• Tuberculosis and Respiratory Diseases
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• v.44 no.2
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• pp.241-250
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• 1997

Objective : Although the prevalence of pulmonary tuberculosis has decreased progressively after the national control program for tuberculosis began, nowadays the number of MDRTB is increasing seriously. MDRTB tends to be poor responsive to current antituberculosis regimens. It is mainly due to poor compliance, high rate of side reaction of secondary drugs, and limitation in number of available drugs. The purpose of present study is to evaluate the clinical features of pulmonary tuberculosis patients admitted in one national tuberculosis hospital and to expose the problems pertaining to current remedies, to increase the treatment efficacy for pulmonary tuberculosis including MDRTB in the end. Method : Retrospective analysis of 336 pulmonary tuberculosis patients admitted in National Masan Tuberculosis Hospital was done. Contents of analysis were patients profile, the first diagnosed time and medical institutes, family history, residence, previous treatment history, chief complaints at the time of admission, lesion site on chest X -ray film, combined deseases, side reaction to antibuberculosis drugs, used drugs before admission and the results of drug sensitivity test. Results : The ratio between male and female was 4 : 1. Age showed relatively even distribution from 3rd to 6 th decades. 64.6% of the patients was diagnosed at public health center. Weight loss was the most common complaint at admission. Bilateral lesions on chest X-ray films were 59.8%. 130patients had combined desease, of which DM was the most common(37.7%). 95patients had family history, of which parents were the most common(41.7%). According to the time of first diagnosis, 31 patients were diagnosed before 1980, and after then the number of patients was increased by degrees. Residence overwhelmed in pusan and gyung-nam province. 258 patients got previous treatment history, of which 112 patients(43.4%) had more than 3 times and only 133 patients(51.6%)got regular medication. 97 patients used more than other 3 drugs in addition to INH, EMB, RFP and PZA before admission. 154 patients were informed with the results of drug sensitivity test. of which 77 patients had resistance to more than 5 drugs. Gastrointestinal problem was the most common in side reaction to drugs. Conclusion : In the case of weight loss of unknown cause, tuberculosis should be suspected. In first treatment, sufficient and satisfactory explanation for tuberculosis is necessary and treatment period should not be stict to 6 month-short term therapy. In retreatment, new drugs should not be added to used drugs even though drug sensitivity results show sensitivity to some of them. Proper time for surgical intervention should not be delayed.

• Journal of the Korean Society of Food Science and Nutrition
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• v.12 no.2
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• pp.116-121
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• 1983

A study was conducted to evaluate the effect of $^{60}CO-{\gamma}$ irradiation on the preservation on Satauma mandarin in Cheju Island. Four varieties (S. m. early, S. m. Komezawa, S. m. Hayashi and S. m. Aoshima) were irradiated using 10,000Ci, $^{60}CO-{\gamma}$ ray with dosages of 0, 50, 100 and 150Krad. During 92 days of storage the effects of irradiation on mandarin porperties were as follows: At the end of storage period the accumulated fruit rotting percentage were S. m. Komezawa($T_2$);74.32%, S. m. early($T_1$);69.67%, S. m. Aoshima($T_4$);64.33% and S. m. Hayashi ($T_3$);61.79%. The rottings steadily increased from the early stage of storage and rapid spoilage continued after 59 days of irradiation. A high corelation existed between fruit rotting and varieties ($T_3$;Y=0.78x-15.30, $T_4$;Y=0.79x-12.29, $T_1$;Y=0.93x-9.01 and $T_2$;Y=0.79x-13.49) High dosages(100 and 150 Krad)improved fruit preservation during the mid storage stage. However 76 days after high dose irradiation there was no significant difference a rotting between irradiated fruit and the control. Irradiation decreased acidity of fruit during storage (p<0.01). The mean acidities of examined varieties were $T_1$;1.01%, $T_3$;1.01%, $T_4$;0.84% and $T_2$;0.77%. A significant differences were observed in acidity between varieties and dosages(P<0.01) With one exception in all treatments. the increase in free and total sugar content was not statestically significant. The exception was the 50 Krad treatment where the total sugar content decreased. $T_1$ and $T_4$ showed slightly higher value of than Brix $T_2$ and $T_3$, and were significantly(P<0.01) decreased by higher dosage. The ascorbic acid content in all treatments decreased with length of storage and also decreased significantly with a higher dosage.

