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The effect of managerial ability on short-term or long-term firm performance in Chaebol (재벌기업에서 경영자능력이 장·단기 기업성과에 미치는 영향)

  • Kang, Sun-A;Kim, Yong-Shik
    • Management & Information Systems Review
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    • v.36 no.1
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    • pp.233-249
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    • 2017
  • This study investigates the relation of managerial ability and firm performance in case of Chaebol in Korea. We employ non-financing firms at Korean markets for the period 2000-2015. Most important decision is made by the head of Chaebol which increases firm value eventually and he has such a strong dominant power that managers belongs to Chaebol have to follow mother firm's decision directions. So it is expected that managers belongs to Chaebol have to focus on long term performance rather than short term profits, which means they concentrate their managerial ability much on the firm value. Otherwise, managers in which non-Chaebol focus their ability on periodic accounting earnings. Thus, this study examines an empirical analysis on the relation of managerial ability and firm performance and the effect of Chaebol on the relation of managerial ability and firm performance. Empirical results are as follows: First, there exists a statistically significant positive relation between managerial ability and firm performance either short- or long-term. Second, we extend this relationship into Chaebol condition and find that managerial ability of Chaebol positively influences on the firm value which is long-term performance, rather than return on assets which is short-term performance. These results imply that managers belongs to Chaebol much concentrate their ability on long-term value which is differenciated from the case of non-Chaebol samples. Chaebol is an important issue in Korea because it dominates most of Korean local economy so its' impact from small changes on our economy is big enough. Our study examining the relationships between managerial ability of Chaebol and firm performance is meaningful and it is a good signal that they concentrate their ability much on the long-term value rather than short-term profits. We expect that the results of this study will provide the academic and practical references. This study will contribute to the future research in accounting through an analysis of managerial ability which is a new measure, Chaebol, and firm value.

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Assessment of Effect of Pulmonary Rehabilitation on Skeletal Muscle Metabolism by $^{31}P$ Magnetic Resonance Spectroscopy (호흡재활치료 전후 $^{31}P$ 자기공명분석법을 이용한 골격근대사의 변화에 관한 연구)

  • Cho, Won-Kyung;Kim, Dong-Soon;Choe, Kang-Hyeon;Park, Young-Joo;Lim, Tae-Hwan;Shim, Tae-Sun;Lim, Chae-Man;Lee, Sang-Do;Koh, Youn-Suck;Kim, Woo-Sung;Kim, Won-Dong
    • Tuberculosis and Respiratory Diseases
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    • v.44 no.5
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    • pp.1040-1050
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    • 1997
  • Pulmonary rehabilitation has been known to improve dyspnea and exercise tolerance in patients with chronic lung disease, although it does not improve pulmonary function. The mechanism of this improvement is not clearly explained till now; however some authors suggested that the improvement in the skeletal muscle metabolism after the rehabilitation could be a possible mechanism. The metabolc changes in skeletal muscle in patients with COPD are characterized by impaired oxidative phosphorylation which causes early activation of anaerobic glycolysis and excess lactate production with exercise. In order to evaluate the change in the skeletal muscle metabolism as a possible cause of the improvement in the exercise tolerance after the rehabilitation, noninvasive $^{31}P$ magnetic resonance spectroscopy(MRS) of the forearm flexor muscle was performed before and after the exercise training in nine patients with chronic lung disease who have undertaken intensive pulmonary rehabilitation for 6 weeks. 31p MRS was studied during the sustained isometric contraction of the dominant forearm flexor muscles up to the exhaustion state and the recovery period. Maximal voluntary contraction(MVC) force of the muscle was measured before the isometric exercise, and then 30% of MVC force was constantly loaded to each patient during the isometric exercise. After the exercise training, exercise endurance of upper and lower extremities and 6 minute walking distance were significantly increased(p<0.05). There were no differences of baseline intracellular pH (pHi) and inorganic phosphate/phosphocreatine(Pi/PCr). After rehabilitation pHi at the exercise and the exhaustion state showed a significant increase($6.91{\pm}0.1$ to $6.99{\pm}0.1$ and $6.76{\pm}0.2$ to $6.84{\pm}0.2$ respectively, p<0.05). Pi/PCr at the exercise and the recovery rate of pHi and Pi/PCr did not show significant differences. These results suggest that the delayed intracellular acidosis of skeletal muscle may contribute to the improvement of exercise endurance after pulmonary rehabilitation.

