• Journal of Life Science
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• v.17 no.5 s.85
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• pp.699-705
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• 2007

The present study was conducted to investigate the genetic characteristic and to establish the parentage verification system of the Korean native horse(KNH). A total number of 192 horses from six horse breeds including the KNH were genotyped using 17 microsatellite loci. This method consisted of multiplexing PCR procedure. The number of alleles per locus varied from 5 to 10 with a mean value of 7.35 in KNH. The expected heterozygosity and observed heterozygosity were ranged from 0.387 to 0.841(mean 0.702) and from 0.429 to 0.905(mean 0.703), respectively. The total exclusion probability of 17 microsatellite loci was 0.9999. Of the 17 markers, AHT4, AHT5, CA425, HMS2, HMS3, HTG10, LEX3 and VHL20 marker have relatively high PIC value(>0.7). This study found that there were specific alleles, P allele at AHT5, Q allele and R allele at ASB23, H allele at CA425, S allele at HMS3, J allele at HTG10 and J allele at LEX3 marker in KNH when compared with other horse populations. Also, the results showed two distinct clusters: the Korean native horse cluster(Korean native horse, Mongolian horse), and the European cluster(Jeju racing horse, Thoroughbred horse). These results present basic information for detecting the genetic markers of the KNH, and has high potential for parentage verification and individual identification of the KNH.

• Management & Information Systems Review
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• v.16
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• pp.59-76
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• 2005

The inner and outer environment surrounding companies becomes more insecure and unpredictable due to sudden changes. Because the change of environment surrounding companies can deeply affect the existence of companies, continuous innovation of organization is required to develope management ability. Also, to conquer insecure present and future of companies effectively, organizations of companies have voluntarily coped with insecurities and intense competitions through endless organization innovation. Externally, globalization, openness, and relaxed regulation intensify competitions; consumers' requests get varied; consciousness of members of organizations have changed. Due to those factors, companies are placed in a situation that they should practice endless inner innovation. Internally, competitive power has weakened due to decline in productivity and inefficiency of indirect parts of company has increased. From those factors, managers increasingly request inner innovation and pursue organization innovation for the purpose of effective usage of extra resources and being prepared for the future. The managers who operate organization innovation think that systematized approach to organization innovation is the most practical, and actually operate the thought. However, the negative side of the thought is not neglectable. To minimize inner and outer resistance and to operate organization innovation successfully, some innovation strategies that properly reflect several issues related to organization innovation should be prepared. Another words, organization innovation should be operated differently by cases that if it focuses on personal perspective or on organization's. For many cases of our country, several techniques of organization innovation have been adopted in a short time and operated without making its original use. Therefore, this study looks into major Issues that should be considered for more successful operation of organization innovation, from both personal aspect and organizational aspect. When considering such aspects and operate organization innovation, there is more possibility to succeed on organization innovation. Now, Korean companies have overcame trial period and reborn as global companies. Take warnings by the ordeal under IMF administration, this is time to secure international competitive power by using developed innovation techniques and transform to superior company. Managers need to recognize that to try successful organization innovation is the shortcut to reborn as competitive company, and should take a continuous and profound search for decisive factors to succeed on organization innovation. To operate successful organization innovation, first, at the step of planning organization. innovation, the company should understand the company's capability, position in market and relationship with competitors. Then, the company should establish a distinguished innovation strategy which is of the whole company's aspect, so that the company can freely choose various technique of organization innovation that suits for the company's capability and needs, and unfold the organization innovation movement. Establishing strategy in the aspect of the total company is very important because it offers clear focus of the purpose of adopt, priority and distribution of resources. Second, at the step of operating organization innovation, the company should define concrete purpose and method to evaluate the results that are expected to obtain by adopting organization innovation in advance. While pushing forward, the company should set proper time of examination(milestone) and inspect if expected results are shown. Third, at the step of afterward management of operating organization innovation, the company requires a thorough afterwards verification if targeted results are obtained and of confirmation of successful or failure factors. Also, the company should cultivate specialists in the company who can accumulate and continuously spread the know-how learned during organization innovation promotion, so the know-how don't remain only in certain departments or to a few people in charge. The company should also give effort to maintain the accumulated innovation techniques to be continued.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.3
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• pp.159-174
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• 2020

