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The Financing Behavior and Financial Structure Determinants of Korean Manufacturing Firms (한국제조기업의 자금조달행태와 재무구조 결정요인에 관한 연구)

  • Shin, Dong-Ryung
    • The Korean Journal of Financial Management
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    • v.23 no.2
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    • pp.109-141
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    • 2006
  • The central factor in the pecking order theory of financial structure is the asymmetric distribution of information between managers and less-informed outside investors. Myers and Majluf (1984) show that this asymmetry leads managers to prefer internal funds to external funds. Funds are raised through equity issues only after the capacity to issue debt has been exhausted. In contrast, according to static tradeoff theory, an optimum financial structure exists by the tradeoff between tax saving by debt and bankruptcy costs. This study examines the recent changes of Korean firms' financial structure and financing behavior and the determinants of financial structure. The sample of firms comes from the period of $1996{\sim}2004$, and the number of firms is 32,003. The major findings are as follows. First, in contrast with previous studies using US firms as sample, Korean firms have been using debt financing as their major financing instrument. Especially, the firms in the fund deficit situation relies much more on $long{\sim}term$ and $short{\sim}term$ debts rather than on equity issues. Second, as is the case with previous studies using US firms sample indicates, the financing deficit variable can not explain perfectly the net debt issue. However, compared with net equity issue variable, net debt issue variable is more closely related to the financing deficit variable. Third, when financing deficit variable is added to the current list of explanatory variables of financial structure determinants model, it has a significant and positive explanatory power. In addition, the coefficients of determinants are much improved. Thus, it is concluded that although pecking order theory is not perfect, it appears to be more useful compared to static tradeoff theory, at least in explaining the recent financing behavior of Korean manufacturing firms.

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A comparative study of ADL and IADL of residential home and home for the aged dwelling elderly (노인의 거주 형태에 따른 일상생활동작(ADL) 및 도구적 일상 생활 동작(IADL)의 수행능력 비교)

  • Park, Chan-Eui;Chang, Chung-Hoon;Lee, Jae-Hyoung
    • The Journal of Korean Physical Therapy
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    • v.18 no.4
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    • pp.61-70
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    • 2006
  • Purpose: The purpose of this study was to investigate the activities of daily living (ADL) and instrumental activities of daily living (IADL) of residential home dwelling elderly and home for the aged dwelling elderly. In attempt to address medical professional caring the elderly, this comparative study examines the factors associated with dependence in the ADL and IADL in two samples of elderly people living in two different environments. Methods: The instrument of ADL and IADL widely used Katz ADL and IADL. Katz ADL and IADL was not a perfect fit for Korean. In concern with cultural factors Won developed K(Korean)-ADL and K-IADL scale reflecting Korean's own language expression and cultural factors in year of 2002. The assessment tool of this study was K-ADL and K-IADL. Differences of ADL and IADL were tested for statistical significance using group t-test and x2 test for comparisons between the residential home dwelling elderly and the home for the aged dwelling elderly. Results: Comparison of assessment for K-ADL and K-IADL in two different dwelling types was significant. Performance of ADL and IADL depend upon their living environment such as social status, number of children, income, present illness as well as age group. This study also showed significant differences of performance in some activities of ADL and IADL between the elderly who live in their own home and live in home for the aged. Comparison of performance of ADL and IADL in different dwelling types revealed that only one item of ADL was significant but only one item of IADL was not significant. It means that IADL is more difficult activities in the home for the aged dwelling elderly than the residential home dwelling elderly. The coupled elderly has more independent in some ADL and IADL activities compared with the single elderly. Conclusion: Using K-ADL and K-IADL is more convenient for Korean elderly. Medical professional consider some factors like dwelling style, social status, existing diseases and disabilities in order to care the elderly and train him/her activities of daily living as well as instrumental activities of daily living. Medical professional, especially physical and occupational therapist emphasize the training items which are bathing of ADL and grooming, housework, preparing meals, laundry, traveling, public transportation, shopping, using telephone and taking medicine of IADL based on the result of this study.

