• Journal of Distribution Science
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• v.13 no.5
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• pp.53-60
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• 2015

Purpose - The purpose of this paper is to shed light on the importance of the slope and curvature of the volatility curve implied in option prices in the KOSPI 200 options index. A number of studies examine the implied volatility curve, however, these usually focus on cross-sectional characteristics such as the volatility smile. Contrary to previous studies, we focus on time-series characteristics; we investigate correlation dynamics among slope, curvature, and level of the implied volatility curve to capture market information embodied therein. Our study may provide useful implications for investors to utilize current market expectations in managing portfolios dynamically and efficiently. Research design, data, and methodology - For our empirical purpose, we gathered daily KOSPI200 index option prices executed at 2:50 pm in the Korean Exchange distribution market during the period of January 2, 2004 and January 31, 2012. In order to measure slope and curvature of the volatility curve, we use approximated delta distance; the slope is defined as the difference of implied volatilities between 15 delta call options and 15 delta put options; the curvature is defined as the difference between out-of-the-money (OTM) options and at-the-money (ATM) options. We use generalized method of moments (GMM) and the seemingly unrelated regression (SUR) method to verify correlations among level, slope, and curvature of the implied volatility curve with statistical support. Results - We find that slope as well as curvature is positively correlated with volatility level, implying that put option prices increase in a downward market. Further, we find that curvature and slope are positively correlated; however, the relation is weakened at deep moneyness. The results lead us to examine whether slope decreases monotonically as the delta increases, and it is verified with statistical significance that the deeper the moneyness, the lower the slope. It enables us to infer that when volatility surges above a certain level due to any tail risk, investors would rather take long positions in OTM call options, expecting market recovery in the near future. Conclusions - Our results are the evidence of the investor's increasing hedging demand for put options when downside market risks are expected. Adding to this, the slope and curvature of the volatility curve may provide important information regarding the timing of market recovery from a nosedive. For financial product distributors, using the dynamic relation among the three key indicators of the implied volatility curve might be helpful in enhancing profit and gaining trust and loyalty. However, it should be noted that our implications are limited since we do not provide rigorous evidence for the predictability power of volatility curves. Meaning, we need to verify whether the slope and curvature of the volatility curve have statistical significance in predicting the market trough. As one of the verifications, for instance, the performance of trading strategy based on information of slope and curvature could be tested. We reserve this for the future research.

• The Journal of the Korea Contents Association
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• v.17 no.2
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• pp.555-572
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• 2017

The Purpose of this study was to examine the relationship social capital between self efficacy, and the elderly in participated employment or not. The subjects were 340 elderly people in K, S, Y City in Jeonnam. The statistics used for data analysi were reliability, frequency, percentage, mean, standard deviation, one way ANOVA, correlation and multiple Regression. The results of this study were as follows ; First, the degree of social capital of the elderly in participated employment was 86.5(median value 81), while the degree of social capital who did not participated was 79.7. And the degrees of elderly's self efficacy was 43.2, those data showed higher than median. while the degree of self efficacy who did not participated was 39.1. Second, The elderly's social capital level in participated employment were significantly according to residence, religion, living state, economic state, frequency of employment, health state, spouse, monthly income, and the elderly's self efficacy level in participated employment were significantly according to social capital, economic state, monthly income, spouse, health state, living state, education, religion, frequency of employment, Third, participation on the employment for elderly' social capital was the highest correlation variable in self efficacy. Fourth, The variables that affect the elderly's social capital level were economic state, health state, spouse, religion, which explained about 13% of the total variance. And the variables that affect elderly's self efficacy level norm, economic state, network, participation, residence, health state, trust, age, spouse, which explained about 34% of the total variance.

