• Journal of the Korean Society for Geothermal and Hydrothermal Energy
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• v.19 no.3
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• pp.1-13
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• 2023

Hydronic heated road pavement (HHP) systems have been well established and documented to provide road safety in winter season over the past two decades. However, most of the systems run on asphalt, only a few are tested with concrete, and there rarely is a comparison between those two common road materials in their performance. The aim of this study is to investigate the thermal performance of the concrete HHP systems, including surface temperature variations of experimental pavements in winter season. For preliminary study a small-scale experimental system was installed to evaluate the heat transfer characteristics of the concrete HHP in the test field. The system consists of 3 concrete slabs made of 1 m in width, 1 m in length, and 0.25 m in height. In these slabs, circulating water piping was embedded with different pipe depths of 0.08 m (Case A), 0.12 m (Case B), and 0.20 m (Case C) and same horizontal space of 0.16 m. Heating performance in winter season was tested with different inlet temperatures of 25℃, 30℃, 35℃ and 40℃ during the entire measurement period. Overall, the surface temperature of the concrete HHPs remained above 3℃ in all experimental conditions applied in this study. The results of the surface temperature measurement with respect to the pipe depth showed that Case B was the highest among the three cases. However, the closer the circulating water pipe was to the pavement surface, the greater the heat exchange rate. This results is considered that the heat is continuously accumulated inside the pavements and then the temperature inside the pavements increases, while the amount of heat dissipation decreases as the temperature difference between the inlet and outlet of circulating water decreases. In this preliminary test the applicability of the concrete HHP on road deicing was confirmed. Finally, the results can be used as a basis for studying the effects of various variables on road pavements through numerical analysis and for conducting large-scale empirical experiments.

• 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(DPS_t), and independent variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t). We hypothesized that firms adjust partially the gap between the current dividend per share(DPS_t) and the target payout ratio(Ω) each year, when the past dividend per share(DPS_t-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(DPS_t), explanatory variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t), and control variables are the current capital expenditure ratio(CEA_t), the current leverage ratio(LEV_t), the current operating return on assets(ROA_t), the current business risk(RISK_t), the current trading volume turnover ratio(TURN_t), and the current dividend premium(DPREM_t). In these control variables, CEA_t, LEV_t, and ROA_t are the determinants suggested by the residual dividend theory and the agency theory, ROA_t and RISK_t are the determinants suggested by the dividend signaling theory, TURN_t is the determinant suggested by the transactions cost theory, and DPREM_t 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.

• Journal of Animal Environmental Science
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• v.6 no.3
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• pp.191-199
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• 2000

This study was initiated to investigate the influence of biophysical condition on the composting characteristics, and conducted to develop technology for using recycled compost as a bulking agent cost to reduce operating cost. To methods of aeration, continuous aeration (CA: run No. I) and intermittent aeration (IA: run No. 2) were performed with three 12.3 liter laboratory scale vessels for ten days. Manure and rice hulls were mixed for thirst trial (I), rice hulls and recycled compost after first trial were mixed for second trial (II), dairy manure and only recycled compost after second trial were mixed for third trial (III). During the composting process, temperatures of the compost mass and ammonia emissions were measured. The quality and maturity of compost were ascertained by examining the characteristics and composition of the compost. Also, loss of mass was determined by measuring the mass of materials in the vessels before and after composting. The results in this study are as follows: 1. The periods of optimum temperature ($>55^{\circ}C$) to kill pathogens were maintained from 38 to 78 hours for CA and from 60 to 98 hours for IA. 2. The more recycled compost mixed, the more ammonia emitted. The maximum ammonia emissions were 287 ppm at CA and 420 ppm at IA. 3. Biofiltration system was required for the compo sting system using only recycled compost as an amendment, because the ammonia emissions was produced above 100 ppm at the end of composting process. 4. The quality and maturity of compost: - Fresh compost, were required drying, because moisture contents of the compost were approximately 70% in all tests. - The pH values were observed to rise smoothly, from 7.9 to 8.3 at CA and from 8.4 to 8.6 at IA. The CfN ratios of the fresh compost were ranged form 21.05 to 16.42 for CA and from 22.81 to 14.75 for IA. The final C/N ratios for test II and III were below 20.were below 20.

