• Title/Summary/Keyword: mean-variance

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A Study on the Influence of Finishing and Polishing Methods on the Gap between Denture Base Resin and Soft Liner (의치의 마무리와 연마법이 의치상 레진과 연성 이장재 간의 공극에 미치는 영향에 관한 연구)

  • Jung, Seung-Hwan;Lee, Joon-Seok
    • Journal of Dental Rehabilitation and Applied Science
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    • v.24 no.4
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    • pp.325-335
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    • 2008
  • The junction between resilient denture liner and the denture base is difficult to finish and polish due to difference of the physical property of the materials. Gaps tend to be formed during finishing and polishing procedures. The purpose of this study was measuring the width of junctional gap between $Molloplast-B^{(R)}$ and denture base material after finishing and polishing procedure, and evaluating the effect of method and direction on gap width. $Molloplast-B^{(R)}$ was processed (according to the manufacturer's instruction) against Lucitone $199^{(R)}$ acrylic resin. 50 specimens were fabricated with a raised center section. All of specimens were examined and photographed with a stereoscopic microscope(x120), and the largest gap along the junction of $Molloplast-B^{(R)}$ and acrylic resin on each specimen was measured. One-way analysis of variance(ANOVA) and independent t-test at 95% confidence level were used to analyze the data and to compare groups. The results of this study were as follows. In comparison with finishing tools, the gap width was the largest in $Molloplast^{(R)}$-Cutter and the smallest in FSQ-cross cut bur. There was statistically significant difference between FSQ-cross cut bur and $Molloplast^{(R)}$-Cutter(p<0.05). There was no significant difference in gap width between the direction of polishing. The mean value of gap width was the smallest in case of no polishing, and the largest in case of polishing with pumice & tin oxide. There was statistically significant difference between pumice and pumice & tin oxide. From the results, it is concluded that the use of $Molloplast^{(R)}$-Cutter in clinic need serious consideration even though it has good cutting ability. Further careful study is needed for finishing and polishing methods for decreasing gap width in junction of two materials.

Study of Factors Affecting to Discrepancy between Self-Reported and Body Weight and Height (신장(身長) 및 체중(體重)의 실측치(實測値)와 상용치간(常用値間)의 오차(誤差)에 영향을 미치는 인자(因子))

  • Han, Gu-Wung
    • Journal of Preventive Medicine and Public Health
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    • v.16 no.1
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    • pp.59-65
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    • 1983
  • Screening data from preplacement and periodic examination in Gu Mi Industrial Estate from May, 1983 to June, 1983 provide an opportunity to evaluate the accuracy of self-reported height and weight. The data for men and women were analyzed separated for effects of age, marrital status, educational level, employment status, measured height, measured weight and relative weight (percent of ideal body weight). The mean percent discrepancy from self-reported and measured height was analysed by cross-tubulation, P. value for analysis of variance and multiple correlation analysis in men and women. It is clear from the data that self-reported height and weigt differ from the quantities in systemic ways. But the magnitude of misreporting is very small on average except for weight in women. Whereas height tend to be over-reported, weight is under-reported in women but over-reported in men. Weight was accuracte for age group 20-29 years in men and age group over 40 year in women and over-reporting of weight increased with age in men and under-reporting of weight decreased with age in women. Weight was accurate in 60-64kg group in men and under 50kg group in women and under-stating of weight increased with weight in men and women. Weight was the most accurate in 100-109 percent relative weight group in men and in 90-99 percent relative weight group in women and under-stating of weight increased with relative weight and over-stating decreased with relative weight and over-stating decreased with relative weight in men and women. Height was the most accurate for group of primary school and except group of primary school, accuracy of height increased with educational level in men and women. In height, the highest measured height groups (over than 175cm measured height in men and over than 165cm measured height in women) were the most accurate and of over-reporting of height decreased with measured height. Single variable regression analysis and ANOVAs showed age(P<0.003), measured weight(P<0.0001) relative weight(P<0.0001), educational level(P<0.0005) and employment status(P<0.0007) to be significantly related to ${\Delta}WT$ in women and measured height(P<0.0001), educational level(P<0.03) and marrital status (P<0.03) to be significantly related to ${\Delta}WT$ in men. The women were more sensitive about her body weight than height.