• The Korean Journal of Emergency Medical Services
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• v.15 no.3
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• pp.31-44
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• 2011

Purpose : The purpose of emergency medical services(EMS) is to save human lives and assure the completeness of the body in emergency situations. Those who have been qualified on medical practice to perform such treatment as there is the risk of human life and possibility of major physical and mental injuries that could result from the urgency of time and invasiveness inflicted upon the body. In the emergency medical activities, 119 emergency medical technicians mainly perform the task but they are not able to perform such task independently and they are mandatory to receive medical direction. The purpose of this study is to examine the recognition and request for medical direction by 119 emergency medical technicians in order to provide basic information on the development of medical direction program suitable to the characteristics of EMS as well as for the studies on EMS for the sake of efficient operation of pre-hospital EMS. Method : Questionnaire via e-mail was conducted during July 1-31, 2010 for 675 participants who are emergency medical technicians, nurses and other emergency crews in Gyeongbuk. The effective 171 responses were used for the final analysis. In regards to the emergency medical technicians' scope of responsibilities defined in Attached Form 14, Enforcement regulations of EMS, t-test analysis was conducted by using the means and standard deviation of the level of request for medical direction on the scope of responsibilities of Level 1 & Level 2 emergency medical technicians as the scale of medical direction request. The general characteristics, experience result, the reason for necessity, emergency medical technicians & medical director request level, medical direction method, the place of work of the medical director, feedback content and improvement plan request level were analyzed through frequency and percentage. The level of experience in medical direction and necessity were analyzed through ${\chi}^2$ test. Results : In regards to the medical direction experience per qualification, the experience was the highest with 53.3% for Level 1 emergency medical technicians and 80.3% responded that experience was helpful. As for the recognition on the necessity of medical direction, 71.3% responded as "necessary" and it turned out to be the highest of 76.9% in nurses. As for the reason for responding "necessary", the reason for reducing the risk and side-effects from EMS for patients was the largest(75.4%), and the reason of EMS delay due to the request of medical direction was the highest(71.4%) for the reason for responding "not necessary". In regards to the request level of the task scope of emergency medical technicians, injection of certain amount of solution during a state of shock was the highest($3.10{\pm}.96$) for Level 1 emergency rescuers, and the endotracheal intubation was the highest($3.12{\pm}1.03$) for nurses, and the sublingual administration of nitroglycerine(NTG) during chest pain was the highest($2.62{\pm}1.02$) for Level 2 emergency medical technicians, and regulation of heartbeat using AED was the highest($2.76{\pm}.99$) for other emergency crews. For the revitalization of medical direction, the improvement in the capability of EMS(78.9%) was requested from emergency crew, and the ability to evaluate the medical state of patient was the highest(80.1%) in the level of request for medical director. The prehospital and direct medical direction was the highest(60.8%) for medical direction method, and the emergency medical facility was the highest(52.0%) for the placement of medical director, and the evaluation of appropriateness of EMS was the highest(66.1%) for the feedback content, and the reinforcement of emergency crew(emergency medical technicians) personnel was the highest(69.0%) for the improvement plan. Conclusion : The medical direction is an important policy in the prehospital EMS activity because 119 emergency medical technicians agreed the necessity of medical direction and over 80% of those who experienced medical direction said it was helpful. In addition, the simulation training program using algorithm and case study through feedback are necessary in order to enhance the technical capability of ambulance teams on the item of professional EMS with high level of request in the task scope of emergency medical technicians, and recognition of medical direction is the essence of the EMS field. In regards to revitalizing medical direction, the improvement of the task performance capability of 119 emergency medical technicians and medical directors, reinforcement of emergency medical activity personnel, assurance of trust between emergency medical technicians and the emergency physician, and search for professional operation plan of medical direction center are needed to expand the direct medical direction method for possible treatment beforehand through the participation by medical director even at the step in which emergency situation report is received.

