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The Effect of Customer Satisfaction on Corporate Credit Ratings (고객만족이 기업의 신용평가에 미치는 영향)

  • Jeon, In-soo;Chun, Myung-hoon;Yu, Jung-su
    • Asia Marketing Journal
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    • v.14 no.1
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    • pp.1-24
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    • 2012
  • Nowadays, customer satisfaction has been one of company's major objectives, and the index to measure and communicate customer satisfaction has been generally accepted among business practices. The major issues of CSI(customer satisfaction index) are three questions, as follows: (a)what level of customer satisfaction is tolerable, (b)whether customer satisfaction and company performance has positive causality, and (c)what to do to improve customer satisfaction. Among these, the second issue is recently attracting academic research in several perspectives. On this study, the second issue will be addressed. Many researchers including Anderson have regarded customer satisfaction as core competencies, such as brand equity, customer equity. They want to verify following causality "customer satisfaction → market performance(market share, sales growth rate) → financial performance(operating margin, profitability) → corporate value performance(stock price, credit ratings)" based on the process model of marketing performance. On the other hand, Insoo Jeon and Aeju Jeong(2009) verified sequential causality based on the process model by the domestic data. According to the rejection of several hypotheses, they suggested the balance model of marketing performance as an alternative. The objective of this study, based on the existing process model, is to examine the causal relationship between customer satisfaction and corporate value performance. Anderson and Mansi(2009) proved the relationship between ACSI(American Customer Satisfaction Index) and credit ratings using 2,574 samples from 1994 to 2004 on the assumption that credit rating could be an indicator of a corporate value performance. The similar study(Sangwoon Yoon, 2010) was processed in Korean data, but it didn't confirm the relationship between KCSI(Korean CSI) and credit ratings, unlike the results of Anderson and Mansi(2009). The summary of these studies is in the Table 1. Two studies analyzing the relationship between customer satisfaction and credit ratings weren't consistent results. So, in this study we are to test the conflicting results of the relationship between customer satisfaction and credit ratings based on the research model considering Korean credit ratings. To prove the hypothesis, we suggest the research model as follows. Two important features of this model are the inclusion of important variables in the existing Korean credit rating system and government support. To control their influences on credit ratings, we included three important variables of Korean credit rating system and government support, in case of financial institutions including banks. ROA, ER, TA, these three variables are chosen among various kinds of financial indicators since they are the most frequent variables in many previous studies. The results of the research model are relatively favorable : R2, F-value and p-value is .631, 233.15 and .000 respectively. Thus, the explanatory power of the research model as a whole is good and the model is statistically significant. The research model has good explanatory power, the regression coefficients of the KCSI is .096 as positive(+) and t-value and p-value is 2.220 and .0135 respectively. As a results, we can say the hypothesis is supported. Meanwhile, all other explanatory variables including ROA, ER, log(TA), GS_DV are identified as significant and each variables has a positive(+) relationship with CRS. In particular, the t-value of log(TA) is 23.557 and log(TA) as an explanatory variables of the corporate credit ratings shows very high level of statistical significance. Considering interrelationship between financial indicators such as ROA, ER which include total asset in their formula, we can expect multicollinearity problem. But indicators like VIF and tolerance limits that shows whether multicollinearity exists or not, say that there is no statistically significant multicollinearity in all the explanatory variables. KCSI, the main subject of this study, is a statistically significant level even though the standardized regression coefficients and t-value of KCSI is .055 and 2.220 respectively and a relatively low level among explanatory variables. Considering that we chose other explanatory variables based on the level of explanatory power out of many indicators in the previous studies, KCSI is validated as one of the most significant explanatory variables for credit rating score. And this result can provide new insights on the determinants of credit ratings. However, KCSI has relatively lower impact than main financial indicators like log(TA), ER. Therefore, KCSI is one of the determinants of credit ratings, but don't have an exceedingly significant influence. In addition, this study found that customer satisfaction had more meaningful impact on corporations of small asset size than those of big asset size, and on service companies than manufacturers. The findings of this study is consistent with Anderson and Mansi(2009), but different from Sangwoon Yoon(2010). Although research model of this study is a bit different from Anderson and Mansi(2009), we can conclude that customer satisfaction has a significant influence on company's credit ratings either Korea or the United State. In addition, this paper found that customer satisfaction had more meaningful impact on corporations of small asset size than those of big asset size and on service companies than manufacturers. Until now there are a few of researches about the relationship between customer satisfaction and various business performance, some of which were supported, some weren't. The contribution of this study is that credit rating is applied as a corporate value performance in addition to stock price. It is somewhat important, because credit ratings determine the cost of debt. But so far it doesn't get attention of marketing researches. Based on this study, we can say that customer satisfaction is partially related to all indicators of corporate business performances. Practical meanings for customer satisfaction department are that it needs to actively invest in the customer satisfaction, because active investment also contributes to higher credit ratings and other business performances. A suggestion for credit evaluators is that they need to design new credit rating model which reflect qualitative customer satisfaction as well as existing variables like ROA, ER, TA.