• Journal of Animal Environmental Science
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• v.6 no.3
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• pp.175-184
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• 2000

A lab-scale MF membrane reactor was installed to investigate the membrane permeability, characteristics of membrane fouling at each conditions, and quality of permeate (liquid livestock manure) in the separation of solid-matters using membrane. Experiment was divided three filtration type such as follows; continuous filtration, gravity filtration, and intermittent filtration. As a result of experiment, flux 1 LMH was maintained for 7days, and trans-membrane pressure(TMP) was increased gradually under 10cmHg, but it was increased immediately after 10cmHg, respectively. However, the flux was increased, the Tmax was decreased exponential more and more. During the pure-flux test, most of the fouling of membrane was reversible. At the gravity filtration, permeate could be obtained as 1.75 LMH for 3.5days without any other electronic pressure. As an investigation of membrane surface, this study could be decided that the reason of fouling at the lower flux (Run 1 and 2) was attached matters in membrane surface, but at the higher flux (Run 4-6) was concentration polarization.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.2
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• pp.193-208
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• 2020

In this study, we investigate the effects of technology innovation investments and employment on credit ratings of very small start-up businesses using the data period of 2009 till 2015 test two hypotheses: asymmetric information hypothesis or competence hypothesis. We use financial and non-financial data of 51,903 observations of 12,028 small businesses from a database of a commercial bank and fixed effects panel models and two-stage instrumental variable models. We find that in the short-run small size startups show lower credit ratings than non-startups, and that both technology innovation activities and employment capability improve their credit ratings. In the long-run, technology innovation investments do not improve their credit ratings of later years while employment capability improve their credit ratings of the subsequent year. In addition, the age of startups improves their credit ratings of the current year and until the subsequent two years while employee productivity, fixed ratio and ROA positively affect their credit ratings for up to three years. However, short-term and overall debt ratios, cost of borrowings and firm-size negatively affect their credit ratings for up to three years. The results of the study on credit ratings suggest that credit rating agencies seem to consider both technology innovation activities and employment capability in the credit ratings of small start-ups as 'competence factors' rather than 'asymmetric information factors' with inefficiency and cost burdens. The results also suggest that we must find ways to reflect properly the severe asymmetric information of the early-stage start-ups, and technology innovation activities and employment capability in the credit rating formula.

• Asia pacific journal of information systems
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• v.23 no.4
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• pp.1-28
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• 2013