This study is an empirical study analyzing the effects of positive psychological capital on job burnout. In addition, positive psychological capital played a role in organizational citizenship behavior, and tried to verify the role of organizational citizenship behavior as a black box, or parameter, between job burnout. And then, the sub-factors of organizational citizenship behavior were divided into two: individual-oriented organizational citizenship behavior and organization-oriented organizational citizenship behavior. To this end, a questionnaire survey was conducted for members of small and medium-sized enterprises to compare and analyze the relationship between variables. Positive psychological capital is increasing interest in that it can reduce the job burnout of members and embrace the propensity of young generations represented by millennials because it can improve the effectiveness by developing positive mental states and strengths of the organization. There is a need for research as a keyword. As a result of this study, first, it was found that positive psychological capital of SME(small and medium-sized enterprises) members had a positive effect on organizational citizenship behavior. Second, positive psychological capital was found to have a significant negative effect on job burnout. Third, it was a verification of how positive psychological capital and organizational citizenship behavior affect job burnout. In the relationship between positive psychological capital and job burnout, organization-oriented organizational citizenship behavior was found to play a mediating role. However, it was found that individual-oriented organizational citizenship behaviors among the organizational citizenship behaviors are not valid. In this study, positive psychological capital and job burnout, which have been mainly studied in service workers' emotional workers(crew, nurses, counselors, etc.), nursery teachers, and social workers, were applied to SME members by using the parameters of organizational citizenship behavior. You can put that implication on things. The positive psychological capital and organizational citizenship behavior can be further enhanced through SME members' love for the company, improvement of consideration among employees and resulting organizational commitment and work performance. It could also provide momentum for sustainable management for small and medium-sized enterprises that are relatively short of capital and resources.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.2
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• pp.79-93
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• 2021

The question of why do you want to start a "start?" Is the most basic step in trying to do something. In other words, previous studies have shown that the degree of confidence in an individual's decision affects the setting of a specific purpose. Based on this, this study aims to provide basic data for deriving the direction of entrepreneurship education in college students by analyzing the effects of goal-oriented behavioral model on college students' self-determination and intention to start a business through the 5 factor model. To achieve the purpose of the study, a self-report questionnaire was conducted from October 01 to November 11, 2019 for university students attending located in Gyeonggi-do, Seoul. A total of 150 questionnaires were distributed, and 125 parts were used for the final analysis, except 25 parts with insincere responses or errors. Data were analyzed using SPSS Win 24, and reliability, validity analysis, frequency analysis, One-way ANOVA and regression analysis were performed, and three-step regression analysis and Sobel verification were performed for mediating effects. The summary of the study is as follows. First, the influence of university students' goal-oriented behavioral model on self-determination showed that attitudes, subjective norms, and perceived behavioral controls had statistically significant positive effects, and positive and negative expectations were statistically significant. Did not affect. Therefore, the higher the attitude, subjective norms, and perceived behavioral control, the higher the university students' self-determination. Second, the influence of college students' goal-oriented behavioral model on the intention to start a business was as follows.). As a result, the higher the perceived behavioral control and positive expectation, the higher the intention to start up. Third, regression model 1 showed that the behavioral control and positive expectation sentiment among the goal-oriented behavioral model had a significant positive influence on the college students' intention to start a business. Affected. Regression model II added the parameters of the 5 factor model, which increased 2.5% of explanatory power than the first regression model. Perceived behavioral control and positive expectations had a statistically significant positive effect, negative expectations had a statistically significant negative effect, and among the 5 factor model, openness had a statistically significant positive (+) Affected. From these results, it can be seen that the Big Five personality factors have a mediating effect on the relationship between goal-oriented behavior model and intention to start up. This study confirmed that the goal-oriented behavioral model of college students is an important variable in implementing self-determination and intention to start a business. In addition, by using his Big 5 personality factors as positive feedback, he has proved to play an important role by identifying the mediation role that can be set, planned and utilized to plan and achieve his life. The result of this study is that college students are interested in the intention of individual start-ups, so they are not freed from difficult employment difficulties. It is intended to provide basic data useful in the age of creation of government.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.5
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• pp.33-44
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• 2023