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Modeling and mapping fuel moisture content using equilibrium moisture content computed from weather data of the automatic mountain meteorology observation system (AMOS) (산악기상자료와 목재평형함수율에 기반한 산림연료습도 추정식 개발)

  • Lee, HoonTaek;WON, Myoung-Soo;YOON, Suk-Hee;JANG, Keun-Chang
    • Journal of the Korean Association of Geographic Information Studies
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    • v.22 no.3
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    • pp.21-36
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    • 2019
  • Dead fuel moisture content is a key variable in fire danger rating as it affects fire ignition and behavior. This study evaluates simple regression models estimating the moisture content of standardized 10-h fuel stick (10-h FMC) at three sites with different characteristics(urban and outside/inside the forest). Equilibrium moisture content (EMC) was used as an independent variable, and in-situ measured 10-h FMC was used as a dependent variable and validation data. 10-h FMC spatial distribution maps were created for dates with the most frequent fire occurrence during 2013-2018. Also, 10-h FMC values of the dates were analyzed to investigate under which 10-h FMC condition forest fire is likely to occur. As the results, fitted equations could explain considerable part of the variance in 10-h FMC (62~78%). Compared to the validation data, the models performed well with R2 ranged from 0.53 to 0.68, root mean squared error (RMSE) ranged from 2.52% to 3.43%, and bias ranged from -0.41% to 1.10%. When the 10-h FMC model fitted for one site was applied to the other sites, $R^2$ was maintained as the same while RMSE and bias increased up to 5.13% and 3.68%, respectively. The major deficiency of the 10-h FMC model was that it poorly caught the difference in the drying process after rainfall between 10-h FMC and EMC. From the analysis of 10-h FMC during the dates fire occurred, more than 70% of the fires occurred under a 10-h FMC condition of less than 10.5%. Overall, the present study suggested a simple model estimating 10-h FMC with acceptable performance. Applying the 10-h FMC model to the automatic mountain weather observation system was successfully tested to produce a national-scale 10-h FMC spatial distribution map. This data will be fundamental information for forest fire research, and will support the policy maker.

Correlation and Combining Ability related to the Growth Characteristics in F1 Hybrids by Diallel Cross of Viola tricolor (팬지의 일대 잡종에서 생육관련 형질의 상관관계 및 조합능력)

  • Song, C.Y.;Hong, K.H.;Kang, Y.K.;Lee, K.H.;Kim, J.C.
    • Journal of Practical Agriculture & Fisheries Research
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    • v.4 no.1
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    • pp.70-79
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    • 2002
  • This study was conducted to determine correlations and combining abilities of leaf lengths, leaf widths, petiole lengths, number of branches, number of leaves, leaf areas, fresh weights, dry weights and number of flowers in F1 crosses made with the partial seven-parent diallel cross in Viola tricolor. Leaf lengths and leaf widths showed highly positive correlation with petiole length and negative correlation with number of branches, number of leaves and number of flowers. There was positive correlation between the number of leaves and flowers as well as between leaf area and fresh weight. Mean squares of general combining ability(GCA) and specific combining ability(SCA) were highly significant for all the parameters. Variance component values of SCA were greater than those of GCA for all the parameters except leaf length, implying preponderance of non-additive gene actions for these characters. The lines C and G for leaf lengths and widths, the lines A and F for number of leaves, the lines A, B and G for leaf areas, and the lines B and F for number of flowers showed relatively high GCA effects. The crosses of A×B and B×D exhibited high SCA effects on increasing leaf lengths, leaf widths, number of leaves, fresh weights and number of flowers. And also the crosses of B×E and D×G exhibited high SCA effects on decreasing leaf lengths, leaf areas and fresh weights as well as increasing number of flowers. The broad sense heritabilities of most characters were high compared with the narrow sense one. Those of leaf length, leaf width, petiole length and number of leaves were high in both the broad and narrow sense heritabilities.

