• Korean small business review
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• v.42 no.2
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• pp.23-42
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• 2020

In this paper, it is analyzed that the financial factors of successful/unsuccessful companies in restructuring among Korean SMEs. For this purpose, the cases of 494 SMEs that had been subjected to workout programs due to financial distress between 2008-2014 were collected from A bank which is a SME financing bank, and had been subjected to logistic regression and t-test. And the sample cases are categorized into two groups, companies subject to external audit and the others, to provide more reliability. The result suggests; First, in all sample cases of SMEs, those are success factors for workout in connection with smaller total assets, lager sales amount, lower ratio of intangible assets, higher ratio of operating profit, lower ratio of short-term debt, higher ratio of long-term debt, and longer corporation history. Secondly, several factors have different influence on companies subject to external audit and the others. Lastly, the success factors for workout in Korean SMEs turned out to be different from those suggested in previous studies that are focused on large company. Some of the financial factors that led financially distressed firm to a successful restructuring showed the same results as large companies, but some of them were not related to them or even had the inverse influence on SMEs. This implies that SMEs have their distinctive success factors.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.3
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• pp.1-15
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• 2016

This study has analyzed predication capabilities leveraging multi-variate model, logistic regression model, and artificial neural network model based on financial information of medium-small sized companies list in KOSDAQ. 83 delisted companies from 2009 to 2012 and 83 normal companies, i.e. 166 firms in total were sampled for the analysis. Modelling with training data was mobilized for 100 companies inlcuding 50 delisted ones and 50 normal ones at random out of the 166 companies. The rest of samples, 66 companies, were used to verify accuracies of the models. Each model was designed by carrying out T-test with 79 financial ratios for the last 5 years and identifying 9 significant variables. T-test has shown that financial profitability variables were major variables to predict a financial risk at an early stage, and financial stability variables and financial cashflow variables were identified as additional significant variables at a later stage of insolvency. When predication capabilities of the models were compared, for training data, a logistic regression model exhibited the highest accuracy while for test data, the artificial neural networks model provided the most accurate results. There are differences between the previous researches and this study as follows. Firstly, this study considered a time-series aspect in light of the fact that failure proceeds gradually. Secondly, while previous studies constructed a multivariate discriminant model ignoring normality, this study has reviewed the regularity of the independent variables, and performed comparisons with the other models. Policy implications of this study is that the reliability for the disclosure documents is important because the simptoms of firm's fail woule be shown on financial statements according to this paper. Therefore institutional arragements for restraing moral laxity from accounting firms or its workers should be strengthened.

• Journal of Environmental Health Sciences
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• v.43 no.1
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• pp.1-22
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• 2017

'The worstest environment disaster', 'World's first biocide massacre', 'Home-based Sewol ferry disaster' are all phrases attached to the recent humidifier disinfectant disaster. In the spring of 2011, four of 8 pregnant women including 1 adult man passed away at a university hospital in Seoul due to breathing failure. Epidemiologic investigation conducted by the Korean CDC soon revealed the inhalation of humidifier disinfectant, which had been widely used in Korea during the winter, to be responsible for the disease. As well as lung fibrosis hardening of the lungs, other diseases including asthma, rhinitis, skin disease, liver disease, fetal disease or cancers have been researched for their relation with exposure to the products. By February 9, 2017, 5,342 cases had registered for health problems and 1,131 of them were already dead (20.8% mortality rate). Based on studies by government agencies and a telephone survey of the general population by Seoul National University and civic groups, around 20% of the general public of Korea has used these products. Since the market release of the first product by SK Chemical in 1994, over 7.1 million items from around 20 brands were sold up to 2011. Most of the products were manufactured by well-known large conglomerates such as SK, Lotte, Samsung, Shinsegye, LG, and GS, as well as some European companies including UK-based Reckitt Benckiser and TESCO, the German firm Henkel, the Danish firm KeTox, and an Irish company. Even though this disaster was unveiled in 2011 by the Korean government, the issue of the victims was neglected for over five years. In 2016, an unexpected but intensive investigation by prosecutors found that Reckitt Benckiser manipulated and concealed animal tests for its own brand and brought several university experts and company employees to court. The matter was an intense social issue in Korea from May to June with a surge in media coverage. The prosecutor's investigation and a nationwide boycott campaign organized by victims and environmental groups against Reckitt Benckiser, whose product had been used by more than 70% of victims, led to the producer's official apology and a compensation scheme. A legislative investigation organized after the April 2016 national election revealed the producers' faults and the government's responsibility, but failed to meet expectations. A special law for the victims passed the National Assembly in January 2017 and a punitive system together with a massive environmental epidemiology investigation are expected to be the only solutions for this tragedy. Sciences of medicine, toxicology and environmental health have provided decisive evidence so far, but for the remaining problems the perspectives of social sciences such as sociology and jurisprudence are highly necessary, similar to with the Minamata disease and Wonjin Rayon events. It may not be easy to follow this issue using unfamiliar terminology from medical and chemical science and the long, complicated history of the event. For these reasons the author has attempted to write this article in a question and answer format to render it easier to follow. The 17 questions are: Q1 What is humidifier disinfectant? Q2 What kind of health problems are caused by humidifier disinfectant? Q3 How many victims are there? Q4 What is the analysis of the 1,112 cases of death? Q5 What is the problem with the government's diagnostic criteria and the solution? Q6 Who made what brands? Q7 Has there been a recall? What is still on sale? Q8 Was safety not checked by any producers? Q9 What are the government's responsibilities? Q10 Is it true that these products were sold only in Korea? Q11 Why and how was it unveiled only in 2011 after 17 years of sales? Q12 What delayed the resolution of the victim issue? Q13 What is the background of the prosecutor's investigation in early 2016? Q14 Is it possible to report new victim cases without evidence of product purchase? Q15 What is happening with the victim issue? Q16 How does it compare with the cases of Minamata disease and Wonjin Rayon? Q17 Are there prevention measures and lessons?