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Relationship between Environmental Characteristics and Pigment Composition and Concentrations of Porphyra yezoensis Ueda in the Southwestern Coast of the Korean Peninsula (남서해역에서 양식되는 방사무늬김(Porphyra yezoensis Ueda)의 색소조성과 농도에 영향을 미치는 해양환경 특성)

  • Kim, Jeong Bae;Lee, Won-Chan;Hong, Sokjin;Shim, Jeong Hee;Park, Jung-Im;Park, Jihye;Lee, Eu Gene
    • Korean Journal of Environmental Biology
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    • v.30 no.3
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    • pp.200-209
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    • 2012
  • The effect of water temperature, salinity and water column nutrient contents on pigment composition and concentration of purple lavers were studied at the main purple lavers production areas in Southwestern coast of Korea, during January to March, 2011. Water temperature was between 3.0 and $11.3^{\circ}C$. Salinity range was between 32.7 and 34.7, those were lower St. 1 and St. 6, which were at close to the seashore. Water column dissolved inorganic nitrogen (DIN), dissolved inorganic phosphorus (DIP) and silicate concentrations were $1.73{\sim}12.84{\mu}M$, $0.07{\sim}0.67{\mu}M$ and $4.93{\sim}18.29{\mu}M$, respectively. Chl a concentration was between 0.41 and $9.14{\mu}g\;L^{-1}$, and it was the highest at St. 1 during January. Photosynthetic pigment of fucoxanthin was dominant at all sites, which showed its highest concentration ($0.06{\sim}3.41{\mu}g\;L^{-1}$) at St. 1 on January. Water column DIN concentration was higher at January during low salinity period at all sites, but it was low at St. 1. Photosynthetic pigment of Chl a, PE and PC concentration of porphyra blades was between $1,173{\sim}8,124{\mu}g\;DW\;g^{-1}$, $3,281{\sim}10,076{\mu}g\;DW\;g^{-1}$, $388{\sim}1,346{\mu}g\;DW\;g^{-1}$, respectively. The concentration was relatively high at the St. 2 and St. 3. The pigment concentration of porphyra blades was higher at only Porphyra yezoensis was cultured than at Porphyra yezoensis and Porphyra seriata were cultured. The pigment concentration of porphyra blades was higher at St. 2 and St. 3 in only Porphyra yezoensis was cultured. This study shows that pigment concentration of porphyra blades may depend on habitat environment and culture methods.

Cyanobacterial Development and Succession and Affecting Factors in a Eutrophic Reservoir (부영양 저수지에서 남조류의 발달과 천이 및 영향 요인)

  • Kim, Ho-Sub;Hwang, Soon-Jin;Kong, Dong-Soo
    • Korean Journal of Ecology and Environment
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    • v.40 no.1
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    • pp.121-129
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    • 2007
  • This study was conducted to evaluate the causes and effects of cyanobacterial development and succession in a shallow eutrophic reservoir from March 2003 to February 2004. Phytoplankton succession, sedimentation rate, and sediment composition were analyzed. Algal bioassay also was conducted with the consideration of light, water temperature and nutrients. Cyanobacteria dominated throughout the year, except for spring season (March${\sim}$April) in which diatoms and flagellates dominated. Total cell density increased in July and November when P loading through inflows was high. Oscillatoria spp. and Aphanizomenon sp. were dominant in May and June, respectively, but replaced with Microcystis spp. in July. Thereafter, Microcystis spp. sustained until December, and again shifted to Oscillatoria spp. and Aphanizomenon sp. The dominance of Oscillatoria spp. in May was accompanied with high TN/TP ratio and the increase of water temperature and light intensity. While the dominance of Microcystis spp. was related with relatively low TN/TP ratio, ranging from 46 to 13 (average: 27). The sedimentation rate was highest in March (0.6 m $day^{-1}$) when diatoms dominated. During the period of cyanobacterial dominance, relatively high sedimentation rate was observed in May (0.4 m $day^{-1}$) and October (0.36m $day^{-1}$). C/N ratio of the sediment ranged $6{\sim}8$. Inorganic P concentration in the pore water was low when DO concentration was < 2 mg $O_2$ $L^{-1}$ in the hypolimnion, reflecting the P release from the sediment. Cyanobacterial growth rate depended on phosphorus concentration and water temperature, and high P concentration compensated for the low temperature in the growth rate. Our results suggest that the potential of cyanobacterial development and substantiality in eutrophic reservoirs be high throughout the year, as being supplied with enough P, and emphasize the consideration of sediment man. agement for the water quality improvement and algal bloom control.