Usefulness of Deep Learning Image Reconstruction in Pediatric Chest CT (소아 흉부 CT 검사 시 딥러닝 영상 재구성의 유용성)

  • Do-Hun Kim;Hyo-Yeong Lee
    • Journal of the Korean Society of Radiology
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    • v.17 no.3
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    • pp.297-303
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    • 2023
  • Pediatric Computed Tomography (CT) examinations can often result in exam failures or the need for frequent retests due to the difficulty of cooperation from young patients. Deep Learning Image Reconstruction (DLIR) methods offer the potential to obtain diagnostically valuable images while reducing the retest rate in CT examinations of pediatric patients with high radiation sensitivity. In this study, we investigated the possibility of applying DLIR to reduce artifacts caused by respiration or motion and obtain clinically useful images in pediatric chest CT examinations. Retrospective analysis was conducted on chest CT examination data of 43 children under the age of 7 from P Hospital in Gyeongsangnam-do. The images reconstructed using Filtered Back Projection (FBP), Adaptive Statistical Iterative Reconstruction (ASIR-50), and the deep learning algorithm TrueFidelity-Middle (TF-M) were compared. Regions of interest (ROI) were drawn on the right ascending aorta (AA) and back muscle (BM) in contrast-enhanced chest images, and noise (standard deviation, SD) was measured using Hounsfield units (HU) in each image. Statistical analysis was performed using SPSS (ver. 22.0), analyzing the mean values of the three measurements with one-way analysis of variance (ANOVA). The results showed that the SD values for AA were FBP=25.65±3.75, ASIR-50=19.08±3.93, and TF-M=17.05±4.45 (F=66.72, p=0.00), while the SD values for BM were FBP=26.64±3.81, ASIR-50=19.19±3.37, and TF-M=19.87±4.25 (F=49.54, p=0.00). Post-hoc tests revealed significant differences among the three groups. DLIR using TF-M demonstrated significantly lower noise values compared to conventional reconstruction methods. Therefore, the application of the deep learning algorithm TrueFidelity-Middle (TF-M) is expected to be clinically valuable in pediatric chest CT examinations by reducing the degradation of image quality caused by respiration or motion.

Fecal Microbiota Profiling of Holstein and Jersey, in South Korea : A Comparative Study (국내에서 사육되는 Holstein 젖소과 Jersey 젖소의 대변 미생물 분석 : 비교연구)

  • Gwangsu Ha;Ji-Won Seo;Hee Gun Yang;Se Won Park;Soo-Young Lee;Young Kyoung Park;RanHee Lee;Do-Youn Jeong;Hee-Jong Yang
    • Journal of Life Science
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    • v.33 no.7
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    • pp.565-573
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    • 2023
  • In light of the complex interactions between the host animal and its resident gut microbiomes, studies of these microbial communities as a means to improve cattle production are important. This study was conducted to analyze the intestinal microorganisms of Holstein (HT) and Jersey (JS), raised in Korea and to clarify the differences in microbial structures according to cattle species through next-generation sequencing. The alpha-diversity analysis revealed that most species richness and diversity indices were significantly higher in JS than in HT whereas phylogenetic diversity, which is the sum of taxonomic distances, is not significant. Microbial composition analysis showed that the intestinal microbial community structure of the two groups differed. In the both groups, a significant correlation was observed among the distribution of several microbes at the family level. In particular, a highly significant correlation (p<0.0001) among a variety of microbial distributions was found in JS. Beta-diversity analyis was to performed to statistically verify whether a difference exists in the intestinal microbial community structure of the two groups. Principal coordinate analysis and unweighted pair group method with arithmetic mean (UPGMA) clustering analysis showed separation between the HT and JS clusters. Meanwhile, permutational multivariate analysis of variance (PERMANOVA) revealed that their microbial structures are significantly different (p<0.0001). LEfSe biomarker analysis was performed to discover the differenc microbial features between the two groups. We found that several microbes, such as Firmicutes, Bacilli, Moraxellaceae and Pseudomonadales account for most of the difference in intestinal microbial community structure between the two groups.

