• Asia-Pacific Journal of Business
• /
• v.10 no.4
• /
• pp.205-221
• /
• 2019

The purpose of this research is to investigate the effect of cash holdings on firm value in export companies. To investigate this effect, we analyzed 5,386 samples drawn from export companies listed in the KOSDAQ from 2011 to 2018. During this period, the International Financial reporting Standards have been employed. The research results are as follows. First, the results of a T-test showed that the level of the firm value of export companies with high levels of cash holdings is significantly higher than that of those with low levels of cash holdings. In addition, the level of the firm value of export companies with higher levels of cash holdings than in the previous year is higher than the level might otherwise be. Furthermore, the effects of cash holdings on firm value are similar to those on return on asset. These results suggested that export companies have little used a way of increasing their debt levels in order to increase cash holdings. Second, the results of a multivariate regression analysis presented that the cash holdings of export companies in listed the KOSDAQ significantly influence their firm value. Moreover, a higher level of cash holdings than in the previous year significantly affect firm value. These results proposed that making higher cash holdings than in the previous year might be useful in enhancing firm value. We found that export companies efforts to increase cash holdings positively influence changes in firm value. We also found that Korean export companies maintain their financial stability by obtaining sufficient liquidity specifically in a high uncertainty era like the recent time. We finally firmed an effort to maintain cash holdings as a reasonable choice for export companies.

• Asia-Pacific Journal of Business
• /
• v.11 no.2
• /
• pp.173-188
• /
• 2020

Purpose - This study examines the determinants of offer price and short-term and long-term performance of small and medium-sized enterprise(SME) IPO stocks listed on the KOSDAQ during the period from July 2007 to December 2016. Design/methodology/approach - The SME IPO samples are classified into three categories of regular listing, technology-based special listing, and listing by merger with special purpose acquisition company(SPAC), whose results are compared each other and compared to the result for the KOSDAQ listing of large firms. Findings - From the point of SME management which attempts to list its company on the KOSDAQ, the listing by merger with SPAC is the most unfavorable, and the underpricing phenomenon of the technology-based special listing is severe in the second place. By contrast, IPO stock investors can earn the largest abnormal return by purchasing the SPAC which succeeds the merger with unlisted firm, and the next abnormal returns are obtained in the order of the IPO stocks of technology-based special listing, regular listing of SMEs, and regular listing of large firms. However, it is interesting to observe that the net buying ratio of individual investors is relatively large for the IPO stocks of regular listing of SMEs and large firms, which exhibit the long-term under-performance. Research implications or Originality - This result implies that the exceptional listing system such as the technology-based special listing or the listing by merger with SPAC cost the SMEs which bypass the complicated procedure of the regular listing.

• PNF and Movement
• /
• v.20 no.1
• /
• pp.91-101
• /
• 2022

Purpose: The purpose of this study was to examine the effect of cycle ergometer exercise inducing movement of the affected side on knee joint function after total knee arthroplasty (TKA). Methods: The primary experiment was conducted on 19 members of the cycle ergometer exercise group to measure the muscle activity of the rectus femoris, hamstring, tibialis anterior, and gastrocnemius muscles during cycle ergometer exercise that induced the affected side's movement. In the second experiment, after receiving physiotherapeutic intervention for 30 min, the general bicycle exercise group and cycle ergometer exercise group performed the corresponding exercise for 15 min, 5 times per week, for 2 weeks. The ROM, muscle strength, pain, and balance were then measured and compared between the two groups. Results: In the results of the primary experiment, cycle ergometer exercise inducing movement of the affected side showed a significantly larger increase in the activity of leg muscles (rectusfemoris, hamstring, tibialis anterior, gastrocnemius) on the affected side than the general bicycle exercise (p <0.05). In the second experiment, the cycle ergometer exercise group showed a significantly larger increase in range of movement of affected side knee flexion and muscle strength of affected side knee flexion, knee extension, and plantarflexion than the general bicycle exercise (p <0.05). No significant between-group difference was observed in pain and balance before or after the intervention (p >0.05). Conclusion: Cycle ergometer exercise inducing movement of the affected side increases use of the muscles around the affected side knee joint after TKA more than general bicycle exercise and produces better effects for enhancing muscle strength. The application of cycle ergometer exercise inducing movement of the affected side is expected to reduce the patients' unbalanced use during the early postoperative period and help them to quickly return to normal daily life through rapid muscle strength recovery.

