• Asia Marketing Journal
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• v.15 no.3
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• pp.53-77
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• 2013

As advertising and promotions are categorized as operating expenses, managers tend to reduce marketing budget to improve their short term profitability. Gauging the value and accountability of marketing spending is therefore considered as a major research priority in marketing. To respond this call, recent studies have documented that financial market reacts positively to a firm's marketing activity or marketing related outcomes such as brand equity and customer satisfaction. However, prior studies focus on the relation of marketing variable and financial market variables. This study suggests a channel about how marketing activity increases firm valuation. Specifically, we propose that a firm's marketing activity increases the level of the firm's product market information and thereby the dispersion in financial analysts' earnings forecasts decreases. With less uncertainty about the firm's future prospect, the firm's managers and shareholders have less information asymmetry, which reduces the firm's cost of capital and thereby increases the valuation of the firm. To our knowledge, this is the first paper to examine how informational benefits can mediate the effect of marketing activity on firm value. To test whether marketing activity contributes to increase in firm value by mitigating information asymmetry, this study employs a longitudinal data which contains 12,824 firm-year observations with 2,337 distinct firms from 1981 to 2006. Firm value is measured by Tobin's Q and one-year-ahead buy-and-hold abnormal return (BHAR). Following prior literature, dispersion in analysts' earnings forecasts is used as a proxy for the information gap between management and shareholders. For model specification, to identify mediating effect, the three-step regression approach is adopted. All models are estimated using Markov chain Monte Carlo (MCMC) methods to test the statistical significance of the mediating effect. The analysis shows that marketing intensity has a significant negative relationship with dispersion in analysts' earnings forecasts. After including the mediator variable about analyst dispersion, the effect of marketing intensity on firm value drops from 1.199 (p < .01) to 1.130 (p < .01) in Tobin's Q model and the same effect drops from .192 (p < .01) to .188 (p < .01) in BHAR model. The results suggest that analysts' forecast dispersion partially accounts for the positive effect of marketing on firm valuation. Additionally, the same analysis was conducted with an alternative dependent variable (forecast accuracy) and a marketing metric (advertising intensity). The analysis supports the robustness of the main results. In sum, the results provide empirical evidence that marketing activity can increase shareholder value by mitigating problem of information asymmetry in the capital market. The findings have important implications for managers. First, managers should be cognizant of the role of marketing activity in providing information to the financial market as well as to the consumer market. Thus, managers should take into account investors' reaction when they design marketing communication messages for reducing the cost of capital. Second, this study shows a channel on how marketing creates shareholder value and highlights the accountability of marketing. In addition to the direct impact of marketing on firm value, an indirect channel by reducing information asymmetry should be considered. Potentially, marketing managers can justify their spending from the perspective of increasing long-term shareholder value.

• Journal of Korean Society of Disaster and Security
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• v.16 no.2
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• pp.85-98
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• 2023

Flood is one of the most frequent natural disasters worldwide. In Korea, the probability of urban flooding is greatly increasing due to complex factors such as global warming, an increase in impervious areas, and limitations in expanding water supply facilities in existing urban areas. However, large-scale civil engineering works to prevent urban inundation are socially and economically difficult to obtain national consent. Recently the importance of resilience, which is the ability to return to the original state after a disaster through rapid recovery while preparing for natural disasters to a level that the local community can afford socially and economically, is increasing. Accordingly, various studies on urban resilience have been conducted, but the resilience measurement method related to the lifeline that provides essential services of the city is insufficient. However, among lifelines, road networks are important facilities for the transportation of recovery resources and rapid recovery in the event of a natural disaster, so road networks are a major factor that must be considered when measuring the degree of recovery of a city in the field of natural disasters. Therefore, this study proposes a recovery evaluation method considering the characteristics of resilience and road networks in the urban flooding field and analyzes the effect of road networks on urban resilience.

• Korea Trade Review
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• v.48 no.4
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• pp.189-208
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• 2023

This paper analyzed the dynamic conditional correlation between the Korean ETS market, energy market and stock market. This paper conducted an empirical analysis using daily data of Korea's carbon credit trading price, WTI crude oil futures price, and KOSPI index from February 2, 2015 to December 30, 2021. First, the volatility of the three markets was analyzed using the GARCH model, and then the dynamic conditional correlations between the three markets were studied using the bivariate DCC-GARCH model. The research results are as follows. First, it was found that the Korean ETS market has a higher rate of return and higher investment risk than the stock market. Second, the yield volatility of the Korean ETS market was found to be most affected by external shocks and least affected by the volatility information of the market itself. Third, the correlation between the Korean ETS market and the stock market was stronger than that of the WTI crude oil futures market. This paper analyzed the correlation between the Korean ETS market, energy market, and stock market and confirmed that the level of financialization in the Korean ETS market is quite low.