• Journal of the Korean Society of Food Science and Nutrition
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• v.13 no.3
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• pp.251-258
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• 1984

In order to improve the physical properties on moisture sorption of spray dried red ginseng extract powder (SD-RGEP), the various additives and coating agents were treated, and solubility, sedimentation rate and storage stability of RGEPs treated were investigated. For the moisture-proofing, additive itself was effective in the order casein>dextrin>starch>avicell, but RGEPs treated with additives were effective in the order cord oil+tween-40>starch>casein. But there was no significant difference between RGEP treated less than 1% additive and the moisture-proofing. The coating effect of AEA and CAP on RGEP could not be recognized for the moisture-proofing, whereas that of HPC, corn oil, lecithin and HPC+corn oil was proved to be very effective for the moisture-proofing of RGEP. Also it is required to control the initial moisture content of RGEP. The sedimentation rate of RGEP nontreated was 65.1 seconds, whereas that of RGEPs coated with 1% HPC, 1% corn oil, 1% lecithin and 1% HPC+0.5% corn oil was in the range of 96.2 to 114.3 seconds. The sedimentation rate of RGEPs coated was 1.5 to 1.8 times higher than that of RGEP nontreated, and there was significant difference between solubility and sedimentation rate. Therefore it was no matter for the keeping quality. The sorption rates of RGEPs coated with lecithin $(0.5{\sim}1.0%$), corn oil(0.8%) and cellulose acetate (0.8%) were ranged 54 to 56%, 51 to 55% and 52 to 54%, respectively, and it is found that the moisture-proofing effect of RGEPs coated was about 2 times higher than that of RGEP nontreated. From the result of storage experiment during 3 months under the maltreated condition of $48{\pm}2^{\circ}C$, 75% RH, the moisture sorption of RGEPs coated with corn oil$(0.5{\sim}1.0%$), cellulose acetate(DES, $0.5{\sim}0.8%$) and lecithin (DES, 1.0%) was not at all observed. Therefore it is considered that the circulating period of RGEPs coated with these coating agents could to give more than 3 years.

• Journal of Global Scholars of Marketing Science
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• v.17 no.2
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• pp.31-54
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• 2007