• Safety and Health at Work
• /
• v.13 no.2
• /
• pp.141-147
• /
• 2022

Background: On the basis of its role for the development of occupational health research, information, good practices, the International Commission on Occupational Health (ICOH) launched the present survey to collect information on public health and prevention policies put in place by the governments of the countries in the world to contain the pandemic. Methods: A cross-sectional study was conducted through an online questionnaire focused on COVID-19 data, public health policies, prevention measures, support measures for economy, work, and education, personal protective equipment, intensive care units, contact tracing, return to work, and the role of ICOH against COVID-19. The questionnaire was administered to 113 ICOH National Secretaries and senior OSH experts. Collected data refer to the period ranging from the beginning of the pandemic in each country to June 30, 2020. Results: A total of 73 questionnaires from 73 countries around the world were considered valid, with a 64.6% response rate. Most of the respondents (71.2%) reported that the state of emergency was declared in their country, and 86.1% reported lockdown measures. Most of the respondents (66.7%) affirmed that the use of face masks was compulsory in their country. As for containment measures, 97.2% indicated that mass gatherings (meetings) were limited. Regarding workplace closing, the most affected sector was entertainment (90.1%). Conclusion: The results of this survey are useful to gain a global view on COVID-19 policy responses at country level.

• Asia-Pacific Journal of Business
• /
• v.13 no.3
• /
• pp.183-208
• /
• 2022

Purpose - The main purpose of this study is to widely investigate the impact of recent pandemic crises on the synchronization of the world capital markets through 25 stock indices from major developed countries. Design/methodology/approach - This study collects 25 stock indices from major developed countries and the time period is between January 5, 2001 and February 24, 2022. The data sets used in the study include finance.yahoo.com and Investing.com.. The Granger causality analysis, unit-root test, VAR analysis, and forecasting error variance decomposition were hired in order to analyze the data. Findings - First, there are significant inter-relations among 25 countries around recent major pandemic crises(such as SARS, A(H1N1), MERS, and COVID19), which is consistent result with previous literature. Second, COVID19 shows much stronger impact on the world-wide synchronization than other pandemics. Third, the return volatility of each stock market varies, unit root tests show that daily stock index data are unstable while daily stock index returns are stable, and VAR(Vector Auto Regression) analyses presents significant inter-relations among 25 capital markets. Fourth, from the impulse response function analyses, we find that each market affects the other markets for short term periods, about 2~4 days, and no long term effect was not found. Fifth, Granger causality tests show one-side or two-sides synchronization between capital markets and we estimate, through forecasting error variance decomposition method, that the explanatory portions of each capital market on other markets vary from 10 to 80%. Research implications or Originality - The above results all together show that pandemic crises have strong effects on the synchronization of world capital markets and imply that these synchronizations should be carefully considered both in the investment decisions by individual investors and in the financial and economic policies by governments.