Given that smartphone-based social network services (SNS), such as KakaoStory is now being widely used as a way for people to connect and communicate with each other, this study examines key factors leading to the continued use of SNS. People have been using PC-based SNS, such as Cyworld, for years are now using smartphone-based SNS, such as KakaoStory. KakaoStory developed by KakaoTalk has rapidly grown up as the largest smartphone-based SNS in Korea as smartphone penetration increases. It is more difficult for firms to maintain their current users over time in that alternative SNSs satisfying people's new needs are constantly emerging and evolving. In this sense, one of the most challenging issues for SNS firms is how to retain their current users in the long run. However, there are few empirical studies on this issue. Applying the IS continuance model proposed by Bhattacherjee [2001], this study explores key determinants of users' smartphone-based SNS continuance intention. The model suggests that perceived usefulness and user satisfaction are the key determinants of IS continuance intention. However, the model includes only the utilitarian value that users can obtain through the use of smartphone-based SNS, by considering perceived usefulness. Therefore, the study attempts to extend the IS continuance model by considering hedonic and social values simultaneously. More specifically, we consider subjective norms as social value that are proposed by the theory of reasoned action and the theory of planned behavior. We also consider perceived enjoyment as hedonic value that is emphasized as a key factor influencing users' behavior intention and actual behavior, particularly in the context of hedonic IS use. By considering the three values in our model simultaneously, we could offer a deeper understanding of smartphone-based SNS continuance. That is, this study could offer an explanation of how each value is associated with user satisfaction and SNS continuance intention. The customer value-satisfaction-loyalty model can strengthen the assertion that smartphone-based SNS continuance intention is determined by various different types of customer values, such as utilitarian, hedonic, and social ones. Moreover, the model provides a theoretical basis for the assertion that customer values lead to increased loyalty via customer satisfaction. In this regard, we theorize that SNS continuance intention is influenced by users' various values, namely perceived usefulness, perceived enjoyment, and subjective norms, via user satisfaction. To test the proposed research model and hypotheses, we conducted a partial least squares analysis using a total of 253 data collected on the users of smartphone-based SNS (i.e., KakaoStory). The key findings are as follows: First, it has been found that SNS continuance intention considerably depends on user satisfaction. Second, user satisfaction is determined by confirmation, perceived usefulness, and perceived enjoyment. Third, concerning the effects of the three values on SNS continuance intention, only perceived enjoyment regarded as hedonic value was statistically significant. That is, perceived usefulness considered as utilitarian value and subjective norms considered as social value had no effect on SNS continuance intention. Finally, our results indicate that confirmation increases perceived usefulness, perceived enjoyment, and user satisfaction. The results reconfirm the effectiveness of IS continuance model in predicting smartphone-based SNS continuance intention. Moreover, the results demonstrate that perceived enjoyment reflecting hedonic value is the most important predictor of SNS continuance intention. Therefore, it is imperative for firms to meet SNS users' hedonic value to retain them in the long run. Meanwhile, we could not find any empirical evidence to support the assertion that subjective norms are associated with user satisfaction and SNS continuance intention. The results lead us to conclude that when users have enough direct experience in SNS use, subjective norms have no effect on SNS continuance intention. Discussions and implications of the results are provided.

• Journal of the Korean earth science society
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• v.43 no.1
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• pp.60-76
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• 2022

This study presents a software full setup and the following test execution times in a Linux cluster for the United Kingdom Earth System Model (UKESM) and then compares the model results from control and experimental simulations of the UKESM relative to various observations. Despite its low resolution, the latest version of the UKESM can simulate tropospheric chemistry-aerosol processes and the stratospheric ozone chemistry using the United Kingdom Chemistry and Aerosol (UKCA) module. The UKESM with UKCA (UKESM-UKCA) can treat atmospheric chemistryaerosol-cloud-radiation interactions throughout the whole atmosphere. In addition to the control UKESM run with the default CMIP5 SO₂ emission dataset, an experimental run was conducted to evaluate the aerosol effects on meteorology by changing atmospheric SO₂ loading with the newest REAS data over East Asia. The simulation period of the two model runs was 28 years, from January 1, 1982 to December 31, 2009. Spatial distributions of monthly mean aerosol optical depth, 2-m temperature, and precipitation intensity from model simulations and observations over East Asia were compared. The spatial patterns of surface temperature and precipitation from the two model simulations were generally in reasonable agreement with the observations. The simulated ozone concentration and total column ozone also agreed reasonably with the ERA5 reanalyzed one. Comparisons of spatial patterns and linear trends led to the conclusion that the model simulation with the newest SO₂ emission dataset over East Asia showed better temporal changes in temperature and precipitation over the western Pacific and inland China. Our results are in line with previous finding that SO₂ emissions over East Asia are an important factor for the atmospheric environment and climate change. This study confirms that the UKESM can be installed and operated in a Linux cluster-computing environment. Thus, researchers in various fields would have better access to the UKESM, which can handle the carbon cycle and atmospheric environment on Earth with interactions between the atmosphere, ocean, sea ice, and land.