• Asia pacific journal of information systems
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• v.22 no.3
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• pp.75-97
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• 2012

Knowledge residing in the heads of employees has always been regarded as one of the most critical resources within a firm. However, many tries to facilitate knowledge transfer among employees has been unsuccessful because of the motivational and cognitive problems between the knowledge source and the recipient. Social capital, which is defined as "the sum of the actual and potential resources embedded within, available through, derived from the network of relationships possessed by an individual or social unit [Nahapiet and Ghoshal, 1998]," is suggested to resolve these motivational and cognitive problems of knowledge transfer. In Social capital theory, there are two research streams. One insists that social capital strengthens group solidarity and brings up cooperative behaviors among group members, such as voluntary help to colleagues. Therefore, social capital can motivate an expert to transfer his/her knowledge to a colleague in need without any direct reward. The other stream insists that social capital provides an access to various resources that the owner of social capital doesn't possess directly. In knowledge transfer context, an employee with social capital can access and learn much knowledge from his/her colleagues. Therefore, social capital provides benefits to both the knowledge source and the recipient in different ways. However, prior research on knowledge transfer and social capital is mostly limited to either of the research stream of social capital and covered only the knowledge source's or the knowledge recipient's perspective. Social network theory which focuses on the structural dimension of social capital provides clear explanation about the in-depth mechanisms of social capital's two different benefits. 'Strong tie' builds up identification, trust, and emotional attachment between the knowledge source and the recipient; therefore, it motivates the knowledge source to transfer his/her knowledge to the recipient. On the other hand, 'weak tie' easily expands to 'diverse' knowledge sources because it does not take much effort to manage. Therefore, the real value of 'weak tie' comes from the 'diverse network structure,' not the 'weak tie' itself. It implies that the two different perspectives on strength of ties can co-exist. For example, an extroverted employee can manage many 'strong' ties with 'various' colleagues. In this regards, the individual-level structure of one's relationships as well as the dyadic-level relationship should be considered together to provide a holistic view of social capital. In addition, interaction effect between individual-level characteristics and dyadic-level characteristics can be examined, too. Based on these arguments, this study has following research questions. (1) How does the social capital of the knowledge source and the recipient influence knowledge transfer respectively? (2) How does the strength of ties between the knowledge source and the recipient influence knowledge transfer? (3) How does the social capital of the knowledge source and the recipient influence the effect of the strength of ties between the knowledge source and the recipient on knowledge transfer? Based on Social capital theory and Social network theory, a multi-level research model is developed to consider both the individual-level social capital of the knowledge source and the recipient and the dyadic-level strength of relationship between the knowledge source and the recipient. 'Cross-classified random effect model,' one of the multi-level analysis methods, is adopted to analyze the survey responses from 337 R&D employees. The results of analysis provide several findings. First, among three dimensions of the knowledge source's social capital, network centrality (i.e., structural dimension) shows the significant direct effect on knowledge transfer. On the other hand, the knowledge recipient's network centrality is not influential. Instead, it strengthens the influence of the strength of ties between the knowledge source and the recipient on knowledge transfer. It means that the knowledge source's network centrality does not directly increase knowledge transfer. Instead, by providing access to various knowledge sources, the network centrality provides only the context where the strong tie between the knowledge source and the recipient leads to effective knowledge transfer. In short, network centrality has indirect effect on knowledge transfer from the knowledge recipient's perspective, while it has direct effect from the knowledge source's perspective. This is the most important contribution of this research. In addition, contrary to the research hypothesis, company tenure of the knowledge recipient negatively influences knowledge transfer. It means that experienced employees do not look for new knowledge and stick to their own knowledge. This is also an interesting result. One of the possible reasons is the hierarchical culture of Korea, such as a fear of losing face in front of subordinates. In a research methodology perspective, multi-level analysis adopted in this study seems to be very promising in management research area which has a multi-level data structure, such as employee-team-department-company. In addition, social network analysis is also a promising research approach with an exploding availability of online social network data.