Daily Variation and Distribution of Anions and Cations in the Aerosols of Jeju Island (제주지역의 대기질 중의 음이온 및 양이온의 분포와 변이성)

  • Sin, Bangsik;Lee, Hyung H.;Lee, Keun Kwang
    • Journal of Naturopathy
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    • v.7 no.1
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    • pp.10-19
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    • 2018
  • The purpose of this study was to investigate the distribution and variation of the anion and cation number in the aerosols at 16 sites in the Jeju area. The average value of anion counts was raged from 449.35 ions/cm3 at Jeju city to 3471.25 ions/cm3 in the Chunjiyeon falls. In order, the lowest Jeju-si < hamdeok < 1100 m < farm < gyorae A < saryoni < jeolmul < gyorae B < geomunoreum < halla forest < hallasan garden < seongpanak < dongbaeksan < jeongbang < wonyang, respectively. There was statistically significant difference between the anion counts of the measured values in the order of elevation. The mean value of cation measurements was from 90 ions/cm3 for Cheonjiyeon, to 729.8 ions/cm3 for Halla forest garden, which showed the highest value. In order, the lowest 729.8 ions/cm3 of Cheonjiyeon < 1100 m < dongbaeksan < Jeju-si < saryoni < wonyang < seongpanak < hamdeok < jeongbang < gyorae B < jeolmul < Farm < gyorae A < halla forest < geomun and < halla garden, respectively. The geographically low area and the high area were measured low and difference in the two ions. The differences between the content of the anion, cation and/or altitude were significant each other in the variance analysis. The correlation between the anion and cation content and/or altitude was statistically significant (r=.396, p<.001). In conclusion, the result of showing the temporal distribution and variation of the anion and cation content in the aerosols in Jeju island forests provides important information for healthcare.

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Consumer Responses to Retailer's Location-based Mobile Shopping Service : Focusing on PAD Emotional State Model and Information Relevance (유통업체의 위치기반 모바일 쇼핑서비스 제공에 대한 소비자 반응 : PAD 감정모델과 정보의 상황관련성을 중심으로)