• Design & Manufacturing
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• v.17 no.3
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• pp.21-27
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• 2023

The mold industry in Japan, an advanced country in the mold industry, is also at a point of great change. The main causes are the Ukraine crisis and the collapse of the global supply chain (parts supply chain) caused by COVID-19. In addition, the prices of overseas products are rising sharply due to rapid exchange rate fluctuations (decrease in the value of the yen). Until now, Japan's monotsukuri industry has been actively pursuing overseas expansion, riding the trend of globalization. However, the trend began to rapidly reverse, and now the monotsukuri industry that had expanded overseas is showing a tendency to return to Japan. Another factor of change is the change in the automobile industry, which is the most demanded product in the mold industry. As the automobile industry evolves from gasoline cars to electric cars, the number of parts that make up a car will drastically decrease. This trend is expected to increase the demand for small-scale production of a variety of products in the mold industry, and furthermore, it is expected that short delivery times will be required in parts development. As in Korea, the production population working in the mold industry is rapidly decreasing in Japan as well. Even if you add up the total population working in manufacturing in Japan, it only accounts for about 15%. Even in Japan, it is judged that it will be difficult to sustain the monotsukuri industry with this small production population. Therefore, since improvement in production efficiency cannot be expected with the same manual dexterity as before, the mold industry is also demanding the development of mold technology at a different level than before to increase productivity. In this paper, I would like to introduce new Japanese mold technology collected through attending the Intermold exhibition. This is an example of applying a dedicated pin (Gastos) to a mold to prevent an increase in internal pressure during plastic injection molding, and a deep drawing press molding technology with an inherent hydraulic function.

• Journal of Korean Society of Forest Science
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• v.51 no.1
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• pp.56-65
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• 1981

The training of forest ranger level and forest worker level to push the sound forest management and to increase the employment effects in forestry will be done without delay as soon as possible. So several opinions to be considered are here discussed. 1. The ranger level will be at first completely trained with the technics developed and modernized, to process really the sound forest management based on the concept of ecological and economical technic. 2. The organization of vocational training and it's systematical training method will be newly adopted to increase the labour efficiency in forestry. The case of fulltime worker level should be more intensively trained and part-time worker or forest famer level should be trained by the forest ranger and skilled worker with visiting circularly their working place. And the daily employed workers and village people for working should be done by the skilled workers. 3. The training subjects for them at the beginning step will be exploited by the instructors and concerned experts with studying their current conditions. Their practical training is more reasonable to do in the practically managing forest and to carry out under the responsible of leader of this forest. 4. The instructors included rangers of training forest will get specially certain intensive training through the aids of outside experts or through the group instruction with them. 5. The training fields and their reasons to be learned by them are discussed in this paper from the basic knowledge to the skill technics. 6. In oder to systematize and mordernize more rapidly our forest technics that need for training them and also applying directly in the forest management, a total effort of certain type by scientists and technicians scattered individually all over the country is now earnestly demanded to synthesize their knowledge, technic and experience. So to do like this, the establishment of certain organization through which can do their total efforts together will be considered and assisted by the concerned authority. 7. For better lieving of full-time workers, the whole-round year working amount have to be supplied though the work technic-and working plan development. And under the conditions that the timber harvesting work is still not so enough and it has a bad climatic season, the in-side working system and side - job aids will be developed for their sound lieving. 8. The organization of labour management will be soon introduced in the concerning administrativ authority to solve the forest labour problems and to increase the employing effects in forestry in future. 9. The supply programm of improved and trained tools and maschines for forest work is also considered to use by the trained persons. If not to do so, the training results will return to the original condition and will get nothing any more.