Entrepreneurial self-efficacy is an important variable that explains people's attitudes and behaviors toward start-ups. In this study, we focused on individual psychological characteristics variables such as luck in belief and positive cognitive bias that affect entrepreneurial self-efficacy. Among these variables, we paid particular attention to luck in belief. The belief that business success depends on luck is widespread, but scientific verification about it has not been much. The reason for the academic indifference is that luck is a kind of superstition, related to precognition or extrasensory perception, and randomly caused by the external environment. The study of luck began in earnest as a measure to measure luck as an individual characteristic variable such as personality was developed. The purpose of this study is to examine the existing studies on luck in belief and to examine the effect of this luck in belief on positive cognitive bias and entrepreneurial self-efficacy through empirical analysis. For empirical analysis, this study conducted an on-line survey of 400 ordinary people and conducted a structural equation model analysis using AMOS 21.0 to verify the hypothesis. As a result of hypothesis testing, all hypotheses that luck in belief would have a positive effect on positive cognitive bias(self-enhancement bias, illusion of control bias, unrealism optimistic bias) were adopted. The hypothesis that positive cognitive bias(self-enhancement bias, illusion of control bias, unrealistic optimism bias) will have a positive effect on entrepreneurial self-efficacy was also adopted. Additional analysis was conducted to examine the mediating role of positive cognitive bias in the relationship between luck in belief and entrepreneurial self-efficacy, which showed that 'luck in belief→positive cognitive bias →entrepreneurial self-efficacy' were statistically significant. Through this, we confirmed the mediating effect of positive cognitive bias in the relationship between luck in belief and entrepreneurial self-efficacy. In the conclusion, the implications and limitations of the study were presented based on the results of this study.

• Journal of Intelligence and Information Systems
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• v.26 no.1
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• pp.1-21
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• 2020

With the rapid development of artificial intelligence technology, various techniques have been developed to extract meaningful information from unstructured text data which constitutes a large portion of big data. Over the past decades, text mining technologies have been utilized in various industries for practical applications. In the field of business intelligence, it has been employed to discover new market and/or technology opportunities and support rational decision making of business participants. The market information such as market size, market growth rate, and market share is essential for setting companies' business strategies. There has been a continuous demand in various fields for specific product level-market information. However, the information has been generally provided at industry level or broad categories based on classification standards, making it difficult to obtain specific and proper information. In this regard, we propose a new methodology that can estimate the market sizes of product groups at more detailed levels than that of previously offered. We applied Word2Vec algorithm, a neural network based semantic word embedding model, to enable automatic market size estimation from individual companies' product information in a bottom-up manner. The overall process is as follows: First, the data related to product information is collected, refined, and restructured into suitable form for applying Word2Vec model. Next, the preprocessed data is embedded into vector space by Word2Vec and then the product groups are derived by extracting similar products names based on cosine similarity calculation. Finally, the sales data on the extracted products is summated to estimate the market size of the product groups. As an experimental data, text data of product names from Statistics Korea's microdata (345,103 cases) were mapped in multidimensional vector space by Word2Vec training. We performed parameters optimization for training and then applied vector dimension of 300 and window size of 15 as optimized parameters for further experiments. We employed index words of Korean Standard Industry Classification (KSIC) as a product name dataset to more efficiently cluster product groups. The product names which are similar to KSIC indexes were extracted based on cosine similarity. The market size of extracted products as one product category was calculated from individual companies' sales data. The market sizes of 11,654 specific product lines were automatically estimated by the proposed model. For the performance verification, the results were compared with actual market size of some items. The Pearson's correlation coefficient was 0.513. Our approach has several advantages differing from the previous studies. First, text mining and machine learning techniques were applied for the first time on market size estimation, overcoming the limitations of traditional sampling based- or multiple assumption required-methods. In addition, the level of market category can be easily and efficiently adjusted according to the purpose of information use by changing cosine similarity threshold. Furthermore, it has a high potential of practical applications since it can resolve unmet needs for detailed market size information in public and private sectors. Specifically, it can be utilized in technology evaluation and technology commercialization support program conducted by governmental institutions, as well as business strategies consulting and market analysis report publishing by private firms. The limitation of our study is that the presented model needs to be improved in terms of accuracy and reliability. The semantic-based word embedding module can be advanced by giving a proper order in the preprocessed dataset or by combining another algorithm such as Jaccard similarity with Word2Vec. Also, the methods of product group clustering can be changed to other types of unsupervised machine learning algorithm. Our group is currently working on subsequent studies and we expect that it can further improve the performance of the conceptually proposed basic model in this study.

