• Title/Summary/Keyword: q-ratio

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Donation Expenses and Corporate Value: A Focus on the Corporate Governance Structure (기부금 지출과 기업 가치: 기업지배구조를 중심으로)

  • Kim, Soo-Jung;Kang, Shin-Ae
    • 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.

Development of embedded type antenna structure with NFC and WPC complex function (NFC 와 WPC 복합기능의 삽입형 안테나 복합체 개발)

  • Park, Rog-gook;Lee, Deok-soo;Jang, Jeong-sun
    • Journal of Platform Technology
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    • v.6 no.4
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    • pp.59-68
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    • 2018
  • The objective of this study is to develop an embedded antenna structure with NFC and WPC composite functions. By selecting stable materials, the optimal component ratio of the polymer sheet was determined. The low cost embedded winding method compared to the existing FPCB was devised. During the winding process, characterization and process technology were developed. We also fabricated a ferrite mold to process the WPC grooves and developed the process technology for optimizing the WPC antenna. The following conclusions were obtained. (1) Optimum composition ratio was derived as Fe 87.5%, Si 7%, Al 5.5% and selected as the final material. (2) Optimal sheet conditions were derived from the experimental evaluation method and the experimental design method through the combination test of the optimized sheet and the conventional mass production FPCB. (3) According to coil diameter and inner diameter, Q value fluctuation, resistance value and efficiency fluctuation are obtained. Therefore, the most suitable coil condition is selected and Rx matching is performed. (4) The EMV load modulation test and the cognitive distance test of the polymer sheet and the ferrite sheet showed that the recognition distance of the polymer sheet at 1k and 4K was 32-33 mm and the recognition distance of the ferrite sheet at the same condition was 30-31 mm.

Compressibility and Stiffness Characteristics of Vanishing Mixtures (지반 소실 혼합재의 압축성 및 강성 특성)

  • Truong, Q. Hung;Eom, Yong-Hun;Yoon, Hyung-Koo;Lee, Jong-Sub
    • Journal of the Korean Geotechnical Society
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    • v.24 no.12
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    • pp.103-111
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    • 2008
  • Soils naturally contain grains of different minerals which may be dissolved under chemical or physical processes. The dissolution leads changes in microstructure of particulate media, such as an increase in local void or permeability, which affects the strength and deformation of soils. This study focuses on the small strain stiffness characteristics of vanishing mixtures, which consist of sand and salt particles at different volume fractions. Experiments are carried out in a conventional oedometer cell (Ko-loading) integrated with bender elements for the measurement of shear waves. Dissolutions of particles are implemented by saturating the mixtures at various confining stresses. Axial deformation and shear waves are recorded after each loading stage and during dissolution process. Experimental results show that after dissolution, the vertical strain and the void ratio increase, while the shear wave velocity and small strain shear modulus decrease. The decrease of the velocity results from the void ratio increase and particle contact decrease. The process monitoring during dissolution of the particles shows that the vertical strain dramatically increases at the beginning of the saturation process and converges after vanishing process finishes, and that the shear wave velocity decreases at the beginning and increases due to the particle reorientation. Specimens prepared by sand and salt particles are proved to be able to provide a valuable insight in macro structural behaviors of the vanishings mixtures.

Effects of Physical Parameters on Water Quality in Agricultural Reservoirs (농업용 저수지의 물리적 인자가 수질에 미치는 영향)

  • Jeon, Ji-Hong;Ham, Jong-Hwa;Kim, Ho-Il;Hwang, Soon-Jin;Yoon, Chun-Gyeong
    • Korean Journal of Ecology and Environment
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    • v.35 no.1 s.97
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    • pp.28-35
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    • 2002
  • The effect of physical parameters on water quality was analyzed using monitoring data of 193 agricultural reservoirs. The retention time of reservoirs ($t_d$) ranged between 10 and 140 days, and the ratio of drainage area (DA) to reservoir surface area (SA) was between 10 and 120. Both ratios of DA/SA and total area (TA)/ reservoir storage (ST) in Korean agricultural reservoirs were relatively greater than those in natural lakes in other countries. As retention time was plotted against DA/SA ratio, it was shorter in Korean reservoirs than natural lakes. The semi-logarithmic relationship between TA/SA and t>$t_d$ was $t_d\;=\;42.21(TA/ST)^{-1}$ (n = 50, $R^2\;=\;0.89$). While areal loading of total phosphorus (TP) was below $4\;gTP{\cdot}m^{-2}{\cdot}yr^{-1}$ in general, it exceeded $10\;gTP{\cdot}m^{-2}{\cdot}yr^{-1}$ in reservoirs where DA/SA ratio was greater than 100, which implies that areal loading of TP increases as DA/SA ratio increases. Chl-a concentration was positively related with the mean depth of reservoir, implying the higher Chl-a concentration with deeper the mean depth. Therefore, the deeper reservoir might be advantageous in water quality management perspective if other morphological conditions are similar. The empirical regression equation using physical parameters was also suggested in the estimation of TP concentration in the reservoirs. Combined information presented in this paper might be applicable to the water quality management in agricultural reservoirs.