  • Lee, Hyun-Hwa;Moon, Hee-Kang
    • Journal of Distribution Research
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    • v.17 no.2
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    • pp.63-92
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    • 2012
  • This study investigated consumer intention to use a location-based mobile shopping service (LBMSS) that integrates cognitive and affective responses. Information relevancy was integrated into pleasure-arousal-dominance (PAD) emotional state model in the present study as a conceptual framework. The results of an online survey of 335 mobile phone users in the U.S. indicated the positive effects of arousal and information relevancy on pleasure. In addition, there was a significant relationship between pleasure and intention to use a LBMSS. However, the relationship between dominance and pleasure was not statistically significant. The results of the present study provides insight to retailers and marketers as to what factors they need to consider to implement location-based mobile shopping services to improve their business performance. Extended Abstract : Location aware technology has expanded the marketer's reach by reducing space and time between a consumer's receipt of advertising and purchase, offering real-time information and coupons to consumers in purchasing situations (Dickenger and Kleijnen, 2008; Malhotra and Malhotra, 2009). LBMSS increases the relevancy of SMS marketing by linking advertisements to a user's location (Bamba and Barnes, 2007; Malhotra and Malhotra, 2009). This study investigated consumer intention to use a location-based mobile shopping service (LBMSS) that integrates cognitive and affective response. The purpose of the study was to examine the relationship among information relevancy and affective variables and their effects on intention to use LBMSS. Thus, information relevancy was integrated into pleasure-arousal-dominance (PAD) model and generated the following hypotheses. Hypothesis 1. There will be a positive influence of arousal concerning LBMSS on pleasure in regard to LBMSS. Hypothesis 2. There will be a positive influence of dominance in LBMSS on pleasure in regard to LBMSS. Hypothesis 3. There will be a positive influence of information relevancy on pleasure in regard to LBMSS. Hypothesis 4. There will be a positive influence of pleasure about LBMSS on intention to use LBMSS. E-mail invitations were sent out to a randomly selected sample of three thousand consumers who are older than 18 years old and mobile phone owners, acquired from an independent marketing research company. An online survey technique was employed utilizing Dillman's (2000) online survey method and follow-ups. A total of 335 valid responses were used for the data analysis in the present study. Before the respondents answer any of the questions, they were told to read a document describing LBMSS. The document included definitions and examples of LBMSS provided by various service providers. After that, they were exposed to a scenario describing the participant as taking a saturday shopping trip to a mall and then receiving a short message from the mall. The short message included new product information and coupons for same day use at participating stores. They then completed a questionnaire containing various questions. To assess arousal, dominance, and pleasure, we adapted and modified scales used in the previous studies in the context of location-based mobile shopping service, each of the five items from Mehrabian and Russell (1974). A total of 15 items were measured on a seven-point bipolar scale. To measure information relevancy, four items were borrowed from Mason et al. (1995). Intention to use LBMSS was captured using two items developed by Blackwell, and Miniard (1995) and one items developed by the authors. Data analyses were conducted using SPSS 19.0 and LISREL 8.72. A total of usable 335 data were obtained after deleting the incomplete responses, which results in a response rate of 11.20%. A little over half of the respondents were male (53.9%) and approximately 60% of respondents were married (57.4%). The mean age of the sample was 29.44 years with a range from 19 to 60 years. In terms of the ethnicity there were European Americans (54.5%), Hispanic American (5.3%), African-American (3.6%), and Asian American (2.9%), respectively. The respondents were highly educated; close to 62.5% of participants in the study reported holding a college degree or its equivalent and 14.5% of the participants had graduate degree. The sample represents all income categories: less than $24,999 (10.8%), $25,000-$49,999 (28.34%), $50,000-$74,999 (13.8%), and $75,000 or more (10.23%). The respondents of the study indicated that they were employed in many occupations. Responses came from all 42 states in the U.S. To identify the dimensions of research constructs, Exploratory Factor Analysis (EFA) using a varimax rotation was conducted. As indicated in table 1, these dimensions: arousal, dominance, relevancy, pleasure, and intention to use, suggested by the EFA, explained 82.29% of the total variance with factor loadings ranged from .74 to .89. As a next step, CFA was conducted to validate the dimensions that were identified from the exploratory factor analysis and to further refine the scale. Table 1 exhibits the results of measurement model analysis and revealed a chi-square of 202.13 with degree-of-freedom of 89 (p =.002), GFI of .93, AGFI = .89, CFI of .99, NFI of .98, which indicates of the evidence of a good model fit to the data (Bagozzi and Yi, 1998; Hair et al., 1998). As table 1 shows, reliability was estimated with Cronbach's alpha and composite reliability (CR) for all multi-item scales. All the values met evidence of satisfactory reliability in multi-item measure for alpha (>.91) and CR (>.80). In addition, we tested the convergent validity of the measure using average variance extracted (AVE) by following recommendations from Fornell and Larcker (1981). The AVE values for the model constructs ranged from .74 through .85, which are higher than the threshold suggested by Fornell and Larcker (1981). To examine discriminant validity of the measure, we again followed the recommendations from Fornell and Larcker (1981). The shared variances between constructs were smaller than the AVE of the research constructs and confirm discriminant validity of the measure. The causal model testing was conducted using LISREL 8.72 with a maximum-likelihood estimation method. Table 2 shows the results of the hypotheses testing. The results for the conceptual model revealed good overall fit for the proposed model. Chi-square was 342.00 (df = 92, p =.000), NFI was .97, NNFI was .97, GFI was .89, AGFI was .83, and RMSEA was .08. All paths in the proposed model received significant statistical support except H2. The paths from arousal to pleasure (H1: ${\ss}$=.70; t = 11.44), from information relevancy to intention to use (H3 ${\ss}$ =.12; t = 2.36), from information relevancy to pleasure (H4 ${\ss}$ =.15; t = 2.86), and pleasure to intention to use (H5: ${\ss}$=.54; t = 9.05) were significant. However, the path from dominance to pleasure was not supported. This study investigated consumer intention to use a location-based mobile shopping service (LBMSS) that integrates cognitive and affective responses. Information relevancy was integrated into pleasure-arousal-dominance (PAD) emotional state model as a conceptual framework. The results of the present study support previous studies indicating that emotional responses as well as cognitive responses have a strong impact on accepting new technology. The findings of this study suggest potential marketing strategies to mobile service developers and retailers who are considering the implementation of LBMSS. It would be rewarding to develop location-based mobile services that integrate information relevancy and which cause positive emotional responses.