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Hybrid Scheme of Data Cache Design for Reducing Energy Consumption in High Performance Embedded Processor (고성능 내장형 프로세서의 에너지 소비 감소를 위한 데이타 캐쉬 통합 설계 방법)

  • Shim, Sung-Hoon;Kim, Cheol-Hong;Jhang, Seong-Tae;Jhon, Chu-Shik
    • Journal of KIISE:Computer Systems and Theory
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    • v.33 no.3
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    • pp.166-177
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    • 2006
  • The cache size tends to grow in the embedded processor as technology scales to smaller transistors and lower supply voltages. However, larger cache size demands more energy. Accordingly, the ratio of the cache energy consumption to the total processor energy is growing. Many cache energy schemes have been proposed for reducing the cache energy consumption. However, these previous schemes are concerned with one side for reducing the cache energy consumption, dynamic cache energy only, or static cache energy only. In this paper, we propose a hybrid scheme for reducing dynamic and static cache energy, simultaneously. for this hybrid scheme, we adopt two existing techniques to reduce static cache energy consumption, drowsy cache technique, and to reduce dynamic cache energy consumption, way-prediction technique. Additionally, we propose a early wake-up technique based on program counter to reduce penalty caused by applying drowsy cache technique. We focus on level 1 data cache. The hybrid scheme can reduce static and dynamic cache energy consumption simultaneously, furthermore our early wake-up scheme can reduce extra program execution cycles caused by applying the hybrid scheme.

A Study on the Efficiency Improvement of Existing Pool-and-Weir Type Fishway in Namgang Weir (남강수중보의 기존 전면월류형 계단식 어도의 효율성 개선에 관한 연구)

  • Lee, Hyeong-Rae;Kim, Ki Heung;Park, Ho Chul
    • Journal of the Korean Society of Environmental Restoration Technology
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    • v.17 no.2
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    • pp.61-71
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    • 2014
  • A river fishway is a hydraulic structure enabling fish to overcome stream obstructions such as dams and weirs. The main aim of this paper is to investigate the collectibility of upstream-migrating fishes and hydraulic problems in pool-and-weir type fishway which has been established for upstream-migration at Namgang weir in the downstream of Namgang dam, and to grope for improvement measures which pool-and-weir type fishway can be switched to pool-and-partial weir type fishway through hydraulic field experiment. Exsisting fishway had problems which upstream-migrating fishes can not take a rest due to the seiche and vortex phenomena in pools and migrate to upstream because of height difference in entrance pool. In order to prevent hydraulically the seiche and vortex phenomena and establish rest area for fishes in each pool, we carried out hydraulic field experiments. In the fishway, it was to improve pool-and-weir into pool-and-partil weir, to decrease the height difference in entrance pool, and to reduce oriffice velocity of each pool. Also, we investigated fishes collectibility of after improving fishway for 6 days in September 2013. To resolve chronic problems(seiche-vortex phenomena and rest area for fishes), as weirs were remodeled into partial weir only which central part of weirs was part of non-overflow weir, we confirmed results that pool-and-weir type fishway could be switched to efficient pool-and-partial weir type fishway with relatively simple construction and low cost. Type-B which has the closed oriffices and the parts of non-overflow has the ideal conditions, but this conditions are limited to fishway of Namgang weir used in this study. Representative Ice-habor type fishway is pool-and-partial weir type fishway which has together parts of overflow and oriffices, and has excellent ability of upstream-migration. To switch from pool-and-weir type fishway to pool-and-partial weir type fishway, the size of oriffice has to be regulated by the discharge of fishway and the dimension on parts of non-overflow and overflow in weirs. Entrance pool is important facility which upstream-migrating fishes have to not only be collect but also charge with energy. In this study, entrance-pool is temporary and roughly-built, but fishes gather together more than the case of no entrance-pool. In the case of fishway which was protruded to downstream, as entrance of fishway turns toward or parallels to weir, the collectibility of fishway was excellent by attraction water.

