• Korean Chemical Engineering Research
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• v.48 no.6
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• pp.704-711
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• 2010

Lignocellulose ($2^{nd}$ generation) is difficult to hydrolyze due to the presence of lignin and the technology developed for cellulose fermentation to ethanol is not yet economically viable. However, recent advances in the extremely new field of biotechnology for the ethanol production are making it possible to use of agriculture residuals and nonedible crops biomass, e.q., rice straw and miscanthus sinensis, because of their several superior aspects as agriculture residual and nonedible crops biomass; low lignin, high contents of carbohydrates. In this article, as the basic study of AP(Ammonia Percolation), the properties and the optium conditions of process were established, and then the overall efficiency of AP was investigated. The important independent variables for AP process were selected as ammonia concentration, reaction temperature, and reaction time. The percolation condition for maximizing the content of cellulose, the enzymatic digestibility, and the lignin removal was optimized using RSM(Response Surface Methodology). The determined optimum condition is ammonia concentration; 11.27%, reaction temperature; $157.75^{\circ}C$, and reaction time; 10.01 min. The satisfying results were obtained under this optimized condition, that is, the results are as follows: cellulose content(relative); 39.98%, lignin content(relative); 8.01%, and enzymatic digestibility; 85.89%.

• Korea Journal of Hospital Management
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• v.22 no.3
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• pp.61-73
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• 2017

Purposes : The purpose of this study is to identify factors that have effects on safety activities of hospital personnels by investigating causality between patient safety culture, job stress, safety system and safety activities of faculty and staff member who are working for oriental medicine hospital of university. Methodology : The subjects were 246 employees working in 4 oriental medicine hospitals of university in Daejeon and Chungcheongnam-do. The data were collected from January 16 to January 25, 2017 using a structured questionnaire. For data analysis, descriptive statistics, Pearson correlation coefficient, t-test, ANOVA and Duncan test with SPSS 22.0 were used. Findings : The activity score for patient safety of faculty and staff member, who were experienced at job training program after joining a company and regular training course for qualification or license, was meaningfully higher than that of group who had no job training experience. The result indicated that the higher there is level of safety culture and safety system and the lower there is work stress, the more the activity has positive effect on patient safety. The level score of awareness for safety culture of faculty and staff member in C hospital, which is facing financial crisis in business circumstances recently, showed average value of 3.29. It was significantly lower than that of the other three hospital. Also, The activity score for patient safety was markedly lower than that of the other three hospital. This result become interested in the process of linking non-financial performance and financial performance. The level score of safety activity in A hospital which obtained healthcare accreditation was remarkably higher than that of the other three hospital which didn't certify healthcare accreditation. Pratical Implications : Subjects about Q.I or patient's experience management must be included in curriculum of Oriental medicine. It is necessary to get the effect of job training program for faculty and staff member through the process of preparation for obtaining healthcare accreditation. When the hospital director is appointed, it must be considered that he/she has the ability to attach importance to analysis and management of the factors creating safety accident, and has business mindset for healthcare delivery of customer- centricity. This research showed that financial performance of hospital, which of business environment is favorable; located in metropolitan city and having large scale of hospital and quality of residence rating but low-level of safety culture and safety activity, was lower than that of general hospital situated in small and medium-sized cities. More research needs to be done for answering this result.

• Journal of Korea Water Resources Association
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• v.38 no.1
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• pp.1-9
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• 2005

The study shows the possible use of the index flood frequency curves for an estimation of flood quantiles at ungauged locations. Flood frequency analysis were made for the annual maximum flood data series at 9 available stations in the Han river basin. From the flood frquency curve at each station the mean annual flood of 2.33-year return period was determined and the ratios of the flood magnitude of various return period to the mean annual flood at each station were averaged throughout the Han river basin, resulting mean flood ratios of different return periods. A correlation analysis was made between the mean annual flood and physiographic parameters of the watersheds i.e, the watershed area and mean river channel slope, resulting an empirical multiple linear regression equation over the whole Han river basin. For unguaged watershed the flood of a specified return period could be estimated by multiplying the mead flood ratio corresponding the return period with the mean annual flood computed by the empirical formula developed in terms of the watershed area and river channel slope. To verify the applicability of the methodology developed in the present study the floods of various return periods determined for the watershed in the river channel improvement plan formulation by the Ministry of Construction and Transportation(MOCT) were compared with those estimated by the present method. The result proved a resonable agreement up to the watershed area of approximately 2,000k $m^2$. It is suggested that the practice of design flood estimation based on the rainfall-runoff analysis might have to be reevaluated because it involves too much uncertainties in the hydrologic data and rainfall-runoff model calibration.

