• Journal of Digital Convergence
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• v.11 no.4
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• pp.177-188
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• 2013

This study examines how managerial ownership structure affects the borrower's choice of private versus public debt using 2,608 firm-year data for 2006-2008. This paper investigates the relationship between managerial ownership structure and debt choice. Managerial ownership is measured using number of stocks and unexercised stock-options and debt is classified public and private debt. The results find that there is a positive association between managerial ownership and the private debt dependence and also find that when firms finance additional funds, higher managerial ownership leads managers to choose private debt not public debt. Since private debt can be classified into bank debt and non bank debt, this paper examines the relationship between managerial ownership and a choice of bank debt. The results indicate that managers with higher ownership are more likely to use bank debt over public debt and non bank debt. By examining the relation between managerial ownership and a debt choice, this paper has following contributions. First, this study shows that managerial ownership affects the choice of the source of financing using three different proxies of managerial ownership. Second, this study classified private debt into bank debt and non-bank debt and provide the evidence of preference toward private debt especially bank debt among other financing sources. Finally, there are extensive studies related to capital structure and managerial ownership, but there is little empirical research on the debt choice and managerial ownership. Thus, this paper adds to literature by exploring the effects of managerial ownership on a debt choice.

• Korean Journal of Soil Science and Fertilizer
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• v.39 no.1
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• pp.21-28
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• 2006

We investigated the mobilization of Cd, Pb, and Cr in two different soils in response to sorption capacities and competition for available sorption site while they moved under saturated water conditions. Two soil samples that were clay and sandy clay loam were collected within 20 cm from the upland surface. To do this, we used three different systems of heavy metal combinations such as single, binary, and ternary as solution phase. And then we observed the breakthrough curve (BTC) and elution as a function of pore volume by applying heavy metal solution and displacing K solution until these curves reached to maximum and minimum. The results showed that BTC and elution curves were not symmetric and it required more pore volumes with increasing species of heavy metals in solution phase, as well as longer tailings. Compared the areas over and under BTC and elution curve, relatively small amount of heavy metal was displaced by K even though there were differences in electronegativity among heavy metals. Conclusively, we assumed that heavy metals transport in soil could be influenced by soil physical nonequilibrium and chemical equilibrium in solution as far as there were more than two species of heavy metals existed.

• Korean Journal of Soil Science and Fertilizer
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• v.39 no.1
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• pp.1-7
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• 2006

To designate rural landscape spatially, land use and topographic features for 383 of "Ri"s or "Dong", which is a basic administrative unit in Korea, were analyzed using GIS application. We have categorized rural landscape into three types such as agricultural, natural and urban landscape by land use. On the basis of spatial landscape pattern, rural area could be classified into 6 groups of Mountainous area (MA), Mountainous village area (MV), Developing mountainous village area (DM), Plain agricultural area (PA), Developing plain village area (DP) and Urbanized area (UA) according to the ratios of land for agricultural and urban use as the criteria. In MA, the ratio of upland area including orchard was slightly larger than that of paddy, while that of paddy was about 1.5 times larger than upland in other groups. Forested area was distributed more than two-thirds among natural landscape area in MA, MV and DM. In plain types (PA and DP), the ratio of irrigated paddy was extremely larger than partially irrigated paddy and the ratio of water body area among the natural landscape area was two times as large as that of forested area. The ratio of land for industrial and livestock facilities among urban landscape area were 20% or more in MV, DM and DP, and it means that these facilities are mainly distributed in the developing ru ral area where residents and industry are closely related each other. According to the relative ratio of sloped land of 6 categorized areas, the MA area have lots of land with E and F slopes and MV and DM have all grades of sloped land evenly distributed in relative to other types of rural landscape. It has been showed that PA, DP and UA occupied more than two-thirds of land with A or B slope. In case of the analysis of topological distribution in 6 types of rural landscape, there were overwhelmingly lager highland areas in MA. Conclusively, we have confirmed that 6 types of rural landscape classified by land use pattern in 3 categorized areas such as agricultural, natural and urban landscape area would be useful for the management of rural area. For development of sustainable agriculture and the preservation of rural amenity, proper management ways should be properly applied according to rural landscape patterns.