The exchange between buyers and sellers in the industrial market is changing from short-term to long-term relationships. Long-term relationships are governed mainly by formal contracts or informal agreements, but many scholars are now asserting that controlling relationship by using formal contracts under environmental dynamism is inappropriate. In this case, partners will depend on each other's flexibility or interdependence. The former, flexibility, provides a general frame of reference, order, and standards against which to guide and assess appropriate behavior in dynamic and ambiguous situations, thus motivating the value-oriented performance goals shared between partners. It is based on social sacrifices, which can potentially minimize any opportunistic behaviors. The later, interdependence, means that each firm possesses a high level of dependence in an dynamic channel relationship. When interdependence is high in magnitude and symmetric, each firm enjoys a high level of power and the bonds between the firms should be reasonably strong. Strong shared power is likely to promote commitment because of the common interests, attention, and support found in such channel relationships. This study deals with environmental dynamism in high-tech industry. Firms in the high-tech industry regard it as a key success factor to successfully cope with environmental changes. However, due to the lack of studies dealing with environmental dynamism and supply chain commitment in the high-tech industry, it is very difficult to find effective strategies to cope with them. This paper presents the results of an empirical study on the relationship between environmental dynamism and supply chain commitment in the high-tech industry. We examined the effects of consumer, competitor, and technological dynamism on supply chain commitment. Additionally, we examined the moderating effects of flexibility and dependence of supply chains. This study was confined to the type of high-tech industry which has the characteristics of rapid technology change and short product lifecycle. Flexibility among the firms of this industry, having the characteristic of hard and fast growth, is more important here than among any other industry. Thus, a variety of environmental dynamism can affect a supply chain relationship. The industries targeted industries were electronic parts, metal product, computer, electric machine, automobile, and medical precision manufacturing industries. Data was collected as follows. During the survey, the researchers managed to obtain the list of parts suppliers of 2 companies, N and L, with an international competitiveness in the mobile phone manufacturing industry; and of the suppliers in a business relationship with S company, a semiconductor manufacturing company. They were asked to respond to the survey via telephone and e-mail. During the two month period of February-April 2006, we were able to collect data from 44 companies. The respondents were restricted to direct dealing authorities and subcontractor company (the supplier) staff with at least three months of dealing experience with a manufacture (an industrial material buyer). The measurement validation procedures included scale reliability; discriminant and convergent validity were used to validate measures. Also, the reliability measurements traditionally employed, such as the Cronbach's alpha, were used. All the reliabilities were greater than.70. A series of exploratory factor analyses was conducted. We conducted confirmatory factor analyses to assess the validity of our measurements. A series of chi-square difference tests were conducted so that the discriminant validity could be ensured. For each pair, we estimated two models-an unconstrained model and a constrained model-and compared the two model fits. All these tests supported discriminant validity. Also, all items loaded significantly on their respective constructs, providing support for convergent validity. We then examined composite reliability and average variance extracted (AVE). The composite reliability of each construct was greater than.70. The AVE of each construct was greater than.50. According to the multiple regression analysis, customer dynamism had a negative effect and competitor dynamism had a positive effect on a supplier's commitment. In addition, flexibility and dependence had significant moderating effects on customer and competitor dynamism. On the other hand, all hypotheses about technological dynamism had no significant effects on commitment. In other words, technological dynamism had no direct effect on supplier's commitment and was not moderated by the flexibility and dependence of the supply chain. This study makes its contribution in the point of view that this is a rare study on environmental dynamism and supply chain commitment in the field of high-tech industry. Especially, this study verified the effects of three sectors of environmental dynamism on supplier's commitment. Also, it empirically tested how the effects were moderated by flexibility and dependence. The results showed that flexibility and interdependence had a role to strengthen supplier's commitment under environmental dynamism in high-tech industry. Thus relationship managers in high-tech industry should make supply chain relationship flexible and interdependent. The limitations of the study are as follows; First, about the research setting, the study was conducted with high-tech industry, in which the direction of the change in the power balance of supply chain dyads is usually determined by manufacturers. So we have a difficulty with generalization. We need to control the power structure between partners in a future study. Secondly, about flexibility, we treated it throughout the paper as positive, but it can also be negative, i.e. violating an agreement or moving, but in the wrong direction, etc. Therefore we need to investigate the multi-dimensionality of flexibility in future research.

• Proceedings of the Korean Institute of Intelligent Systems Conference
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• 1993.06a
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• pp.1051-1054
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• 1993