• The Journal of Fisheries Business Administration
• /
• v.52 no.2
• /
• pp.1-31
• /
• 2021

This study is to evaluate the prior economic feasibility of the off-shore fisheries stock enhancement project. The main findings of this study can be summarized as follows: first, offshore fisheries stock enhancement project shall be implemented by dividing them into 1st·2nd·3rd projects for efficient promotion. The 1st·2nd·3rd projects will be conducted in a total of 50 locations (the eastern sea, the western sea, the southern sea, and the jeju sea areas), and the project period per unit will be five years, which will cost 1 trillion won. Second, according to the results of the survey on public awareness, the most consumed marine species in Korea over the past year were analyzed in the order of mackerel, hairtail, squid, yellow corvina, blue crab, and cod. The dominant response to the reason for consuming marine products in Korea was healthy well-being food and safe food. In addition, 67.9% of them have hesitated to purchase offshore fish species over the past year due to high prices, indicating that they are burdened by high prices. On the other hand, 79% of the respondents said that the government's policy was insufficient, according to a survey on whether the government's coastal marine resource creation policy was sufficient. Third, as a result of preliminary economic analysis of offshore fisheries stock enhancement project, the benefit-cost ratio is 4.01, net present price is 1,283.7 billion won, and internal rate of return is 91.7% per year, which means that the economic analysis ensures the feasibility of the projects. The results of this study provide useful information on securing or organizing budgets for offshore fisheries stock enhancement project by securing economic feasibility as a national infrastructure project that increases fishery income and public benefits such as consumption of marine products.

• Journal of People, Plants, and Environment
• /
• v.23 no.4
• /
• pp.485-494
• /
• 2020

Background and objective: Juvenile crimes tend to intensify and become habitual in South Korea and juvenile delinquencies must be corrected during adolescence. This study aimed to investigate the effects of a forest therapy program on the self-esteem and resilience of juveniles under protective detention. Methods: We designed the forest therapy program titled "A Dreamy Child, One More Forest!" for one night and two days and a total of 122 juveniles under protective detention participated in the program. Self-esteem scale (SES) and resilience scale for adolescents (RSA) were used and the collected data were analyzed using frequency analysis and T-test. Results: Most of the participants were male (96.7%), and the number of those aged 17 years was highest (35, 28.7%). The number of those enrolled in middle and high school was 69 (56.0%) and that of those who dropped out was 39 (31.9%). Their self-esteem significantly increased from 3.102 before participation to 3.636 (p < .001) after participation in the forest therapy program. Resilience also increased remarkably from 2.950 before participation to 3.829 (p < .001) after participation, showing positive changes after participation in both cases. Conclusion: The results indicated the forest therapy program could enhance the self-esteem of juveniles under protective detention, provide them with an opportunity for developing their inner positive power and reinforcomg resilience, helping them return to society in a healthy state. Further research needs to be conducted on how the effects over the program period will differ from one another and how long the positive effects will last.

• Clinics in Shoulder and Elbow
• /
• v.26 no.1
• /
• pp.49-54
• /
• 2023

Background: Lateral epicondylitis is an increasingly debilitating condition in working population. Evidence for conservative treatment modalities has been inconclusive. Percutaneous pie crusting of the common extensor origin at the lateral epicondyle at the time of local corticosteroid injection (CSI) has been proposed sparsely. The objective of this study was to analyze if concomitant CSI and pie-crusting of the common extensor origin provides better outcome than CSI alone in lateral epicondylitis. Methods: This case-control study on 236 patients was conducted at a single center between January 1, 2020, and May 31, 2022. Patients were divided into two groups (n=118 each) based on their preference. Group A underwent CSI alone and group B underwent pie crusting along with CSI. The clinical and functional outcomes of all patients were evaluated at 2, 4, 6, and 12-week post-procedure using the visual analog scale (VAS) and Nirschl score. The mean time for return to daily activities was also compared. Results: Both groups showed significant improvement in post-procedure outcome at successive follow-ups on intragroup longitudinal analysis (VAS: F=558.384 vs. F=1,529.618, Nirschl: F=791.468 vs. F=1,284.951). On intergroup analysis, VAS of group B was superior to that of group A; however, it was statistically significant (P<0.05) only from the 6-week follow-up onwards. Nirschl score of group B was significantly better throughout the period of follow-up (P<0.05). Group B returned to daily activities faster than Group A (6.2±0.44 weeks vs. 7.18±0.76 weeks). Conclusions: Concomitant pie crusting with CSI is recommended for lateral epicondylitis as it provides significantly better results than CSI alone.

