• Title/Summary/Keyword: Set value test

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Development and Evaluation of the Home Economics-Relevant Korean Culture Experience Program for Adolescents with Multicultural Backgrounds - for the Improvement of Self-Identity and Social Adaptation - (가정교과가 연계된 다문화가정 청소년의 한국문화 체험 프로그램의 개발과 평가 - 자아정체감 및 사회적응력 향상을 위하여 -)

  • Lee, Shin Sook;Kim, So Ra
    • Journal of Korean Home Economics Education Association
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    • v.25 no.4
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    • pp.63-77
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    • 2013
  • The purpose of this study is to develop the home economics-relevant program on Korean traditional culture for adolescents from multicultural families for them for experience it directly, set up ego-identity and improve social adaptability. Further, we checked the effectiveness and efficiency of the developed program. First we developed the program composed of a total of 12 sessions based on experiencing Korean culture. It consists of largely 5 madang(parts) centered on themes such as Eowool madang, Hangeul madang, Play madang, Cooking madang and hostory madang. We ran the developed program for 3 months targeting a total of 18 persons composed of the adolescents from multicultural families and their mothers residing in S city of eastern area of Jeonnam province. We measured the participants' ego-identity, social adaptibility and participation satisfaction to examine the effectiveness of the program. The results of pre-test, post-test and satisfaction which are evaluation instruments used in this program are as follows. First, it appeared that the self-identity of the adolescent of multicultural families inceased by 0.30 from average score of 3.03 before the participation in the program to 3.33 after the participation. Social adaptability increased by 0.30 from average 3.11 before the participation to 3.41 after the participation. Second, in the program participation satisfaction, it appeared that first the middle satisfaction marked average 3.30 which exceeded median value at 3.00, meaning a little high satisfaction, whereas the final satisfaction had an averagescore of 4.03, which means a big satisfaction concerning the program participation. The results indicated that the home economics-relevant program was effective in improving the ego-identity and social adaptability of adolescents from multicultural families and supporting a role of as a member of Korean family.

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Evaluation of the Neural Fiber Tractography Associated with Aging in the Normal Corpus Callosum Using the Diffusion Tensor Imaging (DTI) (확산텐서영상(Diffusion Tensor Imaging)을 이용한 정상 뇌량에서의 연령대별 신경섬유로의 변화)

  • Im, In-Chul;Goo, Eun-Hoe;Lee, Jae-Seung
    • Journal of the Korean Society of Radiology
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    • v.5 no.4
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    • pp.189-194
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    • 2011
  • This study used magnetic resonance diffusion tensor imaging (DTI) to quantitatively analyze the neural fiber tractography according to the age of normal corpus callosum and to evaluate of usefulness. The research was intended for the applicants of 60 persons that was in a good state of health with not brain or other disease. The test parameters were TR: 6650 ms, TE: 66 ms, FA: $90^{\circ}$, NEX: 2, thickness: 2 mm, no gap, FOV: 220 mm, b-value: $800s/mm^2$, sense factor: 2, acquisition matrix size: $2{\times}2{\times}2mm^3$, and the test time was 3 minutes 46 seconds. The evaluation method was constructed the color-cored FA map include to the skull vertex from the skull base in scan range. We set up the five ROI of corpus callosum of genu, anterior-mid body, posterior-mid body, isthmus, and splenium, tracking, respectively, and to quantitatively measured the length of neural fiber. As a result, the length of neural fiber, for the corpus callosum of genu was 20's: $61.8{\pm}6.8$, 30's: $63.9{\pm}3.8$, 40's: $65.5{\pm}6.4$, 50's: $57.8{\pm}6.0$, 60's: $58.9{\pm}4.5$, more than 70's: $54.1{\pm}8.1mm$, for the anterior-mid body was 20's: $54.8{\pm}8.8$, 30's: $58.5{\pm}7.9$, 40's: $54.8{\pm}7.8$, 50's: $56.1{\pm}10.2$, 60's: $48.5{\pm}6.2$, more than 70's: $48.6{\pm}8.3mm$, for the posterior-mid body was 20's: $72.7{\pm}9.1$, 30's: $61.6{\pm}9.1$, 40's: $60.9{\pm}10.5$, 50's: $61.4{\pm}11.7$, 60's: $54.9{\pm}10.0$, more than 70's: $53.1{\pm}10.5mm$, for the isthmus was 20's: $71.5{\pm}17.4$, 30's: $74.1{\pm}14.9$, 40's: $73.6{\pm}14.2$, 50's: $66.3{\pm}12.9$, 60's: $56.5{\pm}11.2$, more than 70's: $56.8{\pm}11.3mm$, and for the splenium was 20's: $82.6{\pm}6.8$, 30's: $86.9{\pm}6.4$, 40's: $83.1{\pm}7.1$, 50's: $81.5{\pm}7.4$, 60's: $78.6{\pm}6.0$, more than 70's: $80.55{\pm}8.6mm$. The length of neural fiber for normal corpus callosum were statistically significant in the genu(P=0.001), posterior-mid body(P=0.009), and istumus(P=0.012) of corpus callosum. In order of age, the length of neural fiber increased from 30s to 40s, as one grows older tended to decrease. For this reason, the nerve cells of brain could be confirmed through the neural fiber tractography to progress actively in middle age.

