Chemical constituents in blood serum and electrolytes were mearsured to the cultured flounder, Paralichthys olivaceus classified by control group and establishments of mari-netcages from April 7, 1990 to May 8, 1990. The total protein, albumin and glucose were $5.74{\pm}0.83g/dl$, $0.94{\pm}0.22g/dl$ and $62{\pm}29mg/dl$, respectively in the blood serum constituents of control group. The potassium, sodium and calcium were $2.5{\pm}1.1\;mmol/l$, $169{\pm}17\;mmol/l$ and $5.0{\pm}1.7\;mg/l$, respectively in the electrolytes of control group. In the variation of chemical constituents and electrolytes in blood serum, glucose of PVC group was alone represented $66{\pm}19\;mg/dl$ as control level on the 9th after locomotion to mari-floating netcages, and was stable within period of experiment in comparision with the other group. Subsequently stable netron group was decreased $49{\pm}15\;mg/dl$ on the 12th. Total protein of netron group was alone represented $5.72{\pm}1.11\;g/dl$ as control level on the 27th. Albumin of PVC group was stable, and was retruned $1.00{\pm}0.18\;g/dl$ as control level on the 27th. Potassium of PVC and netron group were stable within priod of experiment. Sodium of PVC, pole-PVC group were stable, and were $169{\pm}17{\sim}178{\pm}10\;mmol/l$, $173{\pm}10{\sim}179{\pm}9\;mmol/l$ respectively in blood serum with in priod of experiment. According to the combined results of chemical constituents in blood serum and electrolytes classified by establishment of mari-floating netcages, the experiment group that were stabilized variation were in order of PVC, netron and pole-PVC group. But the other groups were extended the range of variation.

• Journal of Global Scholars of Marketing Science
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• v.17 no.2
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• pp.31-54
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• 2007

The exchange between buyers and sellers in the industrial market is changing from short-term to long-term relationships. Long-term relationships are governed mainly by formal contracts or informal agreements, but many scholars are now asserting that controlling relationship by using formal contracts under environmental dynamism is inappropriate. In this case, partners will depend on each other's flexibility or interdependence. The former, flexibility, provides a general frame of reference, order, and standards against which to guide and assess appropriate behavior in dynamic and ambiguous situations, thus motivating the value-oriented performance goals shared between partners. It is based on social sacrifices, which can potentially minimize any opportunistic behaviors. The later, interdependence, means that each firm possesses a high level of dependence in an dynamic channel relationship. When interdependence is high in magnitude and symmetric, each firm enjoys a high level of power and the bonds between the firms should be reasonably strong. Strong shared power is likely to promote commitment because of the common interests, attention, and support found in such channel relationships. This study deals with environmental dynamism in high-tech industry. Firms in the high-tech industry regard it as a key success factor to successfully cope with environmental changes. However, due to the lack of studies dealing with environmental dynamism and supply chain commitment in the high-tech industry, it is very difficult to find effective strategies to cope with them. This paper presents the results of an empirical study on the relationship between environmental dynamism and supply chain commitment in the high-tech industry. We examined the effects of consumer, competitor, and technological dynamism on supply chain commitment. Additionally, we examined the moderating effects of flexibility and dependence of supply chains. This study was confined to the type of high-tech industry which has the characteristics of rapid technology change and short product lifecycle. Flexibility among the firms of this industry, having the characteristic of hard and fast growth, is more important here than among any other industry. Thus, a variety of environmental dynamism can affect a supply chain relationship. The industries targeted industries were electronic parts, metal product, computer, electric machine, automobile, and medical precision manufacturing industries. Data was collected as follows. During the survey, the researchers managed to obtain the list of parts suppliers of 2 companies, N and L, with an international competitiveness in the mobile phone manufacturing industry; and of the suppliers in a business relationship with S company, a semiconductor manufacturing company. They were asked to respond to the survey via telephone and e-mail. During the two month period of February-April 2006, we were able to collect data from 44 companies. The respondents were restricted to direct dealing authorities and subcontractor company (the supplier) staff with at least three months of dealing experience with a manufacture (an industrial material buyer). The measurement validation procedures included scale reliability; discriminant and convergent validity were used to validate measures. Also, the reliability measurements traditionally employed, such as the Cronbach's alpha, were used. All the reliabilities were greater than.70. A series of exploratory factor analyses was conducted. We conducted confirmatory factor analyses to assess the validity of our measurements. A series of chi-square difference tests were conducted so that the discriminant validity could be ensured. For each pair, we estimated two models-an unconstrained model and a constrained model-and compared the two model fits. All these tests supported discriminant validity. Also, all items loaded significantly on their respective constructs, providing support for convergent validity. We then examined composite reliability and average variance extracted (AVE). The composite reliability of each construct was greater than.70. The AVE of each construct was greater than.50. According to the multiple regression analysis, customer dynamism had a negative effect and competitor dynamism had a positive effect on a supplier's commitment. In addition, flexibility and dependence had significant moderating effects on customer and competitor dynamism. On the other hand, all hypotheses about technological dynamism had no significant effects on commitment. In other words, technological dynamism had no direct effect on supplier's commitment and was not moderated by the flexibility and dependence of the supply chain. This study makes its contribution in the point of view that this is a rare study on environmental dynamism and supply chain commitment in the field of high-tech industry. Especially, this study verified the effects of three sectors of environmental dynamism on supplier's commitment. Also, it empirically tested how the effects were moderated by flexibility and dependence. The results showed that flexibility and interdependence had a role to strengthen supplier's commitment under environmental dynamism in high-tech industry. Thus relationship managers in high-tech industry should make supply chain relationship flexible and interdependent. The limitations of the study are as follows; First, about the research setting, the study was conducted with high-tech industry, in which the direction of the change in the power balance of supply chain dyads is usually determined by manufacturers. So we have a difficulty with generalization. We need to control the power structure between partners in a future study. Secondly, about flexibility, we treated it throughout the paper as positive, but it can also be negative, i.e. violating an agreement or moving, but in the wrong direction, etc. Therefore we need to investigate the multi-dimensionality of flexibility in future research.