• Korean Journal of Optics and Photonics
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• v.33 no.4
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• pp.167-176
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• 2022

Adaptive optics (AO) systems compensate for atmospheric disturbance, especially phase distortion, by introducing counter-wavefront deformation calculated from real-time wavefront sensing or prediction. Because AO system implementations are time-consuming and costly, it is highly desirable to estimate the system's performance during the development of the AO system or its parts. Among several techniques, we mostly apply statistical analysis, computational simulation, and optical-bench tests. Statistical analysis estimates performance based on the sum of performance variances due to all design parameters, but ignores any correlation between them. Computational simulation models every part of an adaptive optics system, including atmospheric disturbance and a closed loop between wavefront sensor and deformable mirror, as close as possible to reality, but there are still some differences between simulation models and reality. The optical-bench test implements an almost identical AO system on an optical bench, to confirm the predictions of the previous methods. We are currently developing an AO system for a 1.6-m ground telescope using a deformable mirror that was recently developed in South Korea. This paper reports the results of the statistical analysis and computer simulation for the system's design and confirmation. For the analysis, we apply the Strehl ratio as the performance criterion, and the median seeing conditions at the Bohyun observatory in Korea. The statistical analysis predicts a Strehl ratio of 0.31. The simulation method similarly reports a slightly larger value of 0.32. During the study, the simulation method exhibits run-to-run variation due to the random nature of atmospheric disturbance, which converges when the simulation time is longer than 0.9 seconds, i.e., approximately 240 times the critical time constant of the applied atmospheric disturbance.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.29 no.8C
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• pp.1159-1174
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• 2004

In this paper, we present an efficient algorithm for region analysis of business card images acquired in a PDA by using DCT and information pixel density. The proposed method consists of three parts: region segmentation, information region classification, and text region classification. In the region segmentation, an input business card image is partitioned into 8 f8 blocks and the blocks are classified into information and background blocks using the normalized DCT energy in their low frequency bands. The input image is then segmented into information and background regions by region labeling on the classified blocks. In the information region classification, each information region is classified into picture region or text region by using a ratio of the DCT energy of horizontal and vertical edge components to that in low frequency band and a density of information pixels, that are black pixels in its binarized region. In the text region classification, each text region is classified into large character region or small character region by using the density of information pixels and an averaged horizontal and vertical run-lengths of information pixels. Experimental results show that the proposed method yields good performance of region segmentation, information region classification, and text region classification for test images of several types of business cards acquired by a PDA under various surrounding conditions. In addition, the error rates of the proposed region segmentation are about 2.2-10.1% lower than those of the conventional region segmentation methods. It is also shown that the error rates of the proposed information region classification is about 1.7% lower than that of the conventional information region classification method.

• Korean Journal of Applied Biomechanics
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• v.26 no.2
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• pp.167-174
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• 2016

Objective: The purpose of this study was to determine the interrelationship between ranges of motion of the knee and ankle joints on the sagittal plane and the attenuation magnitude of impact shock at high frequency (9~20 Hz) in the support phase during downhill running. Method: Fifteen male heel-toe runners with no history of lower extremity injuries were recruited for this study (age, $25.07{\pm}5.35years$; height, $175.4{\pm}4.6cm$; mass, $75.8{\pm}.70kg$). Two uniaxial accelerometers were mounted to the tuberosity of tibia and sacrum, respectively, to measure acceleration signals. The participants were asked to run at their preferred running speed on a treadmill set at $0^{\circ}$, $7^{\circ}$, and $15^{\circ}$ downhill. Six optical cameras were placed around the treadmill to capture the coordinates of the joints of the lower extremities. The power spectrum densities of the two acceleration signals were analyzed and used in the transfer function describing the gain and attenuation of impact shock between the tibia and the sacrum. Angles of the knee and ankle joints on the sagittal plane and their angle ranges were calculated. The Pearson correlation coefficient was used to test the relationship between two variables, the magnitude of impact shock, and the range of joint angle under three downhill conditions. The alpha level was set at .05. Results: Close correlations were observed between the knee joint range of motion and the attenuation magnitude of impact shock regardless of running slopes (p<.05), and positive correlations were found between the ranges of motion of the knee and ankle joints and the attenuation magnitude of impact shock in $15^{\circ}$ downhill running (p<.05). Conclusion: In conclusion, increased knee flexion might be required to attenuate impact shock during downhill and level running through change in stride or cadence while maintaining stability, and strong and flexible ankle joints are also needed in steeper downhill running.