• Korean small business review
• /
• v.42 no.3
• /
• pp.173-193
• /
• 2020

This study analyzes the effects of KOSDAQ-listed firms' convertible bonds, which have recently increased rapidly in number and size. Although KOSDAQ companies are called mid-size companies, KOSDAQ companies belong to SMEs. Furthermore, convertible bonds have traditionally been a critical capital raising tool for SMEs in the US and Europe. In Korea, KOSDAQ companies actively employ convertible bonds. Convertible bonds provide investment incentives for hesitant investors, allowing companies to raise capital at low interest rates. This study analyzes whether capital raising through issuance of convertible bonds by KOSDAQ companies affects their financial constraints. Financial constraints result from incomplete capital markets, which are embedded in most companies and countries.. In particular, financial constraints have a significant impact on the growth and survival of SMEs. The seminal study FHP(1988) is the most important and effective study of firm's financial constraints. We find that FHP's financial constraint measures show that convertible bond issuance would mitigate the financial constraints of KOSDAQ companies. However, the significance of the evidence is not strong.

• Journal of the Korea Convergence Society
• /
• v.9 no.12
• /
• pp.123-128
• /
• 2018

The aim of this study was to determine the effects of the action observation and visual feedback on the alignment, pain and function of forward head posture(FHP) and round shoulder(RS). A total of 24 participants with FHP and RSP were randomly assigned to general exercise(GE, n=8), action observation(AO, n=8), and visual feedback(VF, n=8). All subjects were exercised three times a week for four weeks. The groups were assessed for craniovertebral angle(CVA), round shoulder posture(RSP), visual analog scale(VAS), and neck disability index(NDI) before and after exercise, There was a significant difference in CVA in the GE, AO and RSP, VAS and NDI were significantly different in all groups. AO was more effective than GE, VF for VAS. The results of this study suggest that action observation may be effective to improve the FHP and RS.