• Journal of Christian Education in Korea
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• v.68
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• pp.245-277
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• 2021

The purpose of this study was to investigate the trend of Christian picture book-related research. The purpose of this study is to present basic data for various and balanced research and development in the Christian picture book field by analyzing the research period, research content, and research method related to Christian picture books. For this study, 45 domestic master's and doctoral dissertations were extracted through the National Assembly Library and the Academic Research Information Service (RISS) with the keywords of 'Christian picture book', 'Bible picture book', 'Christian story', and 'Bible story'. The frequency and percentage were calculated by analyzing Christian picture book-related studies according to four criteria: research period, research content, research method, and research subject. As a result of the study, first, the trend of Christian picture book research papers by research period from 1999 to 2021 was 43 master's articles (95.6%) and 2 doctoral articles (4.4%), focusing on Christian picture book-related studies. Second, the trend by research content was found to be 12 basic studies (26.6%) and 33 practical studies (73.4%). Research related to Christian picture books is being actively conducted focusing on practical research rather than basic research. Third, the trend by research method was in the order of 33 quantitative studies (73.4%), 11 literature studies (24.4%), and 1 qualitative study (2.2%). Research related to Christian picture books is centered on quantitative research, and literature research and qualitative research account for a relatively low proportion. Fourth, as for the trends by study subject, there were 35 human subjects (77.8%) and 10 physical subjects (22.2%). Among human subjects, 33 single subjects (73.4%) and 2 mixed subjects (4.4%) were found, and among single subjects, 30 studies (66.7%) targeting children were high. In other words, research on Christian picture books had a higher proportion of studies with children as a single subject than mixed subjects between children and children, children and teachers, and between children and parents.

• Journal of Christian Education in Korea
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• v.69
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• pp.77-104
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• 2022

The purpose of this study was to investigate the research trend of forest play. The purpose of this study is to provide basic data for the vitalization of forest play research by analyzing the research period, research content, and research methods. For this study, 57 domestic master's and doctoral dissertations were extracted through the National Assembly Library and the Research Information Sharing Service(RISS) with the keywords of 'forest', 'play', and 'forest play'. The frequency and percentage were calculated by analyzing forest play research based on four criteria: research period, research content, research method, and research subject. As a result of the research, first, the trend of forest play research by period is from 2011 to 2021, with 49 articles (85.9%) for master's degrees and 8 articles (14.1%) for doctor's degrees. Second, the trend by research content was found to be 16 basic studies (28.1%) and 41 practical studies (71.9%). Forest play research is being actively conducted centered on practical research. Third, the trends by research method were in the order of 39 quantitative studies (68.4%), 17 qualitative studies (29.8%), and 1 literature study (1.8%). Forest play research is focused on quantitative research, and comparatively qualitative research and literature research account for a low proportion. Fourth, the trend by study subject was 56 single subject studies (98.2%). The single subjects were 52 children (91.2%), 3 teachers (5.2%), and 1 parent (1.8%). As for the mixed subjects, there is one study (1.8%) targeting children and parents, and it is necessary to conduct a study with mixed subjects. As for the study of material subjects, 42 articles (73.7%) in the natural environment, 13 articles (22.8%) in educational institutions, and 2 articles (3.5%) in the media were found in the order. Research on the home environment related to forest play is insufficient, so research on parents, children-parents, and home environment related to forest play should be conducted in the future.

• Journal of Christian Education in Korea
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• v.77
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• pp.47-62
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• 2024

Purpose of the study : The purpose of this study was to analyze research on Christian infant parents in terms of research period, research content, and research method, and seek directions for research projects related to Christian infant parents. Research content and methods : For this study, domestic master's and doctoral dissertation published from 1995 to 2023 by the national assembly library and the research information sharing service (RISS) were collected under the categories 'Christianity', 'infant', 'infancy', and 'parent'. A total of 40 studies were extracted by searching with these keywords and excluding redundant studies. In addition, the frequency and percentage were calculated by classifying and analyzing the results into three criteria: research period, research content, and research method. Conclusions and Recommendations : Research on Christian infant parents increased significantly between 2016 and 2020, with 10 studies (25%) conducted during this period, indicating a more active engagement in this area compared to other times. Master's theses accounted for 39 studies (97.5%), while doctoral dissertation comprised 1 study (2.5%), suggesting a predominance of research at the master's level. Regarding the content of the research on Christian infant parents, practice studies accounted for 34 studies (85%), while basic research accounted for 6 studies (15%). Field-related studies such as the development of parental education programs and materials for infants continued to be carried out steadily, but there was a lack of theoretical, philosophical, perceptual, and factual investigation research on Christian infant parents. Methodologically, literature reviews were prevalent, with 27 studies (67.5%), followed by quantitative studies with 10 studies (25%), and qualitative studies with 3 studies (7.5%). Various types of research, including quantitative, qualitative, and literature reviews, were conducted between 2016 and 2020. Based on the research findings, in-depth qualitative studies conducted through observation and interviews, as well as mixed-method studies complementing single studies, should be conducted for a long-term perspective on research involving Christian infant and child parents.