• Journal of the Korean Society of Clothing and Textiles
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• v.31 no.12
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• pp.1784-1792
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• 2007

This study set out to identify the problems with hat labels and to search for improvement measures by examining and analyzing consumers' practice of managing their hats. It also intended to provide accurate and enough information about how to keep and wash hats and thus help consumers use their hats for a long period. In an attempt to investigate how consumers wash and manage their hats, a survey was carried out to 395 individuals in their twenties and over who owned hats living in urban areas including Seoul, and were quota sampled according to age and gender. The survey period is March to April 2007. The collected data were statistically treated with the SPSS 12.0 program in terms of frequency, percentage, mean, standard error, cross tabulation, t-test, and one-way ANOVA. The findings were as followed. First, the respondents were in the average level of perceiving and practicing the washing methods of their hats. The female respondents who had more experiences with laundering than the males knew and practiced the washing methods for hats better than males. Second, compared to other clothing items, hat wearers were more likely to pay careful attention to their hats by putting their hats in a laundry net and applying a laundry detergent for wool fabrics when using a washing machine or washing their hats with their own hands. And third, most of the hat wearers were aware of the importance of hat labels and showed a lower level of trust in them than other clothing items. The suppliers need to offer accurate and practical labels in order to regain the consumers' trust. Many consumers had some difficulties figuring out the size system of hats. In particular, the male consumers had a low level of perception of labels, which implies that there should be specific efforts to educate them about general labels.

• 한국벤처창업학회:학술대회논문집
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• 2006.04a
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• pp.167-201
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• 2006

Korean corporations are transforming their vertical operational structure to a team-based structure to compete in the rapidly changing environment and for improved performance. However, a high percentage of the respondents in KBS said that despite the appearance of the present team structure, the organization operates much like a vertically-structured organization. This result can be attributed to the lack of study and implementation toward the goal of empowerment, the key variable for the success of the team-based structure. This study aims to provide policy suggestions on how to implement the process of empowerment, by investigating the conditions that hinder the process and the attitude of the KBS employees. For the cross-sectional study, this thesis examined the domestic and international references, conducted a survey of KBS employees, personal interviews and made direct observations. Approximately 1,200 copies of the Questionnaire were distributed and 474 were completed and returned. The analysis used SPSS 12.0 software to process the data collected from 460 respondents. For the longitudinal-study, six categories that were common to this study and "The Report of the Findings of KBS Employees' View of the Team Structure" were selected. The comparative study analyzed the changes in a ten-month period. The survey findings showed a decrease of 24.2%p in the number of responses expressing negative views of the team structure and a decrease of 1.29%p in the number of positive responses. The findings indicated a positive transformation illustrating employees' improved understanding and approval of the team structure. However, KBS must address the issue on an ongoing basis. It has been proven that the employee empowerment increases the productivity of the individual and the group. In order to boost the level of empowerment, the management must exercise new, innovative leadership and build trust between the managers and the employees first. Additional workload as a result of shirking at work places was prevalent throughout all divisions and ranks, according to the survey data. This outcome leads to the conclusion that the workload is not evenly distributed or shared. And the data also showed the employees do not trust the assessment and rewards system. More attention and consideration must be paid to the team size and job allocation in order to address this matter; the present assessment and rewards system need to be complemented. The type of leadership varies depending on the characteristics of the organization's structure and employees' disposition. KBS must develop and reform its own management, leadership style to suit the characteristics of individual teams. Finally, for a soft-landing of KBS team structure, in-house training and education are necessary.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.3
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• pp.410-422
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• 2018