Cognitive Behavioral Therapy for Primary Insomnia: A Meta-analysis (만성 일차성 불면증 환자에게 적용한 인지행동중재의 효과: 메타분석)

  • Kim, Ji-Hyun;Oh, Pok-Ja
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.17 no.9
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    • pp.407-421
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    • 2016
  • This paper reports a meta-analysis of sixteen studies that evaluated the efficacy of cognitive behavioral therapy (CBT) for persistent primary insomnia. PubMed, Cochrane Library, EMBASE, CINAHL and several Korean databases were searched between January 2015 and June 2015. The main search strategy involved the terms that indicate CBT-I (Cognitive Behavioral Therapy-Insomnia) and presence of insomnia. Methodological quality was assessed using Cochrane's Risk of Bias. Data were analyzed by the RevMan 5.3 program of Cochrane Library. Sixteen clinical trials met the inclusion criteria, resulting in a total of 1503 participants. Stimulus control, sleep restriction, sleep hygiene education, and cognitive restructuring were the main treatment components. CBT-I was conducted for a mean of 5.4 weeks, 5.5 sessions, and an average of 90 minutes per session. The effects of CBT-i on total sleep time (d=-0.31), sleep onset latency (d=-0.29), awakening time after sleep onset (d=-0.55), sleep efficiency (d=-0.70), insomnia severity (d=-0.77) and sleep belief (d=-0.64) were significant. Overall, we found a range from small to moderate effect size. CBT-I also was effective for anxiety (d=-0.30) and depression (d=-0.35). The findings demonstrate that CBT-I interventions will lead to the improvement of both sleep quality and quantity in patients with insomnia.

Effect of moisture on sealing ability of root canal filling with different types of sealer through the glucose penetration model (수종의 실러를 이용한 근관 충전 시 근관 내 수분이 치근단 폐쇄효과에 미치는 영향)

  • Jang, Jin-Ah;Kim, Hee-Lyang;Her, Mi-Ja;Lee, Kwang-Won;Yu, Mi-Kyung
    • Restorative Dentistry and Endodontics
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    • v.35 no.5
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    • pp.335-343
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    • 2010
  • Objectives: To compared the effect of different levels of moisture of root canal on the sealing ability after filling with four different types of sealer. Materials and Methods: Single-rooted teeth (n = 90) instrumented to and apical size of 0.06 / 45 were randomly assigned to 12 experimental groups (n = 7 per group), positive/negative control groups (n = 3 per group). The teeth of the experimental groups (a. DRY; b. PAPER POINT DRY; c. WET) were obturated with sealer (Group 1-3: Sealapex; Group 4-6: AH plus; Group 7-9: Tubuli-seal; Group 10-12: EndoRez) and warm vertical compaction method. After 7 days in $37^{\circ}C$, 100% humidity, the coronal-to-apical microleakage was evaluated quantitatively using a glucose leakage model. The leaked glucose concentration was measured with spectrophotometer at 1, 3, 7, 14, 21, and 30 days. Data were recorded ad mmol/L and statistically analysed with the two-way ANOVA and Duncan test (p = 0.05). Results: Throughout the experimental period Tubuli-seal/WET (Group 9) showed the highest mean cumulative glucose penetration (178.75 mmol/L), whereas AH plus/DRY (Group 4) had the least (20.78 mmol/L). Conclusions: The results of this study demonstrated that the moisture condition of root canals at the time of obturation and the type of sealer that was used had a significant effect on leakage and sealing ability. Thus drying procedure according to sealer types is a critical step and should not be missed in endodontic treatment.

Performance of Collaboration Activities upon SME's Idiosyncrasy (중소기업 특성에 따른 외부 협업 활동이 혁신성과에 미치는 영향)