• Journal of Distribution Research
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• v.16 no.1
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• pp.141-177
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• 2011

I. Research Objectives: Most of the previous studies on diffusion have concentrated on efficacy of WOM communication with the use of variables at individual level (Iacobucci 1996; Midgley et al. 1992). However, there is a paucity of studies which investigated network's structural properties as antecedents of WOM from the perspective of consumers' sociocultural propensities. Against this research backbone, this study attempted to link the network's structural properties and consumer' WOM behavior on cross-national basis. The major research objective of this study was to examine the relationship between network properties and WOM by comparing Korean and Chinese consumers. Specific objectives of this research are threefold; firstly, it sought to examine whether network properties (i.e., tie strength, centrality, range) affect WOM (WOM intention and quality of WOM). Secondly, it aimed to explore the moderating effects of cutural orientation (uncertainty avoidance and individuality) on the relationship between network properties and WOM. Thirdly, it substantiates the role of innovativeness as antecedents to both network properties and WOM. II. Research Hypotheses: Based on the above research objectives, the study put forth the following research hypotheses to validate. ${\cdot}$ H 1-1 : The Strength of tie between two counterparts within network will positively influence WOM effectivenes ${\cdot}$ H 1-2 : The network centrality will positively influence the WOM effectiveness ${\cdot}$ H 1-3 : The network range will positively influence the WOM effectiveness ${\cdot}$ H 2-1 : The consumer's uncertainty avoidance tendency will moderate the relationship between network properties and WOM effectiveness ${\cdot}$ H 2-2 : The consumer's individualism tendency will moderate the relationship between network properties and WOM effectiveness ${\cdot}$ H 3-1 : The consumer's innovativeness will positively influence the social network properties ${\cdot}$ H 3-2 : The consumer's innovativeness will positively influence WOM effectiveness III. Methodology: Through a pilot study and back-translation, two versions of questionnaire were prepared, one in Korean and the other in Chinese. The chinese data were collected from the chinese students enrolled in language schools in Suwon city in Korea, while Korean data were collected from students taking classes in a major university in Seoul. A total of 277 questionnaire were used for analysis of Korean data and 212 for Chinese data. The reason why Chinese students living in Korea rather than in China were selected was based on two factors: one was to neutralize the differences (ie, retail channel availability) that may arise from living in separate countries and the second was to minimize the difference in communication venues such as internet accessibility and cell phone usability. SPSS 12.0 and AMOS 7.0 were used for analysis. IV. Results: Prior to hypothesis verification, mean differences between the two countries in terms of major constructs were performed with the following result; As for network properties (tie strength, centrality and range), Koreans showed higher scores in all three constructs. For cultural orientation traits, Koreans scored higher only on uncertainty avoidance trait than Chinese. As a result of verifying the first research objective, confirming the relationship between network properties and WOM effectiveness, on Korean side, tie strength(Beta=.116; t=1.785) and centrality (Beta=.499; t=6.776) significantly influenced on WOM intention, and similar finding was obtained for Chinese side, with tie strength (Beta=.246; t=3.544) and centrality (Beta=.247; t=3.538) being significant. However, with regard to WOM argument quality, Korean data yielded only centrality (Beta=.82; t=7.600) having a significant impact on WOM, whereas China showed both tie strength(Beat=.142; t=2.052) and centrality(Beta=.348; t=5.031) being influential. To answer for the second research objective addressing the moderating role of cultural orientation, moderated regression anaylsis was performed and the result showed that uncertainty avoidance moderated between network range and WOM intention for both Korea and China, But for Korea, the uncertainty avoidance moderated between tie strength and WOM quality, while for China it moderated between network range and WOM intention. And innovativeness moderated between tie strength and WOM intention for Korea but it moderated between network range and WOM intention for China. As a result of analysing for third research objective, we found that for Korea, innovativeness positively influenced centrality only (Beta=.546; t=10.808), while for China it influenced both tie strength (Beta=.203; t=2.998) and centrality(Beta=.518; t=8.782). But for both countries alike, the innovativeness influenced positively on WOM (WOM intention and WOM quality). V. Implications: The study yields the two practical implications. Firstly, the result suggests that companies targeting multinational customers need to identify segments which are susceptible to the positive WOM and WOM information based on individual traits such as uncertainty avoidance and individualism and based on that, develop marketing communication strategy. Secondly, the companies need to divide the market on Roger's five innovation stages and based on this information, enforce marketing strategy which utilizes social networking tools such as public media and WOM. For instance, innovator and early adopters, if provided with new product information, will be able to capitalize upon the network advantages and thus add informational value to network operations using SNS or corporate blog.