• Proceedings of the Korea Water Resources Association Conference
• /
• 2021.06a
• /
• pp.35-35
• /
• 2021

최근 우리나라는 기후변화로 인한 이상기후 현상으로 호우 및 홍수 등에 의한 수재해를 예방하기 위한 설계빈도 적용방안 개발이 필요하다. 과거 지방하천의 일률적인 설계빈도의 적용 및 간접·주관적인 하천의 중요도와 지역특성에 대한 등급의 결정은 하천사업의 효율적 관리와 수행에 있어서 저해요소로 작용되어 왔다. 또한, 미래 기후변화 시나리오에 따라 하천의 중요도 및 계획 규모가 적절히 적용되어야 한다. 본 연구는 충청남도의 492개 지방하천에 대하여 유역특성(유역면적, 형상계수), 하천특성(하도경사, 수계 및 하천차수, 배수영향 구간), 이상강우 특성(이상강우 발생빈도, 시가화 침수면적)에 대한 현재 설계빈도에 대한 적절성을 평가하였다. 설계빈도에 대한 정량적 추정은 베이즈 이론을 활용하여 가중치를 산정한 후 최적분포형을 선정하였다. 최적분포형의 중앙값을 일반적인 지방하천의 설계빈도인 80년 빈도로 설정하고 상·하위 0.5%가 각각 100년, 50년 빈도로 가정하여 492개 지방하천을 평가하였다. 이상강우의 발생빈도와 시가화 침수면적에 따라 하천의 설계빈도가 높게 산정되는 것으로 분석되었다. 미래 기후변화 시나리오를 적용할 경우 현재 설계빈도(설계수명)에 대한 시나리오별 미래 재현기간을 산정하여 미래 설계빈도에 대한 위험도를 평가하였다. 13개 기후변화 시나리오의 대표농도경로 4.5와 8.5를 분석한 결과, 평균 3.2%, 12.8%의 위험도가 증가하는 것으로 분석되었다. 본 연구결과는 객관적인 지방하천의 적정 설계빈도 결정방안을 제시하였으며, 미래 계획홍수량 증가로 인하여 효율적인 토지이용이 제한될 것으로 예상됨에 따라 하천사업의 예산절감 및 우선순위 결정 등에 활용 가능할 것으로 판단된다.

• Journal of the Korean Society of Food Culture
• /
• v.24 no.3
• /
• pp.267-278
• /
• 2009

The purpose of this study was to examine parents' perceptions towards, and the importance and performance levels of, foodservices in child-care centers and to suggest ways to increase foodservice quality and promote efficient operations in the future. A questionnaire survey was provided to 540 parents and the return rates 82%. The survey period was from June 20 to July 27,2007. The collected data were statistically analyzed with the SAS package program using descriptive statistical analysis, t-tests, ANOVA, Duncan's multiple comparisons, factor analysis, and multiple regression analysis. The results were as follows: The parents perceived that foodservice operations promoted their children's health and helped them form desirable dietary habits. The parents also had a high level of perception toward the need for foodservice, earning greater than 4.5 points out of 5 points. Their perceptions of foodservice quality were examined by four dimensions of importance and performance levels. While the parents gave 4 points or greater of 5 points to most quality attributes of importance level, they gave 4 points of less out of 5 points to most quality attributes of performance level. As for the importance and performance levels of the quality dimensions of meal service, the parents regarded sanitation as the most important dimension. IPA showed that 'organic food materials' was included as a 'focus here' area. The overall satisfaction level for foodservice was 3.59 out of 5 points. A higher level of satisfaction was shown when a dietitian was present as well as in public childcare centers. According to multiple regression analysis, 53.51% of the variance in the respondents' overall satisfaction scores was explained by factors such as food, sanitation, environment, and foodservice effects.