• Journal of Intelligence and Information Systems
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• v.22 no.2
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• pp.57-79
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• 2016

It is a rising trend that the number of users using one of the social media channels, the Social Network Service, so called the SNS, is getting increased. As per to this social trend, more companies have interest in this networking platform and start to invest their funds in it. It has received much attention as a tool spreading and expanding the message that a company wants to deliver to its customers and has been recognized as an important channel in terms of the relationship marketing with them. The environment of media that is radically changing these days makes possible for companies to approach their customers in various ways. Particularly, the social network service, which has been developed rapidly, provides the environment that customers can freely talk about products. For companies, it also works as a channel that gives customized information to customers. To succeed in the online environment, companies need to not only build the relationship between companies and customers but focus on the relationship between customers as well. In response to the online environment with the continuous development of technology, companies have tirelessly made the novel marketing strategy. Especially, as the one-to-one marketing to customers become available, it is more important for companies to maintain the relationship marketing with their customers. Among many SNS, Facebook, which many companies use as a communication channel, provides a fan page service for each company that supports its business. Facebook fan page is the platform that the event, information and announcement can be shared with customers using texts, videos, and pictures. Companies open their own fan pages in order to inform their companies and businesses. Such page functions as the websites of companies and has a characteristic of their brand communities such as blogs as well. As Facebook has become the major communication medium with customers, companies recognize its importance as the effective marketing channel, but they still need to investigate their business performances by using Facebook. Although there are infinite potentials in Facebook fan page that even has a function as a community between users, which other platforms do not, it is incomplete to regard companies' Facebook fan pages as communities and analyze them. In this study, it explores the relationship among customers through the network of the Facebook fan page users. The previous studies on a company's Facebook fan page were focused on finding out the effective operational direction by analyzing the use state of the company. However, in this study, it draws out the structural variable of the network, which customer committment can be measured by applying the social network analysis methodology and investigates the influence of the structural characteristics of network on the business performance of companies in an empirical way. Through each company's Facebook fan page, the network of users who engaged in the communication with each company is exploited and it is the one-mode undirected binary network that respectively regards users and the relationship of them in terms of their marketing activities as the node and link. In this network, it draws out the structural variable of network that can explain the customer commitment, who pressed "like," made comments and shared the Facebook marketing message, of each company by calculating density, global clustering coefficient, mean geodesic distance, diameter. By exploiting companies' historical performance such as net income and Tobin's Q indicator as the result variables, this study investigates influence on companies' business performances. For this purpose, it collects the network data on the subjects of 54 companies among KOSPI-listed companies, which have posted more than 100 articles on their Facebook fan pages during the data collection period. Then it draws out the network indicator of each company. The indicator related to companies' performances is calculated, based on the posted value on DART website of the Financial Supervisory Service. From the academic perspective, this study suggests a new approach through the social network analysis methodology to researchers who attempt to study the business-purpose utilization of the social media channel. From the practical perspective, this study proposes the more substantive marketing performance measurements to companies performing marketing activities through the social media and it is expected that it will bring a foundation of establishing smart business strategies by using the network indicators.

