• KDI Journal of Economic Policy
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• v.28 no.2
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• pp.131-177
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• 2006

This paper examines a simultaneous determination of corporate control mechanisms, and its effects on firm performance. The corporate control mechanisms considered include the following; insider shareholding, institutional shareholding, the board of directors, dividend policy, and capital structure. This paper applies a simultaneous equation methodology and investigates the interdependence among the corporate control mechanisms. In the first part, the paper finds that firm-level variations of control mechanisms are large across time although average variations are relatively small. These variations are related to one another, which is confirmed by Granger causality test based on dynamic panel autoregression model. More specifically insider shareholding, institutional shareholding and outside director ratio cause each other. With regard to interdependence among the control mechanisms, 2SLS(two stage least squares) regression results show that insider shareholding and institutional shareholding are substitutes while institutional shareholding acts as complements to the ratio of outside members in the board of directors. Then in the second part, the paper examines the relationship between firm performance and corporate governance. Firm performance, measured by Tobin's Q, has a positive association with leverage ratio while that has a negative relation to outside director ratio. This suggests that there may be a room for reforming corporate governance in Korea. Specifically it is necessary to enhance the independence of the outside directors.

• Journal of Food Hygiene and Safety
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• v.3 no.3
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• pp.117-129
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• 1988

Packaged meal manufacturing establishments in Seoul city and Kyungkido province were assessed in terms of the sanitary conditions and practices, time and temperature, and microbiological quality. Sanitary check-lists were developed to evaluate the sanitary condition of sampled packaged meal manufacturing establishments. Microbiological tests on.food containers, equipments, and foods in various phases of product flow were done. The results of the study are summarized as follows; 1) Sanitary condition of kitchen.and sanitary practices of employees in.large and medium establishments were evaluated as the some improvement required in order to meet all standards. But sanitary practices of employees in small establishments were evaluated as the unsatisfactory state with negligence or ignorance of safe practice. 2) The microbiological quality of basic ingredients and food materials after pre-preparation were poor. 3) Time and temperature data indicated that phases of holding ingredients at room temperature after cooking, assembly and packaging before delivery were critical. 4) Microbiological test results for food containers, equipments indicated that sanitary conditions of stainless steel ware, knife, wiping clothes and cutting board should be improved promptly. 5) Critical control points identified were ingredients, pre-preparation, Holding, and assembly and packaging. 6) Guidelines were suggested for effective quality control of packaged meals production.

• Journal of the Korean Wood Science and Technology
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• v.33 no.1 s.129
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• pp.87-96
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• 2005

This study was carried out to evaluate the shear bond strength and adhesive bond durability of structural glued laminated timber (glulam) manufactured with mixed species lumber of Korean red pine, Korean pine and Japanese larch, using resorcinol adhesive and water-based polymeric-isocyanate adhesive (WPI). Each board used as a glulam lamina was graded by visual inspection. The visual lumber grade of the all species was very low due to the large size and number of knots and the steep slope of grain. In view of the results, appropriate pruning, sawing and drying processes might be needed to produce high grade lamina lumber with small knot size and drying defect free. Shear bond strength of every tested glulam specimen ranged between 7.9 and $9.9N/mm^2$, and much higher than the Korean Standard (KS) for glulam shear bond strength, $7.1N/mm^2$. There was not much shear bond strength difference between wood/resorcinol and wood/WPI. The resorcinol adhesive bond durability exceeded KS requirements. However, delamination on the end-grain surfaces of WPI glulam submerged in both room temperature and boiling water severely occurred, and its durability did not meet KS requirements. Further investigations may be required, and special care should be taken, to ensure long service life of WPI glulam used for exterior application. Results of this study are expected to be useful for improvement of mechanical properties and structural performance of mixed species glulam.