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Application of Antibiotic Resistance Test for the Recognition of Korean Native Rhizobium japonicum Strain (한국(韓國) 토착대두(土着大豆) 근류균(根瘤菌)의 균주(菌株) 인식(認識)을 위한 항생제(抗生劑) 내성(耐性) 검정법(檢定法)의 응용(應用))

  • Lim, Sun-Uk;Kim, Min-Kyun
    • Korean Journal of Soil Science and Fertilizer
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    • v.22 no.3
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    • pp.239-244
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    • 1989
  • This work was for the elucidation of heterogeneity in a natural population of Rhizobium japonicum existing in Seoul National University's Experiment Field and of sensitivities of R. japonicum isolates for several antibiotics by using a method based on intrinsic antibiotic resistance (IAR). In addition, the suitability of IAR method for the recognition of R. japonicum strain was elucidated. Twenty seven isolates from various soybean cultivars cultivated at SNU's Experiment Field were tested to 4 antibiotics (streptomycin sulphate, kanamycin sulphate, ampicillin, oxytetracycline);There were 21 different IAR patterns among 27 isolates. It demonstrated diverse distribution of R. japonicum strains in SNU's Experiment Field. Their growth was inhibited at from a low concentration of about $1{\mu}g/ml$ to a high concentration of $400{\mu}g/ml$ for streptomycin sulphate, ampicillin, and oxytetracyclin. For kanamycin sulphate, on the contrary, all 27 isolates showed their growth inhibitances at below the concentration of $12.5{\mu}g/ml$. Two isolates identified as different strains from each other by the previous seroimmunological tests showed the same sensitivities for 4 antibiotics, and it seemed that IAR method was not perfect for the exact recognition of R. japonicum strain.

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Effect of Coated Urea Complex Fertilizer Application Levels on Growth and Grain Quality in Rice Cultural Methods (벼 재배양식별(栽培樣式別) 피복요소(被覆尿素) 복합비료(複合肥料)의 시용량(施用量)이 생육(生育) 및 미질(米質)에 미치는 영향)

  • Park, Kyeong-Bae
    • Korean Journal of Soil Science and Fertilizer
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    • v.27 no.3
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    • pp.226-231
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    • 1994
  • This experiment was conducted to evaluate the effect of coated urea complex fertilizer(CUC) on the growth and quality of rice in high-ridged dry seeding and infant -seedling machine transplanting on clay loam and sandy loam in Milyang, Korea, 1993. The CUC level applicated was 100 %, 80 %, 60% and 40% to standard application amount of fertilizer. Results obtained were as follows : 1. The nitrogen releasing rate in dry seeding was 83% for sandy loam, 81% in clay loam for 3.5 months after initial releasing, and in infant-seedling was 89% in both soil types for 4 months. 2. The degree of rice leaf color was the highest at the heading stage, and was high with increasing CUC application level regardless of cultural methods, especially was higher at harvesting stage in the 100% level of CUC to standard application amount of fertilizer than conventional fertilizer. 3. The perfect rice grain ratio was higher in infant-seedling than in dry seeding, but lowered with increasing CUC application level regardless of cultural methods. The green kerneled rice ratio among imperfect rice grain was high in dry seeding, and the notched belly rice kernel ratio was high in infant-than infant-seedling of the both soil types, and increased with increasing CUC application level. 4. Hon-value in rice grain was higher at the treatment of CUC application than conventional fertilizer in dry seeding. However, it was contrary result in infant seedling, and was low tendency with decreasing CUC application. On the other hand, the protein in rice grain was also same tendency of Hon-value. Cel-consistency related to eating quality was longer with increasing CUC application level regardless of cultural methods. However, there was no clear tendency at clay loam. 5. No significant difference between rice yield and CUC application in the range of 60% to 100% at both soil types in dry seeding was observed. These results appeared in clay loam under infant seedling except sandy loam. Accordingly, it was thought that 60% level of CUC to standard application amount of fertilizer could be applicated for growth and quality of rice.

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Spatial Ability, Its Relationship to Mathematics Achievement, and Strategic Choices for Spatial Tasks Among Engineering Freshmen, and Gender Differences (공과대학 신입생들의 공간 시각화 능력의 수학 성취도와의 관계와 문제해결 전략 및 성별 차이에 관한 연구)

  • Kim, Yon Mi
    • Korean Journal of Cognitive Science
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    • v.28 no.3
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    • pp.149-171
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    • 2017
  • In this research, based on the fact that spatial ability is important for the achievement in the STEM fields, and technological innovation, Purdue Spatial Visualization Test-Rotation has been used to investigate engineering freshmen's spatial ability and gender differences. Students who have taken advanced mathematics courses in high school(those who have taken type B math test in Korean SAT test) and students with general math courses(those who have taken type A in Korean SAT-Math test) are included in this study to find out the relationship between mathematics achievement and spatial ability. Finding out the strategies taken by students was another aim of this study. This strategic differences between high achievers and lower achievers, male and female students were analyzed from students' self report. Spatial ability test score was highest in the SAT-Math type B male students, decreased in the order of type A male students, type B female students, and lastly type A female students. There was no substantial difference between second and third groups. In each group, male students' average score was 8~10% higher than female students, which affirms 2015's results. The correlation between spatial ability and mathematics achievement was negligible in each group, but male students' math score and spatial ability score were higher than that of female students. This can be interpreted that there is some correlation between these two. Strategic choices can vary in the continuous spectrum with analytic method and holistic method at both ends. From students' self report, using Mann-Witney test, it turned out that there exists strategic differences between male and female students. Male students have a tendency to use holistic strategy more often than female students. I also found that the strategy choice did not vary greatly among all score groups. For the perfect score groups, both female and male students used holistic strategy most frequently. For low achieving groups, there is an evidence that these students overuse one method compared to average or high achieving groups, which turned out to be less effective. Based on these, I suggest that low achieving students need to have more chances to adopt efficient strategies and to practice challenging problems to improve their spatial abilities.