On the vibration influence to the running power plant facilities when the foundation excavated of the cautious blasting works. (노천굴착에서 발파진동의 크기를 감량 시키기 위한 정밀파실험식)

  • Huh Ginn
    • Explosives and Blasting
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    • v.9 no.1
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    • pp.3-13
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    • 1991
  • The cautious blasting works had been used with emulsion explosion electric M/S delay caps. Drill depth was from 3m to 6m with Crawler Drill ${\phi}70mm$ on the calcalious sand stone (soft -modelate -semi hard Rock). The total numbers of test blast were 88. Scale distance were induced 15.52-60.32. It was applied to propagation Law in blasting vibration as follows. Propagtion Law in Blasting Vibration $V=K(\frac{D}{W^b})^n$ were V : Peak partical velocity(cm/sec) D : Distance between explosion and recording sites(m) W : Maximum charge per delay-period of eight milliseconds or more (kg) K : Ground transmission constant, empirically determind on the Rocks, Explosive and drilling pattern ets. b : Charge exponents n : Reduced exponents where the quantity $\frac{D}{W^b}$ is known as the scale distance. Above equation is worked by the U.S Bureau of Mines to determine peak particle velocity. The propagation Law can be catagorized in three groups. Cubic root Scaling charge per delay Square root Scaling of charge per delay Site-specific Scaling of charge Per delay Plots of peak particle velocity versus distoance were made on log-log coordinates. The data are grouped by test and P.P.V. The linear grouping of the data permits their representation by an equation of the form ; $V=K(\frac{D}{W^{\frac{1}{3}})^{-n}$ The value of K(41 or 124) and n(1.41 or 1.66) were determined for each set of data by the method of least squores. Statistical tests showed that a common slope, n, could be used for all data of a given components. Charge and reduction exponents carried out by multiple regressional analysis. It's divided into under loom over loom distance because the frequency is verified by the distance from blast site. Empirical equation of cautious blasting vibration is as follows. Over 30m ------- under l00m ${\cdots\cdots\cdots}{\;}41(D/sqrt[2]{W})^{-1.41}{\;}{\cdots\cdots\cdots\cdots\cdots}{\;}A$ Over 100m ${\cdots\cdots\cdots\cdots\cdots}{\;}121(D/sqrt[3]{W})^{-1.66}{\;}{\cdots\cdots\cdots\cdots\cdots}{\;}B$ where ; V is peak particle velocity In cm / sec D is distance in m and W, maximLlm charge weight per day in kg K value on the above equation has to be more specified for further understaring about the effect of explosives, Rock strength. And Drilling pattern on the vibration levels, it is necessary to carry out more tests.