Lipoprotein and Lipid Abnormalities in Uremic Children with Maintenance Dialysis (투석 치료중인 만성 신부전 소아에서의 지질 및 지질단백 이상)

  • Kim Jung-Sue;Song Jung-Han;Park Hye-Won;Cheong Hae-Il;Kim Jin-Q;Choi Yong;Ko Kwang-Wook
    • Childhood Kidney Diseases
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    • v.1 no.2
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    • pp.109-116
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    • 1997
  • Purpose : Chronic renal failure is often accompanied by severe dyslipidemia, a known risk factor for cardiovascular disease. Lipoprotein(a) [Lp(a)] has recently been characterized as a risk factor for atherosclerosis and thrombosis. Cardiovascular disease is the leading cause of death in adult patients on dialysis. However, there are only limited data available concerning risk factors for atherosclerosis in uremic children. We have measured serum levels of lipids, lipoproteins, apolipoproteins and Lp(a) in uremic children with maintenance dialysis. Methods : Ten uremic children with hemodialysis (HD) and 14 with peritoneal dialysis (PD) in our dialysis unit were included in this study. The mean age of HD patients was $162{\pm}59$ months and the male to female ratio was 7:3. The mean age and sex ratio of PD patients were $123{\pm}63$ months and 6:8, respectively. The levels of cholesterol, triglyceride, lipoproteins, apolipoproteins and Lp(a) were measured from serum sampled after 14 hours of fasting. The normal control levels were cited from 2 articles presenting the normal blood lipid and lipoprotein levels of primary school and middle school children in Korea. Results : There was no difference in age, sex ratio, body mass index and duration of dialysis between the HD and the PD group. The serum concentration of the cholesterol, triglyceride and apolipoprotein B were significantly elevated in dialysis patients compared with normal subjects. The serum level of Lp(a) was significantly elevated in only PD group. The serum Lp(a) level was below 30 mg/dl in 13 and above 30 mg/dl in 11 patients. The serum albumin level was significantly decreased in high Lp(a) group than in low Lp(a) group. Conclusion : The uremic children receiving dialysis reveal abnormal serum lipid and lipoprotein profiles. These results suggest that they have a higher risk for coronary heart disease, although there has been no clinical evidence of coronary heart disease at present. A long-term follow-up study of these children to clarify the suggestion should be started now.

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Actual Vegetation and Structure of Plant Community of Forest Ecosystem in Taejongdae, Busan City, Korea (부산광역시 태종대 산림생태계의 현존식생 및 식물군집구조)

  • Kim, Jong-Yup
    • Korean Journal of Environment and Ecology
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    • v.26 no.3
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    • pp.426-436
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    • 2012
  • This study was carried out to investigate actual vegetation, the structure of plant community, and ecological succession sere of coastal forest ecosystem in warm temperate climate zone, Taejongdae, Busan City, Korea to provide the basic data for planning of the forest management. As a result of analysis of actual vegetation, vegetation types divided into 35 types, and the area of survey site was $1,750,461m^2$. The ratio of vegetation type dominated by Pinus thunbergii was 80.7%, dominated by Quercus spp. was just 5.0%, and dominated by Carpinus tschonoskii was just 0.4%. Eighteen plots(size is $20m{\times}20m$) were set up and the results analyzed by DCA which is one of the ordination technique showed that the plant communities were divided into four groups which are community I(P. thunbergii community), community II(P. thunbergii-Quercus serrata community), community III(Q. serrata-P. thunbergii community), and community IV(Carpinus tschonoskii-P. thunbergii community). The age of community I was from 38 to 59 years old, that of community II was from 35 to 71 years old, that of community III was from 37 to 53 years old, that of community IV was from 50 to 72 years old, thus we supposed that the age of the study site is about from 38 to 72 years old. We supposed that the successional sere of the study site is in the early stage of ecological succession in the warm temperate climate zone. The dominant species will be changed from P. thunbergii to Q. serrata or Carpinus tschonoskii in the canopy layer, on the other hand, Eurya japonica will be dominant species in the understory layer, and E. japonica and Trachelospermum asiaticum var. intermediumwill be dominant species in the shrub layer for a while. According to the index of Shnnon's diversity(unit: $400m^2$), community I ranged from 0.8640 to 1.3986, community II was from 0.1731 to 1.1885, community III was from 0.8250 to 1.0042, and community IV was from 0.3436 to 0.6986.

