• Journal of Korea Technology Innovation Society
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• v.12 no.2
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• pp.291-311
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• 2009

Intellectual Property(IP) investment and its management are an key driver to create corporate value and intangible asset value through corporate's competitiveness. The purposes of this study are to survey capability of IP management and assess the effects of IP investment and its management on the separation into groups of intangible asset value. In order to attain those purposes of this study, sample companies were taken and categorized into three groups by the level of intangible asset value ratio, and data for IP investment such as R&D expenditure and advertising expenditure were collected from 90 manufacturing companies, and data for IP management capability about patent, design and brand were taken through survey. The final results showed as followed: First, IP management capability were generally not sufficient in the results of survey. Second, mean vector for the four variables were significantly different among three groups in multivariate analysis variance. Third, the order of their contribution to separating the groups were R&D expenditure, advertising expenditure, patent management, management of design and brand in canonical variate analysis. Fourth, R&D and patent management capability were significantly related to the separation of three groups, while advertising expenditure were not significant and management of design and brand were not sure of Significance in multinomial logit discriminant analysis. Fifth, exploratory power of the discriminant model were estimated by 53% in classification analysis. Finally, strategic policy for IP investment and its management should be taken urgently to create intangible asset value and to improve the capability of its management.

• Journal of the Korean Society of Clothing and Textiles
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• v.34 no.6
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• pp.982-996
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• 2010

This study classified the body shapes of Korean obese women and investigated the differences of each body shape, using 2004 Size Korea data. For selecting the obesity sample, 7 obesity judgment indices were chosen through previous clothing-related studies. A total of 636 females defined as "obese" by 5 out of 7 indices were selected as subjects and 54 body measurements and obesity judgment indices were used in this study. Firstly, mean, standard deviation, minimum, and maximum values of each measurement and item were obtained from the descriptive analysis of 53 measurements. According to the descriptive analysis, all measurements and obesity judgment indices of the subjects demonstrated a serious obesity level shown by BMI 27.11, R$\ddot{o}$hrer index 1.76, Vervaeck index 104.77, Relative weight 133.00, WHR 0.90, and waist circumference 86.71cm. In addition, the measurements and indices showed considerable differences between minimum and maximum values. Significant differences were identified in all measurements and items at a significant level, p=.001. Each distribution of body types according to age, stature, bust, and waist circumference groups was provided in this study. Secondly, factor analyses were conducted using 38 measurement items to extract the body characteristics of obese women. Factor 1 was "circumference measurements & obesity judgment indices," Factor 2 was "heights & arm-related lengths," and Factor 3 was "size and ratio of waist circumference & hip circumference." Factor 4 was "lengths in upper body," Factor 5 was "back width in upper body," Factor 6 was "side neck point to bust & bust circumference," Factor 7 was "length in lower body & arm circumferences" and Factor 8 was "neck base circumference & front width in upper body." These 8 factors explained 76.54% of the total variance. Finally, 5 body types were selected in the cluster analysis. Type 1 (with big back widths & arm circumferences) was 15.5% of the entire subjects, Type 2 (the shortest and fattest, with big upper body) was 18.8%, Type 3 (with big breast) was 27.8%, Type 4 (the tallest and longest in arm lengths, with the smallest arm circumferences and lengths in torso) was 22.5%, and Type 5 (with big hips compared to waist circumferences, smaller height and upper body) was 15.5%. Fundamental differences were identified in all measurements and items at the significant level of p=.001. In addition, each distribution of body type according to age, height, bust, and waist circumference groups was provided in this study.

• The Korean Journal of Nuclear Medicine Technology
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• v.13 no.1
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• pp.20-24
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• 2009

Objective: In this study, the differences between two reconstruction methods were analyzed by comparing image uniformity and contrast according to Iteration and Subset, which were altered through the Iterative method and True X method, used in Siemens' PET/CT studies. Methods: The Phantom images were obtained by exposure for two minutes per one bed. To determine the image uniformity, the Coefficient of variance was used. Also, in order to compare the contrast value, we measured and analyzed the ratio of the SUV mean of Phantom image's hot spheres and the background. Results: Under the same reconstruction conditions (Iteration and Subset) of CV, the Iterative method was higher than the True X method. In the comparison of the SUV mean ratio of the background and hot sphere, the True X method had a closer rate than the Iterative method. Conclusion: The newly developed True X reconstruction method is better than the previously used Iterative method in terms of uniformity and contrast. However, the date for this study was only obtained using the Phantom device. In order to obtain more accurate and useful information from the experiment, further research should be conducted. Also, it is necessary to find the appropriate standards for Iteration and Subset for further experimentation.

