• International Area Studies Review
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• v.22 no.3
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• pp.121-148
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• 2018

This paper examines the role of accounting conservatism on investment expenditure for non-financial Korean listed firms around the 2007-2008 global financial crisis using a differences-in-differences design. Specifically, this paper examines the association between an ex ante classification of firms by their level of accounting conservatism prior to the credit crisis and the ex post magnitude of the decline in investment. Consistent with prior literature, this study found that firms experienced a decline in their investment when hit by the financial crisis (Campello et al. 2010). And also this study found that firms with more conservative financial reporting experienced a smaller decline in investment activity following the financial crisis than did firms with less conservative financial reporting. Together, the results suggest that negative shocks to the supply of external finance hampers firm-level investment and that conservative financial reporting can lessen the sensitivity of firms' investment to such negative shocks. Next, this study shows that the magnitude of our findings is greater for firms more likely to suffer from underinvestment (as opposed to overinvestment). Firms that are financially constrained or have greater demand for external finance are more likely to experience underinvestment. Consistent with the predictions, this study finds stronger benefits of conservatism for firms that face relatively greater costs in raising external capital (i.e., financially constrained firms) or that have a relatively greater need to do so (i.e., firms that lack internal financial resources). This study also finds that the role for conservatism is greater in firms with a higher level of information asymmetry, consistent with the notion that conservatism mitigates financing frictions arising from information problems.

• Journal of Sericultural and Entomological Science
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• no.11
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• pp.23-29
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• 1970

This experiment is to improve the wrinkle recovery (W.R.) of silk fabrics. The silk fabrics is creased very well, and the crease is the serious defection of it. This experiment is to improve the nature by use of formaldehyde on fabrics. The reagents used were HCl, CH$_3$COOH, CaC$_2$, HCHO, Na$_2$CO$_3$, NH$_4$OH, NaOH and NaHCO$_3$. The silk fabrics was treated, to compare 1 he influence of conditions, by varying the quantities of reagents and the temperature of solution, and the reaction time. The cotton fabrics and the viscose rayon were sunk with the silk at the same condition to be compared the influence. 1) Those of the most suitable temperature to improve for the better W.R. are 75$^{\circ}C$ for silk, 35-45$^{\circ}C$ for cotton, and no particular temperature under 75$^{\circ}C$ for viscose rayon. 2) The W.R. improvements after treated at the temperature of 1) were 11％ for silk and 33.4％ for cotton. 3) There are the best treating time for every fabrics. They were 60 to 90 min. for viscose rayon when HAC Ras used for solvent. It took, however, 60min. of the best time for silk, 120 min. for cotton, and 40 min. for viscose rayon when acetic anhydride instead of HAC was used. 4) It was possible to improve 16.6％ of W.R. for silk at the most suitable treating time, 25.0％ for cotton, and 13.3％ for viscose rayon. 5) Acetic anhydride was rather more effective to improve W.R. of both silk and viscose rayon than HAC. 6) Treating time was also shorter in case of using acetic anhydride than HAC. 7) The improvement of W.R. were 8.3％ for silk at the 10 to 14 ml. of HCHO the best volume, 21. 5％ for cotton at 18m!. of HCHO, and 70％ of for viscose rayon at 14 to 18ml. of HCHO. 8) The most effective quantity of HCI is 14 ml. for both silk and cotton. The W.R. improvement of silk was 22.2％, and that of cotton 19.5％. 9) The W.R. of 83.3％ the best for silk and 61. 6％ for cotton were gained when 4.2gr. of NaHCO$_3$ brings down the percent of W.R. for both silk and cotton. 10) The more NaOH and NH$_4$OH as neutralizing agents, the less effectivity of W.R. until the quantities of the reagents are reached to a special range which are 3. 3m!. for silk and 3.3-6.6 ml. for cotton, and then we can see the W.R. increasing as the quantities of reagents are increased. These facts were evident in case of silk and cotton. We can also see with this fact that the reminder of 〔OH$\^$-/〕 neutralizing 〔CH$\^$+/〕in solution makes it possible to treat formaldehyde on fabrics. 11) Low curing temperature was comparatively better for silk, and high temperature better for cotton. 12) The result of this experiment shows that the Improvement of W.R. for silk was possible to 94％ which means 22％ W.R. increase compared to the untreated silk. This effect also shows that the improvement to W '||'&'||' W (wash and wear) of silk will be possible.

• Korean Journal of Soil Science and Fertilizer
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• v.45 no.3
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• pp.344-352
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• 2012

Soil physical properties determine soil quality in aspect of root growth, infiltration, water and nutrient holding capacity. Although the monitoring of soil physical properties is important for sustainable agricultural production, there were few studies. This study was conducted to investigate the condition of soil physical properties of arable land according to land use across the country. The work was investigated on plastic film house soils, upland soils, orchard soils, and paddy soils from 2008 to 2011, including depth of topsoil, bulk density, hardness, soil texture, and organic matter. The average physical properties were following; In plastic film house soils, the depth of topsoil was 16.2 cm. For the topsoils, hardness was 9.0 mm, bulk density was 1.09 Mg $m^{-3}$, and organic matter content was 29.0 g $kg^{-1}$. For the subsoils, hardness was 19.8 mm, bulk density was 1.32 Mg $m^{-3}$, and organic matter content was 29.5 g $kg^{-1}$; In upland soils, depth of topsoil was 13.3 cm. For the topsoils, hardness was 11.3 mm, bulk density was 1.33 Mg $m^{-3}$, and organic matter content was 20.6 g $kg^{-1}$. For the subsoils, hardness was 18.8 mm, bulk density was 1.52 Mg $m^{-3}$, and organic matter content was 13.0 g $kg^{-1}$. Classified by the types of crop, soil physical properties were high value in a group of deep-rooted vegetables and a group of short-rooted vegetables soil, but low value in a group of leafy vegetables soil; In orchard soils, the depth of topsoil was 15.4 cm. For the topsoils, hardness was 16.1 mm, bulk density was 1.25 Mg $m^{-3}$, and organic matter content was 28.5 g $kg^{-1}$. For the subsoils, hardness was 19.8 mm, bulk density was 1.41 Mg $m^{-3}$, and organic matter content was 15.9 g $kg^{-1}$; In paddy soils, the depth of topsoil was 17.5 cm. For the topsoils, hardness was 15.3 mm, bulk density was 1.22 Mg $m^{-3}$, and organic matter content was 23.5 g $kg^{-1}$. For the subsoils, hardness was 20.3 mm, bulk density was 1.47 Mg $m^{-3}$, and organic matter content was 17.5 g $kg^{-1}$. The average of bulk density was plastic film house soils < paddy soils < orchard soils < upland soils in order, according to land use. The bulk density value of topsoils is mainly distributed in 1.0~1.25 Mg $m^{-3}$. The bulk density value of subsoils is mostly distributed in more than 1.50, 1.35~1.50, and 1.0~1.50 Mg $m^{-3}$ for upland and paddy soils, orchard soils, and plastic film house soils, respectively. Classified by soil textural family, there was lower bulk density in clayey soil, and higher bulk density in fine silty and sandy soil. Soil physical properties and distribution of topography were different classified by the types of land use and growing crops. Therefore, we need to consider the types of land use and crop for appropriate soil management.