• Journal of Food Hygiene and Safety
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• v.28 no.1
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• pp.69-74
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• 2013

This study has been performed for 150 days from February 1 - June 31, 2012 aiming at analyzing biologically hazardous factors in order to develop HACCP system for the vinegared pickle radishes. A process chart was prepared as shown on Fig. 1 by referring to manufacturing process of manufacturer of general vinegared pickle radishes regarding process of raw agricultural products of vinegared pickle radishes, used water, warehousing of additives and packing material, storage, careful selection, washing, peeling off, cutting, sorting out, stuffing (filling), internal packing, metal detection, external packing, storage and consignment (delivery). As a result of measuring Coliform group, Staphylococcus aureus, Salmonella spp., Bacillus cereus, Listeria Monocytogenes, E. coli O157:H7, Clostridium perfringens, Yeast and Mold before and after washing raw radishes, Bacillus cereus was $5.00{\times}10$ CFU/g before washing but it was not detected after washing and Yeast and Mold was $3.80{\times}10^2$ CFU/g before washing but it was reduced to 10 CFU/g after washing and other pathogenic bacteria was not detected. As a result of testing microorganism variation depending on pH (2-5) of seasoning fluid (condiment), pH 3-4 was determined as pH of seasoning fluid as all the bacteria was not detected in pH3-4. As a result of testing air-borne bacteria (number of general bacteria, colon bacillus, fungus) depending on each workplace, number of microorganism of internal packing room, seasoning fluid processing room, washing room and storage room was detected to be 10 CFU/Plate, 2 CFU/Plate, 60 CFU/Plate and 20 CFU/Plate, respectively. As a result of testing palm condition of workers, as number of general bacteria and colon bacillus was represented to be high as 346 $CFU/Cm^2$ and 23 $CFU/Cm^2$, respectively, an education and training for individual sanitation control was considered to be required. As a result of inspecting surface pollution level of manufacturing facility and devices, colon bacillus was not detected in all the specimen but general bacteria was most dominantly detected in PP Packing machine and Siuping machine (PE Bulk) as $4.2{\times}10^3CFU/Cm^2$, $2.6{\times}10^3CFU/Cm^2$, respectively. As a result of analyzing above hazardous factors, processing process of seasoning fluid where pathogenic bacteria may be prevented, reduced or removed is required to be controlled by CCP-B (Biological) and threshold level (critical control point) was set at pH 3-4. Therefore, it is considered that thorough HACCP control plan including control criteria (point) of seasoning fluid processing process, countermeasures in case of its deviation, its verification method, education/training and record control would be required.

• Journal of Korean Academy of Nursing
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• v.3 no.3
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• pp.97-110
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• 1973

The goal of modern nursing is to provide comprehensive nursing care to patients. If comprehensive nursing care to children (within the hospital setting) is to be provided, consideration of the stage of growth and development of the child is especially important. From clinical observation, it appeared that nurses often disregarded individual requirements of children in giving nursing care. Therefore, the purpose of this study is to show that comprehensive nursing care which is based on an understanding of the growth and development of the child contributes to both the child and the mother's adaptability to the child's hospitalization. Method: Sixty children, three to three year of age, hospitalized at the Yonsei University Pediatric Ward ware studied. From April 1, 1973 to May 5, 1973, children admitted to the hospital were assigned to either an experimental or a compare groups. There were 30 children in each group. The sex and age of the children in each group was similar. In both groups were more male than female children. In the experimental group, each mother stayed with hot child continuously during his hospitalization. In the compare groups, the mother or some other member of the family stayed with the child. Each day on the child's admission the investigator visited the ward from 1-2 P.M. to 9-10 P.M., in order to provide comprehensive care for the experimental -group. The assistance given the nurses by the investigator was in the form of conferences regarding care and in giving direct care to the child and his mother. The compare group of children received nursing care as usually provided by the hospital. The instruments used to obtain the data for analysis were as follows: 1. The fear and anxiety reaction of the child was recorded by observation of the investigator for four areas: 1) separation from parent and relatives 2) reaction to Doctor and Nurse with white gowns 3) reaction to nursing care 4) reaction to injection and tests, etc. 2. Regression in area of eating, sleeping, and elimination were recorded by the investigator by questioning the mother and by observation. 3. Adaptability to the hospitalization was recorded by direct questioning of the children for areas of emotional and social adjustment. For children older than 3 years of age or children not seriously ill, using the simple I. Q. test this was possible for only 35 of the total 60 children. Result: 1. 55 percents of the total 60 children had been prepared by their parents for hospitalization. The children who had received prior preparation accepted hospitalization more readily than those who had received no preparation. (χ²=4.6 Ρ<0.05) 2. On admission 31.7 percent of the children expressed verbal fear of their discase or treatment. 25 percent felt that the disease was due to their mistake. 3. There was a significant difference in the reaction of the child to separation from the parent or relatives between the two groups. The experimental groups showed less anxiety due to separation than the compare group. (χ²=4.34 Ρ<0.05) In both groups there was less anxiety due to separation among school age (6-12 years) children than among preschool age (3-5 years) children. (χ²=9.22 Ρ<0.05) 4. More than half of the children in both groups reacted with fear and avoidance to doctor and/or nurses wearing white gowns. (χ²=0.06 Ρ<0.05) 5. The experimental group reacted more favorably to nursing in general than the compare group. (χ²=4.8 Ρ<0.05) 6. There was no difference in the fear and refused reaction to special tests and/or such as X-rays and injections, etc. between the groups. (χ²=3.77 Ρ<0.05) 7. More children in the compare group showed regressive tendencies in eating, sleeping, and elimination habits than in experimental groups. (χ²=2.3 Ρ<0.05 χ²=3.88 Ρ<0.05 χ²=4.9 Ρ<0.05) 8. There was a significant difference in the adaptability to hospitalization between the two groups. The experimental groups adapted more readily. (χ²=2.02 Ρ<0.05) 9. For children who had higher I.Q. s the adaptability to hospitalization was better regardless of the group. (χ²=5.03 Ρ<0.05) However, because of the small number of cases (60), this finding cannot be extrapolated without further verification. The date demonstrates that there was a greater adaptability to hospitalization by the child when comprehensive nursing care was given. By planning care and applying knowledge of growth and development to meet, nurses are in a position to prevent some of the psychological trauma associated with hospitalization.