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The Effect of PET/CT Images on SUV with the Correction of CT Image by Using Contrast Media (PET/CT 영상에서 조영제를 이용한 CT 영상의 보정(Correction)에 따른 표준화섭취계수(SUV)의 영향)

  • Ahn, Sha-Ron;Park, Hoon-Hee;Park, Min-Soo;Lee, Seung-Jae;Oh, Shin-Hyun;Lim, Han-Sang;Kim, Jae-Sam;Lee, Chang-Ho
    • The Korean Journal of Nuclear Medicine Technology
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    • v.13 no.1
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    • pp.77-81
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    • 2009
  • Purpose: The PET of the PET/CT (Positron Emission Tomography/Computed Tomography) quantitatively shows the biological and chemical information of the body, but has limitation of presenting the clear anatomic structure. Thus combining the PET with CT, it is not only possible to offer the higher resolution but also effectively shorten the scanning time and reduce the noises by using CT data in attenuation correction. And because, at the CT scanning, the contrast media makes it easy to determine a exact range of the lesion and distinguish the normal organs, there is a certain increase in the use of it. However, in the case of using the contrast media, it affects semi-quantitative measures of the PET/CT images. In this study, therefore, we will be to establish the reliability of the SUV (Standardized Uptake Value) with CT data correction so that it can help more accurate diagnosis. Materials and Methods: In this experiment, a total of 30 people are targeted - age range: from 27 to 72, average age : 49.6 - and DSTe (General Electric Healthcare, Milwaukee, MI, USA) is used for equipment. $^{18}F$- FDG 370~555 MBq is injected into the subjects depending on their weight and, after about 60 minutes of their stable position, a whole-body scan is taken. The CT scan is set to 140 kV and 210 mA, and the injected amount of the contrast media is 2 cc per 1 kg of the patients' weight. With the raw data from the scan, we obtain a image showing the effect of the contrast media through the attenuation correction by both of the corrected and uncorrected CT data. Then we mark out ROI (Region of Interest) in each area to measure SUV and analyze the difference. Results: According to the analysis, the SUV is decreased in the liver and heart which have more bloodstream than the others, because of the contrast media correction. On the other hand, there is no difference in the lungs. Conclusions: Whereas the CT scan images with the contrast media from the PET/CT increase the contrast of the targeted region for the test so that it can improve efficiency of diagnosis, there occurred an increase of SUV, a semi-quantitative analytical method. In this research, we measure the variation of SUV through the correction of the influence of contrast media and compare the differences. As we revise the SUV which is increasing in the image with attenuation correction by using contrast media, we can expect anatomical images of high-resolution. Furthermore, it is considered that through this trusted semi-quantitative method, it will definitely enhance the diagnostic value.

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The Difference between Career Barrier Recognition and Career Preparation Behavior by Mandatory military service Planning Level among Male College Students (남자대학생의 군 의무복무계획 수준에 따른 진로장벽인식과 진로준비행동의 차이)