• Management & Information Systems Review
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• v.30 no.3
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• pp.169-190
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• 2011

Recent academic studies have investigated book-tax differences as an indicator of earnings management. Tax accounting texts claim that the differences between pre-tax financial reporting earnings and taxable income can provide information about current earnings, and the large differences between book and taxable incomes are an indicator of low-quality financial reporting earnings. This study investigates the effect of internal control system over book and tax difference using the KOSPI and KOSDAQ firms from 2006 to 2008. The empirical findings are consistent with a weakness of internal control system being associated with higher book-tax difference. That means a firm which has material weakness in the internal control system allows for more malpractice. In addition to this, If the managers tries to the efficient tax decrease strategy, book-tax difference can be large. Which in turn leads us to observe a positive relation between the weakness of internal control system and intensity of book-tax difference. Overall, we interpret this evidence as indicating that the failure of the internal control system can effect not only investors and creditors but also tax authorities. And It emphasizes that a more effective internal control system linked with sound corporate governance.

• Journal of Service Research and Studies
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• v.6 no.2
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• pp.23-35
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• 2016

Firms should seek greater profits and corporate growth through new businesses. New businesses contribute realizing creative economy that creates good jobs, and expanding the company by securing new markets and creating new profits and growth. However, new business is risky management decision-making to have a high failure rate because it involves the adaptation of new business environment and the burden of new investments, including the uncertainty of success in business. Therefore, innovation strategies play important roles for the new business entry, using product innovation, process innovation, business model innovation, disruptive innovation, and strategic innovation, etc. and company will get huge economic results by pushing them into successful business. It is essential that innovation strategy and IT development strategy along with business strategy of a firm are linked, and their strategic alignment is considered to be a critical success factor for new business success. Hyundai Heavy Industries(HHI) pursued marine engine business for the development of precision machinery industry and shipbuilding industry of Korea, and the company recognized the importance of new business strategy, innovation strategy, and IT strategy inter-linked, and pushed strategic alignment boldly. As a result, HHI won the competition in European and Japanese engine manufacturers and climbed into the world's largest engine manufacturer. This study suggests investigating and analyzing a case that HHI succeeded in marine engine business expansion using strategic innovation strategy as a way of the introduction of CNC machine tools and the development of HEMAPT system.

• The Journal of the Korean bone and joint tumor society
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• v.11 no.2
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• pp.175-182
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• 2005

Purpose: Bone tumor occurred in femur frequently involve proximal intertrochanteric region or distal metaphyseal region. Sometimes, the pathologic fracture can happen according to the size of tumor due to the substantial biomechanical stresses. Therefore, the prognosis can be improved biomechanically by the angled blade plate considering the anatomic configuration after the excision of tumor. Materials and Methods: Between October 1991 and April 2005, there were a total of 16 patients(17 cases) who were treated by the excision of tumor and internal fixation with the angled blade plate for bone tumor occurred in femur. After the excision of tumor, we filled the cavity by bone graft in 11 cases and bone cement in 6 cases. The internal fixation was used by angled blade plate in all cases. Result: The average follow-up time was 55.5 months(6-144 months) in 16 patients(17 cases). No metal failure occurred after the operation. Reoperation was performed in 4 cases due to tumor recurrence, and the internal fixation was firm until that. Conclusion: The angled blade plate can prevent the fracture until grafted bone incorporated to host bone, and protect fragile connection between cement and host bone.

• The Journal of Engineering Geology
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• v.23 no.3
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• pp.247-256
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• 2013

The carbonate sands of the Sabkha layer in the Middle East have very low shear strength. Therefore, instant settlement and time-dependent secondary settlement occur when inner voids are exposed, as in the case of particle crushing. We analyzed settlement of the Sabkha layer under a large-scale foundation by hydrotesting, and compared the field test results with the results of laboratory tests. With ongoing particle crushing, we observed the following stress-strain behaviors: strain-hardening (Sabkha GL-1.5 m), strain-perfect (Sabkha GL-7.0 m), and strain-softening (Sabkha GL-7.5 m). General shear failure occurred most frequently in dense sand and firm ground. Although the stress-strain behavior of Sabkha layer carbonate sand that of strain-softening, the particle crushing strength was low compared with the strain-hardening and strain-perfect behaviors. The stress-strain behaviors differ between carbonate sand and quartz sand. If the relative density of quartz sand is increased, the shear strength is also increased. Continuous secondary compression settlement occurred during the hydrotests, after the dissipation of porewater pressure. Particle crushing strength is relatively low in the Sabkha layer and its stress-strain behavior is strain-softening or strain-perfect. The particle crushing effect is dominant factor affecting foundation settlement in the Sabkha layer.