• KDI Journal of Economic Policy
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• v.13 no.1
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• pp.167-197
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• 1991

This paper is intended as an introductory essay to explain endogenous changes in the scope of firm activities in the competitive structure of a deregulated, multi-product financial industry. Recently, the global financial industry has been experiencing a widespread reshuffling in its activities, reflecting both consolidation and specialization. The spread of the universal banking system, which involves the integration of various kinds of financial activities, has resulted in the so-called financial supermarket. At the same time, the traditional set of banking activities has been unbundled into so-called financial boutiques. A relevant question is where the current reshuffling process of integration and disintegration in financial activities might lead the financial industry. However, presently popular theories of the financial industry are not really appropriate for the analysis of this issue. This paper attempts to integrate the theory of specialization [George J. Stigler, "The Division of Labor is Limited by the Extent of the Market," Journal of Political Economy, Vol. LIX, No.3, June 1951] and the theory of the multi-product firm [William J. Baumol, John C. Panzar, and Robert D. Willig, Contestable Markets and the Theory of Industry Structure, Harcourt Brace Jovanovich, Inc., New York, 1982] and to apply the resulting hybrid theory, a theory on the scope of financial activity, to the financial industry. The implications of this theory for the issues raised above are formalized under five hypotheses on the reshuffling of financial activities as listed below: Hypothesis I: The differences in the organization of financial industries among countries are determined by differences in the size of the financial markets, other things being equal. Hypothesis II: A financial firm will separate those financial activities simultaneously having relatively strong economies of scale and relatively weak economies of scope (alternatively, diseconomies of scope) from other activities. Conversely, the firm will integrate those activities simultaneously having relatively weak economies of scale (alternatively, diseconomies of scale) and relatively strong economies of scope with incumbent activities. Hypothesis III: A competitive equilibrium in the deregulated financial industry will consist of both specialized and multi-product financial firms, resulting in a mixed form of specialized and universal banking systems. Hypothesis IV: As world financial markets fully integrate and all countries consequently face this single, common world market, the financial structures of individual countries will become increasingly similar. Hypothesis V: A more universal banking system will dominate the deregulated financial industry in countries with relatively small financial markets, while a more specialized banking system will dominate in countries with relatively large financial markets. However, equilibrium will ultimately be mixed, with specialized and universal banks coexisting, as stated in Hypothesis III. Based on these hypotheses, this paper interprets the historical development of specialized vs. universal banking systems in major industrial countries as a process driven by the evolution of the financial market in each country - i.e. the change in the size of the financial market over time. In addition, this paper anticipates that the final equilibrium of the world financial industry, which is currently under the pressure of financial innovations and deregulation, will be a mixed equilibrium with both specialized boutiques and universal supermarket-type financial firms, instead of an exclusively specialized or universal banking system. Future research should seek continued theoretical elaboration and empirical verification of this paper's hypotheses.