• 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 The Korean Society of Grassland and Forage Science
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• v.14 no.1
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• pp.50-56
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• 1994

This study was investigated for the purposes of securing forage resource using idled rice paddy recently increased in accordance to a current trend of farm products' liberalization and also of presevation of environment by using cattle sluny as liquid manure, which is seriously increasing these days. In this study, mean annual dry matter yield and its seasonal variation with reed canarygrass, and a optimum rate of cattle sluny application were investigated. The results are as follows: 1. According to the conditions of cutting frequencies(3, 4 and 5 cutting per year), mean annual dry matter yield was recorded from 8.9 tons to 10.9 tons per hectare and was the highest at 3 cutting frequency. 2. The use of cattle sluny with the levels of between 300 and 360 kg N per hectare showed a significantly higher mean annual dry matter yield than that of the control (non-fertilization). 3. The treatments with 3 and 4 cutting frequencies(90 kg Nhdyear, 120 kg Nhdyear) recorded higher dry matter yields than the control of the former level by 1.23 tons and 2.34 tons respectively and in the treatment of 5 cutting frequency, the second level with cattle sluny of 300 kg Nhdyear showed an increased dry matter yield of 2.11 tons compared to the former level(l50 kg Nhdyear). With regards to nitrogen efficiency, one kg of nitrogen is applied to 13.7, 19.4 and 14.1 kg of dry matter yields in the conditions of 3, 4 and 5 cutting frequencies respectively. 4. In view of seasonal variance of annual dry matter yield, the second cut in 3 cutting frequency, the third cut in 4 cutting frequency and the third in 5 cutting frequency showed the highest ratio as 42, 37 and 32% respectively compared to the total. 5. Under the conditions of this study, the 'Input-Output curve' from 5 cutting frequency was the closest to sigmaformed process(i=0.9993) of various cutting frequencies, and the maximum marginal yield in the treatment was obtained at the level of 250 kg Nha with cattle sluny. The economic level of cattle sluny was between 371.0 and 402.2 kg N and the highest dry matter yield was obtained at 489.3 kg Mdyear in the same treatment

• Korean Journal of Weed Science
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• v.4 no.2
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• pp.135-142
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• 1984

To obtain the basic information for weed management in polder land, a colligated assessment on weed distribution and it`s plant sociological indices on Gyewha polder land were arranged. At the situation of assessment, the Gyewha polder land was reclaimed with aim with paddy-rice production. As a result of reclamation, the salinity of most soil samples were below 0.3%, and acidity ranged from pH 5.5 to 6.5. Total weed species were counted as much as 17 species (3 gramineae, 7 cyperucese, and 8 broad-leaved species), and a most dominant species, Scirpus maritimus, were succeeded with Monochoria v., Eleocharis a., and Cyperus d., etc. by reclamation. Declining of soil salinity and soil pH, the number of weed species, individuals, biomass, species diversity, evenness, sociability index were increased, but the population particularity was weaken in tendencies. By developing of reclamation, the weed species which is summer annual broad leaf, wind and water disseminating, and tussock formed species are increased instead of salt-resistant, perennial cyperus, and rhizomatous extending species.

• Korean Journal of Weed Science
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• v.30 no.2
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• pp.68-83
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• 2010

Weedy rice (Oryza sativa L.) occurred sympatrically with other weeds and the rice crop in Malaysian rice granaries. We conducted field surveys in 2006-2008 seasons in 7 farm blocks of Selangor's North West Project, Malaysia to enlist the new biotypes of weedy rice (NBWR) and assess their spatio-temporal pattern of distribution based on quantitative and dispersion indices. No less than 16 accessions of NBWR were identified based on their special traits, viz. panicle type, pericarp colour, presence or absence of awn, seed type and degree of grain shattering. The NBWR accessions exhibited a combination of morphological traits from open panicle, grain with awns, red pericarp, short grain type, and degrees of grain shattering. Others mimic commercial rices with close panicle, awnless grains, white pericarp, long or short grain-type. Invariably, the NBWRs mimic and stand as tall as cultivated rice namely MR219, MR220, or MR235 and these NBWR accessions stand among equals morphologically vis-a-vis the commercial rice varieties. Most accessions displayed varying degrees of grain shattering in excess of 50%, except Acc9 and Acc12. The seasonal dynamics of on the prevalence of dominant NBWR accessions were also displaying significant differences among farm blocks. While Bagan Terap farm block, for example, did not record any measurable changes in the dominant NBWR accessions over seasons, the Sungai Leman farm block recorded measurable season-mediated changes in the dominant NBWR accessions. Sungai Leman started with NBWR Acc3, Acc4, Acc5, Acc7, Acc8, and Acc12 in season 1 of 2006/2007, but no measurable records of Acc3 and Acc5 were shown in season 2 of 2007. In season 3 of 2007/2008, only Acc8 and Acc12 prevailed in the farm block. In Sawah Sempadan farm block, season 3 of 2007/2008 showed much reduced prevalence of NBWRs leaving only Acc8 and Acc12. Most accessions registered clump or under-dispersed spatial distribution pattern based on quantitative indices: variance-to-mean ratio (VMR) and Lloyd's patchiness values. The dynamics on the extent of infestation and prevalence of dominant NBWR accessions registered both season- and farm-block mediated differences. Most accessions showed VMR >1 thus indicative of having a clump or clustered spatial distribution, as exemplified by Acc3, Acc4, Acc7, Acc8 and Acc12 in all farm blocks throughout three seasons. Some accessions have either random or uniform distribution in a few farm blocks. The Acc8 has the highest population counts based on important value index, followed by Acc12, and both were the most dominant accession while Sawah Sempadan was the worst farm block infested by NBWR compared to other farm blocks. These results were discussed in relation with the current agronomic and weed management practices, water availability and extension services in the granary.