The International Atomic Energy Agency's Statute in Article III.A.5 allows it“to establish and administer safeguards designed to ensure that special fissionable and other materials, services, equipment, facilities and information made available by the Agency or at its request or under its supervision or control are not used in such a way as to further any military purpose; and to apply safeguards, at the request of the parties, to any bilateral or multilateral arrangement, or at the request of a State, to any of that State's activities in the field of atomic energy”. Safeguards are essentially a technical means of verifying the fulfilment of political obligations undertaken by States and given a legal force in international agreements relating to the peaceful uses of nuclear energy. The main political objectives are: to assure the international community that States are complying with their non-proliferation and other peaceful undertakings; and to deter (a) the diversion of afeguarded nuclear materials to the production of nuclear explosives or for military purposes and (b) the misuse of safeguarded facilities with the aim of producing unsafeguarded nuclear material. It is clear that no international safeguards system can physically prevent diversion. The IAEA safeguards system is basically a verification measure designed to provide assurance in those cases in which diversion has not occurred. Verification is accomplished by two basic means: material accountancy and containment and surveillance measures. Nuclear material accountancy is the fundamental IAEA safeguards mechanism, while containment and surveillance serve as important complementary measures. Material accountancy refers to a collection of measurements and other determinations which enable the State and the Agency to maintain a current picture of the location and movement of nuclear material into and out of material balance areas, i. e. areas where all material entering or leaving is measurab e. A containment measure is one that is designed by taking advantage of structural characteristics, such as containers, tanks or pipes, etc. To establish the physical integrity of an area or item by preventing the undetected movement of nuclear material or equipment. Such measures involve the application of tamper-indicating or surveillance devices. Surveillance refers to both human and instrumental observation aimed at indicating the movement of nuclear material. The verification process consists of three over-lapping elements: (a) Provision by the State of information such as - design information describing nuclear installations; - accounting reports listing nuclear material inventories, receipts and shipments; - documents amplifying and clarifying reports, as applicable; - notification of international transfers of nuclear material. (b) Collection by the IAEA of information through inspection activities such as - verification of design information - examination of records and repo ts - measurement of nuclear material - examination of containment and surveillance measures - follow-up activities in case of unusual findings. (c) Evaluation of the information provided by the State and of that collected by inspectors to determine the completeness, accuracy and validity of the information provided by the State and to resolve any anomalies and discrepancies. To design an effective verification system, one must identify possible ways and means by which nuclear material could be diverted from peaceful uses, including means to conceal such diversions. These theoretical ways and means, which have become known as diversion strategies, are used as one of the basic inputs for the development of safeguards procedures, equipment and instrumentation. For analysis of implementation strategy purposes, it is assumed that non-compliance cannot be excluded a priori and that consequently there is a low but non-zero probability that a diversion could be attempted in all safeguards ituations. An important element of diversion strategies is the identification of various possible diversion paths; the amount, type and location of nuclear material involved, the physical route and conversion of the material that may take place, rate of removal and concealment methods, as appropriate. With regard to the physical route and conversion of nuclear material the following main categories may be considered: - unreported removal of nuclear material from an installation or during transit - unreported introduction of nuclear material into an installation - unreported transfer of nuclear material from one material balance area to another - unreported production of nuclear material, e. g. enrichment of uranium or production of plutonium - undeclared uses of the material within the installation. With respect to the amount of nuclear material that might be diverted in a given time (the diversion rate), the continuum between the following two limiting cases is cons dered: - one significant quantity or more in a short time, often known as abrupt diversion; and - one significant quantity or more per year, for example, by accumulation of smaller amounts each time to add up to a significant quantity over a period of one year, often called protracted diversion. Concealment methods may include: - restriction of access of inspectors - falsification of records, reports and other material balance areas - replacement of nuclear material, e. g. use of dummy objects - falsification of measurements or of their evaluation - interference with IAEA installed equipment.As a result of diversion and its concealment or other actions, anomalies will occur. All reasonable diversion routes, scenarios/strategies and concealment methods have to be taken into account in designing safeguards implementation strategies so as to provide sufficient opportunities for the IAEA to observe such anomalies. The safeguards approach for each facility will make a different use of these procedures, equipment and instrumentation according to the various diversion strategies which could be applicable to that facility and according to the detection and inspection goals which are applied. Postulated pathways sets of scenarios comprise those elements of diversion strategies which might be carried out at a facility or across a State's fuel cycle with declared or undeclared activities. All such factors, however, contain a degree of fuzziness that need a human judgment to make the ultimate conclusion that all material is being used for peaceful purposes. Safeguards has been traditionally based on verification of declared material and facilities using material accountancy as a fundamental measure. The strength of material accountancy is based on the fact that it allows to detect any diversion independent of the diversion route taken. Material accountancy detects a diversion after it actually happened and thus is powerless to physically prevent it and can only deter by the risk of early detection any contemplation by State authorities to carry out a diversion. Recently the IAEA has been faced with new challenges. To deal with these, various measures are being reconsidered to strengthen the safeguards system such as enhanced assessment of the completeness of the State's initial declaration of nuclear material and installations under its jurisdiction enhanced monitoring and analysis of open information and analysis of open information that may indicate inconsistencies with the State's safeguards obligations. Precise information vital for such enhanced assessments and analyses is normally not available or, if available, difficult and expensive collection of information would be necessary. Above all, realistic appraisal of truth needs sound human judgment.