• Journal of Korean Orthopaedic Sports Medicine
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• v.11 no.1
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• pp.51-56
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• 2012

Purpose: Golf is a popular sports activity after total knee arthroplasty in old age patients. We evaluated golf and implant loosening through the radiologic method. We also evaluated correlation of patterns of golf activity and clinical outcome to suggest guidelines to the patients. Materials and Methods: We carried out a retrospective case-control study of 80 patients (80 knees) who underwent TKR between 2005 and 2008, and followed up more than 3 years. We divided patients who played golf after TKR as a study group and who did not participate sports activities as a control group. We calculated the sum of width of radiolucent line in 7 sections around femoral component, 7 sections around tibial components and 5 sections in patella component using American Knee Society Roentgenographic Evaluation and Scoring system respectively. The inclusion criteria, was BMI (body mass index) was between 25 and $30kg/m^2$, and UCLA activity-level rating System score was between 5 and 8. We also got the information of patients' patterns of golf activities such as 1. the interval from surgery to return to golf activity. 2. the frequency of golf activities 3. using spike or cart. We obtained the information from patient's questionnaire and telephone interview. We compared with the VAS (visual analogue scale) respectively. And handicaps and driving distance was evaluated as well. Results: The study group's mean sum of radiologic score was 0.84 mm and 0.69 mm in control group. This is not statistically significant (p=0.22). Too early returning to golf (p=0.01) and left knee replacement (p<0.01) were statistically significant factors affecting clinical outcomes of golf activities after total knee arthroplasty. Conclusion: We concluded that golf activities after total knee arthroplasty is not correlated with radiographic loosening, and we need to give an explanation to the patients about increased pain when returing to golf too early and left side arthroplasties.

• Korean Journal of Environment and Ecology
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• v.30 no.4
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• pp.684-693
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• 2016

Daemyung retarding basin located near the confluence floodplain of the Nakdong and Kumho River is a large spawning site for the endangered Kaloula borealis, and needs for protecting the habitat of the endangered species are increasing. However, scientific studies are rarely conducted on the population characteristics and ecological knowledge on the species in the basin. This paper aims to estimate the population size and spatial distribution of the species that inhabited at the Daemyung retarding basin, using the capture-recapture method. Also, pitfall traps were installed in each habitat types classified with micro-topographic features, slope aspects, and vegetation communities to identify the spatial distribution characteristics of the Kaloula borealis of each habitat in the retarding basin. Field survey on the species was conducted from May 2013 to October 2014, showing that the species emerged in May, became more active during July and August and started to hibernate at the end of October. Using capture-recapture method, the first survey was carried out from July to August, 2014. Ninety-eight toads were captured, marked, and released back into the site. In the second survey, 68 toads including 5 marked toads of the previous survey were captured. Based on these two-sample surveys, around 535-2,131 individual toads are estimated to inhabit the Daemyung retarding basin. Fifty-seven pitfall traps were installed in four habitat types: mounded and vegetated flatland, lowland swamps, and slope areas of both the southern and western parts of the basin in order to delineate spatial abundance of the endangered Kaloula borealis during the rainy season when the species is actively spawning. Pitfall traps at the spatially explicit array indicated that the species gradually move to the slope areas near the Daemyung stream, showing high occurrence density of the Kaloula borealis compared to the lowland swamps after the spawning season. The emergence of Kaloula borealis in the lowland swamps appeared to be comparatively higher during the spawning season. However, after the spawning season the toads species rapidly moved into the neighboring land of relatively high elevation such as the slope area towards the Dalsung protected wetlands and Daemyung River. These results are closely related to the migration patterns that toads tend to return to the sheltering sites and/or hibernating grounds after the spawning season. Also, the Kaloula borealis moved to the nearest high-level vegetated areas as the lowland swamps of their spawning grounds deteriorated with the expansion of permanent ponds due to the rise in the groundwater level.

• Journal of Food Hygiene and Safety
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• v.17 no.1
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• pp.1-7
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• 2002

This study was performed to investigate the possibility of water purification by a wild train of Oenanthe javanica DC. Three commercially available dishwashing detergents and a standard surfactant, linear alkylbenzene sulfonate (LAS), were used for this study. The experiment was done in 1.5 ι transluscent aquariums. The plants were distributed into various concentrations of detergents and various kinds of detergent in the separate aquariums. The wet weight of the plants was significantly decreased (p<0.05), and the visual vitality of the plants also decreased in 2 days. The higher the concentration of detergent was, and the more time the plants were exposed to the detergents, the more decrease of growth was observed. The pH value of the culture media decreased in 2 days and in 4 days, then slightly increased in 6 days. However, the pH value of the media did not return to the initial neutral level of pH in 6 days. The pH value of the culture media containing the LAS remarkably increased in 6 days and increased to a neutral pH value in 18 days (p<0.01) as the pH of the other culture media. The chemical oxygen demand (COD) of the culture media gradually increased over the 4 days. A decrease of COD was observed in 6 days, but no tendency was observed between 12 and 18 days. The detergent in the culture media was highly significantly decreased in 2 days (p<0.01) and gradually decreased after this. After 6 days the remaining detergent was 12.4∼23.7% from the various levels of initially added concentration, and 22.4 ∼34.2% from the flour kinds of detergents. These results show that the reduction of detergent was caused by Oenanthe javanica and the effect was significant during the first 6 days when the plants were still growing well. These results indicate that the plant purifies contaminated water for several days and the effect could be variable according to the level of contamination and the environment in which the plant grows.