• Korean small business review
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• v.31 no.4
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• pp.67-93
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• 2009

The purpose of this paper is to explore the relations between financial constraints and dividend smoothing of innovative small and medium sized enterprises(SMEs) listed on Korea Securities Market and Kosdaq Market of Korea Exchange. The innovative SMEs is defined as the firms with high level of R&D intensity which is measured by (R&D investment/total sales) ratio, according to Chauvin and Hirschey (1993). The R&D investment plays an important role as the innovative driver that can increase the future growth opportunity and profitability of the firms. Therefore, the R&D investment have large, positive, and consistent influences on the market value of the firm. In this point of view, we expect that the innovative SMEs can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. And also, we expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Aivazian et al.(2006) exert that the financial unconstrained firms with the high accessibility to capital market can adjust dividend payment faster than the financial constrained firms. We collect the sample firms among the total SMEs listed on Korea Securities Market and Kosdaq Market of Korea Exchange during the periods from January 1999 to December 2007 from the KIS Value Library database. The total number of firm-year observations of the total sample firms throughout the entire period is 5,544, the number of firm-year observations of the dividend firms is 2,919, and the number of firm-year observations of the non-dividend firms is 2,625. About 53%(or 2,919) of these total 5,544 observations involve firms that make a dividend payment. The dividend firms are divided into two groups according to the R&D intensity, such as the innovative SMEs with larger than median of R&D intensity and the noninnovative SMEs with smaller than median of R&D intensity. The number of firm-year observations of the innovative SMEs is 1,506, and the number of firm-year observations of the noninnovative SMEs is 1,413. Furthermore, the innovative SMEs are divided into two groups according to level of financial constraints, such as the financial unconstrained firms and the financial constrained firms. The number of firm-year observations of the former is 894, and the number of firm-year observations of the latter is 612. Although all available firm-year observations of the dividend firms are collected, deletions are made in the case of financial industries such as banks, securities company, insurance company, and other financial services company, because their capital structure and business style are widely different from the general manufacturing firms. The stock repurchase was involved in dividend payment because Grullon and Michaely (2002) examined the substitution hypothesis between dividends and stock repurchases. However, our data structure is an unbalanced panel data since there is no requirement that the firm-year observations data are all available for each firms during the entire periods from January 1999 to December 2007 from the KIS Value Library database. We firstly estimate the classic Lintner(1956) dividend adjustment model, where the decision to smooth dividend or to adopt a residual dividend policy depends on financial constraints measured by market accessibility. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between current payout rato and target payout ratio each year. In the Lintner model, dependent variable is the current dividend per share(DPS_t), and independent variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t). We hypothesized that firms adjust partially the gap between the current dividend per share(DPS_t) and the target payout ratio(Ω) each year, when the past dividend per share(DPS_t-1) deviate from the target payout ratio(Ω). We secondly estimate the expansion model that extend the Lintner model by including the determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory. In the expansion model, dependent variable is the current dividend per share(DPS_t), explanatory variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t), and control variables are the current capital expenditure ratio(CEA_t), the current leverage ratio(LEV_t), the current operating return on assets(ROA_t), the current business risk(RISK_t), the current trading volume turnover ratio(TURN_t), and the current dividend premium(DPREM_t). In these control variables, CEA_t, LEV_t, and ROA_t are the determinants suggested by the residual dividend theory and the agency theory, ROA_t and RISK_t are the determinants suggested by the dividend signaling theory, TURN_t is the determinant suggested by the transactions cost theory, and DPREM_t is the determinant suggested by the catering theory. Furthermore, we thirdly estimate the Lintner model and the expansion model by using the panel data of the financial unconstrained firms and the financial constrained firms, that are divided into two groups according to level of financial constraints. We expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, because the former can finance more easily the investment funds through the market accessibility than the latter. We analyzed descriptive statistics such as mean, standard deviation, and median to delete the outliers from the panel data, conducted one way analysis of variance to check up the industry-specfic effects, and conducted difference test of firms characteristic variables between innovative SMEs and noninnovative SMEs as well as difference test of firms characteristic variables between financial unconstrained firms and financial constrained firms. We also conducted the correlation analysis and the variance inflation factors analysis to detect any multicollinearity among the independent variables. Both of the correlation coefficients and the variance inflation factors are roughly low to the extent that may be ignored the multicollinearity among the independent variables. Furthermore, we estimate both of the Lintner model and the expansion model using the panel regression analysis. We firstly test the time-specific effects and the firm-specific effects may be involved in our panel data through the Lagrange multiplier test that was proposed by Breusch and Pagan(1980), and secondly conduct Hausman test to prove that fixed effect model is fitter with our panel data than the random effect model. The main results of this study can be summarized as follows. The determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory explain significantly the dividend policy of the innovative SMEs. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between the current payout ratio and the target payout ratio each year. In the core variables of Lintner model, the past dividend per share has more effects to dividend smoothing than the current earnings per share. These results suggest that the innovative SMEs maintain stable and long run dividend policy which sustains the past dividend per share level without corporate special reasons. The main results show that dividend adjustment speed of the innovative SMEs is faster than that of the noninnovative SMEs. This means that the innovative SMEs with high level of R&D intensity can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. The other main results show that dividend adjustment speed of the financial unconstrained SMEs is faster than that of the financial constrained SMEs. This means that the financial unconstrained firms with high accessibility to capital market can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Futhermore, the other additional results show that dividend adjustment speed of the innovative SMEs classified by the Small and Medium Business Administration is faster than that of the unclassified SMEs. They are linked with various financial policies and services such as credit guaranteed service, policy fund for SMEs, venture investment fund, insurance program, and so on. In conclusion, the past dividend per share and the current earnings per share suggested by the Lintner model explain mainly dividend adjustment speed of the innovative SMEs, and also the financial constraints explain partially. Therefore, if managers can properly understand of the relations between financial constraints and dividend smoothing of innovative SMEs, they can maintain stable and long run dividend policy of the innovative SMEs through dividend smoothing. These are encouraging results for Korea government, that is, the Small and Medium Business Administration as it has implemented many policies to commit to the innovative SMEs. This paper may have a few limitations because it may be only early study about the relations between financial constraints and dividend smoothing of the innovative SMEs. Specifically, this paper may not adequately capture all of the subtle features of the innovative SMEs and the financial unconstrained SMEs. Therefore, we think that it is necessary to expand sample firms and control variables, and use more elaborate analysis methods in the future studies.