• KOREAN JOURNAL OF CROP SCIENCE
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• v.26 no.1
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• pp.69-89
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• 1981

Stevia (Stevia rebaudiana Bertoni) is a perennial herb widely distributed in the mountainous area of Paraguay. It belongs to the family Compositae and contains 6 to 12 percent stevioside in the leaves. Stevioside is a glucoside having similar sweetening character to surgar and the degree of sweetness is approximately 300 times of sugar. Since Korea does not produce any sugar crops, and the synthetic sweetenings are potentially hazardous for health, it is rather urgent to develop an economical new sweetener. Consequently, the current experiments are conducted to establish cultural practices of stevia, a new sweetening herbs, introduced into Korea in 1973 and the results are summarized as followings: 1. Days from transplanting of cuttings to the flower bud formation of 6 stevia lines were similar among daylengths of 8, 10 and 12 hours, but it was much greater at daylengths of 14 or 24 hour and varietal differences were noticable. All lines were photosensitive, but a line, 77013, was the most sensitive and 77067 and Suweon 2 were less sensitive to daylength. 2. Critical daylength of all lines seemed to be approximately 12 hours. Growth of plants was severely retarded at daylengths less than 12 hours. 3. Cutting were responded to short daylength before rooting. Number of days from transplanting to flower bud formation of 40-day old cuttings in the nursery bed was 20 days and it was delayed as duration of nursery were shorter. 4. Number of days from emergence to flower bud formation was shortest at short day treatment from 20 days after emergence. It was became longer as initiation of short day treatment was earlier or later than 20 days. 5. Plant height, number of branches, and top dry weight of stevia were reduced as cutting date was delayed from March 20 to May 20. The highest yield of dry leaf was obtained at nursery duration of 40-50 days in march 20 cutting, 30-40 days in April 20 cutting, and 30 days in May 20 cutting. 6. An asymptotic relationship was observed between plant population and leaf dry weight. Yield of dry leaf increased rapidly as plant population increased from 5,000 to 10,000 plants/10a with a reduced increasing rate from 10,000 to 20,000 plants/l0a, and levelled off at the plant population higher than 20,000 plants/l0a. 7. Stevia was adaptable in Suweon, Chengju, Mokpo and Jeju and drought was one of the main factors reducing yield of dry leaf. Yield of dry leaf was reduced significantly (approximately 30%) at June 20 transplanting compared to optimum transplanting. 8. Yield of dry leaf was higher in a vinyl house compared to unprotected control at long daylength or natural daylength except at short day treatment at March 20. Higher temperature ill a vinyl house does not have benefital effects at April 20 transplanting. 9. The highest content of stevioside was noted at the upper leaves of the plant but the lowest was measured at the plant parts of 20cm above ground. Leaf dry weight and stevioside yield was mainly contributed by the plant parts of 60 to 120cm above ground but the varietal differences were also significant. 10. Delayed harvest by the time of flower bud formation increased leaf dry weight remarkably. However, there were insignificant changes of yield as harvests were made at any time after flower bud formation. Content of stevioside was highest at the time of flower bud formation and earlier or later harvest than this time was low in its content. The optimum harvesting time determined by leaf dry weight and stevioside content was the periods from flower bud formation to right before flowering that would be the period from September 10 to September 15 in Suweon area. 11. Stevioside and rebaudioside content in the leaves of Stevia varieties were ranged from 5.4% to 14.3% and 1.5% to 8.3% respectively. However, no definit relationships between stevioside and rebaudioside were observed in these particular experiments.

• Journal of Intelligence and Information Systems
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• v.26 no.2
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• pp.131-145
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• 2020