Recent Developments in Law of International Electronic Information Transactions (국제전자정보거래(國際電子情報去來)에 관한 입법동향(立法動向))

  • Hur, Hai-Kwan
    • THE INTERNATIONAL COMMERCE & LAW REVIEW
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    • v.23
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    • pp.155-219
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    • 2004
  • This paper focuses on two recent legislative developments in electronic commerce: the "Uniform Computer Information Transactions Act" ("UCITA") of USA and the "preliminary draft convention on the use of data message in [international trade] [the context of international contracts]" ("preliminary draft Convention") of UNCITRAL. UCITA provides rules contracts for computer information transactions. UCITA supplies modified contract formation rules adapted to permit and to facilitate electronic contracting. UCITA also adjusts commonly recognized warranties as appropriate for computer information transactions; for example, to recognize the international context in connection with protection against infringement and misappropriation, and First Amendment considerations involved with informational content. Furthermore, UCITA adapts traditional rules as to what is acceptable performance to the context of computer information transactions, including providing rules for the protection of the parties concerning the electronic regulation of performance to clarify that the appropriate general rule is one of material breach with respect to cancellation (rather than so-called perfect tender). UCITA also supplies guidance in the case of certain specialized types of contracts, e.g., access contracts and for termination of contracts. While for the most part carrying over the familiar rules of Article 2 concerning breach when appropriate in the context of the tangible medium on which the information is fixed, but also adapting common law rules and rules from Article 2 on waiver, cure, assurance and anticipatory breach to the context of computer information transactions, UCITA provides a remedy structure somewhat modeled on that of Article 2 but adapted in significant respects to the different context of a computer information transaction. For example, UCITA contains very important limitations on the generally recognized common law right of self-help as applicable in the electronic context. The UNCITRAL's preliminary draft Convention applies to the use of data messages in connection with an existing or contemplated contract between parties whose places of business are in different States. Nothing in the Convention affects the application of any rule of law that may require the parties to disclose their identities, places of business or other information, or relieves a party from the legal consequences of making inaccurate or false statements in that regard. Likewise, nothing in the Convention requires a contract or any other communication, declaration, demand, notice or request that the parties are required to make or choose to make in connection with an existing or contemplated contract to be made or evidenced in any particular form. Under the Convention, a communication, declaration, demand, notice or request that the parties are required to make or choose to make in connection with an existing or contemplated contract, including an offer and the acceptance of an offer, is conveyed by means of data messages. Also, the Convention provides for use of automated information systems for contract formation: a contract formed by the interaction of an automated information system and a person, or by the interaction of automated information systems, shall not be denied on the sole ground that no person reviewed each of the individual actions carried out by such systems or the resulting agreement. Further, the Convention provides that, unless otherwise agreed by the parties, a contract concluded by a person that accesses an automated information system of another party has no legal effect and is not enforceable if the person made an error in a data message and (a) the automated information system did not provide the person with an opportunity to prevent or correct the error; (b) the person notifies the other party of the error as soon as practicable when the person making the error learns of it and indicates that he or she made an error in the data message; (c) The person takes reasonable steps, including steps that conform to the other party's instructions, to return the goods or services received, if any, as a result of the error or, if instructed to do so, to destroy such goods or services.