Anti-Diabetic Effects of Sprouts in High-Fat Diet and Streptozotocin-Induced Type II Diabetes Mellitus Mice (고지방식이와 STZ 유도 제2형 당뇨 마우스에서 새싹의 항당뇨 효과)

  • Lee, Hyun-Seo;Kang, Hyun Ju;Jeon, In Hwa;Youm, Jung Ho;Jang, Seon Il
    • Journal of the Korean Society of Food Science and Nutrition
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    • v.43 no.11
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    • pp.1658-1664
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    • 2014
  • Sprout vegetables containing various types of polyphenols and flavonoids, are known to have anti-inflammatory, antioxidant, cholesterol-lowering, and anti-obesity activities. However, there have been few reports on the anti-diabetic efficacy of sprout vegetables. Here, we investigated the anti-diabetic effects of sprout extract obtained from buckwheat, beet, rape, broccoli, kohlrabi, red young radish, and dachai, in high fat diet (HFD) and streptozotocin (STZ)-induced type II diabetes mellitus mice. The mice were fed a HFD (60% calories as fat) for 8 weeks prior to intraperitoneal injection with STZ (75 mg/kg). The diabetic mice were divided into four groups: standard diet (STD, 10% calories fat), HFD, HFD with sprout extract (SPE) and HFD with metformin (MET). After 4 weeks, body weight gain was much lower in both SPE and MET groups than in HFD group. In contrast, there was no difference experiment groups regarding food intake ratio. The level of fasting blood glucose was significantly lower in the SPE and MET groups compared to the HFD group. Oral glucose tolerance and insulin tolerance in the SPE and MET groups were significantly ameliorated in comparison to the HFD group. The concentrations of serum total cholesterol, triglycerides, and LDL cholesterol in the SPE and MET groups were remarkably reduced in comparison to the HFD group, and HDL cholesterol concentration was higher in the SPE and MET groups than in the HFD group. Glutamate oxaloacetate transaminase and glutamate pyruvate transaminase levels were between SPE and HFD groups. The serum insulin and leptin concentrations were significantly reduced in both the SPE and MET groups compared to the HFD group. Therefore, these results indicate that sprout extract could improve insulin resistance and attenuate blood glucose level in HFD/STZ-induced type II diabetes mellitus mice. We conclude that this study may provide positive insights into sprout extract as a functional food ingredient for treatment of type II diabetes mellitus.

Demonstration and Operation of Pilot Plant for Short-circuit Nitrogen Process for Economic Treatment of High Concentration Nitrogen Wastewater (고농도 질소함유폐수의 경제적 처리를 위한 단축질소공정 파일럿플랜트 실증화 및 운영 결과)

  • Lee, Jae Myung;Jeon, Ji-hyeong;Choi, Hong-bok
    • Journal of the Korea Organic Resources Recycling Association
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    • v.28 no.1
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    • pp.53-64
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    • 2020
  • A 2㎥/d combined wastewater treatment pilot plant containing the multi-stage vertical stacking type nitrification reactor was installed and operated for more than 1 year under the operating conditions of the short-circuit nitrogen process (pH 8, DO 1mg/L and Internal return rate 4Q from nitrification to denitrification reactor). For economically the combination treatment of food wastewater and the leachate from a landfill, the optimal combination ratio was operated by adjusting the food wastewater with the minimum oil content to 5-25% of the total throughput. The main treatment efficiency of the three-phase centrifugal separator which was introduced to effectively separate solids and oil from the food wastewater was about 52% of SS from 116,000mg/L to 55,700mg/L, and about 48% of normal hexane (NH) from 53,200mg to 27,800 mg/L. During the operational period, the average removal efficiency in the combined wastewater treatment process of BOD was 99.3%, CODcr 94.2%, CODmn 90%, SS 70.1%, T-N 85.8%, and T-P 99.2%. The average concentrations of BOD, CODcr, T-N, and T-P of the treated water were all satisfied with the discharge quality standard for landfill leachate ("Na" region), and SS was satisfied after applying the membrane process. On-site leachate had a relatively high nitrite nitrogen content in the combined wastewater due to intermittent aeration of the equalization tanks and different monthly discharges. Nevertheless nitrite nitrogen was accumulated, denitrification from nitrite nitrogen was observed rather than denitrification after complete nitrification. The average input of anti-forming chemical during the operation period is about 2L/d, which seems to be economical compared to the input of methanol required to treat the same wastewater.