In line with the trend of industrial innovation, IoT technology utilized in a variety of fields is emerging as a key element in creation of new business models and the provision of user-friendly services through the combination of big data. The accumulated data from devices with the Internet-of-Things (IoT) is being used in many ways to build a convenience-based smart system as it can provide customized intelligent systems through user environment and pattern analysis. Recently, it has been applied to innovation in the public domain and has been using it for smart city and smart transportation, such as solving traffic and crime problems using CCTV. In particular, it is necessary to comprehensively consider the easiness of securing real-time service data and the stability of security when planning underground services or establishing movement amount control information system to enhance citizens' or commuters' convenience in circumstances with the congestion of public transportation such as subways, urban railways, etc. However, previous studies that utilize image data have limitations in reducing the performance of object detection under private issue and abnormal conditions. The IoT device-based sensor data used in this study is free from private issue because it does not require identification for individuals, and can be effectively utilized to build intelligent public services for unspecified people. Especially, sensor data stored by the IoT device need not be identified to an individual, and can be effectively utilized for constructing intelligent public services for many and unspecified people as data free form private issue. We utilize the IoT-based infrared sensor devices for an intelligent pedestrian tracking system in metro service which many people use on a daily basis and temperature data measured by sensors are therein transmitted in real time. The experimental environment for collecting data detected in real time from sensors was established for the equally-spaced midpoints of 4×4 upper parts in the ceiling of subway entrances where the actual movement amount of passengers is high, and it measured the temperature change for objects entering and leaving the detection spots. The measured data have gone through a preprocessing in which the reference values for 16 different areas are set and the difference values between the temperatures in 16 distinct areas and their reference values per unit of time are calculated. This corresponds to the methodology that maximizes movement within the detection area. In addition, the size of the data was increased by 10 times in order to more sensitively reflect the difference in temperature by area. For example, if the temperature data collected from the sensor at a given time were 28.5℃, the data analysis was conducted by changing the value to 285. As above, the data collected from sensors have the characteristics of time series data and image data with 4×4 resolution. Reflecting the characteristics of the measured, preprocessed data, we finally propose a hybrid algorithm that combines CNN in superior performance for image classification and LSTM, especially suitable for analyzing time series data, as referred to CNN-LSTM (Convolutional Neural Network-Long Short Term Memory). In the study, the CNN-LSTM algorithm is used to predict the number of passing persons in one of 4×4 detection areas. We verified the validation of the proposed model by taking performance comparison with other artificial intelligence algorithms such as Multi-Layer Perceptron (MLP), Long Short Term Memory (LSTM) and RNN-LSTM (Recurrent Neural Network-Long Short Term Memory). As a result of the experiment, proposed CNN-LSTM hybrid model compared to MLP, LSTM and RNN-LSTM has the best predictive performance. By utilizing the proposed devices and models, it is expected various metro services will be provided with no illegal issue about the personal information such as real-time monitoring of public transport facilities and emergency situation response services on the basis of congestion. However, the data have been collected by selecting one side of the entrances as the subject of analysis, and the data collected for a short period of time have been applied to the prediction. There exists the limitation that the verification of application in other environments needs to be carried out. In the future, it is expected that more reliability will be provided for the proposed model if experimental data is sufficiently collected in various environments or if learning data is further configured by measuring data in other sensors.

• Journal of The Korean Society of Grassland and Forage Science
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• v.23 no.4
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• pp.229-236
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• 2003

This pot experiment was conducted in order to observe the effects of application of combined micronutrients(T$_1$: control. T$_2$; Fe, T$_3$; Fe+Mn, T$_4$； Fe＋Mn＋Cu, T$_{5}$; Fe+Mn+Cu＋Zn, T$_{6}$；Fe+Mn+Cu＋Zn+Mo, T$_{7}$； Fe+Mn+Cu+Zn+Mo+B) on forage performance of pure and mixed cultures of orchardgrass and white clover. The first part was concerned with the changes in the growth, summer depression, and flowering of forage plants. The results obtained are summarized as follows: 1. The T$_3$and T$_{6}$ resulted in a wide chlorosis induced by the Fe-deficiency on orchardgrass. Chlorosis was significantly reduced by the T$_4$and T$_{5}$, whereas the T$_{7}$, T$_2$, and T$_1$showed normal growth without chlorosis symptoms. The T$_{7}$ resulted in the best growth of orchardgrass both in the pure and mixed swards. There was no chlorosis symptom on white clover. whereas the T$_1$, T$_2$and T$_{7}$ showed a relatively good growth with deep green leaf-colour compared with the other treatments in the pure culture. 2. In summer, a summer depression occurred in orchardgrass: this was significantly reduced by the T$_1$and T$_{7}$. The treatments with chlorosis symptoms in orchardgrass partly induced a lodging. Summer depression in white clover did not occur. 3. In the pure culture, the T$_{7}$ and T$_2$in white clover resulted in many flowers and flower-buds compared with the other treatments. The T$_{7}$, especially, showed a long blooming period and an early full bloom compared with the other treatments, whereas the T$_{6}$ and is showed inferior numbers of them. Only the T$_{7}$ resulted in more flowers than flower-buds, and above 1 in the flower/flower-bud ratio except the T$_{6}$ in the mixed culture. 4. It was recognized that the chlorosis of Fe-deficiency occurred not only from the unsuitable ratios of Fe/Mn and Fe/Mo but also from the unsuitable mutual ratios among the cations(Fe, Mn, Cu and Mn), between the anions(Mo and B), and their total ion concentration. It was observed the multiple interactions of Fe${\times}$Mn${\times}$Mo${\times}$B, and the distinct role of B as a regulator.

