• Journal of Distribution Science
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• v.13 no.10
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• pp.73-82
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• 2015

Purpose - This paper aims to investigate whether information asymmetry could explain capital structures in Korean corporations. According to Myers (1984), firms prefer internal funding to external financing due to the costs associated with information asymmetry. When external financing is necessary, firms prefer to issue debt rather than equity by the same reasoning. Since Shyam-Sunder and Myers (1999), numerous studies continue to debate the validity of the theory. In this paper, we show how the theory depends on assumptions and incorporated variables. We hope our investigation can provide helpful implications regarding capital structure, information asymmetry, and other firm characteristics. Specifically, our empirical results are complementary to the analysis of Son and Lee's (2015), a recent study that examines the pecking order theory prediction for Korean retail firms. Research design, data, and methodology - We test empirical models that are some variants of model used in Shyam-Sunder and Myers (1999). The financial and accounting data are provided by WISEfn for the firms listed on the KOSPI during 1990 to 2013. Bond ratings are supplied by the Korea Investor Service (KIS). We take into account the heterogeneity in debt capacity; a firm's debt capacity is measured by using the method of Lemmon and Zender (2010) based on its bond ratings. Finally, we estimate empirical models suggested by Shyam-Sunder and Myers (1999), Frank and Goyal (2003), and Lemmon and Zender (2010). Results - First, we find that Shyam-Sunder and Myers' (1999) prediction fails to explain total debt changes of Korean firms. Second, we find a non-monotonic relationship between total debt changes and financial deficits with respect to debt capacity. This contradicts the prediction of Lemmon and Zender (2010) that argues the pecking order theory survives with a monotonically increasing relationship. Third, we estimate a negative correlation coefficient between financial deficit and current debt changes. The result is the complete opposite of the prediction of Lemmon and Zender (2010). Finally, we also confirm the non-monotonic relationship between non-current debt changes and financial deficits with respect to debt capacity. Yet, the slope of coefficient is smaller than that of total debt change case. Indeed, the results are, to some extent, consistent with the prediction of pecking order theory, if we exclude the mid-debt capacity firms. Conclusions - Our empirical results complementary to the analysis of Son and Lee (2015), a recent study focusing on capital structure in Korean retail firms; their paper suggests interesting topics regarding capital structure, information asymmetry, and other firm characteristics in Korean corporations. Contrary to Son and Lee (2015), our results show that total debt changes and current debt changes are inconsistent with the prediction of Shyam-Sunder and Myers (1999). However, similar to Son and Lee (2015), non-current debt changes are consistent with the pecking order prediction, in the case of excluding the mid-level debt capacity firms. This contrast allows us to infer that industry characteristics significantly affect the validity of the pecking order prediction. Further studies are needed to analyze the economics behind this phenomenon, which is beyond the scope of our paper. In addition, the estimation bias potentially matters regarding the firm-level debt capacity calculation. We also reserve this topic for future research.

• Journal of Technology Innovation
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• v.23 no.1
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• pp.61-86
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• 2015

This study provides an empirical analysis based on 2012 Korea Innovation Survey (STEPI) to investigate the relation between R&D cooperation and in-house R&D investment. The study further analyzes the effect of the R&D cooperation and in-house R&D investment on technical innovation. First, the relation between company's in-house R&D investment and R&D cooperations is estimated with the two equations using SUR models. Second, the effect of in-house R&D investment and R&D cooperation on the company's technical innovation is estimated using Probit model. This study differs from other existing R&D studies using Korean data in that empirical models are based on structural relationships among in-house R&D, R&D cooperation, and technical innovation. The results can be summarized as follows; the R&D cooperation expands the in-house R&D investment and the in-house R&D strengthen the R&D cooperation. Furthermore, In-house R&D investment increases the chances of success in innovation. As we obtain evidence of complementary relation between R&D cooperation and in-house R&D investment, it is necessary to develop environment conducive to this complementarity in order to have more efficient R&D system.