• (The) Research of the performance art and culture
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• no.35
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• pp.61-92
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• 2017

During the Japanese colonial era, traditional music performances were gradually diminishing and weakening in the particular condition of colonization. Meanwhile, from the time of enlightenment, Western genre performances were becoming vitalized with the influence of Western civilization that began to be spread steadily throughout the society. In that situation, traditional music performances tended to be mixed performances accompanied by Western ones, not independent performances. Mostly, they were accompanied by Western music, and also, they were performed along with other genres like plays, lectures, movies, dances, or magic, too. Such form of mixed performances accompanied by Western genres became even more vitalized in the 1920's and came to be positioned as a form of traditional music performances. Therefore, research on the forms of mixed performances between Western genres and traditional music is meaningful in examining the forms of traditional music performances that have not been studied in the history of Korean modern music and understanding the trends of traditional music performances which were generally found in the Japanese colonial era. However, such research has hardly been conducted concretely yet. Accordingly, concerning the forms of mixed performances between Western genres and traditional music in the 1920's, this author considered the background of vitalizing mixed performances between Western genres and traditional music mainly with newspaper articles of the time and their formal characteristics. Regarding the background of vitalizing the forms of mixed performances between Western genres and traditional music, from the 1920's, the forms of mixed performances between Western genres and traditional music became more vitalized than before. The causes of that may include the increase of groups hosting or sponsoring such performances from the 1920's and also the dramatic increase of such performances in general. Moreover, the increased performances were conducted in the forms of mixed performances mainly in order to satisfy the people's needs becoming diversified with the distribution of Western civilization. Concerning the formal characteristics of mixed performances between Western genres and traditional music, this researcher classified western genres performed with traditional music and examined what characteristics were found in such mixed performances of tradition music by the types of Western genres respectively. First, in the mixed performances type of western-type genre and traditional music, the number of programs for the western music had significant portion in general, and there were certain ensemble of the western music and traditional musical instrument that was rare at this period of time, and it also had the characteristics of classifying two genres to perform for each title or date. Second, in the mixed performances type of the drama and traditional music, the traditional music is directly participated in the drama with the similar type to the theater, or performed independently from the drama with the role of interlude performance for the stage conversion of the drama to have the characteristics of performing in audience publicity or entertainment. Third, in the mixed performances type of the lecture and traditional music, the traditional music is played before or after the lecture to play the role to set the atmosphere and entertainment for the lecture as displaying the feature to perform for the audience attraction. And, fourth, in the mixed performances type of the movie and traditional music, the traditional music sometimes directly participated in the movie or had the features of independent performance, and there was a characteristic to perform for the entertainment after showing a movie.

• 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 the Korean Institute of Traditional Landscape Architecture
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• v.32 no.4
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• pp.24-36
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• 2014