• The Journal of the Korea Contents Association
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• v.22 no.10
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• pp.691-702
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• 2022

This study verifies the diversification effect when non-financial asset such as fractional music royalties investment which is recently get interest from masses, is included in traditional global asset allocation portfolio. From Jan 2019 when Music Royalties index is announced to Jun 2022, compared traditional global asset allocation portfolio and the portfolio included with music royalties. To eliminate the enhancement effect from portfolio strategy itself rather than including non-financial asset, used the four basic portfolio strategy such as buy & hold, constant rebalanced, mean variance, risk parity. As a result, all the portfolios included with music royalties shows less risk with higher returns. This means the sharpe ratio has enhanced and that results the portfolio diversification effect is placed. The empirical analysis of the study found academic significance in that the portfolio included with music royalties investment has diversification effect, and show the possibilities the not only on the music royalties, other non-financial asset can be shown the portfolio diversification effect.

• Parasites, Hosts and Diseases
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• v.23 no.1
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• pp.87-94
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• 1985

The seasonal variations of the rate and intensity of metacercarial infection of C. sinensis in P. parva were observed. The fish were collected at Sun-Am River which located in Kim-Hae City, Kyong-Sang Nam Do (=Province), Korea, from March 1983, to February 1984 every month. A total of 788 fish was examined. The number of metacercariae in each fish was individually counted after the individual digestion by artificial gastric juice. The results were as follows: 1. During one year, 513 (65.1%) out of 788 fish were infected with metacercariae. In May, June, July and September, the infection rates ranged from 82.0% to 98.6% whereas the rates was relatively low in March, April, November and February ranging from 11.4% to 64.7%. 2. The intensity of infection was similar with those of infection rates. The mean intensity per infected fish was 103.0 and standard deviation was 118.9 throughout one year. The highest mean intensity was in June (294.8) and the lowest in November (11.1). 3. The observed frequency of fish with certain intensities of metacercariae were fitted to theoretical equations derived from negative binomial distribution in March, April, November and February (p>0.05). Meanwhile, the equation of lognormal distribution were fitted with the observed frequencies in May, June, July and September (p>0.05, p>O. 75). The variance/mean ratio varied by month. The value was the highest in July (814.3) and the lowest in November (158.8). Unlike our hypothesis, the metacercarial density of Clonorchis sinensis in its the most favorable fish host, Pseudorasbora parva showed considerable seasonal variations in the hyperendemic area. The possible factors were discussed.

• Journal of Life Science
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• v.28 no.3
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• pp.314-319
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• 2018

We analyzed QTLs for alkali-related digestion by using 120 population crossed Cheongcheong and Nagdong derived from anther culture (CNDH). The DNA markers located in the QTLs gene were selected and applied to existing cultivars. As a result of the investigation of the alkali decay degree, brown rice of Cheongcheong and Nagdong was 1.9 and 1.6, respectively, and the CNDH was $3.79{\pm}2.01$, and the distribution of variance was distributed to 7.0-1.0. The milled rice of Cheongcheong and Nagdong was 5.6 and 4.1, respectively. The mean of the CNDH was $4.86{\pm}1.55$, and the distribution of variance was distributed to 7.0-2.0. Variation distribution curves showed continuous variation that was close to non-normal distribution. In the QTLs analysis, qBRA2, qBRA6, and qBRA11 were mapped in 1-2 replications of brown rice. QHRA2-1, qHRA2-2, qHRA2-3, qHRA3, and qHRA8 were mapped in the first replication. QHRA2-1, qHRA2-2, qHRA2-3 and qHRA3 were mapped in the second replicates. And mapped to qHRA5 in 4 replicates. These were found on chromosome 2, 3, 6, 8 and 11, respectively. The phenotypic variations of qBRA2, qBRA6, and qBRA11 on the chromosomes of brown and milled rice were 1-9%. The polymorphism was analyzed for 12 types of the japonica type and six types of the indica type, based on the nine markers found in the QTLs analysis of alkali digestion. Chromosome 11, RM27258, was selected to determine the segregation ratio, which shows the difference in size by the band pattern. The results of this study will be used as basic data for the development of high-quality rice cultivars.