Vegetation Succession and Vegetation Management of the Pinus densiflora S. et Z. Forest in the Beopjusa Area, Songnisan National $Park^{1a}$ (속리산국립공원 법주사지구 소나무림 식생천이와 식생관리 연구)

  • Lee, Kyong-Jae;Ki, Kyong-Seok;Choi, Jin-Woo
    • Korean Journal of Environment and Ecology
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    • v.23 no.2
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    • pp.208-219
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    • 2009
  • This study is to establish a management method for conservation through comparison and analysis on vegetation structures of Pinus densiflora forest around Beopjusa area for past 17-year. The spatial range of the study was $3.6km^2$ from maintenance office to Beopjusa area. The analysis results of the actual vegetation showed that the ratio of vegetation were composed of 64.7% of Pinus densiflora forest, 3.2% of mixed forest of P. densiflora and deciduous broadleaf trees and 5.9% of deciduous broadleaf tree community out of overall area, 360ha. The type of P. densiflora forest were categorized into four communities; community having high potential of succession, community having low potential of it, the community being in the process of succession and community being in the process of natural selection. The succession tendency was in order of the community having low potential of succession(P. densiflora forest), having high potential of it(P. densiflora forest which is deciduous broadleaf trees are dominating in sub-canopy layer), being in the process of succession(P. densiflora-Prunus sargentii and P. densiflora-Quercus serrata community) and being in the process of natural selection(Q. serrata-P. densiflora and Q. aliena-P. densiflora community). In terms of vegetation management, P. densiflora forest having high potential of succession was needed to remove deciduous broadleaf trees in the sub-canopy layer and the community being in the process of succession was required to be pruning the branch in the canopy layer. Lastly, the community being in the process of natural selection was suggested to let it be in succession, since it is hard to be in the status of P. densiflora Forest.

Stability of Chlorophyll during Processing and Storage of Salted Undaria Pinnatifida (염장(鹽藏)미역의 가공(加工) 및 저장조건(貯藏條件)과 Chlrophyll의 안정성(安定性))

  • Han, Bong-Ho;Bae, Tae-Jin;Kim, Byeong-Sam
    • Korean Journal of Food Science and Technology
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    • v.16 no.1
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    • pp.71-77
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    • 1984
  • A study on the stability of chlorophyll a in Undaria pinnatifida during blanching, salting and storage was carried out. Raw Undaria pinnatifida was blanched for 25 seconds in the temperature range of 70 to $100^{\circ}C$. To stabilize the chlorophyll a some chemicals such as 1% solutions of $Ca(CH_3CO_2)_2,{\;}Ca(OH)_2,{\;}MgCO_3,{\;}0.5%{\;}Ca(CH_3CO_2)_2$ with $0.5%{\;}MgCO_3$, and reed ash solution were used during/after blanching. The blanched product was salted with table salt after centrifuging for 2 minutes at 1500 rpm, and then again centrifuged after 48 hours for dewatering. The product which was mixed with 8% of table salt was sealed in a polyethylene film bag and stored at 10, 20, 30 and $40^{\circ}C$. The most effective blanching temperature for maximal residual amount of chlorophyll a was $85^{\circ}C$. The quantities of total organic and volatile acids were not significantly changed by the blanching temperature. Blanching in 1% chemical solutions showed bitter results than soaking in 1% chemical solutions for 20 minutes after blanching without chemicals. Reed ash and 0.5% $Ca(CH_3CO_2)_2$ with 0.5% $MgCO_3$ solutions were more effective than the 1% solutions of other chemicals, but the effect was not significant, compared with the group not treated with chemicals. The most reasonable ratio of added salt to dewater the product for 48 hours was 30% in w/w. The amount of total organic and volatile acids revealed no correlation with the amount of added salt. Color and odor of salted product was not severely changed during the storage of 77 days at $10^{\circ}C$. But the changes were accelerated with increasing storage temperatures. The degradation of chlorophyll a in salted product during storage could be interpreted as a first order reaction, and the rate constants at 10, 20, 30 and $40^{\circ}C$ were 0.1289, 0.1028, 0.0770 and 0.0550, respectively. $Q_{10}$ and the activation energy were 1.33 and 5.01 Kcal/g mole.

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