  • Hong, Hye-Young;Kang, Hye-Young
    • 대한공업교육학회지
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    • v.38 no.2
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    • pp.218-239
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    • 2013
  • This study aims to understand the status of mandatory military service planning and career barrier recognition as well as to analyze the difference between how students perceive mandatory military service as a potential barrier to their future careers(career barrier recognition) and career preparation behavior by the mandatory military service planning level among male college students. For the purpose, inquiries for the subject were set up as follows. 1. What are the levels of mandatory military service planning and career barrier recognition? 2. Is there a difference in career barrier recognition depending on the level of mandatory military service planning? 3. Is there a difference in career preparation behaviour depending on the level of mandatory military service planning? This study found out the level of mandatory military service, military barrier recognition and career preparation behavior of 284 male students from 4 universities in Daejeon and Chungnam area. Along with that, descriptive statistic, correlation analysis and t-test were conducted with SPSS 17.0 program The results of this study are as follows: First, 79.2% of male students have higher mandatory military service planning than the average value. Meanwhile, considering 3 sub-factors of mandatory military service planning, the ratio of those with high scores in practicality is lower than importance and concreteness. Based on this, it is assumable that they have a low perception for practical and concrete behaviors such as data collection in mandatory military service planning, which indicates their awareness has not developed into concrete behaviors even though they recognize the importance of planning. Also 73.9% of male students responded higher career barrier recognition than the average value shows that they recognize mandatory military service as a barrier relatively highly. Especially, those who answered "Very much" (7 scores) for every inquiry in career barrier recognition accounted for 16.9%, which forms the biggest group. and considering the response by each inquiry, it is ascertained that they consider the absence by mandatory military service time or military service as the biggest difficulty. Second, the difference in career barrier recognition between the top 30% and bottom 30% of mandatory military service planning is not statistically significant. However, in terms of importance and the sub-factor of mandatory military service planning, a significant inter-group difference in career barrier recognition is shown. In other words, to join the military is recognized as an obstacle in their career barrier recognition regardless of the mandatory military service planning level. Also, a group which considers the importance of the mandatory military service planning highly recognizes the military as the bigger obstacle compared to the other groups which are not considered in this way. Third, the difference in career barrier recognition between the top 30% and the bottom 30% of the mandatory military service planning is statistically significant. The need of mandatory military service planning is marked by the fact that those with a high level of mandatory military service planning show stronger career barrier recognition than those without plans. Through the study, the need of mandatory military service planning is suggested to both male students and career consultants considering the mandatory military service from a perspective of career based on Korean reality. Also, as precedent studies on pre-inducted men can be hardly found currently, this study is significant in accumulating empirical data about mandatory military service, a unique characteristic of the Korean career development process.

The Role of Social Capital and Identity in Knowledge Contribution in Virtual Communities: An Empirical Investigation (가상 커뮤니티에서 사회적 자본과 정체성이 지식기여에 미치는 역할: 실증적 분석)

  • Shin, Ho Kyoung;Kim, Kyung Kyu;Lee, Un-Kon
    • Asia pacific journal of information systems
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    • v.22 no.3
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    • pp.53-74
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    • 2012
  • A challenge in fostering virtual communities is the continuous supply of knowledge, namely members' willingness to contribute knowledge to their communities. Previous research argues that giving away knowledge eventually causes the possessors of that knowledge to lose their unique value to others, benefiting all except the contributor. Furthermore, communication within virtual communities involves a large number of participants with different social backgrounds and perspectives. The establishment of mutual understanding to comprehend conversations and foster knowledge contribution in virtual communities is inevitably more difficult than face-to-face communication in a small group. In spite of these arguments, evidence suggests that individuals in virtual communities do engage in social behaviors such as knowledge contribution. It is important to understand why individuals provide their valuable knowledge to other community members without a guarantee of returns. In virtual communities, knowledge is inherently rooted in individual members' experiences and expertise. This personal nature of knowledge requires social interactions between virtual community members for knowledge transfer. This study employs the social capital theory in order to account for interpersonal relationship factors and identity theory for individual and group factors that may affect knowledge contribution. First, social capital is the relationship capital which is embedded within the relationships among the participants in a network and available for use when it is needed. Social capital is a productive resource, facilitating individuals' actions for attainment. Nahapiet and Ghoshal (1997) identify three dimensions of social capital and explain theoretically how these dimensions affect the exchange of knowledge. Thus, social capital would be relevant to knowledge contribution in virtual communities. Second, existing research has addressed the importance of identity in facilitating knowledge contribution in a virtual context. Identity in virtual communities has been described as playing a vital role in the establishment of personal reputations and in the recognition of others. For instance, reputation systems that rate participants in terms of the quality of their contributions provide a readily available inventory of experts to knowledge seekers. Despite the growing interest in identities, however, there is little empirical research about how identities in the communities influence knowledge contribution. Therefore, the goal of this study is to better understand knowledge contribution by examining the roles of social capital and identity in virtual communities. Based on a theoretical framework of social capital and identity theory, we develop and test a theoretical model and evaluate our hypotheses. Specifically, we propose three variables such as cohesiveness, reciprocity, and commitment, referring to the social capital theory, as antecedents of knowledge contribution in virtual communities. We further posit that members with a strong identity (self-presentation and group identification) contribute more knowledge to virtual communities. We conducted a field study in order to validate our research model. We collected data from 192 members of virtual communities and used the PLS method to analyse the data. The tests of the measurement model confirm that our data set has appropriate discriminant and convergent validity. The results of testing the structural model show that cohesion, reciprocity, and self-presentation significantly influence knowledge contribution, while commitment and group identification do not significantly influence knowledge contribution. Our findings on cohesion and reciprocity are consistent with the previous literature. Contrary to our expectations, commitment did not significantly affect knowledge contribution in virtual communities. This result may be due to the fact that knowledge contribution was voluntary in the virtual communities in our sample. Another plausible explanation for this result may be the self-selection bias for the survey respondents, who are more likely to contribute their knowledge to virtual communities. The relationship between self-presentation and knowledge contribution was found to be significant in virtual communities, supporting the results of prior literature. Group identification did not significantly affect knowledge contribution in this study, inconsistent with the wealth of research that identifies group identification as an important factor for knowledge sharing. This conflicting result calls for future research that examines the role of group identification in knowledge contribution in virtual communities. This study makes a contribution to theory development in the area of knowledge management in general and virtual communities in particular. For practice, the results of this study identify the circumstances under which individual factors would be effective for motivating knowledge contribution to virtual communities.