The result of the research conducted for the purpose of investigating the semantic value and the layout of the Cheongryu Gugok of Dorimsa Valley, which exhibits a high level of completeness and scenic preservation value among the three gugoks distributed in the area around Mt. Dongak of Gogseong is as follows.4) The area around Cheongryu Gugok shows a case where the gugok culture, which has been enjoyed as a model of the Neo-Confucianism culture and bedrock scenery, such as waterfall, riverside, pond, and flatland, following the beautiful valley, has been actually substituted, and is an outstanding scenery site as stated in a local map of Gokseong-hyeon in 1872 as "Samnam Jeil Amban Gyeryu Cheongryu-dong(三南第一巖盤溪流 淸流洞: Cheongryu-dong, the best rock mooring in the Samnam area)." Cheongryu Gugok, which is differentiated through the seasonal scenery and epigrams established on both land route and waterway, was probably established by the lead of Sun-tae Jeong(丁舜泰, ?~1916) and Byeong-sun Cho(曺秉順, 1876~1921) before 1916 during the Japanese colonization period. However, based on the fact that a number of Janggugiso of ancient sages, such as political activists, Buddhist leaders, and Neo-Confucian scholars, have been established, it is presumed to have been utilized as a hermit site and scenery site visited by masters from long ago. Cheongryu Gugok, which is formed on the rock floor of the bed rock of Dorimsa Valley, is formed in a total length of 1.2km and average gok(曲) length of 149m on a mountain type stream, which appears to be shorter compared to other gugoks in Korea. The rock writings of the three gugoks in Mt. Dongak, such as Cheongryu Gugok, which was the only one verified in the Jeonnam area, total 165 in number, which is determined to be the assembly place for the highest number of rock writings in the nation. In particular, a result of analyzing the rock writings in Cheongryu Gugok totaling 112 places showed 49pieces(43.8%) with the meaning of 'moral training' in epigram, 21pieces (18.8%) of human life, 16pieces(14.2%) of seasonal scenery, and 12pieces(10.6%) of Janggugiso such as Jangguchur, and the ratio occupied by poem verses appeared to be six cases(3.6%). Sweyeonmun(鎖烟門), which was the first gok of land route, and Jesiinganbyeolyucheon(除是人間別有天) which was the ninth gok of the waterway, corresponds to the Hongdanyeonse(虹斷烟鎖) of the first gok and Jesiinganbyeolyucheon of the ninth gok established in Jaecheon, Chungbuk by Se-hwa Park(朴世和, 1834~1910), which is inferred to be the name of Gugok having the same origin. In addition, the Daeeunbyeong(大隱屛) of the sixth gok. of land route corresponds to the Chu Hsi's Wuyi-Gugok of the seventh gok, which is acknowledged as the basis for Gugok Wollim, and the rock writings and stonework of 'Amseojae(巖棲齋)' and 'Pogyeongjae(抱經齋)' between the seventh gok and eighth gok is a trace comparable with Wuyi Jeongsa(武夷精舍) placed below Wuyi Gugok Eunbyeon-bong, which is understood to be the activity base of Cheongryu-dong of the Giho Sarim(畿湖士林). The rock writings in the Mt. Dongak area, including famous sayings by masters such as Sunsaeuhje(鮮史御帝, Emperor Gojong), Bogahyowoo(保家孝友, Emperor Gojong), Manchunmungywol(萬川明月, King Joengjo), Biryeobudong(非禮不動, Chongzhen Emperor of the Ming Dynasty)', Samusa(思無邪, Euijong of the Ming Dynasty), Baksechungpwoong(百世淸風, Chu Hsi), and Chungryususuk-Dongakpungkyung(淸流水石 動樂風景, Heungseon Daewongun) can be said to be a repository of semantic symbolic cultural scenery, instead of only expressing Confucian aesthetics. In addition, Cheongryu Gugok is noticeable with its feature as a cluster of cultural scenery of the three religions of Confucian-Buddhism-Taoism, where the Confucianism value system, Buddhist concept, and Taoist concept co-exists for mind training and cultivation. Cheongryu Gugok has a semantic feature and spatial character as a basis for history and cultural struggle for the Anti-Japan spirit that has been conceived during the process of establishing and utilizing the spirit of the learning, loyalty for the Emperor and expulsion of barbarians, and inspiration of Anti-Japan force, by inheriting the sense of Dotong(道統) of Neo-Confucianism by the Confucian scholar class at the end of the Joseon era that is represented by Ik-hyun Choi(崔益鉉, 1833~1906), Woo Jeon(田愚, 1841~1922), Woo-man Gi(奇宇萬, 1846~1916), Byung-sun Song(宋秉璿, 1836~1905), and Hyeon Hwang(黃玹, 1855~1910).