• The Korean Journal of Nuclear Medicine Technology
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• v.12 no.1
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• pp.19-26
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• 2008

Purpose: In general, We discharged radioactive wastewater and sewages less than $8.1{\times}10^{-13}$ Ci/ml in a exclusive water-purifier tank. Our hospital operating three exclusive water-purifier tank for radioactive wastewater and sewages of 60 tons capacity respectively. In order to meet the criteria it need a enough decay more than 125 days per each exclusive tank. However, recently we fell into the serious situation that decay period was decreased remarkably, owing to the wastewater amount increased rapidly by enlarge the therapy ward. For that reason, in this article, I'd like to say the way that reducing of radioactive wastewater and sewages rationally. Materials and Methods: From January, 2006 to October, four hundred and two cases were analyzed. They were all hospitalized during 3 days and 2 nights. We calculated the average amount of water used (include toilet water used, shower water used, washstand water used, $\cdots$), each exclusive water-purifier tank's decay period, as well as try to search the increased factors about water-purifier tank inflow flux by re-analysis of the procedure of radioisotope therapy step by step. Results: We could increase each exclusive water-purifier tank's decay period from 84 days to 130 days through the improvement about following cause: (1) Improvement of conventional toilet stool for excessive water waste $\rightarrow$ Replacement of water saving style toilet stool (2) Prevention of unnecessary shower and wash (3) Stop the diuretics taking during hospitalization (4) Analysis of relationship between water intakes and residual dose of body (5) Education about outside toilet utilization before the administration (6) Changed each water-purifier tank's maximum level from85% to 90% Conclusion: The originality of our efforts are not only software but hardware performance improvements. Incidentally the side of software's are change of therapy procedures and protocols, the side of hardware's are replacement of water saving style toilet stool and change of each water-purifier tank's maximum level. Thus even if a long lapse of time, problem such as return to the former conditions may not happen. Besides, We expect that our trials become a new reasonable model in similar situation.

• Journal of the Korean Society of Food Science and Nutrition
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• v.41 no.6
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• pp.861-869
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• 2012

This study was conducted to investigate the purchasing status and to compare supplier performance evaluations between competitive bidding and negotiated contracts in school foodservice in Changwon, Korea. A total of 190 questionnaires were distributed and 167 (return rate 87.9%) were collected from June 29 to September 28, 2010, and then a total of 151 (analysis rate 79.5%) were used for the final analysis. First, 91.4% of food product purchases for school meals were contracted through competitive bidding, especially limited competitive bidding. It mainly consisted of agricultural products, processed food, and eco-friendly agricultural products (fruit). Second, 78.8% of schools purchased food products by negotiated contracts, while single negotiation accounted for 59.7%. Food products by negotiated contract consisted of meat, kimchi, and fish. Third, the purchase status of competitive bidding and negotiated contracts showed a significant difference in agricultural products (p<0.001), fish (p<0.001), meats (p<0.001), poultry (p<0.001), antibiotic-free poultry (p<0.001), eco-friendly grain (p<0.001), eco-friendly agricultural products (fruit) (p<0.001), eco-friendly processed food (p<0.001), processed products (p<0.001), milk (p<0.001) and general grain (p<0.001) except for kimchi. Fourth, comparative analysis of supplier performance evaluation (on a 5-point Likert scale) of school foodservice showed that price of product of competitive bidding (3.73) was significantly higher than that of negotiated contract (2.95) (p<0.001), and the overall performance level of the negotiated contract (3.85) was significantly higher than that of competitive bidding (3.61) (p<0.01). The supplier performance evaluation levels of product packaging (p<0.01), product quality at the time of delivery (p<0.001), hygiene of products (p<0.001), consistency to specification (p<0.001), swiftness of return and exchange (p<0.001), emergency delivery (p<0.001), service of delivery staff (p<0.05), and handling of complaints (p<0.001) of negotiated contracts were significantly higher than those of competitive bidding of school foodservice. In conclusion, school foodservice selected food suppliers both by adopting competitive bidding and negotiated contracts. And there was a significant difference of school foodservice supplier performance between competitive bidding and negotiated contracts in Changwon, Korea.