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Investigating Dynamic Mutation Process of Issues Using Unstructured Text Analysis (부도예측을 위한 KNN 앙상블 모형의 동시 최적화)

  • Min, Sung-Hwan
    • Journal of Intelligence and Information Systems
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    • v.22 no.1
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    • pp.139-157
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    • 2016
  • Bankruptcy involves considerable costs, so it can have significant effects on a country's economy. Thus, bankruptcy prediction is an important issue. Over the past several decades, many researchers have addressed topics associated with bankruptcy prediction. Early research on bankruptcy prediction employed conventional statistical methods such as univariate analysis, discriminant analysis, multiple regression, and logistic regression. Later on, many studies began utilizing artificial intelligence techniques such as inductive learning, neural networks, and case-based reasoning. Currently, ensemble models are being utilized to enhance the accuracy of bankruptcy prediction. Ensemble classification involves combining multiple classifiers to obtain more accurate predictions than those obtained using individual models. Ensemble learning techniques are known to be very useful for improving the generalization ability of the classifier. Base classifiers in the ensemble must be as accurate and diverse as possible in order to enhance the generalization ability of an ensemble model. Commonly used methods for constructing ensemble classifiers include bagging, boosting, and random subspace. The random subspace method selects a random feature subset for each classifier from the original feature space to diversify the base classifiers of an ensemble. Each ensemble member is trained by a randomly chosen feature subspace from the original feature set, and predictions from each ensemble member are combined by an aggregation method. The k-nearest neighbors (KNN) classifier is robust with respect to variations in the dataset but is very sensitive to changes in the feature space. For this reason, KNN is a good classifier for the random subspace method. The KNN random subspace ensemble model has been shown to be very effective for improving an individual KNN model. The k parameter of KNN base classifiers and selected feature subsets for base classifiers play an important role in determining the performance of the KNN ensemble model. However, few studies have focused on optimizing the k parameter and feature subsets of base classifiers in the ensemble. This study proposed a new ensemble method that improves upon the performance KNN ensemble model by optimizing both k parameters and feature subsets of base classifiers. A genetic algorithm was used to optimize the KNN ensemble model and improve the prediction accuracy of the ensemble model. The proposed model was applied to a bankruptcy prediction problem by using a real dataset from Korean companies. The research data included 1800 externally non-audited firms that filed for bankruptcy (900 cases) or non-bankruptcy (900 cases). Initially, the dataset consisted of 134 financial ratios. Prior to the experiments, 75 financial ratios were selected based on an independent sample t-test of each financial ratio as an input variable and bankruptcy or non-bankruptcy as an output variable. Of these, 24 financial ratios were selected by using a logistic regression backward feature selection method. The complete dataset was separated into two parts: training and validation. The training dataset was further divided into two portions: one for the training model and the other to avoid overfitting. The prediction accuracy against this dataset was used to determine the fitness value in order to avoid overfitting. The validation dataset was used to evaluate the effectiveness of the final model. A 10-fold cross-validation was implemented to compare the performances of the proposed model and other models. To evaluate the effectiveness of the proposed model, the classification accuracy of the proposed model was compared with that of other models. The Q-statistic values and average classification accuracies of base classifiers were investigated. The experimental results showed that the proposed model outperformed other models, such as the single model and random subspace ensemble model.