This paper studies the factors that increase the sustainability of Industry-University cooperation in the current structure of domestic I-U cooperation, which is highly dependent on government support. First, we examine the extent to which the 'I-U Relationship Strength' can be explained by the cumulative 'Experiences of I-U cooperation' and 'Width of various I-U cooperation channels', and the 'I-U cooperation barrier' can be explained by the 'Difference in mutual recognition' and 'Institutional barriers' on sustainability. In addition, the factors that can lower the 'I-U cooperation barrier', such as the 'University administration's efforts' and 'Trust between I-U', are examined. The researchers examined the factors affecting the sustainability of I-U cooperation and the factors affecting 'I-U cooperation barriers' in the 'I-U cooperation technology development projects' of the Ministry of Small & Medium Venture Business and Startups with its long history of domestic I-U cooperation programs. In order to clarify the data of the research sample, a questionnaire survey of organizational units was conducted for all companies participating in the 'I-U cooperation technology development projects' of the Ministry of SMVB and Startups between 2011 and 2015, and the responses of 356 organizations were used. It was found that the greater the 'Width of the I-U cooperation channels', the higher the sustainability and that the greater the 'Institutional barriers', the lower the sustainability. However, through the 'University administration's efforts' and 'Trust between I-U', it is possible to overcome the 'I-U cooperation barrier'. Ultimately, the systematization of Industry-University-Research institute subjects is needed to realize sustainability. In other words, it is necessary to have a linkage program that can broaden the link between industry and universities, that is to broaden the scope of I-U cooperation. Moreover, it is necessary for the government to provide institutional support to promote desirable I-U cooperation policies. Finally, it is essential to change the universities' core organizations in order to improve the level of university administration services.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.2
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• pp.187-200
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• 2023

The purpose of this study is to examine how the start-up education, start-up support system, and start-up mentoring directly and indirectly conducted in universities affects entrepreneurial Intention, and to present programs and directions that can increase the possibility of start-up for college students. This study analyzed the effects of college students' satisfaction with university entrepreneurship education, awareness of the entrepreneurship support system, and entrepreneurship mentoring on entrepreneurial will, and then analyzed how entrepreneurship efficacy affects entrepreneurial will as a moderating effect. The recognition of the start-up support system was divided into the government start-up support policy and the university start-up support project, and start-up mentoring was divided into mentoring function (problem-solving function, networking function, communication function, motivation function) and mentor trust (cognitive trust, emotional trust). Regression analysis was performed on satisfaction with college entrepreneurship education, perception of entrepreneurship support system, entrepreneurship mentoring as independent variables, and willingness to entrepreneurship as dependent variables. In addition, entrepreneurship efficacy was designated as a moderating variable and analyzed. As a result of the study, first, it was found that satisfaction with start-up education had a positive (+) effect on college students' willingness to start a business. Second, among the start-up support systems, university start-up support projects were found to have a positive (+) effect on college students' willingness to start a business. Third, as a result of verifying whether entrepreneurial self-efficacy has a moderating effect on the relationship between college start-up support projects and college students' willingness to start a business while recognizing the start-up support system, it was found to have a moderating effect. The following implications can be derived based on the analysis results of this study. First, efforts to improve start-up education will be needed to increase the satisfaction of start-up education. Second, Through the operation of the start-up counseling center in the university, it will be possible to recognize the education system supported by the university, the university start-up support project that can carry out the indirect experience of start-up, and the government start-up support policy that supports funds. Third, It will be necessary to open a program that can provide start-up mentoring through connection with mentors in the start-up field, such as professors, employees, and senior start-ups in universities. Fourth, It is necessary to develop thorough education on the preparation process of start-ups, start-up special lectures where senior start-ups can indirectly experience the failure of start-ups, and programs for customized start-up education according to college students' major and individual tendencies.

• Journal of Distribution Science
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• v.13 no.4
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• pp.55-64
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• 2015