• Korean Journal of Heritage: History & Science
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• v.53 no.4
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• pp.234-249
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• 2020

The dispute involving the construction of the Tomb of Queen Sindeok (hereinafter "Jeongreung"), King Taejo's wife in Seoul, and the moving of that tomb, represents the most clearly demonstrated case for the collision of new and old ideologies between political powers in the early period of Joseon. Jeongreung, the tomb of Queen Sindeok from the Kang Clan, was built inside the capital fortress, but in 1409, King Taejong forced the tomb to be moved outside the capital, and the stone relics remaining at the original location were used to build the stone bridge, Gwangtong-gyo. In an unofficial story, King Taejong moved the tomb outside the capital and used the stone items there to make the Cheonggyecheon Gwang-gyo so that the people would step upon the area in order to curse Lady Kang. In the final year of King Taejo, Lady Kang and King Taejong were in a politically conflictual relationship, but they were close to being political partners until King Taejo became the king. Sillok records pertaining to the establishment of Jeongreung or Gwangtong-gyo in fact state things more plainly, indicating that the moving of Jeongreung was a result of following the sangeon (a written statement to the king) of Uijeongbu (the highest administrative agency in Joseon), which stated that having the tomb of a king or queen in the capital was inappropriate, and since it was close to the official quarter of envoys, it had to be moved. The assertion that it was aimed at degrading Jeongreung in order to repair Gwangtong-gyo thus does not reflect the factual relationship. This article presents the possibility that the use of stone items from Jeongreung to repair Gwangtong-gyo reflected an emerging need for efficient material procurement that accompanied a drastic increase in demand for materials required in civil works both in- and outside the capital. The cause for constructing Jeongreung within the capital and the cause of moving the tomb outside the capital would therefore be attributable to the heterogeneity of the ideological backgrounds of King Taejo and King Taejong. King Taejo was the ruler of the Confucius state, as he reigned through the Yeokseong Revolution, but he constructed the tomb and Hongcheon-sa, the temple in the capital for his wife Queen Sindeok. In this respect, it is considered that, with the power of Buddhism, there was an attempt to rally supporters and gather the force needed to establish the authority of Queen Sindeok. Yi Seong-gye, who was raised in the Dorugachi clan of Yuan, lived as a military man in the border area, and so he would not have had a high level of understanding in Confucian scholarship. Rather, he was a man of the old system with its 'Buddhist" tendency. On the other hand, King Taejong Yi Bang-won was an elite Confucian student who passed the national examination at the end of the Goryeo era, and he is also known to have held a profound understanding of Neo-Confucianism. To state it differently, it would be reasonable to say that the understanding of symbolic implications for the capital would be more profound in a Confucian state. Since the national system that was ruled by laws had been established following the Three-Kingdom era, the principle of burial outside of the capital that would have seen a grave constructed on the outskirts of the capital was not upheld, without exception. Jeongreung was built inside the capital due to the strong individual desire of King Taejo, but since he was a Confucian scholar prior to becoming king, it would not have been accepted as desirable. After taking the throne, King Taejong took the initiative to begin overhauling the capital in order to reflect his intent to clearly realize Confucian ideology emphasizing 'Yechi' ("ruling with good manners") with the scenic view of the Capital's Hanyang river. It would be reasonable to conclude accordingly that the moving of Jeongreung was undertaken in the context of such a historic background.

• 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.