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IMAGING SIMULATIONS FOR THE KOREAN VLBI NETWORK(KVN) (한국우주전파관측망(KVN)의 영상모의실험)

  • Jung, Tae-Hyun;Rhee, Myung-Hyun;Roh, Duk-Gyoo;Kim, Hyun-Goo;Sohn, Bong-Won
    • Journal of Astronomy and Space Sciences
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    • v.22 no.1
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    • pp.1-12
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    • 2005
  • The Korean VLBI Network (KVN) will open a new field of research in astronomy, geodesy and earth science using the newest three Elm radio telescopes. This will expand our ability to look at the Universe in the millimeter regime. Imaging capability of radio interferometry is highly dependent upon the antenna configuration, source size, declination and the shape of target. In this paper, imaging simulations are carried out with the KVN system configuration. Five test images were used which were a point source, multi-point sources, a uniform sphere with two different sizes compared to the synthesis beam of the KVN and a Very Large Array (VLA) image of Cygnus A. The declination for the full time simulation was set as +60 degrees and the observation time range was -6 to +6 hours around transit. Simulations have been done at 22GHz, one of the KVN observation frequency. All these simulations and data reductions have been run with the Astronomical Image Processing System (AIPS) software package. As the KVN array has a resolution of about 6 mas (milli arcsecond) at 220Hz, in case of model source being approximately the beam size or smaller, the ratio of peak intensity over RMS shows about 10000:1 and 5000:1. The other case in which model source is larger than the beam size, this ratio shows very low range of about 115:1 and 34:1. This is due to the lack of short baselines and the small number of antenna. We compare the coordinates of the model images with those of the cleaned images. The result shows mostly perfect correspondence except in the case of the 12mas uniform sphere. Therefore, the main astronomical targets for the KVN will be the compact sources and the KVN will have an excellent performance in the astrometry for these sources.

A Interpretation on Placeness and Historic Cultural Landscape of Dokjae-dong on Nogosan, Yangju (양주 노고산(老姑山) 독재동(篤才洞)의 장소성과 역사문화경관 해석)

  • Rho, Jae-Hyun;Kim, Hwa-Ok;Lee, Jung-Han;Park, Joo-Sung
    • Journal of the Korean Institute of Traditional Landscape Architecture
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    • v.33 no.1
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    • pp.97-109
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    • 2015
  • This study was focused on the placeness of Nogosan Dokjae-dong and rock inscription located in Jangheung-myeon, Yangju-si, Gyeonggi-do. The purpose was to reveal the implication of Nogosan and Dokjae-dong Valley in terms of Historic cultural landscape by considering the characteristics of the place and its landscape, and inferring the significance of the letters engraved on the rock. The result is as follows.10) Samgaksan is one of the five famous mountains in Korea. It is the sacred mountain that stands behind the capital city of the Joseon Dynasty that lasted for 600 years. On the other hand, the placeness of Nogosan is significant since it was the place where people used to bow low to the three great summits of Samgaksan. Furthermore, Nogosan was the perfect place to view Samgaksan that represented the Joseon spirit. Many letters were engraved on the rocks around Dokjae-dong Valley by Misu Heo Mok(許穆) as part of his memories to describe his experience in the mountain and became a scenery. Chusa(秋史) Kim Jung-Hee(金正喜) also engraved letters of 'Mongjae' on the rock that contains a double meaning. Literally, it means 'a dreaming house' However, it also implies that even just a daydream is significant in a way. These letters are presumed to be the signs that are related to Sung-Jae(性齋) Heo Jeon(許傳)'s experience in Dokjae-dong since the letters were part of his famous book title. Below these two letters, Chusa also engraved letters that describe the sexagenary cycle including the year of the rat, horse, dog, and tiger. They are regarded as the letters that describe the fate of Chusa's friend, a scholar born in May 1804. Nogosan and Dongjae-dong Valley are very significant in terms of historic cultural landscape as a viewpoint to see Samgaksan; and a place that cherishes the traces of Misu and shows common values and cohesiveness of well-known scholars of the Joseon Dynasty including Song Wol-Jae(松月齋) and Sung-Jae as a of Gihonamin(畿湖南人). The engraved letters of Chusa and Misu also implicitly demonstrates the major trends of Korea's calligraphy history.

A Study on the Landscape Characteristics of 16 Sceneries of Hahoe Village, Represented in "Hahoe 16 Sceneries" and "Picture Describing Hahwae Village" ("화회십육경(河回十六景)"과 "하외낙강상하일대도(河隈洛江上下一帶圖)"를 통해 본 하회16경의 경관상)