Studies of Sausages in Korea -Comparison of Nutritive Components of Korean Commercial Sausages and Foreign Sausages- (한국산(韓國産) SAUSAGE에 관(關)한 연구(硏究) (시판(市販) SAUSAGE의 영양성분(營養成分)과 외국(外國) SAUSAGE와의 비교(比較)))

  • Woo, Soon-Ja;Lee, Hye-June
    • Korean Journal of Food Science and Technology
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    • v.10 no.2
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    • pp.173-180
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    • 1978
  • The sensory test and analysis of the proximate composition and hydroxyproline content of 4 kinds of Korean commercial sausage products (Beef, Hamburger, Frank, Hotdog) were carried out and the results were compared one another. The qualities of these sausage products were compared one another. The qualities of these sausage products were compared on the basis of the nutritive value of foreign sausages and according to the Korea Food Law. The results obtained were as follows. 1. The general conclusion drawn from the results of the proximate analysis was that the average composition of commercial sausages was adequate in view of the limits set by the Food Law. 2. The evaluation factors of sausages based on moisture-to-protein and protein-to-fat ratios were proposed tocompare the qualities of Korean commercial sausages with those of foreign commercial sausages. 3. Content of collagen as connective tissues in total protein of Korean commercial sausages were $2.1{\sim}15%$. The results of the present study appeared to suggest that meat contents of Korean commercial sausages used in this study were less than those of foreign sausages. 4. Among the 4 different kinds of sausages studied the qualities of Frank sausages were the best whereas those of Hotdog sausages were of the lowest quality. Beef sausages appeared better than Hamburger sausages from the view point of nutritive components.

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The Effect of Bee Venom Therapy on Skin Aging (봉독이 피부 노화에 미치는 영향)