Purpose - Multi-dimensional prices comprise multiple components such as monthly payments and a number of payments rather than a single lump-sum amount. According to previous studies, an increase in the number of price dimensions leads to a massive amount of cognitive stress resulting in incorrect calculation, and deterioration in the consistency of the price judgment. However, an increase only in the level of complexity of calculating multi-dimensional prices does not always result in a corresponding decrease in the accuracy of price evaluation. Since diverse variables could affect consumers' purchase-decision-making process, the results of price evaluation would be different. In this study, an empirical analysis was performed to determine how the accuracy of price evaluation varies depending on the extent of the complexity of price dimensions using product involvement and brand preference as moderating variables. Research design, data, and methodology - A survey was conducted on 260 students, and 252 effective responses were used for analysis. The data was analyzed using t-test, one-way ANOVA, and two-way ANOVA. In this study, six hypotheses were developed to examine the effect of product involvement and brand preference on consumers' evaluation effort of multi-dimensional prices. Results - As the number of price dimensions increased, accuracy of price evaluation appeared to be low in high involvement, as expected. However, it showed no differences in price evaluation effort when the level of complexity of calculating multi-dimensional prices is low. When a small number of price dimensions are presented in both cases of high and low involvement, accuracy of price evaluation is much higher in a weak brand preference. On the contrary, a strong brand preference enhances an accuracy of price evaluation only in case of low involvement when the number of price dimensions is increased. An interaction effect of product involvement and brand preference on consumers' evaluation of multi-dimensional prices did not exist irrespective of the level of complexity of calculating prices being high or low. Conclusions - When the number of price dimensions is small, consumers' effort for price evaluation shows almost no difference without the moderating effect of involvement, and a weak brand preference leads to a higher accuracy of price evaluation in an effort to make the best selection. No interaction effect of product involvement and brand preference was found except for a main effect of brand preference. When a price is composed of multiple dimensions rendering it more difficult to calculate the final price, the effort for price evaluation was expected to decrease only slightly in case of combination of high involvement and strong brand preference. This is because people have a higher purchase intentions and trust for that particular brand. However, the accuracy of price evaluation was much lower in cases of high involvement, and there was no interaction effect between product involvement and brand preference except for a main effect of involvement and brand preference, respectively.

• The Korean Journal of Community Living Science
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• v.15 no.4
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• pp.149-163
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• 2004

The purpose of this study is to present a plan to activate the production and consumption of environmently friendly agricultural products through an analysis on the understanding degree, the level and inclination of consumption, the satisfaction degree of consumption, and the comprehension degree of production and circulation process of the environmently friendly agricultural products. 1 reviewed the literature and did survey In this study. The results are as follows : (1) As a result of an analysis on the understanding degree of the environmently friendly agricultural products, it is shown to get 6.37 points out of 10 and also, there is a difference between age, educational background, and income level. (2) In the case of research on the method to distinguish the environmently friendly agricultural products from others, it is proved that consumers have a strong faith on quality guarantee marks and there is a difference between gender, income level, and consumption period. (3) It is also shown that consumers purchase environmently friendly agricultural products for the family member's health in the survey on the motivation for purchasing them. And also, there is a difference between men and women. (4) The result of the survey on the consumption scale of the environmently friendly agricultural products shows that 94 people(60.3％) spend more than 50％ of their gloss foodstuffs cost purchasing them and 20 people(12.8％) spend 30-50％. (5) In the survey on the amount and the frequency of the purchasing items of the envirounently friendly agricultural products, respondents count livestock products mostly in amount while point out main cereals and a kinds of soy and pastes in frequency. (6) Consumers ask that the price of environmently friendly agricultural products is a little expensive or reasonable and there is no differences between individual groups. (7) In the case of the purchase of foreign environmently friendly agricultural products, there are more people who want to purchase domestic ones than those who want foreign ones. Therefore, it is shown that environmently friendly agricultural products have a counterpower after the market-open to import. (8) As a result of the analysis on the quality of environmently friendly agricultural products, it is proved that they have better quality than general agricultural products and also, it is found out that women feel larger differences than men in quality. (9) In the analysis on the satisfaction degree of the environmently friendly agricultural products, it is proved that respondents trust the safety and nutrition of them whereas they are not satisfied with the external shape of them. (10) It is analyzed that tile conversion of consumer's consciousness is the most critical factor for development of environmently friendly agriculture. (11) The factors to activate the consumption of environmently friendly agricultural products are proved in order of the enlargement of direct transaction, the conversion of consumer's consciousness, the easiness of purchase, activating consumers'unions, and publicity.