Seasonal Occurrence, Development and Preference of Riptortus pedestris on Hairy Vetch (헤어리베치에서 톱다리개미허리노린재 발생양상 및 기주에 따른 발육 및 선호성)

  • Seo, Mi-Ja;Kwon, Hye-Ri;Yoon, Kyu-Sik;Kang, Min-A;Park, Min-Woo;Jo, Shin-Hyuk;Shin, Hyo-Seob;Kim, Sae-Hee;Kang, Eun-Jin;Yu, Yong-Man;Youn, Young-Nam
    • Korean journal of applied entomology
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    • v.50 no.1
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    • pp.47-53
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    • 2011
  • The seasonal occurrence of Riptortus pedestris Fabricius was investigated using pheromone traps baited with its aggregation pheromone in the fields with various crop composition (mixture culture of barley and hairy vetch in Asan, Chungnam; monoculture of hairy vetch in Yuseung, Daejeon) from mid-May to mid-July of seed gathering season in 2010. The invasion of R. pedestris into the experimental fields began to increase rapidly from late-June in which period hairy vetch and barley reach the beginning of seed formation stage. After seed gathering season in mid-July, the invasion rate of R. pedestris decreased, and the activity was continually observed till early-November. In addition to dominant R. pedestris species, 33 species of hemiptera including Apolyaus watajii, Dolycoris baccarum, Adelphocoris suturalis, and Yemma exlis were collected, which indicated abundant species diversity in the hairy vetch fields. In the laboratory, R. pedestris did not developed successfully to adult stage on food sources of hairy vetch, with decreasing survival rate after 4th instar and the failure of emergence to adult stage. Also, R. pedestris showed higher preference on soybeans than hairy vetch. Consequently, hairy vetch may be not true host for the development and survival of R. pedestris. It is considered that R. pedestris is a temporary visitor at the season of seed formation in hairy vetch fields.

The Incidences and Characteristics of Malignant Pleural Effusions According to Histologic Types (악성 흉막 삼출증의 조직학적 아형에 따른 빈도와 특성)

  • Yim, Jae-Joon;Kim, U-Jin;Lee, Jae-Ho;Yoo, Chul-Gyu;Chung, Hee-Soon;Han, Sung-Koo;Shim, Young-Soo;Kim, Young-Whan
    • Tuberculosis and Respiratory Diseases
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    • v.45 no.3
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    • pp.565-573
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    • 1998
  • Malignant pleural effusions are most commonly associated with lung cancers, however, it also can be resulted from breast cancers, ovarian cancers, stomach cancers and so on. According to the their histologic types, adenocarcinoma have been known as the most common cell type of malignant pleural effusions and squamous cell carcinoma is rare. We herein present incidences, clinical characteristics and survivals of malignant pleural effusions according to their cell types and primary diseases. The objects are 84 malignant pleural effusion patients diagnosed by pleural fluid cytologic examination or pleural biopsy from Jan. 1992 to May. 1997 in Seoul National University Hospital. A retrospective chart review on their histologic types, biochemical parameters and survivals is described. Among 84 patients, 52 were males and the other 32 were females with 1.6:1 of male and female ratio and their mean age was 57.6 years old. Common symptoms of them wele dyspnea, cough, sputum and pleuritic chest pain. The proportions of bloody nature of effusion, lymphocyte dominant pleural effusion, exudative effusions were 66%, 39% and 93%, respectively. They consisted of 54 cases of adenocarcinoma(33 cases of them were lung cancers), and 10 cases of squamous cell carcinoma (8 cases of them were lung cancers), 10 cases of malignant lymphoma, 8 cases of small cell lung cancer and a case of mesothelioma and leukemia. There was no differences in characteristics of effusions, clinical features and survivals between each histologic cell types. Analyzing them according to primary diseases, no difference except longer survivals in malignant pleural effusions from breast cancer than from other cancers was observed. In conclusion, considering the incidences of histologic types of lung cancers during same period (squamous cell carcinoma; 47%, adenocarcinoma; 33%, small cell lung cancer; 12% and large cell carcinoma; 2%), malignant pleural effusions more likely occurred in adenocarcinoma than other cell types of lung cancers and there was no significant difference of clinical characteristics between histologic types.