• Archives of Plastic Surgery
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• v.36 no.5
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• pp.578-582
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• 2009

Purpose: In extensive deep burn of the lower limb, due to less amount of soft tissue, bone is easily exposed. When it happens, natural healing or reconstruction with skin graft only is not easy. Local flap is difficult to success, because adjacent skins are burnt or skin grafted tissues. Muscle flap or free flap are also limited and has high failure rate due to deep tissue damage. The authors acquired good outcome by performing one - stage operation on bone exposed soft tissue defect with AlloDerm$^{(R)}$(LifeCell, USA), an acellular dermal matrix producted from cadaveric skin. Methods: We studied 14 bone exposed soft tissue defect patients from March 2002 to March 2009. Average age, sex, cause of burn, location of wound, duration of admission period, and postoperative complications were studied. We removed bony cortex with burring, until conforming pinpoint bone bleeding. Then rehydrated AlloDerm$^{(R)}$(25 / 1000 inches, meshed type) was applicated on wound, and thin split thickness(6 ~ 8 / 1000 inches) skin graft was done at the immediately same operative time. Results: Average age of patients was 53.6 years(25 years ~ 80 years, SD = 16.8), and 13 patients were male(male : female = 13 : 1). Flame burn was the largest number. (Flame burn 6, electric burn 3, contact burn 4, and scalding burn 1). Tibia(8) was the most affected site. (tibia 8, toe 4, malleolus 1, and metatarsal bone 1). Thin STSC with AlloDerm$^{(R)}$ took without additional surgery in 12 of 14 patients. Partial graft loss was shown on four cases. Two cases were small in size under $1{\times}1cm$, easily healed with simple dressing, and other two cases needed additional surgery. But in case of additional surgery, granulation tissue has easily formed, and simple patch graft on AlloDerm$^{(R)}$ was enough. Average duration of admission period of patients without additional surgery was 15 days(13 ~ 19 days). Conclusion: AlloDerm$^{(R)}$ and thin split thickness skin graft give us an advantage in short surgery time and less limitations in donor site than flap surgery. Postoperative scar is less than in conventional skin graft because of more firm restoration of dermal structure with AlloDerm$^{(R)}$. We propose that AlloDerm$^{(R)}$ and thin split thickness skin graft could be a solution to bone exposured soft tissue defects in extensive deep burned patients on lower extremities, especially when adjacent tissue cannot be used for flap due to extensive burn.

• Journal of Veterinary Clinics
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• v.32 no.6
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• pp.508-510
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• 2015

A 7-year-old castrated male Boston terrier dog was referred due to dyspnea and unilateral cervical mass. On physical examination, mass on left submandibular region was palpated. CT findings revealed this case could be the tumor originated from left lingual vein. The client refused further treatment and the patient expired because of respiratory failure 10 days after presentation. On necropsy, a well-defined firm mass which located in the left side of larynx was detected. Histopathological findings for the mass indicated polygonal tumor cells arranged in nest and separated by fibrovascular septa. We performed immunohistochemisry to evaluate of chromogranin A and tumor cells showed positive immunoreactivity for chromogranin A. Based on computed tomography (CT), histopathological and immunohistochemical findings, this case was definitely diagnosed to paraganglioma of the body on the lingual vein. This report describes the clinical findings, CT imaging characteristics, histopathologic and immunohistochemical features of paraganglioma arised from lingual vein in a dog.

• Korean Journal of Social Welfare Studies
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• no.39
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• pp.365-393
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• 2008

This research examnied the roles, the strategies and the influence of labor unions on the pension reform. In Italia labor unions were important actors in pension reform politics during 1990s, but in 2004 labor union was excluded from the pension reform. This difference is not only related with diffusion of the leftist party but also the experience of pension benefit retrenchment of the pension reform in 1995 in which labor unions had initiatives. Labor unions choose their strategies, social dialogue or mass struggle, depending on the attitudes of government. After change of government following the failure of the pension reform in 1994 Italian government tried social dialogue. In Dini reform in 1995, laborunions had initiative in making pension reform plan. Labor unions obtained member's approval using membership vote. It had repressed opposition from militant sectors effectively. However Labor unions concentrated on the issues of transition measures and protecting vested rights in seniority pension ignoring problems of contribution evasion of small-firm workers and benefit adequacy of young workers. Even when labor unions leaded social concertation processes and pursued union democracy, labor unions' influences on the pension reform had fundamental limitations.