• Korean Journal of Acupuncture
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• v.30 no.3
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• pp.145-150
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• 2013

Objectives : The aim of this study is to review the acupoints used in cocaine studies and interpret the effectiveness in an aspect of meridian theory of Korean medicine. Methods : Authors searched 50 articles in PubMed, 16 in KISS, 9 in OASIS, 40 in NDSL, and 19 in DBPIA, with the keyword of 'cocaine' or 'acupuncture'. The articles written in English only were included. The articles related with cocaine(abuse, dependence, sensitization, intake, withdrawal sign, withdrawal syndrome, reinstatement, seeking) only were subjected. The articles which used manual- or electro-acupuncture were included, and auricular was excluded. Results : The most frequently used acupoint was HT7, while LI4, LU9, ST36, and SP6 were used once respectively. HT7 could be understood to be used from the meaning of the name as well as the theory that Heart Meridian is deeply related with the brain function. LU9 seems to be used to enhance the effect of HT7. LI4 is thought to control reverting yin that flows toward the top of head following the theory of Jang Bu Sang Tong. ST36 appears to be used because it could regulate stress reaction that reverting yin is associated with. SP6 seems to have effect on brain function due to its ability to control spiritual disorder. Conclusions : The acupoints used in the cocaine studies are thought to influence the brain function through diverse mechanism, and Jang Bu Sang Tong theory seems to be involved in the mechanism, at least in part.

• Management & Information Systems Review
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• v.30 no.4
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• pp.315-338
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• 2011

A "high-potential employee" is an employee who has been identified as having the potential, ability and aspiration for successive leadership positions within the company and identify employees who have the greatest future potential and make them future-ready to take your organization to success. The primary purpose of this paper is to investigate the relationships of corporate performance on the high potential employee system using the samples from HCCP panel data. This study seeks to identify a significant high potential employee system though empirical research as well. Results of empirical study are summarized. Finally suggestions, implications and limitations of the present study are also discussed. In this article, we explore the role of competitive strategy and technological environment in the introduction of high-potential employees and its link to impact of these performance.

• Journal of Korea Technology Innovation Society
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• v.14 no.2
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• pp.223-245
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• 2011

We have analysed the impact of innovation on the employment in the Korean Service sector using KIS 2006 data. Our study is based on Bogliacino and Pianta (2010)'s model, which involves two main innovation strategies, technological competitiveness and cost competitiveness, as the main explanatory innovation variables for the employment dynamics. Empirical results show that an increase in demand was the strongest driver for an increase in employment in all four service sectors, including Science-based, specialized supplier, size and information intensive, and supplier dominated. Innovation strategy appeared to have a significant effect on employment at the firm level; Technological competitiveness showed a positive effect on employment in science based sector while cost competitiveness appeared to give a negative effect in specialized supplier sector. The firms in size and information intensive sector showed that increase in wages gives negative impact on their employment. However, cost competitiveness did not give any significant effect on employment dynamics of firms in size and information intensive sector and supplier dominated sector. This finding is different from the research of Bogliacino and Pianta (2010) on the European countries. One possible explanation would be that innovation strategy does not affect employment of firms in size and information intensive sector and supplier dominated sector since the level of innovativeness of these sectors in Korea fall behind that of European countries.

• Korean Journal of Psychosomatic Medicine
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• v.24 no.1
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• pp.43-53
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• 2016

Objectives : Somatic symptoms after the exposure of psychological trauma frequently developed. However, the somatic symptoms are not covered under the diagnostic criteria of posttraumatic stress disorder(PTSD) in detail, although they are often associated with social and occupational functioning and patient-doctor relationships. The aim of this article is to highlight the potential mechanisms, the common manifestations, and the treatment of the somatic symptoms. Methods : This article studied the somatic symptoms searched using academic search engines like PubMed, Scopus, Google Scholar, KoreaMed and KISS from the earliest available date of indexing to March 31, 2016. Results : The mechanism of somatic symptoms after the exposure was described as psychological and physiological aspects. Psychological mechanism consisted of psychodynamic theory, cognitive behavioral theory, and others. Physiological mechanism involved changes in neuroendocrine and immune system, autonomic nervous system and central nervous system. Somatization associated with psychological trauma manifested various health conditions on head and neck, chest, abdominal, musculoskeletal, and dermatological and immune system. Few studies described the standardization of treatment for the somatic symptoms. Conclusions : Clinicians and disaster behavioral health providers should think of the accompanying somatic symptoms during intervention of psychological trauma and PTSD. Further studies are needed on the somatic symptoms seen in psychological trauma and PTSD.