  • Lee, Hye Sun;Oh, Junseok;Lee, Jaeki;Lee, Bong Gyou
    • Journal of Internet Computing and Services
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    • v.14 no.6
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    • pp.95-105
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    • 2013
  • Recently, SME's Collaboration activities have become one of a vital factor for sustaining competitive edge. This is because of the rapidly changing and competitive market environment, and also to leverage performance by overcoming obstacles of having limited internal resources. Discussing about the effects and relationships of the firm's collaboration activities and its outputs are not new. However, as ICT and various technologies have been diffused into the traditional industries, boundaries and practice capabilities within the industries are becoming ambiguous. Thus contents of the products/services and their development methods are also go and come over the industries. Although many researchers suggested the relations of SME's collaboration activities and innovation performances, most of the previous literatures are focusing on broad perspectives of firm's environmental factors rather than considering various SME's idiosyncrasy factors such as their major product and customer types at once. Therefore, the purpose of this paper is to analyze how SME(Small Medium Enterprise)'s external collaboration activities by their idiosyncrasy act as an input to types of innovation performance. In order to analyze collaboration effects in detail, we defined factors that can represent the SME's business environment - Perceived importance of using external resources, Perceived importance of external partnership, Collaboration and Collaboration levels of Major Product types, Customer types and lastly the Firm Sizes. We have also specifically divided the performance of innovation types as product innovation and process innovation based on existing research. In this study, the empirical analysis is based on Probit Regression Model to observe the correlations with the impact of each SME's business environment and their activities. For the empirical data, 497 samples were collected which, this sample data was extracted from the 'Korean Open Innovation Survey' performed by ETRI(Korean Electronics Telecommunications Research Institute) in 2010. As a result, empirical test results indicated that the impact of collaboration varies depend on the innovation types (Product and Process Innovation). The Impact of the collaboration level for the product innovation tend to be more effective when SMEs are developing for a final product, targeting on for individual customers (B2C). But on the other hand, the analysis result of the Process innovation tend to be higher than the product innovation, when SMEs are developing raw materials for their partners or to other firms targeting on for manufacturing industries(B2B). Also perceived importance of using external resources has effected to both product and process innovation performance. But Perceived importance of external partnership was statistically insignificant. Interesting finding was that the service product has negative effects on for the process innovation performance. And Relationship between size of the firms and their external collaboration activities with their performance of the innovations indicated that the bigger firms(over 100 of employees) tend to have better for both product and process innovations. Finally, implications of the results can be suggested as performance of innovation can be varied depends on firm's unique business idiosyncrasy as well as levels of external collaboration activities. The Implication of this research can be considered for firms in selecting an appropriate strategy as well as for policy makers.

Digital Hologram Compression Technique using Multi-View Prediction based on Image Accumulation (영상집적 기반의 다시점 부호화 기술을 이용한 디지털 홀로그램의 압축 기술)

  • Choi, Hyun-Jun;Seo, Young-Ho;Bae, Jin-Woo;Yoo, Ji-Sang;Kim, Hwa-Sung;Kim, Dong-Wook
    • The Journal of Korean Institute of Communications and Information Sciences
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    • v.31 no.10C
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    • pp.933-941
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    • 2006
  • In this paper, we proposed an efficient coding method for digital hologram (fringe pattern) acquired by a CCD camera or by computer generation using multi-view prediction technique and MPEG video compression standard technique. It proceeds each R, G, or B color component separately. The basic processing unit is a partial image segmented into the size of $N{\times}N$. Each partial image retains the information of the whole object. This method generates an assembled image for a row of the segmented and frequency-transformed partial images, which is the basis of the coding process. That is, a motion estimation and compensation technique of MPEG is applif:d to the reconstructed images from the assembled images with the disparities found during generation of assembled image and the original partial images. Therefore the compressed results are the disparity of eachpartial image to form the assembled image for the corresponding row, assembled image, and the motion vectors and the compensated image for each partial image. The experimental results with the implemented algorithm showed that the proposed method has NC (Normal Correlation) values about 4% higher than the previous method, by which ours has better compression efficiency. Consequently, the Proposed method is expected to be used effectively in the application areas to transmit the digital hologram data. can be identified in comparison with the previous researches and commercial IPs.

Serum Biomarkers for Cardiovascular Disease and Atrial Fibrillation in Ischemic Stroke: A Systematic Review and Meta-Analysis (허혈성 뇌졸중에서 심혈관 질환과 심방세동을 위한 혈청 바이오마커: 체계적 문헌 고찰과 메타분석)

  • Myoung Soo, Woo;Sora, Mun;Jiyeong, Lee
    • Korean Journal of Clinical Laboratory Science
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    • v.54 no.4
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    • pp.256-264
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    • 2022
  • Ischemic stroke is caused by an occlusion by a thrombus or embolus in a cerebral artery, preventing oxygenated blood from reaching the brain and causing the necrosis of nerve cells. This paper summarizes the serum candidate markers associated with cardiovascular disease and atrial fibrillation (AF) disease that enable an early diagnosis of ischemic stroke studied thus far and compares the odds ratio (OR) of each marker. This study examined the effect size of these serum candidate markers using meta-analysis techniques. The academic database search screening for articles containing the keywords "cardiovascular disease," "atrial fibrillation," "ischemic stroke," and "serum marker" was limited to results for patients with ischemic stroke. The most derived markers in this study were N-terminal pro-B-type natriuretic peptide (NT-pro-BNP), D-dimer, C-reactive protein (CRP), and glial fibrillary acidic protein (GFAP), the rest being investigated individually. In conclusion, NT-pro-BNP appears to be very useful for the early diagnosis of ischemic stroke. Primarily, it is a marker of AF, and more AF markers will be uncovered and studied in the future.