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The Relations between Financial Constraints and Dividend Smoothing of Innovative Small and Medium Sized Enterprises (혁신형 중소기업의 재무적 제약과 배당스무딩간의 관계)

  • Shin, Min-Shik;Kim, Soo-Eun
    • 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(DPSt), and independent variables are the past dividend per share(DPSt-1) and the current earnings per share(EPSt). We hypothesized that firms adjust partially the gap between the current dividend per share(DPSt) and the target payout ratio(Ω) each year, when the past dividend per share(DPSt-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(DPSt), explanatory variables are the past dividend per share(DPSt-1) and the current earnings per share(EPSt), and control variables are the current capital expenditure ratio(CEAt), the current leverage ratio(LEVt), the current operating return on assets(ROAt), the current business risk(RISKt), the current trading volume turnover ratio(TURNt), and the current dividend premium(DPREMt). In these control variables, CEAt, LEVt, and ROAt are the determinants suggested by the residual dividend theory and the agency theory, ROAt and RISKt are the determinants suggested by the dividend signaling theory, TURNt is the determinant suggested by the transactions cost theory, and DPREMt 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.

Four-year change and tracking of serum lipids in Korean adolescents (강화지역 청소년의 4년간 혈청 지질의 변화와 지속성)

  • Lee, Kang-Hee;Suh, Il;Jee, Sun-Ha;Nam, Chung-Mo;Kim, Sung-Soon;Shim, Won-Heum;Ha, Jong-Won;Kim, Suk-Il;Kang, Hyung-Gon
    • Journal of Preventive Medicine and Public Health
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    • v.30 no.1 s.56
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    • pp.45-59
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    • 1997
  • It has been known that there is a tracking phenomenon in the level of serum lipids. However, no study has been performed to examine the change and tracking of serum lipids in Korean adolescents. The purpose of this study is to examine the changes of serum lipids in Korean adolescents from 12 to 16 years of age, and to examine whether or not there is a tracking phenomenon in serum lipids level during the period. In 1992 serum lipids(total cholesterol(TC), triglyceride(TG), LDL cholesterol(LDL-C), HDL cholesterol(HDL-C)) were measured in 318 males, 365 females who were 12 years of age in Kangwha county, Korea. These participants have been followed up to 1996 and serum lipids level were examined in 1994 and 1996. Among the participants 162 males and 147 females completed all three examinations in fasting state. To examine the effect of eliminating adolescents with incomplete data, we compared serum lipids, blood pressure and anthropometric measures at baseline between adolescents with complete follow-up and adolescents who were withdrawn. To examine the change of serum lipids we compared mean values of serum lipids according to age in males and females. Repeated analysis of variance was used to test the change according to age. We used three methods to examine the existence of tracking. First, we analyzed the trends in serum lipids over 4-year period within quartile groups formed on the basis of the first-year serum lipids level to see whether or not the relative ranking of the mean serum lipids among the quartile groups remained in the same group for 4-year period. Second, we quantified the degree of tracking by calculating Spearman's rank correlation coefficient between every tests. Third, the persistence extreme quartile method was used. This method divides the population into quartile groups according to the initial level of blood lipids and then calculates the percent of the subjects who stayed in the same group at follow-up measurement. The decreases in levels were noted during 4 years for TC, LDL-C, primarily for boys. The level of HDL-C decreased between baseline and first follow-up for both sexes. Tracking, as measured by both correlation coefficients and persistence extreme quartiles, was evident for all of the lipids. The correlation coefficients of TC between baseline and 4 years later in boys and girls were 0.55 and 0.68, respectively. And the corresponding values for HDL-C were 0.58 and 0.69. More than 50% of adolescents who belonged to the highest quartile group in TC, HDL-C and LDL-C at the baseline were remained at the same group at the examination performed 2 years later for both sexes. The probabilities of remaining at the same group were more than 35% when examined 4 years later. The tracking phenomenon of TG was less evident compared with the other lipids. Percents of girls who stayed at the same group 2 years later and 4 years later were 42.9% and 25.7%, respectively. It was evident that serum lipid levels tracked in Korean adolescents. Researches with longer follow-up would be needed in the future to investigate the long-term change of lipids from adolescents to adults.

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