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Distribution of Marine Bacteria and Coliform Groups in Puksin Bay, Korea (북신만의 대장균군 및 해양세균의 분포)

  • CHOI Jong-Duck
    • Korean Journal of Fisheries and Aquatic Sciences
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    • v.28 no.2
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    • pp.202-208
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    • 1995
  • Puksin Bay located in the northwestern pan of Tongyeong, Korea has been contaminated by municipal wastewaters. In Puksin Bay, red tides have occured almost every year since the early 1980's. This experiment was carried out two times in a month in the winter in 1990, the summer' 1991, and the winter in 1994 so as to clarify the distribution marine bacteria and coliform groups in Puksin Bay. The water quality of Puksin Bay was not only move polluted than that of any other costal area around Tongyeong, but also its water quality was investigated to keep going bad. Viable cell counts in Puksin Bay were $4.9\times10^3/ml$ in 1990's winter, $3.6\times10^6/ml$ in 1991's summer, and $2.1\times10^4/ml$ in 1994's winter. The variation of seasonal total and fecal coliform MPN/100ml in Puksin Bay were $6.7\times10^2\;and\;2.6\times10^2$ in 1990's winter, $1.5\times10^4$ and $5.4\times10^3$ in 1991's summer, and $1.5\times10^3$ and $5.6\times10^2$ in 1994's winter, respectively. The changes of stational total coliform MPN/100m1 from station 1 to station 8 in Puksin Bay were 95,000, 1600, 1,000, 182, 151, 94, 43 and 13 in winter, and 110,000, 29,000, 2,400, 4,100, 1,700, 1,700, 810 and 150 in 1991's summer, and 3,381, 1928, 1582, 256, 161, 59 and 23 in 1994's winter. During the study period, the number of viable cell was ranged from $10^4\;to\;10^7/ml$ and 307 bacteria strains were isolated from Puksin Bay. The dominant species were Acinetobacter spp. 86 $(28.3\%)$, Pseudomonas spp. 51 $(16.6\%)$, Flavobacterium spp. 41 $(13.4\%)$, Escherichia coli 36 $(11.7\%)$, and Vibrio spp. 27$(8.8\%)$. The results obtained in this study indicate that this bay is getting to contaminate far more with municipal wastewaters and cultivation of the shellfish and finfish in this bay is not proper. When municiple wastewaters keep flowing into this bay, any other coastal area around Tongyeong may be contaminated.

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Occurrence of Diatom in the Late Quaternary Sediments of the Northeastern East Sea (Sea of Japan) and its Paleoceanographic Changes (동해 북동부해역 제 4기 후기 퇴적물의 규조 산출과 고해양학적 변화)

  • Shin, Y.N.;Ikehara, K.;Yoon, H.I.;Kim, Y.;Woo, K.S.;Khim, B.K.
    • The Sea:JOURNAL OF THE KOREAN SOCIETY OF OCEANOGRAPHY
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    • v.5 no.4
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    • pp.305-319
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    • 2000
  • A total of 50 diatom species and 1 subspecies belonging to 31 genera except Chaetoceros resting spores were identified in the 45 sediments subsampled from a gravity core GH98-1223 collected from the western Hokkaido Island located in the northeastern East Sea (Sea of Japan). The most dominant species is Thalassionema nitzschioides (Grunow) Hustedt, ranging 29 to 59% of the total assemblages, and most species including Denticulopsis seminae (Simonsen and Kanaya) Simonsen and Pseudoeunotia doliolus (Wallich) Grunow were less than 5% in average. Frequencies of cold-water species are generally higher than those of warm-water species and the vertical distribution of cold-water species was largely opposite to that of warm-water species in spite of ecological habitat difference. Frequency of cold-water species, D. seminae is reverse to that of P. doliolus, an indicator of the Tsushima Warm Current, which is consistent with diatom temperature value (T$_{d}$ value). The variation of T$_{d}$ values shows that the upper part of core with greater-than-average T$_{d}$ values represents postglacial warming trend. These T$_{d}$ values clearly demonstrate that the study area located in the northern part of the East Sea is gradually influenced by Tsushima Warm Current. In addition, the zig-zag variation in the lower part reflects the unstable seawater for diatom habitat. Chaetoceros resting spores indicating productivity and upwelling was 5.3 to 40%, with maximum peak at 80 cm. Chaetoceros resting spores/Chaetoceros vegetative cells, an indicator of relative amounts of biogenic material in the sediments was high at the upper 80 cm level, corresponding to the change of T$_{d}$ values. On the basis of diatom assemblages, the northeastern part of East Sea has experienced the effects of Tsushima Warm Current during the postglacial period of Holocene, which is similar to the modem climatic environment. However, the variation of P. doliolus reflects that the intensity of Tsushima Warm Current has been oscillated in the East Sea.