  • Rho, Jae-Hyun;Lee, Hyun-Woo
    • Journal of the Korean Institute of Traditional Landscape Architecture
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    • v.31 no.1
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    • pp.48-58
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    • 2013
  • The results of this research to study forms, structure, changes, symbolic meanings of 16 Hahoe sceneries through analyses of "Hahwaesipyukgyeong" and "Hahwaenakgangsanghaildaedo" are as belows. The coherence of headword is not discovered in 16 Hahoe sceneries, but based on various variables and sense dependence, endemicity with original natural scenes, human's life and phenomena of riverside village are spread in 3km viewing areas within 200m from Gyeonamjeongsa(謙巖精舍) and Okyeonjeongsa(玉淵精舍). As the viewing points of Gyeonam and Okyeonjeongsa are symmetrically facing and separately independent, while viewing angles do not intersect at Wonjijeongsa (遠志精舍) and Binyeonjeongsa(賓淵精舍) because of Buyongdae(芙蓉臺), and crating each independent viewing area, we can see 16 Hahoe sceneries are perfect views by supplementing Gyeonam and Okyeon Jeongsa, as well as points of views from Wonji and Binyeonjeongsa. Meanwhile, as the view point of 16 Hahoe sceneries, Gyeomam, Okyeon, Binyeon, and Wonji Jeongsa are clearly described, and 12 natural sceneries, which are Hwasan(花山), Ipam(立巖), Maam(馬巖), Jando(棧道), Bangi(盤磯), Hoengju(橫舟), and Honggyo(虹橋), among landscape elements of 16 Hahoe sceneries that can be expressed on canvas in the Haoedo are realistically described, there is high possibility that Haoedo is the 'Mental Stroll about Nature(臥遊) of 16 Hahoe sceneries. The belted forest surrounding the village in the painting is assumed to be an erosion control forest, and considering row-expressed trees, the south belted forest may be a different broad-leaved forest from current Mansongjeong(萬松亭) pine forest. In 16 Hahoe sceneries, there is Neo-confucianism tendency, which connects the nature and human life, and moreover prioritize human life than the nature. Especially as seen in the 'Choljae(拙齋)', the pen name of 16 Hahoe sceneries' author park, the 16 Hahoe scenery poet suggests 'Beauty of Jolbak(拙撲美)' based on the simple life that upright classical scholars pursued as the basic emotion. The thinking system shown in the poet is interpreted as Neo-confucianism category including one's sense and emotion depended on natural features or phenomena. Ultimately, 16 Hahoe sceneries are landscape that reflects moral world views of Confucianism scholars who wanted to express ideal thoughts based on natural features and phenomena in reality at Jeongsa in Buyongdae and Hahoe Village.

Deconstructive reading of Makoto Shinkai's : Stories of things that cannot meet without their names (해체로 읽는 신카이 마코토의 <너의 이름은. 군(君)の명(名)は.> : 이름 없이는 서로 만날 수 없는 사물들에 대해)

  • Ahn, Yoon-kyung;Kim, Hyun-suk
    • Cartoon and Animation Studies
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    • s.50
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    • pp.75-99
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    • 2018
  • Makoto Shinkai, an animated film maker in Japan, has been featured as a one-person production system and as a 'writer of light', but his 2016 release of "Your Name" was a departure from the elements that characterize his existing works. At the same time, by the combination of the traditional musubi(むすび) story, ending these, it was a big hit due to its rich narratives and attraction of open interpretation possibility. As it can be guessed from the title of this work, this work shows the encounter between the Japanese ancient language and the modern language in relation to the 'name', and presents the image that the role of the name(language) is repeatedly emphasized with various variations in events for the perfect 'encounter'. In this work, the interpretations of $Signifi\acute{e}$ for characters and objects are extended and reserved as a metaphorical role of the similarity, depending on the meaning of the subject which they touch. The relationship between words and objects analyzed through the structure of Signifiant and $Signifi\acute{e}$ is an epoch-making ideological discovery of modern times revealed through F. Saussure. Focusing on "the difference" between being this and that from the notion of Saussure, Derrida dismissed logocentrism, rationalism that fully obeyed the order of Logos. Likewise, dismissing the center, or dismissing the owner had emerged after the exclusive and closed principle of metaphysics in the west was dismissed. Derrida's definition of 'deconstruction' is a philosophical strategy that starts with the insight on the nature of language. 'Dissemination,' a metaphor that he used as a methodological concept to read texts acts as interpretation and practice (or play), but does not pursue an ultimate interpretation. His 'undecidability' does not start with infinity, but ends with infinity. The researcher testifies himself and identifies that we can't be an interpreter of the world because we, as a human are not the subject of language but a user. Derrida also interpreted the world of things composed of Signifiant and $Signifi\acute{e}$ as open texts. In this respect, this study aimed to read Makoto's works telling about the meeting of a thing and a thing with name as a guide, based on Derrida's frame of 'deconstruction' and 'dissemination.' This study intends to re-consider which relationship the Signifiant and $Signifi\acute{e}$ have with human beings who live in modern times, examine the relationship between words and objects presented in this work through Jacques Derrida's destruction and dissemination concepts, and recognize that we are merely a part of Signifiant and $Signifi\acute{e}$. Just as Taki and Mitsuha confirm the existence by asking each other, we are in the world of things, expecting musubi that a world of names calls me.