A Study on the Reasonable Personnel Management of Radiology Department -Centering around the General Hospitals in Seoul- (진단방사선과(診斷放射線科)의 적정인력(適正人力) 관리(管理)에 관(關)한 연구(硏究) -서울시내 종합병원(綜合病院) 중심(中心)으로-)

  • Chung, Soon-Kuy
    • Journal of radiological science and technology
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    • v.11 no.2
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    • pp.27-64
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    • 1988
  • Most hospital administrators in our country have doubted whether or not the size of their hospital personnel staffs, and the personnel management styles implemented are efficient or not. Actually, increased personnel expenditures due to sophisticated specialization of medical practices has become the biggest hospital expense. Therefore, it is said that hospitals can be run move efficiently by implementing reasonable management strategies for hospital personnel management. In this paper, the departments of diagnostic radiography in 16 general hospitals in Seoul, which were classified into 4 groups by the scale of hospital beds, were used as sample cases. Then, the data for the number of X-ray examination by diagnostic item was collected from sample hospitals. The unit hour spent on X-ray examinations in each diagnostic service was quoted from "A Study on setting-up of the relative value units of medical services and on the structure of current fee schedules" written by Mr. Ik Je Seong. The data analysis results are as follows; First, the number of hours per day spent on X-ray examinations in 13 hospitals out of 16 hospitals, was shorter than the general daily working hours (8 hours). Second, in the morning there was not enough time to work for X-ray examinations required, with the available manpower. In the afternoon, however, the situation was diametrically opposed to that in the morning. Third, in light of above results, though most hospitals employ sufficient personnel for the quantity of the actural work, they were always short-handed where their works were performed Fourth, this study tells us that there is a maldistribution of the work in the schedule : too much work for the available personnel in the morning. The following recommendations are resulted from the data analysis described above. First, it is recommended that all out-patients coming again, except specific patients(G. B. or I.V.P. etc) who have to have their X-ray examinations on an empty stomach in the morning among out-patients, be required to visit the hospital in the afternoon. Second, it is recommended that all new out-patients be required to make a reservation in order to equalize the number of patients throughout the day. Third, it is recommended that all in-patients, except specified patients, be arranged to have their X-ray examinations in the afternoon. Fourth, it is recommended that part time workers be employed during peak hours. This recommendation, if applied in a wider scale, would allow hospitals to overcome the problem of the maldistribution of work and personnel, and then more efficient hospital management through the appropirate personnel management procedures could be expected.

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Study on the Retrieval of Vertical Air Motion from the Surface-Based and Airborne Cloud Radar (구름레이더를 이용한 대기 공기의 연직속도 추정연구)

  • Jung, Eunsil
    • Atmosphere
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    • v.29 no.1
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    • pp.105-112
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    • 2019
  • Measurements of vertical air motion and microphysics are essential for improving our understanding of convective clouds. In this paper, the author reviews the current research on the retrieval of vertical air motions using the cloud radar. At radar wavelengths of 3 mm (W-band radar; 94-GHz radar; cloud radar), the raindrop backscattering cross-section (${\sigma}b$) varies between successive maxima and minima as a function of the raindrop diameter (D) that are well described by Mie theory. The first Mie minimum in the backscattering cross-section occurs at D~1.68 mm, which translates to a raindrop terminal fall velocity of ${\sim}5.85m\;s^{-1}$ based on the Gunn and Kinzer relationship. Since raindrop diameters often exceed this size, the signal is captured in the radar Doppler spectrum, and thus, the location of the first Mie minimum can be used as a reference for retrieving the vertical air motion. The Mie technique is applied to radar Doppler spectra from the surface-based and airborne, upward pointing W-band radars. The contributions of aircraft motion to the vertical air motion are also described and further the first-order aircraft motion corrected equation is presented. The review also shows that the separate spectral peaks due to the cloud droplets can provide independent validation of the Mie technique retrieved vertical air motion using the cloud droplets as a tracer of vertical air motion.