• Journal of Korea Technology Innovation Society
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• v.22 no.1
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• pp.28-49
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• 2019

This paper explores the characteristics of innovation activities in high growth firms that contribute to national and regional economic growth and job creation. The analysis is based on the 2016 KIS data to analyze the difference in innovation activities between high growth firms and general firms. The main results are as follows: First, high growth firms have a higher proportion of R&D personnel than general firms. Second, high growth firms are actively introducing product innovation, process innovation, and organizational innovation as compared to general firms. In the innovation activities related to product innovation and process innovation, there is no statistically significant difference between high growth companies and general companies except for external R&D. Third, High growth firms are more likely to cooperate with other technology partners than general firms. But, there is no statistically significant difference between high growth firms and general firms in the external knowledge search and the diversity of cooperating partners. Fourth, in terms of protecting innovation, high growth firms are more likely to use all kinds of innovation protection method, such as 'utilizing intellectual property rights', 'maintaining confidentiality', 'adopting complex design methods', 'market preemption ahead of competitors', and the most important means is the intellectual property rights. Fifth, government innovation policies that high growth firms chose as important are 'innovation subsidies and loans', 'acquirement, utilization and protection of intellectual property rights' and 'human resource support'.

• The Journal of Korean Academy of Sensory Integration
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• v.16 no.3
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• pp.50-65
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• 2018

Objective : The purpose of this study is to analyze researches about sex education for children and adolescents with developmental disabilities in order to provide a basic data and a direction about sex education. Methods : For the systemic review, domestic and international research articles published from August 2008 to September 2018 were searched using the electronic databases PubMed, EBSCO host (CINAHL Plus with full text), Medline (ProQuest), RISS, and KISS. Keyword used for the search was 'Disability Disorder OR Autism (AND) AND (Effect OR Effectiveness)' for international papers and 'Disability AND Sex Education' for domestic papers. Total 15 articles were collected and analyzed in terms of participant, duration, type, contents, and teaching methods with PICO format. Results : In terms of level of evidence, majority was Level III evidence(60%). Most common contents of sex education were 'physical and growth' and 'relational skills'. Special education and occupational therapy were the field that sex education is provided most frequently. Effects of sex education identified were 'sex knowledge', 'sex attitudes', and 'inappropriate sexual behavior'. Conclusion : This study intend aimed to identify content, trends, and effects of sex education for children and adolescents with developmental disabilities in order to provide a basic data for clinical trial of sex education in occupational therapy practice. This study recommend further researches on the effects of sex education on occupational participation, occupational therapists' awareness of sexual activity of clients, and development of related measurement such as sexual development scale.

• International Area Studies Review
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• v.22 no.3
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• pp.175-200
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• 2018

Since the 1990s rising intangible asset has become one of the main driving forces of investment stagnation and jobless growth in advanced income countries. We investigate how does the impact of firms' profitability on employment growth depends on the intangibility and whether the relationship between profitability and tangibility has complementarity. With data on Korean firms over the period 1988~2017 we investigate the effects of intangibility and profitability on employment growth based on the econometric approach of system GMM. The empirical results are as follows. (1) the profit rate has gradually led to lower employment growth, while it had positive effect on employment before the period of financial crisis. The estimated values and signs of profit rate coefficients varies from traditional industries to high/medium tech. industries. (2) the effect of increasing asset intangibility ratio on employment growth is negative and statistically significant. (3) the coefficients of interaction term of (profit rate ${\times}$ intangibility ratio) have significant negative values. It means employment effect of profit rate are becoming higher(lower) as intangibility ratio is at the lower(higher) level; profits rate and intangibility are not complement with each other. The results imply that to boost employment industrial policy which has the capacity to coordinate business intangibility is preferred to expansionary demand policy.

• Journal of Korea Entertainment Industry Association
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• v.14 no.5
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• pp.255-266
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• 2020

This study conducted a systematic literature review on nursing students to find out the types and composition of patient safety-related education programs. The research was conducted systematically using PRISMA. The patient was a nursing college student, and the intervention was patient safety education. The outcome was either numerical or descriptive reports of the results measured using the tool. The types of research were carried out including randomized design, quasi-experimental design, one-group design, survey and qualitative research. The paper was searched through Medline, Embases, CINAHL, DBpia, Riss and KISS. A total of 2,468 papers were searched in the search results, and nine papers were used for analysis as a result of extracting data according to PICO. The characteristics of patient safety education of nursing college students were classified according to the teaching method, period, result variables and measurement tools. As a result, patient safety education consisted of a variety of subjects, and was being taught through lectures, clinical practice, laboratories, and simulations. The period of education also varied. The resulting variables were mainly checked for knowledge, attitude, and skill, and the tools used to measure them varied. Patient safety education for nursing college students was conducted through various topics, methods and periods at home and abroad. Therefore, continuous research is needed to establish consistent and integrated patient safety education in educational institutions and working institutions to produce nursing personnel with patient safety capabilities.