  • Kim, Jin-Myoung;Kim, Yoon-Bum
    • The Journal of Korean Medicine Ophthalmology and Otolaryngology and Dermatology
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    • v.23 no.2
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    • pp.27-40
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    • 2010
  • Background and Objective : Increasing interest in anti-aging and anti-wrinkling agents for the skin has triggered the recent outflow of researches and studies in this field. This study was designed to investigate the effects of bee venom on skin wrinkling and skin aging by testing the skin wrinkling, skin elasticity, trans-epidermal water loss (TEWL), free radical level, anti-oxidative agent level, and skin tissue after infusion of bee venom on hairless mouse. Materials and Methods : Fifteen hairless mice aged between 36~40 weeks were divided randomly into 3 Group; the Bee Venom Syringe Group, the Bee Venom Needle Group, and the control group. The Bee Venom Syringe Group were injected subcutaneously with bee venom (0.1cc in total) using an insulin syringe on three spots in the lumbar spine (one spot on the center and two spots 1~2cm to the side bilaterally). The Bee Venom Needle Group were pricked with bee venom-smeared acupuncture needles on three longitudinal spots in the lumbar spine each 1cm apart, after which the needles were removed 10 minutes later. The Control Group did not receive any form of intervention. All procedures took place thrice a week for four weeks, during which the mice were allowed free access to water and fodder. The mice were measured and compared in the weight, skin wrinkling scale, skin elasticity, and TEWL before and after the experiment. After the experiment, blood samples were taken to measure the free radical and anti-oxidative agent level, and the skin tissue was sliced for examination. Data was analyzed using the SPSS program (ver 12.0). The ANOVA analysis was used to compare and contrast the three groups, and t-test for paired samples was used to evaluate skin-wrinkling before and after experiment. The cut-off p-value of significance was set at p<0.05. Results : 1. Administration of bee venom did not cause serious weight loss or gain. 2. Compared to the control group, the Bee Venom Syringe Group and the Bee Venom Needle Group both showed a decrease in skin wrinkling scale after intervention. Especially, the Bee Venom Syringe Group showed a significant decrease (p<0.05). 3. Compared to the control group, the Bee Venom Syringe Group and the Bee Venom Needle Group both showed an increase in skin elasticity. Especially, the Bee Venom Syringe Group showed a significant increase (p<0.05). 4. No significant change in TEWL was found in the mice in all the three groups before and after experiment. 5. Free radical level was normal in all 15 mice in all the three groups, and anti-oxidative agent was not significantly different across the three groups. 6. The Bee Venom Syringe Group, the Bee Venom Needle Group, and the control group did not show any significant difference in the thickness of epidermis and dermis, infiltration of inflammatory cells, and skin wrinkling. The epidermis layer was relatively better preserved in the Bee Venom Syringe Group as compared to the Bee Venom Needle Group and the control group. Conclusion : Direct injection of bee venom on the hairless mouse using a syringe was found to improve wrinkling of the skin and increase skin elasticity but did not show effectiveness on skin dryness due to water loss. The bee venom appears to have suppressive effects on skin wrinkling, one of the symptoms of skin aging, through a process independent of suppression of free radicals or increase of anti-oxidative agent.

Agency Costs of Clothing Companies with Famous Brand (유명 의류 상호 기업의 대리인 비용에 관한 연구)

  • Gong, Kyung-Tae
    • Management & Information Systems Review
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    • v.36 no.4
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    • pp.21-32
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    • 2017
  • Motivated by the recent cases of negligent social responsibility as manifested by foreign luxury fashion brands in Korea, this study investigates whether agency costs depend on the sustainability of different types of corporate governance. Agency costs refer either to vertical costs arising from the relationship between stockholders and managers, or to horizontal costs associated with the potential conflicts between majority and minority stockholders. The firms with luxury fashion brand could spend large sums of money on maintenance of magnificent brand image, thereby increasing the agency cost. On the contrary, the firms may hold down wasteful spending to report a gaudily financial achievement. This results in mitigation of the agency cost. Agency costs are measured by the value of the principal component. First, three ratios are constructed: asset turnover, operating expense to sales, and earnings before interest, tax, and depreciation. Then, the scores of each of these ratios for individual firms in the sample are differenced from the ratios for the benchmark firm of S-OIL. S-OIL was designated as the best superior governance model firm for 2013 by CGS. We perform regression analysis of each agency cost index, luxury fashion brand dummy and a set of control variables. The regression results indicate that the agency costs of the firms with luxury fashion brand exceed those of control group in the fashion industry in the part of operating expenses, but the agency cost falls short of those of control group in the part of EBITD, thus the aggregate agency costs are not differential of those of the control group. In sensitivity test, the results are same that the agency cost of the firms are higher than those of the matching control group with PSM(propensity matching method). These results are corroborated by an additional analysis comparing the group of the companies with the best brands with the control group. The results raise doubts about the effectiveness of management of the firms with luxury fashion brand. This study has a limitation that the research has performed only for 2013 and this paper suggests that there is room for improvement in the current research methodology.

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