• Journal of Distribution Science
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• v.12 no.8
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• pp.113-121
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• 2014

Purpose - Recently, the number of corporations that practice environmental and social responsibility, besides engaging in traditional profit-seeking activities, has been growing steadily, as interest in Corporate Social Responsibility (CSR) is increasing. Recent research on CSR practices has identified the relationship between CSR activities and corporate value as one of the main issues in this respect. Considering that donations constitute a large proportion of a company's charitable activities, we considered the extent of donation expenses as a charitable activity in order to mitigate sample selection bias. Specifically, we analyzed the impact of donation expenses on firm value, while investigating if this impact varied in response to the level of corporate governance of firms. Research design, data, and methodology - We used non-financial firms listed on the Korean Stock Exchange, having their fiscal year end in December, and the sample period was 2006-2013. For the dependent variable, Tobin's q was used as the corporate value, and for the independent variable, donations were measured as the donation-expense-to-sales ratio. Corporate governance scores, as rated by the Korea Corporate Governance Service, were used to measure corporate governance levels because they consider the overall aspects of governance, including ownership structure, the board of directors, and the audit mechanism of individual companies. To examine the impact of donations on a company in relation to the level of corporate governance, we estimated regression models using the interaction terms of the governance dummy and donation variables. Then, we further estimated the regression models of two sub-samples that were classified according to the level of corporate governance. Similar to previous studies, the study uses variables that affect firm value, such as R&D expenditure, advertising expenses, EBITDA, debt-to-equity ratio, sales growth, company age, and company size as control variables. Results - The empirical results show that firm value significantly increased in response to an increase in donation expenses. Upon including the interaction terms of governance level dummy variables and donations, the coefficients of the interaction terms show significant positive values, while those of donation variables show significant negative values. In the strong governance sub-sample, the relationship between the donation expenses and corporate value was statistically positive (+) and significant. However, in the weak governance sub-sample, the relationship between the donation expenses and corporate value was statistically insignificant and negative (-). Conclusions - The empirical results suggest that donation expenses are significantly linked to an enhanced corporate value if firms have a good corporate governance structure. However, if the corporate governance structure is weak, the same relationship is not necessarily observed. The results of this study show that if a firm has high corporate governance, CSR practices enhance the company's reputation such that it has a positive (+) relationship with corporate value. If a firm has weak corporate governance, on the other hand, CSR practices are recognized as an agency cost and do not increase corporate value.

• The Korean Journal of Financial Management
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• v.26 no.3
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• pp.171-198
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• 2009

The primary purpose of this study is to examine the impact of new BIS regulation, which is the preparations to incorporate not only credit risk but also market and operation risk, on the bank behaviors. As methodology, SUR(seemingly unrelated regression) and pool unit test are used in the empirical analysis of banks survived in Korea. It is employed that quarterly data of BIS capital ratio, ratio of standard and below loans to total loans, ratio of liquid assets to liquid liabilities, allowances for credit losses, real GDP, yields of corporate bonds(3years, AA) covering the period of 2000Q1~2009Q1. As a result, it could be indicated that effectiveness and promoting improvements of BIS capital regulation policy as follows; First, it is explicitly seen that weight of lending had decreased and specific gravity of international investment had increased until before BIS regulation is built up a step for revised agreement in late 2001. Second, after more strengthening of BIS standard in late 2002, banks had a tendency to decrease the adjustment of assets weighted risk through issuing of national loan that is comparatively low profitability. Also, it is implicitly sought that BIS regulation is a bit of a factor to bring about credit crunch and then has become a bit of a factor of economic stagnation. Third, as the BIS regulation became hard, it let have a effort to raise the soundness of a credit loan because of selecting good debtor based on its credit ratings. Fourth, it should be arranged that the market disciplines, the effective superintendence system and the sound environment to be able to raise enormous bank capital easily, against the credit stringency and reinforce the soundness of banks etc. in Korea capital market.