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Composting of Livestock Waste and Development of Operating Parameters I. Development of Optimum Process Parameters in Cow Manure Composting (축산 폐기물의 퇴비화 및 운용지표 개발 I. 우분의 퇴비화에 있어서 최적 공정운용지표의 개발)

  • Chung, Jae-Chun
    • Journal of the Korea Organic Resources Recycling Association
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    • v.1 no.1
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    • pp.69-84
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    • 1993
  • In order to determine the optimum operational paramsters in cow manure composting, 4 laboratory scale composters were established. The cow manure was mixed with certain amount of saw dust to adjust the initial C/N ratio to 24, initial pH to 6.9 and composting was performed with varying operational conditions. It was found that the optimum aeration rate was 1000 ml/min kg. VS, the optimum moisture content 50% and no significant difference was found with different initial pH condition. Microorganisms were counted under the optimum conditions determined in this study. At the end of the experimental period, the number of bacteria, actinomycetes and fungi was $1.5{\times}10^9$ cells, $1.1{\times}10^8$ cells and $3.0{\times}10^8$ cells/g dry compost, respectively. At day 0, the number of coliforms, fecal coliforms and fecal streptococci was $3.1{\times}10^3$ cells, $7.5{\times}10^2$ cells and $5.6{\times}103$ cells/g dry composting material, respectively. Their population was decreased with time lapse, However, their survival time was longer than those reported by other researchers. Microorganisms were identified at the end of the experiment. Genus Bacillus was the most dominant comprising 89.3% of the total population. Among the Genus Bacillus, B. circulans compoex was the most abundant, followed by B. Stearothermophilus, B. Sphericus, B. licheniformis and B, brevis.

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The Characteristics of Microbial Community for Biological Activated Carbon in Water Treatment Plant (생물활성탄 공정에서 활성탄 재질에 따른 부착미생물 군집특성)

  • Son, Hee-Jong;Park, Hong-Ki;Lee, Soo-Ae;Jung, Eun-Young;Jung, Chul-Woo
    • Journal of Korean Society of Environmental Engineers
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    • v.27 no.12
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    • pp.1311-1320
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    • 2005
  • The purpose of this research is to survey characteristics of microbial community and the removal efficiency of organic materials for biological activated carbon in water treatment plant. Coal based activated carbon retained more attached bacterial biomass on the surface of the activated carbon than the other activated carbon with operating time and materials. The heterotrophic plate count(HPC), eubacteria(EUB) and 4,6-diamidino-2-phenylindole(DAPI) counts were ranged from $0.95{\times}10^7$ to $52.4{\times}10^7$ CFU/g, from $3.8{\times}10^8$ to $134.2{\times}10^8$ cells/g and from $7.0{\times}10^8$ to $250.2{\times}10^8$ cells/g, respectively. The biomass of EUB and DAPI appeared to be much more $10^2$ than HPC, which were increasing in bed volume of 20,000 at the stage of steady-state. The change of microbial community by analyzing fluorescent in situ hybridization(FISH) method with rRNA-targeted oligonucleotide probes, the dominant group was $\alpha$-proteobacteria($\alpha$ group) and high G+C content bacteria(HGC) the lowest distributing rate before reaching the bed volume of 20,000. After reaching the bed volume of 20,000, $\alpha$ group and other groups of bacteria became decreased, on the other hand, the proportion of both $\beta$-proteobacteria($\beta$ group) and $\gamma$-proteobacteri($\gamma$ group) were increasing. Coconut and wood based activated carbons had similar trend with coal based activated carbon, but the rate of $\alpha$ group on coal based activated carbon had gradually increased. Bacterial production with the operating period appeared highest in coal based activated carbon at the range of $1.2{\sim}3.4\;mg-C/m^3{\cdot}h$ while the coconut and wood based activated carbon were ranged from 1.1 to 2.6 $mg-C/m^3{\cdot}h$ and from 0.7 to 3.5 $mg-C/m^3{\cdot}h$ respectively. The removal efficiency of assimilable organic carbon(AOC) showed to be highly correlated with bacterial production. The correlation coefficient between removal efficiency of AOC and bacterial production were 0.679 at wood based activated carbon, 0.291 at coconut based activated carbon and 0.762 at coal based activated carbon, respectively.