• Management & Information Systems Review
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• v.23
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• pp.41-74
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• 2007

In Korea, corporate merger activities were activated since 1980, and nowadays(particuarly since 1986) the changes in domestic and international economic circumstances have made corporate managers have strong interests in merger. Korea and America have different business environments and it is easily conceivable that there exists many differences in motives, methods, and effects of mergers between the two countries. According to recent studies on takeover bids in America, takeover bids have information effects, tax implications, and co-insurance effects, and the form of payment(cash versus securities), the relative size of target and bidder, the leverage effect, Tobin's q, number of bidders(single versus multiple bidder), the time period (before 1968, 1968-1980, 1981 and later), and the target firm reaction (hostile versus friendly) are important determinants of the magnitude of takeover gains and their distribution between targets and bidders at the announcement of takeover bids. This study examines the theory of takeover bids, the status quo and problems of merger in Korea, and then investigates how the announcement of merger are reflected in common stock returns of bidding firms, finally explores empirically the factors influencing abnormal returns of bidding firms' stock price. The hypotheses of this study are as follows ; Shareholders of bidding firms benefit from mergers. And common stock returns of bidding firms at the announcement of takeover bids, shows significant differences according to the condition of the ratio of target size relative to bidding firm, whether the target being a member of the conglomerate to which bidding firm belongs, whether the target being a listed company, the time period(before 1986, 1986, and later), the number of bidding firm's stock in exchange for a stock of the target, whether the merger being a horizontal and vertical merger or a conglomerate merger, and the ratios of debt to equity capital of target and bidding firm. The data analyzed in this study were drawn from public announcements of proposals to acquire a target firm by means of merger. The sample contains all bidding firms which were listed in the stock market and also engaged in successful mergers in the period 1980 through 1992 for which there are daily stock returns. A merger bid was considered successful if it resulted in a completed merger and the target firm disappeared as a separate entity. The final sample contains 113 acquiring firms. The research hypotheses examined in this study are tested by applying an event-type methodology similar to that described in Dodd and Warner. The ordinary-least-squares coefficients of the market-model regression were estimated over the period t=-135 to t=-16 relative to the date of the proposal's initial announcement, t=0. Daily abnormal common stock returns were calculated for each firm i over the interval t=-15 to t=+15. A daily average abnormal return(AR) for each day t was computed. Average cumulative abnormal returns($CART_{T_1,T_2}$) were also derived by summing the $AR_t's$ over various intervals. The expected values of $AR_t$ and $CART_{T_1,T_2}$ are zero in the absence of abnormal performance. The test statistics of $AR_t$ and $CAR_{T_1,T_2}$ are based on the average standardized abnormal return($ASAR_t$) and the average standardized cumulative abnormal return ($ASCAR_{T_1,T_2}$), respectively. Assuming that the individual abnormal returns are normal and independent across t and across securities, the statistics $Z_t$ and $Z_{T_1,T_2}$ which follow a unit-normal distribution(Dodd and Warner), are used to test the hypotheses that the average standardized abnormal returns and the average cumulative standardized abnormal returns equal zero.

• Korean Journal of Environment and Ecology
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• v.29 no.6
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• pp.895-906
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• 2015

This study was carried out to the structure of plant community from Sinseongam to Jungdaesa in Odaesan National Park, furthermore, it seeks to curate the basic data for planning of the Abies holophylla's forest management in Odaesan National Park. In order to identify the current ecological environment, this study explored the actual vegetation as primary research and set to twenty plots(i.e. $400m^2$) for analysing detailed structure of plant communities. The research methodology was qualitative analysis, therefore it used TWINSPAN and DCA analysis tools. Especially, TWINSPAN performed well in several comparisons of classification techniques, DCA is one of the ordination technique showed that the plant communities. The plant community was analysed classification and ordination by TWINSPAN and DCA, moreover it was analysed the structure of plant community such as importance percentage of woody species, DBH class distribution, the index of diversity and rate of sample tree growth. The main vegetation was A. holophylla-Quercus mongolica forest and Deciduous broad-leaved forest in the communities where located in low altitude and valley, whereas main vegetation where located in high altitude and slope was Q. mongolica forest. The research site's plant communities were classified four groups. In all of communities, A. holophylla was dominant species in main canopy layer, furthermore, the three communities (community I, II, III) are growing up next generation of A. holophylla excluding community IV. The communities (community I, II, III) can be sustained current status which dominates the A. holophylla communities, simultaneously, there might be expanded the Deciduous broad-leaved communities by Carpinus cordata, Betula schmidtii and so on. While, it showed that the community IV tended to be weaken the forces of A. holophylla, therefore the community IV can be transferred to C. cordata-Deciduous broad-leaved communities in the future. The age of sample trees was 79~128(i.e. A. holophylla), 75~87(i.e. Pinus koraiensis) and 190 years(i.e. Ulmus davidiana var. japonica). The index of Shannon's Species diversity (H') were ranged from 0.3889 to 1.3332 in the communities.